Overkill

In roughly 4 hours, I’ll be checking out of one of the most gangster rentals I’ve ever set foot it. 3 nights here was my only splurge for the trip and let me say… I’ll never do it again. lol

It was too much for just one person. The condo is impressive in every way. The amount of space and the level of quality with the appliances and decorations easily spoils whoever stays here. I saw many For Sale signs in the complex and was curious what a place like this would cost. So I looked it up.

That’s when my appreciation for the condo basically came to a screeching halt. I found a unit that was very similar in size and amenities. The owner wants $930k. In addition to that, the monthly HOA fees are a little over $500 a month. While these new constructions come fully decorated and with upgraded appliances, I cannot see the money here. Not for what you get. I’ve been in $500k houses in great locations that dwarf this place in every single way – except the cost of admission.

Even if someone bought one with sole purpose of renting it out – ROI is going to take a long, long time to put yourself into the black. $930k @ 7% over 30 years along with the monthly HOA fees means they need almost $7K a month just to cover the condo itself.

If two couples stayed here or 3-4 individuals, it might be worth staying. For me, it’s a one-and-done. Although it does provide inspiration to see what something like this would actually cost to build for myself.