Great Value in Paradise by the Sea!

**Paradise Sea** · 02-07-2009, 01:41 PM

136 Paradise by the Sea Boulevard for sale by owner.

Enjoy the existing home now and add your dream home to this lot whenever you desire!

The existing home is a beautiful fully furnished 3 story home built in 1996 which includes:

Two (2) King Bedrooms. Both with walk in closets (with additional lockable owner's closets) and private baths with jetted tubs.

Incredible unobstructed gulf views. 100 yard walk from front door to community beach walkover.

Lighted good sized private pool with concrete and trex type decking, outdoor shower and charcoal grill

Completely painted, renovated, redecorated and re-furnished in 2005-2006. New premium king mattresses and box springs in 2008.

Great rental income. View pictures on Garrett Realty ~ Seagrove Beach Rentals. Look for the home known as "Paradise Romantica".

Main home of 3,500 - 5,000+ sq ft. could be built on front portion of lot.

Offering price: $1,100,000

Owner will offer up to a $433,000 3, 5 or 7 year interest only second mortgage to qualified buyers. With a $417,000 conforming 1st mortgage buyer could finance up to $850,000 with only $250,000 down.

Send private message with contact information if interested.

**AAbsolute** · 02-07-2009, 07:16 PM

This is a very special property, good luck.

**Paradise Sea** · 02-09-2009, 03:24 PM

I've talked to AAbsolute several times about building on this property and believe he could build an incredible home at a VERY attractive price. Specifically, we talked about adding a 4 story (probably 5 BR, 4.5 BA, 3 car garage) home of about 3,800 sq ft. to go along with the existing 1,207 sq ft. 2 BR, 2.5 BA "carriage" home. However, due to our personal situation we've just decided it would be best for us to stay put in OH for the forseeable future.

**Paradise Sea** · 02-23-2009, 07:04 PM

I'm reducing the price to $995,000 before I list this property with a local Realtor at the beginning of March. Owner financing still available with very competitive rates and terms. If you have interest or questions please send me a message.

**Paradise Sea** · 03-10-2009, 03:42 PM

Own home is now listed with Linda Miller of the Premier Property Group LLC. You can view the listing at:

136 Paradise by the Sea

If you have any questions or comments please feel free to contact me via this forum or private message.

**Paradise Sea** · 03-23-2009, 03:00 PM

Price reduced to $950,000 and rentals have picked up dramatically.

**AAbsolute** · 03-23-2009, 08:24 PM

Originally Posted by Paradise Sea

Price reduced to $950,000 and rentals have picked up dramatically.

Help me understand what you are offering. Does that mean that a Buyer could buy that home and property for $950,000 and of that they only need to bring $500,000 or so and you'll hold the note for the remainder?

**Paradise Sea** · 03-24-2009, 10:23 AM

Originally Posted by AAbsolute

Help me understand what you are offering. Does that mean that a Buyer could buy that home and property for $950,000 and of that they only need to bring $500,000 or so and you'll hold the note for the remainder?

At the current asking price of $950,000 I would be willing to offer up to $300,000 interest only second mortgage financing to a qualified buyer (credit score 780+) for 2-5 years at an interest rate of 5.5% (2 years) to 7.5% (5 year). Sorry about the higher long term loan rate but a high rate of inflation looks like a near certainty over the longer term.

This owner financing would allow a buyer to purchase this property using the maximum conforming (non-jumbo) loan of $417,000 with only $233,000 down plus closing costs.

**AAbsolute** · 03-24-2009, 08:35 PM

Originally Posted by Paradise Sea

At the current asking price of $950,000 I would be willing to offer up to $300,000 interest only second mortgage financing to a qualified buyer (credit score 780+) for 2-5 years at an interest rate of 5.5% (2 years) to 7.5% (5 year). Sorry about the higher long term loan rate but a high rate of inflation looks like a near certainty over the longer term.

This owner financing would allow a buyer to purchase this property using the maximum conforming (non-jumbo) loan of $417,000 with only $233,000 down plus closing costs.

I don't know as much as I should about conforming loans. I have only used commercial lines of credit. How does your math equation work for the person who would purchase the property to build their main house? Most people who buy a property like that obtain construction financing. Would they bring the $233,000 down plus closing costs and then obtain their conventional construction financing?

