First photos of the completed project.
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Sanctuary at Redfish
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These photos are great! :clap_1: That place looks better every time I see it! I cannot imagine from an investment perspective that this place will not be of interest for future buyers or a great rental property as well. I think with some of the initial buyers being ready to sell at some pretty aggressive prices, that the equity is apparent based on other developments in the area that have already sold at higher prices. Thanks for sharing these great picutures!
You are quite welcome, I'm glad you enjoyed them sherry
Please keep us posted on how your clients do with their investment.
This will be one to watch...
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I question that because many of those sold at the peak, and are those prices do not hold true, today. Example - I bought a lot a couple of years ago at 160K and now I see recent sales near $120K. Even with 20% down on my original purchase, where is my equity? The answer is that my equity is on the other side of the number zero, right? That not withstanding, The Santuary at Redfish will make very nice units and I do think there are some attractively priced units for people looking to own long term.
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What's not to say that the folks who purchased those properties in other developments overpaid too? That doesn't quite add up to "instant equity."
With the market being as slow as it has been over the last several months, I think you are right. That is probably not a completely accurate term to describe as "instant equity". What my thoughts are when I say that is that the project, to me, is such a unique development with some pretty cool amenities. The quality of it, coupled with the fact that it is sitting on so much property and feels somewhat secluded and serene rather than crammed all over each other makes me perceive more value in it as well. I was comparing being able to get into some of these units for the price that the original buyers bought into almost 2 years ago, and compare that with the prices for some of the other upscale, newer developments on the South side of 30-A. Most of them are still on average asking somewhere in the $800+ per square foot range. Of course, there are exceptions, but to an end user the quality and amenities at the current prices available would seem to be of value. Is that value still inflated...only time will tell! 
With the market being as slow as it has been over the last several months, I think you are right. That is probably not a completely accurate term to describe as "instant equity". What my thoughts are when I say that is that the project, to me, is such a unique development with some pretty cool amenities. The quality of it, coupled with the fact that it is sitting on so much property and feels somewhat secluded and serene rather than crammed all over each other makes me perceive more value in it as well. I was comparing being able to get into some of these units for the price that the original buyers bought into almost 2 years ago, and compare that with the prices for some of the other upscale, newer developments on the South side of 30-A. Most of them are still on average asking somewhere in the $800+ per square foot range. Of course, there are exceptions, but to an end user the quality and amenities at the current prices available would seem to be of value. Is that value still inflated...only time will tell!
No doubt this development is nice...IMO selling the product based on its quality and location will go off better with end-users (similar to some terms you've used in your post) than using the "it's a great investment!" plug. That's soooo 2005--and whose time has passed.
Just wanted to let anyone that is still interested in this project know that many of the units have closed now...I have not heard of appraisals being a problem for the owners.
Also, we talked about beach access earlier. Apparently, the developer has provided a pontoon boat for owners at the dock. I guess the owners can decide if they want to hire someone to drive it back and forth for everyone or what...but definitely a nicer alternative for beach access than taking quite a stroll to the boardwalk.
Also, we talked about beach access earlier. Apparently, the developer has provided a pontoon boat for owners at the dock. I guess the owners can decide if they want to hire someone to drive it back and forth for everyone or what...but definitely a nicer alternative for beach access than taking quite a stroll to the boardwalk.
Just wanted to let anyone that is still interested in this project know that many of the units have closed now...I have not heard of appraisals being a problem for the owners.
Also, we talked about beach access earlier. Apparently, the developer has provided a pontoon boat for owners at the dock. I guess the owners can decide if they want to hire someone to drive it back and forth for everyone or what...but definitely a nicer alternative for beach access than taking quite a stroll to the boardwalk.
I have seen the pontoon boat, but there is just something that doesn't strike me right about the name "Sanctuary at Redfish" and "Pontoon Boat."
I think the development needs to polish up the sales pitch for this "amenity" --maybe hiring a retired Disney's Jungle Cruise guide with a pith helmet and cap pistol; or maybe a Bogart look-alike ala the "Jungle Queen."