Auction on two lots in WaterColor

Also, WaterColor recently sold one of their homes for $500/sq ft. When the builders are trying to sell homes in WaterColor at $1,000/sq ft, tempers are sure to rise. WaterColor may be hurting itself.

$500/ft? for house and lot?

$500/ft? for house and lot?

Yes.

Also, WaterColor recently sold one of their homes for $500/sq ft. When the builders are trying to sell homes in WaterColor at $1,000/sq ft, tempers are sure to rise. WaterColor may be hurting itself.

In what phase was the home? You can easily buy a lot and build a house in Phase IV for a total of $500/sq ft so I don't find it surprising. Of course if the home was close to 30A then I would be surprised.

In what phase was the home? You can easily buy a lot and build a house in Phase IV for a total of $500/sq ft so I don't find it surprising. Of course if the home was close to 30A then I would be surprised.

I think you are off on your figures. I am not sure which phase the sale was in but the cheapest lot in WaterColor currently available is just under $500,000. Add another $50,000 for home plans, and you are left with only $225 per sq foot based on a 2,000 sf home. I have not seen the min sf for homes in Ph IV, but my guess from looking at the current homes being built there, is that they will be well over 2,000 sf. Again, this is the math for the cheapest lot in WaterColor. There are only a small handfull of lots in WC priced near this figure, so to say that people can easily build there for $500/sf may be stretching it.

I think you are off on your figures. I am not sure which phase the sale was in but the cheapest lot in WaterColor currently available is just under $500,000. Add another $50,000 for home plans, and you are left with only $225 per sq foot based on a 2,000 sf home. I have not seen the min sf for homes in Ph IV, but my guess from looking at the current homes being built there, is that they will be well over 2,000 sf. Again, this is the math for the cheapest lot in WaterColor. There are only a small handfull of lots in WC priced near this figure, so to say that people can easily build there for $500/sf may be stretching it.

What I had in mind was if you bought a lot for around $450-500K, you can then build a home through the Watercolor builder program. Through this program a builder such as Monte Hewett can build you one for under $325 sq/ft. You choose one of their plans and skip the $50K in architect fees. I have pricing from Monte Hewitt as of two weeks ago so the home price per sq/ft I am quoting is accurate.

What I had in mind was if you bought a lot for around $450-500K, you can then build a home through the Watercolor builder program. Through this program a builder such as Monte Hewett can build you one for under $325 sq/ft. You choose one of their plans and skip the $50K in architect fees. I have pricing from Monte Hewitt as of two weeks ago so the home price per sq/ft I am quoting is accurate.

Help me if I am off. Let's say you bought the cheapest lot and they reduced the price slightly, leaving you to pay $450K for the lot. At 2000sf, your cost of the lot per sf of house is $225/sf ($450,000/2,000sf).

Leaving out the arch. costs, and using Monte Hewett's quote to you of $325/sf, you have a price of $550/sf ($225/sf +$325/sf). Maybe that is close to $500/sf in your book, but not mine. Again this is assuming buying the cheapest lot. There is only one lot in WaterColor priced under $500K, and there are not many priced at that end of the price range. This scenerio also assumes that the min home size is 2,000sf. I would be curious to know the minimum sf home size allowed in Ph IV. Anyone know?

The other price scenero of using $500K for the lot would give you a price of $575 per sf.

In summary, I don't think it would be easy to build a home in WaterColor for $500/sf. Maybe Skier will sell you his for the right price.

Looks like to my hubby (Watercolor builder) that they have included the price of the arch fee into the per sq ft price. If they are charging $325 per sq ft my husband says he will be HAPPY to build you a house and we do good work!

I have this from a good source that the contract was signed almost 2 years ago, hence the "low" SF price...

I have this from a good source that the contract was signed almost 2 years ago, hence the "low" SF price...

Beachbuilder

A BeachBuilder. Good, we need to hear another point of view. Welcome.

A BeachBuilder. Good, we need to hear another point of view. Welcome.

