What is up with Sanctuary at Redfish?

[gmarc]

i agree with everything accept that beach will ever be super packed. the beach is the widest i've ever seen and i'm estimating its 5 times the width of the beach in front of one seagrove or beach crest. basically you have 130 homes at the preserve,82 units at santuary and what 50 units at santuary at redfish. thats very low traffic for a beach so wide and long. also the other developments you speak of like the village are very far and will go to the public beach access at blue mountain. also theres state park surrounding the preserve which can't be built on.

 

[Smiling JOe]

ray, you don't consider 500 people on that stretch to be many people? That is with only 2 people per unit, but most every unit mentioned is more than two bedrooms. That is in a place where on any given day in the summer in the past, you might see two people over the course of two hours.

 

[Purvis]

To finish answering question #1......now don't hold me to this, but the last I heard Johnny Earles and crew at 30 A Resorts recently landed the gig of managing all rental units at Sanctuary at Redfish.

 

[jerome]

what units and where

The views from Sanctuary at Redfish are awesome, and not everyone likes to sit in the hot sun on the beach, but still may enjoy looking at the Lake and the Gulf. The shuttle boat will take people to the beach as they want. Great pool, too. I'm not a fan of the impact this and other developments will have on the Lake, but this project was sold no differently than any other.

Smiling Joe, I am starting to get the feeling that you are a realtor, and if not, you must be well attuned to the vagaries and complexeties of local r.e. The unit 2nd floor I saw did not have views to write home about, alright I guess, but far from great. The trees blocked most of the beach view, and a decent portion of the lake view. Now what units (if you don't want to get technical), what floor are you referring to that has great views. I am betting the easterly 3rd floor, where the units start at 700,000+.

 

[Mango]

No bashing really, just want to get the honest answers about the various issues surrounding the development. Please take no offense. I like the place but for my own worldly reasons, I am a skeptical conservative (especially involving real estate). I was involved in lending(not in FL) and I am still amazed by the corruption and scams that came out of the R.E. implosion here. I had no idea of that when I was lending. We were conservative and legitimate and by the books, way too much for the times. No ninja loans for us, at least two years of w2's w/ good credit, some down, along with a slew of info. And I can't recall any homes that I dealt with that appreciated 100% or even 30% or even 20% annually- this being in 03' to 05'. Home prices didn't mimic the schizophrenia of hyped-up biotech bullletin board stocks. So I guess you can call me a skeptical conservative liberal. Before I came here I was a real estate virgin.

HERE ARE MY QUESTIONS:


1# Is the developer stilll connected to the complex- and is his status good or bad with the development? Who owns and runs it now? Who's the management.

2# How many of these units are owned by individuals, rather than banks- %.

3# How many of these units were sold at auction to individuals and investment groups and are now listed for sale (flippin'). Would someone out there on sowal.com be able to please provide the units' auctioned price.

4# Say if and when the complex has and attracts people, just what is the probability and practicality that one pontoon is going to transport and accomodate say a minimal 50-70 guests throughout the day in a comfortable and efficient manner back and forth. What kind of water time are we talking here.

5# What is the financial condition of the HOA and the development in general? Any budget/reserve figures out there?How may HOAS dues are in arrears? What might that mean for potential owners? Special assessments?
If people are paying, they are not paying to use the place.

6# Walking to thebeach from Redfish, from what I gathered, is quite a stretch. Might be an easy mile+ round trip. With gear, strap that. It's sizing up to be kind of a beach that is "fairly inaccessible" except for the daring or the waiting.

7# It seems like a forlorn fresh ruin of the 06' downturn. People have bought there, but I have seen, throughout the seasons, at most, a handful of cars in the parking lots. What is the occupancy status?

8# I guess to sum it up-what would be some well though out reasoning and facts why it would be a sound investment- besides the generally obvious.

Now these are just a few legitimate questions.

Sincerely,

Jerome

Jerome, if you have been in Lending, then you should know that obtaining a condo questionnaire from the Managing Agent should not be that difficult and it would answer a majority of your questions. The exception being how many units sold at auction, but a list of sales is easily obtained on the County's web site detailing price and when sold, then cross reference to the seller.
Sanctuary By The Sea

 

[jerome]

Jerome, if you have been in Lending, then you should know that obtaining a condo questionnaire from the Managing Agent should not be that difficult and it would answer a majority of your questions. The exception being how many units sold at auction, but a list of sales is easily obtained on the County's web site detailing price and when sold, then cross reference to the seller.
Sanctuary By The Sea

True, you can go that route, which I may prepared to do here shortly. From I what I've heard from a few realtors, the information you get sometimes may be limiting, sometimes slighted, and must be cross referenced and dissected, especially if the development is in a questionable status. But in some possibly most, a decent amount of accurate information may be revealed. In my very limited dealing with condos, I've had to deal with two "managing agents" at highly-regarded, established condos. I left both experiences fairly satisfied, but still with a few unanswered nagging questions. The Sanctuary at Redfish is a whole different ball of wax. I heard some dare and hate to say "rumors" surrounding the place that must be clarified. I don't like rumors,spreading them, or even conflicting things period. Unfortunately, the "rumors" are of the sort that most managing agents or any pro-represenatives of the property are more than likely not or can't disclose. That is all I am going to say. I don't know, have heard, need facts. Not trying to start a fire, just trying to get the real deal on this place, maybe from somebody whose job doesn't depend on the success of the complex.
More on my lending later. I was just a small fish whose largest deals were home, (not condo) mortgages that ranged 200-400k. I was a credit analyst to be exact. Stay in touch.

