Properties within a 5 minute walk to the beach are being bought for their seasonal rental potential. That condo can probably be rented WEEKLY from Memorial Day through Labor Day for enough to pay the mortgage, taxes and insurance for the year.
Close proximity ocean front property(within walking distance) has gone nuts on the east coast ever since covid. Many people who normally went on a airplane to vacation somewhere, instead drove because of the hassle.
Also, many people in NYC and other big cities left the office and were working remotely. These wealthy people drove up the ocean properties from ME to FL. The question is are they going to return to their offices in NYC and other big cities or will they continue to work remotely forever?
or will they continue to work remotely forever?
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Forever is my guess. With the internet technology there is
very little need to come into an office to work. Now other
jobs such as distribution still needs some hands on workers
but that has changed a lot towards mechanical devices. The
shut down has shown that paper pushers aren’t needed as much.
Interesting additional facts. Unfortunately the virus then has negatively impacted my plan to transition to the coast for retirement living (year round) and not as an investor who wants to rent out during high season and have someone buy the property for me. However, with inflation, I don’t see people making $80,000/yr willing to shell out $3000 for a place that used to cost them $1490/week for a family summer vacation. Family income won’t be going up that fast, and inflation racking daily necessities will impact that desire too. Perhaps, I’ll have to delay and wait for a possible significant market adjustment downward before some of the current crop of buyers need to unload some property at a discount to ut their losses. Else, I am happy to remain where I live, and pray for continued good health.