Kwebster, Home Owner in Key Biscayne, FL

Have 5BR 4BR Hs on Key biscayne. Can lease for $8K. Do you advise lease or sale now. House prices seem to be increasing at 20% per year?

Asked by Kwebster, Key Biscayne, FL Tue May 8, 2012

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4
With a 20% increase...do you think there may also be a cap for that increase? Market conditions make for quick sales. Inventory is low, demand is up, which also drives up selling prices. It really is up to you whether or not you want to sell. Logically, arrows point to a good time for sellers to sell.

Best,

Naomi Preston
http://www.waterfrontinmiami.com
786-760-3892
0 votes Thank Flag Link Wed Oct 17, 2012
Hi,
To answer your question, the market is on an up rise and if you want to wait another year to see how the market is doing then I would keep renting it.
On the other hand of you are thinking of selling and investing in another property then I would put the property for sale now. Good time to sell but great time to buy.
Sophie
305-205-8867
0 votes Thank Flag Link Tue May 8, 2012
K, it really depends. From an economic/financial perspective, the question is one of risk vs. returns. If you're getting enough money to cover the mortgage + expenses from the rent, you're likely better off holding on to the property for a couple of years. However, if you just happen to be about to start a new business with the money you would get from selling, and expect to get about 20% from that you'd be better off selling. There is also a question of risk - will the tenants trash the place, could there be a hurricane, etc. You, smart investor that you are, will of course have insurance and run backround checks to minimize these risks. And then there's the question of - even if this does earn you better money, do you want to put up with the headaches of being a landlord, and only you can answer that.
0 votes Thank Flag Link Tue May 8, 2012
Hi~

This is a Great question! I also had to decide if I wanted to Rent/Sell as a home Owner for the past 20 plus years and a local realtor.

It would depend on "if" your property is currently under homestead if so.. you may lose your homestead and how long are you planning on renting before you decide to sell? I would contact your accountant before you decide either way...

Let me know if you have any questions....

Kim
0 votes Thank Flag Link Tue May 8, 2012
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