Be very very vary of letting any "resort" manage your investment. They will tack on so many hidden fees, that you will get no meaningful return from it(leave alone break even). Plus the legal agreement will have so many clauses you wont be able to get out of in anyway or form other than selling the property. Buy a condo that you can have your own property mgr manage it for you. If you don't like them, you can fire them, and hire a diff prop mgmt. firm. I bought a resort managed condo ( elsewhere - not in st johns) and have learnt never ever to let a resort manage property. Fortunately I am able to manage since I own other condos that I manage through property managers ( after a few tries I found the right property manager and has been smooth sailing from there). The portfolio of condos breaks even.
The resorts "sell" units to improve their cashflow situation - they will make 100% sure their interests are first and foremost. They will do anything legal to keep it that way. Some may try to bend the legality, since it can be hard to fight them - some of them are really big names

If you cant afford to buy by yourself now, pool in with someone in your family or friends circle. If not, trust me, there are always opportunities coming - if you look hard enough. 🙂

Send me a PM for more info on Point Pleasant.

Future Islander

Point Pleasant would be a good choice. Good hotel plan and a great new management company. The future looks bright there.

There are very few 2 bedroom units at Point Pleasant and many other condo associations so you'll have to check around to see pricing and size, if you need more than 1 bedroom and a sleeper sofa to accommodate your needs and family.

Mahogany Run and a couple others offer 2 beds/2 baths. Higher prices, of course.

Yes, there are seven (7) two bedroom/2 bath villas at Point Pleasant...out of 124 villas.

But the 1 bedroom/1 bath villas sleep 4. And the 1 bedroom/2 bath villas sleep 5.

Of course, one needs to consider what the buyer is going to use their "vacation" home for.

We live here part of the year and find a 1 bedroom/1 bath villa comfortable. If you're going to live here full time, or have a larger family, then perhaps another property would better suit you.

Why does the 1 bed/2 bath sleep more people than the 1 bed/1 bath? I would assume there is extra square footage in the living area that can accomodate 2 pullouts then?
Are the units with the wrap around decks generally larger? All this helps when I am searching MLS and narrowing down my search! Thanks!

The sleeping arrangements are really up to the owner. The 1 Bedroom/2 Bath villas are generally larger and can accommodate an extra sleeping area (futon?).

Most 1 bedroom/1 Bath villas have a pull out sofa bed. But that doesn't mean you can't have a blow-up mattress to accommodate more people. It just presents a problem with only having 1 bath room and more than 4 people.

Each villa is pretty much unique related to size. So a wrap-around balcony on one villa may not provide the same living area as another villa (with a wrap-around balcony). It's best to visit the property and decide for yourself.

F.I.

Gotcha! There are not too many on the market right now to choose from. I am hoping more will go on after high season-a perfect excuse to come and see the differences for ourselves!

Don't hold your breath. The new Hotel Program Management firm is doing very well.

Good villas are hard to come by....and prices are increasing....just ask any local realtor.

But do come for a PMV (Pre-Move Visit...or PPV....Pre Purchase Visit).

We have been working with Blue Water Realty and have been told that PP management is really doing a good job. But it always helps to hear from other owners directly. We did do a preliminary visit and toured some complexes but of course could not compare all the different options/layouts in one visit. I want to be armed with as much info as possible so I don't waste my time flying down there everytime something interesting comes on the market (although it could be a wonderful excuse!)

we are also looking for small condo I just started contacting realtors. about ho much do monthly condo charges run? Anyone recommend a reputable realtor to work with?

You really need to do a lot of homework before you even start looking. The carrying costs,- dues, water, electricity, maintenance, management = a negative cash flow every year. My electric bill alone often exceeds $1000/month if my condo is rented. The old Marina Market once posted their monthly electric bill and it was over $20,000/month.

Be sure you know what you are getting involved with.

You can't compare a market with a condo (not that I believed the old Marina Market WAPA bill anyway!) but the condo fees between different complexes is highly variable depending on what's included. A realtor will have that information. Alana who posts on this forum is a realtor and may be able to offer some general information depending on what you're looking for

I sent you a Private Message.

There are so many variables when it comes to fees....look at HOA's in Pavilions and Pools! Plus, some complexes have no water fees. I also have a hard time believing $1000/mo electric bills are the norm? And even if it is, can't it be written off as an expense if it is a rental property?

winterhater wrote: I also have a hard time believing $1000/mo electric bills are the norm? And even if it is, can't it be written off as an expense if it is a rental property?

Vacationers aren't as conservative as we residents. Even if there are prevailing cooling breezes they'll crank up and run the A/C 24/7 - with the patio doors open. They flush the toilet every time they go, take long showers (water pump, electric water heater), Most condos have electric ranges (preferred in homes is gas). Our electricity peaked out at 51¢/kWH and with the changeover to propane have just been reduced this month to 39¢/kWh with further reductions anticipated as the changeover continues and additional power from solar farms come into play, but it's a hefty load to bear. Likely some of it can be written off but it's still a huge chunk of change!

Yes I saw the pool and pavilion was 1632 a month and the norm seems to be upwards of 800. I couldn't swing that monthly payment on top of a mortgage payment unless i could rent it out to break even on HOA fee and electric bills. It is a beautiful place but may be out of my league:( Oh well I can always keep playing lotto!

I guess you have to figure though, if you are experiencing electric bills from renters then you are also collecting rent! I don't expect to really make much if any money on a condo-I want it to be there and paid for in 10 years when I can personally use it.
So islanders will be experiencing ongoing electric reductions? That is good news! I put solar on my home in the states and am so glad I did as our electric rates are set to skyrocket by 37%.

winterhater wrote:
I guess you have to figure though, if you are experiencing electric bills from renters then you are also collecting rent! I don't expect to really make much if any money on a condo-I want it to be there and paid for in 10 years when I can personally use it.
So islanders will be experiencing ongoing electric reductions? That is good news! I put solar on my home in the states and am so glad I did as our electric rates are set to skyrocket by 37%.

I have several friends who own vacation condos here who have exactly the same aim as you but I think not only would all agree that they only break even but would also tell you the other negative which isn't often discussed - the expense of operating, upgrading and interior maintenance.

When you rent out your unit as a vacation rental to cover the operating costs, breaking even doesn't come easily. If you hire a property manager you're going to pay them a percentage of the income. If you do it yourself (vrbo, homeaway, etc.) the transaction is all on you. You need someone close by to call on in case of emergency or if anything at all goes amiss.

It's great to be able to come a few times a year to enjoy your vacation home but not one of my friends doesn't spend at least one of those visits doing basic interior maintenance plus, every few years, upgrading furnishings and appliances in order to keep their units rented and competitive.

Such a lot to take into consideration!