Great Deal in Watersound?

[skier]

Just FYI--

All joking and bad vibes aside. For those of you that believe the market is robust along 30-A, there might be a really good deal for you if you have the wherewithal. As you know, I don't feel that way so the deal is definitely not for me.

There is a lot in Watersound--Lot 7 in Windrose on Salt Box Lane-that is priced at $695k. Lots 5 and 6 are priced at around $900k. You can check the prices out at DestinProperties.com.

If you believe in the market, this lot could be an attractive opportunity.

As for me, I believe this is an indicator of some folks getting more and more eager to (needing to) get out of their investments and better deals will be had in the future.

 

[skier]

Here is a little more info from a reply I made to Joe on another thread.

Here are the most recent and very similar sales of lots on Salt Box Lane where this lot is located (per walton county records).

Lot 8--Oct 2004--$780k
Lot 63 (passages area)--Sept 2004--$899k
Lot 11--July 2004--$810k
Lot 2--July 2004--$690k

Just thought I would clear up the fact that this price is CLEARLY below the most recent market prices paid. Might be a great deal or the start of a trend. Too early to tell for sure. But, you know my opinion.

 

[Cavallino]

Here are more details which will highlight SKIER's rather biased and negative market interpretations of the WaterSound - WindRose - Lot 7 offering at $695K.

Comparable #1 - Lot 8 in Wind Rose - $780K
This is a corner lot that is wider and should command a premium to Lot 7.

Comparable #2 - Lot 63 in Passages - $899K
This lot backs up to the putting green golf course. More private than being backed up to 30-A <traffic noise>....which is the comparable for Lot 7 -Wind Rose. I believe this lot should command a premium over Lot 7.

Comparable #3 - Lot 11 in Wind Rose - $810K
Once again this lot is not backed up to 30-A - so you won't hear traffic. Also, the nice walkway next to the house will give the property a larger feel than being sandwiched in between 2 houses like Lot 7. Once again, this lot should fetch more than Lot 7.

Comparable #4 - Lot 2 in Wind Rose - $690K
This lot is very similar to Lot 7 as it backs up to 30-A. However, it is only 50 feet wide and Lot 7 is 60 feet wide. So it should be a lower priced lot than Lot 7.

The above should clearly illustrate that a closer look at this thread is somewhat misleading. I find it interesting that the ONLY 2 POSTS are from Skier.

What might actually be helpful to the "obsessive/compulsive inventory scanners" would be the following
1. The initially offering prices on each of the above referenced lots.
2. The annualized ROI on each of the above referenced lots.

Doug

 

[skier]

Not sure I get your point. What relevance does original offering price have to current buyrs? What relevance does ROI have to current buyers?

My post was not misleading. I simply went to the Walton County website and pulled the most recent sales data for lots in very close proximity to the lot in question. As for your thoughts about the value of the comps, you might be right. On the other hand some folks would not like to back up to a putting green where there will be lots of people traffic (although it would be fun for me as I am a golfer). Some people might not want a walkway with foot traffic passing by the home and that particular lot is 5 feet narrower than the lot for sale. So, I don't necessarily agree with your take on the nearby lots.

There weren't any other sales nearby so those are the best comps available. Same thing an appraiser would do then try to use some of your arguments and mine above to make a better guess at the value.

 

[Buckhead Rick]

The main point, which is on another thread, is value on a lot with a build out is more, how much time until building has to begin and less about location. If you can start building now, buy a lot with one day left on the fuse and you will be a happy fellow or gal in a few years when all the built outs are history.

 

[Smiling JOe]

...
The above should clearly illustrate that a closer look at this thread is somewhat misleading. I find it interesting that the ONLY 2 POSTS are from Skier....

I replied, but it was in another thread on the same topic.

 

[Smiling JOe]

... I simply went to the Walton County website and pulled the most recent sales data for lots in very close proximity to the lot in question. ...

close proximity does not always make a good comp.

 

[skier]

close proximity does not always make a good comp.

see last sentence in post number 4

 

[Miss Kitty]

There you are skier! You still haven't answered my questions from the other thread. Please be polite and indulge me with the answers.

1) where/how many properties do you own in the area?
2) of those , how many are for sale?
3) what if any are the MLS #'s
4) I feel from your posts you have issues with WaterColor...what are those issues?
5) how long have you owned property in the area and why did you buy? business or pleasure!!!!! ? now that's a loaded ? !!!!
6) what is your favorite restaurant in SoWal?

Thanks skier...I look forward to finally hearing back from you.

 

[Miss Kitty]

Whoops! My mistake skier...you did respond to some of my ?'s on the other thread. Thanks for that, but how's about answering the other ?'s listed above for me? I look forward to your reply.