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Mayne Island Nightmare: Selling rec property in a collapsing market.
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03-24-2014, 01:48 PM,
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RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
Skook:
Thanks for sharing. What a nightmare! Your cogent comments are right on the mark. I've posted this information in a reply elsewhere, but here it is again. It's a truth that refuses to go away. Bare land, whether recreational, industrial or mainline residential, is a challenge. Here is my concise list of the pros and cons of vacant land as an investment. The upside: Potential increase in value Build the house you really want The downside: Potential decrease in value Complicated for average person to build the house you really want Notoriously difficult to finance No cash flow Property taxes and/or association fees Maintenance and/or liability insurance Value dependant on the area’s fortunes Permits and approvals may become more difficult as ordinances and political changes occur Zoning restrictions Illiquid Few tax benefits, including that you can’t depreciate land By and large, vacant land continues to be the domain of the strong sophisticated investor with a diversified portfolio. |
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