Did anyone see the article in today's Times "Escape" section about Seaside? Along the lines of trouble in paradise, etc. Mostly deals with the aftermath of storms/beach erosion, traffic, maintenance costs, and out-of-reach property values. I can tell you why we did not buy at Seaside, in spite of having stayed at their Honeymoon Cottages on several occasions. First, the traffic on 30A, which would only get worse with time. Second, we felt that maintenance and amenities at Seaside translated into what would become ever-escalating homeowners association dues which we would have no control over. Third, we were singularly unimpressed with how the properties were managed for rental purposes at the time we were buying.
On the "plus" side, I think the Seaside new urban design really set a tone for excellence in future South Walton developments. It put the area on the map in terms of attracting an international recognition and following. And I think (most of) the homes are definitely safer from the ravages of storms by virtue of their setbacks from the water's edge. The price they pay, of course, is absence of direct beach access and lack of Gulf views, in most instances. And we did not want a beach house that did not at least have a nice view of the Gulf, if not direct access.
The article goes on to say that sales are absolutely flat in the area now. This is to be expected in the aftermath of such a well publicized 2005 hurricane season. But I also believe that the hugely escalated prices of real estate (such as the $5M to $7M costs of Seaside homes) has simply priced many people out of the market, particularly when you consider that these are second homes for most. Combine this with increased interest rates, increased property taxes, and the uncertainty of insurance hikes and you have a very nervous potential buyer. Rental income nicely offsets a mortgage of under $1M, but becomes a non-factor for a property priced much higher.
Interested in knowing what some of the Seaside owners think about this???
On the "plus" side, I think the Seaside new urban design really set a tone for excellence in future South Walton developments. It put the area on the map in terms of attracting an international recognition and following. And I think (most of) the homes are definitely safer from the ravages of storms by virtue of their setbacks from the water's edge. The price they pay, of course, is absence of direct beach access and lack of Gulf views, in most instances. And we did not want a beach house that did not at least have a nice view of the Gulf, if not direct access.
The article goes on to say that sales are absolutely flat in the area now. This is to be expected in the aftermath of such a well publicized 2005 hurricane season. But I also believe that the hugely escalated prices of real estate (such as the $5M to $7M costs of Seaside homes) has simply priced many people out of the market, particularly when you consider that these are second homes for most. Combine this with increased interest rates, increased property taxes, and the uncertainty of insurance hikes and you have a very nervous potential buyer. Rental income nicely offsets a mortgage of under $1M, but becomes a non-factor for a property priced much higher.
Interested in knowing what some of the Seaside owners think about this???