Quote:
Originally Posted by Craig Vernon
The Villages is a retirement resort with many thousands of second homes. Most who purchased homes in the last three years paid a large premium, increases in insurance, maintenance costs and amenity fees are requiring a higher rent to make ends meet. Longer term is a lower per day and is pricing out of the market and struggles to meet the cost increases. Yes, the shorter term is harder on property and neighborhoods but if you are just trying to hang on to your investment this is why short terms are increasing rapidly. If this short-term philosophy does not work, then these homes will be sold most likely at a loss. IMHO
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My interpretation of what you’re saying is that many recent homebuyers overextended themselves financially and have turned to being bad neighbors to try to bail themselves out for their poor decisions. It’s sad that the hope is that so many homebuyers made the same poor decision the market will eventually flush out the bad neighbors and the rest of us can enjoy the 55+ retirement community we thought we were buying into. Wouldn’t it be a lot easier to simply prevent the short term rentals in the first place?