Need help with where to live

[wpc691]

Originally Posted by Poohsmommi

There are a lot of homes in PGI for under $400k right now. We've been looking. What I meant by boating was that we will have a boat, but it really doesn't matter to us if we trailer it, or have it on our canal. I do want to be on a lake, at least. My only concern with buying or building off water was losing money in the long run. I know people like to be on the water, and if we ever decided to sell, I wouldn't want to be stuck!

I guess I've lost touch with the market - I would have thought it would be very difficult to get a newer canal home in PGI right now under $400K. There are a few nice lake view lots in Burnt Store Lakes that are not in a flood zone. If you're OK with trailering your boat, I'm not sure I'd get a canal home just for future valuation - when RE tanked, canal homes went down with everything else. Also, be careful of elevations on older homes in PGI - the only person who can give you an accurate elevation is a surveyor.

[Poohsmommi]

Originally Posted by wpc691

I guess I've lost touch with the market - I would have thought it would be very difficult to get a newer canal home in PGI right now under $400K. There are a few nice lake view lots in Burnt Store Lakes that are not in a flood zone. If you're OK with trailering your boat, I'm not sure I'd get a canal home just for future valuation - when RE tanked, canal homes went down with everything else. Also, be careful of elevations on older homes in PGI - the only person who can give you an accurate elevation is a surveyor.

Thanks!

[SoFLGal]

You can request an elevation cert from the current owner. If they have a mortgage on the property and it is in a flood zone then they are required to have one.

Are you looking for a location closer to town with more things to do like PGI? Or a more remote location, where your home might be the only one on the street and you will see bobcats roaming your backyard, like South Gulf Cove?

If you're looking at canal locations then you need to not only be looking at the homes but also evaluating the water. The things that make a waterfront property more valuable are;

1.Time/distance out to open water. I have people say to me all the time "I'm fine with a 45 minute ride out to the harbor." Once you do it a few times, it gets really old. Also, during the summer there are frequent thunderstorms and often you want to get back home in a quick fashion. If you're riding 45 minutes with no wake, that's a problem.

2. Are there any bridges? If there are no bridges, this is commonly referred to as "sailboat water". You'll see this in many listings because it is the most desirable water. Then there's "power boat water". This water would have bridges but they would be high enough to get most boats under. Then there "canoe/kayak water". This is the least desirable with low bridges and/or shallow water.

3. Next would be the depth of the water. If you're going to run a sailboat you need deep draft water. A power boat would take less water and obviously a canoe or kayak would take minimal draft.

4. Then would be the width of the canal. The wider the better.

5. And finally, who maintains the seawalls? In PGI, the City of Punta Gorda maintains the seawalls. This is a huge plus and a big savings: City of Punta Gorda Florida

[wpc691]

Originally Posted by SoFLGal

You can request an elevation cert from the current owner. If they have a mortgage on the property and it is in a flood zone then they are required to have one.

Are you looking for a location closer to town with more things to do like PGI? Or a more remote location, where your home might be the only one on the street and you will see bobcats roaming your backyard, like South Gulf Cove?

If you're looking at canal locations then you need to not only be looking at the homes but also evaluating the water. The things that make a waterfront property more valuable are;

1.Time/distance out to open water. I have people say to me all the time "I'm fine with a 45 minute ride out to the harbor." Once you do it a few times, it gets really old. Also, during the summer there are frequent thunderstorms and often you want to get back home in a quick fashion. If you're riding 45 minutes with no wake, that's a problem.

2. Are there any bridges? If there are no bridges, this is commonly referred to as "sailboat water". You'll see this in many listings because it is the most desirable water. Then there's "power boat water". This water would have bridges but they would be high enough to get most boats under. Then there "canoe/kayak water". This is the least desirable with low bridges and/or shallow water.

3. Next would be the depth of the water. If you're going to run a sailboat you need deep draft water. A power boat would take less water and obviously a canoe or kayak would take minimal draft.

4. Then would be the width of the canal. The wider the better.

5. And finally, who maintains the seawalls? In PGI, the City of Punta Gorda maintains the seawalls. This is a huge plus and a big savings: City of Punta Gorda Florida

All good points on the water question. It's OK to use an elevation certificate from the owner to keep a house on your "possible" list, but never sign a contract without your own survey or survey contingency. Besides, it's unlikely you'll get a certificate, or anything else, from the current owner - we looked at over 70 houses, and mysteriously, nobody could ever find their survey. Also, never accept the owner's estimate of time to harbor - it will always be about half the actual number. Just go on Google Earth and use the "Ruler" function to calculate the exact distance; figure the time using 4 (or 3, or 5) mph, and you'll know for sure - if the marked channel in the harbor is "no wake" (like Ponce or Bass inlets), be sure to include that in the total distance. Also, be careful of the taxes - if they seem too low, they probably are, and yours could be much higher. There are strange provisions here for portability of valuations on homesteaded property. There are a lot of unique considerations buying a house on the water - do your own due diligence, and do it very, very thoroughly.

[SoFLGal]

Originally Posted by wpc691

All good points on the water question. It's OK to use an elevation certificate from the owner to keep a house on your "possible" list, but never sign a contract without your own survey or survey contingency. Besides, it's unlikely you'll get a certificate, or anything else, from the current owner - we looked at over 70 houses, and mysteriously, nobody could ever find their survey. Also, never accept the owner's estimate of time to harbor - it will always be about half the actual number. Just go on Google Earth and use the "Ruler" function to calculate the exact distance; figure the time using 4 (or 3, or 5) mph, and you'll know for sure - if the marked channel in the harbor is "no wake" (like Ponce or Bass inlets), be sure to include that in the total distance. Also, be careful of the taxes - if they seem too low, they probably are, and yours could be much higher. There are strange provisions here for portability of valuations on homesteaded property. There are a lot of unique considerations buying a house on the water - do your own due diligence, and do it very, very thoroughly.

I totally agree with all of this. I would also suggest taking an actual boat from the home you're considering out to open water. You might want to consider doing this in your inspection period. There are plenty of Captains around who you would be able to hire to accomplish this.

I usually request the elevation cert so we can get an initial flood quote. Then get the cert redone if you want to move forward.

That's pretty funny on the owners estimate of time out to open water....but so true