**Paradise Sea** · 03-25-2009, 10:22 AM

Originally Posted by AAbsolute

I don't know as much as I should about conforming loans. I have only used commercial lines of credit. How does your math equation work for the person who would purchase the property to build their main house? Most people who buy a property like that obtain construction financing. Would they bring the $233,000 down plus closing costs and then obtain their conventional construction financing?

I guess it would depend on what your bank would permit. However, since you wouldn't have to eliminate the existing structures in order to build a main house on this lot you should be qualify for a conforming home loan (maximum $417,000) based on the existing home and lot as well as the second mortgage I am offering and a separate construction loan secured by the main home new construction. Of course, once the main home is completed the owner would most likely have to re-finance the entire property in order to pay off the construction loan. Also, the purchaser would need to be able to qualify for the initial first and second mortgages based on their downpayment, income and credit score. Just like in the olden days.

I believe my offer of a short term interest only second mortgage could be attractive to someone who would like to build a main home in the near future or someone who believes they would re-finance the property in a few years for other reasons. However, my guess is that someone will purchase this property for cash or use a jumbo mortgage because they can afford it and would like to lock in today's very attractive 30 year mortgage rates.

If a builder wanted to purchase the property for immediate new construction I would be willing to work with them to provide a short term mortgage to supplement the construction loan or they might want to use an altogether different financing approach. Basically, I just want to get the property sold but need walk away with at least $600,000 cash after all closing costs in order to make the deal work.

Hope this helps. I am starting to get some nibbles.

**AAbsolute** · 03-25-2009, 06:54 PM

In these days of tightened credit this sounds like a very positive approach. I already know someone who wants to be South of 30A, ideally in Alys Beach. It's been a while since I reviewed your Plat for Pardise by the Sea, but I know your lot has either the highest elevation or near highest in Paradise or Alys. How many lots away from the Hilton House is your property? Is Alys Beach truly behind your lot or does Alys stop to the West of you? On your listing I clicked on your parcel id # and I can see Alys Beach as a Block by Hilton's, but I'm not understanding how the other EBSCO Block behind you is planned. Is it really Alys Beach behind you or some kind of conservation area?

**Paradise Sea** · 03-26-2009, 10:03 AM

Originally Posted by AAbsolute

In these days of tightened credit this sounds like a very positive approach. I already know someone who wants to be South of 30A, ideally in Alys Beach. It's been a while since I reviewed your Plat for Pardise by the Sea, but I know your lot has either the highest elevation or near highest in Paradise or Alys. How many lots away from the Hilton House is your property? Is Alys Beach truly behind your lot or does Alys stop to the West of you? On your listing I clicked on your parcel id # and I can see Alys Beach as a Block by Hilton's, but I'm not understanding how the other EBSCO Block behind you is planned. Is it really Alys Beach behind you or some kind of conservation area?

AA, I'll try to post a plat of Paradise by the Sea later today or tommorrow. My lot is not the highest point in Paradise by the Sea but probably within a few feet of the highest. It is lot 11B. The "B" lots sit one back from the beach on the west side of the entrance. The "A" lots are the beach front lots and the "C" lots sit one back (although further back than the "B" lots) from the beach on the east side of the entrance. The Hilton home sits on lots 1A, 2A, 3A and 4A. The McRae home next door sits on lots 5A and 6A. Alys Beach abuts the Hilton property to the west and north of their lots.

My lot, 11B, is directly north of the dividing line of lots 17A and 18A. One of the great things about the lots in Paradise by the Sea (other than no build out timeframes) is their size. Most of the lots are 60' wide while a few, mine included, are 65" wide. Also, my lot is actually 153' deep on the shortest side. And although it is actually one of the smaller lots in the development the very large homes that have been built on lots 1B, 2B and 3B sit on lots that are less deep (and at a lower elevation) than mine.

My lot does not back up directly to Alys beach but because of the way the lots are divided there will be a clear sight line form the rear of my property over Alys beach. My lot actually backs up to 3 lots that face the entrance road just behind the gate off 30-A. Hopefully, once I post the plat you'll see what I mean.

**Paradise Sea** · 03-26-2009, 10:09 AM

I received a private message regarding one of my posts asking, since I stated I wanted to walk away with $600,000, if that's what I would accept for the property. The answer is no but since others may have been confused as well I would like to clarify.

