1. Trouble logging in? Send a message with your username & email address for help.
    Dismiss Notice

St. Joe - SoWal project sales updates

Discussion in 'Real Estate' started by kurt, Feb 17, 2005.

  1. kurt

    kurt Admin Staff Member

    Joined:
    Oct 15, 2004
    Messages:
    7,175
    Likes Received:
    3,722
    Location:
    SoWal
    St. Joe's SoWal projects - sales updates

    WaterColor

    There were no releases at JOE's award-winning WaterColor resort in the fourth quarter of 2004. At December 31, 2004, there were 8 homes and 19 home sites in WaterColor's first three phases that have not been released for sale. Development continued in the fourth quarter on WaterColor's 185-unit phase four, on a 60-acre parcel. Sales are expected to begin in WaterColor's phase four in the first quarter of 2005.

    WaterColor Private Residence Club

    The WaterColor Private Residence Club (PRC) is a fractional ownership property adjacent to the WaterColor Inn.
    In the fourth quarter, JOE closed 87 of 88 ownership interests of the PRC. A contract for the remaining interest is expected to close in the first quarter of 2005. The interests in 11 two-bedroom, two-bath, fully furnished, luxury vacation multi-family units, were initially offered at $190,000 in the fourth quarter of 2003 and increased to $285,000 by the first quarter of 2005.

    "Our success with the WaterColor PRC increases our enthusiasm for bringing the concept to WaterSound Beach and other future projects," said Rummell.

    WaterSound Beach

    Construction of the initial 49 multi-family units at Compass Point continued in the fourth quarter and closings are expected to begin in the third quarter of 2005. Contracts had previously been accepted for all 49 units at an average price of $1.5 million. In the fourth quarter, the single remaining multi-family unit at The Crossing was closed at a price of $2.5 million, along with the Southern Accents Showhouse at a price of $5.1 million.

    The remaining 43 units in Compass Point are scheduled to be released for sale in 2006. Construction of 22 of the 43 units is scheduled to begin in late 2005, while construction of the last 21 units is expected to start in early 2006.

    WaterSound Beach is set on over a mile of white sand beach in Walton County five miles east of WaterColor.

    WaterSound West Beach

    In the fourth quarter, infrastructure construction started at WaterSound West Beach. This high-end community with 197 units is just over one half mile west of WaterSound Beach on the beach side of County Road 30A. Beach access is through the adjacent Deer Lake State Park.

    West Beach is being designed as a gated, high-end community with pricing expected to be comparable to WaterSound Beach. Sales are expected to begin in mid-2005.

    WaterSound

    During the fourth quarter, initial infrastructure construction continued at WaterSound, a resort community approximately three miles from WaterSound Beach. WaterSound is set between U.S. 98 and the Intracoastal Waterway in Walton County. WaterSound is being planned for the second home and pre-retirement markets with six and nine-hole golf courses along with pools and other amenities. Construction of these amenities is expected to be substantially complete before sales begin; sales are currently expected to start in early 2006.

    WaterColor Crossings

    In the fourth quarter, a one-acre out parcel within WaterColor Crossings was sold for $650,000, marking a new high point for commercial per-acre pricing for JOE. A 28,800-square-foot Publix Super Market was completed earlier in 2004. Construction was also completed on an additional 14,400 square feet of retail space in the fourth quarter.

    South Walton Commerce Park, opened in the fourth quarter, with prices ranging from $150,000 to $435,000 per acre. Three parcels with prices ranging from $161,000 to $302,000 per acre closed in the fourth quarter. There is one additional parcel under contract for $154,000 per acre.
     
    Last edited: Feb 19, 2005
  2. SoWalSally

    SoWalSally Beach Fanatic

    Joined:
    Feb 19, 2005
    Messages:
    645
    Likes Received:
    48
    Thanks for the info. What's next for St. Joe in SoWal?
     
  3. Smiling JOe

    Smiling JOe SoWal Expert

    Joined:
    Nov 18, 2004
    Messages:
    31,648
    Likes Received:
    1,771
    Watersound North, on Lake Powell
     
  4. kurt

    kurt Admin Staff Member

    Joined:
    Oct 15, 2004
    Messages:
    7,175
    Likes Received:
    3,722
    Location:
    SoWal
    I see they're putting the roads in. Got any details? Is it all residential? They're putting in some golf aren't they? I'm wondering if it will have a marina on the canal, frontage on Lake Powell, and if there will be a bridge over the canal.

    :idontno:
     
  5. Smiling JOe

    Smiling JOe SoWal Expert

    Joined:
    Nov 18, 2004
    Messages:
    31,648
    Likes Received:
    1,771
    I don't know much regarding Watersound North. They are running covert ops. My understanding is that they will have the golf course between 98 and 30A to serve both the north and south parts of Watersound. I also understand that there will be homesites on Lake Powell.
     
  6. kurt

    kurt Admin Staff Member

    Joined:
    Oct 15, 2004
    Messages:
    7,175
    Likes Received:
    3,722
    Location:
    SoWal
    Thanks - if anybody else has info please post.

    I thought I had heard that they will have some golf holes North of 98.
     
  7. Smiling JOe

    Smiling JOe SoWal Expert

    Joined:
    Nov 18, 2004
    Messages:
    31,648
    Likes Received:
    1,771
    Once I heard that 9 holes would be north of 98 and 9 holes south of 98. Thus far, I believe they were approved for 6 holes b/tw 98 and 30A.
     
  8. Joe

    Joe Beach Lover

    Joined:
    Nov 15, 2004
    Messages:
    173
    Likes Received:
    17
    Location:
    Taxahassee FL/Watercolor
    According to this article....

    http://www.rockiesgolf.com/golfcourses/features/floridastjoearvidagolf.htm

    "Plans are in the works for a second Fazio designed course at Camp Creek that would cater to golfers in search of a more traditional Florida resort golf experience. And it doesn't stop there. The design firm of PGA Tour player Davis Love III is working on community-based, six-hole course at St. Joe/Arvida's WaterSound development. An additional nine-hole course, also designed by Love III, is slated to open in 2006."
     
  9. FoX

    FoX Beach Fanatic

    Joined:
    Nov 17, 2004
    Messages:
    489
    Likes Received:
    18
    Location:
    off the beach
    I reckon that WaterSound North will bust loose soon. :D
     
  10. watercolor05

    watercolor05 Beach Comber

    Joined:
    Feb 18, 2005
    Messages:
    6
    Likes Received:
    0
    Will this neighbor the Greg Norman course/Wild Heron?
     
  11. kurt

    kurt Admin Staff Member

    Joined:
    Oct 15, 2004
    Messages:
    7,175
    Likes Received:
    3,722
    Location:
    SoWal
    WaterSound North is on the West side of the lake. Shark's Tooth is on the North side. So they will be close to each other but I don't know if the 2 actually border each other.
     

Share This Page