Sanctuary at Redfish

Is anyone on the board familiar with this project? Thoughts/ comments?

Yes, what do you want to know?

It has topped out and is a massive building on Big Redfish Lake lake.

http://www.exquisitedevelopment.com/projects/sanctuaryatredfish/index.asp

Yes, what do you want to know?

I have friends/ clients possibly interested in a unit and I was looking for general feedback/ thoughts or comments regarding this project as an investment vehicle...

I have friends/ clients possibly interested in a unit and I was looking for general feedback/ thoughts or comments regarding this project as an investment vehicle...

Personally, I think it is pricey, but the views will be tremendous. Sitting off the beach, it is fairly protected. Only time will tell if it is a good buy. You may pick up a unit at a reduced price when they go to contract, because most people were speculating with this project. They would be happy to get their money back. Just my .02. If I were looking for a condo in which to spend my retirement, this, or those at WaterSound, may be it.

Can someone please tell me what the price points are? Thanks

Can someone please tell me what the price points are? Thanks

The project has sold out, but there are 7 re-sale units listed - prices range from $1.2MM - $1.775MM. Do we have many REALTORS? on the msg board?

Is anyone on the board familiar with this project? Thoughts/ comments?

I would like to know where Exquisite took all the white sand they removed for underground parking at their adjacent project, Sanctuary by the Sea. They clear cut a huge swath from 30a to the dunes. Seagrove/Blue Mt. could have used it all.

I would like to know where Exquisite took all the white sand they removed for underground parking at their adjacent project, Sanctuary by the Sea. They clear cut a huge swath from 30a to the dunes. Seagrove/Blue Mt. could have used it all.

Taken from Big Redfish Lake in front of the project in Nov.

The Certificate of Occupancy was issued yesterday.

Original preconstruction contract holders begin to close next week.

There are 21 units listed for re-sale: $899K to $2.4MM
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The Certificate of Occupancy was issued yesterday.

Original preconstruction contract holders begin to close next week.

There are 21 units listed for re-sale: $899K to $2.4MM
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I guess that's music to the ears of your friends and clients who were looking to get in last year--they've certainly got a nice selection to choose from now.

I guess that's music to the ears of your friends and clients who were looking to get in last year--they've certainly got a nice selection to choose from now.

They do indeed SHELLY. It's :shock: 'ing how motivated some of the sellers are.......

Thanks for posting and keep 'em coming, we are learning a lot from your point of view.

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What were the original pre construction prices anyone know?

What were the original pre construction prices anyone know?

The 1,778 Sq. Ft. units were $925K...

Personally, I think it is pricey, but the views will be tremendous. Sitting off the beach, it is fairly protected. Only time will tell if it is a good buy. You may pick up a unit at a reduced price when they go to contract, because most people were speculating with this project. They would be happy to get their money back. Just my .02. If I were looking for a condo in which to spend my retirement, this, or those at WaterSound, may be it.

SJ: you certainly called it right on this one! ;-)
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The 1,778 Sq. Ft. units were $925K...

SJ: you certainly called it right on this one! ;-)
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I agree with everything you are saying. I have had the opportunity to tour Redfish throughout the construction phases, and have been very pleased with what I have seen and how it has come together. It really does seem to be a different type of development than most others. I think long term it will be a great investment. While I am sorry to see original buyers in the positions some of them are with their closings rapidly approaching, I think some one put it so well by saying...this definitely gives others who had hoped to get in and couldn't another shot. I have a couple of clients that are investors that are definitely willing to break even on where they bought in almost 2 years ago, and some are even willing to take a loss. Great opportunity for others to snatch up!
I have details on amenities, upgrades in the units, floor plans, etc if any one wants any of that.

I agree with everything you are saying. I have had the opportunity to tour Redfish throughout the construction phases, and have been very pleased with what I have seen and how it has come together. It really does seem to be a different type of development than most others. I think long term it will be a great investment. While I am sorry to see original buyers in the positions some of them are with their closings rapidly approaching, I think some one put it so well by saying...this definitely gives others who had hoped to get in and couldn't another shot. I have a couple of clients that are investors that are definitely willing to break even on where they bought in almost 2 years ago, and some are even willing to take a loss. Great opportunity for others to snatch up!
I have details on amenities, upgrades in the units, floor plans, etc if any one wants any of that.

Well said - my biggest concern would be the distance to beach access
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Well said - my biggest concern would be the distance to beach access
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Just how do you get to the beach here?

Well said - my biggest concern would be the distance to beach access
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I know what you mean. The lake is gorgeous, but does provide a bit of a barrier to the sand!! They have put a floating dock in the lake for owners to use kayaks/canoes to go across to the beach if they choose. I have heard (don't hold me to this yet) that as long as your boat motor is less than 5hp you can use that in the Lake as well. The other accesss would be the boardwalk that runs down the East side of the Sanctuary by the Sea (the other development) I would say you would probably park at the Preserve Clubhouse area and walk across. Not sure if it would be appropriate to park a golf cart by the acess.

but I would say you would probably park at the Preserve Clubhouse area and walk across. Not sure if it would be appropriate to park a golf cart by the acess.

Sherry, has this parking at the PRESERVE CLUBHOUSE BEEN APPROVED by the Preserve?

Sherry, has this parking at the PRESERVE CLUBHOUSE BEEN APPROVED by the Preserve?

Not that I am aware of.

First photos of the completed project.
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These photos are great! :clap_1: That place looks better every time I see it! I cannot imagine from an investment perspective that this place will not be of interest for future buyers or a great rental property as well. I think with some of the initial buyers being ready to sell at some pretty aggressive prices, that the equity is apparent based on other developments in the area that have already sold at higher prices. Thanks for sharing these great picutures!

These photos are great! :clap_1: That place looks better every time I see it! I cannot imagine from an investment perspective that this place will not be of interest for future buyers or a great rental property as well. I think with some of the initial buyers being ready to sell at some pretty aggressive prices, that the equity is apparent based on other developments in the area that have already sold at higher prices. Thanks for sharing these great picutures!

You are quite welcome, I'm glad you enjoyed them sherry

Please keep us posted on how your clients do with their investment.

This will be one to watch...
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These photos are great! :clap_1: That place looks better every time I see it! I cannot imagine from an investment perspective that this place will not be of interest for future buyers or a great rental property as well. I think with some of the initial buyers being ready to sell at some pretty aggressive prices, that the equity is apparent based on other developments in the area that have already sold at higher prices. Thanks for sharing these great picutures!

I question that because many of those sold at the peak, and are those prices do not hold true, today. Example - I bought a lot a couple of years ago at 160K and now I see recent sales near $120K. Even with 20% down on my original purchase, where is my equity? The answer is that my equity is on the other side of the number zero, right? That not withstanding, The Santuary at Redfish will make very nice units and I do think there are some attractively priced units for people looking to own long term.

These photos are great! :clap_1: That place looks better every time I see it! I cannot imagine from an investment perspective that this place will not be of interest for future buyers or a great rental property as well. I think with some of the initial buyers being ready to sell at some pretty aggressive prices, that the equity is apparent based on other developments in the area that have already sold at higher prices. Thanks for sharing these great picutures!

What's not to say that the folks who purchased those properties in other developments overpaid too? That doesn't quite add up to "instant equity."

With the market being as slow as it has been over the last several months, I think you are right. That is probably not a completely accurate term to describe as "instant equity". What my thoughts are when I say that is that the project, to me, is such a unique development with some pretty cool amenities. The quality of it, coupled with the fact that it is sitting on so much property and feels somewhat secluded and serene rather than crammed all over each other makes me perceive more value in it as well. I was comparing being able to get into some of these units for the price that the original buyers bought into almost 2 years ago, and compare that with the prices for some of the other upscale, newer developments on the South side of 30-A. Most of them are still on average asking somewhere in the $800+ per square foot range. Of course, there are exceptions, but to an end user the quality and amenities at the current prices available would seem to be of value. Is that value still inflated...only time will tell!