I just sold a vacation home in Sarasota, Fl of all places. Talk about ground zero of the RE bubble!
Here were the datapoints I had to work with in the decision process.
A: We rarely used it. 10 days per year max. It sat empty all other times.
B: It was costing me x per year in operating costs (Taxes, utilities, maint, etc)
C: Florida property was no longer appreciating.
D: I could sell and recover all my costs but profit had evaporated when FL RE tanked.
E: The money I had tied up in this property could be earning interest at x% in a MM fund.
I sold, recovered my total investment, stopped the operational costs and re-invested. The money is now working and my overall costs have decreased.
If it's about money, it's simple. But it's not always about money is it?
In the interest of full disclosure (and P-car content), I pissed away (I mean re-invested) some of the proceeds on this
Because after all, it's not really ALL about money. Sometimes it's all about me!