Grayton Interest

[Smiling JOe]

If it sells for $900K, expect property taxes to be in the neighborhood of $6,990 per year, for residential property in SoWal, based on current millage rates (which will most likely increase this year).

$900,000 x .85 = 765,000 (likely assessed value)
765,000 x .009 (current millage rate rounded up) = $6885 taxes

 

[rancid]

Link to 78 Garfield...

http://ecarmls.com/EmeraldReports/listings.asp?ID=8010032658

Does anyone have some thoughts or advice on this price? $450 sq/ft seems a little high for an old house in need of some repair and updating. I have seen threads discussing Watercolor homes in the $500 sq/ft range which are brand new with the latest and graytest in amenities.

Personally, I feel Grayton as a certain charm that appeals to me but does anyone think this justifies pricing in line with a newer development with more amenities (pool ,clubhouse etc..)?

I am mainly looking for something for my own long term use but would still like the best long term investment.

 

[SHELLY]

Does anyone have some thoughts or advice on this price? $450 sq/ft seems a little high for an old house in need of some repair and updating. I have seen threads discussing Watercolor homes in the $500 sq/ft range which are brand new with the latest and graytest in amenities.

Personally, I feel Grayton as a certain charm that appeals to me but does anyone think this justifies pricing in line with a newer development with more amenities (pool ,clubhouse etc..)?

I am mainly looking for something for my own long term use but would still like the best long term investment.

Personally, in the end (long term of course), I think that non-HOA places will eventually end up outpacing the area market. You would have a better opportunity to re-zone down the road while, in the meantime, avoid the escalating fees and "rules & regs" of the association.

The property @ 73 Garfield certiainly needs to be stripped of the Brady-Bunch-era paneling and requires much more work to give it a more breezy, beachy feel (including central a/c). Since it appears to be empty, and if you're interested, I'd present the owner with your lowball "back of the business card price/time limit ?" and walk away. In this market, 'nothing ventured, nothing gained.'

.

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[TN2FLA]

I am sorry to dissapoint you Shelly, there is no granite in 78 Garfield...the Brady Brunch ate their ramen from paper plates

 

[SHELLY]

...the Brady Brunch ate their ramen from paper plates

So are some of the folks who bought over-priced McMansions in recent years...only they don't have "Alice" to toss the plates in the trash.


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[DBOldford]

I am no indicator of comparables, because when I wanted to buy a beach house, only wanted Grayton and wanted at least a good view. Now so glad that Gulf front was not a "wanna," because I wouldn't want to replace my walkovers with every tropical storm. However, one of the big considerations when weighing Seaside was the HOA fees, which were quite large and guaranteed to increase over time. I felt that most of the amenities at Seaside were enjoyed by anyone within driving distance, yet we don't have to pay a monthly fee for it.

When considering a purchase of these houses, one needs to think about the maintenance and management fees, even without an HOA. In addition to insurance and taxes, you have management and handyman charges, commissions if you rent, housekeeping, storm prep, pool maintenance and repair (if you have one), landscaping (even in beach sand), and other incidentals. The salt air really works a house over in a short time.

BUT IT'S WORTH IT!

 

[Bob]

Donna, If you had to choose again, wouldn't you end up in the same place? Grayton is the heart and soul of 30A.

 

[Paula]

Some places have very low homeowner fees. If that's a concern, you can find such places. The fewer extras a place has and the less fancy landscaping that needs to be tended (the natural flora and fauna are quite nice), the lower the home owner fees. So, if you just want a place to live and a pool, you don't need to pay high homeowners fees. For someone who lives far away from their place, I find it nice to have a homeowner association (which also means that many people in the community are looking out for each other and the community) to keep an eye on things.

 

[DBOldford]

Good point, Paula. And your cottages have great amenities, also close to the beaches. The Bainbridge Island place has a HOA because there are nine acres of landscaped area and a walkable waterfront, pavilion with outdoor kitchen, boat storage facilities, its own water company and septic system for the 18 places. It's awfully nice to know that other homeowners are looking out for everything. In fact, my nextdoor neighbor just e-mailed to say they are having their skylights cleaned and the guy offered to discount both of us 20% if he did mine, too. Easy as pie.

Our rental company also does many management functions (at a price) and on the whole, I'm not unhappy with those services. The time when one is really on the rack is when a storm is possibly moving in. To board or not to board? And you hate to fly down there and possibly get trapped somewhere due to weather conditions. But I have decided that this is what frequent flyer miles are for. Of course, I am hoping for a normal storm season instead of a repeat of the unheard of 2005 year.

 

[Paula]

And if there are storms this year, Donna, then at least we'll probably get a chance to see each other and other SoWallers as we check on our places.

Homeowners' fees aren't for everyone, but they are good for whoever feels they are getting services that are important to them. They've been worth it to me for peace of mind and also for building a community in SoWal with people who have relatively similar goals/interests for their properties/lives in SoWal. When something goes wrong or well in the "neighborhood" it's good to know we'll all hear about it quickly and have a say in what happens next.