- Oct 15, 2004
Bad timing and now, a much higher price point compared to surrounding communities. Watercolor seems to have adjusted to the new normal quicker - I give Joe credit for the ability to recognize what was going on. Plus Watercolor is in a more developed area, closer to schools, shops, and seaside, all of which probably helps.
I think Alys is stuck in their situation, the cost of the homes there is so high, they have no choice but to wait it out and see if buyers with enough capital return to the market. If the developers can afford to carry the place they'll be fine, it'll just take a lot of time for it to fill in.
Looking at county records, they had 4 lot sales and one existing sale for 2009. That's not bad considering in 2008 they bought back 4 lots!
St. Joe has a lot of stockholders to dance to.
Alys Beach has EBSCO behind it. That doesn't mean unlimited money but they have very deep pockets and well diversified, but still hurting compared to earlier times.
These days if you are a developer and able to be in a holding pattern you are doing well.