Need Advice on Lot for Sale in Heritage Plantation

Discussion in 'Real Estate' started by ieatwings, Feb 3, 2009.

  1. ieatwings

    ieatwings Beach Comber

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    Not sure if this is the right place to post? I am desperately trying to sell my property in Heritage Plantation in Laurel Hill, Fl. Can anyone offer any advice that could help me? We have been through 2 realtors in the past year with no results. It is an interior lot across from the 9th fairway. Any help is greatly appriciated!
     
  2. traderx

    traderx Beach Fanatic

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    Unfortunately in this market, price.

    What feedback did the agents give you?
     
  3. ieatwings

    ieatwings Beach Comber

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    We purchased it in Jan. 2006 for $130,000 and currently have it listed for $120,000. At that price, we will still have to bring a good chunk of money to the closing table. Realtors have not given us much feedback, just the same old "the market is slow right now" which we already know.
     
  4. Matt J

    Matt J SWGB

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    Can you afford to hold it? If so do that, because otherwise your looking at a huge loss.
     
  5. Kurt Lischka

    Kurt Lischka Admin Staff Member

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    First thing to do is post all the info here.
     
  6. ieatwings

    ieatwings Beach Comber

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    We're already into it for $175,000 with all the interest, fees and property taxes. My fear is that if we hold on to it, it will never appriciate enough to make up for the money we've already put into it.
     
  7. Matt J

    Matt J SWGB

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    Okay so the loss is already there. Have you shopped lots around you that are comparable? If they are selling you may need to match their price.
     
  8. ieatwings

    ieatwings Beach Comber

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    We have shopped around. The interior lots in Heritage Plantation are priced from $120k to $140k so we priced ours at the very bottom of that range hoping for results. So far, we havn't had any interest at all. We're willing to accept the loss at this point, we just don't want to lose any more than we have to. If we could, we would be better off building on the property ourselves and moving there, but we are a military family and are stationed in Ohio. We bought it as an investment, but boy, did that backfire!
     
  9. Matt J

    Matt J SWGB

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    Brace yourself, there's a local contractor feverishly typing up a response or PM. I'm assuming you have it financed so finding someone with less than stellar credit who might want to owner finance is out of the question?
     
  10. ieatwings

    ieatwings Beach Comber

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    We do have it financed. Owner financing is not completely out of the question. With the right down payment amount, I would definately consider it.
     
  11. SHELLY

    SHELLY SoWal Insider

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    Do you know when and for what price the last sale went for in that subdivision?

    .
     
  12. Matt J

    Matt J SWGB

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    The other option is your Realtor. I would go with a Realtor that is established in this area and has a good base of clients. The longer a Realtor has been here the more clients they have and therefore could have someone in the old Rolodex that is looking for that lot. I'm not saying a new Realtor isn't competent or going to try, but they generally don't have the relationships with clients that last years.

    Guess I'll stop beating around the bush and just tell you to go talk to Bobby Johnson at Beach Properties when your current contract expires. Also, Francesca Gage at the Beach Group.

    Good luck and I hope you find a way out.
     
  13. Smiling JOe

    Smiling JOe SoWal Expert

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    I have no idea where Laural Hill is located. If it is anything like the rest of the real estate markets, you are looking at a 40-60% drop in price from the time you purchased. If you do decide to hold it, be prepared to hold it until current prices increase 100+ % in order to get back to your break even point, not including closing and carrying costs.
     
  14. ieatwings

    ieatwings Beach Comber

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    The last sale was in May of 08 for $150,000.
     
  15. Smiling JOe

    Smiling JOe SoWal Expert

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    The only reason to look at the actively listed properties in this market, to base your price, is to learn what price doesn't sell. You need to be looking at the closed sales prices, if there are any. If there are not any comps, which is common, you could look at avg price declines in the market of sold properties, to see where you are likely to get a nibble.
     
  16. beachmouse

    beachmouse Beach Fanatic

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    Laurel Hill is like 15-20 miles north of Crestview. Even with the market as it is, I'm not sure how many SoWal realtors would want a listing so far from their normal territory.
     
  17. ieatwings

    ieatwings Beach Comber

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    Laurel Hill is just north of Crestview off of Hwy 85. Unfortunately, it seems that much of the Florida market has been hit especially hard, including Laurel Hill.
     
  18. Matt J

    Matt J SWGB

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    Oh, I thought this was near Freeport. Whoops. If it's financially possible for you building and then renting might be your best option. My understanding is that Crestview is very popular with military families.
     
  19. Smiling JOe

    Smiling JOe SoWal Expert

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    That seems rather high, compared to yours, which isn't getting activity. Was it an arm's length transaction? Were there "rebates" given back to the buyer? How many other lots have sold in the last 12 months? How much did that seller pay for that lot which sold at $150,000? Is that lot similar to yours, or does it have special qualities?
     
  20. ieatwings

    ieatwings Beach Comber

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    There were a total of 3 lots that sold in 2008, 2 for $150k and 1 for $135k. Not sure of the details of those sales. My lot is across the street from the 9th fairway. Possibly the $150k lots were directly on the golf course?
     

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