Seaside Sales

[flyforfun]

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Thousands of innocent balloons were sacrificed for just these two sales!!​

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Well, even I can laugh at that one, however everyone knows Seaside does not allow signs or balloons! Like Shelly says, you should not invest in RE at the beach unless you want to make an easy million dollars!

 

[SHELLY]

Like Shelly says, you should not invest in RE at the beach unless you want to make an easy million dollars!:rolling:

Yep..considering you start out with $3-Million.


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[Chickpea]

Sure hope they have lots of working fire hydrants...30 year old wood frame houses and zero lot lines...

Most of the houses at Seaside are actually NOT zero lot line homes..... they are around Ruskin Place but most are detached.....

 

[Smiling JOe]

Well, even I can laugh at that one, however everyone knows Seaside does not allow signs or balloons! Like Shelly says, you should not invest in RE at the beach unless you want to make an easy million dollars!

Yep..considering you start out with $3-Million.


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Shelly,

They paid $2.2 Million for the house and sold it for $3.3 Million. I think your math is backwards. :funn:

 

[fisher]

Both homes are on interior lots, north of 30A. Seaside is much less spread out than WaterColor, and there is not as much of a price variance for properties north of 30A as compared to WaterColor.

The one selling at $3.3 Million --> Built 1994, 2680 sf, 4bd/4.5 bath
"This stately home of classical design features an open and light-filled great room with antique pine floors, fireplace, gourmet kitchen, master suite with whirlpool tub. Redwood siding, recirculating hot water system for instant hot water, rheostats on all light fixtures, two water filtration systems. Addl. 1160 SF porches/balcony. Includes 2 bedroom, 1 bath guest house (+- 850 SF HVAC) with fireplace. Featured in "Coastal Living"."

They paid $2.2 Million four years ago. Yep, real estate as an investment it just terrible. :funn:

The other house is older, built in 1989. Two Story, 3/3, 1700 sf, raised tower, room for carriage house on lot.

Was the larger house located at 81 Seaside Avenue?

 

[Smiling JOe]

Was the larger house located at 81 Seaside Avenue?

yes and the other was 33 Pensacola.

 

[spinDrAtl]

Both homes are on interior lots, north of 30A. Seaside is much less spread out than WaterColor, and there is not as much of a price variance for properties north of 30A as compared to WaterColor.

The one selling at $3.3 Million --> Built 1994, 2680 sf, 4bd/4.5 bath
"This stately home of classical design features an open and light-filled great room with antique pine floors, fireplace, gourmet kitchen, master suite with whirlpool tub. Redwood siding, recirculating hot water system for instant hot water, rheostats on all light fixtures, two water filtration systems. Addl. 1160 SF porches/balcony. Includes 2 bedroom, 1 bath guest house (+- 850 SF HVAC) with fireplace. Featured in "Coastal Living"."

They paid $2.2 Million four years ago. Yep, real estate as an investment it just terrible. :funn:

The other house is older, built in 1989. Two Story, 3/3, 1700 sf, raised tower, room for carriage house on lot.

What did they cost back in the day?

Woulda coulda shoulda.

 

[Beachlover2]

What did they cost back in the day?

Woulda coulda shoulda.

33 Pensacola - 1992 385K 1998 660K 2007 1.7 mil

 

[SHELLY]

Shelly, They paid $2.2 Million for the house and sold it for $3.3 Million. I think your math is backwards. :funn:[/SIZE][/FONT]

Please post 4 years of carrying costs + maint upgrades + maint costs + RE commission and let me recheck the math.


BTW, how long has this house been on the market (total time, not re-listed time) and was $3.5 the original listing price?

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[fisher]

They paid $2.2 Million four years ago. Yep, real estate as an investment it just terrible. :funn:

The other house is older, built in 1989. Two Story, 3/3, 1700 sf, raised tower, room for carriage house on lot.
[/SIZE][/FONT]

Good for them--they did make a tidy profit on these homes (roughly 8% to 9% annualized returns after considering commissions and carrying costs over the years), but they bought pre 2004. Anyone that purchased pre 2004 should still be in the money. However, many, many people are taking hefty losses on property bought in 2004, 2005 and 2006. I saw a specific lot purchased in 2004 and sold the other day at a whopping 50% LOSS to the seller. And, the jury is out on whether the new owners of these homes will make similar returns given the fact that historically real estate appreciation has tended to track only slightly ahead of inflation.

Also, consider that the same $2.2 million invested in an index fund tied to the Dow or Nasdaq in May of 2003 would have grown to about $3.4 million and $3.5 million, respectively. Plus on the index funds there would have been no property taxes, insurance, HOA fees, realtor commissions, utilities, maintenance and other carrying costs that reduced the ultimate profit taken out of the real estate investments. Of course, the enjoyment the owners undoubtedly got out of owning a beautiful home in Seaside far outweighed the additional profit they could have taken by owning a piece of paper.

Investing in real estate, stocks, bonds, commodities, etc can result in positive or negative returns and leveraging any of these investments can increase your returns OR increase your losses.