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Random Quote: No matter how you measure it-dumbass is expensive! (LSC-101)
I didn't pay anywhere near that much money for my place and neither did most of my neighbors. I still have to work and so do most of my neighbors. We are not the idle rich who have no cares about money. Taxes are about to kill some of us because the land values have gone up so high. I paid a modest price to obtain a place that most working folks, even an old school teacher like me, could afford.
Things have changed a great deal in the last several years. A lot without a house just down the street is on the market for 1.1 million. It will probably sell soon. What if I did sell my place for tons of money? What could I buy with that money that would give me as much joy as what I already have?
The questions is whether or not you need the money to do the things you want to do. If you want to travel the world more than you want to live on the water, then it is worth it. If you want to have a 30 ft. boat and drive to it more than having an 18ft. boat in your backyard then it is worth it. If you could retire and fish every day but have to drive 20 minutes to do it rather than work another five years, it might be worth it because those 5 years aren't gauranteed to anybody. But if you have no desire to move other than the fact that you are looking at more money than you ever thought you would have, then it isn't worth it.
It might drop (although I doubt it on the water) in the short run, but it isn't going to drop over time. If you are 10 or 20 years away from retirement, you would be crazy to sell it. My .10. Hey prices are going up!!
__________________
The Carole Jeanne
1977 23' Potter Seacraft
Twin 2000 F115's
Garmin 3006, 3005, 2Kw, XM Weather
Quite right, mbenzing. We sold three lots and a house on the water back in the late 70's because we no longer used the place and had other things we wanted to do with the money. We got a lot of joy out of a bigger boat. I suppose that I would sell in a heartbeat if I no longer enjoyed the water. I do not see that ever happening.
just out of curiousity, have you looked at properties similar to yours that are perhaps 10 to 20 minutes further inshore that are likely less valuable on paper than yours is? If this amount of time isn't significant to you, you could perhaps get the best of both worlds. You could sell your current place, and move a little ways down the waterway, and buy a place for less money. You would see a good profit, still be on a piece of property that is likely to be gaining in value yearly, and still be on the water. I am not saying that this situation in any way reflects what you are facing, just a possibility to think about.
That all depends. Like someone said, if you want to travel the world then yes. While selling your house might solve your financial problems if you have any, remember you might have to pay lots of taxes. If it's your homestead and your married you have a $500,000 capital gains exemption if you've lived in it more than two years (see your accountant). If living on the water is the life for you, no amount of money can replace that. Money can make life so much easier but it can't buy happiness. You can also do like a friend of mine. He has a $3 mil home in the Key Largo, he bought 10 years ago for peanuts before this big boom. He has a credit line against his house and he just buys and flips houses. Money always follows money. The more you have the easier it is to make more. Play your cards right, you might be sitting on a gold mind
Footnote. Unless you have a second home, you will need to buy another house, and with what a house costs today, how much will your net be after selling the house on the water, and getting another house.
No!! I actually have such a house & it is not for sale. They are not making any more water front real estate. My kids will inherit the place & the decision will be theirs.
No!! I actually have such a house & it is not for sale. They are not making any more water front real estate. My kids will inherit the place & the decision will be theirs.
Not a prayer, I have one I was lucky enough to buy 10 years ago. No kids to inherit my legacy. Seven years, 5months, 14 days from now I will take the biggest, fattest reverse mortgage I can get on it.... That's my plan, have my cake and eat it too.
Not a chance in the world. Waterfront property will only continue to rise in value. I am fortunate enough to own two waterfront homes, and their value only continues to rise. Some day, my son will be able to say that he is fortunate enough to own two waterfront homes.
__________________ Move along, nothing to see here.
Like docj, I also have a waterfront home valued at 1.6 mil, which was bought before the boom at under $300K. I am comfortable, but certainly not well enough off that I could not use the million. But the memories and time spent with friends and family in OC has been priceless. We live for the chance to return to the shore, if only for a weekend. Money isn't everything. I can only hope that my kids think the same way I do, and continue to bring their families to the place when the time comes.
Here in Maryland we have high property taxes and I know of several elder people who are been taxed out of their family homes and have to sell as their heirs would be also. I think its a shame people have to make that choice as money isn't everything.
No more salt water boating or fishing? 
