As a buyer from outside the area, I am having the same difficulty and have tried to quantify it as best as possible. In general for places on the water but not oceanfront you are running at a "sales" price of btw $320 and $270 a sq ft. As mentioned below there are 20 other factors that come into play but if you stick with those #'s or below it is my belief you will find value. Prices are still all over the map with a kazillion more foreclosures coming on in the next 6 months to further depress pricing. Inflation and a slow economy are going to put people in more of a pinch moving forward which will also keep prices down with more product on the market. My advice would be to find a half dozen properties you like and start low balling the offer. Don't get married to one property bc there are just too many to choose from. Don't let the cover price fool you into thinking you can't get the house either. I have been seeing a marked differential from list price to sale price. Go to the Pinellas county website listed below and search for house by "sale" and you can start to see the actual price per square foot they sell for. Start with the best of the best and work down. One thing to note is the difference btw listed sq footage and county sq footage. Some agents have been listing sq footage that shouldn't be counted as actual aquare footage. ie. adding in that basement that shouldn't be added. You can see the actual Sq footage on the house at the Pinellas county website as well. A very quick search on Trulia listed over 9,000 places for sale in Pinellas county and that didn't include all the cities. Don't worry about prices rising anytime soon. Create a list of what is most important to you, find an agent that is willing to work hard for you and don't worry too much about the little details. It is also very easy to compare recent sales to any houes you are looking for through Zillow or Trulia. This will give you a nice comparison for houses with and without the extra basement. Start to create a spreadsheet and then the #'s will come through. Good luck house hunting.

Sat May 24 2008, 11:25

There's no answer to your question regarding "reasonable" price per square foot. The reason is this factor also includes the land. Because this scenario is very specific, your best bet would be to contract the services of a qualified appraiser who understands waterfront properties. There are major differences in value when you compare canal, intracoastal, bayfront, or gulf front property values. As I am very familiar with these nuances, I can help you with your situation. Please call me @ 727-560-0356 for a no fee consultation. Regards, John Huston State Certifed Resedential Real Estate Appraiser, RD-6006

Thu May 22 2008, 07:51

We follow the same FEMA rules on the Outer Banks. If the downstairs was enclosed without permits and is below the flood elevation then then flood insurance policy for the entire property, including the upstairs, may have been voided.

A new owner will have to remedy the situation by either fixing the downstairs or paying an outrageous amount for flood insurance, if they can get it. It is possible that the enclosed downstairs is actually a liability.

Fri May 16 2008, 05:59

A local agent and more specific information would definitely be helpful. Phil is correct, there are so many variables it impossible to provide accurate information. At best, we could provide a price range but this would be too general.
Check outhttp:// www.zillow.com to see what similar properties have SOLD for recently. This might shed some light on your situation.
Good luck
The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285
ecklerteam@comcast.net
941-408-5363

Fri May 16 2008, 05:42

It's not that simple. You have to do an analysis of what has been sold in the area then make adjustments to both properties. Unless you give specific addresses, it is difficult to determine price. Location and condition must also be factored in.
The older property may be in better condition than the other e.g. may not need a new roof. What about the condition of the sea wall?
Does it have a dock? etc. etc. etc.

Phil
Phil@PhilFowler.com

Fri May 16 2008, 04:21