The wife and I came to this realization recently. Unless we are certain we will live in the place when we retire, the numbers will never work out. So we'll just rent a vacation house when we vacation.
As for Dueller's case, if the numbers work and he wants it....this ghost town potential thing should work in his favor. No way will the state of Florida or the US govmt allow BP to depress the area, not for long. So use the scare factor to your advantage and make a low ball offer. You might just get a vacation home for what some folks have into their cars.
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With that bridge and island all you need is a swim up blackjack table.
I have never seen the wisdom of buying any vacation property unless you:
(a) plan on renting it out 50 weekends a year, or
(b) plan on spending 50 weekends a year there.
For that 100K plus fixin' up/upkeep/insurance/condo fees, I could stay at the Ritz 50 weekends a year.
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