More than one waterfront homeowner here in Broadwater bought their home a couple of years ago for $500,000 to $700,000 and then gutted it and totally renovated it, planning to spend many years there, or planning to retire or slow down and move to their waterfront paradise. So, they spent upwards of $100,000 on these renovations - opening up the small rooms, improving the flow, adding amenities and pizazz - new kitchen suited to their taste, new bathrooms... Then the economy struck and now they need to sell their piece of Paradise. A few years ago getting $750,000 or even $850,000 for these would not have been a problem. But that was then, and now is now.
So far this year there has been one closed waterfront sale in Broadwater - a bank sale at $275,000. Hmmm, how do we combat that in an appraisal? So, there are currently six waterfront homes under contract in Broadwater, with list prices from $399,000 to $475,000. That's a disaster for the above homeowners. Even if you add $100,000 for the renovations, they don't come up to their costs.
The lucky ones don't have to sell right now. Sadly, some unlucky ones do.
