Affordable property within walking distance of the Atlantic Ocean

[Bald1]

OP, there are a lot of nay sayers here. I’ll bet my last dime the majority have no experience with waterfront property of any kind. If it’s your dream , then chase it. First step is to contact some local realtors in area you’re interested in. They will give you the lay of the land and what you can expect in a given price range. If you wait for it to hit Zillow or some other website it’s to late. Also search for sale by owner websites as well as FB marketplace. Interest rates are high right now for sure. But my recent experience is that prices are steady or down a little. To me now is a great time to buy. You can refinance it later. You can’t control prices later.

 

[Imissedagain]

Best bet for Ocean close.

 

[AJ]

I live about 6.8 miles from the Atlantic Ocean. It takes me 15 minutes driving time to get there. Bought our house for $68K in 1993, now it is $330K. If it wasn't that all my family lives here, I would move. Insurance is a killer. But to pry Grandma away from the Grandkids is next to impossible. Yes, you could walk it.......

 

[Mr. Vito]

We used to rent a large house right on the ocean in Carolina Beach, NC for a week each August. All of our grown kids and their kids would come for the week as our treat. With six bedrooms and some other areas we could easily have 22-24 people in the house. In some ways it was the highlight of my year. We last went about 10 years ago, but stopped because too many of the teenage grandkids were balking at going, and for some of my kids, transportation costs for the whole family were considerable. But at that time we paid about $7,000 for the week. I recently checked into this and that same house is now about $12,000 for the week. Even 10 years ago the property was skyrocketing in value. The owner offered it to me for $1.5 million, which was way beyond my means and I had no desire to run a rental property on the ocean. But for one week it was really fun. I would bet that the house is worth over $3 million by now.

 

[tripledipper]

Live approximately 20 miles from Va.Beach oceanfront and could not touch the prices for condos or homes on the ocean or rivers leading to the ocean in the Beach.The affordability of anything near or called oceanfront property is long gone. Came to this area as a military reservist in 1960 before the growth spurt began. That's when property was cheap. There was nothing but bungalows scattered along the beachfront.

 

[WR Moore]

The wife's family owned a beach front condo in Rehoboth. 2 happiest days were when they bought it and when my wife sold it. Beach erosion and reconstruction are major $$$$$ issues. (If you're not gonna do replacement, you might-depending upon storms-find yourself worrying about how high the tides are.)Then there's the insurance premiums-if you can get insurance- taxes and so on. Oh yeah, the "summer people" and their traffic jams. We were there for Hurricane Bob.

At least back then, there was very reasonable property several miles inland without the "beach" issues. Public beaches might not be as convenient, but off season, shouldn't be an issue.

 

[smoothshooter]

Rich man’s game nowadays.

 

[colkid]

Try Ireland. There might be something there.

 

[colkid]

I lived in Maine from2-1962 until 1965. The Portland Ford dealer used a Maine Island for an advertising giveaway during that time.

 

[mrcvs]

OP, there are a lot of nay sayers here. I’ll bet my last dime the majority have no experience with waterfront property of any kind. If it’s your dream , then chase it. First step is to contact some local realtors in area you’re interested in. They will give you the lay of the land and what you can expect in a given price range. If you wait for it to hit Zillow or some other website it’s to late. Also search for sale by owner websites as well as FB marketplace. Interest rates are high right now for sure. But my recent experience is that prices are steady or down a little. To me now is a great time to buy. You can refinance it later. You can’t control prices later.

I have talked to a realtor about this for several years now. He seems genuine but, in the end, like any realtor, his goal is to make a sale. Once the sake is made, you are on your own, for better or for worse.

I think we have likely been priced out of Rehoboth or Dewey Beaches—at least for now. When I have to make Required Minimum Distributions, that may be a different matter indeed. It amazes me how your and my hard earned money is yours and mine, but the government is quick to assess a penalty if you withdraw it too soon—and, if you withdraw it too late.

