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Freeport Real Estate - general discussion

Smiling JOe avatar
SoWal Expert
18,608 views1
from another thread:
I think Freeport has yet to sell a house to an end user in any number of it's brand spankin new RE developments...

Windswept, Hammock Bay, Canopies, Lagrange Landing, Cross Creek Est., etc, etc...

A town of 1,500 people with plans to build 4,000 residential dwelllings in a couple years... What a pipe dream!!!


FYI - Windswept, Hammock Bay, Canopies and Cross Creek all have end users who have bought. If you want to make specific statements as you did, perhaps you would like to use better research tools before looking like someone who doesn't know of that which they speak. Furthermore, I guess your statement would have been more truthful if you were speaking about Seaside in 1982.

Bobby, I am very familiar with Freeport, but cannot place Stanley Rd. Where is that located?

Do you really take everything someone says so damn serious as to not recognize the larger point that is being made??? Sure it was a generalization that NONE of them have been bought by end users... perhaps it would be better for me to say a VERY SMALL percentage...

It is all besides the point that the RE people in Freeport have spouted out about all this growth within the next 2 years (4,000+ dwellings) for a town that currently supports a population of 1,200 people, according to the article...

All to get some uninformed people to buy some over inflated lots and houses so the developers and city can make some bucko bucks in the biggest RE bubble in history...

Notice you bring up Seaside in 1982... That is 24 years of growth...
The stats I am saying is the fact that they have planned 4,000+ properties in the span of 2 YEARS... slightly different timeframe...

I am not questioning the fact that Freeport will grow overtime... but to expect a town to grow 10-15 fold in a few years... thats a bit over the top.
I agree with your statement about end users not being ready to fill the 4000+ properties in Freeport in the short term, but I don't want to sit quietly by, as you make comments, which aren't truthful, about specific developments. People who are unfamiliar with the area, may take my silence to mean that your statements are true. I only get picky if I need to be. If you want to speak in general terms, go right ahead, but don't confuse people with your specific statements worked into your general thoughts.

BTW, the Seaside comment does apply. In 1982, the only history Seaside had was zero. It was a new development. The new developments located in Freeport also have zero history. It will take some time to fill these units, but 10 years from now, Freeport will resemble more of a town. If you are looking for an instant town, look elsewhere. The slower real estate market will quickly slow Freeport's growth too. However, Insurance, or the lack of, may push people up to Freeport, sooner rather than later.

Replies

73
Kurt avatar
Admin
#2
Freeport will be packed with retirees in golf carts soon enough. No reason to rush it.
ShallowsNole avatar
Beach Fanatic
#3
I worked at the Seagrove Village Market 1982 - 1984, and we used to laaaaugh :funn: :rolling: :floor: :rofl: at the goofy men in the long walking shorts who flocked in to start working on Seaside. The New Town. The Old Ways. What a hoot!

:shock:


Moral is...don't knock what you don't know...
beachmouse avatar
Beach Fanatic
#4
I feel pretty confident that Owl's Head and Hammock Bay have the financial backing to built out over the long term. Some of the other developments, I'm not so sure about. And it's going to take a long time to build out everything currently on the table. Sandestin is 30 years old and still adding new homes. It took Bluewater Bay 25 years to effictively build out. Both of those areas had more selling points (Bluewater-commutability to good-paying base jobs; Sandestin-beach goodness) than what's planned for in Freeport does.
Smiling JOe avatar
SoWal ExpertAuthor
#5
I feel pretty confident that Owl's Head and Hammock Bay have the financial backing to built out over the long term. Some of the other developments, I'm not so sure about. And it's going to take a long time to build out everything currently on the table. Sandestin is 30 years old and still adding new homes. It took Bluewater Bay 25 years to effictively build out. Both of those areas had more selling points (Bluewater-commutability to good-paying base jobs; Sandestin-beach goodness) than what's planned for in Freeport does.

