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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 753263  
Subject: Real Estate as a 'wasting asset' Date: 1/3/2005 7:44 PM
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From today's Scott Burns' column

Http://www.dallasnews.com/sharedcontent/dws/bus/scottburns/columns/2005/stories/010205dnbusburns.56126.html

Housing prices will hit a high-water mark, literally. I know this for a fact, having seen an advertisement for a house currently for sale in the village of Siasconset on Nantucket Island, Mass. The 2,800-square-foot house, on 2.5 acres of land with 300 feet of beach frontage, is on a bluff that overlooks the beach. The house is offered for a tasty $5.9 million, or $2,100 per square foot.

Unfortunately, as the bluff erodes, the beach is moving toward the house at the rate of 1.5 feet per year. That makes the house a "wasting asset" that will disappear, along with the land it is on, in about 100 years.

</snip>


intercst



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Author: arrete Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 209506 of 753263
Subject: Re: Real Estate as a 'wasting asset' Date: 1/3/2005 8:24 PM
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Anybody with "beach" property on the East coast is a nut. Sand dunes move land-ward. That means beach houses get washed away at some point. Sand bars (as in Ocean City, MD are living on borrowed time. Oh, and tax dollars to bail them out. Your tax dollars.

I love Ocean City, etc - but they are ephemeral, and people should know that.

arrete

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Author: pekinrobin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 209508 of 753263
Subject: Re: Real Estate as a 'wasting asset' Date: 1/3/2005 8:26 PM
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I'm guessing you don't plan to live for another 100 years.

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Author: ogrecat Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 209510 of 753263
Subject: Re: Real Estate as a 'wasting asset' Date: 1/3/2005 8:28 PM
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Anybody with "beach" property on the East coast is a nut. Sand dunes move land-ward. That means beach houses get washed away at some point. Sand bars (as in Ocean City, MD are living on borrowed time. Oh, and tax dollars to bail them out. Your tax dollars.

I love Ocean City, etc - but they are ephemeral, and people should know that.


A tale I was told:

A man was considering buying beach property on the US East Coast.
There was a street between the house and the ocean.
It was Third Street.
He decided not to buy.

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Author: sykesix Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 209520 of 753263
Subject: Re: Real Estate as a 'wasting asset' Date: 1/3/2005 8:44 PM
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A man was considering buying beach property on the US East Coast.
There was a street between the house and the ocean.
It was Third Street.
He decided not to buy.


Never buy land near the ocean, on a steep slope, in or near a flood plain, or land with wetlands.


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Author: ogrecat Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 209527 of 753263
Subject: Re: Real Estate as a 'wasting asset' Date: 1/3/2005 9:15 PM
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A man was considering buying beach property on the US East Coast.
There was a street between the house and the ocean.
It was Third Street.
He decided not to buy.

Never buy land near the ocean, on a steep slope, in or near a flood plain, or land with wetlands.

Never buy shore property in the NE at high tide.


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Author: fleg9bo Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 209555 of 753263
Subject: Re: Real Estate as a 'wasting asset' Date: 1/4/2005 1:04 AM
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A man was considering buying beach property on the US East Coast.
There was a street between the house and the ocean.
It was Third Street.
He decided not to buy.


What if he was considering buying town property in a city in Honduras and there were two adjacent Fourth Avenues running parallel to each other?

http://boards.fool.com/Message.asp?mid=16946862

--fleg, with apologies to those who may have read this before

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Author: TheBreeze Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 209573 of 753263
Subject: Re: Real Estate as a 'wasting asset' Date: 1/4/2005 6:46 AM
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That makes the house a "wasting asset" that will disappear, along with the land it is on, in about 100 years.

And yet, I've never heard of someone who WASN'T able to buy insurance, even if they'd made a couple hurricane claims. (There was an article by John Stossel about that, too, about two years ago.)

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