Beach Homes Present Exceptional Value

The lure of a beach vacation retreat as a second home or investment property has always been a top interest of families once their primary residences were established and their careers were stable. While 2004 and 2005 saw a meteoric rise in coastal property prices and a similar rise in the number of units being built, the economic collapse of 2008 and 2009 has driven those prices to record lows and given the savvy buyer an almost unlimited choice of properties to choose from for their dream place at the beach.

One example is a 3000 square foot mansion with granite, hardwood floors, elevator and beach access. In 2005 it sold for $800,000. Now it is going into foreclosure at $449,000. A Realtor who is a good negotiator can get this for you in a short sale for even less. How about a 2nd row, 16 bedroom rental beauty with pool that was offered at the peak of the market for $3 million but is now yours for under $900,000?

Perhaps boating and fishing are your dreams. How about an older soundside home on the central NC coast with 2 buildable lots and 4 deepwater docks on the intracoastal waterway close to the Beaufort Inlet and Big Rock fishing grounds that can be had for under $500,000?

Name your heart's desire and a good Realtor who knows the market can find you deals that make foreclosures look expensive. Short sales are the rule and a buyer with money to put down can twist the arm of desperate sellers and lenders to walk away with valuable properties at bargain basement prices.

Lenders are tough on money for second homes. Be prepared to put down anywhere from 20-30% for a good interest rate and have an excellent credit score. If you qualify, the real estate market is your playground so take to the field and enjoy!