I was in Cleveland recently, and I saw a waterfront property in Lorain, OH. It’s just outside Cleveland on Lake Erie. It’s slated to be a site for a casino as well. They start in the $160’s, and have a lot of townhomes of different varieties. Amazing site. Dock slips, overlooking bridges. It’s close to downtown Cleveland and the Cedar Point amusement park. Once that casino goes it, it’ll explode in value.
on property like this…anyone have an opinion on whether it would be better to buy and sit on this for awhile or buy and flip after a year or so?
Unless there is a reason that appreciation will slow down, it is virtually always better to hold longterm.
To illustrate, please assume a steady rate of appreciation of 10 % per year and a purchase price of 100k. The first year, appreciation is 10k. The second year it is 11k. The 3d year 12,100, 4th 13,110 . . . See where this is going ? Of course, appreciation will not be the same every year, but appreciation is always cumulative.
Good luck,
Ray