Zohouri Development - Major Development It States
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ecopal said:
Many developers have been "stuck" with property that they bought and were in the process of developing before the slow down last year. Keep in mind that in Walton County it can take as long as 2 years to get development approval. After investing tens of thousands of dollars in engineering work, loan interest, and other development costs, most developers have no choice but to see a project through. The choice is either to go ahead with the project and hope sales pick up so it will sell, or sit on the property and lose more money. Also, development orders expire and if a developer lets this happen, its back to square one.
There are a few parcels of property for sale now that have a development order and some site work completed. These are obviously projects started by novice developers who couldn't hack the slow down and are out of money.
Camp Creek Kid said:
Some developers just want to make their fixed costs back and break even. Back in the day at places along the panhandle...I remember seeing "named" subdivision entrance ways and pipes sticking out of the ground along deserted streets (maybe even a tumbleweed blowing through just for effect). Some developers have been auctioning off blocks of lots...I see a bit of a "correction" coming on.
katie blue said:
I still haven't been able to find out anything about the Zohouri development we're talking about.
I'll be at the beach later in the week. Maybe someone in the coffee shop at Alys will have some info.
Johnny!!! Thanks for keeping us informed.
This property is going to Foreclosure Auction on June 18. Details attached. Bring your cash with you to the sale, and pick up a nice piece of dirt for cheap.
if the bank has 12 million or so into it what would probably be their bottom line to sell?
Good question. I'd like to know that answer as well. Even if they sell it below that $12 million, I understand they could still go after the Zohouri for the balance, but from what I hear, they probably wouldn't be able to get anything. I believe that original sale price during the peak of the market was around $15million, so I'm not sure that people will jump on this property at $12million, especially if they have to pay cash by 2pm on the day of the auction.
its a 4.3 acre parcel on the north side of 30A with a pretty long stroll to the beach.
if this thing goes for half of $12 million i would consider that great for the bank. lets crunch some numbers...
$12M is $2.8M/acre of which you can get 8 SFH per acre which equates to $350K per lot in acquisition costs and this does not include infastructure, design, costs etc. Would need to get over $500K per acre retail to make this work...that doesn't work.
$6M results in acquisition costs of $175k per lot which is more manageable and maybe you try to sell retail for like $350k per lot...not sure that works in this market. Remember JOE is selling WaterSound West Beach lots (south of 30A with very nice amenities) for under $300k per lot.
I bet you it doesn't even get $6M...what do yall think?
if this thing goes for half of $12 million i would consider that great for the bank. lets crunch some numbers...
$12M is $2.8M/acre of which you can get 8 SFH per acre which equates to $350K per lot in acquisition costs and this does not include infastructure, design, costs etc. Would need to get over $500K per acre retail to make this work...that doesn't work.
$6M results in acquisition costs of $175k per lot which is more manageable and maybe you try to sell retail for like $350k per lot...not sure that works in this market. Remember JOE is selling WaterSound West Beach lots (south of 30A with very nice amenities) for under $300k per lot.
I bet you it doesn't even get $6M...what do yall think?
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