The "Forgotten Coast" of Florida
"It's about location, location, location." by Rich Keith
In recent years, there have been many “game changers”in the world, defined by people or companies who are reinventing and revolutionizing long established beliefs and practices in certain industries. As an example,the introduction of automobile leasing changed how automobiles were acquired. Prior to the 1980’s, 100% of all automobile transactions were purchases. 100%! Today, nearly 40% of new automobile transactions are leased. A simple, yet great example of a "game changer”.
Why choose? You can have both a return on investment and a return on enjoyment with Lifestyle Asset Group
A breed of vacation home ownership is once again gaining steam that allows individuals to share ownership of a vacation property. Think of it like this: A whole pie may look delicious, but it doesn’t make financial sense to buy the entire dessert if you are just having a few bites. However, if you split the cost among several buyers and ensure that everyone gets a slice, then the purchase makes sense.
When it comes to real estate investing, two key factors lead to success: finding the right location and timing the market.
Lifestyle Asset group got both right with the NYC acquisition for their LifestyleOne shareholders. After months of searching, the team toured 14 apartments in NYC and rejected every one due to lack of charm, undesirable location, and many other factors. Then, in October of 2104, they found the perfect apartment in the right location and knew the time was right to buy. And good thing, because after our full price, all-cash offer was accepted, four other offers came in within the next 24 hours. This decision proved to be a very good one, as evidenced by the increases in the Manhattan real estate market in 2015.
The vacation home market has rebounded in a big way, according to recent statistics released by the National Association of Realtors. It accounted for just over one fifth of all home purchases last year, up a whopping 53% over 2013. The good news isn't quite as rosy for other segments of the real estate market, but those in a position to buy vacation property exhibit a newfound confidence that points toward future growth and increased stability in the second home market. One of the reasons, notes an analyst, is that many second home purchasers today plan to make that vacation property a primary residence upon retirement.
Earlier this week, a Facebook post said simply:
“Travel is the only thing you buy that makes you richer”.
At first pass, this might create a, “Ya sure”, kind of response. Further, perhaps the cost of your last trip for leisure just showed up on your credit card statement and you don’t feel richer at all. But when you allow it to sink in just a bit, there is far more wisdom in those 11 words than one might think.