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New York Times article on WaterSound

Discussion in 'Real Estate' started by Bluznbeach, Dec 17, 2006.

  1. PTWizard

    PTWizard Beach Lover

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    I love Watersound Beach. However, I agree that someday it may end up being a VERY crowded place in the summer months.

    I believe that in time Paradise by the Sea will be discovered as one of the few truly low density beaches on 30-A. There's no public beach access, it will be a gated community, no build out restrictions, deep lots with average lot frontage of 60'-70' and only 51 lots for 1700' of beach. Also, at this point, only 47 homes can be built in this development since a couple of the homes utilize multiple lots. At least one other home is planned to do the same. Located within walking distance of Rosemary Beach, Seacrest Beach and Alys Beach you have the best of both worlds. Even so, the two most recent sales of tier 1 lots with incredible wide open gulf views both sold at under $1,000,000 this year. Compare that to south of 30A prices in Rosemary or Alys. I think it's a bargain, especially compared to other places we've evaluated on both coasts and the gulf.
     
    Last edited by a moderator: Dec 19, 2006
  2. flyforfun

    flyforfun Beach Fanatic

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    Regardless if they are an investor or end user, Watersound is about privacy, quality and attractive clean beaches. Believe it or not, that is what people with money are looking now days. If you are not in that small sliver of population, you have no idea the tax advantages or the investment strategy of owning a second home of $2 million or more. I much rather own a 2 million dollar home that may go up or down in value, than stock that's values are "dummied up" by people who cook the books and never get's caught unless a whistle blower turns them in.

    My father in 1958 purchase a lot a mile from the beach for $300.00. He sold that lot in 1998 for 45K. The same lot sold again in 2004 for $110K. As long as you don't over leverage yourself, real estate is a smart move. I am certain there are some in these high end developments that have done just that. There are plenty of buyers hunting for those folks, just so they can sell the property 12-24 months from now at a 30-50% gain. The secret down at the beach is not to ever over extend yourself.
     
  3. Beachbummett

    Beachbummett SoWal Insider

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    :clap_1: Congrats Bobby J:clap_1:

    or will show property during a tropical storm!:D
     
  4. goofer

    goofer Beach Fanatic

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    Congrats Bobby

    It is funny that hard work and success seem to go hand in hand !!! You love what you do and so even though it is work, you do it with great enthusiasm.
     
  5. SHELLY

    SHELLY SoWal Insider

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    Let's see....crooked appraisals...liar's loans...cash-kick backs..."perfidious puffery"...mortgage fraud---There's no deceit to see here folks, just keep moving along.
     
    Last edited: Dec 19, 2006
  6. fisher

    fisher Beach Fanatic

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    Please do tell about the tax advantages of owning a second home.

    There are none if you don't rent or you use the home more than 2 weeks per year. Even if you rent, you can only deduct expenses up to the amount of your rental income.

    Second homes are a cash drain while you own them if you don't rent and many times even if you do rent. They only result in a true gain when you sell IF the gain is enough to cover your carrying costs (insurance, homeowners fees, taxes) and maintenance costs while you owned the property AND the commission you pay upon the sale of the property.
     
  7. flyforfun

    flyforfun Beach Fanatic

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    Fish you are absolutely correct if don't place property on a rental program or its not corporated property. I have owned real estate in a lot of places, and no where have I had returns to come close to match beach property. It's certainly not a risk free investment, but what is? Expenses can always be managed. You don't really need a RE agent to sell, and if you do commission's are negotitable. If you design a home that is low maintenance that helps long term expenses. If you build a home using the fortress guidelines you can even get a reduction in insurance premiums ( http://www.ibhs.org ). Second homes are only a cash drain if you are not using or enjoying it. It's basically a matter of value. People will always find value in owning beach property.
     
  8. flyforfun

    flyforfun Beach Fanatic

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    Shelly true to some extent especially if you are a rather nieve investor in the RE market. You can be a smart investor in the stock market and get ripped off by a much larger number of people including your own broker or financial planner.
     
  9. OnMackBayou

    OnMackBayou Beach Lover

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    flyforfun, I'm sure 99% of us get your drift and are happy for you. Most of us who have been thru Watersound understand why you feel the way you do. Watersound is a special place and always will be. That's all that matters. You've found your paradise and that in itself is priceless.

    The other details regarding the level of crowding on the beach, taxes, insurance....at this point you've figured that in to the equation and you are still in paradise.
     
