buying condo in turks (somerset)
Mar 31st, 2010, 05:17 AM
#1
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buying condo in turks (somerset)
anyone have any info regarding the economic strength of the somerset? love the resort but have heard rumors that they are in some economic trouble-- any info helpful
Mar 31st, 2010, 06:37 AM
#2
Were have you heard the rumors? I'd like to hear them! ;-)
The Somerset has felt the economy drop like everywhere else has, but all things considered, seems like one of the most stable properties in Provo.
Are you afraid that it won't rent out? Condos owners really don't make any money renting, or a little to cover the mortgage but not all of it, so if you buy it for you because you love it and want to use it, renting it out should be secondary.
If I could afford it right now, I'd buy in a heartbeat-prices will never be lower, it's a stunning property!
PS I already own a villa in Provo, have been visiting since 1995, and have been thru every property and every economy drop and boom. So I've done serious homework on owning properties there. Again, if I could afford it right now, I'd buy at The Somerset in a heartbeat-love that property.
The Somerset has felt the economy drop like everywhere else has, but all things considered, seems like one of the most stable properties in Provo.
Are you afraid that it won't rent out? Condos owners really don't make any money renting, or a little to cover the mortgage but not all of it, so if you buy it for you because you love it and want to use it, renting it out should be secondary.
If I could afford it right now, I'd buy in a heartbeat-prices will never be lower, it's a stunning property!
PS I already own a villa in Provo, have been visiting since 1995, and have been thru every property and every economy drop and boom. So I've done serious homework on owning properties there. Again, if I could afford it right now, I'd buy at The Somerset in a heartbeat-love that property.
Mar 31st, 2010, 06:41 AM
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We have stayed there many times and love it. We too have looked at buying there and this past winter looked at a couple of great deals there. Love the property and this summer we hope to buy there...good luck, go for IT!!
Apr 11th, 2010, 03:54 PM
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I don't know of many places on the island that are not suffering. I too have heard those rumours about the Somerset's impending collapse and have been hearing them for the last two years. However, it is still there and seems to be doing okay. So, for now, I give little credence to those rumours.
Apr 11th, 2010, 05:57 PM
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Caribzack, credence is the belief in the truth of something. Giving little credence to a rumour that has been floating around for several years should clearly indicate that I doubt its veracity. I certainly didn't start the rumour.
With the local economy is such bad shape you should not be surprised that these rumours are out there.
With the local economy is such bad shape you should not be surprised that these rumours are out there.
Apr 11th, 2010, 06:30 PM
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The Somerset certainly is a solid investment.
Yes, one owner is having difficulties and her units are subject to bank forclosure. These units are not part of the resort rental program.
Management of the property must be doing something right since I personally know owners who are having ALL of their
monthly charges paid from the rental program even during the past year.
As a property manager on island- Lobomago, this should quell
rumors of the resort's demise.
Many resorts have had issues with Management Companies and sometimes change does occur.
The Somerset is still one of the nicest properties on island
and I must say anyone with the financial means should purchase their own piece of paradise.
sbs
Yes, one owner is having difficulties and her units are subject to bank forclosure. These units are not part of the resort rental program.
Management of the property must be doing something right since I personally know owners who are having ALL of their
monthly charges paid from the rental program even during the past year.
As a property manager on island- Lobomago, this should quell
rumors of the resort's demise.
Many resorts have had issues with Management Companies and sometimes change does occur.
The Somerset is still one of the nicest properties on island
and I must say anyone with the financial means should purchase their own piece of paradise.
sbs
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