Private Islands, fall into our Acreage property conversation from Saturday and it appears there is a fire sale on these properties. A few years back many people began to create their very own private oasis, from the Bahamas to Greece, heavy hitters came through and swooped up much of the private island beach front.
We now are seeing many of these Islands hit the market at a HUGE discount. A new story from CNBC points out that although, not everyone will be in the market, there’s is a sell off of these private escapes. Celine Dion, Mel Gibson and more all jumped to get ocean front property totally removed civilization. But not as many, understood the serious issues building on an island could present. Consider permit issues, the high cost of development, not to mention it’s generally difficult to enjoy your private island if you cannot get to it!
The high cost of development and enjoyment factor seem to go hand in hand. Imagine if you will heading to your very own beach front property, with miles of land to hike, explore, and enjoy. There’s a BIG problem, everything right down to clean drinking water would need to be hauled in. Now imagine the high cost of developing on such land, building investment properties, resorts, and entertainment districts starting from square one, literally on an Island with close to zero usable goods.
If you prefer a quiet experience, with the ability to “live off the land,” you may still find it and interesting option considering many of these islands are priced down 20-80%. With over 600 Islands for sale worldwide, up from 400 in 2007, many people are now trying to dump their dream property. What could cause this jump to sell? It seems the above stated cost in building, maintaining, and a difficulty enjoying these islands has a bit to do with it, as well as potential increases in taxes.
Still the deals are out there, if you have the ability and interest in your own piece of paradise. In Greece for example you can now buy a chain of islands for less than 5 Million Euro’s! It’s a long way from our lake shores, but hey, how many people can say they own a chain of Islands?!?
Story and Video: CNBC.com