Should I buy a beach vacation home?

[Anonymous]

Anonymous wrote:OP here - you're all right, from a pure money standpoint, I should not buy one. But my spouse has recently declared that they don't want to leave our suburban DC life full-time in retirement because they like urban amenities, so a 2nd home is looking like a good option. Mountains are nice but boring for me. Not buying in Florida.

This is exactly the reason we looked, the conclusion we came to, and my view about living in the mountains. My brother has a mountain place (not ski area) and we have a beach house with access to clubs. Guess where family always wants to congregate?

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here - you're all right, from a pure money standpoint, I should not buy one. But my spouse has recently declared that they don't want to leave our suburban DC life full-time in retirement because they like urban amenities, so a 2nd home is looking like a good option. Mountains are nice but boring for me. Not buying in Florida.

This is exactly the reason we looked, the conclusion we came to, and my view about living in the mountains. My brother has a mountain place (not ski area) and we have a beach house with access to clubs. Guess where family always wants to congregate?

Well…buying a mountain place with nothing to do really except hike (assume it’s not on a big lake) is always going to be a fairly niche market…but those types of places are usually pretty cheap too.

[Anonymous]

It's weird that that one poster feels such certitude. I'm the PP who said that one person asked me if we were selling and another person said they had a friend looking. It did happen. The PP thinks she knows every beach real estate market apparently, but obviously doesn't.

We're on a small island with 80% of it restricted from being developed and designated as conservancy. There can only be a few more houses built here in the coming years. What's here is here. And it's near a city that boomed with an influx of new residents, flush with cash and able to buy both a house and a beach house.

I'm trying to picture that poster and what has gone wrong in her life to be so full of bile.

[Anonymous]

Anonymous wrote:It's weird that that one poster feels such certitude. I'm the PP who said that one person asked me if we were selling and another person said they had a friend looking. It did happen. The PP thinks she knows every beach real estate market apparently, but obviously doesn't.

We're on a small island with 80% of it restricted from being developed and designated as conservancy. There can only be a few more houses built here in the coming years. What's here is here. And it's near a city that boomed with an influx of new residents, flush with cash and able to buy both a house and a beach house.

I'm trying to picture that poster and what has gone wrong in her life to be so full of bile.

The thing that is true is that it’s only get harder to insure, more likely to be damaged in a weather investment and less likely to hold any long term value.

If you’re fine with that - and don’t plan to come begging for a handout when the insurance goes and you get wiped out - knock yourself out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's weird that that one poster feels such certitude. I'm the PP who said that one person asked me if we were selling and another person said they had a friend looking. It did happen. The PP thinks she knows every beach real estate market apparently, but obviously doesn't.

We're on a small island with 80% of it restricted from being developed and designated as conservancy. There can only be a few more houses built here in the coming years. What's here is here. And it's near a city that boomed with an influx of new residents, flush with cash and able to buy both a house and a beach house.

I'm trying to picture that poster and what has gone wrong in her life to be so full of bile.

The thing that is true is that it’s only get harder to insure, more likely to be damaged in a weather investment and less likely to hold any long term value.

If you’re fine with that - and don’t plan to come begging for a handout when the insurance goes and you get wiped out - knock yourself out.

I don't think you've said this enough. Only maybe 50 times? Do you actually think that anyone buys a beach house without all these considerations? And how many people can afford to buy one who aren't just a little bit savvy about finances and risk? And deep pocketed?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If I only listened to the DCUM echo chamber, I would be more worried about owning our beach home and being able to resell it. Because climate change is real, and sure, the stock market would have been smarter purely from an investment standpoint.

The fact is that 40% there are SO many families who still want to buy beach properties -- though maybe that's on the wane in Florida. Maybe because they can afford it regardless of whether it blows away. Maybe because they're climate change deniers. Maybe because they are motivated by emotion and are willing to ignore the risks; they want a gathering place for family that feels more like home than a vacation rental.

And all of that negates the naysaying on this thread. You'll be able to resell your beach house because the psychology still favors buying coastal properties. I'm at our beach house right now. I had two people just this week ask me if we'd think of selling - one who wants to buy, the other who knows someone who is actively looking. Could that change in the next few years? Sure. But right now, it's the weird poster here (who is so freaked out that she's calling names) who is the outlier. No one on our island is freaking out.

Ha Ha you were doing so well until you weeded into bullshit. This did not happen. Folks looking for beach houses don’t ask owners of houses that aren’t on the market if they’re “interested in selling.” They look at the MLS, where there always are plenty of houses for sale in every beach community that attracts renters.

There are very very few houses for sale in the upscale beach town we’ve been looking at. Inventory is so low. I fear prices will only rise if rates get cut.

I’ll add that I’ve been told by locals that there are less and less rentals available every year because rich people are buying the houses and not renting them out.

Where are you looking? We have a house in the Hamptons that we don't rent, but the town we're in has pretty strict regulations about rentals---especially short-term rentals. That's not a bad thing.

+1

Nobody wants to live in an area where most homes/condos are rented by the week. At a minimum you want 30day+ rentals.

That's not realistic.

But if you can find an HOA that only allows that, I'd buy there. The PP stated their town in the Hamptons does just that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's weird that that one poster feels such certitude. I'm the PP who said that one person asked me if we were selling and another person said they had a friend looking. It did happen. The PP thinks she knows every beach real estate market apparently, but obviously doesn't.

We're on a small island with 80% of it restricted from being developed and designated as conservancy. There can only be a few more houses built here in the coming years. What's here is here. And it's near a city that boomed with an influx of new residents, flush with cash and able to buy both a house and a beach house.

I'm trying to picture that poster and what has gone wrong in her life to be so full of bile.

