I think JOE has commissioned an economic study. JOE has quite an extensive and unique internal proprietary information database.
Build-out extensions
- Thread starter scooterbug44
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I think JOE has commissioned an economic study. JOE has quite an extensive and unique internal proprietary information database.
They did not see the downturn coming (or they wouldn't have put so much into Watersound North, WSWB, etc) so why do you think they have such a great crystal ball??
JOE knew the downturn was coming as did LUK.
On LUK: As early as 2003 I was fortunate to have a person to person with a LUK executive who gave me his firms analysis of what was coming in real estate. His message was nearly exactly correct so far. They also put their money where their mouth was at that time and unloaded the vast majority of their local real estate holdings during that period. That meeting took place in the last office down the North hall of the Rosemary Beach Land Company's sales office. Those of you who know the building of that time may be able to verify the validity of what I'm saying.
On JOE: A co-ordinator of development for JOE showed me maps, community designs and more for Watersound North in 2003. From that meeting and others, JOE had planned for modular and even tilt wall construction as early as that time. To make that statement publicly would have been most outrageous to everything that the local real estate market was believing about quality construction practices during that period. Their roll out dates and soft openings for WS North were very strategically delayed a number of times till the devaluation was under way. My company built and installed the first foundation for JOE's WS North Model Sales office. These informal meetings occured in many places, but the majority occured in the 2nd floor, South offices of the Watercolor mixed use building above the sales office. Those who are informed may be able to verify some of what I am saying.
This process of timing entrapped their competitors in what is exhibited as:
Where there is ground with impassable ravines, Heaven's Wells, Heaven's Prisons, Heaven's Nets, Heaven's Pits, and Heaven's Fissures, you must march quickly away from them.
It's o.k. with me if you don't believe what I'm saying. It probably sounds pretty unbelievable.
Where is the house in Watercolor? How many beds and baths? How many square feet?
I hate to say it because I have friends in that area, but it might sell for 599,000 to 650,000. I haven't seen it, and don't know its finishes. Maybe it'll get more if it's just right for someone.
On a positive note, I'm not a realtor. Maybe I'm way off base.
Looks like my prediction is coming closer to reality. I heard a rumor that Joe just entirely did away with the buildout deadlines in Rivercamps. Next to fall, Watersound, Watersound West Beach, Watersound Beach and Watercolor.
I cringed when I saw your name on the Thread just now. I had it coming. Compared to 2006 and 2007, it's like a bomb went off in Watersound. You can hear a pin drop.
I don't think you accepted my bet. Sorry, the table's closed for bets, closed for bets.
Joe Buildouts - Rivercamps
Yes it is true, the buildout has been completely eliminated. I expect Joe's other
developments including watercolor to have the same thing happen to them.
It takes pressure off the lot owner, who are already throwing in the towel at
record rates, thereby crashing the lot prices even more; now maybe the lot owner
will just keep the lot and keep paying the bank. Maybe even take the lot off the resale market.
This housing crisis will destroy most of the builders on the emerald coast; I know some with specs built during the boom who cannot lower their over market prices and are just trying to hold on, they wont be able to. This is the first time in history that building costs are higher than market values. Builders cant even sell the house at their costs. So builders will be fewer in the coming years.
I foresee greater pain in 2009 and probably 2010.
Yes it is true, the buildout has been completely eliminated. I expect Joe's other
developments including watercolor to have the same thing happen to them.
It takes pressure off the lot owner, who are already throwing in the towel at
record rates, thereby crashing the lot prices even more; now maybe the lot owner
will just keep the lot and keep paying the bank. Maybe even take the lot off the resale market.
This housing crisis will destroy most of the builders on the emerald coast; I know some with specs built during the boom who cannot lower their over market prices and are just trying to hold on, they wont be able to. This is the first time in history that building costs are higher than market values. Builders cant even sell the house at their costs. So builders will be fewer in the coming years.
I foresee greater pain in 2009 and probably 2010.