An Insider’s look at investing in vacation homes in the Lake Harmony Area The Lake Harmony area has long been a popular Pocono vacation spot and for those who rent their properties, business over the past few years has been very good. The Lake Harmony area benefits from two nice lakes, two ski resorts, two golf courses, some nice restaurants, and a beautiful setting year-round. The Lake Harmony area is...
Real Estate
As a realtor who specializes in helping folks find vacation homes, I’ve gotten a lot of questions about the business of vacation home rentals. Here are some thoughts about the business of vacation home rentals. Are vacation home rentals in the Poconos a new thing? First, some history: much of what is referred to the as the Poconos was started in the 1960s and 70s when families started getting second...
I spend a lot of time with customers who have big visions of success in the short-term rental business and they often ask me questions about a property’s ability to generate profit. Many have use data tools like PriceLabs or AirDNA to help them understand the market and the opportunities that currently exist there. They tell me they’ve run the numbers and then ask me what I think. My...
The end of the third quarter is a time of significant transition in the vacation home market in the Poconos. The busy summer vacation season has wrapped up, and for some it is time to look at their position and perhaps make some changes. As a realtor focused on helping buyers find vacation homes they can also use as a STR, I keep an eye on the market and help identify trends that can help...
As a realtor, focused on helping buyers find vacation homes they can also use as STR, I keep an eye on the market and help identify trends that can help my clients. As one measure of the health of the market for vacation homes in the Poconos, I tag communities as STR-friendly (indicated with a green light) and keep a tally of available homes in these communities. At the end of July 2021, there were just...
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,...
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...