Lighthouse Point Homes For Sale

Finding good homes for lighthouses

“There’re a number of people who like to say, ‘Hey, I own a lighthouse.’ It’s good cocktail party conversation,” said John E.B. Smith, the deputy assistant commissioner for Real Property Utilization and Disposal for the GSA’s Public Building Service.

As of Sunday afternoon, after several bids early Saturday, the Kenosha lighthouse price was at $13,000, while the one at Conneaut Harbor had received one bid for $5,000.

If the price is too high, GSA is also offering 12 historic lighthouses for free , though takers must be eligible state or local entities, nonprofit corporations, historic preservation groups, or community development organizations. “The U.S. General Services Administration is looking for a few good stewards to preserve a key slice of the nation’s maritime history,” the agency said in a recent news release.

The lighthouses are being made available as part of the National Historic Lighthouse Preservation Act of 2000. The federal government owns about 250 lighthouses, which are maintained by the U.S. Coast Guard. Once critical for navigation along the nation’s coastal and inland waterways, many have been made obsolete by the advance of radio, radar and satellite navigation.

Under the terms of the legislation, if the Coast Guard decommissions a lighthouse the government tries to find a caretaker agency or buyer rather than see the structures demolished or fall apart from neglect.

“They’re in varying states of repair or disrepair,” Smith said. “They’re not cheap to maintain.”

Over the last half-dozen years, 54 lighthouses have been transferred from the federal government, including six to public agencies, 16 to local governments, three to states and 29 to non-profit organizations, according to Smith. Another 22 have been sold to the public, with prices ranging from $10,000 to $260,000.

The first choice is to find a qualified entity to take over a lighthouse. Interested parties are subjected to “a rigorous application process,” according to the GSA, including a review of whether they are able financially able to maintain a lighthouse.

The entities have responsibility for upkeep and must make the station available for education, park, recreation, cultural or historic preservation purposes to the general public.

If no takers can be found, the lighthouses are put up for public auction. “If they’re sold, a lot of the restrictions come off,” Smith said.

The Rulnick Report: 6444 Starfish Cv,. Lighthouse Pointe, Navarre ...

The Rulnick Report A VA Compromise Sale is similar to a short sale, but is used for loans guaranteed by the Veterans Administration. Since the Emerald Coast is home to Eglin Air Force Base, Hurlburt Field, Whiting Field and Duke Field, many local sellers have VA mortgages and may be able to use the program if they are unable to sell their homes to cover their mortgage balance. Another difference in the VA Compromise program is the length of time the VA appraisal stands. With most short sales, the servicing lender will order a valuation (either an appraisal or broker price opinion), that will be valid for two to three months. In the VA Compromise program, the valuation, conducted by a VA certified appraiser, is valid for six months. That is not always good, especially in a declining market. So if a sales contract does not get approved, the targeted price will have to stand, and not be adjusted even if competing properties are priced lower.

It's Wendy!

Wendy Rulnick , Broker, Rulnick Realty, Inc.

Call (850) 650-7883

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.