You're in a position many Iowans are facing right now. The advice I would give you would be subject to a few questions.. but I'm going to do my best to give you advice based on what's best for your long term plans.
IF you were to short sale, you would be carrying the shortage (in most cases) after you sell the home. What that means is you'd be responsible for paying back the difference. If you decided to move forward with that, you'll still have some monthly expense to service that debt. I bring this up for one big reason.. it's similar to the renting scenario. If you rent, you also will have a monthly expense.
Without talking to you personally, it's tough to say what makes most sense - but IF you can handle being a landlord, renting makes a lot more financial sense. You'll have tax advantages that a short sale will not offer.
If you'd like to discuss these options, please feel free to contact me.
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Four Legacies Mortgage
It depends on the area you choose, Raymond. But, prices have not been this low in ages (I have been in Florida for almost 20 years). And, of course, working with a good Broker who represents YOU is important, too. The old adage about LOCATION, LOCATION, LOCATION means much more than just the area of Florida, but the town, the community, the amenities, and the views. There is a lot to choose from, so having someone perform the due diligence for you will get you the most for your money. And, some markets, like Naples, are still holding their own in terms of volume and prices in certain neighborhoods. That is a good sign of a place strong enough to weather the storm!... more
Well they could to the exent there is a lot of them and the area is noisy with lots of interim tenants. Otherwise I say no. My beach home, which I no longer have sadly, was really one of the best rentals we had. It did not always throw off quite enough cash to pay for itself but it was close.
In Oregon the beach is only a hot spot in the Summer and fall anyway. So it worked for us. Our neighbors complained a few times as we had a group or two get out of hand but we had their VISA cards and hit them for damages where we could. It was good fromt he standpoint that we used it as a vacation spot for us too.
So I say no. There is a demand for this type of property form other owners and I think in most markets the short term rental zoning or designation brings with it a slight premium investment element. Better make sure if you are zoned for this as it is often the case that there is special zoning for such things!
Great question.... good luck with that.
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What type of details are you looking for? For example:
As of today, there are 28 Aviana properties listed for sale on the MLS. The least expensive is a 4/3 1935 Sq Ft pool home for $269,900. The most expensive is a 5/4/1, 2827 sq ft pool home for $509,000. Fifteen contract have closed this year, ranging from $328,000 to $499,000. Some of these homes are Park Square and some could be Meritage properties.
These are all resale homes. Are you interested in new properties?... more