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Originally Posted by GWC...
Give a little thought to how much you would price your place at the Lake, run the clock back 8 years, and you could make the same statement about it.
Also, perhaps you should explain your point of view to Gilford. The appraisals for the slips at GYC increased this year - softening, you say?!
There will always be those who over-extend and feel a need to soften their price. They're in it for the short-run, quick buck.
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If any of the real estate agents care to chime in on this one I think that you will hear the same, slip pricing has come down a bit. Check this forum, the pricing at MVYC has definitely slid a bit. Yes, appraisals in GYC went up this year BUT SO DIDN"T THE WHOLE TOWN OF GILFORD!!! My house just went up $140k. I am sure there will be plenty of people chiming in on this over the next few weeks as they open their version of the letter I just got from the town. Just because the town reised the appraisals does not necessarily indicate the true market value is up as well. A neighboring lot to mine can be bought in the low $200's with comparable topography, frontage and a bit more acreage yet mine is appraised at $265k. The property in question has been on the market for a few years now with no solid hits.
As far as being in it for the "short-run, quick buck the dollars and SENSE of slip ownership these days is not where it was. There really appears to be no shortage of dockage on the lake, especially with crowds down. I think that we all agree there is no abundance of slips that big nor is there an abundance of boats that big on the lake either. With interest rates where they are and pricing as high as it is honestly it is more cost effective these days to rent than to buy. Figure your mortgage, taxes, insurance, club and maintenance fees and it is certainly a lot higher than the $4200 I pay a year to rent if I was to buy the same slip.
And no, I do not think the PC world is overpriced.