Vacation condo deals not risk-free
I want to buy a vacation condo and rent it out as an investment. What are the pros and cons? I want to start small and buy with cash. Is this the time to do it?
Rock-bottom pricing in many resort areas suggests this is a pretty good time to buy vacation condos. Some South Florida markets have seen 60 percent discounts off 2005 to 2006 condo asking prices.
But — and yes, there’s always one of those in real estate investment — there’s an abundance of sellers coming out of the woodwork now. Couple that with high unemployment rates and it may suggest a stalled recovery and/or that much-feared double-dip recession.