Rental Property Investor · Winslow, ME · Member since 2008 · 826 posts · 281 votes
My wife and I already own 16 units of residential rental realestate in waterville and winslow maine. We are strongly considering buying a "getaway" condo on the east coast and wanted to get some advice on where to buy. Here's what we want / plan:
1. somewhere warmer than maine but NOT so warm that it would be horrible in the early or late summer. (i.e. NOT florida)
2. MUST be ocean front or walking distance minimum (short walk)
3. We HATE golf, loud Harleys and ultra touristy locations.
4 would favor discount to ARV vs. low price. In other words, we'd rather pay 200k for somethiung that sold for 300k 5 years ago (and should again in 5 or 7 years) than to pay 125k for something that's full value, or only going to enjoy minimum appreciation.
That still leaves a lot of places ... but wihtout alot of research I'm not sure where to begin. I'm thinking Maryland, Virginia and North Carolina before it gets too far south.
Unless your intention is to swim in the ocean every day, consider that you'd have to get on a plane to get there anyway, and look at the coast of Oregon.
It's beauty can compete with any coastline in the world. Towns are small, Weather is 60-80 degrees year round. Summer has lots of sunshine.
Real estate prices are low compared to other beach cities. Crime is a lot lower than any place on the east coast.
There is plenty to do in the summer and the big towns are day trip distance if you want more.
There is a Coastal Oregon Craigslist and you can google any town name plus real estate and get a listing of all properties for sale.
My opinion is that you'd want to be north of Florence. There are plenty of tourist sites which will give you a map of the entire Oregon coast and all the towns.
My 2 favorite towns are Yachats ("Yah Hots") and Depot Bay. Both for small size and pure beauty.
If you want to swim, the water is cold enough to hurt and waves can be rough. But at least there are no sting rays.
Oregonians don't like condos, so if the Californians aren't buying, they sit unwanted. That should make the price negotiable.
Should mention: there is no privately owned beach in Oregon. The entire coastline is public, so you can't get a condo on the sand, unless it is on a beach in one of the inlets.
SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes
16y
Originally posted by Rich Weese:
I lived in oregon and FROZE every time I went to the coast and saw ice cubes in the water,tic. Rich
I have flown up and down the Pacific coastline several dozen times and can count on one hand the instances that the Oregon and Washington state coastlines were visible, i.e., not covered by clouds.
I would definitely consider a summer home in this region, as the Pacific Northwest has some breathtaking days in the summer. But the rest of the year is misery.
One time, while visiting Florence, OR, in the summer, we were met with overcast skies, fog, mist, temps in the 60's, and a beach covered with millions of dead rotting jellyfish. I'll take Pensacola Beach with 99% humidity over that any day! :cool:
Rental Property Investor · Winslow, ME · Member since 2008 · 826 posts · 281 votes
16y
This would be primarily a winter retreat, so those "items" would eliminate Oregon. We simply WANT to be able to take a summer jaunt once in a while, and so are looking for that "sweet spot" ~ I suppose SOCAL is probably more our speed in that case .... OR CANCUN!!!!
SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes
16y
Originally posted by Kenneth LaVoie:
This would be primarily a winter retreat... We simply WANT to be able to take a summer jaunt once in a while... I suppose SOCAL is probably more our speed in that case
The next question is how much you want to spend? Walking distance to the beach in SoCal is going to cost you.
Rental Property Investor · Winslow, ME · Member since 2008 · 826 posts · 281 votes
16y
Oh, I was hoping to keep it to 150k max. I am sure that's low for SOCAL. Although some places , you just dont seem to NEED to be right on the water. Key West for intsance. My Dad had a 6 unit there on white St. ~ good 10 minute walk to the ocean, and even longer to the other end where the piers were, but for some reason in Key West .. you just don't feel a need to stay on the water ...
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
16y
Kenneth- I sent you my Cancun website by PM. Don't show it to your wife and grown kids or they won't leave you alone! You can throw a rock from either of the 2 balconies to the Caribe. Enjoy the photos.
Rich