My asking price is $950,000. At that price, less about $75,000 in commisssions and closing fees as well as the $300,000 I am offering for a second mortgage I would walk away with about $575,000 which is somewhat less than the $600,000 I really need. I would then use the remaining $575,000 to pay off my mortgages and capital gains taxes. Yes, even at this price I actually still have a capital gain on this property. That's the beauty of multiple 1031 exchanges, I guess. Also, you could look this up but I paid about$1,820,000 for this property in 2005 and have spent over $100,000 for renovations and improvements since then. Over the long term I believe it is an excellent buy. I wish I could keep it. However, at this point I just want to keep other properties I own more.

If you have any further questoins please let me know.

**Paradise Sea** · 03-26-2009, 10:13 AM

I've attached a plat of Paradise by the Sea. My home sits at the rear of lot 11B.

**AAbsolute** · 03-26-2009, 05:28 PM

Originally Posted by Paradise Sea

I've attached a plat of Paradise by the Sea. My home sits at the rear of lot 11B.

Hate to go over this again, I promise it'll be the last time I ask: I see your Lot 11B and I see the long Paradise by the Sea community extent boundary line marked as 1316.70' just North of you. Is that the Alys Beach community boundary line? If it is that means you are South of Alys Beach. Yes or No?

**Paradise Sea** · 03-27-2009, 12:10 PM

Originally Posted by AAbsolute

Hate to go over this again, I promise it'll be the last time I ask: I see your Lot 11B and I see the long Paradise by the Sea community extent boundary line marked as 1316.70' just North of you. Is that the Alys Beach community boundary line? If it is that means you are South of Alys Beach. Yes or No?

No problem. Yes, the line you refer to, 1316.7', is the border between Paradise by the Sea and Alys Beach. And yes, we are South of Alys Beach. We are easy walking distance to Alys Beach, Seacrest Beach and Rosemary Beach yet we are more private and have much large lots. 51 lots, with a current potential for only 47 homes, and 1,700' of beach front. Is this a great location or not?!

**Paradise Sea** · 03-27-2009, 12:35 PM

I've attached the plot plan for my lot, home and pool so you can see how it is situated on the lot. A photo of the home is also attached.

**AAbsolute** · 03-27-2009, 05:39 PM

Originally Posted by Paradise Sea

No problem. Yes, the line you refer to, 1316.7', is the border between Paradise by the Sea and Alys Beach. And yes, we are South of Alys Beach. We are easy walking distance to Alys Beach, Seacrest Beach and Rosemary Beach yet we are more private and have much large lots. 51 lots, with a current potential for only 47 homes, and 1,700' of beach front. Is this a great location or not?!

That's what I couldn't find for some reason on the Alys question. I saw GAC excavators working back there, but hadn't seen anything from Alys about developing that big parcel right behind you.

Yes this is a great location. I think you have a special lot for my own reason, but...

Gotta ask. Yours is the 2nd least priced property in Paradise by the Sea. I can see 1 listing at about $800,000 but I can't view the MLS detail on Frank Orlando's site. Is that listing vacant or is there a home? What's the difference in price for?

**Paradise Sea** · 03-29-2009, 10:42 AM

I believe the lot you are referring to is lot 6B. It is a vacant lot that sits at a lower elevation and a little further back from the beach than my lot. Also, my lot includes a home and pool that currently generates gross rental income of approximately $60,000 per year. I believe, unless someone is looking strictly for an empty lot (and what funn is that?) that my property represents a better value. However, I believe either property would be a great buy. Try asking what you could get for these prices in Rosemary or Alys. I'm pretty certain you wouldn't find anything at even half the size of our lots south of 30-A, much less one lot back from the beach. Yet, we enjoy greater privacy as well as many of the shops, restuarants and other amenities of all of the surrounding neighborhoods.

