Page 32 - EQ Magazine Issue #3
P. 32
FIRST-TIME HOMEBUYER RESOURCE
Through the Eyes of a Real Estate
Professional, Julie Baldino
By Lilyvette Rodriguez
Coastal properties, while want. Julie invested several months before she found
desirable, will greatly her ideal property.
differ based on their
location. When you think Pricing of properties in the Pacific Northwest reflects a
about the Pacific very wide range from $95,000 for a condo on the bay
Northwest, lakes and a up to $10 Million for
rugged coastline may waterfront. The median
come to mind. The price being $400K with
temperatures are a lot a water view and water
cooler than California, frontage $600-$700K.
Texas or Florida water There’s still a lot of land,
properties. As with any so some properties have
real estate investment, what you don’t know can hurt a lot of acreage. Baldino
your pocket. If you are unfamiliar with the area you are commented, “I wanted
considering, it is especially important to do your more privacy, that’s why
homework. we went with a house.”
Recently, Julie Baldino, experienced firsthand what it If you plan to rent, investigate local government
feels like to purchase a coastal property, and she’s a real ordinances that restrict your ability to lease. You will also
estate broker in Vancouver, Washington. While being in want to gauge employment opportunities. This will
the real estate industry provides a skillset, it doesn’t directly correlate to tenant’s ability to pay rent. For
provide insight to potential blind spots. That’s why it’s example, Newport, Oregon’s workforce is hospitality,
always advisable to use local services and resources. restaurant and retail. Depoe Bay, and Lincoln City, the
Advice she followed to ensure her transaction went cities next to Newport, highly regulate vacation rentals
smoothly. because locals have a difficult time finding long term
leases. As a result, because Newport is less restrictive, it
The Pacific Northwest coastline attracts second home has less inventory and consequently experiences a hot
buyers, retirees and has a vibrant rental market. Inland rental market. Depoe Bay’s prices were a lot less
properties sell quicker when compared to coastal expensive when compared to Newport. Affordability
properties which could sit six to ten months before with jobs is an issue as the better paying jobs are in
selling. According to Baldino, “Second home market Seattle and Spokane, Washington and Portland, Oregon.
buyers look in the summer and fall. Just because they’re It is also where buyers are coming from. Baldino noted
sitting doesn’t mean there’s anything wrong with them. that the vacation rentals she previewed showed more
There is more coastal inventory vs. inland, when it’s a wear and tear. “If something is more custom and built
second home.” for the environment, it will hold up better.” So, look for
something with good bones.
Julie shared some very sound advice when looking to
invest, especially when the real estate is not in your back The harsh weather and climate conditions require more
yard. For example, closely follow market trends and maintenance against rain, potential tsunami, winds and
pricing. Julie recommends you invest three to six months water intrusion. The ocean air hitting the siding makes it
to research the area you’re looking to buy; a luxury wear out quicker. A lot of homeowners use cedar siding.
inland buying doesn’t offer. Keep an open mind. This It is two to three times more expensive and will last
way you get to know the area and check out between 15 to 20 years. No stain or paint on the siding
neighborhoods. It will help you narrow down what you as it won’t hold up. Due to the amount of rain, metal
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