Great Value in Paradise by the Sea!

[AAbsolute]

In these days of tightened credit this sounds like a very positive approach. I already know someone who wants to be South of 30A, ideally in Alys Beach. It's been a while since I reviewed your Plat for Pardise by the Sea, but I know your lot has either the highest elevation or near highest in Paradise or Alys. How many lots away from the Hilton House is your property? Is Alys Beach truly behind your lot or does Alys stop to the West of you? On your listing I clicked on your parcel id # and I can see Alys Beach as a Block by Hilton's, but I'm not understanding how the other EBSCO Block behind you is planned. Is it really Alys Beach behind you or some kind of conservation area?

 

[PTWizard]

In these days of tightened credit this sounds like a very positive approach. I already know someone who wants to be South of 30A, ideally in Alys Beach. It's been a while since I reviewed your Plat for Pardise by the Sea, but I know your lot has either the highest elevation or near highest in Paradise or Alys. How many lots away from the Hilton House is your property? Is Alys Beach truly behind your lot or does Alys stop to the West of you? On your listing I clicked on your parcel id # and I can see Alys Beach as a Block by Hilton's, but I'm not understanding how the other EBSCO Block behind you is planned. Is it really Alys Beach behind you or some kind of conservation area?

AA, I'll try to post a plat of Paradise by the Sea later today or tommorrow. My lot is not the highest point in Paradise by the Sea but probably within a few feet of the highest. It is lot 11B. The "B" lots sit one back from the beach on the west side of the entrance. The "A" lots are the beach front lots and the "C" lots sit one back (although further back than the "B" lots) from the beach on the east side of the entrance. The Hilton home sits on lots 1A, 2A, 3A and 4A. The McRae home next door sits on lots 5A and 6A. Alys Beach abuts the Hilton property to the west and north of their lots.

My lot, 11B, is directly north of the dividing line of lots 17A and 18A. One of the great things about the lots in Paradise by the Sea (other than no build out timeframes) is their size. Most of the lots are 60' wide while a few, mine included, are 65" wide. Also, my lot is actually 153' deep on the shortest side. And although it is actually one of the smaller lots in the development the very large homes that have been built on lots 1B, 2B and 3B sit on lots that are less deep (and at a lower elevation) than mine.

My lot does not back up directly to Alys beach but because of the way the lots are divided there will be a clear sight line form the rear of my property over Alys beach. My lot actually backs up to 3 lots that face the entrance road just behind the gate off 30-A. Hopefully, once I post the plat you'll see what I mean.

 

[PTWizard]

Additional Clarification

I received a private message regarding one of my posts asking, since I stated I wanted to walk away with $600,000, if that's what I would accept for the property. The answer is no but since others may have been confused as well I would like to clarify.

My asking price is $950,000. At that price, less about $75,000 in commisssions and closing fees as well as the $300,000 I am offering for a second mortgage I would walk away with about $575,000 which is somewhat less than the $600,000 I really need. I would then use the remaining $575,000 to pay off my mortgages and capital gains taxes. Yes, even at this price I actually still have a capital gain on this property. That's the beauty of multiple 1031 exchanges, I guess. Also, you could look this up but I paid about$1,820,000 for this property in 2005 and have spent over $100,000 for renovations and improvements since then. Over the long term I believe it is an excellent buy. I wish I could keep it. However, at this point I just want to keep other properties I own more.

If you have any further questoins please let me know.

 

[PTWizard]

Paradise by the Sea Plat

I've attached a plat of Paradise by the Sea. My home sits at the rear of lot 11B.

 

[AAbsolute]

I've attached a plat of Paradise by the Sea. My home sits at the rear of lot 11B.

Hate to go over this again, I promise it'll be the last time I ask: I see your Lot 11B and I see the long Paradise by the Sea community extent boundary line marked as 1316.70' just North of you. Is that the Alys Beach community boundary line? If it is that means you are South of Alys Beach. Yes or No?

 

[PTWizard]

Hate to go over this again, I promise it'll be the last time I ask: I see your Lot 11B and I see the long Paradise by the Sea community extent boundary line marked as 1316.70' just North of you. Is that the Alys Beach community boundary line? If it is that means you are South of Alys Beach. Yes or No?

No problem. Yes, the line you refer to, 1316.7', is the border between Paradise by the Sea and Alys Beach. And yes, we are South of Alys Beach. We are easy walking distance to Alys Beach, Seacrest Beach and Rosemary Beach yet we are more private and have much large lots. 51 lots, with a current potential for only 47 homes, and 1,700' of beach front. Is this a great location or not?!

 

[PTWizard]

11B Plot Plan

I've attached the plot plan for my lot, home and pool so you can see how it is situated on the lot. A photo of the home is also attached.

 

[AAbsolute]

No problem. Yes, the line you refer to, 1316.7', is the border between Paradise by the Sea and Alys Beach. And yes, we are South of Alys Beach. We are easy walking distance to Alys Beach, Seacrest Beach and Rosemary Beach yet we are more private and have much large lots. 51 lots, with a current potential for only 47 homes, and 1,700' of beach front. Is this a great location or not?!

That's what I couldn't find for some reason on the Alys question. I saw GAC excavators working back there, but hadn't seen anything from Alys about developing that big parcel right behind you.

Yes this is a great location. I think you have a special lot for my own reason, but...

Gotta ask. Yours is the 2nd least priced property in Paradise by the Sea. I can see 1 listing at about $800,000 but I can't view the MLS detail on Frank Orlando's site. Is that listing vacant or is there a home? What's the difference in price for?

 

[PTWizard]

Lot comparison

I believe the lot you are referring to is lot 6B. It is a vacant lot that sits at a lower elevation and a little further back from the beach than my lot. Also, my lot includes a home and pool that currently generates gross rental income of approximately $60,000 per year. I believe, unless someone is looking strictly for an empty lot (and what funn is that?) that my property represents a better value. However, I believe either property would be a great buy. Try asking what you could get for these prices in Rosemary or Alys. I'm pretty certain you wouldn't find anything at even half the size of our lots south of 30-A, much less one lot back from the beach. Yet, we enjoy greater privacy as well as many of the shops, restuarants and other amenities of all of the surrounding neighborhoods.

 

[AAbsolute]

I believe the lot you are referring to is lot 6B. It is a vacant lot that sits at a lower elevation and a little further back from the beach than my lot. Also, my lot includes a home and pool that currently generates gross rental income of approximately $60,000 per year. I believe, unless someone is looking strictly for an empty lot (and what funn is that?) that my property represents a better value. However, I believe either property would be a great buy. Try asking what you could get for these prices in Rosemary or Alys. I'm pretty certain you wouldn't find anything at even half the size of our lots south of 30-A, much less one lot back from the beach. Yet, we enjoy greater privacy as well as many of the shops, restuarants and other amenities of all of the surrounding neighborhoods.

Fair enough. Thanks for playing stump the chump.

Now we move to the next round where the questions are harder. Rosemary is nearing build out which is best for the end user. I have been watching Paradise and have seen just 4 starts in the past year which is about 10% of the buildable lots.

I know Paradise will be the home of the mega houses with bookends like Hilton to the west and that developer from Atl to the East. I'm afraid without build out momentum it may take a while. I don't see or hear about future starts, sorry.