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Started By
Message
What should I do with my property?
Posted on 2/22/15 at 8:15 pm
Posted on 2/22/15 at 8:15 pm
I have some property down in the MS Gulf Coast area. Area was hit pretty hard by Katrina and still really isn't back to how it was before. My dad has since moved to Texas and passed it on to me. I'm in college and I don't think I'll ever live there, but I don't want to just sell it because it's in a good spot right by the beach, and I spent a good bit of my childhood there growing up.
7
Posted on 2/22/15 at 8:41 pm to MoreLandshark
You don't want to sell it yet you don't want to live there.
So that leaves renting it perhaps?
So that leaves renting it perhaps?
Posted on 2/22/15 at 9:05 pm to MoreLandshark
Undeveloped property* on the MS Gulf Coast is a loser. Insurance costs have seen to that.
As your basis is conceptually zero, I'd get out. The old neighborhood ain't coming back.
You can make more on reinvesting the proceeds of the sale than the property will appreciate.
*If there was a house on it that was destroyed by Katrina wave action.
As your basis is conceptually zero, I'd get out. The old neighborhood ain't coming back.
You can make more on reinvesting the proceeds of the sale than the property will appreciate.
*If there was a house on it that was destroyed by Katrina wave action.
Posted on 2/22/15 at 9:52 pm to Teddy Ruxpin
Well there's nothing to rent. It's just a slab of the old house.
Posted on 2/22/15 at 9:53 pm to soccerfüt
I agree. It does have sentimental value to me though, and I might want to return there one day. So I guess I'll just hold on to it.
Posted on 2/22/15 at 10:14 pm to MoreLandshark
Is it in a neighborhood? How is the area around it doing?
Would your dad pay to have the slab removed?
If you can get the slab off of it, and it's not in a neighborhood (i.e. you don't have to worry about cutting the grass) then there is really no cost to keeping the land. Property taxes and maybe a simple liability policy.
I truly don't know what's happening with the coast. I went there a ton as a kid. The casinos have provided jobs and money but have completely destroyed the sound. We used to swim for hours on that beach as a kid, I would not step foot in it now. Yet, over the summer, we spent the weekend at one of the casinos, and it (and it looked like the rest of them) were absolutely packed. And it wasn't cheap to stay there.
Would your dad pay to have the slab removed?
If you can get the slab off of it, and it's not in a neighborhood (i.e. you don't have to worry about cutting the grass) then there is really no cost to keeping the land. Property taxes and maybe a simple liability policy.
I truly don't know what's happening with the coast. I went there a ton as a kid. The casinos have provided jobs and money but have completely destroyed the sound. We used to swim for hours on that beach as a kid, I would not step foot in it now. Yet, over the summer, we spent the weekend at one of the casinos, and it (and it looked like the rest of them) were absolutely packed. And it wasn't cheap to stay there.
Posted on 2/22/15 at 10:31 pm to LSUFanHouston
I'm telling you all, the Coast along the beach is dead.
There's much more fallow land than improved and very little present or planned development going on.
As I said, the old neighborhood is not coming back it has been a decade since the storm. The barriers and cost to build again there are higher than they've ever been, further chilling any recovery.
I'd sell and reinvest the money, if you ever wanted to do something there, you will be able to find property there easily and you will make more in the interim.
Non-producing asset? Gone!
There's much more fallow land than improved and very little present or planned development going on.
As I said, the old neighborhood is not coming back it has been a decade since the storm. The barriers and cost to build again there are higher than they've ever been, further chilling any recovery.
I'd sell and reinvest the money, if you ever wanted to do something there, you will be able to find property there easily and you will make more in the interim.
Non-producing asset? Gone!
Posted on 2/22/15 at 10:43 pm to soccerfüt
Yeah Dad is giving it to me as-is. It's my problem(Not really a problem thanks for the land Pops) now.
There are a few houses on the street, but it's nowhere near what it was. And yep the coast is really suffering, few years ago my dad lost his job and couldn't find anything at all, He had to relocate to Texas.
