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I have a timeshare condo in Ocean City
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Question: I have a timeshare condo in Ocean City, MD. With no effort and little
risk (could possibly not get rented, but it is during senior week) it
returns $500/yr. This is $1000 - $250 condo fee - $250 realtor's fee.
I have heard that real estate should yeild 8-10% year, but I have no
idea how reliable that rule-of-thumb is. This rule would seem to
indicate that the property is worth 5-6000 as an investment. Is that
close, or high/low in today's markets?
Answer: Whatever the market will bear!
The best way to find out is to use comparable sales -- look up your Tax ID
number and then look for similar numbers in the County Records and find
out what they've been going for recently.
I think you'll find it's probably worth less than that. There are an
infinitessimal number of r.e. investors who invest in time shares. In
fact, the words time share and investment don't belong in the same
sentence.
Call a r.e. broker local to Ocean City, MD. Ask him/her what these are
going for in the secondary market. I think you'll find the answer
rather disappointing
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