Curious if anyone here has sold property on the island? Being that it’s basically a cash market does that cause significant difficulty selling a property? I can’t seem to find any data related to days on the market? Also wondering about property appreciation? For some more detail, my wife and I are considering a second home purchase. I have the flexibility at work to work remote for a couple weeks at a time here and there and the island life is definitely our thing! We’d also want to rent it out when we weren’t using it. Anyway, so I don’t get too long winded, I realize that US like property appreciation isn’t likely but I’d like to at least be able to count on some appreciation.
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sure there is some appreciation you may gain here in the real estate market; of course its just as likely for depreciation. It depends on the economy up north. Example: when the finance crisis was making second and third homes an asset you wanted to sell that mode doesnt bode well for appreciation or selling. As things get more prosperous; second homes become more valuable. rentals are popular too but getting a reputable property manager is difficult and sometimes rift with deceit and low on the prospect of income producing. I bought my home in 2008…rented it out for long term and short term but now live here full time. Good luck.
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