How do you justify the cost of lakefront property? - Page 2 - The Hull Truth

autobaun70 · 10-26-2005, 03:45 PM

Quote:

paxfish - 10/26/2005 2:49 PM

What's it worth? Elwood.

Elwood is the Great Blue Heron that calls my pier home. He hunts fish through a hole in the JetDock. He pokes at grass shrimp in the shallows, and disturbs the school of white perch in the downed pine tree that harbors them.

He leaves his huge footprints in the shoreline mud at low tide.

He squawks when the kids disturb his regal day - 4 or 5 times as he gets those pterodactyl wings going across the creek.

In dollars, Elwood is really worth nothing. But he's worth a lot to us.

We've just got a bunch of f###ing canadian geese that like to sh!t all over everything, especially boats and docks. Just out of curiousity, do they actually ever migrate to canada, they sure as hell don't seem to leave here.

RussH · 10-26-2005, 03:51 PM

I should clarify my original post. The land is not owned it's rented and there is no long term lease available. I should have said harbor/water view as the trailer is on East Harbor which connects to Lake Erie. I didn't mean to imply I could buy lake front land for $17K. I can't afford lakefront land which starts around $125K and goes up from there. Trailers in this particular park rarely come up for sale, there are plenty of trailers for sale around the area but not water front.

I was originally told the lot rent was $425/month but I found out yesterday it is $425/quarter. As many of you have brought up I have NO protection if a developer decides to buy this piece of land as the lot rent is paid by the quarter. If this happened I would be stuck with a trailer worth $5K and trying to find something to do with it.

The trailer park has been there for probably 40 years and the current owners have no intention of selling it, but if someone came along with the right offer that statement doesn't mean anything. My wife thinks I'm nuts to want to pay $17K for something that's not worth even half that. She's right but for what I want to pay for a summer home I'm pretty limited.

Russ

Great comments and suggestions...but I still haven't made up my mind.

Russ

neckbone · 10-26-2005, 04:55 PM

It sounds like everything we've brought up, you've already thought about. The $425/qtr sounds much more reasonable. One more thing I'd think about. How far is it from your house? How much time during the summer do you think you would be there? Is there any way you could actually rent it out when you're not there?

After we've all thrown out as many reasons not to do it as we have, and you still are leaning that way, go for it.

It's alot cheaper (not to mention more manly) than a shrink.

RussH · 10-26-2005, 05:31 PM

Neckbone, ha ha I liked your comment. The trailer park is only about 45 minutes from my house. Right now my daughter and myself stay on the boat but my cuddy is a little to cozy for her being that close to dad now that she's 14. Besides she wants to bring friends out to the marina for overnight stays but no place for them to sleep. I can envision using the place probably 25 or more times a season, hell my wife might actually grace the place as long as she doesn't feel like she is camping.

No rentals or sub leasing allowed in the trailer park so renting is out of the question.

Russ

thataway · 10-26-2005, 06:00 PM

Another question I have not seen answered: is there a dock for your boat at the trailer park? If not, and you are only getting the trailer as a place to stay near the boat, I would consider upgrading the boat to something the entire family and friends can stay on.

You are not really buying anything, except a 20 year old trailer. I have also seen trailer parks say that no trailers more than XX years old can remain--and kick out--or force upgrades. Generally these deals are not a good "investment"--but what about boating is? Other than the pleasure that comes from it!

RussH · 10-27-2005, 03:28 PM

Bob,
The same people that own my marina also own the trailer park. The trailer is actually the closest one to my dock.

Upgrading the boat isn't an option as the boat is used for fishing about 95% of the time. I've already had a big Carver with the an aft cabin and it didn't have any fishing room. My wife doesn't like sleeping on a boat anyway.

I didn't think of the forced upgrade you mentioned. That's another thing I should think about.

Russ

neckbone · 10-27-2005, 09:45 PM

If it were me, and I were going to use it 25+ times a year, I'd get it. Don't think of it as an investment because it's not one. Owning the land is an investment. But baring something the owner selling the place, if you decide it's not what ideal for you, you should be able to get some of your money back.

Also, if they do force an upgrade, you should be able to upgrade to a mid 90's trailer for 5-7K as long as you can do a little work on it.

The more you speak, the more I'm inclined to say jump on it, just don't expect to reap a profit or maybe not even get all your money back. But time with your family is probably worth more than money anyway.

jbigwater · 10-27-2005, 10:02 PM

For 425 every three months plus the 17k, even if you don't own the land sounds like a nice prepaid vacation spot to me. If you like it and it's close to your boat I would go for it. The other option is to buy true real estate but since that is not an option this seems like the next best thing.

RussH · 10-27-2005, 10:21 PM

OK, now the few are talkin going for it. I'm going to make an offer of $15K tomorrow and I hope I get the dang place. If I don't get it I guess I'll know why.

Russ