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Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
Two Seaside homes closed yesterday, each at over $1,000 per sq ft. One sold at $3.3 Million, listed at $3.5 Million, and the other sold at $1.75 Million, listed at $1.795 Million.
 

SablePoint

Beach Comber
Two Seaside homes closed yesterday, each at over $1,000 per sq ft. One sold at $3.3 Million, listed at $3.5 Million, and the other sold at $1.75 Million, listed at $1.795 Million.

And people question the value of WaterColor at $600/sq. ft!

Seaside is no doubt a great place. It's where it all started! It's fabulous!

But you can own in WaterColor (with it's superior amenities) and you also get nearly all the benefits of Seaside as well! I can walk from my house in Phase 3 to the Town Center of Seaside in about 10 or 12 minutes. I've not timed it riding a bike, but I'm sure I can do it in under 5 minutes.

I'm not an expert on construction... but the fact that most of the Seaside homes were built a long time ago means they are not constructed as well as the new homes being built in WaterColor. And they don't have the same amenities as the newer homes... including some things that you can never change, like high ceilings, etc.

These prices in Seaside are what the market is willing to pay to own in Seaside. I think that down the road... once WaterColor is built out and the market stabilizes... youl'll see WaterColor houses selling at a premium over Seaside houses.
 

full time

Beach Fanatic
Oct 25, 2006
726
90
"Two Seaside homes closed yesterday, each at over $1,000 per sq ft."

Yes - but what was the floor plan, architectural design, finishes .. did it have granite, a carriage house, a claw tub and on and on and on? Without that information, we cannot possibly know if the poor functionality, age and general state of disrepair of the house caused such a high price per square foot to be paid by the buyer. Or we could just assume that over $1,000.00 a foot is the going rate in Seaside and has been for some time - just like the going rate in Watercolor is generally $500.00 to $800.00 dollars a foot. Hence, Sable Point asking $385,000.00 for a 1/5 fraction of a 4000 foot Watercolor house. I know, I'm a simpleton.
 

beachmouse

Beach Fanatic
Dec 5, 2004
3,504
741
Bluewater Bay, FL
Don't underestimate the value of being the place named in all the design or urban planning books. Seaside will always command a premium compared to surrounding areas in the same way a home by a big name architect will always command a premium compared to homes designed and built by people without the national/international reputation.
 

Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
"Two Seaside homes closed yesterday, each at over $1,000 per sq ft."

Yes - but what was the floor plan, architectural design, finishes .. did it have granite, a carriage house, a claw tub and on and on and on? Without that information, we cannot possibly know if the poor functionality, age and general state of disrepair of the house caused such a high price per square foot to be paid by the buyer. Or we could just assume that over $1,000.00 a foot is the going rate in Seaside and has been for some time - just like the going rate in Watercolor is generally $500.00 to $800.00 dollars a foot. Hence, Sable Point asking $385,000.00 for a 1/5 fraction of a 4000 foot Watercolor house. I know, I'm a simpleton.

Both homes are on interior lots, north of 30A. Seaside is much less spread out than WaterColor, and there is not as much of a price variance for properties north of 30A as compared to WaterColor.

The one selling at $3.3 Million --> Built 1994, 2680 sf, 4bd/4.5 bath
"This stately home of classical design features an open and light-filled great room with antique pine floors, fireplace, gourmet kitchen, master suite with whirlpool tub. Redwood siding, recirculating hot water system for instant hot water, rheostats on all light fixtures, two water filtration systems. Addl. 1160 SF porches/balcony. Includes 2 bedroom, 1 bath guest house (+- 850 SF HVAC) with fireplace. Featured in "Coastal Living"."

They paid $2.2 Million four years ago. Yep, real estate as an investment it just terrible. :funn:

The other house is older, built in 1989. Two Story, 3/3, 1700 sf, raised tower, room for carriage house on lot.
 

SablePoint

Beach Comber
"we cannot possibly know if the poor functionality, age and general state of disrepair of the house caused such a high price per square foot to be paid by the buyer.

Not sure what you mean here Full Time? I'm guessing that the two houses were NOT in a general state of disrepair, nor did they have poor functionality... but were in fact in spectacular condition. Otherwise they would not have commanded such a nice price.
 

full time

Beach Fanatic
Oct 25, 2006
726
90
"The one selling at $3.3 Million --> Built 1994, 2680 sf, 4bd/4.5 bath"

1200 a square foot. 16 homes sold in Seaside since 1/1/06 and the average price per square foot ..... drum roll please .... 1200 a square foot. Funny how that works out. Other than location, the rest of that list is pretty much a matter of personal taste. It might help you sell before the other 150 listings but when the rubber hits the road, you'll still only get what the market dictates (i.e. about the average price per square foot for the area). So back to my original question, how much per square will jimmyp pay for a Watercolor house?
 

SablePoint

Beach Comber
"Hence, Sable Point asking $385,000.00 for a 1/5 fraction of a 4000 foot Watercolor house. I know, I'm a simpleton.

Also not sure what you're getting at here. Are you doing quick division in your head and thinking that my price is approx. $1000 per sq. ft? (Approx. $400,000 divided by 4000 sq. ft.?)

Actually, the house has 3,300+/- total heated/cooled sq. ft.

Let me first say that I'm not selling "fractionals". We are doing what lots of people do and that is getting partners to share ownership in a vacation home.

This is a brand new house that is decked out with all the amenities, finishes, extras, and upgrades. It has a large carriage house above the 2 car garage. It has 3 covered porches (all with tongue & groove ceilings). One of the covered porches has a wood burning fireplace and outdoor summer kitchen. (by the way, Kitchens are the highest cost/sq. ft. of all space in a house... and our house essentially has THREE kitchens total).

I could go on and on... but you can read all about it at www.129Bluejack.com.

And the cost per sq. ft. is only $583/sq. ft. That's finished... completely decorated, furnished, and outfitted, etc.

This is a good deal any way you measure it. We have a house that we want to keep because WE LOVE WATERCOLOR. The only way we can justify it is by getting partners and sharing the ownership and expenses.

Since most people can't use their vacation home more than 20% of the time anyway, we're looking for partners who want to own 20% of an outstanding Resort Vacation Home in WATERCOLOR.
 

Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
"The one selling at $3.3 Million --> Built 1994, 2680 sf, 4bd/4.5 bath"

1200 a square foot. 16 homes sold in Seaside since 1/1/06 and the average price per square foot ..... drum roll please .... 1200 a square foot. Funny how that works out. Other than location, the rest of that list is pretty much a matter of personal taste. It might help you sell before the other 150 listings but when the rubber hits the road, you'll still only get what the market dictates (i.e. about the average price per square foot for the area). So back to my original question, how much per square will jimmyp pay for a Watercolor house?

Fulltime, it sounds like you are trying to indirectly tell us that properties in all developments are worth no more than the avg price per sq ft. As stated earlier, Seaside is much less diverse in terms of location and time built, than WaterColor. If the avg price of a home in WC is $700/sf, does that mean that if one is built with more upgrades, buyers are not willing to pay more than the avg price of $700/sf? They call it average because it is just that. The majority of the houses will be in the middle price range, with lows and highs on both ends. I'm really not sure what you are trying to tell us. Please share your thoughts.
 
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