Wow is waterfront property getting cheap!!! - SailNet Community
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post #1 of 18 Old 12-17-2008 Thread Starter
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Wow is waterfront property getting cheap!!!

We had been toying with buying a winter place in Florida along the east coast for a variety of reasons (mostly because our long term plan is to have a small place there and one up north, and sail between the two for our retirement). We looked at a few places, but then put the process on hold because we bought a new boat.

We still get email alerts about places that come on the market fitting our parameters (deep water with sufficient frontage, 3 bedrooms, no fixed bridges, etc.).

I just got an alert that rejiggers everything. $650,000 for a renovated 3BR/2Bath place, 105' of frontage, only one bridge right at the Hillsboro Inlet, in Lighthouse Point. They say "deep" water, but who knows if it's deep enough. Nevertheless, $650,000! On the one hand that sort of thing portends great opportunities, but it sure is scary that prices are falling that far.

And by the way, because we're talking about buying a house to keep next to our boat slip, I figure this is sufficiently connected to sailing to justify posting here.

Dan Goldberg

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post #2 of 18 Old 12-17-2008
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Do they rape you with condo fees??
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post #3 of 18 Old 12-17-2008
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I've seen condo's going for 250k asking price, waterfront, slip included.
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post #4 of 18 Old 12-17-2008
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Just look at Zillow. In Palm Coast waterfront with deep water slip, used to be 500 to 600K, down to 350K. Back to 2000 prices and still coming down.

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post #5 of 18 Old 12-17-2008
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When your 401k has dropped 40% and you have just lost your job, $100,000 (waterfront, slip included) is way too much!

Don
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post #6 of 18 Old 12-17-2008
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250k for a waterfront condo slip included? I really need to move..... but wait, I can't sell my place for thousands less than the assessed value, so it doesn't matter.
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post #7 of 18 Old 12-17-2008
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Dan, it is a global warming thing. As the oceans warm what you think is shore line property is going to under water. That is why the price is going down. I have a place in New York 4 blocks off the Hudson and 500 feet higher. NOW taking options. PM me!!! lol
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post #8 of 18 Old 12-17-2008
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Seems to me you'll have an extra 56' of frontage just waiting for visitors. I encourage you to buy.

Hylas 47
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post #9 of 18 Old 12-17-2008
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The buy-in price is cheap but wait until you see the price of insurance!

Knowledgeable enough to be dangerous
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post #10 of 18 Old 12-17-2008
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Mortgage rates are at 5% to boot. They too could be heading lower...
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