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OT: Buying a second Home

The summers were definitely cooler than NYC/NJ area. When we build our house in 1997, we did not install AC. At the time, when money was tighter, we went for hot water baseboard heat to deal with the cold winters, and the cost of an AC system was prohibitive. We sold to a family that relocated from Washington State, and the first thing they did was install HVAC.

Winters were colder, snowier and more miserable.

I don't remember cloudy/humid/thunderstorms. Maybe we were suffering from the winter trauma.
What was the phrase up there to demonstrate not much to do? “Great place to raise a family”
 
Sold our place on LBI after the crash in 2008-- miss it but not the need/obligation to go down every week. Nice to have a 2nd place where you don't need to pack to visit .We use a our city apt for that butwhen you retire some want to take off the shackles and travel anywhere they want
As a kid my parents had a place in Beach Haven that I always enjoyed going to , especially Holiday Snack Bar for burgers and their homemade chocolate cake. I hesitated buying a second place for reasons similar to you in that I wanted travel. But when you retire , especially if it's a nice residential community , you may enjoy more the social aspect . I'm fortunate in that we can still travel where /when we want to.
 
The summers were definitely cooler than NYC/NJ area. When we build our house in 1997, we did not install AC. At the time, when money was tighter, we went for hot water baseboard heat to deal with the cold winters, and the cost of an AC system was prohibitive. We sold to a family that relocated from Washington State, and the first thing they did was install HVAC.

Winters were colder, snowier and more miserable.

I don't remember cloudy/humid/thunderstorms. Maybe we were suffering from the winter trauma.
I do think that PTSD from the winters may have made the 1 in 3 sunny days seem like SD up there. lol
 
What was the phrase up there to demonstrate not much to do? “Great place to raise a family”
The first 10 years out of college, we moved around a lot, thinking the less-populated, cheaper places to live away from NJ/NYC were the place to be. When we came back to NJ for good, we used to say "those places are cheaper for a reason." For some people, that works. It never worked for us. It may be why we may never be able to live in Sedona, AZ full time. Beautiful place to live. Outdoor activities galore and outstanding scenery. Fantastic restaurants. But even the locals call it Slowdona. To do anything remotely interesting outside of hiking/mountain biking, you have to go to Flagstaff, but mostly Phoenix. Plus the summers there are brutal.
 
The first 10 years out of college, we moved around a lot, thinking the less-populated, cheaper places to live away from NJ/NYC were the place to be. When we came back to NJ for good, we used to say "those places are cheaper for a reason." For some people, that works. It never worked for us. It may be why we may never be able to live in Sedona, AZ full time. Beautiful place to live. Outdoor activities galore and outstanding scenery. Fantastic restaurants. But even the locals call it Slowdona. To do anything remotely interesting outside of hiking/mountain biking, you have to go to Flagstaff, but mostly Phoenix. Plus the summers there are brutal.
Spent some quality time in November 19 in Sedona, Flagstaff and Grand Canyon. It was awesome. I see the attraction of Sedona. I have also been in the area in the summer. Though dry heat, it is unbearable.
 
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Question for you - I have friends in the Sarasota and Venice area. Home prices are high but taxes are still cheap when compared to NJ. It sounds like insurance costs are sky high but the problem they've had is keeping their insurance. I was recently told they won't insure a shingle roof that's more than 15 years old. Is this true and what's your experience with insuring your property?
BTW Venice and Sarasota are very nice desirable areas. Friends of mine are selling their place on Boston's North Shore and moving to Venice. Property insurance is very high because Hurricane Erma did a lot of property damage.. I live in an upscale residential community in a very nice part of Naples and my property insurance was over $4000 /yr despite my installing hurricane shutters and the HOA being responsible for the external building of our condo. We did save some money because a new roof was installed in 2020 and it passed some wind tests. My experience looking for homeowners insurance was that you can obtain it but be prepared to spend a lot.
 
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Just sold my house on LBI. Close in September. Will probably buy 2 places in Myrtle beach or north Myrtle to delay most of capital gains. Prices much lower, taxes low and warmer during the winter.
 
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Job. It was in the Finger Lakes area, and it was nice and cheap to live there, but boring. We lasted 2.5 years, and it may have been longer if not for a death in the family that brought us back home permanently nearly 25 years ago. There is no place like home.
Dance instructor at Kellerman's? :)
 
Just sold my house on LBI. Close in September. Will probably buy 2 places in Myrtle beach or north Myrtle to delay most of capital gains. Prices much lower, taxes low and warmer during the winter.
Property taxes are very low (NJ standards) for barrier island towns due to the lack of school-age children. If you want to stay in NJ for retirement, living in a shore town is the way to go.
 