**AAbsolute** · 03-29-2009, 12:31 PM

Originally Posted by Paradise Sea

I believe the lot you are referring to is lot 6B. It is a vacant lot that sits at a lower elevation and a little further back from the beach than my lot. Also, my lot includes a home and pool that currently generates gross rental income of approximately $60,000 per year. I believe, unless someone is looking strictly for an empty lot (and what funn is that?) that my property represents a better value. However, I believe either property would be a great buy. Try asking what you could get for these prices in Rosemary or Alys. I'm pretty certain you wouldn't find anything at even half the size of our lots south of 30-A, much less one lot back from the beach. Yet, we enjoy greater privacy as well as many of the shops, restuarants and other amenities of all of the surrounding neighborhoods.

Fair enough. Thanks for playing stump the chump.

Now we move to the next round where the questions are harder. Rosemary is nearing build out which is best for the end user. I have been watching Paradise and have seen just 4 starts in the past year which is about 10% of the buildable lots.

I know Paradise will be the home of the mega houses with bookends like Hilton to the west and that developer from Atl to the East. I'm afraid without build out momentum it may take a while. I don't see or hear about future starts, sorry.

**Paradise Sea** · 03-29-2009, 03:54 PM

Originally Posted by AAbsolute

Fair enough. Thanks for playing stump the chump.

Now we move to the next round where the questions are harder. Rosemary is nearing build out which is best for the end user. I have been watching Paradise and have seen just 4 starts in the past year which is about 10% of the buildable lots.

I know Paradise will be the home of the mega houses with bookends like Hilton to the west and that developer from Atl to the East. I'm afraid without build out momentum it may take a while. I don't see or hear about future starts, sorry.

Actually, considering the housing market and the fact that we have no build out restrictions, the building activity in our community over the past couple of years has been remarkable. Certainly greater than the beach side of Alys Beach. Recent building activity has included wonderful new homes on lots 1B and 3B, a major addition to the home on lot 2B, major renovations to the gulf front homes on lots 5A/6A and 18A as well as a teardown and new build of the home on lot 7B. This is all in addition to the gulf front mansion that you mentioned being built on lot 27A.

In addition, there are 3 additional gulf front homes which have been in the planning stages for some time and should begin construction within the next 3-6 months. It would not be fair for me to share the details but I can tell you that all three homes will be comparable in size and quality to the mansion currently being constructed on lot 27A.

I think it is fair to say that nothing else in the area will compare to the gulf front homes currently under construction and in the planning stages at Paradise by the Sea. Once people see the size and scope of the additional Paradise by the Sea homes that will soon begin construction they will begin to understand that this community is destined to become, like it or not, the very highest end (and lowest density) development of all the high end communities along 30-A.

One last thought. You are correct that even with the building activity I've described it may be several years before homes are built on all of the lots at Paradise by the Sea. In fact, this may never happen. However, I don't think any of the owners are losing sleep over this fact. All of the lots have been in the hands of private owners for many years and they seem to enjoy the fact that our little development is relatively peaceful and without commercial interruption. They also seem to enjoy our relatively low Property Owners Association fees.

**AAbsolute** · 03-29-2009, 05:55 PM

Hilton's house is listed as 9,500 square feet. How big is Dave Pearson's? (House that is)

My point...are the new homes really going to be in scale? That, my friend, is going to make all the difference.

**Paradise Sea** · 03-30-2009, 08:30 AM

Yes, the plans I have seen put all the new gulf front homes in the 8,000 - 10,000 sq. ft. range. I believe the heated square footage of Mr. Pearson's home is actually at the lower end of that range.

**AAbsolute** · 03-31-2009, 07:23 AM

Originally Posted by Paradise Sea

Yes, the plans I have seen put all the new gulf front homes in the 8,000 - 10,000 sq. ft. range. I believe the heated square footage of Mr. Pearson's home is actually at the lower end of that range.

That's 3 more new homes the size of the Hilton house

Can I say that I appreciate your fact driven counter posts? I think you're a good dude. We talked several times offline and you've now publicly confirmed all the more vague assertions you made to me. Most folks in these parts vascilate publicly when pressed on private assertions.

I finally found a place worthy of my dream home, Moon Gate and all.

