All Forum Posts by: Frank Borzen

I have homes in Marathon. We love it but got in at 25-30% of current market values. Rents are strong and the government protects vacation rentals, but the numbers will be tight. Feel free to post or message me with any questions. I am very familiar with all areas of Marathon.

Quote from @John Underwood:

Quote from @Frank Borzen:

We just stayed at the cabin of someone who lives in our city.

3/2 with detached garage that they turned into a theater/game room (very nice).

House has a bad drive with no view. Teeny creek running through the back yard. To access the hot tub/lower deck you had to walk through a bedroom.

He bought it from 650k in March 2021.

LIsted it for 950k in March 2022. Sold for 975k cash to someone from California.

Even the seller was saying there is no path to profits.

 And yet you still stayed there. What was the draw for you to rent it?

Funny but not funny: the women put me in charge of finding a home. I found a great one, and booked it. For 2023. Oops. We scrambled and this one was available for our group of 11.

We actually chose this home because it was a flat acre (turns out the photos made it look flat-it wasn't), the game room (nice touch and detached if the kids want to go bonkers). The little creek made a nice sound but it may be seasonal. The upstairs bedroom was converted from a loft (walls didn't meet the ceiling) and as previously mentioned balcony access was through a bedroom. The home was 20 minutes from town and had a tough drive for a place without a view.

I'm not complaining...I am simply pointing out some flaws with a home that just sold for close to 1mm and might do 60-70k gross. The numbers don't make sense. I know this is off topic from Collin's original point, but I do think it is related. We love Sevierville and will be ready if and when things come down in price.

We just stayed at the cabin of someone who lives in our city.

3/2 with detached garage that they turned into a theater/game room (very nice).

House has a bad drive with no view. Teeny creek running through the back yard. To access the hot tub/lower deck you had to walk through a bedroom.

He bought it from 650k in March 2021.

LIsted it for 950k in March 2022. Sold for 975k cash to someone from California.

Even the seller was saying there is no path to profits.

@Collin Hays @Ken Boone thank you. I agree with your thoughts. Taking a quick look there appear to be a few amazing cabins right on the Little River, but they are in the 650k range. I just don't see those numbers working for positive cash flow.

@Collin Hays how do you feel about the waterfront cabins in Townsend/Walland? There seem to be a lot of options. Too far out from PF/Gatlinburg?

I am going to be as kind as possible here:

"That is not a part of Ft. Lauderdale where people want to stay on vacation."

Get on or very near the water. Tarpon River, Wilton Manors, Victoria Park.

Marathon and Key West allow vacation rentals. Just about everywhere else (outside of pockets here and there) require 28 days+. With the prices you would have to pay for a waterfront home in the Keys, it would not be wise to plan to break this law. Your neighbors could make your life a living hell.

September and October are our only slow months. Snowbirds in the winter, Floridians in the summer. Marathon is great, prices are absolutely insane, inventory is non existent.

Example:

Emerald Island did not plan for future expansion of their pool/amenities. Their pool is drab and uninviting.
Windsor Hills planned and just added an amazing splash pad and slides. It makes it competitive with the newer communities.

The offerings are significantly different, and those are two of the old time resort communities.

May and June should be almost 100% booked. Those will be Floridians. Depending on your home, the insurance looks significantly low.

That is a broad question. Condo, waterfront home, suburban home? In general South Florida municipalities are cracking down on short term rentals.

I live in Broward and would tell you that people go to Miami Beach to party. It's not particularly a family destination. Crowds can be very rough at certain times of the year. Google "Miami Beach Memorial Day Weekend".