If anyone is interested in forming an LLC to buy a shore property, let me know. Three investors might be the ideal number but I’m new to this. I’m in my mid-50’s and with virtually nothing left on my home mortgage balance, I am looking to act on some shore real estate…
 
Yep. When our son was still in school we used to do a week in Cape Cod in August (while his grandfather was still healthy enough to go, as that was his vacation spot since the late 50s) and the last week of August into the first week of September in OCNJ. Only been doing the 2 weeks in Sept for the last 10 years (he's 28).
Been doing 2 weeks in August in SH. We have drifted to the first 2 weeks of the month due to school prep and an end of the summer art camp that the little one loves. We use to book the week leading into Labor Day weekend, which provided a modest discount vs peak weeks.
 
If anyone is interested in forming an LLC to buy a shore property, let me know. Three investors might be the ideal number but I’m new to this. I’m in my mid-50’s and with virtually nothing left on my home mortgage balance, I am looking to act on some shore real estate…
Message me. I might have an opportunity for you.
 
Almost exactly the same here. OCNJ for 2 weeks in September every year (half price rentals, but more importantly, better weather, still warm ocean temps and less crowded) and in addition to all the things you mentioned, we realize we just don't want to have to do the work to keep two places in good shape.

I keep flirting with the idea of opening another real estate office down there because their model is ripe for disruption and in addition to brokerage sales we do a ton of property management. I'm not there yet though.
 
Spent some quality time in November 19 in Sedona, Flagstaff and Grand Canyon. It was awesome. I see the attraction of Sedona. I have also been in the area in the summer. Though dry heat, it is unbearable.
We spent many vacations in Sedona. Always thought we would retire there. Prices are now out of sight unfortunately.
 
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Just sold my house on LBI. Close in September. Will probably buy 2 places in Myrtle beach or north Myrtle to delay most of capital gains. Prices much lower, taxes low and warmer during the winter.
That’s one thing I can’t wrap my head around with buying NJ shore real estate…. You can only use it for 3-4 months out of the year.
 
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That’s one thing I can’t wrap my head around with buying NJ shore real estate…. You can only use it for 3-4 months out of the year.
Last summer was our first in our beach house. 10 year old and 8 year old at the time. I can hands down say it was the best summer of my life and so far this year is no different. For us it was a life changing decision.
 
I actually spent time there spring, fall and winter. No rule you can only use it in the summer.
I mean you can use it, but its not great when it’s cold.

Personally, I’m more interested in having a warm weather escape year round. You can always rent up here during the summer.
 
I mean you can use it, but its not great when it’s cold.

Personally, I’m more interested in having a warm weather escape year round. You can always rent up here during the summer.
May through Oct. up here is usually ok . Especially Sept- Mid October which is called second summer. that's 5 months. Then you can do a few day trips as needed.
 
In hundred years this is likely an interesting conversation questioning what were we all thinking living on the shoreline. An employee of mine has a house on the Outer Banks. Two off the ocean. Now one off the ocean.

Nature spends thousands (hundreds of thousands?) of years forming natural barriers off the coast.
The sole responsibility is to block the water from going further inland.
And we decide - let's build houses and live there.
And then when we get damaged/washed away, well let's rebuild in the same spot and say "but we'll beat mother nature this time."

There is a reason flood insurance needs to be federally subsidized.
Because no sensible company would offer it as cheap as it is.
And no homeowner wants to pay the actual full cost of it.
Would be interesting just how much people would still value their shore houses if they had to pay actual cost for flood insurance.
 
We bought a shore house 6 years ago and we've been very happy with it. (If you believe Zillow, it's up 67% since we bought it, but who knows.)

In our case, we chose Monmouth County (SL) for a number of reasons. One of them is it's less than an hour from our primary residence in Middlesex County. Also, it is very much a year round community and we use the house all year.

It's definitely not cheap having two homes, but we've enjoyed it. We're close to the ocean so that takes it's toll on things like air conditioning units. I think I've done a major repair on an air conditioner three years in a row (different units). Two sets of property taxes gets annoying.

But I'd say if you can afford it, go for it.
 
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We bought a shore house 6 years ago and we've been very happy with it. (If you believe Zillow, it's up 67% since we bought it, but who knows.)

In our case, we chose Monmouth County (SL) for a number of reasons. One of them is it's less than an hour from our primary residence in Middlesex County. Also, it is very much a year round community and we use the house all year.

It's definitely not cheap having two homes, but we've enjoyed it. We're close to the Ocean so that takes it's toll on things like air conditioning units. I think I've done a major repair on an air conditioner three years in a row (different units). Two sets of property taxes gets annoying.

But I'd say if you can afford it, go for it.
It really is.
 
If anyone is still looking for a first or 2nd home my daughter just listed a place on the bay here in OCNJ. The best time of the year is about to start, September and October. Great schools with a great athletic program too if you have kids

 
If anyone is still looking for a first or 2nd home my daughter just listed a place on the bay here in OCNJ. The best time of the year is about to start, September and October. Great schools with a great athletic program too if you have kids

Hmm, OC bay view. Can you see the nuke plant? :)
 
Dont you know T thinks OC is to low brow for a man of his stature. Its for the poors. Plus OC schools suck its private or nothing

It is only Stone Harbor and Montgomery.
Of all the non-SH shore towns, OC sucks the least! :)
 
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