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.