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Great Deal in Watersound?

Discussion in 'Real Estate' started by skier, Jul 29, 2005.

  1. skier

    skier Beach Lover

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    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.
     
  2. skier

    skier Beach Lover

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    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.
     
  3. Cavallino

    Cavallino Beach Comber

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    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
     
    Last edited: Jul 30, 2005
  4. skier

    skier Beach Lover

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    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.
     
  5. Buckhead Rick

    Buckhead Rick Beach Lover

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    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.
     
  6. Smiling JOe

    Smiling JOe SoWal Expert

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

    Smiling JOe SoWal Expert

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    close proximity does not always make a good comp.
     
  8. skier

    skier Beach Lover

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    see last sentence in post number 4
     
  9. Miss Kitty

    Miss Kitty Meow

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    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.
     
  10. Miss Kitty

    Miss Kitty Meow

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    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.
     
  11. skier

    skier Beach Lover

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    Sue,

    I did try to answer most of your questions on the other thread. However, I will not answer personal questions on a public forum (ie:which house is mine). Never know who might be lurking. Sorry.

    Favorite restaurant was Luna Del Mar--hated to see it close. I don't like fancy dining much, so my next favorite is probably the simple pastas, etc. at Angelinas. Don Pedros on 98 in Santa Rosa is also good. I've eaten at 30A, Fish Out of Water, etc. but I'd rather go for a simple meal at a more "folksy" restaurant. Any suggestions on other restaurants that fit into the less fancy category (except for me, rest of family does not eat seafood--too bad--so seafood are not on my list)?
     
  12. skier

    skier Beach Lover

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    Doug,

    In terms of comps, lot 61 in passages (two lots down from lot 63 you mention above) is for sale for $650k (mls 394250). They are identical in all respects. Please don't try to tell me this is a biased comparison. It's $249k lower than the "market price" for lot 63 when it sold in an arms length transaction last September. It hasn't been snatched up yet. As I said in the message that started this thread, if you believe in the market and where prices have been over the last 8 to 12 months, then there are some real deals to be had.

    The owners basis in lot 61 is $317k. He will obviously have a nice ROI. However, what does that say for the current ROI on lot 63 which has a basis of $899k.

    I understand you want to pick apart everything I say because you disagree with my opinions. But, I think your original message about me being misleading was a bit over the top. The comps were not exact, but they were close enough to show that the market is softening. This most recent lot for sale seems to back up my original position. Again, if you believe in the market, these two lots could be a steal.
     
  13. Kim Smith

    Kim Smith Beach Lover

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    We can sit here and debate all day what the real estate is going to do. To me, it's common sense, you have something someone else wants then they will be willing to pay what it will take to make it worth you while to sell, you have something that 5 other people have then your going to have to sit till that right person comes along or dump it because you don't want or can't afford to have it anymore. I would much rather be thankful that I can afford to have a beach home and enjoy it than debating on what other people are doing with theirs.
     
  14. skier

    skier Beach Lover

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    This debate might actually help those that don't already own make a more informed decision about buying. For others with a home, it may help them make a decision to sell or sit tight.
     
  15. Cavallino

    Cavallino Beach Comber

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    Is there a function with this message board....to ignore the posts of a particular user? :idontno:
     
  16. Smiling JOe

    Smiling JOe SoWal Expert

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    Yes, to ignore me, go under the menu item "User CP." Look under Misc. for Buddy/Ignore list. Under the igore box, type Smiling JOe and click on Update Ignore List.
     
  17. KY oyster eater

    KY oyster eater Beach Lover

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    But don't actually do it. That was just an example. Smilin Joe makes the most sense out of most of this nonsense. Seriously though...I'm enjoying reading all the posts, whether or not I agree with somebody, I learn something new every day. :blink:
     
  18. Miss Kitty

    Miss Kitty Meow

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    "All we are saying...is give Skier a chance" Is this a great message board or what!? Everyone has the right to their opinion and if you get too stressed out about those opinions you can block them out! Skier has certainly stirred up the pot when discussing property values and HIS take on the market...but I am starting to see what I see as a bright future...Skier is sharing some of the things he enjoys while in the area! Thanks Skier...you have become more human and less machine to me.
     
  19. Smiling JOe

    Smiling JOe SoWal Expert

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    Your decision to block me, or someone else, is your own to make. I will say for the record, that my posts are my own thoughts and you would be cutting yourself short if you blocked them. Maybe some offend you, but if you find just one that adds something to your life, it was worth it. I think we all are going through the world looking to incorporate bits and pieces of others' examples into our own life. I encourage you not to block anyone's thoughts, even if they don't make sense to you now. Sitting through many hours of incredible speakers, I have learned to listen to the words other than those which rang a bell to me at that time. With time, you may find those words to be crucial which you once thought unimportant. Keep your ears open, and you may even make a friend once you get through the dividing line. Furthermore, some people just play hard when they are behind the curtain like the Wizard, but you may find them to play very nicely when you are face-to-face. You may disagree with some of my thoughts, but keep only the ones that are worthy and allow all of us to remain unblocked, free to express thoughts.

    Breathe deeply, and let it out. It is only a message board, a very fun one at that. Or, as Willie Nelson would do to relax, roll a big phatty. I prefer to just breathe.
     
  20. Cavallino

    Cavallino Beach Comber

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    I was kidding about blocking a user. How else whould I be able to monitor if "the sky is falling real estate messages" are balanced with rebuttal.

    Like many of us on the message board, I love the area along 30-A and that is why we bought here. And obviously, I question the motives of a user who continues to slam the real estate market almost every day. However, this community is more interesting having a contrarian so active on the board. As long as the posts are accurate.

    Doug
     

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