Roebuck Auctions and McNeese Title would like to invite everyone to come out this Sunday, August 10 from 4:00 to 7:00pm at the Sanctuary at Redfish. We are having a poolside preview party for the 6 condos and 5 pool cabanas that will be auctioned on Saturday, August 16 at the Santa Rosa Beach Club. There will be live music, drinks, givewaways and great food provided by JamBone. At least 3 of these condos will be sold at absolute auction, meaning they will sell to the highest bidder(s) regardless of price. Even if you do not have plans to attend the auction, this is a great opportunity to see and experience this first class project and have a good time doing it. For more information, call Roebuck Auctions at 654-6000 or visit our website, www.roebuckauctions.com.
Replies
60Beach Fanatic
Yep. We disagree on this but I'd put money on a bet that the folks who bought at this auction will, in two years, be under water on value. Maybe we can dig this thread up 8/19/2010 and see if that bet would pay off.
Coming from one of the biggest bears on this forum, I would probably be willing to take you up on a friendly non-monetary wager. I think $400k for a 3/3 with 1800 sq ft on a beautiful dune lake is a pretty good deal. It would be interesting to know if these were acquired by end users or investors.
If they are underwater by much in two years, its because our economy has gone through a total nuclear meltdown (calling Shelly) and everyone in the country is up the creek.
Let's check back in two years. My guess is some of these condos will change hands over that time period and none will sell for less than these (but maybe not a lot more either).
Beach Comber
I guess you haven't been in one of the units at Sanct at Redfish. You have tremendous views of Big Redfish Lake, and the beach is only a short, 4 minute paddle in a canoe, or you can get on the shuttle boat and make the trip in 2 min. Today's dollars, I think $425K is a steal for one of those units, and think they are worth more around $600K.
Is the only beach access there across the lake?
Beach Fanatic
Sure, here are the results from Saturday.
117 Highland....$2,310,000
5862 W Hwy 30A....$632,500
Beachside Villas #312....$156,200
Beachside Villas #812....$132,000
Palms of Seagrove #D3....$181,500
Sanctuary at Redfish #1107....467,500
Sanctuary at Redfish #1102....396,000
Sanctuary at Redfish #2102....401,500
Sanctuary at Redfish #2107....401,500
Sanctuary at Redfish #2110....381,700
Sanctuary at Redfish #3107....495,000
Sanctuary pool cabana #5....$30,800
Sanctuary pool cabana #8....$30,800
Sanctuary pool cabana #10....$30,800
I know everyone's attention is on the Sanctuary at Redfish, but the prices on the Beachside Villas units seem amazingly low to me. I thought I had some idea of where this market had sunk, but this was a real eye opener to me.
SoWal Insider
I guess you haven't been in one of the units at Sanct at Redfish. You have tremendous views of Big Redfish Lake, and the beach is only a short, 4 minute paddle in a canoe, or you can get on the shuttle boat and make the trip in 2 min. Today's dollars, I think $425K is a steal for one of those units, and think they are worth more around $600K.
Apparently no one who attended the auction thought they were worth around 600K.
<Whyizit the area Realtors aren't snapping up all these great deals?:scratch:>
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Edited
Beach Fanatic
Yep. We disagree on this but I'd put money on a bet that the folks who bought at this auction will, in two years, be under water on value. Maybe we can dig this thread up 8/19/2010 and see if that bet would pay off.
I strongly disagree with that comment. I really think they got a great deal at those auction prices. Only time will tell.
SWGB
I know everyone's attention is on the Sanctuary at Redfish, but the prices on the Beachside Villas units seem amazingly low to me. I thought I had some idea of where this market had sunk, but this was a real eye opener to me.
Why, I doubt any of those shown had any kind of view. The complex is constantly under repair and they get huge assessments ever year. Half that would be a deal.
Beach Fanatic
While Beaside Villas has a great location, they were poorly built and below code, IMO. After every storm, they have siding blowing all over the place. I have pictures of their original construction that shows NO hurricane clips. So, they are still standing, and the price is getting better. I would never buy there. We call them Beachside Villians or The Projects because of the shenanigans that were behind their being built in the first place. Probably the highest dunes in Florida were destroyed for this place to be built. Too long a story to tell here. But, they are close to the Beach, still standing, and have a good price compared to other projects. So, you roll the dice.
Edited
SWGB
While Beaside Villas has a great location, they were poorly built and below code, IMO. After every storm, they having siding blowing all over the place. I have pictures of their original construction that shows NO hurricane clips. So, they are still standing, and the price is getting better. I would never buy there. We call them Beachside Villians or The Projects because of the shenanigans that were behind their being built in the first place. Probably the highest dunes in Florida were destroyed for this place to be built. Too long a story to tell here. But, they are close to the Beach, still standing, and have a good price compared to other projects. So, you roll the dice.
