104 Hidden Lake Dr was sold absolute at $305,000 + 10% buyer's premium. As long as one of the two parties doesn't die, that one should go through.
No, we are not back at 2001-2002 prices. Actually, I don't think you can build for those prices, even if you got the lot free. Prices in fall of 2002 allowed you to buy a nice home in Pt Washington, lot included, at $100 per sq ft. Those are prices at which you can get to provide a positive cash flow by renting it. At those prices, everyone and their brother would be buying. I guess that is what caused the quick run-up in selling prices. The canal lot in Daughettes, which sold at auction on Sat, for $167K (inclusive of 10% buyer's premium), sold for $60K back then. So, we are at least double those prices of 2002. That just shows us how quickly the run-up actually happened.
No, we are not back at 2001-2002 prices. Actually, I don't think you can build for those prices, even if you got the lot free. Prices in fall of 2002 allowed you to buy a nice home in Pt Washington, lot included, at $100 per sq ft. Those are prices at which you can get to provide a positive cash flow by renting it. At those prices, everyone and their brother would be buying. I guess that is what caused the quick run-up in selling prices. The canal lot in Daughettes, which sold at auction on Sat, for $167K (inclusive of 10% buyer's premium), sold for $60K back then. So, we are at least double those prices of 2002. That just shows us how quickly the run-up actually happened.
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Nothing in Driftwood is selling, and shouldn't be selling without full disclosure of the lack of drainage infrastructure. I haven't looked at the sales in there lately, but I bet you won't find one, so even though one may be listed at $229,000, they won't sell at that price until the County repairs the problem. If they do sell, I guarantee you that the buyer is unaware of the problem and the Realtors involved may be liable. Currently, there is reported to be a lack of the systems provided in the original engineering plans. The County has ordered a complete analysis to be conducted on determining exactly what has been installed, and that which is yet to be installed. The engineered drainage is required to be able to handle a 25 year storm and the original DRI states that all water will be handled within the boundries of Driftwood. HOWEVER, that is not happening. With the 25 year event of rain which we had a few weeks ago, the drainage ponds were extremely low due to the drought (we are 29 inches short for the year) prior to the rain. After the rain, many of the lots were under a foot of water, and the drainage ponds couldn't be seen because everything was suddenly a drainage pond. The two builders which own most of the unbuilt lots still want to add more homes -- like those will be able to be sold. What a joke. Still, with all of the unbuilt lots now acting like a drainage pond, the water was still not contained on the property as required by the plans which were approved by the County. Water was running off Driftwood in "sheets," according to the personal testimony of Commissioner Meadows. Once the builders add fill and build on the remaining lots, there will be even less area for the water to stand, causing increased problems. Sorry to go on, but Driftwood Estates isn't a fair comparison for anything, and it won't be for a long time to come.
