1. Trouble logging in? Send a message with your username & email address for help.
    Dismiss Notice

Gordon Gecko was right

Discussion in 'Real Estate' started by Bob, Mar 27, 2005.

  1. Bob

    Bob SoWal Insider

    Joined:
    Nov 16, 2004
    Messages:
    10,433
    Likes Received:
    1,247
    Location:
    O'Wal
    Just an observation, but has anyone noticed how the buy/flip craze is limiting/delaying growth in SoWal. Isn't Grayton Preserve still a ghost town. Those lots started south of 200k and are currently trading at 400-600k range. Same is true at Village o' blue mt. and many smaller cul de sac subdivisions. The pass it on craze is in full swing, as long as buyers are ready, willing and able. I guess the benefit to locals is a walk on the beach will be less crowded for some more time to come. Maybe "greed is good", or at least it has a beneficial side effect or two.
     
  2. kurt

    kurt Admin Staff Member

    Joined:
    Oct 15, 2004
    Messages:
    7,175
    Likes Received:
    3,722
    Location:
    SoWal
    I'm not so sure. There are quita few houses going up in Grayton Preserve, and it seems like you can't swing a 2X4 without hitting a builder. Nowhere South of the Bay are you out of range of the nail gun.
     
  3. RedFish

    RedFish Beach Crab

    Joined:
    Mar 2, 2005
    Messages:
    4
    Likes Received:
    0
    Bob you shouldn't be upset. You did get a lot while they were as you say south of $200k?? Some thoughts on why the Preserve may be slow developing;
    1. Five year build-out period.
    2. We're not talking St. Joe Company. The Preserve has no PR / Marketing Department.

    Surrounded by State Forest, Deeded Beach Access, gated, two pools, low HOA Fees....

    If there was a PR / Marketing / Sales office the lots would be a lot higher!
     
  4. kurt

    kurt Admin Staff Member

    Joined:
    Oct 15, 2004
    Messages:
    7,175
    Likes Received:
    3,722
    Location:
    SoWal
    GG had a very large cell phone. :lol:

    The Village of Blue Mountain is a travesty. First they clear cut some beautiful property, then went bankrupt. It was bought and completed and has been selling and there is building going on. I'm not sure yet but I think it will end up being one of the most unattractive developments in SoWal.

    But it's got the location so It will probably still be desireable.
     
    Last edited: Mar 28, 2005
  5. lenzoe

    lenzoe Beach Fanatic

    Joined:
    Nov 15, 2004
    Messages:
    589
    Likes Received:
    102
    Location:
    Atlanta/Seagrove
    Where exactly is that one?
     
  6. kurt

    kurt Admin Staff Member

    Joined:
    Oct 15, 2004
    Messages:
    7,175
    Likes Received:
    3,722
    Location:
    SoWal
    It stretches between 83 and 30-A on the West side, next to Ventana Dunes.
     
  7. Sheila

    Sheila SoWal Insider

    Joined:
    Jan 13, 2005
    Messages:
    5,784
    Likes Received:
    226
    Location:
    Snellville, GA., Seacrest/Seagrove as often as we
    My husband and I actually looked at a house close by that area in '00. We were both so put off by the area, which at that time just been clear cut and vacant, we backed off that deal.

    So far we are happy we did. We have kept our eye on that area since then and have often wondered why it had never really been developed. Now we know why.

    Thanks for all the good info!
     
  8. Bob

    Bob SoWal Insider

    Joined:
    Nov 16, 2004
    Messages:
    10,433
    Likes Received:
    1,247
    Location:
    O'Wal
    I agree with you Redfish, but consider this. When you buy with St. Joe, you are essentially buying a contract to build{with their approved builders} within a relatively short timeframe. Kind of like a 2nd home construction club. Now I am a capitalist, and the rapid escalation of values in SoWal will have many great benefits, but one dynamic going on here is about to happen to SoWal. Most of the new construction purchases in Lake and Osceola counties are foreign, lead by our good buddies, the Brits. The entire southern/western residential swath surrounding Disney is a vast residential rental zone. These foreign buyers are, in many cases, getting two for one on the currency exchange. When the new PC airport is finished, the foreign "happy hour" buying frenzy will arrive in SoWal{unless GW balances the budget and the dollar rebounds....sure}. That's a good thing, no? Until then, lot flipping, in my opinion, will become an art form in South Walton and many small subdivisions will be slow to sprout houses. Let's all rise and sing "God Bless America"!
     
  9. Bob

    Bob SoWal Insider

    Joined:
    Nov 16, 2004
    Messages:
    10,433
    Likes Received:
    1,247
    Location:
    O'Wal
    Kurt, Just imagine that if you could live to 150, you could take Gecko's huge cell phone on The Antiques Roadshow for valuation. Well, maybe Wheel of Fortune. It'll be the only TV show to survive that long!
     
  10. Camp Creek Kid

    Camp Creek Kid Christini Zambini

    Joined:
    Feb 20, 2005
    Messages:
    1,263
    Likes Received:
    106
    Location:
    Seacrest Beach
    Along 30-A, I personally think the lot flipping is slowing down because there aren't many lots left. Real estate inventory is very low right now. I don't know if everyone is holding on and waiting for prices to get even higher or if current owners actually want to keep their properties. Things will continue to appreciate even without the investors. It is all about supply and demand. Demand should always remain high along 30-A, but supply is low. I've been looking for a certain size home in a specific area. Last year there were dozens to choose from. This year there are just a few.
     
  11. Bob

    Bob SoWal Insider

    Joined:
    Nov 16, 2004
    Messages:
    10,433
    Likes Received:
    1,247
    Location:
    O'Wal
    Camp Creek Kid, you are correct about Seacrest, but toward western 30A, the spatulas are out,and it's flipping season. Grayton Preserve has over a dozen lots for resale, and I'll bet completed homes may be counted on one hand. Same dynamic, some more,some less, at Forest Lakes, Village O' Blue Mt., Shadow Pines, Coastal Grove, and even a resale or two from Draper Lake. Sure many folks know what they've got and will hold, but there is also a Vegas side to this that is fun to watch. I think if all projects were run like St. Joe, more homes would be in the construction process now. Slower growth is good.
     

Share This Page