Spring 2015.  What is the best buy in waterfront in the Puget Sound area this year?  I think it is waterfront lots.  For the past five years, few lots have sold.  Part of the reason is that it has been very difficult to obtain a loan for vacant land.  Finally, there are banks that will loan on vacant land that can prove the ability to install a septic systems and have potable water available.  The interest rate with Washington Federal, for example, is 6.75% -- that is down from last fall and will likely go down again.  If you are ready to build on a vacant lot, you can get an even better rate for a construction loan that also pays off the lot.  My favorite home designer is Ann Raab in Port Townsend.  Why?  Because she listens and then designs what YOU want!  Give me a call at 1-800-346-9236 and I will get you in touch with her.

The other reason now is a good time to buy a waterfront lot is that many sellers, anxious to sell, are willing to carry the loan themselves - usually for 3-5 years.  This means that if you do plan to build in a year or so, you will have plenty of time to have a home designed and then you will be able to get a construction loan.

What will you have to pay for a lot?  Anywhere from $125,000 to $300,000 in most areas.  But it is vitally important that you close on your purchase only when you have a septic permit and proof of potable water.  In the olden days, someone would tell you that the lot "perks" and you would close.  That is not what we have to do today -- now you need a septic permit and proof of water.

Remember, I sell properties from Point Roberts in the north to Ilwaco in the South.  I cover the Key Peninsula, Hood Canal, the Olympic Peninsula, Whidbey and Camano Islands --- and the places along the Pacific Ocean like Grayland, Long Beach, Ocean Park, Moclips etc.    Just call me or send me an email at waves@olympus.net and tell me what you would like to find -- low bank, medium bank, high bank, west-facing, south-facing, etc., and let me get started.

Barbara Blowers