Quote:
Originally Posted by Bear Islander
I don't know what a 40 foot cabin cruiser costs but I bet it is MORE than a modest waterfront property. 35 Bear Island is for sale and they are only asking $199k. It needs work but has a fantastic view of the mountains.
I also don't know what a slip costs for one of those things, 5k or 6k per year? But I bet that big slip will cost more than taxes plus utilities for an island home.
Even if you add a new bow rider and valet service an island home is cheaper.
http://www.newenglandmoves.com/real-...f25a213394079e |
For what it's worth, I've looked at that property and essentially the price reflects the lot, not the building which pretty much needs a wrecking ball taken to it. Retrofitting that place is not worth the effort. So now you're out the cost of demolition and removal, site work and at least a septic to get something reasonably usable. Granted how much is necessary to fix the place up is directly related to how elaborate a place you want, but even erecting a simple camp will push the price tag in my estimation out close to 300K and hit the tax bill pretty hard.
In the end it's worth what somebody is willing to pay for it, but I'd rather invest in property that will be more likely to gain value versus a boat that is guaranteed to loose value. Total cost of ownership is a wash in my book, both have similar reoccurring costs.