 

[AAbsolute]

True, you can go that route, which I may prepared to do here shortly. From I what I've heard from a few realtors, the information you get sometimes may be limiting, sometimes slighted, and must be cross referenced and dissected, especially if the development is in a questionable status. But in some possibly most, a decent amount of accurate information may be revealed. In my very limited dealing with condos, I've had to deal with two "managing agents" at highly-regarded, established condos. I left both experiences fairly satisfied, but still with a few unanswered nagging questions. The Sanctuary at Redfish is a whole different ball of wax. I heard some dare and hate to say "rumors" surrounding the place that must be clarified. I don't like rumors,spreading them, or even conflicting things period. Unfortunately, the "rumors" are of the sort that most managing agents or any pro-represenatives of the property are more than likely not or can't disclose. That is all I am going to say. I don't know, have heard, need facts. Not trying to start a fire, just trying to get the real deal on this place, maybe from somebody whose job doesn't depend on the success of the complex.
More on my lending later. I was just a small fish whose largest deals were home, (not condo) mortgages that ranged 200-400k. I was a credit analyst to be exact. Stay in touch.

Did you say you're looking and ready to buy in there?

 

[jerome]

Did you say you're looking and ready to buy in there?

That is a possibility. Why do you ask Sir?

 

[jerome]

Smiling Joe, I am starting to get the feeling that you are a realtor, and if not, you must be well attuned to the vagaries and complexeties of local r.e. The unit 2nd floor I saw did not have views to write home about, alright I guess, but far from great. The trees blocked most of the beach view, and a decent portion of the lake view. Now what units (if you don't want to get technical), what floor are you referring to that has great views. I am betting the easterly 3rd floor, where the units start at 700,000+.

Hey, I take that back, went back , and there are some nice views on the 3rd floor. You are right. Now I see what you were seeing. Only problem- the view I saw is attached to a nearly 3,000 sqft two-story behemoth of a monster condo. The design- first floor living area is a doable lofty open feel, not bad, lacking windows/natural light. You get a very conservatively-sized sliding glass door and one window to the the outside commmon walkway-that's it. First floor master-wow-it's like where do we start and where do we end. One very conservatively-sized sliding door and that's it , no windows, nothing else, except for a very long, alley way of a bedroom were you have one hell of a oddly shaped room that may perplex the most talented of any interior designer w/ an unlimited budget. You could actually set up a mini-put-put, or a small bolwing alley. Go up upstairs, view is great, rooms not so great. 8 ft ceilings and one very conservatively-sized sliding glass door in an allley way shotgun room. No windows and no light. Now let me emphasize this part- that's what we are all down here for, a little serotonin inducing rays of light right? That's my take. They got it straight on a few counts. Yes, you are right. The beach vista, from the 3rd floor balcony is all gravy. Unfournately, the best views are usually reserved for the larger sqfts places. In this case, the materials were good quality like the other units. The layout on this one .....uhhhhhh. I think I would have given a little bit more thought to the layout of this unit that is in a complex that has and could have very good possibilites.

 

[SHELLY]

Hey, I take that back, went back , and there are some nice views on the 3rd floor. You are right. Now I see what you were seeing. Only problem- the view I saw is attached to a nearly 3,000 sqft two-story behemoth of a monster condo. The design- first floor living area is a doable lofty open feel, not bad, lacking windows/natural light. You get a very conservatively-sized sliding glass door and one window to the the outside commmon walkway-that's it. First floor master-wow-it's like where do we start and where do we end. One very conservatively-sized sliding door and that's it , no windows, nothing else, except for a very long, alley way of a bedroom were you have one hell of a oddly shaped room that may perplex the most talented of any interior designer w/ an unlimited budget. You could actually set up a mini-put-put, or a small bolwing alley. Go up upstairs, view is great, rooms not so great. 8 ft ceilings and one very conservatively-sized sliding glass door in an allley way shotgun room. No windows and no light. Now let me emphasize this part- that's what we are all down here for, a little serotonin inducing rays of light right? That's my take. They got it straight on a few counts. Yes, you are right. The beach vista, from the 3rd floor balcony is all gravy. Unfournately, the best views are usually reserved for the larger sqfts places. In this case, the materials were good quality like the other units. The layout on this one .....uhhhhhh. I think I would have given a little bit more thought to the layout of this unit that is in a complex that has and could have very good possibilites.

Are you looking for a place to live in or a vacation rental.

Either way, if your gut is telling you something is not quite right--and you're not crazy about the price or the layout of this condo...you probably could do better spending your time and money on something more suitable.