Island Real Estate-Paradise For a Song?
In today’s complex housing market, it pays to know the tricks of the trade.
Properties near the ocean are valued at between two and three times the price of homes on the mainland. The 2010 median sales price was pegged at $342,000 for the barrier island and $127,000 for the rest of the county.
Buying a home during a real estate bust might seem daunting, but the experience was pleasurable and glitch-free for Gainesville transplants Dr. and Mrs. Wayne and Maggie Creelman. The four-bedroom, three-bath house was ideal, the River Ridge neighborhood perfect, and the cost an unsurprising steal at 15 percent below the discounted asking price. Closing on the all-cash transaction happened within the traditional 30 days. Rather than haggle with the seller for months on end, as they had on each of their six prior home purchases, “this was a one-shot deal,” says Wayne. The sole contingency was that the house hold up to the Creelmans’ standards upon professional inspection. “We had a couple of other houses as backups.”
Read the entire article in the January 2011 issue