Posted by Art_MD on 1/27/05 9:18am
Msg #18374

a nice story of a heloc

Couple of months ago closed a heloc ($50K) - there was no 1st.. House had 1200' of waterfront on chesapeake bay. appraised at $975K (which was low !!). Couple were in their late 60s. They casually mention that they decided that since their kids were grown and stable, they were going to really enjoy life. They had booked a 10 week around the world cruise. I told them they needed a bumper sticker which is very common in FL -" I'm enjoying life - spending my kids inheritance"

Reply by Ted_MI on 1/27/05 10:52am
Msg #18386

Hi Art,

I really believe that assessment was low!! I don't know anything about pricing of waterfront property in Maryland, but here in Michigan waterfront property on Lake Michigan is about $6 thousand dollars a front foot, from what I understand.

Reply by Art_MD on 1/27/05 1:42pm
Msg #18436

that could be true. Here, however, there are more restrictions than carter has liver pills. The property was "senseative" (poor spelling) and could not be subdivided. There is one property for sale 19 Acres, 1000 LF of bay - one building lot !!!! $3 Million.