Waterfront properties coming within reach

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The plunge in South Florida real estate values is prompting sellers and marketers of waterfront property to make their pitch for shorefront sales. They’re calling it a great investment, since many properties are now in foreclosure or will be short sales. Properties on wide water — oceans and rivers — have especially long-term value, according to Richard Webb, a broker at Coldwell Banker-Ed Schlitt Realtors in Brevard County. The average selling price of an area home on wide water in 2005 was $817,000. That rose to $895,000 in 2006 and $1.004 million in 2007 before falling back to $839,000 last year. [Florida Today]

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