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Old 06-27-2009, 06:18 AM
 
22,165 posts, read 28,939,903 times
Reputation: 9919
Quote:
Originally Posted by cfIfan View Post
There are a number of great areas here in Central florida, many close to Disney but on the other side so you get the upside of seeing the fireworks without actually having to experience the neon experience of 192 or 27 which are the touristy areas.
I live off 27 in 34711 and can watch the fireworks every night out my back windows. I'm definitely not in the "touristy area" of 27.

Quote:
Dont let people mislead you that the reason there are so many foreclosures in these areas are just because realtors promised 90% occupency. This is ridiculous and misleading. There are high foreclosure rates in non short term rental markets. The reasons are simply people were buying beyond their means.
It is not at all ridiculous and misleading to say that the majority of foreclosures in the short-term communities are directly related to buyers being given over-inflated views of the short-term rental occupancy rates. As I always tell people thinking about buying a second home, if you can't comfortably carry the mortgage and all maintenance costs without rental income, you can't afford it. Unfortunately all too many real estate agents were too hungry to make the sale that they sugar-coated occupancy rates.

On the owner occupied areas, you are correct (as I said earlier in the thread) the majority of foreclosures are due to people who bought more than they could afford, and investors who got caught with their pants down on their flips when the market crashed.
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Old 06-27-2009, 06:39 PM
 
Location: Winter Garden, Fl
985 posts, read 2,237,931 times
Reputation: 245
To say that the reason properties in the short sale is because realtors promised all these people high occupency rates is ridiculous. Are some of the owners hurting because perhaps a small percentage of "property management companies" promised this , of course, but owners of short sales are in the same position as owners of non short term rentals. Because they purchased high. Dont turn this into an anti realtor rant please.

Quote:
Originally Posted by annerk View Post
I live off 27 in 34711 and can watch the fireworks every night out my back windows. I'm definitely not in the "touristy area" of 27.



It is not at all ridiculous and misleading to say that the majority of foreclosures in the short-term communities are directly related to buyers being given over-inflated views of the short-term rental occupancy rates. As I always tell people thinking about buying a second home, if you can't comfortably carry the mortgage and all maintenance costs without rental income, you can't afford it. Unfortunately all too many real estate agents were too hungry to make the sale that they sugar-coated occupancy rates.

On the owner occupied areas, you are correct (as I said earlier in the thread) the majority of foreclosures are due to people who bought more than they could afford, and investors who got caught with their pants down on their flips when the market crashed.
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