Tuesday, March 25, 2014

Condos at the Coast

Photo from RMLS public site.
One you get right down to it there are three basic residential property owners at the coast. Full time residents, most of which are retired, Vacation home owners, and investors that either rent to full time residents or rent to vacationers.

For many people the idea of owning a getaway vacation home at the coast is the stuff of dreams and folly. But we have this unique opportunity happening along the Southwest Washington coast that makes that silly dream a very potential reality.

I pulled a couple of current condo listings in Long Beach, WA and found some wonderful opportunities. I found a 1 bedroom 1 bath condo as close to the beach as possible listed for just $99,000. There is full time on site management and the HOA pays everything except the electric bill. There is a two bedroom one and a half bath unit at $149,000 and a 2-2 at $159,000.

That little one bedroom unit would make a great retreat property for an empty next couple. This particular condo complex sits on a whooping 24 acres with just the four buildings and lots of sand dunes and trails to go along with that direct beach access.

The finances on this are not too bad at all. If you put down 20% ($19,800) then add in the PITI (principle, interest, taxes and insurance) and HOA for a monthly payment of around $875. I realize that this still is a healthy contribution from the monthly budget, but it is clearly within reach for many people including a fair number that "think" it requires the magic of the Fairy Godmother.

If these numbers are still out of reach, the idea of going in with partners and sharing the use of the space is a possible solution. There are potential problems with a sharing arrangement but they can be overcome with planning and written agreements. Splitting this between four groups makes the space very available for all parties to get more than ample use out of the property and reduces the cost to less than most timeshares on the Oregon coast offering a lousy two weeks a year! Between four the number work out to $4950 each as a down payment and just $220 a month each. This would leave each family with 13 weeks a year to stay in the unit. That is far more vacation time than most people take!

All said this is a small unit measure in at just 655 square feet. But that is still quite a bit bigger than most hotel suites and it has a full kitchen and dedicated parking. The condo offers the advantage of management of the grounds and structure and that can be important for those not living full time on the property.

There are many golden opportunities on our beautiful Washington Coast. all you have to do is look and you may surprise yourself with a gift from the Fairy Godmother.

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