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Old 12-26-2016, 04:15 PM   #1
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Any suggestions on a DEAL on waterfront house?

I am thinking about relocating away from the St. Petersburg area because I have been offered what I believe to be crazy money for my waterfront, 'knock down' house that someone wants to build a McMansion on.

Now I am wondering where else in Florida or the South I can go and buy a replacement house for less money, hopefully a lot less.

The new house does not need to be fancy. I have only two bedrooms now. But I have two docks out back and I am across the street from the beach.

I only need to be where I can easily reach the Gulf of Mexico or the Atlantic. The smaller the town the better, to a point.

If you were doing something like this where would you look?

Thanks in advance for any suggestions you might have. M.
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Old 12-26-2016, 05:08 PM   #2
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A counter thought - don't sell yet. Get as much information as you can on where the markets are going in your area and why. If your house today is worth a lot more than you paid for it yesterday, tomorrow may be even better.

If you have a desperate need for cash, use a 2nd mortgage approach. Not uncommon to do in a rising market.
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Old 12-26-2016, 05:14 PM   #3
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Look at Moore Haven FL. A longtime contributor here FF has a place near there and reports it to be a natural hurricane hole. My son nearly bought a waterfront lot there.
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Old 12-26-2016, 05:21 PM   #4
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Look at Moore Haven FL. A longtime contributor here FF has a place near there and reports it to be a natural hurricane hole. My son nearly bought a waterfront lot there.
If you want equal access to the Gulf and to the Atlantic, then it is either the Keys or along the Lake Okeechobee ICW (where Moore Haven is). The Keys are expensive, so to me it would be along the ICW. Personally, I would prefer the West side of the lake, but places such as Indiantown are probably worth looking into also.
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Old 12-26-2016, 05:32 PM   #5
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Hard to make suggestions without knowing the definition of "crazy money". That is different for everyone.

Sounds like you have the perfect house for you right now. It's a different story if you need the cash flow. I work in the St. Petes/Tampa area and usually stay at the Vinoy when I'm working. Love it there on bay side. I actually live on the east coast between St. Augustine and Daytona Beach.

I have a friend that lives in Port Charlotte and know prices are not as high there. They seem to love it.
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Old 12-26-2016, 06:24 PM   #6
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I am thinking about relocating away from the St. Petersburg area because I have been offered what I believe to be crazy money for my waterfront, 'knock down' house that someone wants to build a McMansion on.

Now I am wondering where else in Florida or the South I can go and buy a replacement house for less money, hopefully a lot less.

The new house does not need to be fancy. I have only two bedrooms now. But I have two docks out back and I am across the street from the beach.

I only need to be where I can easily reach the Gulf of Mexico or the Atlantic. The smaller the town the better, to a point.

If you were doing something like this where would you look?

Thanks in advance for any suggestions you might have. M.
How did you determine it was crazy money? Have you researched similar sales? I thought I was paying crazy money for the house beside us as I was buying it more for defensive purposes than anything else. I thought that until I saw what a less desirable lot about four lots from it sold for.

A Rhetorical question you don't need to answer here, but what use will you put the extra money to? If it's something that will make your life better, then all for it. If it's just to say you made money on a sale, then not so much.

I think there are many areas throughout the state. You need to think what you liked most of where you are and, if anything, what you didn't like. I love several of the west coast towns south of you, including Fort Myers, Naples, Venice. I even know people who have very nice homes in the Sarasota and Bradenton area. Key West is expensive, but places like Marathon and Islamorada aren't at that level. On the East Coast, prices start to drop after you get north of Palm Beach.

I saw Moore Haven mentioned. I don't know what kind of boat you have but the distance from the Gulf would really make me feel like I'd made a move for the worse. How much do you boat and what kind of boating. Some love remote places like Indiantown, we'd be very lost without many of the big city conveniences on top of the distance from either coast. Where have you lived before? Have you really lived in remote small towns or always near large cities. We've never lived in an area with fewer than 2 million people. We love visiting other areas but don't see us living in them. Now, when we lived in the Charlotte, NC area we did live 20 miles from the city in a more remote area, but still all the big city amenities.
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Old 12-26-2016, 07:17 PM   #7
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I'd second Port Charlotte. Been living here for 15 years and originally moved here for affordable Gulf access canals.
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Old 12-26-2016, 07:41 PM   #8
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[QUOTE=BandB;507568]How did you determine it was crazy money? Have you researched similar sales? I thought I was paying crazy money for the house beside us as I was buying it more for defensive purposes than anything else. I thought that until I saw what a less desirable lot about four lots from it sold for.



