Posted by Wayne-NC on November 20, 2008 at 07:37:04:
In Reply to: Condos in beach towns posted by Carl on November 20, 2008 at 05:33:20:
I have lived in "beach towns" all of my life (40+) and know them quite well. NJ being the first in Lavallette, Ocean Beach and Pt. Pleasant. Then Florida and now the Outer Banks for the last 15 years or so. What I have seen is a migration over time from the Jersey Shore to the Outer Banks. They are selling their high $ properties and buying bigger ones here and keeping the change as the cost of ownership is substancially lower. That will happen in any market just due to the nature of the areas and I don't really see a change in that attitude until the two beach markets reach closer to an equilibrium. Concerning condos, yea we have those here too but they are few in comparison as the towns discourage high density structures. I personally like that. Watch out for the HOA fees and other associated expenses that are different from srf's and price according. I am going to NJ for the Thanksgiving holiday for a couple of days and it is really an easy drive. I have done it many times. My family comes here every summer and love it even though we have a beach cottage there. Go figure. I have a lot of experience in all these areas along the beaches and even from an investors perspective. I don't want to babble here too much but if you want my further opinions and analysis you are welcome to PM anytime.