The average number of days that residential properties remain on the market has been trending lower for 3 consecutive months and is now less than 78 days for homes on the West End of 30A - see
Neighborhood Gross Rental Averages
I just spent some time pulling rental data. Im not going to write much about it... What I did was grab 5 various homes in each neighborhood, and the gross rental projections for each. If you want a larger sample size go for it. I think 5 per is enough to make my point. I did this because people ask for a home that gives them a 10% gross return. Then follow up by saying they want gulf front or in Rosemary or Watercolor with gulf view, and the most they want to spend is $500,000. Projections can be pretty far off. If you are working with an agent and all the homes in an area are coming in at 6-7% gross like Watercolor and you hit a home that is 12% look a little deeper in it. Who put it together? How many weeks did they project it to rent?
So can 10% still be found? Sure, outlying areas not in the big neighborhoods, or over in Destin or PCB. There are a few in Seacrest from time to time that are listed with projections that state that. Even so this is a rough napkin test. I like using it comparing close comps in specific neighborhoods. In that case all the other variables like HOA, taxes, power, water, and other cost to own items are similar.
Here are the numbers I came up with today 7/1/2018.
Broker Associate 30A Local Properties
Emerald Coast Association of Realtors Political Action Committee
Emerald Coast Association of Realtors Young Professionals Network Committee
Jonathan grew up in Birmingham, Alabama and vacationed from 30A to Destin every time he got a chance while growing up. He attended The University of Alabama where he double majored in finance and busi....