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Old 08-09-2009, 03:02 AM
 
Location: Wakefield
53 posts, read 112,732 times
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I have recently seen some homes listed in multiple beach communities and they are listed as non rebuildable. What does that mean? Does the designation ever change? Would you buy a beach house that you can't rebuild if there is a fire or natural disaster?
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Old 08-09-2009, 02:16 PM
 
Location: Jacksonville
160 posts, read 699,279 times
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A non-rebuildable ocean front lot is designated as such when the lot has eroded to the point where there is no longer enough lot space to meet setbacks or because the dune line has moved or eroded. Once a water front lot has been designated as non-rebuildable, it is VERY unlikely that designation would ever change. Buying one of those homes is risky because it only takes one hurricane to destroy a several hundred thousand dollar investment. I personally would never buy one but people do it all the time. They usually transfer in the 200-300k price range which wasn't a bad deal when most ocean front homes were above one million dollars a few years ago but now you can get an ocean front home on a rebuildable lot for less than 700k.
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Old 08-09-2009, 02:24 PM
 
1,948 posts, read 2,630,783 times
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to me the answer is pretty obvious , NO

it would be like investing money that you for sure never would get back.
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Old 08-09-2009, 03:41 PM
LLN
 
Location: Upstairs closet
4,981 posts, read 8,742,906 times
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I wonder if you can even insure one?
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Old 08-10-2009, 03:31 PM
 
Location: NC's southern coastline
452 posts, read 2,127,146 times
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I wonder too....I know what happened to Ocean Isle Beach during Hazel, and there was a whole row of houses lost...now ocean front houses, are ones that used to be 2nd row back until the beach eroded after hurricanes came in. So I always wonder how long it will be until today's ocean front homes, are tomorrow's- well, *surf*. How long til the houses that were on the 3rd row in the 50s, are oceanfront? It would only take ONE hurricane to destroy that whle beach again.

I wonder about the insurance situation, too. From the stories I hear about Hurricane Hazel, it would make me afraid to buy on Ocean Isle Beach--I would SURELY NOT buy, if it was nonrebuildable or uninsurable, or would not be insured to be rebuilt as it was before. My guess is that people who have these front row homes know what could happen and are taking their chances, thinking they'll be able to enjoy the home for one lifetime or retirement and not thinking of any more down the road than that...they're not buying for investment, I don't think. Just to enjoy and probably for rental income.
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