Thanks Seagrovegirl. I snooped around the Bay County official records site and found the documents pertaining to this lot.
Build-out extensions
- Thread starter scooterbug44
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Vacant Land for Home Trade
I am a builder for my profession and when we have a home nearing completion we always offer the home for sale and will take a vacant lot in the same neighborhood as part of the payment. There are times when someone finds themself owning a lot that is now worth 500 when they paid 800 a couple years back and it just makes sense to both parties to perform this type of transaction. So long as the current true value of our home is higher than our mortgage we can fix their equity deficiency.
It doesn't make any financial sense to us to hold out for a high price on our home when we are just going to buy another lot in the same neighborhood anyway. This is the only way I can think of to help some who have found themself upside down in their lot. I'd rather move sideways for a couple years and be able to employ my people than hold out for big profit.
We do this in Watercolor, Watersound, Cypress Breeze and look at other JOE communities as well. I can't speak for what JOE does with their trades as their business model is very different than ours, but if it helps clean up the foreclosures and short sales I'm happy.
I am a builder for my profession and when we have a home nearing completion we always offer the home for sale and will take a vacant lot in the same neighborhood as part of the payment. There are times when someone finds themself owning a lot that is now worth 500 when they paid 800 a couple years back and it just makes sense to both parties to perform this type of transaction. So long as the current true value of our home is higher than our mortgage we can fix their equity deficiency.
It doesn't make any financial sense to us to hold out for a high price on our home when we are just going to buy another lot in the same neighborhood anyway. This is the only way I can think of to help some who have found themself upside down in their lot. I'd rather move sideways for a couple years and be able to employ my people than hold out for big profit.
We do this in Watercolor, Watersound, Cypress Breeze and look at other JOE communities as well. I can't speak for what JOE does with their trades as their business model is very different than ours, but if it helps clean up the foreclosures and short sales I'm happy.
What do you consider "back down to earth"? IMO, you don't understand anything about the build-outs. If you force people to build who don't really care about the neighborhood, they will build absolute ****. Then, the most "beautiful development" on 30-A becomes a ****hole. But then I suppose you'll be able to afford it. Who's deluded?
Now that is a pretty narrow minded view. Let's take your argument and flip it. Why even have build out requirements in the first place? They serve as nothing more than smoke & mirrors as they become meaningless with extension upon extension. By extending them continuously, the flipper mania of a few years ago is only perpetuated.
Also, I don't think it's fair to owners who bought and who actually at some point plan to build (and have the means to do so) to have these extended. Especially since many of the sales people, and developers, used the build out times as an important tool when selling the lots/homes in the first place. These extensions only serve to promote empty subdivisions.
I suspect that when all this shakes out the majority of buyers facing problems are the ones who got left holding the bag and who had no intention of ever going vertical in the first place. Should these speculators be protected? I would say not, as they gambled on an investment and lost. Not much different than the stock market. I would much rather see the foreclosures occur in a shorter, more condensed timeframe and then for the the real buyers (i.e. people who will build) come in to start actually building these neighborhoods.
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Your assumption being that those forced to build will simply throw up their hands and walk away for the buyer who wishes to build the beautiful dream home. Go to the corner of Western Lake and Pine Needle to see if the assumption holds true. I'll take the peace and privacy of trees and bushes any day over a forced poorly built house, or worse, one that starts and takes forever to finish, if ever (See Prominence). The fairness argument is the same one children make when they have no argument. The only issue is whether the build-outs make sense here and now in the current climate, and the answer is clearly no - and for selfish reasons I could view it differently, but don't.
The construction of a home in neighborhoods like Watercolor, Rivercamps, Watersound etc. is subject to building codes, approved materials, architectural design and size guidelines, and house by house approval on everything down to the paint colors and exterior light fixtures, so the argument that they should extend build-outs to control "quality" is hooey.
What kind of quality control in Watercolor lets you stop construction for 2 years after completion of the footers? Have you really looked at some of the construction? When you can see the ty vec wrap after daytime heating, it ain't good. Get real!
That would be the build-out EXTENSIONS responsible for that!
Realistically you would lose much more $ by going through the process and building an inferior house than by selling the lot or having St. Joe/the bank take it back.
Realistically you would lose much more $ by going through the process and building an inferior house than by selling the lot or having St. Joe/the bank take it back.
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Since we're talking reality, Joe ain't buyin back lots in this market so they ain't no build-outs no mo, period.