I was somewhat surprised to see that St. Joe started building two spec houses in Phase IV right across from the pool. I was even more surprised to see that one of them is already pending.
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- Thread starter melscuba
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St. Joe seems to have hit a good price point in Phase IV. Those are actually moving pretty quick compared to across the street. I'm waiting for the owners in Phase II and III to take notice and drop prices. They won't go as low as Phase IV (unless everything goes lower), but the least expensive home still wants $200,000 plus over the Phase IV homes. We'll see.
Dream on...
Prices in Phase IV are $200,000 below Phase II and III simply because that is what they are worth. There is no comparison. Location, location, location. Who in their right mind would want to have to cross 395 all the time to get to most of the activities in WC? Also, those will be terribly hard to rent if one chooses to do so. Not sure, but the lots look narrow and the houses cookie cutter-ish also. So, they are worth $499,000 and not a penny more IMHO.
Prices in Phase IV are $200,000 below Phase II and III simply because that is what they are worth. There is no comparison. Location, location, location. Who in their right mind would want to have to cross 395 all the time to get to most of the activities in WC? Also, those will be terribly hard to rent if one chooses to do so. Not sure, but the lots look narrow and the houses cookie cutter-ish also. So, they are worth $499,000 and not a penny more IMHO.
I agree. Not sure they're even worth $499,000. My point being, I don't think the homes across 395 are worth almost $150 more per square foot. You don't have to sell me on WC.... I'm there. I do think of all the neighborhoods along 30-A WC has come to terms best with the price "corrections". This is one of many reasons WC keeps moving more properties than the other planned communities IMHO. I still think, on the whole, the neighborhood is currently overpriced. I started the thread to get opinions of realtors and homeowners of 30-A to see if my opinion was jiving with others. With a lot of luck and some guts we'll be pulling the trigger. We just want to time our purchase correctly. I don't think we'll get burned too bad on a price drop. Only time will tell where the market will go. Besides, we're in it for the long haul and likely full time. I know the home you and your husband personally purchased and think it's fantastic! I understand from other posts you are very happy... and you should be. Congrats again.
Why? What is your prediction?
If you believe they are still overpriced by $200k, why would you buy now?
I"m not sure it's by $200,000. I was commenting on the price difference between the phases. While I agree Phase IV just doesn't have the value of Phases I-III, I'm not sure I can see almost a quarter of a million dollar difference. The plan, for now, is to build in WC. Although the more we learn and see of 30-A, we recognize there are tons of wonderful places. From the research I've done, we can get what we want in size and location for less than we can buy an existing home. Our first step is to acquire the lot. IMHO I think lots will still drop further. I don't have a firm grasp as to how much they will "adjust", or even if I'm right. This is why I like to reach out to you guys for opinions. We won't be ready to buy until well into fall. I think we will see indicators by then as to what might happen price wise. At any rate, I currently perceive value in some lot prices. Would I like to see lot prices drop further...hmmm....of course. However, our personal plan is to be in it for the long haul. While I recognize prices may still go down after we purchase, I don't think it will be by such a sizable amount that it can't be recovered and/or gained upon over a ten to twenty year time frame. In the mean time, if we begin to see existing home prices creep to a place where they are truly below building cost, we'll buy.