As we enter 2022, competition is still intense for properties that can be used as vacation home rentals here in the Poconos. The rapid rise in prices looked like it was slowing down in late 2021, but demand seems to have risen and prices have taken off again fueled by a number of factors. That has created several new problems for people looking to finance their purchase as appraisal gaps are once again...
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The Poconos have been a popular vacation destination for generations. Vacation communities continue to be built for second homes and investment properties and the practice of renting them for short periods is as old as the manmade lakes which were built around. The rental business has surged in recent years with the rise of booking platforms like VRBO and Airbnb which have put additional...
As we enter 2023, the real estate market in the Poconos remains vibrant and there is some good news for buyers. Inventory is twice the level it was a year ago, prices seem to have stabilized (plateaued?), and sellers are becoming a lot easier to work with. In my opinion, we are still in a seller’s market, but we are slowly seeing some balance. New properties continue to trickle onto the market,...
Short-term Rental Properties are different from Long-Term Rental Properties and the smart investor will have a plan. As a realtor, I field a lot of calls and interest from people who are interested in investing in a Short Term Rental (STR) property in the popular vacation home area of the Poconos. Some of these inquires come from real estate investors who own residential apartments or homes for rent...
There are indeed risks associated with regulations that will impact a STR Business. Operators who are willing to invest time and effort to influence the political forces that impact their business can help minimize that risk. Here we explore how.
Stocks market indexes are trading at record high levels, bond markets are strong, and the price of real estate continues to leap upward. Rarely (if ever) have all three of these investment areas risen so sharply in unison. With the ability for many to work remotely or build a business from home, the demand to move out of urban areas has become much more than just a reaction to the...
Throughout my career, I’ve had a number of opportunities to start-up new businesses and like most entrepreneurs, my history has some succees and some failures. I had the good fortune of turning GradSchools.com from a quirky start-up to a market leader only to follow that up with an online guide to wine called ClassicWines.com that was a dud. Timing has a lot to do with being successful and sometimes you...
Is it legal? The Poconos are well known for vacationing and recreation. Tourist revenue in the Pocono region (defined as Carbon, Monroe, Pike and Wayne counties) has been the main economic engine in the region and the area is responsible for approximately 1/3 of the state’s hotel tax revenue. In Pennsylvania, like other states, short-term rentals are taxed just like hotels. If you operate a short-term...
Moving from New York to Pennsylvania? Consider Carbon County, Pennsylvania’s secret Vacation Retreat
My Story: Mark Shay, Palmerton PA In 2006 I sold an internet marketing company and with some cash in my pocket I decided to invest in a vacation home near Blue Mountain Ski Resort. At the time, I had a house in Delaware County, outside Philadelphia and I wanted a “mountain house” that I could get to in 90 minutes. That ruled out the many vacation home communities like Arrowhead Lake,...
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