No Renters Wanted, They Just Make A Mess
The web site NCTimes.com has a report on prices and such. At the bottom, the subject turns to speculators' strategy for owning multiple homes. "The Realtors report issued last week found the median price of detached homes in Carmel Valley closing in on $1 million, up an even $30,000 from March to $985,000 in April."
"'The theory is, hey, you've got two homes, either a vacation home or a primary residence,' Jim Vanderspek said. 'If you don't want to rent a second or vacation home, it makes a lot of sense to move every two years and then be exempt from capital gains every time.'"
"People who are that property-rich, Vanderspek says he knows of one person with six houses, may not think renting out their home is a good idea, he said."
"Leaving the house vacant reduces maintenance costs and potential problems with renters. And if you buy with cash, as some are doing, there's no mortgage to pay off."
"'People are deciding to buy real estate as a straight cash investment. They can just own it and watch it go up in value,' he said."