DH & I would love to purchase a home by the sea in the US

[soocool]

Re: DH & I would love to purchase a home by the sea in the U

My friend and her hubby have a home down the Jersey shore that they will be putting on the market probably next year. They moved (retired at 50!), but are still commuting back and forth as they have businesses down there that they are also selling/dissolving. It is one block from the ocean and 2 blocks from the bay. They have a huge boat docked at the bay. The house is 2 story (no basement) with a 2 car garage, that is heated and airconditioned as they hubby restores cars. They also have an enclosed outdoor shower, as she won't let him in the house after working on the cars. The house is appraised around $1 million right now as the market is somewhat depressed. They are hoping to get more next year. When her parents bought the property in the early 1960s they paid less than a $1000.00 for the property and the shack. They rebuilt the home in the late1970s. They think the $1 million they may be asking is a bargain.For them the shore is lovely before and after the summer months. It is too crowded in the summer and don't want to deal with it anymore.


Another friend from a long time ago has a house in Barnegat, NJ. It was owned by her mother's family and is on a private beach. It will always stay in the family (she and her sister now own it as her mom passed away in August). It was appraised at over $10 million. This property never lost value because of its great location.

I would love to own beach property, but am happy that we were able to buy a vacation home up north that is not far from a ski resort and water park.

 

[jaysonsmom]

Re: DH & I would love to purchase a home by the sea in the U

Here in Orange County, California you could probably get a 1-2 bedroom condo for your price range, but definitely not right on the water, and definitely nowhere near 3-5 bedrooms.

 

[MissStepcut]

Re: DH & I would love to purchase a home by the sea in the U

Don't forget that if you get a condo you could very well be paying some hefty monthly HOA/Association fees.

And special assessments! DH has poured over 20K EXTRA into his condo in the city over the years. The last special assessment was for 18K over three years.

Remember, when you own a home, whether it be condo, co-op or house there are always extra costs. Planned and unplanned. That is simply part of being a homeowner. Your dh had to pay special assessments for his condo but someone else might need to replace a roof or a/c system in their house etc. We own both a co-op and a house and let me tell you, it's 6 of one, half dozen of another. There is no way of getting around extra expenses when you own a home.

I don't agree that it's 6 of one, half dozen of the other necessarily... the condos I have been looking at in major metro areas (newer buildings with nice amenities) are charging $500+ for fees. When you average out repairs, my parents single-family houses over the years haven't cost anywhere near that in maintenance. Not even close. Maybe the year they had to replace a roof, for that one single year.

 

[missy]

Re: DH & I would love to purchase a home by the sea in the U

Don't forget that if you get a condo you could very well be paying some hefty monthly HOA/Association fees.

And special assessments! DH has poured over 20K EXTRA into his condo in the city over the years. The last special assessment was for 18K over three years.

Remember, when you own a home, whether it be condo, co-op or house there are always extra costs. Planned and unplanned. That is simply part of being a homeowner. Your dh had to pay special assessments for his condo but someone else might need to replace a roof or a/c system in their house etc. We own both a co-op and a house and let me tell you, it's 6 of one, half dozen of another. There is no way of getting around extra expenses when you own a home.

I don't agree that it's 6 of one, half dozen of the other necessarily... the condos I have been looking at in major metro areas (newer buildings with nice amenities) are charging $500+ for fees. When you average out repairs, my parents single-family houses over the years haven't cost anywhere near that in maintenance. Not even close. Maybe the year they had to replace a roof, for that one single year.

I do see your point MissStepCut but perhaps we are comparing apples to oranges here.You cannot necessarily compare a house with a condo/co-op as it depends on many factors. In general I think you get what you pay for and what is important to you.

We have owned homes and co-ops and it always seems to average out. You have to factor in all your annual carrying costs including taxes, regular maintenance and fixing of appliances/structures etc as well as any amenities. As well as the area in which you live. I agree that an apt (condo or co-op) may cost more because of the area and the amenities. The co-ops/condos you are looking at may have more amenities and might be in a more desirable area than your parents homes. By more desirable I mean more urban vs suburban as urban comes at a premium. Just surmising here as I do not know your specifics.