I am in Punta Gorda - remember the run up in prices in the 2005 to 2007 years? I saw many people sell for what they thought was crazy money, only to find out a nearby property very similar to theirs sold for MUCH more. Any local real estate person will do a free comparison to help you determine if the proposed price is really great or not. You may have to endure a bit of sales presentation, but may be worth it to make an informed large dollar decision.

As a side note - my bride and I really like Punta Gorda Good luck in your decision!

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Old 12-26-2016, 07:41 PM   #9
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Several suggestions for you: Punta Gorda, Crystal River, the St Johns between Palatka and Astor. If you really like rural, you might find a nice place along the Big Bend.

But in general, almost all waterfront property in Florida is going for "crazy money". Think twice before selling and be sure you are getting a good market analysis and/or appraisal before you sell.
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Old 12-26-2016, 08:46 PM   #10
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My 2 cents..... this buyer wants your lot bad! If he is offering a lot over market, then I would take it and run..... another offer like his may not come along.
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Old 12-26-2016, 09:06 PM   #11
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I would consider Goodland Fla, down just below Marco Island.
Goodland Florida

And I would consider building myself a 'floating residence', particularly with the rising sea levels that will be affecting low-land Florida over the next 10-20 years. Besides water living is fun.
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Thought about that idea recently for the inland areas of Thailand. If your 'house' was 'floating capable' it might have made out better in those bad floods they experienced this year.

Also since foreigners can't own land in Thailand, many times they build a house there and have to give it up for a total lose as they don't own the land it is built on. Now if it was mobile...as in floatable, or sectional...or....they just might salvage part of their investment :idea:

Just have to get a little creative.

Besides if your house could 'float' you might have this garden/pond scene without all of the foundation problems associated with being right next to water :idea:
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Old 12-26-2016, 09:14 PM   #12
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Living on a Lake in Chiangmai
Over in Thailand again, and this idea of a floating house / cottage / whatever has resurfaced. So I'm going thru a few forums over here and look at this reference that has just turned up.....WOW

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Old 12-26-2016, 09:35 PM   #13
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My 2 cents..... this buyer wants your lot bad! If he is offering a lot over market, then I would take it and run..... another offer like his may not come along.
Just make sure he is offering over market. That's why I asked how he knew it was a crazy high offer. If you haven't been involved in that market you may be estimating it wrong.
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Old 12-26-2016, 09:47 PM   #14
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We have been in a similar situation, I call it profit taking. When the time is right, and only you will know when that is, go for it and put those dollars to use in other ways.

just be careful of your capital gains tax, could be as much as 23.8 %

~and no looking back, I don't care if the next guy makes twice as much as me. Be happy with your deal, no looking back
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Old 12-26-2016, 09:52 PM   #15
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We have been in a similar situation, I call it profit taking. When the time is right, and only you will know when that is, go for it and put those dollars to use in other ways.

just be careful of your capital gains tax, could be as much as 23.8 %

~and no looking back, I don't care if the next guy makes twice as much as me. Be happy with your deal, no looking back
If you meet certain requirements as to time having owned and lived in it then a substantial portion of the gain may be exempted from capital gains tax.
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Old 12-26-2016, 09:57 PM   #16
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If We were looking (and we might be in a couple of years) it probably would be Port Charlotte, but if you're going for a waterfront or canal home, look for a good seawall first.
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Old 12-27-2016, 07:09 AM   #17
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Water front property, with a good location, is at a premium any where down south. I am looking for water front property here in Louisiana, it is very hard to find, and the cost goes up every year. What I thought was "crazy money" two years ago is now a bargain.
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Old 12-27-2016, 09:33 PM   #18
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Thank you for your thoughts, suggestions and opinions. Very much appreciated. Not at all sure what I am going to do yet but I am thinking it is time to maybe sell, invest the money and just cruise for a while until another location inspires me. This is a great forum and you had many terrific ideas for me to ponder.
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Old 12-27-2016, 09:39 PM   #19
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Thank you for your thoughts, suggestions and opinions. Very much appreciated. Not at all sure what I am going to do yet but I am thinking it is time to maybe sell, invest the money and just cruise for a while until another location inspires me. This is a great forum and you had many terrific ideas for me to ponder.
A pleasure.We do real estate and investment advice, even boating advice.
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Old 12-29-2016, 09:24 AM   #20
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Dunedin/Palm Harbor gets my vote
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