Watercolor

Yes. These are both in Phase 4 near Publix. Joe built spec. homes.

Be sure and have a professional inspection for these spec homes.

Be sure and have a professional inspection for these spec homes.

Very true, weren't these the last of Joe built homes?

Very true, weren't these the last of Joe built homes?

Yes.:roll:

If I had a choice between a Joe built home and a dumpster as a hurricane refuge, I'd choose the dumpster! There were several experienced & good contractors working, but the rest of them......... :roll:

Very true, weren't these the last of Joe built homes?

The quarter closes out next Monday (March 31)...JOE is looking for any source of revenue to offset its quarterly losses.


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I believe the most per square foot ever obtained in Watercolor was in Phase II. Once you get outside of a view corridor and/or walking distance, price per square foot deviations are driven by the size of the house and quality of design and construction. Distressed sales are impacting the entire 30-A market by driving down the average price of a home. Phase I is not somehow insulated from that impact anymore than Phase II and Phase III will bear the brunt of it.

Phase II has never commanded as much as Phase I and the highest prices paid in WC have all been in Phase I (several $3 million plus sales, non beach front and several more above $2.5 million, non beach front). Phase I prices are holding much better than Phase II or Phase III. No sales below roughly $500 per square foot in Phase I. Many, many below $400 per square foot in Phases II and III. Seaside, comparable to Phase I in terms of location, is also holding up very nicely in terms of price. Sure prices are down, but the farther you get from the beach, the bigger the drop seems to be. Location, location, location.

Closing just happened on a nice over 3K sq ft home, asking 1.5 sold for 1.050 about 305 per foot. Phase 3.

Closing just happened on a nice over 3K sq ft home, asking 1.5 sold for 1.050 about 305 per foot. Phase 3.

That was one very different floorplan--too unusual for many folks and lots of unusable square feet. Also, about as far from the beach as you can get in Watercolor. Again, way too much at risk inventory in Phase II and III. Way too many empty lots where you could build cheaper than you could buy many of the existing homes. This will keep prices down in these phases.

Phase I has only a few undeveloped lots and not many at risk homes as many were purchased before the boom. Also, great close to the beach location in Phase I. That'w why prices haven't dropped as precipitously as in the rest of WC.

The third highest price per square ever paid in Watercolor was in Phase II and the sale occurred less than a year ago. The big sales you refer to are almost all in Park Row on the south side or lake front on Western Lake in Phase I. Similar high price sales have or will occur on the park in Phase II and the lake in Phase III. Everything else is going to look the same with deviations for quality. When you're north of 30-A, a block or three really means little.

Fisher I have to disagree with you on the fact that Phase II and III of WC are somehow undervalued. Although further from the beach some lots hold incredible value. Such as cross lake gulf views and sides that share the State Forrest border. Given the right buyer that is a much greater value than 30A frontage with a slight gulf view.

Fisher I have to disagree with you on the fact that Phase II and III of WC are somehow undervalued. Although further from the beach some lots hold incredible value. Such as cross lake gulf views and sides that share the State Forrest border. Given the right buyer that is a much greater value than 30A frontage with a slight gulf view.

Average price paid for a home in Phase I over the past year was over $600 (excluding Park Row and Beachfront) per square foot with the lowest being around $500. In Phase II and III the average price has been under $450 (with some at $300) or about 30% to 40% below Phase I.

I don't believe Phase II and Phase III are undervalued. I believe they are worth much less than Phase I due to location and the prices people are paying now and have paid in the past prove back up this point. It only make sense that a house within walking distance from the beach will be worth more than a comparable house a bike or car ride away.

The third highest price per square ever paid in Watercolor was in Phase II and the sale occurred less than a year ago. The big sales you refer to are almost all in Park Row on the south side or lake front on Western Lake in Phase I. Similar high price sales have or will occur on the park in Phase II and the lake in Phase III. Everything else is going to look the same with deviations for quality. When you're north of 30-A, a block or three really means little.

One house in Phase II sold for over $700 per square foot (over 50% above the Phase II average) about one year ago. But, the average price was below $450. Not one other house in Phase II has sold for over $550 since then. In the meantime, several houses in Phase I sold for over $700 per square (20% above the average) foot last year with the average being over $600.

There is also a much bigger difference in distance to the beach than a "block or three". Some parts of Phase II are over a mile to the beach via the streets of WC versus and easy walk from most of Phase I.

Prices in all of Watercolor and all along 30A are likely to continue to soften until the inventory problem and the mortgage/banking mess get sorted out.