For example, a metropolitan area like NYC is probably going to cost more per square foot than a suburb of NY. Our NYC apt is 2400 square feet and our NJ beach home is 3500 sq feet and per square foot right now we are paying more per year for just maintenance of our NYC co-op vs annual taxes for our beach house in NJ.

However, we are anticipating a number of extra expenses including redoing our bulkhead (which is going to cost at least 22-25K) and installing a natural gas generator (estimated cost 12-14K). Now hopefully these are one time expenses only but I know how it works LOL. There is always something that seems to come up. I have seen it with us and with my friends and my family as well.

I like having all my packages signed for and kept by the doorman for when I come home to my NYC co-op. I love that we have 24 hour service if a problem ever arises and I enjoy the security that affords me. These extra amenities are worth it to me (for now) that one does not experience in a house. But you have to pay for these.

It does depend on your level of acceptance/need and how you want to live and the area in which you want to live. It is quite possible to go much of your life and not do much to your house while there are others who have different requirements and want to spend more to obtain the comfort/amenities they desire. A luxury co-op will definitely be costly but it may be worth the extra expense. And then there are people whose homes are just amazing and they have to spend a lot to get and keep it that way. It is all very individual but I do agree it could go either way.

Sorry for rambling- I guess my main point is in general, you do get what you pay for and you have to pick the option(s) that suit you and your family best.

 

[Phoenix]

Re: DH & I would love to purchase a home by the sea in the U

Thank you, everyone, so very much for your input and advice.

I guess that we should scale back our expectations, except for maybe a couple of areas/ states. Or alternatively, we could save up more and wait for a few more years before we buy that US$1-million + oceanfront property. Do you know how much prices have gone up or down these last five - ten years?

I must admit I don't know much about properties in the US. All I know is that DH's parents' home in Chicago went up to about USD1m only to come down to about $600k now.

Oh and I should also say that we'd like to avoid hurricane and earthquake-prone areas. I think I'd totally freak out, to be honest. I've never lived anywhere that is prone to natural disasters.

 

[Skippy123]

Re: DH & I would love to purchase a home by the sea in the U

Thank you, everyone, so very much for your input and advice.

I guess that we should scale back our expectations, except for maybe a couple of areas/ states. Or alternatively, we could save up more and wait for a few more years before we buy that US$1-million + oceanfront property. Do you know how much prices have gone up or down these last five - ten years?

I must admit I don't know much about properties in the US. All I know is that DH's parents' home in Chicago went up to about USD1m only to come down to about $600k now.

Oh and I should also say that we'd like to avoid hurricane and earthquake-prone areas. I think I'd totally freak out, to be honest. I've never lived anywhere that is prone to natural disasters.

PHX, I think then you need to move inland and not by the water, if you don't want earthquakes and hurricanes.

 

[Novel]

Re: DH & I would love to purchase a home by the sea in the U

Thank you, everyone, so very much for your input and advice.

I guess that we should scale back our expectations, except for maybe a couple of areas/ states. Or alternatively, we could save up more and wait for a few more years before we buy that US$1-million + oceanfront property. Do you know how much prices have gone up or down these last five - ten years?

I must admit I don't know much about properties in the US. All I know is that DH's parents' home in Chicago went up to about USD1m only to come down to about $600k now.

Oh and I should also say that we'd like to avoid hurricane and earthquake-prone areas. I think I'd totally freak out, to be honest. I've never lived anywhere that is prone to natural disasters.

PHX, I think then you need to move inland and not by the water, if you don't want earthquakes and hurricanes.

New England shoreline areas are prone to neither, but the weather is very, very seasonal in that area. I think that could be a point of give, if you want to try to get something bigger sooner, would be to try a climate that isn't warm all year round. Good luck!

