Watercolor
- Thread starter Dominoes
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Who wouldn't?
Lots of people that have the wherewithal and are interested in WC would not jump on a price 20% lower for that particular lot. There are many Ph II and PH III lots in WC that are headed to the mid $100's over the next two years as the market continues to shake out.
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2008 home sales ytd - ph # closed ave. Sold price ave. $/sq. Ft. ( COOLED AND HEATED SPACE )
1 12 1.927 625
2 14 1.046 439
3 18 1.208 418
4 0
2008 LOT SALES YTD
1 2 1 M
2 4 263,000
3 14 457,000
4 1 172,000
MULTI-FAMILY NORTHSIDE 4 742,000 538
MULTI-FAMILY SOUTHSIDE ( ? ) 0
PRC 7 137,000 98
1 12 1.927 625
2 14 1.046 439
3 18 1.208 418
4 0
2008 LOT SALES YTD
1 2 1 M
2 4 263,000
3 14 457,000
4 1 172,000
MULTI-FAMILY NORTHSIDE 4 742,000 538
MULTI-FAMILY SOUTHSIDE ( ? ) 0
PRC 7 137,000 98
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Are you sure you know the lot we are talking about on Thicket?
I don't have a thing to gain by seeing it sold or remain unsold. I have to say that this lot appears to be priced right. If someone paid 10% below asking they would be getting a great deal. I must be out of the loop.
Respectfully, JC
AA--everyone is entitled to their own opinion and based on your comments, it appears you believe that prices have bottomed or come close to bottoming.
As you have stated previously, Joe still has lots of inventory and they will be dropping prices in order to keep the revenue flowing. There will likely be continued downward pressure on prices. I wouldn't be surprised to see lot prices drop below original Joe asking prices from 2001.
In my opinion, we have a ways to go before we hit bottom. Especially for raw lots. That's why some people would need to see lot prices on Thicket (one mile from the beach club via car or bike) come way down before jumping in. For others, the price could never get low enough to buy that far from the beach in WC. That's my opinion, but it's not even worth the paper it's written on. Time will tell.
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I was figuring the lot at 5% or so below asking would be 254,600. Put a 2,400 sq. ft., 4 bed, 4 bath, Beach Casual Cottage on it for 355,000. You're in a high visibility property with a traffic speed buffer being on 80 Thicket Circle for 610,000 brand new. That just seems to be a good, solid and fair transaction for both sides of the deal.
On another******
I was watching a Watercolor Park Row property called #1 that went into foreclosure and the bank moved it to an LLC the past week for somewhere in the 500,000's. With a house on it for 400'ish that was a true steal. I do wonder what happens to Jan W. in that deal as the previous owner. Does the bank now come after him for the difference? Shouldn't the bank have asked 700 and got it?
On another******
I was watching a Watercolor Park Row property called #1 that went into foreclosure and the bank moved it to an LLC the past week for somewhere in the 500,000's. With a house on it for 400'ish that was a true steal. I do wonder what happens to Jan W. in that deal as the previous owner. Does the bank now come after him for the difference? Shouldn't the bank have asked 700 and got it?
I know of no builder (except maybe you) that will build a WC quality house with all the fixin's for $120 per square foot. But, if you could find one to do it, and you don't mind being 1 mile from the beach, it's not a bad price.
