Please enlighten me about the area

[Geo]

Hi All,

I am new to the area- bought a place in Santa Rosa Beach. Based on where I am in my life now, this is our dreamhouse...

On my block there are places for sale in the 650K range. Single family, free standing, new construction, 2100 sq. ft, 3 level, gulf view from second and third floor balcony, approx 500 feet from the beach. Babbling, sorry...

Pls enlighten me why the places on my block are lingering on the market/are only worth 650K when there are places that are worth much much more that (IMHO) offer less....

Is it location, location, location? Our place is in Las Palmas, about a block down from Gulf Place???

Pls enlighten me (genuinely). What makes our place a $650K house and others $750, $850K, $950K, etc.

I am from the midwest, have scouted property in beach areas all over the country and am wondering why I am the only one who thinks these Las Palmas places are a steal...

Brutal honesty is totally fine...

Thx for all your help!

Cheers, George

P.S. Here are a few pics of the places I am referring to.

 

[SHELLY]

I am from the midwest, have scouted property in beach areas all over the country and am wondering why I am the only one who thinks these Las Palmas places are a steal...

Brutal honesty is totally fine...

Thx for all your help!

Cheers, George

P.S. Here are a few pics of the places I am referring to.

Expand on statement "ALL OVER THE COUNTRY" to pinpoint the more expensive homes of which you speak.

My guess would be location (countrywide), infrastructure and culture have something to do with the variation in price. (for example a like-home in Malibu or Miami or the Hamptons would be worth more since the 'commute' from very high net worth areas make these places more "user friendly" and give the owners more bang for their buck.) It's the same reason a 300 acre ranch outside of Dallas would be more expensive than a 300 acre ranch in Marfa, TX.

The price difference in SoWal homes that are pretty much the same in location and type is simply speculative.

.

 

[Beachmom]

Grayt house, don't have any answers though. It does get a little confusing for the non real estate people (me for one ) We just signed a contract on some property and where trying to figure out pricing.

 

[Geo]

Sorry. Need to clarify-

The heart of my question is related to *only* 30A...
Why is our place $650K and other places that (IMHO) offer less still cost more? One can find places with same sq ft, # bedrooms, proximity to beach, age that span across 700K, 800k, 900k...

What makes a place go from one price range to another...

I only mentioned that I have scouted beach property all over the US to reinforce my sentiment that I think you can get a lot here in 30A compared to say- Manhattan Beach/Hermosa Beach, CA...

I have not seen a place anywhere in the country that has what our Las Palmas places have for even close to the prices we see now...

 

[Geo]

I just searched MLS using Bobby's website (I think it is lifeonshore.com) and asked for 4 bedrooms from my place in Santa Rosa near 393 and 30A all the way to Seagrove Beach...

In the search results I see properties with same square footage (2100-2200 sqft), same proximity to beach as Las Palmas places that span across 700K, 800K, 900K all the way to a million...

Is it just speculative like Shelly said?

If so, then why are these places on my block still sitting there with an asking of 649-689K?

My simplistic "new to the area but have seen lots of beach props across the country" logic tells me that the Las Palmas places are a bargain. This (and the fact that we can't afford anything more) is why we bought in. But it weirds me out that I seem to be the only one who thinks these places are such a great deal...

Love my place. Can't figure out why others don't at this price???

 

[sberry123]

I just searched MLS using Bobby's website (I think it is lifeonshore.com) and asked for 4 bedrooms from my place in Santa Rosa near 393 and 30A all the way to Seagrove Beach...

In the search results I see properties with same square footage (2100-2200 sqft), same proximity to beach as Las Palmas places that span across 700K, 800K, 900K all the way to a million...

Is it just speculative like Shelly said?

If so, then why are these places on my block still sitting there with an asking of 649-689K?

My simplistic "new to the area but have seen lots of beach props across the country" logic tells me that the Las Palmas places are a bargain. This (and the fact that we can't afford anything more) is why we bought in. But it weirds me out that I seem to be the only one who thinks these places are such a great deal...

Love my place. Can't figure out why others don't at this price???

Las Palmas is very nice, I vistied with some friends during construction. I think the elevation and the view from the second and third floor like you said, are spectacular. However, Las Palmas does not have a pool which may make it hard to rent as rental property. You also have to understand that there is a huge gap between what someone is asking and what someone is paying right now in this realestate market.

 

[Mango]

Las Palmas is very nice, I vistied with some friends during construction. I think the elevation and the view from the second and third floor like you said, are spectacular. However, Las Palmas does not have a pool which may make it hard to rent as rental property. You also have to understand that there is a huge gap between what someone is asking and what someone is paying right now in this realestate market.

I was going to say the same thing. The other element I feel, and I may be wrong, but the West end of 30A is still in a growing mode. I have a place down the road from you. There is a mix of new and older properties. There is a development going in on South Spooky Lane (which I think is your beach access) Looks like its going to be very nice. (Most beautiful gate I have ever seen.)

Before you found Las Palmas, that storefront building with condos above, wasn't there West of you, and Capos Bar was there (not very attractive) I've seen a lot of change in the past 4 years alone.

I think it's going to be a hot area at some point. You still have Gulfview Heights east of you, and that area hasn't been bushwacked and still has oyster shells on the road.

There are some homes in Dune Allen that need major renovation or knock downs IMO, but I really love when I come off 98 and see the Lake and the Gulf off to the right, then hit Gulf Place and its colorful shops and I feel right at home.

Eventually more will change. I have seen it happen at the Jersey shore. The homes were older, 60's 70's. They did lots of knockdowns and reverse living developments, many people bought as primary residences and retirement homes (and no, it is not very easy to get to major employment centers from Long Beach Island NJ) but the values have held up there even in this down market. WE finally after 18 years going there found a house to continuing renting that hasn't been sold and taken off the rental market.

We looked in Watercolor, Rosemary, etc. and gated communities and covenants and restrictions where not for us, although we love these communities, it's easy enough to get in the car and visit. Being on the West end put us on 30A at an affordable price, we bought for the long term, and happy to just be in SoWal.

If you're happy with the house, and it is indeed a nice small development, you made the right decision for you. Good luck and

 

[Miss Kitty]

geowickey...I just wanted to say and how great it is to read your posts. You seem so happy to be in SoWal! Enjoy your new home.

 

[Beach Runner]

My hairdresser and I were talking about this on Tuesday. It's LOCATION LOCATION LOCATION. Right now the west end of 30A is not as valued as much as the middle or east end of 30A. He owns property in both places, and his realtor concurs with this assessment.

 

[JoshMclean]

It's not in a community. It's one street with no amenities. There are no garages and parking is very limited. I personally like the street. This is what I was told by people that I showed these homes to. I prefer the west end of 30-A over the east end myself. I like to be closer to what's going on in Destin. If you feel that you got a good deal, congrats :clap_1: