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PS in this day and age note that the reason many beachfront properties are tanking in value is the fact there is no financing available for them.
When the private money lenders (Lehman Brothers, Indymac etc.) died leaving only Fannie and Freddie no one was around to offer financing on high risk condos, beachfront so on and so on.
In that case the only thing was cash up front. I know people who bought oceanside condos in HI under $40K because it's so bad right now.
Moral of the story is: If you want to buy one of these properties (say cash out your primary to pay for it) be sure you can hold on to it for awhile - it will take a while to sell it.
rjp
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In the movies only bad guys sleep in king size beds.
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