I mistakenly thought my dream could continue, even knowing there would be modest rent increase year-to-year. Shift happens caused by the current inflationary greed. No one could have predicted the hyper-inflation that is occurring or the crazy real-estate market that has emerged here in South Florida.
A monthly rent of $2500 for the last two years was justifiable especially taking into account the amenities. A new community pool next door to my unit and did I mention the ocean. Having the place meant that retirement was not going to be a 100% option, but even being there part time was worth it. Beside, I do love to work.
|Typical Day At The Pool|
I made friends, had home dinner parties, swam, sun bathed in my one piece, and took daily walks on the beach. There were holiday pool parties that I attended and dinners out with my neighbors at local restaurants. Rhonda was accepted. I think, liked.
This was the place where I cooked and hosted holiday parties for my family. This was for the first time in over 10 years due to circumstance at my other home.
My lease came up for renewal in June; this month. I started the renewal process back in March but could not lock down the next year's monthly rent. I hate drama. I was told there would be a 45% rent increase to which I reluctantly agreed. However, before that could be signed by the owner, I received another notice that, she wanted $4600 monthly to renew. A whopping 85% increase - Out of logical reach. And, I was told, "Oh by the way, I am going to list it for sale and this rate will only be month-to-month". Lease in Florida of less than 7 months require sales tax (7%) and other restrictions.
The appraised value two years ago was $320,000 for this nearly oceanfront 1,283 sq. ft. 2/2. The owner wants $899,900 now. As to its condition - Two years ago some of the basic modernization was done. As a project, I completed the modernization at my own expense hoping that would garner a longer stay at a continued reasonable rent. Not. (see last photo)
|Dinner Party With Neighbors|
Thank you Milton and Debby, Vivian and Ralph,
Pat and Adam, and not in photo Vivian and Ed,
and Monica and Randy.
I think I have been granted a one month extension ($3,000) to the end of July as long as it does not sell before any the new owners demand occupancy; unlikely. I have a lot to pack / store. My photography, furniture I purchased and built, table settings, wine, wall mounted TVs, and a complete Echo/Alexa controlled lighting system. What can i say, I am a geek.
Not to worry, I am not homeless even though current economic realities will likely make many homeless. My truth is that the problem that precipitated the separate living place is not alleviated and now may never be. My leverage is gone. A wonderful dream of two years is coming to an end.
This was Rhonda's transition home - I am sad and feel that this is movement in the wrong direction.
Anyone interested in "Beachfront Property" and having a wonderful tenant? I am sure that the owner would be open to offers below her asking; an appreciating asset.
What's next - I don't know. Life Is (was) A Beach.
|My Decorating - The Living / Dining Area Open Space|
Wow Rhonda - all I can say is just wow...I feel so sorry for you - what a rip! I thought gas was bad but this is truly sad. I don't have any of the perks of your location but the rent has been steady here for the last four or five years and I have no complaints...ReplyDelete
Ronda, you will land on your feet and make even a better life from this. This is a reason one publication ranked Florida as the most expensive state for retirees!ReplyDelete
Sooner or later, the market will implode. We see similar here in NC, as homes are priced at 100K too high for the current salaries.ReplyDelete