In Sunny South Florida even the Iguanas are getting frustrated with all the available homes that are in the ACTIVE inventory. They were loving the waterfront life when the sales markets were thriving (like everyone else) and have been unable to determine when the market is going to rebound again.
We have already solved that challenge in our area.
What more could a property owner ask for than IMMEDIATE INCOME on properties that are not selling?
As a South Florida luxury rental specialist for over two decades we have consistently proved to our owners that they can obtain income on their properties in any cycle of the real estate market.
Luxury Vacation Rentals in South Florida is a niche that has created long-lasting relationships with our clients for many years. Homeowners have found it beneficial to receive short term rental income while their homes are not selling or they are not in use. And a great benefit is they use their home in between rental guests.
Luxury Short Term Rentals in Miami, Fort Lauderdale and the Palm Beaches are available by the week, monthly, or seasonally to so many visitors to South Florida who would rather vacation in a private residence in lieu of a hotel.
Let's take a look at a 3 bedroom Fort Lauderdale waterfront pool home with a mortgage of $3,600 per month, taxes, insurance and maintenance of another $1,800 per month for a total of $5,400 cost to the owner. The property owner visits the home approximately 6 weeks a year. They do not want to remove their furnishings in order to rent the home for an annual rental at $3,500 per month. So their option is to offer the waterfront home in Fort Lauderdale as a weekly vacation rental for $3,200 per week. If the home rents 60% of the time that offers an annual income to the owner of just under $100,000 per year with an overhead of $64,800. The owner is using the home and still netting an income annual until the market recovers and the home will be sold.
The moral of the story ~ don't fret if your home is not selling right now. Use it, rent it, earn income on it until its value returns and it will be beneficial time to sell.