 

[NewEnglandLady]

Re: DH & I would love to purchase a home by the sea in the U

Thank you, everyone, so very much for your input and advice.

I guess that we should scale back our expectations, except for maybe a couple of areas/ states. Or alternatively, we could save up more and wait for a few more years before we buy that US$1-million + oceanfront property. Do you know how much prices have gone up or down these last five - ten years?

I must admit I don't know much about properties in the US. All I know is that DH's parents' home in Chicago went up to about USD1m only to come down to about $600k now.

Oh and I should also say that we'd like to avoid hurricane and earthquake-prone areas. I think I'd totally freak out, to be honest. I've never lived anywhere that is prone to natural disasters.

I live in coastal New England (not a warmer climate) and we shopped for an oceanfront home last year. Because there is a small supply of oceanfront real estate, the prices are not nearly as soft as other parts of the country. Even within coastal cities, the towns further inland (10+ miles from the ocean) tend to see more fluctuation in price. So while you might see a swing of $1M to $600K in Chicago (although even that sounds like the home was originally overpriced), I've never seen that kind of swing for an oceanfront property in my area. In fact, I did an analysis of oceanfront property a year ago when putting in an offer and overall the purchase price was within 7% of the asking price. And in all the property I analyzed, the asking price was higher than $500K (usually 3 bedroom, 1600 - 2000 SF SFHs on small lots).

 

[missy]

Re: DH & I would love to purchase a home by the sea in the U

Thank you, everyone, so very much for your input and advice.

I guess that we should scale back our expectations, except for maybe a couple of areas/ states. Or alternatively, we could save up more and wait for a few more years before we buy that US$1-million + oceanfront property. Do you know how much prices have gone up or down these last five - ten years?

I must admit I don't know much about properties in the US. All I know is that DH's parents' home in Chicago went up to about USD1m only to come down to about $600k now.

Oh and I should also say that we'd like to avoid hurricane and earthquake-prone areas. I think I'd totally freak out, to be honest. I've never lived anywhere that is prone to natural disasters.

PHX, I think then you need to move inland and not by the water, if you don't want earthquakes and hurricanes.

I have to agree. Unfortunately, if you live by the sea you are more vulnerable to weather related events including hurricanes.

 

[JewelFreak]

Re: DH & I would love to purchase a home by the sea in the U

You could try the northwest coast -- Oregon/Washington, which don't have much in the way of earthquakes or hurricanes, but they're expensive & the weather is not what most would call ideal. Hard to win, isn't it?

Why not rent somewhere for, say, a month, get a look at what's for sale & prices, and see how you like whatever area you choose?

--- Laurie

 

[smitcompton]

Re: DH & I would love to purchase a home by the sea in the U

Hi,

Forget the NY, NJ Penn area. Its too cold there. I'm in agreement with Ilander that Florida is your best best. There are so many homes on the canals that go directly out to the Ocean, many do not but you have a water view that is not so costly. Palm Beach, which is a wealthy enclave has home that dropped enormously in price, A place called Fort Lauderdale, on the east coas of Florida has dropped more than 50 % in house prices. These are on the east coast. Florida is a peninsul, water on 3 sides, People from my area in the US,(the Midwest) go to the west coast of Florida. Naples, which has a great amount of Canadians who settle there has also dropped in price dramically. Homes are on canals.

Hurricanes are a problem. My son and his grandparents lived around the Tampa area in Florida and my son livd there for 13yrs and never had a hurricane touch his house, Some rain-thats it, The Florida panhandle gets them once in a while.(North Florida.

Alabama has beaches as well. and Mississipi is also a coastal state. They are warm.

Look on the internet. It will give you an idea.

Foreigners, South Americans are busy buying in South Florida-- Miami and Miami Beach. People have hurricane shutters and are fore warned to leave an area if the weather is horrid. I know of no deaths from the weather in Florida recently.