Is it o.k. with you if I share my point of view too? Maybe I can steer a person or two away from getting upside down $250,000. That might be nice for a family with kids preparing for college.

P.S., if someone is going to delete this can I get a courtesy note please? I'm trying to keep people out of trouble.

Is it o.k. with you if I share my point of view too? Maybe I can steer a person or two away from getting upside down $250,000. That might be nice for a family with kids preparing for college.

P.S., if someone is going to delete this can I get a courtesy note please? I'm trying to keep people out of trouble.

AA don't know if you noticed this but some of the threads you have been reviving are 2-3 years old when the diversity of the board was much smaller and there weren't many competing points of view. The common knowledge then is much different then now with the exception being Shelly.

As for you trying to help others not get upside down, I say help as many as you can so we don't bail them out later....

AA don't know if you noticed this but some of the threads you have been reviving are 2-3 years old when the diversity of the board was much smaller and there weren't many competing points of view. The common knowledge then is much different then now with the exception being Shelly.

As for you trying to help others not get upside down, I say help as many as you can so we don't bail them out later....

Sowal posts Threads of Similar Interests at the bottom of a lot of the Threads I read. What could be better than these types of group analysis of recent history? Who would knock down an opportunity to become truly informed? I figure those Simlar Threads are there for a good reason.

aabsolute, I give you the award for bringing back the most ancient threads.

aabsolute, I give you the award for bringing back the most ancient threads.

Sowal posts Threads of Similar Interests at the bottom of a lot of the Threads I read. What could be better than these types of group analysis of recent history? Who would knock down an opportunity to become truly informed? I figure those Simlar Threads are there for a good reason.

I agree that discussing some old threads is often a good practice. My thought was more along the lines of addressing a three year old post as if it was written yesterday. It's more along the presentation of the thought. Maybe something more along the lines of....

Wow, three years ago Sowallers were discussing the merits of some WaterColor lots that when constructed would lead to some high per sqft costs. Also it looks like there weren't many builders on the board back then if they are actually encouraged to offer a differing point of view. It's good to see the diversity increasing and if someone wants to know how to not be underwater $250,000 in 2008 then they should give me a call as I am ready to help!

Then you could even leave off the P.S. and possibly get business. The current tone might not entice possible clients that you could actually help.

Now, I am wondering what a builder can do, other than buying the lot at 2005 prices, to get the seller above water.

I agree that discussing some old threads is often a good practice. My thought was more along the lines of addressing a three year old post as if it was written yesterday. It's more along the presentation of the thought. Maybe something more along the lines of....

Then you could even leave off the P.S. and possibly get business. The current tone might not entice possible clients that you could actually help.

I'm not always looking for business....maybe about 5% of the time.

In this case the style and materials of home they were all chatting about cost under $100 per square foot, materials only. I have brought this up several times and no Builder or Architect on Sowal has ever denied it as a fact. Doesn't anyone understand that with hard costs under $100 per square foot someone is making loads of money on one home?

Now, I am wondering what a builder can do, other than buying the lot at 2005 prices, to get the seller above water.

I've seen you quote construction costs several times. What was the costs of materials only per square foot for the home type you were talking about?

Do you think it's o.k. for a group to take $200,000 profit on a 4 month job only to leave the customer/owner/neighbor upside down 6 figures? That overpriced construction nonsense only works when groups of professionals all sing the same tune. I have been told personally how John Doe is wrecking a good thing by charging "X" I feel terrible for anyone who was given a referral to a builder overcharging the public. You know as well as I do that there were also referral fees from Builders to Realtors, sometimes at illigitimate inside deal rates.

aabsolute, I give you the award for bringing back the most ancient threads.

Pretty relevant Thread huh? Boy were some people giving poor advice to our neighbors. Imagine how much people who followed the advice have lost by now? Let's try and keep that from happening anymore.

aabsolute, you are all over the place. I haven't quoted home construction prices on this board in a while, and it can vary from home to home, depending on on design. You also know that though it may take the same, or less, material to build a basic rectangular box, than it does to build one with many nooks, but it is the labor taking more than twice as long, which can drive price up, even if the two homes use the same material. I will add that back in 2004-2005, it was not the home construction costs which were rising so quickly. It was the real estate. Buyers were writing contracts on houses long before they were ever completed.

