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Waterfront property

Old 11-26-2020, 03:11 PM
  #21  
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Incredible boat house in Charlevoix, MI!

https://www.realtor.com/realestatean...8-20958#photo0
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Old 11-26-2020, 04:41 PM
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Originally Posted by bws View Post
Incredible boat house in Charlevoix, MI!

https://www.realtor.com/realestatean...8-20958#photo0

I believe that is the Four Winns marine guy.
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Old 11-26-2020, 04:55 PM
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Originally Posted by Jupiter Sunsation View Post
This sold last in 2018 for 26.6mm 2 years ago. Now the owner is asking 37mm. It's current assessed for 22mm, annual tax bill is $318,670, almost $875 a day to live in your own house!
https://www.realtor.com/realestatean...0_M68715-04229
$10 million increase in 2 years? Nice rate of return.
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Old 11-26-2020, 08:16 PM
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Originally Posted by bws View Post
Incredible boat house in Charlevoix, MI!

https://www.realtor.com/realestatean...8-20958#photo0
That house has been for sale forever. It was a Sotheby listing on their site and featured property. That was like two years ago.
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Old 11-27-2020, 06:42 AM
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Originally Posted by underpsi68 View Post
$10 million increase in 2 years? Nice rate of return.
Yeah but remember the realtor commission is about 1.8mm, the doc stamps on the deed are 200K so you smoked 2mm right there and three years of real estate taxes are almost 1mm. So 3 million of your planned 10mm profit are already spent.

My guess, guy is trying for 10mm profit, would be thrilled if he made 5 (deducting the above 3mm in sunk costs) means he netted 2mm........still not bad
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Old 11-27-2020, 07:55 AM
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Originally Posted by Jupiter Sunsation View Post
Yeah but remember the realtor commission is about 1.8mm, the doc stamps on the deed are 200K so you smoked 2mm right there and three years of real estate taxes are almost 1mm. So 3 million of your planned 10mm profit are already spent.

My guess, guy is trying for 10mm profit, would be thrilled if he made 5 (deducting the above 3mm in sunk costs) means he netted 2mm........still not bad
I would take 1 mil a year and not botch,,,


But than if that same 26.2 had of been in the market for 2 years,,,,,,,,
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Old 11-27-2020, 09:32 AM
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Originally Posted by Wildman_grafix View Post
I would take 1 mil a year and not botch,,,


But than if that same 26.2 had of been in the market for 2 years,,,,,,,,

Those houses can be a huge monthly carry even if you pay cash. Landscaper could easily be getting 5-8K a month (year round), power bill can be $2500 plus plus plus.......

My uncle had a huge place in Ft Lauderdale, fish tank was 100K installed and then $800 a month to maintain it (after 10 years, thats another 100k!). His power bill with the yacht plugged in was $7000 a month, the house had a 600 amp service and 10 a/c units alone. Insurance was a scam, it was like 40K a year (5 years ago) but had a crazy deductible like 350K (based on value of the house) so when a storm hits you are on the hook for the first 350K in damage before the insurance company will even come look at it.

After 10 years he was tired of the constant maintenance (house wasn't new anymore) so he sold it for 8mm and bought a condo! House was great but it bled money daily and only 2 people lived there so it was hard to rationalize the cash drain.
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Old 11-27-2020, 11:32 AM
  #28  
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I was hoping for some listings of some homes for under the 500K to 700K dollar range for us hard working average people looking for a summer/winter home or retirement home. There has to be some great value homes out there in different areas. Getting listings from locals on locations good and bad are invaluable. So many places look great at great prices but if you don't know the area they might not be a good deal.
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Old 11-27-2020, 11:55 AM
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Originally Posted by TYPHOON View Post
I was hoping for some listings of some homes for under the 500K to 700K dollar range for us hard working average people looking for a summer/winter home or retirement home. There has to be some great value homes out there in different areas. Getting listings from locals on locations good and bad are invaluable. So many places look great at great prices but if you don't know the area they might not be a good deal.
Sadly you are 15-20 years late on nice waterfront homes at the 500-700K price point in SE Florida. Today a teardown would sell for 1mm+ in a great waterfront area.
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Old 11-27-2020, 12:22 PM
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In NJ we have a lot of homes in the 500-700 range with water behind the homes. They are not mansions but 3 bdr. 2 bath 1800SQ' homes. Our biggest problem is the taxes start at $8K and up. That's a lot of tax money for a secondary home. Its not as painful paying down the mortgage payment but just tossing away the tax money with no kids in school just kills me. Maybe I'm just cheep.
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