Annette

 

[amc80]

Re: DH & I would love to purchase a home by the sea in the U

Check out the CA central coast...Pismo Beach area. There are a lot of little towns in there where you could get a condo. It wouldn't be beach front, though. My parents live there and the weather is awesome.

 

[chemgirl]

Re: DH & I would love to purchase a home by the sea in the U

My parents have a vacation condo in the Clearwater area of Florida. Its oceanfront and between the ocean and an intercoastal waterway (the condo spans the width of the building so the views are fantastic). I believe they payed around $300 000 for a 2 bed, 2 bath condo 2 years ago. Its fairly 80's and doesn't have private laundry (they joke about how it reminds them of their first apartment together). I think something higher end would be really pricey, but you might be able to find a fixer-upper and renovate it within your price range. Condo's are easy to pack up in hurricanes because you can activate the automated hurricane shutters, grab a bag, and go.

We looked at some inland properties during our last visit and there were a lot of nice houses in the area for very reasonable prices. I'm in the Toronto area, and houses were definitely much cheaper in Florida. I think people are fairly desperate, as I'm still getting emails from a realtor telling me of price decreases on my favorite property. I went to the viewing in March and I received a "new price reduction" email last week.

The only downside is that the area doesn't have much of a nightlife at all. Its busy during spring break, but other than that its mostly seniors. A great retirement place, but a bit unsettling for younger visitors! Not to mention the horrendous driving. There are actually flags on street poles and you take the flag across the street with you so drivers don't run you over!

If you are willing to look inland, you should be able to find something in Florida. I would suggest visiting the area first so you really know if you like the vibe before you buy.

 

[hawaiianorangetree]

Re: DH & I would love to purchase a home by the sea in the U

I know nothing about US real estate but if you want a water view without the hurricanes / earthquakes and everything seems to be too expensive anyway, what about going inland and finding a house on a beautiful lake somewhere?

Or would that work out just as expensive as ocean front properties?

 

[MichelleCarmen]

Re: DH & I would love to purchase a home by the sea in the U

You could try the northwest coast -- Oregon/Washington, which don't have much in the way of earthquakes or hurricanes, but they're expensive & the weather is not what most would call ideal. Hard to win, isn't it?

Why not rent somewhere for, say, a month, get a look at what's for sale & prices, and see how you like whatever area you choose?

--- Laurie

Yep, no hurricanes here but the "big one" is suppose to hit (mega earthquake in seattle). Along the pacific ocean, it is COLD! There is plenty of waterfront in land, though, as there are tons of islands with waterfront views. As far as finding a larger place, I think your best bet is to look for a foreclosure or an auction-type sale.

 

[coda72]

Re: DH & I would love to purchase a home by the sea in the U

The Big Island of Hawaii is surprisingly affordable. I found this one:

http://www.bigislandreale.com/245659-15-2707-Welea-St-Hwn-Beaches-SDi

Now granted, it's over your budget, but I'm pretty certain you can find an oceanfront property in your budget on this island especially if you look on the Hilo side as opposed to the Kona side. People love the Kona side because it's drier and sunnier, but if you're right on the coast on the Hilo side, you get plenty of sun also.

 

[Harriet]

Re: DH & I would love to purchase a home by the sea in the U

Hi,

Forget the NY, NJ Penn area. Its too cold there. I'm in agreement with Ilander that Florida is your best best. There are so many homes on the canals that go directly out to the Ocean, many do not but you have a water view that is not so costly. Palm Beach, which is a wealthy enclave has home that dropped enormously in price, A place called Fort Lauderdale, on the east coas of Florida has dropped more than 50 % in house prices. These are on the east coast. Florida is a peninsul, water on 3 sides, People from my area in the US,(the Midwest) go to the west coast of Florida. Naples, which has a great amount of Canadians who settle there has also dropped in price dramically. Homes are on canals.

Hurricanes are a problem. My son and his grandparents lived around the Tampa area in Florida and my son livd there for 13yrs and never had a hurricane touch his house, Some rain-thats it, The Florida panhandle gets them once in a while.(North Florida.

