Investment property down the shore?

[Oasis]

Hi everyone, I live in Somerset county and looking to start chasing that dream of owning a beach property down the shore. In part it’s for the kids to enjoy a vacation house and part to have a place closer to the water when I go fishing but mainly as an investment rental property.
To all you Monmouth & Ocean county residence, is this the right time to start looking for that summer home / investment property?? Or wait and see what’s going to happen this summer?
And if now is the right time which area is now or will offer more better deals?
I’ll be talking to realtors soon but I wanted to get the fellow fisherman point of view first.
Thank you in advance, your opinion is greatly appreciated.

[Jay]

I was thinking the same for the future. Thanks to Sandy, those plans are no longer in my future. It's not worth the headache, if another tragedy occurs. Just my opinion. Good luck on a purchase. Hope you find something you like. :D

[dfish28]

Ok , great idea oasis, one of my best friends mothers is a really great agent, pm me your # if you want someone highly proficient with Monmouth and upper ocean counties , she has my dream house ... As for " what could happen again" , how many other times has this happened in your life? Just go for it!

"Live life like every day could be the last!"

[reefsquater]

If you do your do diligence it may be the right time for sure.
If you are looking for a lagoon home down in Bayville, I know of a few that were not hit hard by the storm, one in particular has 140 foot of lagoon front deep water and you can get it in the mid 300's!

[NJ Dave]

I was thinking the same, possibly a good time to find a good deal on a trashed house. I would rather buy something that needs to be re done as no matter what you buy you will eventually update it to make it your way one way or another.
Only problem I see now is no one knows WTF is going on. Everything is on a stand still. Some insurance is not paying and that ones that have the owners are at a building restriction stand still. Lift the house or not, so far nothing is in stone about the lift but what if you rebuid and then they tell you to lift it?
My friend is on hold to fix his house because the building department just does not have an answer.
Aside from the full gut that we did almost two months ago he is waiting to do what no one knows what to do.
We could re wire, insulate, and rock in a few weeks putting it back to original but he is being told not to do anything until further huricane codes come into play.
Someone has to be the guinnie pig but I would rather it not be me.
I think a good deal right now is a big gamble.

[howarda780]

One thing you have to consider is the base flood elevation of the property you're looking at. If it has damage over 50% of the value, FEMA wants the property demolished and built to the new regs of your flood hazard zone.

The regulators and town building people don't know what the local rules will be. At this point you can buy a house at a good price then learn the town rules have changed and you need to raise the house 10 feet to meet the new flood heights

Every town has different rules and height requirements. Good luck.

[howarda780]

http://www.businessinsider.com/sandy-victims-face-higher-insurance-2013-1

[Bucktailboys.com]

I have been watching houses pop up more recently in PPB. As Howie mentioned I too worry about the new zoning and high flood insurance. Sit back, enjoy the ride and wait it out. I think we will see plenty of houses coming on the market in the near future.

[Oasis]

Everyone,
Thank you for the response.
Adam, I sent you an email with my contact info, please give it to your friend. I’m looking forward to talking to her. Thank you
Reefquater, unfortunately I don’t think I’ll be looking as far south as Bayville, but thanks for the info.
Dave, I understand what you’re saying, a lot of us all in the same boat waiting for FEMA and local towns to finalize building regulations. However I’m looking for a house or even a condo with damage less than 50% to refinish, remodel, add a bathroom or finish a basement(as I conceder myself very handy and can do all the work by myself) and my goal is to have it as an investment property so I can rent it out in the summer.

The good news is I’m a very aggressive investor and I just wrapped up an overseas investment and trying to replace it with this project.

Howard & Jay, Thanks for the info.
Looking forward to seeing some more inputs and feedback.

[dfish28]

Info passed on Tony , just wanted to let ya know
: best of luck to ya, let us know when the NJFISHING house party is!

[shucker]

Good idea but RISKY,have a friend that just picked a waterfront for 140,000 thats gutted and partially redone and now has to have it put on pilings its turning into a headache.Flood insurance has went up as has water levels over the years,parents live in barny and docks are now under water on a moon tide.Take your chances and good luck.

[Oasis]

Good idea but RISKY,have a friend that just picked a waterfront for 140,000 thats gutted and partially redone and now has to have it put on pilings its turning into a headache.Flood insurance has went up as has water levels over the years,parents live in barny and docks are now under water on a moon tide.Take your chances and good luck.

Congratulations to your friend .....Wow 140,000... I'll take that deal any day. I bet you this house in a few year will be in the 300th. The same thing happened in Bound Brook when it was flooded and now it's back to normal.... Risky, but in the end it's worth it.

[howarda780]

http://manasquan.patch.com/articles/guide-to-making-the-call-on-elevating-your-property

Here is a link that you should save if intereested in investing along the shore. It contains the steps you'll need to evaluate the house and pending flood insurance costs.

[Oasis]

I think I found it:) :)
3br in Bradley Beach...:)
will keep you updated..

[NJ Dave]

Nice. Storm damaged or move in ready?
Best of luck!

[Oasis]

Thanks Dave
Neither, it needs a lot of work but liveable...

[reefsquater]

One in mystic listed for 100k gutted up 4 feet. Get it then grab the funds from the govt to raise it.

[shucker]

From my research you will not be able obtain a mortgage on these homes cash is king, Flood insurance is up to you again you will have no mortgage =take a chance.Most lagoon homes are going and selling between 100-160 gutted to studs.I'm real close myself in pulling the trigger have been down the shore for 3 weeks straight working with realtors.Builders have been buying these properties for less and plan on putting 1 mil homes on these lots.Try to stay away from slab properties and look for crawl space it cheaper to raise if you want.

[shucker]

One in mystic listed for 100k gutted up 4 feet. Get it then grab the funds from the govt to raise it.
If you did not own the house before sandy you will not get funds to raise it,as per my realtors.