The thing that is true is that it’s only get harder to insure, more likely to be damaged in a weather investment and less likely to hold any long term value.

If you’re fine with that - and don’t plan to come begging for a handout when the insurance goes and you get wiped out - knock yourself out.

You’ve made your point and nobody cares. Go away

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If I only listened to the DCUM echo chamber, I would be more worried about owning our beach home and being able to resell it. Because climate change is real, and sure, the stock market would have been smarter purely from an investment standpoint.

The fact is that 40% there are SO many families who still want to buy beach properties -- though maybe that's on the wane in Florida. Maybe because they can afford it regardless of whether it blows away. Maybe because they're climate change deniers. Maybe because they are motivated by emotion and are willing to ignore the risks; they want a gathering place for family that feels more like home than a vacation rental.

And all of that negates the naysaying on this thread. You'll be able to resell your beach house because the psychology still favors buying coastal properties. I'm at our beach house right now. I had two people just this week ask me if we'd think of selling - one who wants to buy, the other who knows someone who is actively looking. Could that change in the next few years? Sure. But right now, it's the weird poster here (who is so freaked out that she's calling names) who is the outlier. No one on our island is freaking out.

Ha Ha you were doing so well until you weeded into bullshit. This did not happen. Folks looking for beach houses don’t ask owners of houses that aren’t on the market if they’re “interested in selling.” They look at the MLS, where there always are plenty of houses for sale in every beach community that attracts renters.

There are very very few houses for sale in the upscale beach town we’ve been looking at. Inventory is so low. I fear prices will only rise if rates get cut.

I’ll add that I’ve been told by locals that there are less and less rentals available every year because rich people are buying the houses and not renting them out.

Where are you looking? We have a house in the Hamptons that we don't rent, but the town we're in has pretty strict regulations about rentals---especially short-term rentals. That's not a bad thing.

+1

Nobody wants to live in an area where most homes/condos are rented by the week. At a minimum you want 30day+ rentals.

That's not realistic.

But if you can find an HOA that only allows that, I'd buy there. The PP stated their town in the Hamptons does just that.

Yes, Southampton. The minimum rental period is 14 days, and you need a permit from the town before you can rent out your home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's weird that that one poster feels such certitude. I'm the PP who said that one person asked me if we were selling and another person said they had a friend looking. It did happen. The PP thinks she knows every beach real estate market apparently, but obviously doesn't.

We're on a small island with 80% of it restricted from being developed and designated as conservancy. There can only be a few more houses built here in the coming years. What's here is here. And it's near a city that boomed with an influx of new residents, flush with cash and able to buy both a house and a beach house.

I'm trying to picture that poster and what has gone wrong in her life to be so full of bile.

The thing that is true is that it’s only get harder to insure, more likely to be damaged in a weather investment and less likely to hold any long term value.

If you’re fine with that - and don’t plan to come begging for a handout when the insurance goes and you get wiped out - knock yourself out.

I don't think you've said this enough. Only maybe 50 times? Do you actually think that anyone buys a beach house without all these considerations? And how many people can afford to buy one who aren't just a little bit savvy about finances and risk? And deep pocketed?

Yes several people here have said they don’t think it’s an issue.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's weird that that one poster feels such certitude. I'm the PP who said that one person asked me if we were selling and another person said they had a friend looking. It did happen. The PP thinks she knows every beach real estate market apparently, but obviously doesn't.

We're on a small island with 80% of it restricted from being developed and designated as conservancy. There can only be a few more houses built here in the coming years. What's here is here. And it's near a city that boomed with an influx of new residents, flush with cash and able to buy both a house and a beach house.

I'm trying to picture that poster and what has gone wrong in her life to be so full of bile.

The thing that is true is that it’s only get harder to insure, more likely to be damaged in a weather investment and less likely to hold any long term value.

If you’re fine with that - and don’t plan to come begging for a handout when the insurance goes and you get wiped out - knock yourself out.

You’ve made your point and nobody cares. Go away

People want advice, why shouldn’t I offer them some good advice.

[Anonymous]

I'd love to hear the specific places people have beach houses they love! Where are you all buying these houses?

[Anonymous]

Anonymous wrote:I'd love to hear the specific places people have beach houses they love! Where are you all buying these houses?

Excellent idea - we can map out how many years until those locations are uninsurable!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'd love to hear the specific places people have beach houses they love! Where are you all buying these houses?

Excellent idea - we can map out how many years until those locations are uninsurable!

Ocean pines, Md

How many years do I have?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'd love to hear the specific places people have beach houses they love! Where are you all buying these houses?

Excellent idea - we can map out how many years until those locations are uninsurable!

Ocean pines, Md

How many years do I have?

https://riskfinder.climatecentral.org/place/ocean-pines.md.us?comparisonType=place&forecastType=NOAA2017_int_p50&level=5&unit=ft

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here - you're all right, from a pure money standpoint, I should not buy one. But my spouse has recently declared that they don't want to leave our suburban DC life full-time in retirement because they like urban amenities, so a 2nd home is looking like a good option. Mountains are nice but boring for me. Not buying in Florida.

This is exactly the reason we looked, the conclusion we came to, and my view about living in the mountains. My brother has a mountain place (not ski area) and we have a beach house with access to clubs. Guess where family always wants to congregate?

Access to clubs?? No thanks.

We have a beautiful second home on 8 acres with a large pool less than 2 hours from the city where we live. It's about a 15 minute walk to the main street of a very charming small historic town. The beauty of where it is is it's not seasonal. The beach towns in the NE become ghost towns in the winter. Here all that changes is the weather.

The last thing we'd want to do is go to "clubs," but even if we did the "clubs" in the NE aren't open 8 months out of the year.