Because of being priced out, I created this post. I thought the On Golden Pond approach might be affordable—little do I know.

In an ideal world, I want a place at the beach. But the world isn’t ideal, and perhaps it’s a blessing I’m priced out—for now.

Real estate at the beach is like a Registered Magnum in its original box. Always desirable, but previously much more affordable. $1000 for that Registered Magnum in its original box. Then, as it started to escalate in price, the numbers stated finite, but interest increased, causing value to further increase. Now that a Registered Magnum in an original box is at least a 10k item, interest is as high as ever. And the same with properties hear the ocean. Interest is nearly as high as ever, as are valuations. Both seem like bubbles. Both can come crashing down. But, probably unlikely to happen.

Incidentally, I would expect if only one of these bubbles to burst, it would be the ocean properties one before the Registered Magnum one.

 

[mrcvs]

I wish I could get my wife into historical Smith & Wesson revolvers and want to stay at home and enjoy them. In the end, this will prove far more enjoyable than any property near the ocean.

 

[Bald1]

I have talked to a realtor about this for several years now. He seems genuine but, in the end, like any realtor, his goal is to make a sale. Once the sake is made, you are on your own, for better or for worse.

I think we have likely been priced out of Rehoboth or Dewey Beaches—at least for now. When I have to make Required Minimum Distributions, that may be a different matter indeed. It amazes me how your and my hard earned money is yours and mine, but the government is quick to assess a penalty if you withdraw it too soon—and, if you withdraw it too late.

Because of being priced out, I created this post. I thought the On Golden Pond approach might be affordable—little do I know.

In an ideal world, I want a place at the beach. But the world isn’t ideal, and perhaps it’s a blessing I’m priced out—for now.

Real estate at the beach is like a Registered Magnum in its original box. Always desirable, but previously much more affordable. $1000 for that Registered Magnum in its original box. Then, as it started to escalate in price, the numbers stated finite, but interest increased, causing value to further increase. Now that a Registered Magnum in an original box is at least a 10k item, interest is as high as ever. And the same with properties hear the ocean. Interest is nearly as high as ever, as are valuations. Both seem like bubbles. Both can come crashing down. But, probably unlikely to happen.

Incidentally, I would expect if only one of these bubbles to burst, it would be the ocean properties one before the Registered Magnum one.

OP, if you are close to having to take minimum withdrawals then that tells me you can now take withdrawals without penalty. Taxes sure. But no penalties. So why not use the money you worked hard for your whole life to enjoy yourself now ?

 

[mrcvs]

OP, if you are close to having to take minimum withdrawals then that tells me you can now take withdrawals without penalty. Taxes sure. But no penalties. So why not use the money you worked hard for your whole life to enjoy yourself now ?

I’m getting ever closer to that. I’m nearly 54 years old, not quite there yet.

I’ve saved the maximum I could towards retirement, and then saved additionally on top of that and put it in the stock market. My only vice is antique firearms.

It definitely will be an adjustment to spend one day when all I have done is save. It’s an adjustment I might not make very well.

But, my savings outright outside of retirement accounts is barely enough to buy a small condo at the beach. And then the dividend income on that is lost.

 

[AJ]

Beach front living isn't all it is cracked up to be. Maybe 60+ years ago, but not now. To many people wanting to live there, crowds in the summer and hurricanes and northeasters. Buy a piece of property somewhere secluded about 50 miles from the nearest big city (close enough for shopping and doctors/hospitals). Stress levels will be down and no one wanting to change where you are at to where they came from. DON'T NEW YORK, MY FLORIDA! My family moved to Florida in 1820. The county where I live had 35K living here when I joined the Corps in 1969. Now about 170K live here......... Cost of living is sky rocketing. Grandkids may be moving out as they get older as the cost housing is getting ridiculous. Driving is getting to be a nightmare.

