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On my recent girlfriend trip to Pickwick lake where Tennessee Alabama and Mississippi meet I noticed that there were a number of properties for sale. My local and childhood friend Katie said that the property values have held up pretty well there but the houses are just not selling as well as they were before the recession. She showed me one property that is a very nice reasonably sized vacation home with a beautifully manicured lawn that is on the market for over $ 2 000 000. When we were growing up the lake had scattered cabins which could be bought for well under $10 000 in the early 1970’s. Now even small waterfront cabins are over $500 000.
Is there a lake or oceanfront property near you that would make a good investment while real estate prices are low? It is amazing how waterfront properties hold their value during market downturns. Pay attention while you vacation this summer. Be curious and ask about the prices of those waterfront properties. You may want to consider an investment if it is financially suitable for a rental property your own family’s use or both. In 10 years time you may be glad you did.
Speaking of water stay cool!