Interesting Data about the Bubble on 30A

[Buckhead Rick]

Eagle Cove, up E. Hewett right at dirt road just before bay. There is a large house being built on the bay just past the crook in the road and Eagle Cove is at the crook. The letter from the developer said in the past when multi pieces of land had two different zonings the county would allow the developer to go ahead with the "average" of the two, but that was no more. They had to go and get a re zoning which they said would take at least a year. My question is this going to make it harder to bring new developments on line? Or is this just a "one off" problem. Thanks again.

 

[Smiling JOe]

The letter from the developer said in the past when multi pieces of land had two different zonings the county would allow the developer to go ahead with the "average" of the two, but that was no more.

Every project is unique and I do not think that it will be any more difficult to develope land based on the story the developer wrote in the letter to you. Typically, one has to have density to match the zoning. I have not heard of taking the average of two different zonings in order to balance out the densities, but it would not suprise me if that was the case here and there.

RiverOtter, this should not affect Eagle Bay.

 

[skier]

Re: A Little More Focus

What is the average of 100 and 0?
The answer is 50 - which is really no closer to one than the other.

With that being said, I find "real estate market generalizations without focus and data" to be a waste of time. I would encourage those obsessively watching asking prices/inventory levels to focus on their specific neighborhood.

For example, here is what the data suggests in Watercolor - Phase 1.
- 35 properties for sale <detached single family and lots>
- 229 properties in this universe
- 15.28% of available properties are on the market
- a $3.6mm 4,000 sq ft home went pending this week

Why be so specific.....because condos & PRC units & lots in Phase 4 behind Publix are NOT comps for detached single family homes in Phase 1.

This closer focus shows that while inventory levels are higher than last year, they are nowhere near the levels of earlier posts for the section of the neighborhood that i watch.

The points being.....
- 50 is no closer to 0 than it is to 100
- market comps matter in real estate - not emotional generalizations
- look at closes....not listings
- enjoy the beach


My 2cents...now off my soapbox.

Doug :nono1:

More specifically, just over 2 months ago, there were only 15 properties for sale in Phase I. The inventory has increased over 100%. Not a good trend.

 

[RiverOtter]

Every project is unique and I do not think that it will be any more difficult to develope land based on the story the developer wrote in the letter to you. Typically, one has to have density to match the zoning. I have not heard of taking the average of two different zonings in order to balance out the densities, but it would not suprise me if that was the case here and there.

RiverOtter, this should not affect Eagle Bay.

Soooo Eagle Cove is houses? Are there any on the bay?

 

[Smiling JOe]

Re: A Little More Focus

... The inventory has increased over 100%. Not a good trend.

Inventory increase can be directly attributed to folks like Skier who place crazy price tags on their property with no motivation to sell. The mentality is that if someone want to pay me dearly, I will sell. Those folks would help the market if they removed their listings from the market. If someone wants your house bad enough, they will look you up and make an offer that you cannot refuse. Removing your "I don't care if I sell listings" will decrease inventory, balance the demand, and keep prices on the increase. As it stands, most people are being scared off from purchasing because they are scared of overpaying for their property. If there are two similar listings, with price variances of over $500K, how is a buyer to know if either listing is a good buy?

 

[wetwilly]

:clap_1: :clap_1: :clap_1: :clap_1: :clap_1:

 

[Miss Kitty]

Let's all encourage SKIER to lighten up!!!

BTW...Skier is not the only one that could use your good advice! I must have missed some info from Skier....where/what kind/how many properties do you own? How many of those properties are for sell and what is/are the MLS #'s? You seem to really have issues with WaterColor! I am curious why. Also, how much time do you spend on analysis of the 30-A real estate market? IMHO, Skier needs a vacation!

 

[Beachlover2]

IMHO, Skier needs a vacation!

Skier just got back from vacation!!!!

 

[Smiling JOe]

Skier just got back from vacation!!!!

Yes, from WaterColor! :shock:

 

[lollygal]

He needs to go back and veg out this time!