But as far as having to keep it up, we haven't cut the grass in a decade
We go look at it probably once a year, just me little spot of grass and cement.
There are a few houses on the street, but it's nowhere near what it was. And yep the coast is really suffering, few years ago my dad lost his job and couldn't find anything at all, He had to relocate to Texas.
But as far as having to keep it up, we haven't cut the grass in a decade
We go look at it probably once a year, just me little spot of grass and cement.Posted on 2/22/15 at 10:49 pm to soccerfüt
Ya, large stretches have not come back. It will be quite a bit of time before it does fill in.
Sad too, if Katrina never happened they may have been able to use those casino assets to diversify the economy down there but alas, not the case.
Sad too, if Katrina never happened they may have been able to use those casino assets to diversify the economy down there but alas, not the case.
This post was edited on 2/22/15 at 10:49 pm
Posted on 2/22/15 at 10:50 pm to Teddy Ruxpin
We knew a few people in the local gov'ts around there before katrina. They weren't good for shite.
Posted on 2/22/15 at 10:50 pm to MoreLandshark
quote:
We knew a few people in the local gov'ts around there before katrina. They weren't good for shite.
They never arePosted on 2/22/15 at 10:51 pm to MoreLandshark
It's like anywhere else, there's good and bad folks in politics.
Posted on 2/22/15 at 10:57 pm to Teddy Ruxpin
Well down in Bay Saint Louis, where I grew up, they all had that "Small town" mentality. The one where they will literally hinder progress because they don't want too much expansion as they might lose their power because of it. Good people, shitty work in politics.
Posted on 2/22/15 at 11:41 pm to MoreLandshark
quote:
Bay Saint Louis
Oh, ya, rebuilding is going to be awhile there. I don't get down in that area often, but Biloxi can't even fill in the empty lots, so good luck with the Bay.
I grew up in Ocean Springs. Our topography saved our arse.
Posted on 2/22/15 at 11:46 pm to MoreLandshark
I was in the same situation with my property in Biloxi. I could've built back, albeit ten feet higher, but between insurance and elevation costs, it wasn't worth it. Finally sold the lot a few years ago after it sat for seven years. Fwiw, there were lots in town on the beach that sat empty for thirty years after Camille.
Posted on 2/23/15 at 1:21 am to CroakaBait
I'm just wondering if in 30-40 years if I'll be wishing I hadn't sold it
Posted on 2/23/15 at 1:22 am to Teddy Ruxpin
I love Diamondhead and the Pass. Mostly because of family. But yeah if I ever move back to the coast it's probably not to the Bay
Posted on 2/23/15 at 7:09 am to MoreLandshark
It sounds like you want to keep it. Would you use it, sparingly, if there was a small house on it?
Do they still sell Katrina cottages on the cheap? Maybe get one situated on the land and go visit every now and again for a relaxing weekend.
I don't know a lot about the area, so I'm not sure if you'd have a problem with rebuilding regulations or what. Just tossing it out here because, again, it sounds like you want to keep the land but know there isn't really any reason to do so in its current condition.
Do they still sell Katrina cottages on the cheap? Maybe get one situated on the land and go visit every now and again for a relaxing weekend.
I don't know a lot about the area, so I'm not sure if you'd have a problem with rebuilding regulations or what. Just tossing it out here because, again, it sounds like you want to keep the land but know there isn't really any reason to do so in its current condition.
Posted on 2/23/15 at 7:26 am to MoreLandshark
quote:
I have some property down in the MS Gulf Coast area. Area was hit pretty hard by Katrina and still really isn't back to how it was before. My dad has since moved to Texas and passed it on to me. I'm in college and I don't think I'll ever live there, but I don't want to just sell it because it's in a good spot right by the beach, and I spent a good bit of my childhood there growing up.
How much are the property taxes each year?
Posted on 2/23/15 at 8:02 am to kingbob
Someone up there said something about insurance or taxes, but my dad is frugal as hell and he hasn't ever complained about paying taxes or anything on it.
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