I think it is called retirement, and it will take a long while for them to fill in.
beachmouse avatar
Beach Fanatic
#6
Retirement home market in this state alone is very competitive, and Freeport is up against some pretty heavy players who are already further along in terms of development and infrastructure. I'm thinking of places like Flagler County and The Villages.
Beach Comber
#7
Can someone give me some background info on Windswept Estates. I've been told that this development was originally planned ~14 years ago went bankrupt 3-4 times then was completely developed and sold off to builders and end-users.
-Is this true?
-When did they start selling lots and when did they completely sellout?
-I've seen a lot of empty lots out there. Are these investor lots,
future retiree lots, or builder's surplus?

Lastly, what are people's impressions of this development. Personally, I think that this development had a great idea but was poorly executed. Additionally the hurricanes of '05 definitely didn't help the situation. Thoughts?
Smiling JOe avatar
SoWal ExpertAuthor
#8
Can someone give me some background info on Windswept Estates. I've been told that this development was originally planned ~14 years ago went bankrupt 3-4 times then was completely developed and sold off to builders and end-users.
-Is this true?
-When did they start selling lots and when did they completely sellout?
-I've seen a lot of empty lots out there. Are these investor lots,
future retiree lots, or builder's surplus?

Lastly, what are people's impressions of this development. Personally, I think that this development had a great idea but was poorly executed. Additionally the hurricanes of '05 definitely didn't help the situation. Thoughts?

Not True. Susan and her partner bought the property only a few years ago. They sold 360 of their 450, half acre + lots to builders and the remaining 90 lots were snatched up by friends of the developers and a few other lucky people, before ever hitting the open market. The builders couldn't build the houses fast enough so the developers bought some of the lots back from the builders and sold them to the public. I think the first lot sales were in 2004. They had plenty of buyers, and I had over 30 people on a waiting list to get one, and I had them registered 6 months before they released anything.

I am uncertain of the number of lots which the developer bought back and resold, and unaware of how many people who originally bought lots, actually built, so I cannot answer your next to last question. The builders are still building away.

Impression? a little boring at the moment. Only 4 builders were allowed to buy the original 360 lots, and it seems they took the easy way out by not buying many architectural plans. (same look, over and over and over.) That could change with time if people put in some landscaping. Right now, landscaping is either very new and young, or non-existant. I would like to see some bushes and trees lining the yards or sidewalks, or adding depth to the look of the house. Currently, most of the landscaping consists of grass.

Edited

SHELLY avatar
SoWal Insider
#9
Retirement home market in this state alone is very competitive, and Freeport is up against some pretty heavy players who are already further along in terms of development and infrastructure. I'm thinking of places like Flagler County and The Villages.

...North Carolina, Tennessee, Georgia....
Beach Fanatic
#10
Actually, I think the original development was 15-20 years ago...but it sat there for a long time and nothing was built until Susan et al, bought it from the original developers after his son died and their business was in trouble ...

right now there are many units for sale. I know two families who bought to live there; moved there, and now are selling because "it is too remote--no stores, no medical, no restaurants, shops, etc."

I agree that the builders skimped on the design--I liked the development better before they built the houses...those "sand dunes" on the golf course were nice.
InletBchDweller avatar
SoWal Insider
#11
I like the whole Windswept idea but yes there is nothing there for the residents....NOW but soon they will have everything that they need. It is just one of those subd. that the owners will have to wait.....

Landscaping is needed....
Beach Fanatic
#12
This just in...a pool is ready and 2 tennis courts...50+ lots are available and that doesn't include some phases still owned by builders and the developer. 75K gets you more than 1/2 acre in this golf course community...stay tuned for lower land prices all over Freeport...
Banned
#13
I can remember going to sea side in the early 80's and laughing at my brother in law for buying lots there for 15 thousand a lot. he ended up with the last laugh. It's my opinion Freeport will be the largest city in walton county in 20 years. There is a reason for calling it the Freeport Westbay bypass because of its central location. look how the bypass comes close to ebro. Can you say casino? You will have 3 major roads going thru there. 20, new by pass,331, all 4 lane roads at that time.:blink:
Beach Lover
#14
What's the scoop on DR Horton's website about Hammock Bay II...

