Sales on 30A for July/Aug 2005

[iqueequeg]

regarding elevations:
the survey of your property may give elevation.

Right you are, I checked my survey and my elevation is between 17 and 19 feet on my lot, in "Flood Zone X".

"Zone X: Areas of 500-year flood; areas of 100-year flood with average depths less than 1 foot or with drainage areas less than 1 square mile; and areas protected by levees from 100-year flood."

Seems to me, with Katrina's 30 foot surge, we all would have been pretty wet if it had hit here.

 

[Paula]

I was not here during Opal, but I know that Grayton Beach did flood quite badly during Opal. The water was trapped behind the dunes for quite some time and Grayton Beach was an extension of Western Lake for awhile.

Are there any people on this board who owned homes in Grayton Beach or nearby during Opal who would tell us what it was like to recover from Opal? What was damaged, how long it took for Grayton Beach to be operating again as a place where people could visit. Looks great now so it certainly bounced back from Opal.

 

[Paula]

I would say after reading some of these "longer, rambling" posts, I do prefer "facts and realities" over "all the reasons we have a beautiful beach" posts...Too much of the latter contain "feel good and I didn't make a bad decision not to sell feelings"...I have found the Wal Co. sales number posted monthly in the Walton Sun to be the most helpful...Is anyone familiar w/them and their accuracy...I know they are purchased from Metro Market Trends by the Sun...Are there other internet related sources that show prop. under contract or monthly compiled numbers...strictly numbers

To skier, is there just no foot traffic or are there a lot of lookers and no takers...are agents showing a lot of property or are they just sitting around trying to work their existing book?

I'm busted. I'm indeed one of those people who bought here because it was beautiful, had a great beach, and I could see myself, my family, and my friends spending many happy days at our place, at the beach, and in this community over the decades. Owning here does indeed make me "feel good" and has brought even more joy than I expected.

The "fact and reality" for some people is their investment -- their "fact and reality" is measured by the Walton County sales figures and they can spend time every day thinking about whether prices are going up or down. Those people should make their decisions based on those numbers, though it's hard to read what those numbers mean (who was it that said "there are lies, damn lies, and statistics"?). "Fact and reality" for other people is how places make them feel -- their "fact and reality" is measured by the quality of their lives when they are here, the memories they build, and how much they long to be here when they are not here. It doesn't make much sense to debate which "fact and reality" is better; one should be satisifed with the "fact and reality" they choose to emphasize and live their lives (and make decisions) accordingly.

My general rule-of-thumb is simple: Don't buy (or live) above your means. That's a wise guiding principle whether you emphasize the "investment" or "quality of life" perspective.

 

[ecopal]

in most areas of Seagrove (from Seaside to Cocoons/Cassine Garden areas) elevations are around 30 feet (until you drop down the dune 2-3 blocks north of 30A).

 

[Smiling JOe]

Donna, I think middle/upper Sonoma County to be an incredible place to have a home. Other than real estate costs, what makes building there so costly?? You are correct about Grayton Beach. It is the crown jewel of the entire area. Elevation there is only 3-7 feet. Not good. I was wondering if Grayton flooded during Opal, and look forward to what locals say also.

Grayton did flood, and I know people who can show where the water level came to in their house.

 

[Buckhead Rick]

I just received the Spt re-sale listing from Watercolor, and everyone is both right and possibly, slightly wrong. The lowest priced lot in phase 11, is $450, which backs right up to hwy 395, with a little over 12 mos to build, a couple of lots away with more room to the rear and another 3 mos to buildout is $565. When you get away from hwy 395 the asks go up to $700. on the same street. The real estate terms for W/C & W/S is location, location, build out.
The main point on the re-sale listing is: 1) a lot are listed, more then ever before. 2) no one is yet selling cheap (unless they held too long and have get plans, builder, crew, supplys, etc. with not much time to do it.).
If you wish to buy a house in W/C, you better have $1,000 a sq ft today. Tomorrow, who knows.

 

[Smiling JOe]

I just received the Spt re-sale listing from Watercolor, and everyone is both right and possibly, slightly wrong. The lowest priced lot in phase 11, is $450, which backs right up to hwy 395, with a little over 12 mos to build, a couple of lots away with more room to the rear and another 3 mos to buildout is $565. When you get away from hwy 395 the asks go up to $700. on the same street. The real estate terms for W/C & W/S is location, location, build out.
The main point on the re-sale listing is: 1) a lot are listed, more then ever before. 2) no one is yet selling cheap (unless they held too long and have get plans, builder, crew, supplys, etc. with not much time to do it.).
If you wish to buy a house in W/C, you better have $1,000 a sq ft today. Tomorrow, who knows.

Who is "everyone?" What were they right about and how are they all slightly wrong?

There are plenty of houses available in WaterColor well under $1,000 per sqft. In fact I see some around $620 per sqft. The avg price per sq ft for the active listings is WaterColor as of 9/11/05 is $863. You may want to recheck your numbers.

 

[skier]

Hey Cork,

The definition of market price is what a willing buyer will pay a willing seller for an item in a free market.

So, you need to do some more homework. Prices are definitely falling. The examples in watersound are just a few. I never said the sellers weren't making money only that specific comparable transaction prices are falling.

You seem to have more data at your fingertips than me. So check it out regarding the market for properties like lot 27 in Cypress Cove listed at $450k. You will find that lot 28 in Cypress Cove has resold 4 times (it's the one next door to the lot listed at $450k). The most recent sale occurred in Jan 2005 for $618k. Lot 24 sold for $615k in May. Lot 22 sold for $635k in April. Also, the build out date on lot 27 is still 16 months away. Not really that imminent. Bottom line, prices have fallen since recent market highs. Lot 27 is now 25% lower than comparable lots sold just a few months ago. Like the lots in watersound prices are falling in watercolor--period.

As for the comment on needing $1,000 to buy a home in Watercolor. In May, the average listing price of homes in Watercolor per the listing sheet from Arvida was $938 per square foot. Since that time, asking prices have been tumbling down. The average is now around $850. So, if anyone is seriously interested in paying $1000 per square foot for a home in watercolor, please let me know. There are numerous nice homes in Phase I that can be had for well under $1000 per square foot, but I will gladly part with mine for $1000 per square foot.

 

[wetwilly]

Skier,

You say and I quote: "...I will gladly part with mine for $1000 per square foot...." If that is true, as asked by others on this board, please provide the MLS # and information about your house for sale in WC. :boxing:

If you are really interested in selling it as you say you are, you would be willing to give up the 411. What do you have to lose? I know you say that you don't want to give out any personal info but....you may find a buyer here you never know.

If you won't give up the MLS, then at least give us some info about the house like SqFt, size, what phase, asking price, etc.

With so many bullish people on this board, you may find a buyer if the asking price is close enough to the so called "market price". Come on give up some info.

 

[Smiling JOe]

You guys trying to break Skier? Ain't gonna happen. You are wasting your breath. I think Skier has personal reasons for not wanting to be attacked by many people on this board. How can you guys blame him? I would be a little intimidated when looking across the isle.

BTW, the most expensive (total price, not price per sq ft) home in WaterColor is priced at $1,248 per sqft. That would be mls # 402377, priced just under $4M