Sanctuary at Redfish

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!

No doubt this development is nice...IMO selling the product based on its quality and location will go off better with end-users (similar to some terms you've used in your post) than using the "it's a great investment!" plug. That's soooo 2005--and whose time has passed.

Just wanted to let anyone that is still interested in this project know that many of the units have closed now...I have not heard of appraisals being a problem for the owners.

Also, we talked about beach access earlier. Apparently, the developer has provided a pontoon boat for owners at the dock. I guess the owners can decide if they want to hire someone to drive it back and forth for everyone or what...but definitely a nicer alternative for beach access than taking quite a stroll to the boardwalk.

Just wanted to let anyone that is still interested in this project know that many of the units have closed now...I have not heard of appraisals being a problem for the owners.

Also, we talked about beach access earlier. Apparently, the developer has provided a pontoon boat for owners at the dock. I guess the owners can decide if they want to hire someone to drive it back and forth for everyone or what...but definitely a nicer alternative for beach access than taking quite a stroll to the boardwalk.

I have seen the pontoon boat, but there is just something that doesn't strike me right about the name "Sanctuary at Redfish" and "Pontoon Boat."

Also, we talked about beach access earlier. Apparently, the developer has provided a pontoon boat for owners at the dock. I guess the owners can decide if they want to hire someone to drive it back and forth for everyone or what...

I think the development needs to polish up the sales pitch for this "amenity" --maybe hiring a retired Disney's Jungle Cruise guide with a pith helmet and cap pistol; or maybe a Bogart look-alike ala the "Jungle Queen."

Maybe they can build some steps to access their connection to the beach (aka- pontoon boat)

I think the development needs to polish up the sales pitch for this "amenity" --maybe hiring a retired Disney's Jungle Cruise guide with a pith helmet and cap pistol; or maybe a Bogart look-alike ala the "Jungle Queen."

Jungle cruise guide

Jungle cruise guide

Maybe they need monkey bars to climb aboard the jungle cruise.

Since when have pontoon boats been allowed on coastal dune lakes?

They could call it Redfish Jungle Queen and have a giant hippo try to attack the boat as people cross on their way to the beach

Not sure a "pontoon" boat is necessarily the classiest style of boat, but I guess it can get more people on it, and I think as long as the motor is less than 5hp you can use it in the lake?? I'm not positive about that, but would imagine they had to get that particular boat approved before they could put it in the lake for use. I think owners are allowed to also have kayaks and that type of thing at the dock as well to get to the beach. So I guess the jungle boat can distract and shoot at the hippos while you safely navigate across in your kayak

They could call it Redfish Jungle Queen and have a giant hippo try to attack the boat as people cross on their way to the beach

Not sure a "pontoon" boat is necessarily the classiest style of boat, but I guess it can get more people on it, and I think as long as the motor is less than 5hp you can use it in the lake?? I'm not positive about that, but would imagine they had to get that particular boat approved before they could put it in the lake for use. I think owners are allowed to also have kayaks and that type of thing at the dock as well to get to the beach. So I guess the jungle boat can distract and shoot at the hippos while you safely navigate across in your kayak

. Maybe Mr. CBA can chime in on this one, but I don't know that there is a restriction on the type of boats which can be used on the coastal dune lakes. I know of at least one pontoon boat being used on Eastern Lake, and I have seen people skiing behind a boat on Western Lake. Maybe they, too, are in violation, but I don't think so. I know there has been discussion regarding the size and types of motors which could be used on the Lakes, but I don't know that a rule has been set. Even if there was, the same people who allow seawalls to be built on public property, thereby increasing the amount of their personal property, will probably be the people in charge of monitoring it.

The Certificate of Occupancy was issued yesterday (8/17).

Original preconstruction contract holders begin to close next week.

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Update: approx 1 fourth of the 64 units have closed so far...
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Update: approx 1 fourth of the 64 units have closed so far...
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64 units and 1 Jungle Cruise ferry. That will be interesting.

:scratch: I still think it looks like a retirement home.

Here I go with my pretty predictable opinion about the project ;-) I think the reason that more units haven't closed yet is similar to the reason so many closings are being delayed right now....market is slow, and some people are trying their hardest to delay. Unfortunately, I have seen so many people buying into investment properties over the past couple of years with a "flipping strategy" in mind, and never intended to close, or were probably not really financially in a position to be buying so much to begin with. If the market was still hot, these same people would be lining up to get their paperwork signed and get their properties on the market....since it's not that way, I am hearing horror stories of so many buyers trying seven ways from Sunday to get out of closing completely (forfeiting large EMD's) or whatever they can do to keep pushing it back.

