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.
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The house was probably on the market for 4 years as well. Many of the Seaside listings are 2+ years old. Most of what has moved is well under initial asking price, some of it was reduced by over 40 percent before it sold. They put a great deal of pressure on sellers not to lower asking prices in Seaside. It is a unique community which I like alot but the rental fees and management fees really squeeze the money making potential from these homes. If you really penciled this property out I bet it makes 5-7 percent annually through the biggest boom in real estate history.
As a second home if you have more money than you could ever spend it's a great place to spend time.