It's gonna be hard to better than this in WaterSound Beach

[AAbsolute]

What was the final plan on that stairwell? I've seen WC homes with stained wood star cases, this looks like it was destined for carpet? Or is that stainable wood? It's a nice looking little house overall, 450K aint bad for WC.

The $450,000 home is South of 30A by the Bridges poolhouse in WaterSound Beach. We cut the stair stringers to meet code using 3/4" hardwood floors at all living areas, landings and hallways. We cut the stair stringers anticipating using 1" hardwood stair treads.

This $450,000 home is the first bank owned property I've been aware of that we couldn't buy a comparable lot and build a home for less. The home across the street sold as a short sale or REO for $1,250,000 this past May. Many of the vacant lots in that section of WaterSound Beach sold for over $800,000.

Like I said, when you consider you could be in this 4 bedroom, 3 story home trimmed out and landscaped the way one would like it for about $550,000 I don't know how the price could ever be beat.

 

[traderx]

BTW, what is the price of the house?

 

[AAbsolute]

BTW, what is the price of the house?

The house and lot as it sits today is $450,000. It is not far from being finished, about $100,000 and 8 to 12 weeks depending on how it is designed by the buyer.

The original build contract was about $450,000. I don't know how Countrywide can afford to sell it for $450,000. Countrywide had $1,150,000 in it.

 

[SHELLY]

The original build contract was about $450,000. I don't know how Countrywide can afford to sell it for $450,000. Countrywide had $1,150,000 in it.

Countrywide couldn't give a damn--we taxpayers <and our kids/grandkids> are going to foot the bill for this fiasco.

.

 

[AAbsolute]

Countrywide couldn't give a damn--we taxpayers <and our kids/grandkids> are going to foot the bill for this fiasco.

.

That is evident.

 

[AAbsolute]

I hope this link works.. http://ecarmls.com/EmeraldReports/listings.asp?ID=1316874327

There seems to be a lot of movement on these related properties.

Well that didn't take long. 31 days to get a contract.

I am not a Realtor, but I watch these things pretty closely. I don't know how someone could do better in WaterSound Beach than these two projects. I have seen so much activity at these homes over the past 3 weeks it makes it seem like there is no economic worry.

I'm glad for the Seller and I think it is most surprising that the price looks to have been raised $65,000 on that one during this Thread. It looks like Hillary Farnum was involved in the contract too. She is doing very well in that marketplace and knows the product as well as the most in tuned.

 

[needacoolname]

Can someone with local rental experience please ballpark a cash flow for this as a short term vacation rental ?

Assume 100K to complete and 50K to furnish and equip( too low?? is that realistic ?? ), out of town owner so a full service management agency would be utilized.

Will rental - expenses( management, vacancy, insurance, taxes, what else did I leave off?) come close to making the mortgage of 3383( 550K total, 20% down, @ 8.5( from bankrate.com))

It would be great to get some real world local input, thanks for any help

 

[scooterbug44]

You also need to factor in community fees.

 

[needacoolname]

You also need to factor in community fees.

Yea, thanks, good one, the mls said it was 1000 a quarter, but just to confuse the issue the 1000 per quarter includes Accounting, Ground Keeping, Management, Recreational Facilities, Trash Disposal, Security. I don't really know what "Management" covers, but for 4k a year I'm guessing that it is not full vacation rental property management......???

 

[scooterbug44]

Yea, thanks, good one, the mls said it was 1000 a quarter, but just to confuse the issue the 1000 per quarter includes Accounting, Ground Keeping, Management, Recreational Facilities, Trash Disposal, Security. I don't really know what "Management" covers, but for 4k a year I'm guessing that it is not full vacation rental property management......???

:rofl: