Tag: Vacation Home
As an Agent and property owner on Isle of Palms since 1991, clients who are looking to move to the area ask me about the mix of vacation rentals to permanent property owners.
Below is a perfect recap from The Island Eye News of the Isle of Palms Council meeting as they tackle the growing concern of quality of life on IOP. A number of years ago, an island group of year-round residents called Save IOP was concerned with the ever increasing amount of rentals and the impact on the neighborhoods. We all know that a balance between the two are ideal, and the island residents, Mayor and Town Council are addressing this issue.
“The Isle of Palms short term rentals meeting on September 16 was a far cry from the meetings of two and three years ago, when every mention of the words “short term rentals” caused at least a sharp word or two to fly and at worst, sparked a full on red-faced debate. Today, however, the formerly contentious topic was approached with cool aplomb by both the City Council and the Planning Commission, all of whom walked through the issues step by step under the statistics-assisted guidance of Mayor Dick Cronin.
To keep things simple, Mayor Cronin divided the topic into two sections: zoning issues and livability issues. Under zoning, the Mayor reported that the average size of new homes built on the Isle of Palms is between 3800 and 4051 square feet, and of the 17 new homes built last year, not one of them was built as a rental. This is surprising compared to previous years, where the building of rental homes peaked at 50% of new home construction in 2003 and approached that number again in 2006 with 43% of new homes being built as rentals.”
Read the rest of the full article HERE.
– Jack Hurley
For years, my wife and I visited the Isle of Palms annually for vacations. We dreamed of owning a second home here and even living here full time some day. Each year we visited the Island and even made “half-hearted” offers to buy a condo or house. Maybe we weren’t ready or more likely, we were trying to pay way below market and “steal” a deal. The problem was that each year we waited to get serious, it cost us about 10 percent or more as the market increased. Well, we did finally buy that place and even live here full time now. Our home has appreciated dramatically and we have even bought another residence and rent the first one. It pulls in some nice rental revenue!
When we bought, there were very few choices of homes, they were actually scarce, and we paid a premium.
Today, there are more choices in every price range and even some homes that are being sold at “deep” discounts because some folks stretched a little too far to buy. These opportunities offer some immediate returns on your money, but if you find the perfect spot for sale, odds are that you’ll be able to negotiate a great price too!
I invite you to join my family here on the Charleston Coast. It’s a great lifestyle whether you by a vacation home or move here for a lifetime. You’ll be GLAD you did.