  10. SHELLY

    SHELLY SoWal Insider

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    They haven't even scratched the surface on all the deceit, trickery and fraud that went on during the last couple of years in the real estate game. There are many investors who are holding RE or contracts right now that don't even realize they've been duped yet--this thing will take some time to unwind.
     
  11. spinDrAtl

    spinDrAtl Beach Fanatic

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    Please share some details.
     
  12. SHELLY

    SHELLY SoWal Insider

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    Lawsuits

    With once-hot condominium markets across the country in sharp decline and many real estate professionals predicting a further weakening, some developers are facing more than a glut of unsold inventory. Angry condo buyers from Boca Raton, Fla., to San Diego are taking them to court, alleging everything from breach of contract to fraud.

    Some of the lawsuits claim that the amenities featured in glossy marketing brochures and models never made it into the final product. Others involve much-hyped projects that went bust, leaving hundreds of buyers with contracts for condos that will never materialize.

    In Florida, 2,557 individual complaints against developers were filed in fiscal year 2006, ended June 30, up from 1,825 two years ago, according to the state's Department of Business and Professional Regulation.
    ---------------------------------------------------------------

    Developer Fraud
    But now their company, Sky Development Group, is at the center of a huge real estate fraud investigation that started in Citrus County - and could span the globe.

    Detectives say they think Natalia and Victor Wolf slipped out of the country in October, leaving behind more than 100 victims and taking more than $20 million from fraudulent transactions.
    -------------------------------------------------------------


    Mortgage Fraud
    Coral Gables lawyer Brian Bieber is intimately acquainted with mortgage fraud, having represented people accused of the crime. But earlier this year, he was stunned when a broker instructed his own mother, a Broward County schoolteacher, to create phony evidence of a second job to get a mortgage for a Hallandale Beach condo.

    ''That mortgage broker actually suggested to my mother that she obtain a false letter of employment from me and my law firm,'' Bieber said. ``The broker went so far as to give her the explicit amount my mother needed to be earning per week and asked my mother to ask me to generate at least four pay stubs.''

    ------------------------------------------------------------------

    Homebuilders Fraud
    Jeffery Alan Teague (also known as Jeffrey Allen Bryant), 49, pleaded guilty late Nov. 27 in federal district court to two counts of wire fraud for a scheme to defraud mortgage lenders by arranging loans to buy incomplete homes in the names of California, New York, and Florida "investors." Teague provided the lenders with false Certificates of Occupancy, stating the houses securing the loans were "completed to code" and "suitable for occupancy."
    --------------------------------------------------------------------

    All contributed to the crazy run-up in prices over the last couple of years--this type of crap is baked in to the price of properties bought during the frenzy.
     
    Last edited: Dec 26, 2006
  13. flyforfun

    flyforfun Beach Fanatic

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    Shelly, I don't understand what all of your issues has to do with Watersound? Do you think corruption is only limited to real estate an mortgage companies? Ninty-nine percent of the developers, contractors, real estate agents and mortgage people out their are honest hard working folks, especially the people at our beach. There are scam artist and crooks in every trade and profession! It's good they are getting caught, and I certainly hope they all spend some time in jail or spend every last penny trying to defend themselves from going to jail. Still, none of your listed items have a thing to do with the Watersound development. Are you against people making money in real estate, buying beach property or are you a stock broker?:rolling:
     
  14. fisher

    fisher Beach Fanatic

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    A blast from the past.

    Almost 3 years later, I bet there are a lot of people WISHING Joe would buy them out now at original purchase price. ;-) I don't think Joe will ever be buying back any lots.
     
    Last edited: Aug 30, 2009
  15. totally

    totally Beach Comber

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    They have already been doing that, re: the amenities.:cool:
     
  16. Matt J

    Matt J SWGB

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    Such as?
     
  17. fisher

    fisher Beach Fanatic

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    Such as charging fees for tennis, bikes, boats, etc in watercolor.
     
  18. melscuba

    melscuba Beach Lover

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    It may seem silly, but they also stopped providing towels at all pools except the beach club in Watercolor. BTW, we still had one hour of kayaking each day while we vacationed there this summer. Are you saying as a homeowner, there are now charges for using these amenities?
     
  19. SHELLY

    SHELLY SoWal Insider

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    ...I wrote that comment in Dec 2006 :cool:

    .
     
    Last edited: Sep 1, 2009
  20. Matt J

    Matt J SWGB

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    I guess that could be construed as Joe's decision if they still ran those things. Perhaps Noble House isn't in the business of subsidizing the amenities like Joe was?

    Anybody remember what a cocktail cost at the Beach Club prior to Noble House?
     

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