5 Hottest and Coolest Real Estate Markets

To buy or not to buy? That is the question...

Time to look at Florida property? Or is that market still too saturated from recent speculation? Sure would like a vacation home and rental in the southern gulf area?

Weigh in on the changing markets, and if there are any good spots to invest other than the stock market today.

RealEstate.com – 5 Hottest and Coolest Real Estate Markets: "What are the hottest and coldest real estate markets in the country? According to the February 2007 National Association of REALTORS® home sales report, the percentage change in the median sales price of existing single-family homes between the fourth quarter of 2005 and the fourth quarter of 2006 was as follows:

Metro areas that increased in value the most in 2006
1. Atlantic City, New Jersey +25.9%
2. Salt Lake City, Utah +22.7%
3. Trenton-Ewing, New Jersey +18.9%
4. Beaumont-Port Arthur, Texas +15.1%
5. Salem, Oregon +14.9%

Metro areas that dropped in value the most in 2006
1. Sarasota-Bradenton-Venice, Florida –18%
2. Palm Bay-Melbourne-Titusville, Florida –17%
3. Cape Coral-Fort Myers, Florida –11.7%
4. Springfield, Illinois –10.4%
5. New Orleans-Metairie-Kenner, Louisiana –9.3% "

Setting Expectations and Truth in Renting

I had the opportunity today to have a lengthy discussion with an property manager at North Coast Village in Oceanside, CA today while waiting for a refrigerator delivery (one of the thrills of owning a vacation rental). We were discussing demand, pricing, advertising, honesty, and disclosure. Demand for 2 bedroom units is strong in all categories as there is a product and price for every person and every budget. Some guests want their units to be top of the line in all aspects, and some are happy to just be staying in a property that has great amenities and sits on the sand. The key to guest satisfaction, we both agree, is setting guest expectations.

Calling a noisy unit quiet is a mistake as is touting a dated unit as luxury. Not everyone wants to pay for a full ocean view and plasma TV, but everyone wants to get what they EXPECT. I'll never forget those guests who expected something that I didn't provide in a property: an icemaker, air conditioning, a TV in the bedroom? Did I somehow lead them to believe these were at the rental? Or did I just not mention the lack of these amenities? I'll also never forget the photos the hotel in Nice France that lead me to believe they were on the water, but were in fact across a busy street. The truth is, most property managers, marketers, and owners try very hard to be truthfull, but finding out the guest's expectations as well as setting those expectations is the key to success in vacation rentals!

Vacation Rentals for Profit Seminar - February 2007

Joe Godar from www.ivacationonline.com has launches his vacation rental education series with "Vacation Rentals for Profit" in Cincinnati, OH as well as his new book.

See the press release on Vacation Rentals for Profit.

If you are thinking about renting out your own vacation home or considering using a property managment firm, and live in the Cincinnati area, it looks like a worthwhile seminar.