Any suggestions on a DEAL on waterfront house?

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oldhatt

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Aug 1, 2008
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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.
 
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.
 
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.
 
CPseudonym said:
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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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.
 
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.
 
oldhatt said:
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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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.
 
I'd second Port Charlotte. Been living here for 15 years and originally moved here for affordable Gulf access canals.
 
BandB said:
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.

:iagree:

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!

John
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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.
 
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.
 
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.
Retirement Houseboat or Floating Home - Page 12 - Boat Design Forums


brian eiland said:
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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50222d1290397196-retirement-houseboat-floating-home-brian-house13small.jpg
 
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KenM said:
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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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.
 
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 :socool:
 
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roguewave said:
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 :socool:
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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.
 
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.
 
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.
 
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.
 
oldhatt said:
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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A pleasure.We do real estate and investment advice, even boating advice:blush:.
 
Dunedin/Palm Harbor gets my vote :)
 
Don't forget to check property tax, if any, where you intend to buy. A friend who owns adjoining property got a surprise 3 years ago after another neighbor built his waterfront house. By accident his house now had a peekaboo "water view" as a result of clearing trees to build the neighbors water front house. It was not lost on the county when they raised my friends property taxes to account for his newfound view.

I helped him plant some trees that he hopes will someday drop his taxes.
 
Again, what is crazy money?

Do some comparison of what your house is going to sell for versus what it will take to buy in other waterfront areas.

For example if you are getting two million for your property then pretty much all of NE Florida opens up to you, even for ~1 million there are spots here. Look at Amelia Island, and Matanzas, and Palm Coast where Donna lives.

That will give you direct access to the Atlantic, though Palm Coast will not.
 
CPseudonym said:
Don't forget to check property tax, if any, where you intend to buy. A friend who owns adjoining property got a surprise 3 years ago after another neighbor built his waterfront house. By accident his house now had a peekaboo "water view" as a result of clearing trees to build the neighbors water front house. It was not lost on the county when they raised my friends property taxes to account for his newfound view.

I helped him plant some trees that he hopes will someday drop his taxes.
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Fortunately, in FL, we have something called "Save Our Homes" that will prevent that. It really should have been called "Save Us from the Guvmutt Vultures" but of course, I am very much biased.
 
This lot just showed up on Craigslist if you are willing to build:

[FONT=&quot]http://staugustine.craigslist.org/boa/5935413838.html

Actually, it looks a little scary[FONT=&quot]![/FONT]

[/FONT]
 
You say "Florida or the South".... Nobody has recommended anything outside of Florida. You can own a friggin Mansion here on the water for a million. Obviously, it does not sound like you need a mansion. You can find decent waterfront for $500k and if you shop hard, even less. While we are nowhere near the gulf(25miles), there is Gulf access and plenty of bays and estuaries in between. I am talking Clear Lake area Texas. What keeps the prices down???...probably the not so clear water(ironically Clear Lake is neither clear nor a lake). If you are looking for a really cool small town fishing village vibe(with clear water), try Port Aransas Texas....but it will cost you a bit more. Smaller and probably less expensive with the same quality water...look at Port O'conner Texas. And then there is always South Padre Island Texas which is fairly developed. Port A is less developed...and Port O is even less developed and isolated. I think Port A is a good mix between the bunch. Port O is pure fishing(and associated rednecks...not ragging...I are one) and not much else. I think Cardude is from that area. I think he is a redneck too...hahahaha!!!!
 
There are certainly other areas of the south. The advantage of South Florida over South Texas is climate, less heat. Further north in FL the temperatures rise as well.

One area of south Florida that is worthy of mentioning too is the keys and specifically the areas of Islamorada, Key Largo, and Marathon where there are many reasonable homes available on the water. I went with family yesterday as they were looking at hotels in those areas and saw quite a few that we pulled up online and were surprised at.
 
I vote the Florida panhandle. We bought a completely renovated 5/3 on a bayou in Pensacola for $80 a Sq ft. We are 15 minutes from the pass (in the center console, not the trawler).
 
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