Grayton Interest

Marketing is heavy in the new urban villes. The target market is more interested in fine dining and day spas than rusty trucks and sandy floors.

"Have you been to Grayton Beach"?
"Oh yes we went to the red Bar and saw some cute cottages but other than that there's nothing to do."

Does that rationale seep over into rentals also? Are rentals as vigorous in
Grayton as the upscale communities? Are rental prices lower as a reflection of rusty trucks, etc?

Does that rationale seep over into rentals also? Are rentals as vigorous in
Grayton as the upscale communities? Are rental prices lower as a reflection of rusty trucks, etc?

Sorry I can't check numbers for you but in general I would say that a rental house in the middle of Grayton Beach is going to be less expensive to rent than a similar property in Rosemary Beach or Seaside, even if age and condition are the same. There is a hefty HOA fee in the new urban towns, and values and taxes are also higher.

I believe the rentals in Grayton Beach book well, especially in the Summer.

I am curious to hear thoughts as to why no homes in Grayton Beach seem to be moving right now. I know the market is slow in general (overpriced inventory, too much inventory, slow national trend in second homes, investors lurking in hopes of a "bottom-out," etc.). But I have also heard from some "in the know" that the market for the higher-priced properties has moved down to Rosemary and Alys Beaches, where developments cater more to buyers in the way of luxuries, amenities, etc. Took our home off the market and happy enough to keep it for however long. But my thought in buying at Grayton (besides loving the community and that beach since early childhood) was that it was no nice and the character so unique and protected that many buyers would want Grayton if they could afford it.

I'm just wondering about the thoughts of others on this subject, out of curiosity. Thanks for opining!

It is slow everywhere. Just look at the Real Trend numbers for the last 2 years. Basically, we have been on a continuous downward trend line in terms of sales versus prior year. Even with the recent improvement in sales, unit volume is still down versus prior year.

The best selling area along 30A for the last few years has been and continues to be Watercolor. However, many of the sales in Watercolor have been at lower and lower prices per square foot--a home closed in phase II the other day for $380 per square foot and many recent sales have been well below $500 per square foot (prices reminiscent of 2003 and 2002). Rosemary has been slow and Alys has been absolutely dead since the initial offerings a couple of years ago. Watersound is doing a little better than Rosemary. Other major developments like the Preserve and Cypress Dunes aren't moving any inventory.

All very interesting feedback. I can tell you that the rentals of our house at Grayton (Conch Out) are higher than ever. Plus, the house books almost solid for the entire season from one spring/summer to the next. So Grayton seems in demand as a family vacation rental venue. I had to laugh at Kurt's very astute comment about there being nothing to do at Grayton (which I actually like). When I was a kid, there was absolutely nothing to do at Grayton. The Red Bar was a general store with a jukebox and there were no restaurants at all. Also, no grocery market other than "The Store." Goes without saying, there was no shopping whatsoever. And...what's a Starbucks?

My sense is that prices at Grayton are now a minimum of $1M and up, many of them in the $2M to $4-5M range, and that folks in that market are more the Rosemary and Alys Beaches herd. May be temporary; maybe not. I can understand some of the pain of Blue Mountain and Dune Allen, as those beaches are very shallow and any erosion whatsoever has dire consequences. Also, "nothing to do" in that direction, even though it is closer to Destin.

Well, I am happy to be keeping my house for the foreseeable future. But always interested in where market trends are or are headed. Perhaps someone with rental property in some of the planned community developments could weigh in as to whether the large inventory of new rentals has eroded their demand from past years?

I hear that most of WaterColor's in house rentals are almost booked solid for this season. This is fourth hand info, so I'm not certain of its accuracy. Maybe someone from WC will reply.

I hear that most of WaterColor's in house rentals are almost booked solid for this season. This is fourth hand info, so I'm not certain of its accuracy. Maybe someone from WC will reply.

I hear that at the bar. Ours is rented all summer.

My sense is that prices at Grayton are now a minimum of $1M and up, many of them in the $2M to $4-5M range, and that folks in that market are more the Rosemary and Alys Beaches herd.

I saw a house in old Grayton listed around $900K. Anyone know much about this house?

If it's the one on Garfield it was just reduced...it is a grayt old Florida beach house, has lots of possibilities. Huge lot. Nice trees. Needs some updating, but has a certain charm, IMO.

Is this $900K house called "Crab Shack," by any chance?

I am not surprised that WaterColor is filled for the summer. The Beach Club alone is worth the price of admission. Nice amenities and a nice beach.

Donna, it has been reduced to $895K, and it belongs to the Mayo family. Not sure of it's name. It is the yellow block house on the left of Garfield if you are driving North.

Could the slow movement of houses in Grayton be related to the fact that there are many older properties there and more expensive to insure?

Probably insurance could be a consideration...things are slow everywhere, and the idea of insurance and property taxes factor into the situation, at least in prospective buyers minds.

It takes a certain kind of person to appreciate the Grayton community and lately we seem to have the kind of buyers who are looking for the more upscale neighborhoods, rather than the Old Florida Beach Community.

I actually have a person who wants to buy this house; but he needs to sell some other things first and vacant lots in up and coming developments are moving even slower than older houses right now!

kurt hit on this, but everything is a give and take. The HOA fees that come with WC, Rosemary, Alys, and WSB are pretty hefty, so you pay for those amentities. IMHO this cuts both ways with buyers. SOme prefer Greyton cause no fees...so prefered master planned for the amenities.

Could the slow movement of houses in Grayton be related to the fact that there are many older properties there and more expensive to insure?

any ideas on insurance costs for a $900 house? Property taxes?

Grayton still has a soul. There are huge inventories everywhere and few buyers. There is more inventory on the way. Enjoy Grayton for what it is, as i'm sure we all do...

Current Insurance and Tax info for 78 Garfield St :

Property Tax - $4,206
Home Insurance - $2,544
Flood Insurance - $264

Link to 78 Garfield...

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

Current Insurance and Tax info for 78 Garfield St :

Property Tax - $4,206
Home Insurance - $2,544
Flood Insurance - $264

The $2544 home insurance (fire and wind I suspect) is DEAD CHEAP for a $900K home.

That certainly shouldn't be holding anyone back who's looking in that price range.



.

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

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.

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.'

.

.

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

...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.


.

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!