Yes, builders, and subs were charging more to build a house in WaterColor than they were if they built that same home in Freeport.

We are in a different market today. So, what is your point? How are you going to turn that upside down homeowner into a profitable property owner? I cannot wait to hear it.

aabsolute, you are all over the place. I haven't quoted home construction prices on this board in a while, and it can vary from home to home, depending on on design. You also know that though it may take the same, or less, material to build a basic rectangular box, than it does to build one with many nooks, but it is the labor taking more than twice as long, which can drive price up, even if the two homes use the same material. I will add that back in 2004-2005, it was not the home construction costs which were rising so quickly. It was the real estate. Buyers were writing contracts on houses long before they were ever completed.

Yes, builders, and subs were charging more to build a house in WaterColor than they were if they built that same home in Freeport.

We are in a different market today. So, what is your point? How are you going to turn that upside down homeowner into a profitable property owner? I cannot wait to hear it.

I don't have all the answers. One scenario: I know a couple who were led around by a great Realtor in 2005. This Realtor had them buy lots in Watercolor in the 700's. They were upside down when I met them. We talked, I helped them obtain plans for 20% of the going rate. They turned out real nice too and the Owners had good design ideas. We built them a huge home with about 5,000 square feet of great spaces for low 600's. They will obtain 1.3 or so and be o.k. No Voodoo there.

C'mon SJ, that was o.k. wasn't it? I'm not being a smart Alec. It was just simple diligence.

We built out another project for them where they were in heavy. The Beach Group listed the home for them and obtained a contract in 7 days. It closed without a hitch and the buyers love it. That's real good stuff, kudo's to Andy and Ron.

aabsolute, you are all over the place. I haven't quoted home construction prices on this board in a while, and it can vary from home to home, depending on on design. You also know that though it may take the same, or less, material to build a basic rectangular box, than it does to build one with many nooks, but it is the labor taking more than twice as long, which can drive price up, even if the two homes use the same material. I will add that back in 2004-2005, it was not the home construction costs which were rising so quickly. It was the real estate. Buyers were writing contracts on houses long before they were ever completed.

Yes, builders, and subs were charging more to build a house in WaterColor than they were if they built that same home in Freeport.

We are in a different market today. So, what is your point? How are you going to turn that upside down homeowner into a profitable property owner? I cannot wait to hear it.

I was thinking about another twist. I built a home for a guy in Rosemary Beach for 267,000 on an 85,000 lot. He sold it for 1,350,000. That's pretty good. He said,"Hey Chief, do it again." I secured him a lot in Seacrest, drew him some plans, built him a house in 5 months and he sold it for 220,000 more than he paid. He said, "do it again." I found him some real unique VMU in a seasoned PUD for $525,000. He sold it for 1,050,000 in 60 days. He said, "do it again" I found him a property in Cypress, built him a house in 5 months and he sold it for 100,000 more in bad times.

The same dude goes out and buys 3 lots without me. He's upside down 1.5 He hires me to build him a house for cheap to get cleaned up. I'm sheetrocked and being paid by the bank per inspections. He starts holding back on my payments so his interest carry doesn't grow. We part ways and he says, "Hey Lender, you overpaid the builder and I'm suing you if you don't take the project and call us even. Lender goes along with all the barking. He's even on a stupid purchase where he was formerly fatally upside down. That was not my style, a little to unorthodox. But you know what Sun says, "Engage with the Orthodox and gain victory with the unorthodox. When one follows, one can become followed. It is enexhaustable."

... We built them a huge home with about 5,000 square feet of great spaces for low 600's ...

You're building in WaterColor in the vicinity of $120-130 per sq ft? Plus plans, plus hardscape & landscape costs?

If he is, I don't want to be in or near that house when the tropical winds start a blowing!