Amazing island values

[Descant]

Originally Posted by Juiced06GTO

My dream of owning an island place has died too......

A few on Cow went up today, but they are so over priced for what you are getting I can't believe it. There was also one on the mainland in Alton that went up today, 699k for 600sq ft and 43ft of waterfront.....

I fear that our time with the family place down on Upper Suncook is coming to an end soon as well. Too many family members wrapped up in the trust, taxes just doubled to about 14K/year, and the family is talking about trying to extract every penny out of it if we decide to sell as a trust and I can't afford the almost $800k it would be to buy them out

Sad times....I may be a one week renter in the lakes region from here on out shortly...

A smart CPA might be able to solve some of this. If you had the $800K, would they get it all or would they lose a lot in capital gains taxes? A sale over time might resolve some of that. Can you buy it as an investment property and rent/lease to others? Possible cash flow for some years, depreciation, tax breaks, etc. You could save on sales commissions and transfer taxes dealing within the family trust. Good luck.