 

[mrcvs]

Beach front living isn't all it is cracked up to be. Maybe 60+ years ago, but not now. To many people wanting to live there, crowds in the summer and hurricanes and northeasters. Buy a piece of property somewhere secluded about 50 miles from the nearest big city (close enough for shopping and doctors/hospitals). Stress levels will be down and no one wanting to change where you are at to where they came from. DON'T NEW YORK, MY FLORIDA! My family moved to Florida in 1820. The county where I live had 35K living here when I joined the Corps in 1969. Now about 170K live here......... Cost of living is sky rocketing. Grandkids may be moving out as they get older as the cost housing is getting ridiculous. Driving is getting to be a nightmare.

In fact the crowds are why I want to be within walking distance to the beach. Too much traffic makes it unbearable to drive to it. And I like it best during the off season starting in September.

Everything was better 60 years ago. The world feels way too crowded now.

Branches of my family lived in a seaside Bew England village starting in the mid 1600s. They have all been driven out, so I know what you mean. I went to the historical society there once and casually mentioned I descended from 3 of the 4 founding fathers. They thought anyone who descended from even one of them to be extremely unusual, and so that tells you the village had completely changed and there are no locals left.

 

[AJ]

In fact the crowds are why I want to be within walking distance to the beach. Too much traffic makes it unbearable to drive to it. And I like it best during the off season starting in September.

Everything was better 60 years ago. The world feels way too crowded now.

Branches of my family lived in a seaside Bew England village starting in the mid 1600s. They have all been driven out, so I know what you mean. I went to the historical society there once and casually mentioned I descended from 3 of the 4 founding fathers. They thought anyone who descended from even one of them to be extremely unusual, and so that tells you the village had completely changed and there are no locals left.

My family moved to this area of Florida in 1914. Only about 300 here then. A house on the Island will cost under $1M in most places here, directly on the ocean well over $1M up to about $100M. We had a friend that had bought a strip from the ocean to the river (a 150 yards wide by 750 yards long) in 1923 for $100.00, now lords knows what that land is worth.

 

[moralem]

I watched a show on tv last winter about abandoned towns in Northern Canada. Labrador, Nova Scotia region. The govt literally packed up and moved anyone that wanted to leave. Mostly small fishing villages on the coast. I wondered then how one might go about purchasing a property there……. Just googled it. Ghost villages of Newfoundland and Labrador. Apparently there are over 300 such villages

You will have to leave your guns behind.

 

[Bald1]

I’m getting ever closer to that. I’m nearly 54 years old, not quite there yet.

I’ve saved the maximum I could towards retirement, and then saved additionally on top of that and put it in the stock market. My only vice is antique firearms.

It definitely will be an adjustment to spend one day when all I have done is save. It’s an adjustment I might not make very well.

But, my savings outright outside of retirement accounts is barely enough to buy a small condo at the beach. And then the dividend income on that is lost.

Oh, I thought you were at least 59. You and I are similar in that regard. I’m 55 and 18 months retired. Spending money you’ve been sitting on for 30 years is a strange feeling. Suddenly the money is real. Not just a bunch of numbers on a statement.

 

[pharmer]

I have a buddy wanting to be "near the beach" down here in the swamp. They come down 2X a year to look for a place to settle. His boy moved up to Apopka and they are in love with New Smyrna. They found a "quaint" postwar bungalow about half mile from the Ocean, just $675,000! I told him to sell his house in NJ now and rent until after the collapse. We'll see. At least he won't bring "NJ political outlook" here. Joe

 

[mrcvs]

Oh, I thought you were at least 59. You and I are similar in that regard. I’m 55 and 18 months retired. Spending money you’ve been sitting on for 30 years is a strange feeling. Suddenly the money is real. Not just a bunch of numbers on a statement.

When I’m 59 1/2, I might just buy a place at the beach and not really have to be so thrifty, crafty, etc. I would like to actually hold off until then to get a place, but my wife might not be so patient.