**Paradise Sea** · 03-31-2009, 09:58 AM

AA, just buy my property and make your fantasy a reality. That is, as long as you can navigate the PBTS Architectural Review Board and the South Walton County Building regulations. Actually, that shouldn't be all that difficult as long as you follow county building codes and the PBTS Amended and Restated Covenants, Conditions and Restrictions which are in the public record. Although "anything goes" is definately NOT the policy of the PBTS Architectural Review Board I think you would find that, compared to Alys, Rosemary, Watercolor, Watersound or even Seacrest, they certainly permit a greater freedom of design. That being said, the homes currently in the planning process are all relatively traditional, but also spectacular. While not the same, their design is much closer to the Pearson home being built on the East side of the neighborhood than the Hilton or McRae homes on the far West side.

**Paradise Sea** · 03-31-2009, 04:14 PM

A couple of people have asked me where our home is located relative to Alys Beach. This picture was taken from 30-A across from the Fonville Press. Our home is the one in the center of the photo.

**Paradise Sea** · 04-02-2009, 12:15 PM

Several people have asked me about the Paradise by the Sea POA (Property Owners Association) Fees. The total annual fees for 2009 are $1,260. This is NOT a mis-print!!! This is the TOTAL amount for 2009. Even so, we maintain a beautiful lighted gated entry and landscaping along 30-A as well as our common areas. In addition we have a total of more than $75,000 divided between three different reserve accounts.

Just try to find any other neighborhood in the area with annual fees even double this amount. You can't. Most QUARTERLY fees are DOUBLE this amount. Just another good reason to invest in this property.

**Paradise Sea** · 04-08-2009, 03:39 PM

However, at this price I'm not offering any owner financing. Purchased home for $1,820,000 four (4) years ago and have invested over $100,000 in improvements, renovations and furnishings since my purchase. My loss is your gain.

**Bobby J** · 04-08-2009, 04:02 PM

Hope to see this one tomorrow at 11 am!

**Paradise Sea** · 05-03-2009, 03:56 PM

After some initial concerns the rental season appears to be shaping up nicely. This home is on track to generate $60,000+ in gross rentals this year, even with 2 weeks of owner occupancy during the rental season. That's slightly better than last year despite the poor economy.

Just a thought. What other building lot with this location, elevation, size and view could you buy for this price that generates this type of income? The fact that you can enjoy this property now, have the option to build another much larger home later (No buildout time requirement) combined with relatively low POA fees, insurance and taxes makes this property a unique value.

You can check it out from a rental perspective at Garrett Realty ~ Paradise Romantica - Seacrest Beach FL Vacation House

Have FUNN!!!

**Bobby J** · 05-03-2009, 09:55 PM

Had a very good showing. My buyer is still thinking about this one. When it is sold buyers will be looking at vacant lots for the same price. Amazing views!

**Paradise Sea** · 05-19-2009, 08:45 AM

This is by far the best deal in Paradise by the Sea. Buy it as a lot, as a vacation home to enjoy now or both!

MLS Listing: 136 Paradise by the Sea

**Bobby J** · 06-04-2009, 12:30 AM

Originally Posted by Paradise Sea

This is by far the best deal in Paradise by the Sea. Buy it as a lot, as a vacation home to enjoy now or both!

MLS Listing: 136 Paradise by the Sea

Saw this go contingent!
Congrats and truly hope this works out! Buyer is getting a fine piece of Paradise!

**destin2008** · 12-14-2009, 08:46 PM

Originally Posted by Paradise Sea

Yes, the plans I have seen put all the new gulf front homes in the 8,000 - 10,000 sq. ft. range. I believe the heated square footage of Mr. Pearson's home is actually at the lower end of that range.

It's more like a 7,500 for the main house, although from 30-A it does look bigger - like the guest house and over garage house are part of it.
Then again, just 3 front balconies are another 1,800

**30ashopper** · 12-28-2009, 09:26 PM

Originally Posted by Bobby J

Saw this go contingent!
Congrats and truly hope this works out! Buyer is getting a fine piece of Paradise!

Condolences and a shoulder to cry on might be a more appropriate response.

**SHELLY** · 12-28-2009, 09:48 PM

Originally Posted by 30ashopper

Condolences and a shoulder to cry on might be a more appropriate response.

A 56% haircut from 2005 price paid...I'm sure the seller was told back in 2005: "Now is a great time to buy!"

.

**ray** · 12-28-2009, 10:44 PM

that house at paradise sold for $770k or so down from the $1.85 mil the guy paid. i and 99% of others would have walked and not taken that lose. i'm sure he had to bring big $ to closing