Overall, I really like the development. I think it is beautiful and has a nice secluded feel that is hard to find with many developments using every inch of land to put as many units as possible. You don't look out of any of these units into another buiding or across to some one else's balcony...I like that. I know we have joked a lot about the pontoon boat, and maybe the owners will decide on something else, but I was glad to see there was something being offered as an access across the lake. Don't forget...I would think most of the 64 units were bought as vacation homes and such. I wouldn't imagine it would be very often that you would have 64 occupied units all waiting in line at once for the ferry on the lake. But...you guys know by now I am a fan of this place, and I fully expect to get some grief about my optimism

Sherry - I am with you on this one.

We actually looked at Sanctuary a few years ago - before the land was even cleared and thought that it was a very beautiful, secluded place where you could really relax and enjoy the tranquility of a day in a place where time stood still. We actually had contemplated purchasing a pre-construction unit, but we wanted to keep our options open at the time and shortly afterward came the slew of hurricanes... so we never did anything about buying. But, I think it will be like Wild Heron and a few of the other more secluded PCB spots... a haven for owners who do not wish to share their piece of heaven with the masses and just want to get away and relax with friends and family.

That said, these PCB places are opting out of the "...rent your place to hoards of teenagers and families every weekend that you can't come and even some weekends that you want to come just to try to cover costs..." mentality. They may, therefore, be appealing to buyers (at some point) who do not want their privacy and peace shattered by strangers coming in and out of their neighborhoods every weekend in the summer. We will just have to see how this thing develops, but I think that the developers may be on to something - creating some properties just for the owners to enjoy for the long term instead of an investment strategy. Naj

...I would think most of the 64 units were bought as vacation homes and such. I wouldn't imagine it would be very often that you would have 64 occupied units all waiting in line at once for the ferry on the lake. But...you guys know by now I am a fan of this place, and I fully expect to get some grief about my optimism

That may be one over-crowded jungle cruise on Independence Day. :funn:

(Just having a little funn ;-) ) I, too, think the owners who buy to live there, will enjoy the heck out of their units.

Sherry - I am with you on this one.

We actually looked at Sanctuary a few years ago - before the land was even cleared and thought that it was a very beautiful, secluded place where you could really relax and enjoy the tranquility of a day in a place where time stood still. ...

That used to be true, before the large numbers of condos were built in that general area. Just wait until the Sanctuary By the Sea opens its doors. Those Blue Crabs and Laughing Gulls which hang out by the outlet to Big Redfish Lake, are not going to know what to think.

That being said, it is probably a good thing that we didn't end up there... As always, you have a very good perspective on things! naj

I'm expecting to see the developer auction off the bulk of the "unsold" or "walked-away-from-deposit" units--sooner rather than later....unless of course the developer has more money than common sense.

I would be interested in hearing how our realtors in the audience are planning to highlight the "pontoon to the beach" amenity--all things being equal, would it be mentioned before or after pointing out the granite countertops?:roll:

Maybe the developers can nominate the watercraft to appear on the new reality show sensation..."Pimp my Pontoon"...to drum up interest in the development.

....
Maybe the developers can nominate the watercraft to appear on the new reality show sensation..."Pimp my Pontoon"...to drum up interest in the development.

Shelly... You just redeemed yourself from all the negative real estate posts. You just actually made me laugh out loud !! :clap_1: Even showed it to my wife.

"PIMP MY PONTOON" RESULT

Residents of Redfish Sanctuary board pontoon for a pleasant junt to the beach.

"PIMP MY PONTOON" RESULT

No property taxes on that fine floating palace.

Sanctuary at Redfish Pontoon commandeered by US Navy to patrol Tigris River in Baghdad.

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.

Wow - quite an endorsement ...from SJ!

Here I go with my pretty predictable opinion about the project ;-) I think the reason that more units haven't closed yet is similar to the reason so many closings are being delayed right now....market is slow, and some people are trying their hardest to delay. Unfortunately, I have seen so many people buying into investment properties over the past couple of years with a "flipping strategy" in mind, and never intended to close, or were probably not really financially in a position to be buying so much to begin with. If the market was still hot, these same people would be lining up to get their paperwork signed and get their properties on the market....since it's not that way, I am hearing horror stories of so many buyers trying seven ways from Sunday to get out of closing completely (forfeiting large EMD's) or whatever they can do to keep pushing it back.

Overall, I really like the development. I think it is beautiful and has a nice secluded feel that is hard to find with many developments using every inch of land to put as many units as possible. You don't look out of any of these units into another buiding or across to some one else's balcony...I like that. I know we have joked a lot about the pontoon boat, and maybe the owners will decide on something else, but I was glad to see there was something being offered as an access across the lake. Don't forget...I would think most of the 64 units were bought as vacation homes and such. I wouldn't imagine it would be very often that you would have 64 occupied units all waiting in line at once for the ferry on the lake. But...you guys know by now I am a fan of this place, and I fully expect to get some grief about my optimism

I do believe some have/ are INDEED forfeiting six-figure EMD's on this project...
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Shelly -
You are tooooo funny! Seriously... I think you should consider comedy as a part-time career. You have quit wit and a great sense of timing. Have an excellent evening!
Naj