Now that the market has returned to more affordable pricing, now may be the best time to invest in a condo at the beach. Virginia Beach condo housing market has fallen back to 2004-2005 pricing levels from the peak years of 2006-2008. Condo’s that were once over $400,000 in price are now in the $240-$310,000 range for a 2 bedroom 2 bath condo within walking distance of the beach.
Interest rates remain well below 5% right now, so factor that into the lower prices and you have the perfect storm for an affordable purchase. Many well known economist predict that interest rates will soon start rising; and we may even see double digit rates again. So take the time now to look around for the best low priced deals along with the current lower rates. Don’t expect to cover all your expenses by rental income … however you can offset 50-60% of the carrying cost by renting the condo out during peak weeks in the summer and renting it out as a furnished short term winter rental through the cold months of winter.
Early fall … September thru October is my favorite time at the beach. The crowds are gone … the water is still warm and inviting …. loads of festivals and events on the weekends …. make it the best time to use your beach condo. Our award winning local restaurants are open year round …. so head on down and shop around. And while your here …. take in one of our fabulous sunrises!
