Grayton Interest

[DBOldford]

I am curious to hear thoughts as to why no homes in Grayton Beach seem to be moving right now. I know the market is slow in general (overpriced inventory, too much inventory, slow national trend in second homes, investors lurking in hopes of a "bottom-out," etc.). But I have also heard from some "in the know" that the market for the higher-priced properties has moved down to Rosemary and Alys Beaches, where developments cater more to buyers in the way of luxuries, amenities, etc. Took our home off the market and happy enough to keep it for however long. But my thought in buying at Grayton (besides loving the community and that beach since early childhood) was that it was no nice and the character so unique and protected that many buyers would want Grayton if they could afford it.

I'm just wondering about the thoughts of others on this subject, out of curiosity. Thanks for opining!

 

[Kurt]

Marketing is heavy in the new urban villes. The target market is more interested in fine dining and day spas than rusty trucks and sandy floors.

"Have you been to Grayton Beach"?
"Oh yes we went to the red Bar and saw some cute cottages but other than that there's nothing to do."

 

[Camellia]

Does that rationale seep over into rentals also? Are rentals as vigorous in
Grayton as the upscale communities? Are rental prices lower as a reflection of rusty trucks, etc?

 

[Kurt]

Does that rationale seep over into rentals also? Are rentals as vigorous in
Grayton as the upscale communities? Are rental prices lower as a reflection of rusty trucks, etc?

Sorry I can't check numbers for you but in general I would say that a rental house in the middle of Grayton Beach is going to be less expensive to rent than a similar property in Rosemary Beach or Seaside, even if age and condition are the same. There is a hefty HOA fee in the new urban towns, and values and taxes are also higher.

I believe the rentals in Grayton Beach book well, especially in the Summer.

 

[fisher]

I am curious to hear thoughts as to why no homes in Grayton Beach seem to be moving right now. I know the market is slow in general (overpriced inventory, too much inventory, slow national trend in second homes, investors lurking in hopes of a "bottom-out," etc.). But I have also heard from some "in the know" that the market for the higher-priced properties has moved down to Rosemary and Alys Beaches, where developments cater more to buyers in the way of luxuries, amenities, etc. Took our home off the market and happy enough to keep it for however long. But my thought in buying at Grayton (besides loving the community and that beach since early childhood) was that it was no nice and the character so unique and protected that many buyers would want Grayton if they could afford it.

I'm just wondering about the thoughts of others on this subject, out of curiosity. Thanks for opining!

It is slow everywhere. Just look at the Real Trend numbers for the last 2 years. Basically, we have been on a continuous downward trend line in terms of sales versus prior year. Even with the recent improvement in sales, unit volume is still down versus prior year.

The best selling area along 30A for the last few years has been and continues to be Watercolor. However, many of the sales in Watercolor have been at lower and lower prices per square foot--a home closed in phase II the other day for $380 per square foot and many recent sales have been well below $500 per square foot (prices reminiscent of 2003 and 2002). Rosemary has been slow and Alys has been absolutely dead since the initial offerings a couple of years ago. Watersound is doing a little better than Rosemary. Other major developments like the Preserve and Cypress Dunes aren't moving any inventory.

 

[DBOldford]

All very interesting feedback. I can tell you that the rentals of our house at Grayton (Conch Out) are higher than ever. Plus, the house books almost solid for the entire season from one spring/summer to the next. So Grayton seems in demand as a family vacation rental venue. I had to laugh at Kurt's very astute comment about there being nothing to do at Grayton (which I actually like). When I was a kid, there was absolutely nothing to do at Grayton. The Red Bar was a general store with a jukebox and there were no restaurants at all. Also, no grocery market other than "The Store." Goes without saying, there was no shopping whatsoever. And...what's a Starbucks?

My sense is that prices at Grayton are now a minimum of $1M and up, many of them in the $2M to $4-5M range, and that folks in that market are more the Rosemary and Alys Beaches herd. May be temporary; maybe not. I can understand some of the pain of Blue Mountain and Dune Allen, as those beaches are very shallow and any erosion whatsoever has dire consequences. Also, "nothing to do" in that direction, even though it is closer to Destin.

Well, I am happy to be keeping my house for the foreseeable future. But always interested in where market trends are or are headed. Perhaps someone with rental property in some of the planned community developments could weigh in as to whether the large inventory of new rentals has eroded their demand from past years?

 

[Smiling JOe]

I hear that most of WaterColor's in house rentals are almost booked solid for this season. This is fourth hand info, so I'm not certain of its accuracy. Maybe someone from WC will reply.

 

[Miss Kitty]

I hear that most of WaterColor's in house rentals are almost booked solid for this season. This is fourth hand info, so I'm not certain of its accuracy. Maybe someone from WC will reply.

I hear that at the bar. Ours is rented all summer.

 

[rancid]

My sense is that prices at Grayton are now a minimum of $1M and up, many of them in the $2M to $4-5M range, and that folks in that market are more the Rosemary and Alys Beaches herd.

I saw a house in old Grayton listed around $900K. Anyone know much about this house?

 

[GoodWitch58]

If it's the one on Garfield it was just reduced...it is a grayt old Florida beach house, has lots of possibilities. Huge lot. Nice trees. Needs some updating, but has a certain charm, IMO.