Current Real Estate market in NEPA (foreclosure, rentals, insurance)

[Nypafl4u]

I have posted a similar thread in the Brevard County, Fl forum as an owner and in investor of real estate in that market. My full time residence (currently) is in western Long Island. I have lived in NY all of my life and have been fortunate to be able to get some real estate in other areas when market conditions allowed. Our "weekend" getaway is a nice and almost completely renovated small home in Hemlock Farms. We have spent the last 10 or so years slowly transforming this once delapitated foreclosure to a modern and rustic feeling place. We learned a lot through the renovation and know what we could or should have done but overall it came out really nice.
Now for anyone who knows my Florida posts, we really want to eventually move down to the Cocoa Beach/Merritt Island area of Florida, possibly as early as this summer. We love our newly transformed getaway, but also know we would likely rarely use this house if we do move this summer. We had always thought it his would make a great reverse snowbird home where we could get away for a few months in the worst of the Florida summers. But I am a good 10 years from retirement and the house would sit vacant for 98% of the time since we would not get more than a few weeks off a year while working. With the community dues and taxes to be paid each year, it's an expense that would be hard to justify. So we are reluctantly considering selling (or renting it out if that made sense).
For many recent years, the market here seemed depressed and getting back all we put into this house would seem unlikely. So i ask, with Covid still here, I see a lot of activity recently in these parts. Is this a good time to pull the trigger and sell? Are there signs that the good market here will continue for several more years? Would renting it out be worth the headache especially if we end up in Florida and will need a management company to help (which I am used to doing now with my rentals in Florida, but it is tough and can be stressful when so far away)?
My wife is on board for the move down south. My soon to be in HS son has also given the green light. My job currently pays well in NY but new management has made it harder and harder to be happy doing what I do best in sales. So a change to something less stressful and different may be the right timing now, for my health. We just completed a large renovation at one of our Florida properties and it is vacant. So much is pointing us to move. The PA property is the last piece of the puzzle to figure out. I would love hear your take on this market and options suggested.

[DavidWebb]

If you're thinking about selling now is the time to do so in NEPA because there are buyers desperate to find a place. Just like the RV market its a sellers market because many city-slickers are looking to get away from the city. So it wouldn't hurt you to sell if you wanted to and try again when things get back to some "normalcy" if such a thing will ever exist.

[Nypafl4u]

Originally Posted by DavidWebb

If you're thinking about selling now is the time to do so in NEPA because there are buyers desperate to find a place. Just like the RV market its a sellers market because many city-slickers are looking to get away from the city. So it wouldn't hurt you to sell if you wanted to and try again when things get back to some "normalcy" if such a thing will ever exist.

Thank you for confirming what I was seeing.
Any ideas on rental market as an option? Do you see a hot market for that as well or just more for selling now?

[DavidWebb]

Originally Posted by Nypafl4u

Thank you for confirming what I was seeing.
Any ideas on rental market as an option? Do you see a hot market for that as well or just more for selling now?

With the riffraff coming to live out from the big city would you trust your rental to them?? This is what is happening out here since the welfare cheats and low-life's from the city have come out here:

https://www.wfmz.com/news/area/pocon...d64369756.html

Here's a real estate market outlook for the next 5 years:


https://www.realwealthnetwork.com/le...t-predictions/

[Wells5]

Compared to other private communities in the Poconos, Hemlock Farms has a good reputation. Why not consult a real estate agent specializing in Hemlock Farms as to current market conditions? They are the ones who would best be able to offer the advice that you seek.

[Nypafl4u]

Originally Posted by Wells5

Compared to other private communities in the Poconos, Hemlock Farms has a good reputation. Why not consult a real estate agent specializing in Hemlock Farms as to current market conditions? They are the ones who would best be able to offer the advice that you seek.

I have and for most part, they say to sell. But then again, they get paid to do that so I take it with somewhat of a grain of salt. I would love to hear what locals have to say, not necessarily realtors, and then take a collective opinion, hopefully without bias, for some honest advice.
No offense to realtors out there. I have several as close friends, both in NY and Florida. Learned a lot from them, but it took years to gain trust and weed out the ones that had commission breadth. Time is a bit tight now, so I are here in search of some thoughts.

[theatergypsy]

I don't have a dog in this fight so my opinion is coming from my belief that you live in your home. The one where you have all your clothes and shoes and your bed and your fridge. The place where the mailman delivers your bills.

When you want to go on a vacation, you look at VRBO or Shore Summer Rentals or similar web sites where you can view the selection of places that you can rent for a week or a month or however long you can take off work.

You obviously have a sentimental attachment to your Hemlock Farms place because you have so much sweat equity in it but nobody pays extra for sentiment. Sell the house and move to FL. You won't have to pay property taxes, homeowner's insurance, community dues. You won't have to pay all that plus pay a management company to deal with tenants not paying rent or mistreating the property. Or worse, it doesn't rent and you're not going to have rental income to help cover the expenses.

Let the VRBO people worry about what happens to the property when you aren't spending your two week vacation there.

Suppose you want to go somewhere else one of these years. You aren't locked in to the house in the Poconos. With all the money you saved on not supporting Hemlock Farms, maybe it's time to think about...Paris, or Portugal, or Patagonia.

My 2 cents. Probably all it's worth.

[Gerania]

^^ I agree with what she said and it's worth at least a dollar.

[PAhippo]

I double that to $2.00


Forget the sentiment. You can get sentimental about another place. With the money saved go to Britain, Balize, or Brazil.

[Nypafl4u]

Originally Posted by theatergypsy

I don't have a dog in this fight so my opinion is coming from my belief that you live in your home. The one where you have all your clothes and shoes and your bed and your fridge. The place where the mailman delivers your bills.

When you want to go on a vacation, you look at VRBO or Shore Summer Rentals or similar web sites where you can view the selection of places that you can rent for a week or a month or however long you can take off work.

You obviously have a sentimental attachment to your Hemlock Farms place because you have so much sweat equity in it but nobody pays extra for sentiment. Sell the house and move to FL. You won't have to pay property taxes, homeowner's insurance, community dues. You won't have to pay all that plus pay a management company to deal with tenants not paying rent or mistreating the property. Or worse, it doesn't rent and you're not going to have rental income to help cover the expenses.

Let the VRBO people worry about what happens to the property when you aren't spending your two week vacation there.

Suppose you want to go somewhere else one of these years. You aren't locked in to the house in the Poconos. With all the money you saved on not supporting Hemlock Farms, maybe it's time to think about...Paris, or Portugal, or Patagonia.

My 2 cents. Probably all it's worth.

This does make sense when put this way. Yes there was a lot of sweat equity and sentimental feelings here. We also love the area and how the house turned out. I think once we fully decide the move to Florida is a go, we should consider selling it. The thought of trying t sell two properties at nearly same time, both furnished, is a bit daunting of a task. I am guessing spring is the best time to list it in this area?