Over $700.00 ....... it was over $900.00. A lot of what you are looking at is the spec inventory and there just happens to be more of it in Phase II and Phase III so better deals can be had. In the long run, things will start to even out as the other houses accumulate some rental history.

I understand the importance of proximity to the beach, but does "feet above sea level" have a place in the decision to purchase beach property...whether it be a lot or a home? Most of Watercolor and Seaside are north of 30a, but does surge still factor in?

In my mind an elevated property with a slight gulf view would be a better investment than a gulf front at 3x the money.

Just curious if realtors discuss sea level with prospective buyers...

Sea level isn't so much as issue as flood zones & wetland designations.

Over $700.00 ....... it was over $900.00. A lot of what you are looking at is the spec inventory and there just happens to be more of it in Phase II and Phase III so better deals can be had. In the long run, things will start to even out as the other houses accumulate some rental history.

You might want to check the MLS again. 359 Spartina Circle--3317 square feet sold for $2.60 million. Equates to under $800 per square foot. Besides this isolated sale, only a couple of other properties in Phase II sold for over $500 per square foot over the past year and the majority closed near or below $400 per square foot. On the other hand, I could find no sales in Phase I below $500 per square and numerous above $700 per square foot.

Please direct me to any house in Watercolor outside of gulf front or park row that sold for $900 per square foot. I don't believe any house outside of Park Row or gulf front has sold for much over $800 per square foot and there were only a few of those that occurred during the bubble days in 2005.

MLS shows 2800 feet for $926.00 a foot. Tax rolls reflect a larger footprint. Regardless, 11 houses have closed this year and all but 2 are in Phase II & III. That's because buyers are getting a better price in those areas because the sellers are more motivated. No doubt you'll see some softening in Phase I from those that have to sell and are competing with the houses in II and III.

I believe Phases II and III are attracting the value buyers who are looking for a great deal. Considering you can easily buy a lot for $250,000 in Phases II and III and build a house for ~$250 per square foot, you could build 3,000 square feet for under $1,000,000. The sellers in those phases have to compete with that issue because the lot inventory is so high. Sellers in phase I do not have that concern and many of the non-value purchasers with lots of cash will be attracted to the proximity of Phase I to the beach and the complete, built out feeling Phase I has.

You might want to check the MLS again. 359 Spartina Circle--3317 square feet sold for $2.60 million. Equates to under $800 per square foot. Besides this isolated sale, only a couple of other properties in Phase II sold for over $500 per square foot over the past year and the majority closed near or below $400 per square foot. On the other hand, I could find no sales in Phase I below $500 per square and numerous above $700 per square foot.

Please direct me to any house in Watercolor outside of gulf front or park row that sold for $900 per square foot. I don't believe any house outside of Park Row or gulf front has sold for much over $800 per square foot and there were only a few of those that occurred during the bubble days in 2005.

FYI. Fulltime is not giving you his opinion, it is a fact that the house in question was 2800 sf, not 3317 as you stated. No need to look at tax rolls to try and figure it out, it is a fact. I know the house, the builder, the floor plan, etc. It was 2800 sf.

FYI. Fulltime is not giving you his opinion, it is a fact that the house in question was 2800 sf, not 3317 as you stated. No need to look at tax rolls to try and figure it out, it is a fact. I know the house, the builder, the floor plan, etc. It was 2800 sf.

Got it. County records are wrong which is not surprising.

So, the actual data shows the sale to be even more out of range than the county records show. $900 per square foot in Phase II or a 100% premium over the average price per square foot. Regardless of quality, finishes, etc, that price seems a tad high. Good news for the seller for sure. Probably not so good for the buyer from an investment perspective.

Answering WaterSounds question. IMO, height above sea level is a value item as is distance to Gulf. WaterColor and WaterSound, along with a number of properties along 30A, have an advantage of being above sea level and are built back behind primary dunes, in the transitional coastal zone or maritime forest. This property might indeed turn out to be a good investment as it will probably be high and dry for years to come. The only view isn't the beach. Many enjoy leaving the beach crowds at the end of the day and can still hear the waves lapping on the shore from the comfort of their porch swing nestled among the native landscape.

I appreciate that input Dunelaker. South of 30A but behind the dunes is a nice comfort zone. Gulfviews would be fantastic, but bought too soon!

Thanks

I appreciate that input Dunelaker. South of 30A but behind the dunes is a nice comfort zone. Gulfviews would be fantastic, but bought too soon!

Thanks

Give it time, eventually everyone's got water front property. ;-)

well, maybe not