I will deny anything that might cause JOE to rear his angry head.Camp Creek Kid said:
Real Estate Supply
- Thread starter redfisher
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kurt said:Why didn't you just say that in the first place?It took you a long way round to state a reasonable point that most everyone here would agree with. No reason to post examples that you don't have all the details for.
Many lots on the market have build out times left that make it impossible to buy now and meet requirements. I was told the one in WS you mentioned is one of them. So what does that make it worth? I don't know but you can't use it to prove your point.
I understand market value. I'm not implying that most properties were not sold for market value. You pointed out specific selling prices and you can't be certain they were at market value unless you have full knowledge of the transaction.
How in the world can you say those lots I pointed out were not sold at fair market value. Especially when other lots next door or very nearby sold at similar prices--I only noted the HIGHEST price paid for a lot in the general vicinity of the lots for sale. Do you believe that someone put a gun to the buyers head and said buy this property or else? Did all these buyers that paid huge prices also have guns to their heads? Why do you go so far out of your way to try to poke holes in the examples if you agree that the market is way down?
The examples noted are reasonable examples of falling prices. Many were on the market at low prices well before build out times were within 6 or 8 months. There was ample time for the lots to sell at prices well below market highs and they have not sold.
If you want to argue that prices haven't fallen 50% across the board, I agree. But, you are stretching the limits of reality to say all the examples are not in any way comparable. In terms of construction start dates, as noted above, developers are offering grace to lot owners for a fee. It might cost up to $30k to extend for a year, but if you can get a lot at 50% below the market high, and that is a great deal, you should jump on it and pay the $30k. Then, in the case of the Windrose lot for sale, you only have $515k invested in Watersound next to a lot with a basis of over $900k. Your argument about construction start dates doesn't hold water if you can buy grace. If the market hasn't fallen 30%, 40% or 50% , then the thousands of buyers should jump on these low priced lots and only have to pay a small portion of the discounted price to buy another year of grace. They still end up with a lot at a HUGE discount to market highs and still have a year and a half or more to start construction.
Bob said:
Help fix the dunes and beach.
Someone posted that their contract with St Joe reads that there is no buy back clause. If not, why would anyone want to pay $2500 per month to set back the start date (with a max of one yr) , rather than $1000 per month penalty to move it back indefinitely?
That is a good question and certainly backs up my assessment that there is no uniform enforcement of the build out requirements.Smiling JOe said:
Santiago said:
The developers/HOA may find themselves staring down the barrel of lawsuit when the folks who bought-in and went "arse-over-teacups" to build their residence (i.e., following the rules) and who specifically purchased in that complex "knowing" they weren't going to be surrounded by empty lots owned by "speculators." (Wasn't that one of the the purposes of having "build-out clauses" in the first place?)
SHELLY said:
I heard this at the HOA meeting at WC last October. I would be upset as well if I had followed the rules and my neighbors did not. So, maybe the "justice" comes when they have to sell at a loss or pay the penalties.
I agree, I am ready for my neighbor to build his house and get it over with. On the other side, if you bought a lot nearing the buildout deadline and are trying to get plans approved asap, you don't want to pay a penalty if everyone else hasn't paid them.Sueshore said: