Looking at beach front property in Waveland (for sale, insurance)

[hotelmontana]

We are looking at beach front property in Waveland, MS and after 3 trips there we find ourselves wondering why so many lots are for sale there on the beach? Prices are really low compared to beach property in other states. We understand that Katrina wiped out that community and many probably don't want to come back, but it has been almost 4 years and there seems to be a whole lot of beach front property still for sale? What's up? Unable to get insurance? Too many restrictions and regulations? We are confused. Originally from Montana, now living in New Orleans.

[NWS]

Actual beach front property would probably be unable to get standard insurance or would be in the 4-8k a year range

[jacksonian]

Lots of people got screwed after Katrina hit due to the literature of the insurance policies. There was a big dispute between the difference of wind blown damage, flood damage, and water surge damage. I would check out the property taxes as well as the insurance policies that are available.

[2HHI]

There are two main reasons why the MS Coast has little beachfront building. The building codes, namely height restrictions, cause building costs to soar, and secondly, insurance premiums, if you can get them, are outrageous. This is echoed in all coastal regions, not just MS. I can not tell you why all the previous residents who lived in beachfront mansion have not rebuilt...because the MS Coast was lined with them. I cant imagine it being a money issue on their part, so I can not defiantly say why most have not returned. As for out-of-staters like yourselves, there is simply not enough of you that want to live in this area. The MS Coast does not seem to attract large influxes of wealthy enough people wanting to built on their coast, and there is little wealth here like a FL or SC; those states attract large numbers of new residents that buy/build expensive beachfront property and fill up gated communities. That type has yet to come to the MS Coast in large numbers... my prediction is that it eventually will. MS Coast offers a combination of things that cant be found in FL or SC. MS Coast is still a "best kept secret" and is a "diamond in the rough"...but when they come...and they will come...look out...that beachfront lot your looking at today may be out of reach for you tommorrow!