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Date Posted: 21:28:17 01/15/08 Tue
Author: Shocker
Subject: Re: I know I am getting get heat for this
In reply to: Kiven 's message, "Re: I know I am getting get heat for this" on 17:22:26 01/15/08 Tue

>If your 60-80 K per year- what is your percentage of
>rentals? how many weeks out of the year does it sit
>dormant?

It's 60-70k per year (never have hit 80k) but that net figure I gave you in a previous post does not include debt service. With mortgage payments factored into the equation, it's a losing proposition (although, admittedly, it is a tax write-off).

How many weeks? Well, most of us just forget about getting rentals in late August through the week before Thanksgiving. Those are typically busy times of the year for folks who are still working, who have kids, or both. Storms are also a factor during those months. So, right off the bat, you've got somewhere around 12 weeks that are simply "unrentable". Even for those who are lucky enough to get a few weeks during that time frame, it's usually at a huge discount, even from the off-season rate.

The owners with whom I am familiar never figure on much more than 40 weeks worth of rental. Personally, I figure around 30-35 weeks but, of that, 4-6 weeks are heavily discounted. Regardless, you REALLY need to understand that for certain weeks it's almost impossible to find renters, no matter what the rate.

>I know FMV is different, but when you have only two
>weeks to get away and you can have all the same
>immenities for a much lower cost you take it.

See, I think you hit upon the crux of the issue. You seem to be concerned, primarily, with "amenities" while most of us are thinking LOCATION. Rental homes on the two islands are NOT fungible; this is not a commodity product like stick pens or something, nor is ANY real estate. Would you really expect to get the same "amenities", for the same price, if you bought a place on Central Park West as you would in many other areas of NYC? I suspect 20-25 MILLION would buy you more than 8-9 rooms in many (probably most) other areas of the city.

BTW, when my kids were younger we did the Disney World thing every year or two. One year, to save a few bucks, we rented a house in Kissimmee rather than stay on Disney property. We got 4 bedrooms, 3 baths, a great kitchen, and a private pool for a LOT less than what we had paid in the past to stay in a Disney resort. Know what? It was nice BUT NOWHERE NEAR the same experience. Ultimately, I felt we got pretty much what we paid for (in both places).

>I am just sad that it had to come to this and the tiny
>island I loves so much for over 15 years is now no
>longer in my reach for a family vacation unless i want
>to stay in a hotel or low end condo.

I'd say that's rather telling. If you are so thoroughly satisfied with your "relaxing and less expensive" Marco experience (as you seem to profess), why even bother posting here lamenting the disparity in rental rates between Sanibel/Captiva and Marco? Just continue to rent on Marco, take day trips to San/Cap, and be done with it. You could, of course, stay in a somewhat smaller house on Captiva for the same price you're paying on Marco but it appears that you prefer "amenities" (and size) over location.

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