View Poll Results: What to do with waterfront property.
Sell it.
2
6.45%
Keep it and sell it in the future when it may be worth more
16
51.61%
Keep it for my brother and I
13
41.94%
Voters: 31. You may not vote on this poll

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Should we sell waterfront property or keep it?

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Old 09-19-2007, 07:23 PM
  #1
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Default Should we sell waterfront property or keep it?

My father owns a empty lot ON the St. Clair River in Port Lambton, Ontario, Canada. (He has had this piece of land for almost 40 years.) They also just bought a house in Algonac on a canal 1 house from the St. Clair River. They have been approaced by by a someone ( a Canadian citizen) who is interested in purchasing their property in Canada for a fair price. My dad is talking about taking the money from the sale and reinvesting it for my brother and my future inheritance. The questions is should he sell the property, keep it and possible sell it later when it MAY be worth more, or keep it and will it to my brother and I ?
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Old 09-19-2007, 07:42 PM
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Keep it. They are not making anymore waterfront property. If you sell it, someday, you'll wish you never had.
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Old 09-19-2007, 08:00 PM
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Phughes. All the boys are dead right. Keep it, there's nothing more wealth creating than "A" grade property. Anything on the water is "A'" grade.
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Old 09-19-2007, 08:30 PM
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My family's got a lakehouse so heres my .02

That property will earn just as much as any investment and you will not get taxed on the appreciation. If you guys build a house on it, then the waterfront house will provide 10X as much fun and enjoyment of which money alone can not provide. People have investments so that they can eventually have a lakehouse not the other way around. Its not just an investment its a lifestyle. When you have property like this and your family gets to enjoy it whenever they want..........that makes you the richest man alive in my eyes. There is nothing more valueble than getting to enjoy a lakehouse or beachouse with family and friends. The fun you will have and the memories gained are priceless.

Now for a little reality............the bad thing here is that its you and your brother that will end up with it. I've seen a lot of this kind of stuff willed over and it never works out. It usually creates a lot of bad blood. I've never seen someone effectively share a lakehouse. One person will care for it more than the other and eventually you will either have to buy one out or sell it and split the proceeds. I've seen both sides of it 1) from watching people buy the house and trying to share, and 2) to handling the estate.

If your dad wills it over I suggest he wills it over to just one of you; whoever is willing to take care of it and build on it. That way whoever gets it can still have over the other brother and your guys get to stay friends. Maybe even set it up so that whoever gets it has to split the proceeds allocated to the land if they decide to sell.
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Old 09-19-2007, 08:52 PM
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Keep it....
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Old 09-19-2007, 09:04 PM
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Easy answer... If the property is not gaining 12-15% a year in value, you need to sell it and invest in any decent Mutual fund. Any fund will gain 15% a year over a period of 7 - 10 years. The waterfront property is not in Florida or California where it will out perfrom averages. So just do the math calculations for yourself.
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Old 09-19-2007, 09:07 PM
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Sell it and buy a new boat , if you get enough make it an Outerlimits.
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Old 09-19-2007, 09:09 PM
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Keep It For Now !
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Old 09-19-2007, 09:10 PM
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Have him "sel" it and title it in you and your bothers name now and you won't have to pay inheritance tax on it.
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Old 09-19-2007, 09:25 PM
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Just so everyone is clear. My parents have 2 pieces of waterfront property. They have a house on a canal in Algonac, (Algonac house is 1 house away from away from the St. Clair River) , and the other piece is a empty buildable lot ON the St. Clair River
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