While demand never seems to disappear for waterfront property, the slowing real estate market has presented some great deals by lakes and oceans.
“The desire to look out your window and see water will always be there and will always be an added incentive for someone to purchase a home," says Richard Swerdlow, Miami-based chief executive of Condo.com, an online marketplace for buying and selling condos.
But there are drawbacks to living the waterfront life. Among them: premium property prices, high insurance rates (especially if you're near a flood zone), and costly maintenance because moist air corrodes pipes and eats away at paint. But there are just as many perks.
Tonja Demoff, author of the book Bubble Proof: Real Estate Strategies That Work in Any Market, offers these five reasons for considering coastal property.
- Ocean properties are in high demand and are often a great investment either for resale or rental income.
- Fewer mosquitoes and insects as the ocean breezes push the critters westward.
- Wonderful environment for children, away from the pollution of the city and a sedentary lifestyle.
- Great exercise potential for people of all ages, be it swimming or walking along the shore or coast.
- Ocean breezes make the hottest summer day feel cooler.
Source: Newsday, Laura Koss-Feder (08/03/2007)