Sanctuary at Redfish

Wow - quite an endorsement ...from SJ!


I do believe some have/ are INDEED forfeiting six-figure EMD's on this project...
__________________________________

That six-figure EMD is not much different from the interest only payments for the first two years, and now the buyers will have their 10-20% down payment money (even though it is like prepaying all of the interest up front). Now, as prices decrease, they may be able to buy something else at a better price point. Heck, they may even be able to buy one of these at auction, and still come out ahead of other buyers who take the contract to close.

I do believe some have/ are INDEED forfeiting six-figure EMD's on this project...
__________________________________

Ouch! I bet that's gonna leave a mark.

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

:funn: :rofl: I just spewed my water.

Update: 20+ units have closed. 18 units are listed for sale in the MLS. Some folks have indeed walked away from their 20% deposit...
_________________________________________

Update: 20+ units have closed. 18 units are listed for sale in the MLS. Some folks have indeed walked away from their 20% deposit...
_________________________________________

...and those who walked away from their $100K will not be tied to taxes, insurance and HOA. They would have spent over $100k in interest only payments over a two year period, and now they don't have to worry about selling their units.;-)

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."

NOW THAT IS FUNNNY!!! Where do I send my application to?

...and those who walked away from their $100K will not be tied to taxes, insurance and HOA. They would have spent over $100k in interest only payments over a two year period, and now they don't have to worry about selling their units.;-)

I agree with this logic - now, if only the at risk $$'s were 'just' $100k - that would have been cheap as compared to the 20% deposits that have actually been forfeited. What happens to the analysis at $200k, 300K and up? Keep in mind the least expensive units were just under $1MM, but several who walked had indeed contracted for significantly higher-priced units...
___________________________________________

I agree with this logic - now, if only the at risk $$'s were 'just' $100k - that would have been cheap as compared to the 20% deposits that have actually been forfeited. What happens to the analysis at $200k, 300K and up? Keep in mind the least expensive units were just under $1MM, but several who walked had indeed contracted for significantly higher-priced units...
___________________________________________

You are correct. I was thinking that they were at 10% down, but that is probably with a 10% letter of credit, which, as you say is 20%. Still, I think after you pay the extras over two years, these people will come close to balancing out, but they will have the credit to buy the bargain basement properties in the mean time, so that could put them ahead in the long term. What do you think?

You are correct. I was thinking that they were at 10% down, but that is probably with a 10% letter of credit, which, as you say is 20%. Still, I think after you pay the extras over two years, these people will come close to balancing out, but they will have the credit to buy the bargain basement properties in the mean time, so that could put them ahead in the long term. What do you think?

Oh for sure - especially when you factor in the available credit and more importantly, follow through in purchasing at these bargain prices - it's just amazing what you can pick up now at what those units sold for pre-construction...
____________________________________________

i'm a little late to the party here, so i went over to their website. i hope someone got fired because of it. i can't even read it. light purple on a green background, OMG. the green field looks like wallpaper in your 90 yr old grandmother's parlor, that was there when she was a toddler, hideous. hopefully, things are nicer in reality than the page they choos to represent themselve with. the boat in SJ's picture looks quite out of place. the aerial photos look pretty cool. good luck to all the buyers.

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.

The building looks great, could you send me some floor plans?

Check this link for plans.
___________________________________

Sanctuary at Redfish is an attached single building, but is considered to have an East and West building on each side of the arched main entry.

<See Unplugged's post above for link to plans>

Update: approximately 2/3 orig contracts have closed. The new Owner's Association takes over on 1/12/07.
__________________________________

Update: approximately 2/3 orig contracts have closed. The new Owner's Association takes over on 1/12/07.
__________________________________

Meaning that 1/3 of the original contract holders have walked away from their deposits???

Meaning that 1/3 of the original contract holders have walked away from their deposits???

Meaning most of that 1/3 has successfully delayed closing. It is true that several folks have indeed walked away from their 6-figure deposits. Keep in mind, there are also a few developer hold-backs which is common with new projects.
______________________________________________

Meaning most of that 1/3 has successfully delayed closing. It is true that several folks have indeed walked away from their 6-figure deposits. Keep in mind, there are also a few developer hold-backs which is common with new projects.
______________________________________________

On the Walton County property appraiser site, only 25 units are listed as closed. That only reprents 40% of the available units.

On the Walton County property appraiser site, only 25 units are listed as closed. That only reprents 40% of the available units.

I believe 36 deeds have been recorded to date...
_______________________________________

A new boat was just delivered to replace the pontoon boat
_______________________________

A new boat was just delivered to replace the pontoon boat
_______________________________

I bet those people who walked away from their deposits, in lieu of closing, are kicking themselves now!!


.

I bet those people who walked away from their deposits, in lieu of closing, are kicking themselves now!!


.

That's funny!

Looks like my Tar

REALTOR? open house today: 4 - 8PM

Tour the project - multiple units will be open
______________________________________

Contract pending on unit 1113, list price was $900K

3 br/ 3.5 bath, approx 1,778 Sq. Ft
___________________________________

Contract pending on unit 1113, list price was $900K

3 br/ 3.5 bath, approx 1,778 Sq. Ft
___________________________________

so did they get the list price?