Watercolor buildout extensions

[SoWalSally]

TWO YEAR EXTENSION GRANTED TO WATERCOLOR HOME SITE OWNERS

The St. Joe Company (?JOE?) announced today the granting of a one-time, two-year extension of the Commencement of Construction requirements for existing home site owners in WaterColor. ?St. Joe?s original purpose for the Commencement of Construction Date requirement was to accelerate the creation of a community, which brings value to all owners, and that remains our objective,? said Rod Wilson, President of St. Joe Towns and Resorts, Northwest Florida. ?However, in this new climate, we believe that there must be some flexibility in our efforts to achieve this goal. Therefore, we believe it is in the best interest of the WaterColor community and all of its property owners to grant this extension.?

A number of WaterColor property owners have requested an extension of their Commencement of Construction Date to facilitate the construction of a home, or the sale of their home site to an end user, within the contractually specified timeframe. Among those requesting extensions, many cite the change in local real estate conditions, such as limited availability of architects, contractors and materials, as contributing factors that have impacted the timely construction of new homes in WaterColor.

In determining the best course of action, JOE is striving to be fair to all parties while giving priority to the long-term interests of both individual property owners and the community as a whole. Wilson commented, ?Under conditions that exist today, we believe that extending existing Commencement of Construction Dates will help stimulate an environment that will facilitate ownership of properties by end users that, in turn, will lead to the orderly construction of homes and the completion of the WaterColor community.?

How the Program Will Work
?This one-time, two-year extension of the Commencement of Construction Date will automatically apply to all home sites which have not yet commenced construction in all phases of the WaterColor community, effective June 1, 2006.

?Current owners do not need to apply to receive the extension.

?Owners who had purchased extensions under the existing program will have two years added to the extended date unless they request a refund of any extension fees they have paid, in which case the additional two-year extension period runs from the owner?s original Commencement of Construction Date that applies to their home site. Owners electing a refund of their extension fees should contact Christian Franek at 850-231-6584. Effective June 1, 2006, the existing program for extensions at $2,500 per month is suspended.

?All non-refunded extension fees previously paid, less all expenses of administering the extension program, will be transferred to the HOA as originally planned.

?As the original seller of all affected home sites, St. Joe Home Building, L.P. will continue to reserve all rights under the original Agreement to Purchase a Home Site.

Home site owners with specific questions about the program should call Christian Franek at (850)-231-6584. All other inquiries should be sent to either Jack Wolfe (850) 231-6483 or Ken Borick (850) 231-6575.

 

[SHELLY]

At any given time, there are booms and busts in different areas. Right now Phoenix, Miami, Las Vegas, and others are experiencing a bust. Other areas like Utah and Atlanta are experiencing price increases. Shifts in population will always cause rises and declines in real estate prices. Speculation is NOT occuring all over the country causing a nationwide boom.

Just curious Doc, I think you're in Atlanta...have you seen any of these billboards around town?:

"Atlantans have begun tracking the number of homes for sale with Metro Brokers/GMAC Real Estate?s now-popular billboard campaign, which includes five billboards with an electronic message center that is updated daily with the number of homes for sale in metro Atlanta.

The billboard campaign lets everyone know how many homes are for sale in MLS and FMLS. The total number of homes for sale in MLS and FMLS has never been available to the general public before now.

The billboards already on display are located along I-85 southbound (immediately after the GA-400 merge), on I-75 north in Forest Park, on I-75 southbound in Marietta (just south of exit 265 North Marietta Parkway), on I-285 west at North Peachtree Road, and on I-20 west at Turner Hill Road."

LINK: Atlanta Homes for Sale Exceeds 90,000

Of course this article was published on June 19, 2006; checking the website <point...click-click>I see the number of homes for sale is now up to 92,124. I reckon if you don't see prices start to come down a smidge, this number will continue to click up--for all Atlanta buyers to see as they sail down Atlanta's highways and byways to work, school, and play. :shock: .

Interesting concept, maybe just a little "arm twisting" by the MetroBrokers/GMAC Real Estate folks to motivate the sellers to "get real" with their asking prices?

Thoughts anyone?

 

[spinDrAtl]

I have not seen these bulletin boards as I live and work on the Northside so I venture onto the highways as little as possible. Of those 5 areas, I have passed one or two of them maybe twice in the last 2 months. As a matter of fact, I went right by North Peachtree Road going West last night but it was 10:00 pm, traffic was heavy, and I was concentrating on the road. :shock:

The only comment I can make about the number of properties being up is that it's the heavy summer selling season where folks that are moving are trying to get it done before school starts in early August.

 

[SHELLY]

I have not seen these bulletin boards as I live and work on the Northside so I venture onto the highways as little as possible. Of those 5 areas, I have passed one or two of them maybe twice in the last 2 months. As a matter of fact, I went right by North Peachtree Road going West last night but it was 10:00 pm, traffic was heavy, and I was concentrating on the road. :shock:

The only comment I can make about the number of properties being up is that it's the heavy summer selling season where folks that are moving are trying to get it done before school starts in early August.

And....no one buying at inflated prices.

 

[spinDrAtl]

I can only give you the information that I have observed, but in my neighborhood, homes are selling quickly at appreciating prices. One home sold in 4 days for about 98% of listing price. Another sold without ever listing at all. A third sold quickly with a 13% appreciation in 14 months.