Waterfront Property Can't Find Buyers

The New York Times recently reported that waterfront properties are struggling to find buyers due to price, maintenance and the cost of flood insurance.

Jacqueline Lewisy, a saleswoman with Signature Premier Properties in Northport, told the news source that while its a tough market for waterfront property sellers, it is a great opportunity for buyers to go after their dream home due to the low prices. Waterfront property in Nassau reported its highest sale at $6.8 million, which was listed at $15 million two years ago. In Suffolk, the highest priced sale was $7.7 million that was listed for $14.9 million in 2007, according to Multiple Listing Service of Long Island.

However, San Francisco D Business recently reported that the luxury housing market in Marin County and the San Francisco Bay Area is on the rise, according to Coldwell Banker. Marin County's luxury home sales reached their highest level in three years. The area reported 80 homes sold for more than $1 million in June, up from 60 sales in May. The homes are selling faster as well, with the average time on the market dropping to 69 days, down from 96 days in May, according to the Multiple Listing Services data.

Rick Turley, president of Coldwell Banker Residential Brokerage, told San Francisco D Business that while regional housing market was quiet in the spring, the luxury market has increased momentum in the summer.

"The high-end segment normally leads the way for the rest of the market in a housing recovery, so this is encouraging news for the entire market," Turley said.  

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