Greg Boan | Associate Broker
(561) 251-6887 direct or text
greg@seasideluxhomes.com

All about Buying Waterfront

Tags:   Waterfront Real Estate, Greg Boan, Seaside Luxury Homes

Greg Boan, RCC, Associate Broker

Licensed Real Estate Broker, Coldwell Banker, LLC Waldorf Astoria Boca Raton Resort & Club Office

South Florida is blessed with an abundance of waterfront real estate. Fabulous oceanfront, Intracoastal, lakes, canals, even riverfront properties are all desirable but the paradox is, supply is limited relative to demand. In my experience waterfront has always been a solid investment. Real estate markets are cyclical like anything else and waterfront values are not immune to price fluctuations, however properties on the water are generally the first to rise in an up market trend and the last to decline in a downward cycle. Why? It is a lifestyle not obtainable from other type properties. It may be the spectacular views or close proximity to the ocean, or boating and water sports activities, or a tranquil water setting on the 15th fairway that draws people to the water but others may just need it for their soul.

I often see terms on a Listing or verbally hear it stated, "this home has deeded beach access” or a “deeded dock”. If you encounter this pay attention then ask, let me see the deed or the tax bill. These terms are loosely bantered about and yes a single family home would have a deed to the land including the dock but not necessarily a deed to beach access down the street. Beach access will usually be afforded by a dedicated easement to a community or via a common element of an association with exclusive or common rights of use. Almost any dock with few exceptions in a condominium development will be a common element of the association, however docks can be exclusively assigned to a specific unit in perpetuity or assignments of a dock may be traded (sold) amongst owners within that community but not to outsiders. The good news is the condo association usually must maintain the dock and seawall and the dock is referred to as an “Exclusive Right of Use Limited Common Element”. An HOA (Home Homeowner’s Association) is a different type ownership than a condominium and dock rights can be a mixed bag. Many HOA parcels are “Fee Simple Ownership” just like a single family home and you own the dock. This would be deeded as part of the parcel deed but some docks and seawalls in an HOA environment can also be common elements of The HOA with assigned docks under the control of the association on a (first-come basis) or an “Exclusive Right of Use Limited Common Element” dock specifically assigned to the unit that no one else has a right to use. Make sure you get an accurate disclosure of the usage and ownership rights you’re entitled to before purchasing in any type of Association.

What is Deepwater dockage? It simply means no fixed bridges to the ocean. Fixed bridges are those that do not open to allow higher superstructure vessels to gain access to the ocean. This can be a sailboat for sure or any larger power boat with a high superstructure, fly bridge, etc. It is important to note a non-Deepwater home (behind a fixed bridge) will generally be valued less than its Deepwater counterpart for obvious reasons. Property evaluation is based on “best use”, hence the larger the yacht potential, the higher and more desirable the land value.

© Copyright, Greg Boan, Feb. 25, 2016

www.SeasideLuxHomes.com

 
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