When Property Drops Right After You Buy It

9:50 PM Katy 7 Comments

I got my property tax assessment in the mail for the beach lot. The value of the lot dropped over $10k, even without taking into consideration that I tore down the "house". 
So I hopped on Trulia to see if that other property I've got my eye on had dropped again -- and it had.

Here's the thing. Normally, I would be upset over essentially overpaying last November. Not to mention all the beachfront condos are tanking. (I'm glad I listened to my gut and steered clear of the condos -- they are impossible to get rid of)

On the contrary, I'm pretty freaking excited that my tax bill is going down!

The thing I am trying to remember is that I bought this as a long-term hold, not a flip. So the best thing that could happen right now is that my taxes and holding costs decrease, while I'm gearing up to build the new place.

If everything goes according to plan and I build it without any debt, the lower my taxes the better. (Right? Tell me I'm right about this.)

And then there are the other possibilities. Once upon a time 12 years ago, I was living in the Midwest reading Coastal Living magazine articles about this island. Thinking that I would probably never even visit it, let alone what I've gotten myself into. After all, when in my lifetime would beach property ever be attainable? (Without marrying a Kennedy and hoping to live to 50?) 

Coastal Living was a dream. It was something me and my mom would salivate over, as we huddled in our house in the dead of winter surrounded by piles of snow and endless gray skies, pouring over pictures of brilliant colors and sunshine and front porches and seashells.

Who would have guessed there was a financial crash coming that would present this opportunity?

In other news, I had to abandon the Tumbleweed Sebastarosa house plan:
simply because it's way too expensive to build and not the best use of space... but that's another post. 

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7 comments:

  1. Don't feel bad. Mine has dropped $50K since I bought it five years ago. I can only hope to make that up some day.

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  2. I wouldn't feel bad about it at all - you're not planning to sell anytime soon, so I would be thankful for the lower taxes and move on!!

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  3. Agreed,'as'long as you aren't trying to sell right now, you are better off paying less in taxes. Prices will eventually rebound.

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  4. WOOHOO!! Lower taxes! Thats awesome. Save some green to build the house. YAY! Don't marry a Kennedy. Most of the ones I've read about are not exactly loyal... The beach house is a better option. :-)
    Plus, its an investment for you and your kids. Thats what matters. Not how much you may or may not be able to sell it for down the road... (it'll just be a bonus if you make a buttload of money when you do (if ever) sell it).

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  5. Less taxes = more money
    more money = more saving which = the sooner you get a house back on the lot! dee dee

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  6. yippee yahoooo for lower taxes.... and dreams coming true! sitting in the mid-west surrounded by snow, i'm sure you never would've guessed you'd be where you are now. ain't life crazy???

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  7. Don't sweat it, this wasn't an investment that you were looking to turn around and make bank on. You wanted a place to make for you and your family. Just think of the money you'll save now that you can use later to buy the cutest stuff to decorate with!

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