Monday, December 12, 2005

For Sale / For Rent

I was perusing the local Shore MLS and came across a listing for one of those new townhouses in Long Branch (the ones on Ocean Avenue near Rooney’s Crab House). The listing had the townhouse as both for sale and for rent. I think that this is some sort of new tactic by investors as I don’t recall seeing a dwelling listed as both for sale and for rent in the past. This tactic seems kind of desperate and suggests to me that 1.) the rental income will not cover monthly expenses (or else why not keep the property if its cash flow positive?) and 2.) the current price at which the property can be sold will not yield a worthwhile return. The owner, therefore, seems to be willing to wait until the market turns more favorable by trying to get at least some rental income.

Is anyone else seeing these types of for rent / for sale listings?

Has anyone noticed an increase in the number of single family houses that are for rent in their particular town – Jersey Shore or elsewhere?


Blogger MazNJ said...

I've already seen this in Red Bank, Belmar and in the Long Branch Condo projects. I still cannot figure out WHY someone would buy one of those Condos... The only thing going for some of them is they are near the water. Heck, until my building was condemed when I was maybe 2, I lived right across the street from them. The condos excluded, the neighborhood hasn't changed and in no way shape or form should anything there be worth the amounts they are charging for them. As another fact, whenever I travel down south to the Ink Well and drive past them, all the lights are out and maybe 4 cars are parked there despite there being an ungodly # of units.

Tuesday, December 13, 2005 1:20:00 PM  
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