Monday, September 12, 2005

Marin PoS

Check out this Marin PoS selling out in Inverness (found it on (I won't list the address because I might get in trouble):
Original Price: $799,000
Current Price: $659,000

Description: Rare Waterfront Acreage on Tomales Bay.Cozy redone one bedroom cottage which looks out onto Bay & Black Mountain.Walk out your door to your own private beach.Own a piece of the Bay.A great getaway retreat/second home,investment opportunity or vacation rental.Approx.two flat acres are usable. A rare opportunity to own PRIME BAY FRONT REAL ESTATE!!
I see this place every time I drive out to Drakes Beach. I actually visited it a year and a half ago when my friend's car broke down and we had to knock on their door to borrow the use of their phone. From what I hear it is on the market now because the owner has passed away and is being sold by one of the owner's children.

It is a square garage. I'm guessing it was used to house a boat at one time. It has not been renovated in any significant way. It is anything but "cozy". There may be an acre or two for all I know, but this is a PoS that is barely standing. It floods during a severe rainy season. The surrounding land contains a lot of "swamp" (if you've been out to Tomales Bay, then you know exactly what I mean). The only value here is the acreage but it is like a foot above sea level so I wouldn't consider that very useful unless Inverness would allow someone to build a house on stilts.

Oh, and about eight months ago or so it was listed for more like $850K; that's quite a reduction.


marine_explorer said...

That bs write up is laughable--and "2 acres" that will disappear during a polar melt.
PoS indeed.

Marinite said...

Hah! LOL! Do you actually think that your average RE frenzied buyer is actually thinking that far ahead? They are not even thinking as far as when their IO loan turns over.

I am thinking that far ahead, but that's only because the next house I buy I want my children to have the option to live near me (what a concept these days) and if for no other reason than to inherit and they are definately going to have to deal with rising sea levels.

marine_explorer said...

Do you actually think that your average RE frenzied buyer is actually thinking that far ahead?

Hehe...nope, many don't even understand basic finances, let alone topography/geophysics. Idiotic on many levels. Similar to a sighting last year--a development in Los Altos Hills touted as "luxury waterfront homes", where the "water" was the sag pond of an open pit mine. They didn't bother to disquise this glaring fact with landscaping; the homes were priced from $3-4.5M.

Anonymous said...

Are there other forums/blogs that are more specific for this topic? I have not found one.