Thinking of Va

[elle]

Northern neck & Middle Peninsula

Northern Neck and Middle peninsula..not so cheap any more & getting more expensive by the day....Waterfront real estate prices have increased dramatically over the past several years...deep water (over 2 or 3' MLW) is quite pricy...much of the land doesn't perk requiring expensive private peat systems...Real estate ads now feature 'kayak' or 'canoe' depth water..It's still beautiful but not WalMart pricing anymore...elle

 

[Captain E]

housing boom is going down.

Elle, its gone up but, compared to Washington DC area or Annapolis, prices in Northern Neck is a good deal. Also don't forget the housing market is a bust (everywhere).Prices were overpriced and the prices set the last 7 years will only be a memory. I can't see it go up any higher. I don't think people who live in Northern Neck will be able to afford those prices either. Goverment assesment says those people who purchased a house the last 3 years won't see any equity in the next 10 years. Its either take a lost or your stuck with a overpriced house for them. It would be hard to get a loan from a lender to pay for property that high in the middle of nowhere. Its a great retirment area but workwise, not much there.

 

[elle]

Housing boom not a bust here

Capt E,Apples & oranges....there's no comparison between the No Neck & Middle Peninsula and Annapolis/DC prices...of course the market is moderating there now...part of the cycle after the hysteria...but it is still very strong here. Of course the prices are more 'reasonable' here...but not for the locals...for them, the equation is similar to No Va.You're right..this is a great retirement area...the kids leave as they can't afford it if momma & daddy don't have land to split...jobs are mostly labor...the local govs love the retirement crowd as they don't need schools, playing fields, & so on...just rescue squad & hospitals....;^)Who's responsible? Boomers who could barely afford an Annapolis condo have the $$ to spend down here...and they get an acre or so, perhaps waterfront, for their money. That keeps the market strong here.. Pricing out the young'uns....We have it all here...you may just have to go a bit farther to get to it. Your gov't assessment is most likely accurate for up there, but see:From the VA Homes Sales Market Report August, 2007:In August, the average market time for home sales was 88 days, while the average sales pricewas $283,215, compared to last year’s $223,261. The areas showing greatest increases inclosed transactions included the Charlottesville Area, the Northern Neck, and the RoanokeValley.(www.nnpdc17.state.va.us/NNPDC-pdfs/ NNPDC-newsletter-2005-fall.pdf)So I think we basically agree, but not about the strength of the market here.

 

[Captain E]

Northern Neck

That's why I am looking for property in Northern Neck for retirement, since I can't afford Annapolis. 283,215 is a steal. I don't even think you could get a condo for 283,215 in Annapolis. I think If I move to Annapolis, I would never be able to afford my dream boat or go cruising. I find Annapolis too commercialized. I sure love the secret Coves Northern Neck has to offer. I notice northern Neck has many properties on the shoreline that is higher elevated, it sure gives a peace of mind when you decide to do overseas cruising and leave homestead for a year or so.

 

[elle]

High & Dry is the best

Capt. E.,You are so right about the elevation...Lewisetta and other places along the Potomac were totally awash in Isabel & Ernesto as they are so low...'Neckers know how to read the real estate ads that tout properties with 'long, sloping' yards and 'new rip-rap'...means 'water comes right up into the house & we almost floated away in Ernesto so we're getting out..."Good luck in your search for a property and do keep us posted with what you find.Good to have another accomplished sailor on the Neck.elle