We've Peaked On Foreclosures ! - NOT !!!

[Bobby J]

SF? What was the cost of TLC?

Has the market improved or deteriorated since early 2008?

I could sell that house all day long for that price in that neighborhood. Great buy for the buyer and we had 3 backups. TLC could have been minimal. Painting and maybe new carpet? They may have choose to put more upgrades in but the home was very livable.

 

[Bobby J]

Here is another one. 2424 sq. feet Cassine Gardens for $462,000. Roughly $190.00 sq.foot not to mention home is wrapped in huge porches. You could not redo this home on another lot for that price unless you got the lot for around $75,000. Right now that is not an option but if anyone wants to sell a lot in Cassine for $75,000 please call.

 

[fisher]

Here's one, Lakeplace at Grayton, closed early 2008 at 385K, built in 1998, needed some TLC, but good floorplan and "bones. If....you could get a Lakeplace lot for 200,000? and build for 127 psf......you could replace it.
Highly unlikely, the buyer got a great deal.

That house sold for $335k in 2000--another example of prices very rapidly approaching 2000 levels. The 9 year return on that property after deducting commission of 6% and assuming they sold it with $20k or so of furniture (but NOT considering ANY carrying costs) is 0%--WOW. Big negative return after factoring in carrying costs.

As for replacement value, IF there were SIMILAR lots for sale in Lakeplace, my guess is the seller could not get rid of such a lot for over $100k (you can't give away lots for $100k in The Preserve, Cypress Dunes, Summersweet, etc). Add a BRAND NEW 1400 square foot home at $175 per square foot on that $100k lot and voila, great replacement house for under the $385k sales price.

 

[fisher]

Here is another one. 2424 sq. feet Cassine Gardens for $462,000. Roughly $190.00 sq.foot not to mention home is wrapped in huge porches. You could not redo this home on another lot for that price unless you got the lot for around $75,000. Right now that is not an option but if anyone wants to sell a lot in Cassine for $75,000 please call.

Lots in off beach, north of 30A developments such as the Preserve, Cypress Dunes, etc. cannot be dumped for $100k. I would guess that would also be the case for Cassine. I believe there are two lots now for sale in Cassine for over $200k and they are dead in the water. Last sales in there were about 1.5 years ago and ranged from $190k to $247k, but in 2002 rices in Cassine were around $75k and many prices are headed way south of 2002 values. So, I would say that the rough current value of a lot in Cassine IS in the range of $75k or even LESS.

Therefore, looks like the house you reference could be replaced at the $462k sales price.

 

[Bobby J]

Lots in off beach, north of 30A developments such as the Preserve, Cypress Dunes, etc. cannot be dumped for $100k. I would guess that would also be the case for Cassine. I believe there are two lots now for sale in Cassine for over $200k and they are dead in the water. Last sales in there were about 1.5 years ago and ranged from $190k to $247k, but in 2002 rices in Cassine were around $75k and many prices are headed way south of 2002 values. So, I would say that the rough current value of a lot in Cassine IS in the range of $75k or even LESS.

Therefore, looks like the house you reference could be replaced at the $462k sales price.

Like I said Fisher... If anyone can bring me a lot in Cassine for $75,000 I would make a phone call to sell it. I can not do that in the other hoods you mentioned. Preserve, Cypress, etc. are dead because it is a long walk to the beach and there is far to many lots on the market in those areas. RE changes every mile. BTW, I sold those lots in Cassine as well. Also many folks don't want to wait a year or go through the hassle of building when they can buy a home under the replacement cost. BTW, I would rather see people building. My step father is a builder and it is real slow right now.

 

[fisher]

Like I said Fisher... If anyone can bring me a lot in Cassine for $75,000 I would make a phone call to sell it. I can not do that in the other hoods you mentioned. Preserve, Cypress, etc. are dead because it is a long walk to the beach and there is far to many lots on the market in those areas. RE changes every mile. BTW, I sold those lots in Cassine as well. Also many folks don't want to wait a year or go through the hassle of building when they can buy a home under the replacement cost. BTW, I would rather see people building. My step father is a builder and it is real slow right now.

Let us know when those two other vacant lots sell in Cassine, then we can figure out who was right. Until then, I guess we can agree to disagree.

BTW, which house in Cassine is for sale for $462k. I didn't see one for that price on the MLS.

 

[Bobby J]

Let us know when those two other vacant lots sell in Cassine, then we can figure out who was right. Until then, I guess we can agree to disagree.

BTW, which house in Cassine is for sale for $462k. I didn't see one for that price on the MLS.

Big difference between 200's and $75,000. Not sure what you are talking about on the home in Cassine for $462,000? I sold one for $462,000. It is no longer active in the MLS because it is sold. Lets not even bother disagreeing. Just know that I am correct! :funn:

 

[Matt J]

Lots in off beach, north of 30A developments such as the Preserve, Cypress Dunes, etc. cannot be dumped for $100k. I would guess that would also be the case for Cassine. I believe there are two lots now for sale in Cassine for over $200k and they are dead in the water. Last sales in there were about 1.5 years ago and ranged from $190k to $247k, but in 2002 rices in Cassine were around $75k and many prices are headed way south of 2002 values. So, I would say that the rough current value of a lot in Cassine IS in the range of $75k or even LESS.

Therefore, looks like the house you reference could be replaced at the $462k sales price.

Cypress Dunes isn't North of 30A at any point. It's more of a western approach. Once again those apples and oranges don't just come out to an average. Cypress Dunes is a further to the beach than the Preserve, however it has a shuttle bus and much nicer amenities. In addition there are some lots in Cypress Dunes with unobstructed Gulf views over state owned land that will never be developed. The only way you're getting Gulf views from the Preserve is if the condo blows down.

 

[fisher]

Cypress Dunes isn't North of 30A at any point. It's more of a western approach. Once again those apples and oranges don't just come out to an average. Cypress Dunes is a further to the beach than the Preserve, however it has a shuttle bus and much nicer amenities. In addition there are some lots in Cypress Dunes with unobstructed Gulf views over state owned land that will never be developed. The only way you're getting Gulf views from the Preserve is if the condo blows down.

I agree with you. But, the point I was trying to make is that prices for raw lots are plummeting. BOTH of these developments now have lots going for $100k and lower. And, yes Cypress has much, much nicer homes and amenities than Cassine, but a longer distance to the beach. Bottom line, lot prices (and soon home prices too) are falling to 2000ish levels with farther to go.

 

[fisher]

Big difference between 200's and $75,000. Not sure what you are talking about on the home in Cassine for $462,000? I sold one for $462,000. It is no longer active in the MLS because it is sold. Lets not even bother disagreeing. Just know that I am correct! :funn:

We shall see. I haven't been too far off yet on the real estate meltdown.;-)