Low tide for price of waterfront property
This waterfront home at 22 Broadway in Gilgo Beach is on the market for $895,000 Credit: Handout
Homebuyers, add this category to your "worth-a-look'' list: waterfront properties that dot the shores of Long Island, many newly priced below $1 million.
Here's what's working in your favor: the housing downturn, the rising cost of gas to fill up a motorboat, changes in flood zones and fear of damage from future hurricanes.
With record low interest rates, a waterfront home may no longer be an impossible dream, says Marie Skarren of Prudential Douglas Elliman Real Estate in Merrick, especially for buyers who can afford the flood insurance and taxes.
While many consider the ocean to be the trophy view, there are plenty of other bodies of water to live by, each with its own charm. The Island boasts them all: Long Island Sound, harbors, bays, canals, rivers, lakes, creeks and ponds, says Arlene Reckson, a senior vice president with The Corcoran Group in Amagansett.
"A few years ago, the only waterfront for under $1 million was a knockdown property or very small -- nothing prime," notes Seth Pitlake, a Realtor with Prudential Douglas Elliman Real Estate in Merrick. Now, Nassau and Suffolk have more than 650 waterfront homes in this price range for sale, according to the Multiple Listing Service of Long Island.
East Hampton $725,000
Gilgo Beach $895,000
Port Washington $639,000
How to choose waterfront property
First, you have to evaluate your lifestyle and needs, says Vicky Thompson of The Corcoran Group. Some questions to ask yourself: Are you looking to be near a beach? Do you want to be able to go swimming outside your door or launch a boat? Do you just want to look at the water? Some people love being up on a high bluff, while others want to put their toes in the sand first thing in the morning, Thompson says.
For avid boaters, the size of a craft becomes a crucial part of finding a waterfront property. You have to consider the water depth, tides and exposure to wind and waves.
Fishermen will want to stick to properties with easy access to their favorite fishing spots, though, depending on the season, those spots may vary, Thompson says -- surf casting by the ocean, fishing off a jetty or pier, or fishing off a rowboat in the bay.
