Three months ago, I finally caved and allowed my renter in Silicon Valley to purchase my rental home, making a substantial profit. Since then, the value of the property has dropped due to the exodus from CA. Count me lucky and happy to have made the best decision at exactly the right time. Considering I'm probably within 15 years of cashing my chips, my daughter is very happy, too.
Wow! I am a lucky guy!
Yes, you sold it at an optimal time assuming you intended to sell it in and of itself, rather than 'make the most out of it'.
In 3 years' time it will be on the return to upswing as the hot tourist destination. People will already be moving and travelling there in 2 years' time but due to the economies taking a dip worldwide, it's not like many holidays will happen vs before.
Cali has a perfect balance of liveliness, even on the beach in terms of surfing, and calm (also on the beach). There's so much about it to attract people to it, it's an ageless tourist hotspot and local fiesta-dome. The weather never being cold helps too, since the 'too hot' phase is only a month, to my knowledge. The culture being extremely LGBT-friendly and 'outcast friendly' in general don't hurt.
I did intend to sell within a couple of years, anyway, but I decided soon after Covid hit, but more after Seattle and Portland blew up that CA, where I lived growing up until I was 19, and again between 1970s to 90s, when I purchased the home, that CA property values might not sustain, so I accelerated my plans. My daughter still lives and raising a family in San Diego, so I still have ties, but I'm glad I unloaded the house. The renter has been begging to buy it for about ten years. Since I owned the deed on it, it was virtually all profit. I've re-invested with almost tax-free consequences
7 days later
70 days later