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.
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.