Unfortunately someone with insurance just might. The truly sad part is that if completely leveled they have to be built back as originally designed, plus code improvements.
Beach Fanatic
Yes, it is a sad story. When Beachside Villas was built under a cloud of question, Vince Bruner of Okaloosa County was our areas State Representative. He was asked to help, but none was forthcoming. Long story short, he ended up being one of the major developers of Dunes of Seagrove, adjacent to this property, squeezed it through our convoluted and compromised county government, and destroyed the rest of the adjacent magestic dunes. No dunes now and not even in Seagrove.
Beach Fanatic
Why, I doubt any of those shown had any kind of view. The complex is constantly under repair and they get huge assessments ever year. Half that would be a deal.
Huge assessments every year is just not accurate
Beach Fanatic
While Beaside Villas has a great location, they were poorly built and below code, IMO. After every storm, they have siding blowing all over the place. I have pictures of their original construction that shows NO hurricane clips. So, they are still standing, and the price is getting better. I would never buy there. We call them Beachside Villians or The Projects because of the shenanigans that were behind their being built in the first place. Probably the highest dunes in Florida were destroyed for this place to be built. Too long a story to tell here. But, they are close to the Beach, still standing, and have a good price compared to other projects. So, you roll the dice.
Do you have any facts to support the allegation of "below code"?
SoWal Insider
Huge assessments every year is just not accurate
Can you list the assessments since they've opened? (Regular and special)
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Edited
SWGB
I guess that was just one of those hit and run "don't hurt my equity" comments.
Beach Fanatic
I guess that was just one of those hit and run "don't hurt my equity" comments.No, it was a comment that your statement was not right and there have not been huge assessments every year.
SWGB
No, it was a comment that your statement was not right and there have not been huge assessments every year.
Okay, maybe every other year? What are the reserves like? I'll bet twenty that they are less than $50,000 combined. What was the last assessment amount?
Beach Fanatic
Okay, maybe every other year? What are the reserves like? I'll bet twenty that they are less than $50,000 combined. What was the last assessment amount?
Instead of quizzing me for numbers, why don't you just get your facts straight before you throw out allegations?
I am aware of 1 significant assessment in the past 7 years.
SoWal Insider
Instead of quizzing me for numbers, why don't you just get your facts straight before you throw out allegations?
I am aware of 1 significant assessment in the past 7 years.
...how much, why and when?
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SWGB
Instead of quizzing me for numbers, why don't you just get your facts straight before you throw out allegations?
I am aware of 1 significant assessment in the past 7 years.
If you know of it why can't you just post the amount? It might strike some people as though you have something to hide. So please, by all means, straighten me out. Oh and based on selling prices of less than $200,000 why don't you list any assessments you know of. I would say anything over 1% of my purchase price would be a large assessment. That would be anything over $1,000 based on the selling prices. Pardon me, but in addition to mortgage, insurance, utilities, and normal dues that would be a real pain in my arse.
Admin
Don knows what he's talking about. Probably messing with you since you threw the project under the bus. Isn't $1,000 is a small investment? A significant assessment for a condo would be more like $10,000++ for major structural repairs, new siding, roof decking, etc.
SWGB
Okay I give, I guess Beachside Villas is just the most wonderful place on Earth.
Beach Fanatic
Really? I thought it was falling apart?
SoWal Insider
Really? I thought it was falling apart?
...you mean the condoze or the argument that carrying costs don't count?
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Beach Fanatic
Coming from one of the biggest bears on this forum, I would probably be willing to take you up on a friendly non-monetary wager. I think $400k for a 3/3 with 1800 sq ft on a beautiful dune lake is a pretty good deal. It would be interesting to know if these were acquired by end users or investors.
If they are underwater by much in two years, its because our economy has gone through a total nuclear meltdown (calling Shelly) and everyone in the country is up the creek.
Let's check back in two years. My guess is some of these condos will change hands over that time period and none will sell for less than these (but maybe not a lot more either).
Uh oh--saw two short sales in SARFish LISTED for under $400k. Guess they are going lower. Those auctioned properties don't appear to be quite the steal in hindsight.
And those cabanas that sold for $30k at auction--3 more recently sold for $20k apiece.
Edited
SoWal Insider
Uh oh--saw two short sales in SARFish LISTED for under $400k. Guess they are going lower. Those auctioned properties don't appear to be quite the steal in hindsight.
And those cabanas that sold for $30k at auction--3 more recently sold for $20k apiece.
A rough count shows eighteen of those condos showing Lis Pen foreclosure filings in the country records over the last 6 months.
Banned
Uh oh--saw two short sales in SARFish LISTED for under $400k. Guess they are going lower. Those auctioned properties don't appear to be quite the steal in hindsight.
And those cabanas that sold for $30k at auction--3 more recently sold for $20k apiece.
Show me anything purchased last August that would be considered a steal at this time.
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