What emerging trends do you see for ultra-luxury vacation rental properties? When selling luxury real estate, I see more and more buyers wanting to know what the areas rent for and what the area demands on a short-term basis, especially with all my New York buyers who are unsure of exactly how much time they’ll be spending here. Buyers want the ability to have options with the properties they purchase, and I think real estate agents have to be more educated on the topic of short-term and long-term (annual) investing as a whole. What tips do you have for someone investing in their first short-term rental?
1241 Cordova Rd, Fort Lauderdale Listed at $1,300,000 Photo Credit: Samantha DeBianchi
Never trust an advertisement stating a property is a “great investment”. Run your own numbers and make sure it is in fact a “great investment”. Secondly, know all your costs. This includes your water, electricity, and cable, but also your replacement costs of furniture, normal wear and tear, and management fees if you don’t plan on managing the property yourself. Lastly, property management with short-term rentals isn’t just managing the property, but also the people. If you do decide you’re going to manage your property yourself, take a class on property management and hospitality so you know what you’re really getting yourself into.
How does DeBianchi Real Estate innovate the way luxury investment properties are bought and sold? I don’t think there is necessarily any “innovative” way on how properties are bought and sold, but rather, there seem to be newer trends happening. For example, there are companies that now allow for co-ownerships of homes. I’m also seeing more friends and partners purchase real estate together— some for the sheer desire to share a luxury vacation home together, and others for the money-making aspect.
Sam DeBianchi is a leading luxury real estate in the South Florida market. To view all of Sam’s listings and to learn more about her firm, visit www.debianchi.com Photos from listing located at: 1241 Cordova Rd, Fort Lauderdale Listed at $1,300,000 Contact Samantha DeBianchi for more information.
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