Thursday, September 29, 2011

Oceanfront Property, Anyone?

With tourist season winding down, many of the houses along Ocean View Drive no longer have occupants, and owners are using the fall to accomplish much-needed maintenance. The wind, rain and fog do take more a toll on oceanfront property than in other areas of town. While a house with water view is a dream for many, the reality of such ownership includes worrying about the elements and the erosion caused by winter storms. The rate of erosion, here in Wellfleet, is three feet per year, in a worst-case scenario. One Ocean View Drive owner decided it was time to move his house back from the eroding dune and put the three-bedroom on the market. This house, built in the late 1950s, was moved back 108 feet, Cindy, at Raveis Real Estate told me, providing a life expectancy of 35 to 40 years. The owner is adding two bathrooms and one bedroom, for a total investment of $200,000. The move alone cost $35,000. This Ocean View Drive house, for sale for $1,500,000, can be visited starting in February or March. If you won the lottery, would you consider buying oceanfront property or do you see this as a waste of money?