Should we join WaterSound Beach Club??

[josebby]

Hey all...need your thoughts on the new WaterSound Beach Club.
The club is open to all WaterSound homeowners and guests to use until June 23rd. Homeowners have until June 30th to join.

Hope you all can help us in our decision to join:

$20,000 membership fee , 85% refundable
$675/Quarter dues
Includes upscale pool with resort atmosphere (they bring drinks and ice water to your chairs, provide towels,etc), restaurant (just serving 11-5 for now), raw bar after that at FABULOUS upstairs bar overlooking the Gulf , tennis, beach access and set-ups.
Just 100 steps to our place, Bridge Lane, so could crawl home
Our guests, even renters, can have a temporary card.
ST. Joe will offer a membership to our buyer at the then current pricing.
St. Joe takes care of all shortfalls/hurricane costs.

According to St. Joe, we have this ONE TIME opportunity to join or our HOMESITE will never be able to join again. The Beach Club is meant to give beach access to WaterSound North and West Beach homeowners, but it will be several years until those homes are built.

Our thinking: we already have beach access, three pools and great view from our porch for cocktails. Do we NEED the Beach Club for our upscale renters and future resale?

Will renters demand only those condos that have Beach Club access (rentals thru St. Joe will have it)?

Will future buyers demand only those condos with Beach Club membership?

Thanks for your help!

 

[Miss Kitty]

What a pickle! josebby, I am guessing this is addition to your already LOW HOA dues, correct? :shock: Have you heard anything from other owners?

 

[gsigman]

We are going to pass on joining, but I should be quick to add that we don't have a condo or intend to rent our place. Cost is a bit steep. It is a very nice setting tho with a great view for sunset. It will be interesting to see how the membership grows until building really gets going to the west & north. We like it where we are now & would have to drive over to where the new club is .

 

[josebby]

Yes, the $675/Q would be in addition to our already hefty assessment. Hoping the additional rental fees would make up for the Beach Club dues.

I've only talked to one other owner so far and he says he's not buying. The Beach Club rep told me 7 memberships had been sold as of last week.

We want to make the right decision on this as it may affect resale and rentals.

Would you join?

 

[Spencer]

I would just put yourself in the shoes of a renter or future buyer. If I was renting, and had many places to choose from, I'd pick the one with the beach club. As a buyer, I don't see the membership making too much of a difference in what they will pay today. $20,000 seems like a small number when compared to asking prices in watersound. Hopefully you will understand that last part, it made sense to me.

 

[TooFarTampa]

Yes, the $675/Q would be in addition to our already hefty assessment. Hoping the additional rental fees would make up for the Beach Club dues.

I've only talked to one other owner so far and he says he's not buying. The Beach Club rep told me 7 memberships had been sold as of last week.

We want to make the right decision on this as it may affect resale and rentals.

Would you join?

I think WaterSound is one of the most beautiful spots on earth, and your condo is to die for but this sounds like extortion to me. It sounds like WS is playing on your fears (let's do what we can to get renters!) to arm twist you into buying into its "one-time offer." It kind of sounds like a fundraiser for some other project, or maybe it's just a way to pad its advertising budget since now St. Joe is buying ads again in hopes of fighting the market slowdown.

Will you be able to go to any WS pool, restaurant, or bar if you are not a member? If you can't, that's just outrageous. Is it tied into the Camp Creek Golf Club also, or do you already have privileges there? What will it get you that you can't get already?

 

[Miss Kitty]

Good points all. I agree that if one was renting in WS, they would go with the rental that comes with the membership. josebby...would you be able to adjust your price accordingly? Just doesn't sound like community building to me.

 

[josebby]

All the other amenities are included in our monthly assessment already. The membership would just be for the Beach Club. Joe owns it and the strip of land leading to the beach, within WaterSound Beach. Camp Creek Golf Club is not included.
I think your views on the actions of Joe are well taken!

 

[30ARules]

I can give you a renters perspective. We were there begining of April. After dinner one evening we walked over to the pool at the beach club, Kids loved it. The turtles and the fountain water was a big hit, and I liked that it was only a foot or 2 deep all the way around. Great for the young ones. We were told by our rental company that this pool was not available to us so we did not get a chance to use it. If we rent there again I would make certain we had access to this pool.

 

[SHELLY]

Hey all...need your thoughts on the new WaterSound Beach Club.
The club is open to all WaterSound homeowners and guests to use until June 23rd. Homeowners have until June 30th to join.

$20,000 membership fee , 85% refundable
$675/Quarter dues

According to St. Joe, we have this ONE TIME opportunity to join or our HOMESITE will never be able to join again.

Let's see:

St JOE is the landlord
St JOE is offering a "one time only opportunity"
St JOE wants 20-G's per
St JOE is giving homeowers till 30 Jun to respond
St JOE's revenue has been going down the past quarters
St JOE's stock price has gone over the cliff
St JOE's Quarterly financials close out on 30 Jun

Coincidence?