Quote:
Originally Posted by CTYankee
The previous sale price was 750K in 2018, I thought that was a lot for a seasonal island property. Much has changed in the perceived value of real estate property since then. I say perceived value because, of course, value is determined by what someone is willing to pay.
I was lucky. I purchased my families place on Bear in the same area as 310 in 1986 for 128K. The 2024 tax assessment is 675K, go figure. Sounds like a good investment. For some who only keep their property for a few years and then move on that may be the case. For others, like me, an average person who would like to leave a legacy property for future generations to enjoy it is worrisome. I've been lucky enough to have spent summers on the lake, first on Locks Island now on Bear, since the early 1960s. In many cases the average family has been forced to sell by the ever-increasing assessed value and associated pressure of taxation of their family property. The average person should not be forced out because the monied class has moved in willing to pay millions of dollars thus inflating the cost of owning property for the average person.
|
Agreed...sort of. The idea that increasing real estate values benefit homeowners is a myth. On paper, you're ahead, and you could sell the house...but you still need a place to live, and you have to buy another at the new higher price level or move to a less attractive spot. Yeah, you can leave it to your kids, but they are also facing higher real estate prices. Yeah, you could cash out on the lake house, but the lake house is priceless if you love it.
Maybe rent the place for a couple of weeks to cover the taxes? Not ideal, but better than letting her go.