Alabama has beaches as well. and Mississipi is also a coastal state. They are warm.

Look on the internet. It will give you an idea.

Foreigners, South Americans are busy buying in South Florida-- Miami and Miami Beach. People have hurricane shutters and are fore warned to leave an area if the weather is horrid. I know of no deaths from the weather in Florida recently.

Annette

I don't think Miami or Miami Beach are doable (or for that matter, Fort Lauderdale). Also, FL property tax is very high.

 

[lelser]

Re: DH & I would love to purchase a home by the sea in the U

Not real estate related, but if you're not from the states and not covered by Medicare, do the homework on medical insurance. Depending on your age and health that can add substantially to your costs. My US insurance was going to run 20k per year between the premiums, deductible and co-pay. Fortunately we live in Canada.

We've got travel insurance that covers us for trips of up to 18 days and we can extend that for individual trips if they go longer. That's only a few hundred per year, but if you're looking to spend much of the year in the US you'll need more serious coverage.

Cheers,

Lisa
www.lisaelser.com

 

[LJL]

Re: DH & I would love to purchase a home by the sea in the U

Hi,

Forget the NY, NJ Penn area. Its too cold there. I'm in agreement with Ilander that Florida is your best best. There are so many homes on the canals that go directly out to the Ocean, many do not but you have a water view that is not so costly. Palm Beach, which is a wealthy enclave has home that dropped enormously in price, A place called Fort Lauderdale, on the east coas of Florida has dropped more than 50 % in house prices. These are on the east coast. Florida is a peninsul, water on 3 sides, People from my area in the US,(the Midwest) go to the west coast of Florida. Naples, which has a great amount of Canadians who settle there has also dropped in price dramically. Homes are on canals.

Hurricanes are a problem. My son and his grandparents lived around the Tampa area in Florida and my son livd there for 13yrs and never had a hurricane touch his house, Some rain-thats it, The Florida panhandle gets them once in a while.(North Florida.

Alabama has beaches as well. and Mississipi is also a coastal state. They are warm.

Look on the internet. It will give you an idea.

Foreigners, South Americans are busy buying in South Florida-- Miami and Miami Beach. People have hurricane shutters and are fore warned to leave an area if the weather is horrid. I know of no deaths from the weather in Florida recently.

Annette

I don't think Miami or Miami Beach are doable (or for that matter, Fort Lauderdale). Also, FL property tax is very high.

Homeowner's Insurance in Florida is outrageous, particularly on the waterfront due to the hurricanes.

 

[Dancing Fire]

Re: DH & I would love to purchase a home by the sea in the U

San Diego,Ca.

 

[Hera]

Re: DH & I would love to purchase a home by the sea in the U

San Diego,Ca.

She might be able to get a small 1 or 2 bedroom condo in San Diego county for $500k (with a min 500/mo HOA) but nowhere near the size or parameters (low crime) that you're looking for. I think a realistic idea starting price for San Diego would be $1 mil and I'm still not sure you would get more than 3 bedrooms.

 

[y2kitty]

Re: DH & I would love to purchase a home by the sea in the U

San Diego: 600k, 3 bedrooms, you can see the ocean:
http://www.realtor.com/realestateandhomes-detail/774-Sapphire-St_San-Diego_CA_92109_M21312-56788

 

[Hera]

Re: DH & I would love to purchase a home by the sea in the U

San Diego: 600k, 3 bedrooms, you can see the ocean:
http://www.realtor.com/realestateandhomes-detail/774-Sapphire-St_San-Diego_CA_92109_M21312-56788

These are my old stomping grounds. Not the low crime area that she's probably looking for. Also, this is more like near the sea rather than overlooking it. I think this is a good representation of what an option might look like in her price range in San Diego County though. Something like this is likely to rent fairly well because of it's location to the beach and to Sea World etc. Could use a good remodel.