All Forum Posts by: Patricia Andriolo-Bull

I am in Marco Island (I live here and have a rental here).  The market here has been very good.  For those stating that insurance should cover the cost to replace, that is not the case with lanai screens.  It's an additional coverage on insurance policies and at a pre-determined amount (e.g. I have lanai coverage for $15k, that is all they will pay regardless of the $30K replacement value).  Also, I would be careful to assume the price will come down.  Since Irma (2017), roof and lanai pricing went sky high and never came back down.  It got worse with COVID supply limitations as well, and Ian is only compounding it.  Also, I can say a lot of people in Marco have gone away with lanai screens and it hasn't really hindered the rental market.  Seems like your repeat guests are trying to get a ridiculous discount that I would not cover.  If they want to go somewhere else, let them (or slightly discount...especially if other things are still issues - like beach access).  I haven't seen guests look at houses because of lanai screen (I'm assuming when you say lanai you mean the screen and not the integrity of the lanai itself) but because of the outdoor area including pool - assuming you still have these?  

As others have said, who knows what the market will do. Zillow is still showing Marco Island increasing but I'm seeing houses for the first time dropping for $200k+, so the market is definitely shifting and dramatically lower than last year already. Frankly, the market is very overpriced right now, still (by this market I'm thinking SW Florida). If you can get a decent amount, maybe you sell? Consider the basic economics - what is the home worth if you were to sell it and what is your ROI compared to carrying it as a rental.

VRBO just started collecting county taxes  in Collier County FL yesterday. Before it was just state. While it is a PITA, County  is quarterly and takes 5 mins. Rather not pay them 3% on an amount I’m not even keeping. 

 Yes.  It is their processing fee which I believe captures more than just credit card fees.

 I was thinking of this but on VRBOs website it states it still charges a commission.  Is that not accurate?

Hello.  Today, VRBO started collecting all taxes for my area (Collier County, FL which is 12% in total).  I received a booking and see that they are taking their fee off of the entire booking including taxes (for reference, even airbnb does not do this.  They have been always collecting my taxes).  I also pay the annual subscription for VRBO given that most of my business comes from VRBO.  Have others seen this?  This doesn't feel right to charge commission on a regulatory requirement.  I'd prefer to collect and pay my own taxes as I used to but not sure if that is even an option.

I was going to ask "Why not FL?" but you answered that.  I know another poster said there is a lot of media sensationalism and I only sort of agree.  I have a property in Fairfield CT (hit by Irene in 2011 then Sandy in 2012) which were pretty devastating and am now in Marco Island (hit by Irma right before I purchased) and now hit by Ian (though not as mad) and a condo in the Dominican Republic (hit by countless storms).  It is scary and frustrating and can be expensive.  I will say, all of my insurance rates have gone up significantly and I'm terrified for next year.  That said, I still think Florida is a great place to invest.  My condo in Marco Island is doing very well but prices have gone up significantly the last two years so I'm not sure how people make the economics work purchasing now.  I've considered buying another if the economics work, so the hurricanes haven't quite scared me off.  I figure, there is something everywhere (tornados, wild fires, regulations).  Just be sure to account for costs associated with different potential expenses and do your due diligence on where you buy.

 May 15 and already made that decision.  :) 

But planning to do a mix of STR and MTR in the future and would be good to have feet on the street. It's amazing, I've had a STR in Florida for over two years and never had anything like this. Had a LTR for 5 years with no issues. This has been unreal.

I have owned a condo in Punta Cana since 2016.  The first year it was fine (mostly because of the contract we signed) but has been a headache since.  Apparently they can just break contracts without recourse if builders / owners are well connected and I even engaged a lawyer.  That said, I now have it on airbnb and break even.  Do your research on the location very well.  I do like el corticito as there are many restaurants and groceries in walking distance so perhaps that can work.  Also, there are many snow birds that go down that stay for months which would not go to all inclusive.  That said, my experience has not been great.