Hammock Bay

1700 sq ft - $290 k ... $170/sq ft
2008 sq ft - $330 k ... $164/sq ft
2017 sq ft - $325 k ... $161/sq ft
2238 sq ft - $337 k ... $150/sq ft
2370 sq ft - $376 k ... $158/sq ft

Hammock Bay II

1976 sq ft - $230 k ... $116/sq ft
2063 sq ft - $240 k ... $116/sq ft
2215 sq ft - $258 k ... $116/sq ft
2242 sq ft - $255 k ... $114/sq ft
2247 sq ft - $260 k ... $116/sq ft
2252 sq ft - $256 k ... $114/sq ft

Looks like the "new" phase is a 30% discount from their first offerings... ouch!!!

Links...

Hammock Bay
http://www.drhorton.com/corp/GetCommunity.do?dv=V2&pr=43720

Hammock Bay II
http://www.drhorton.com/corp/GetCommunity.do?dv=V2&pr=44307
Smiling JOe avatar
SoWal ExpertAuthor
#15
Those prices are the build prices, not the purchase price including the lot. When DR Horton first began building these homes in Hammock Bay, it was right after the market in Freeport grew very quiet, yet DR Horton's project sales guy lived outside of our area and would not believe the information they were getting from locals, regarding the current market conditions. DR Horton's goal was to sell houses as quickly as they built them, so maybe now their pricing is more reflective of that. Maybe now they are actually following the market for that area. I still don't think that these are priced to sell ten a month like they are probably hoping for, but now that the Lake Club is complete and the swimming pools, basketball and tennis courts are being finished, I think they may begin to see some sales.
beachmouse avatar
Beach Fanatic
#16
Prices are moving in line with what you'd pay in Crestview, which I see as a healthy movement. At that price point, you're more likely to get buyers who live in the area, and are going to make the development an actual community, not just have row after row of houses that are owned by people who only use them four weeks a year.

It's also positioning them well to compete for some of the BRAC-related tranfers that come to Eglin proper. (The Green Berets will probably mostly go towards the 'View if rumors are true and they base out of Duke Field)
Beach Lover
#17
Those prices are the build prices, not the purchase price including the lot. When DR Horton first began building these homes in Hammock Bay, it was right after the market in Freeport grew very quiet, yet DR Horton's project sales guy lived outside of our area and would not believe the information they were getting from locals, regarding the current market conditions. DR Horton's goal was to sell houses as quickly as they built them, so maybe now their pricing is more reflective of that. Maybe now they are actually following the market for that area. I still don't think that these are priced to sell ten a month like they are probably hoping for, but now that the Lake Club is complete and the swimming pools, basketball and tennis courts are being finished, I think they may begin to see some sales.

SJ,

Thanks for the info... Looks like the Quick Move In homes in Hammock Bay I are listed for about $8k more than the price shown on the floorplan starting price... Guess that reflects the lot it sits on.

Just thought it was interesting to see home prices in the same 'hood listed 30% lower than an earlier release....
Smiling JOe avatar
SoWal ExpertAuthor
#18
While I cannot say that I am a fan of DR Horton's homes, I do like Hammock Bay. I think it could be a really fun community in which to live, and it is very family oriented, and allows owners to have a spirit of adventure with all of the biking trails, and nature trails. Maybe the big sign at the entrance and the fountain type wheelhouse structure in one of the pools are a little on the cheesy side, but I think the development already has much to offer, and they will be building many more ammenities in the future with their Bay Front property, as well as the City Park which is going in close by.
dunelover avatar
Beach Fanatic
#19
I for one am watching the neighborhood. It is hard to get a feel for what it looks like w/out being there. Wanting to relocate w/in year.

I for one noticed about the Hammock Bay II and actually emailed DR Horton two days ago, and haven't heard back. They also don't have links to their home plans for the "hammock bay II" online, just the names.
And I agree, I don't really like cookie cutter houses, but depending on how cookie cutter... I do like the amenites. It is also hard to find info out about the other builders in there. I think I have looked at two others, and didn't much care for their "style" of home.

