Beach Property Price Performance in Today's Market

[joho]

Appraisals are worth only the paper they are written on. Try selling your house and see what it will bring. Only then will you know if the appraisal was correct. It's also hard to do an appraisal when very little is selling in the market. Comps really don't mean anything if nothing is selling.

Where on earth did you get that information from?

Banks/Lenders order appraisals for loans if you borrow from a bank.
If you pay cash you don't need an appraisal (your call).
sales = comps
and yes there are (few) sales but they are out there...........

 

[SHELLY]

Shelly, I do not have any specific plans for the money, however, I am 55 years old and a close freind of mine passed away in December who was the exact same age, which got me thinking.... I guess in short, I have become more aware of my own mortality. That said, I can hold the property fowever if needed, but still would like to enjoy the money at some point.

Marty

Marty,

So sorry to hear about your pal...when things like that happen, it sure makes one question the "why" behind the "accumulation of wealth."

If you really want to sell your property, you've got the folks who've just purchased for a quick profit over a barrel head. Those folks more likely than not have been holding the property just long enough to qualify for long term capital gains consideration...which put many of them purchasing right at the height of the market. You, on the other hand, are serious competition for any willing buyer and will still be able to walk away with a handsome profit.

I've gotten to a point in my life were I value "experiences" over "things." Does this piece of property figure into your future dreams and goals? Are you planning to retire here some day. Or do you have another dream--like a round-the-world cruise that can be funded by selling the property.

I wish you all the best as you decide on which road to take. I'll provide the following poem as food for thought:
------------------------------------------------

Whenever you're called on to make up your mind,
and you're hampered by not having any,
the best way to solve the dilemma, you'll find,
is simply by flipping a penny.
No - not so that chance shall decide the affair
while you're passively standing there moping;
but the moment the penny is up in the air,
you suddenly know what you're hoping
----------------------------------------------


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[fisher]

Good point. But you sure can take it to the bank!

Yep that's correct. But, ask some of the bankers that loaned at 80% or 90% loan to value ratios on appraisals done on SoWal property in 2004, 2005 or early 2006 how they feel about those appraisals now.:shock:

 

[SHELLY]

Yep that's correct. But, ask some of the bankers that loaned at 80% or 90% loan to value ratios on appraisals done on SoWal property in 2004, 2005 or early 2006 how they feel about those appraisals now.:shock:

The majority of them couldn't care less...they sold off those mortgages before the ink was dry.


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[fisher]

The majority of them couldn't care less...they sold off those mortgages before the ink was dry.


.

Not all lenders sell off all mortgages. Some of the bigger mortgages on very high dollar properties in fact stay with the original lenders.

So, to clarify, whoever currently holds the mortgages and relied on the appraisals or other indications of value in order to make the investment in said mortgages. Those institutions will be stuck holding the ball on these mortgages (when some of them inevitably go into foreclosure) because someone initially and/or later on relied on appraisals that were based on the vapor of a market driven by speculation.

 

[seacliffes]

Shelly, thank you for the kind words and poem that is most fitting. If we sell the property it will be primarily to help our financial peace of mind. My wife and I have worked hard all of our lives (like all of you I am sure) to try and get ahead and improve our life style. However, we do not live a lavish life style and the only plan for this money will be to put it in the bank. Old fashion I know, but this is the plan.

Marty

 

[fisher]

Shelly, thank you for the kind words and poem that is most fitting. If we sell the property it will be primarily to help our financial peace of mind. My wife and I have worked hard all of our lives (like all of you I am sure) to try and get ahead and improve our life style. However, we do not live a lavish life style and the only plan for this money will be to put it in the bank. Old fashion I know, but this is the plan.

Marty

I like old fashioned. Good luck Marty.