Tell Us Your Real Estate Story

Posted by: Chris Palmeri on March 20, 2009

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Reader Marianne tells us one big mistake she and her husband made five years ago when they bought their dream waterfront property in Florida. If you want to be included in this feature send a story about your house and a photo of the property to chris_palmeri@businessweek.com


My husband and I were happily living on our boat in an upscale resort in Aventura, Florida. When we saw real estate was beginning to escalate in 2004 we feared if we didn’t buy a house soon then we never would be able.

Finding a place that would accommodate our boat was a task since we didn’t have a million dollars and besides we wanted to move away from the big city traffic and congestion of Miami and Fort Lauderdale.

We found with great effort our current house. It was owned by an older lady who used it as a second home and had not been in it for 3 years. Needless to say it needed work. Six months later blood, sweat and tears of our own labor and $60,000 we had the house up to speed.

The house is located in Jupiter, Florida, a burb of West Palm Beach so to speak. It’s lovely here,
minimal traffic and Disneyland for anyone who plays golf and tennis. “Tiger” lives just up the road on Jupiter Island along with other golf superstars

The house is in an upscale golf, country club community. We are not golfers and never will be.
The amenities are gorgeous and with open spaces. The shopping and conveniences are best around especially for someone like me who likes to cook. The boat is walking distance in a lovely property owners-owned marina.

We have a yacht and boat supply business that delivers dockside in Nassau, Bahamas. Our designated private air carrier is in Fort Lauderdale over 54 miles, one way. What was I thinking… or not? What we didn’t realize, being clouded by all the real estate hype at the time, that it’s an over 50 mile hike in one direction and it gets old quick. Being over 50 perhaps commuting is more of an issue than it is if you are younger.

Our house has been on the market for almost two years. We have had tons of lookers and two offers which looking back we should have taken. We are in a unique situation as this is one of the few homes here that doesn’t have a $150,000 golf membership attached to it. If we don’t sell the house by the fall we plan on renting it out and moving back south and renting a house to be where our core business is. We have a website at http://www.admiralscovecottage.com.

The house is currently listed at $499,000.

 

About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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