My opinion would be that one ought to consider when buying in Hammock bay to be sure and not let DR Horton control where they place their mortgage. I have personally heard nightmares from the Phoenix area w/ them and mortgages.
Smiling JOe avatar
SoWal ExpertAuthor
#20
dunelover, I believe that you can select your own builder in Hammock Bay if you buy a lot.
dunelover avatar
Beach Fanatic
#21
sj, thanks for the info on the other builders. I will check that out eventually.
Smiling JOe avatar
SoWal ExpertAuthor
#22
dunelover,
Look for DR Horton to change up their buildings inside Hammock Bay on the new sales. They have found it difficult to sell $400,000 with laminate counters and vinyl flooring, and cheep looking carpet. Expect to see less of the two stories (higher costs), and see more stone work around the bases with Hardi-plank siding. All of that and cheaper prices!

One other thing which I didn't mention, for the existing homes in Hammock Bay, I think Turner Heritage has much nicer quality than DR Horton. A quick walk through will show you a world of difference in looks, and their prices are much less than DR Horton's prices on existing homes.

Judging from DR Horton's new pricing line, I think you could throw some offers their way on these existing homes, which seem to be sitting still for the most part, even though there have been some recent sales.

I have met a few young Air Force guys who are living in Hammock Bay and work on Eglin AFB. When you drive through and see families living there, it does show off and reinforce that community feel which you get when driving in on the main road.


Unlike DR Horton, TurnerHeritage.com does have floor plans available for viewing.

If you need more assistance, just ask.

Edited

SHELLY avatar
SoWal Insider
#23
D.R. Horton has been building a "ghost town" just past Hurlburt Field (between FWB & Pensacola) right ON Hwy 98. Last year when I drove by there they had what I suspect were the Hispanic day-workers' wives and kids waiving "New Homes" arrow-signs outside the complex (starting at $375,000 a copy). I passed there today and some houses were finished, but all were empty--there were also lots of empty lots too. My bud on Pensacola Beach told me they've abandoned the idea of using high-cost concrete block construction in the complex and are going with stick-built....if they ever find anyone interested in buying one. I imagine they'll still include SS and GCT though.

Coincidently D.R. Horton announced its quarterly earnings today--down 85%...who knew?? :idontno:

.

Edited

dunelover avatar
Beach Fanatic
#24
Shelly and SJ--Thanks for the info... I have never had a good feel for DR Horton, although they just entered the market where we live. Their reputation for building cheap suprises me that they would be invited in to Hammock Bay---although I have never driven thru, just read online and viewed their site.

I have looked at turners site, and not found the style I like. Maybe the whole area (Hammock bay) is wrong for me, I really like the cottage style but w/ more land---room enough to play softball w/ my kids w/out doing it on the beach! If you guys would like to direct me to a good area w/ possible purchase prices (including lot) in the 400K for 2,000 sq. ft. that would be great. I also need to be close enough for a 2-3,000 sq. ft warehouse space for our business to relocate as well.

I know both sides of being in a new development---appreciation if it all comes to fruition w/ the downside of continual construction. But, there is always that possiblity of not completing the project on time because of slow sales----so, I may talk myself in to something that is more complete.

On a side note, I noticed the Parade of Homes (i think that is what it is called there) is in June. Do you expect that week would be better than any other for looking at builders/developments?
SHELLY avatar
SoWal Insider
#25
I have looked at turners site, and not found the style I like. Maybe the whole area (Hammock bay) is wrong for me, I really like the cottage style but w/ more land---room enough to play softball w/ my kids w/out doing it on the beach! If you guys would like to direct me to a good area w/ possible purchase prices (including lot) in the 400K for 2,000 sq. ft. that would be great. I also need to be close enough for a 2-3,000 sq. ft warehouse space for our business to relocate as well.

Dune,

What type of product do you manufacture? Do you have a website?

.

Edited

dunelover avatar
Beach Fanatic
#26
Shelly--

We manufacture gymnastics equipment, balance beams mainly. Yes, the site is www.thebeamstore.com Thanks for asking.

We sell mainly online, so we are free to finally pursue our dream of living by the beach. I hope warehouse space isn't too hard to find. I see they are putting things up at a good pace commercially around there.

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