Island property prices

[The Real BigGuy]

My father-in-law used trailer his boat for family day visits to the lake and they often ended up on the west side of Barndoor at a nice sandy spot. One day a gentleman walked up and asked if my father-in-law was interested in buying the lot. Asking price was $1200. My F-I-L said no, he was only interested in using it, not buying it. What a shrewd real estate investor he was!


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[ursa minor]

Our saying for last 20 odd years that we've had our own place has been "it's worthless because it will never be for sale". The latest valuation / tax bill is not going down well, this is becoming an expensive hobby if looked at in a clinical cost per weekend / vacation week basis.

We were lucky enough to buy the land / start the long process of building the house before prices went truly crazy and also did a lot of the work ourselves so that part is OK but it's only seasonal access and the gap between island and mainland values is not as big as it once was. There's no way we could do the same thing today at least on Winnipesaukee. I'm sure I'll feel a lot better in a few months when I'm sitting on the dock watching sunsets and visiting with our awesome neighbors.

[8gv]

Never do the math!

[FlyingScot]

Originally Posted by ursa minor

Our saying for last 20 odd years that we've had our own place has been "it's worthless because it will never be for sale". The latest valuation / tax bill is not going down well, this is becoming an expensive hobby if looked at in a clinical cost per weekend / vacation week basis.

We were lucky enough to buy the land / start the long process of building the house before prices went truly crazy and also did a lot of the work ourselves so that part is OK but it's only seasonal access and the gap between island and mainland values is not as big as it once was. There's no way we could do the same thing today at least on Winnipesaukee. I'm sure I'll feel a lot better in a few months when I'm sitting on the dock watching sunsets and visiting with our awesome neighbors.

Our thinking is similar, though I think I'd say "priceless"

We bought 5 years ago, approximately 15 years after we could first afford to do so. For most of those 15 years, we said it would be "ridiculous" to buy--"just think of the awesome family vacations we can fund with the money saved on property taxes" was our reasoning. We only bought when I began to feel my mortality.

So glad we made the "foolish" decision to buy--it's the best money we ever spent, I only wish we had not been so rational in our younger days.

[Descant]

Originally Posted by FlyingScot

Our thinking is similar, though I think I'd say "priceless"

We bought 5 years ago, approximately 15 years after we could first afford to do so. For most of those 15 years, we said it would be "ridiculous" to buy--"just think of the awesome family vacations we can fund with the money saved on property taxes" was our reasoning. We only bought when I began to feel my mortality.

So glad we made the "foolish" decision to buy--it's the best money we ever spent, I only wish we had not been so rational in our younger days.

So, we sacrifice a little. This isn't a 5-7 year program like buying a primary residence and moving a lot. This is for children and grandchildren. To be a fly on the wall, check out the "Childhood memories" thread. If you or the kids can't afford it for awhile, don't sell, lease. Our neighbors did that many years ago for several seasons. Now there are several generations flying in from all over to enjoy each other and the family camp at prices they can all afford.

[LIforrelaxin]

Set the political post aside, this thread is interesting.

I believe one of the reasons island properties have seen a rise in sale price lately is that the inventory of camps on the mainland is dwindling. Island properties for the most part are just that camps.

What a majority of people seem to want to do these days, is buy a property and then build their version of paradise. When main land property sells for for 500K to 1M, the feasibility of doing so becomes hard for most. Not that buying a place for 250K-450K make it that much more palatable, but it opens the door for a larger audience.

Top that all off with the fact that we now have sport boats in the 20-30 ft. range which make getting to an island seem less risky for most. 50 years ago when boat sizes on a lake averaged less then 20' the "adventure" to get back and forth to an island property had a different appearance.