Watercolor

Appraisers are looking for signs that values are headed lower. Lenders need to know if a home worth $400,000 today might be on its way to a value of only $360,000.

How about $260,000

It has finally happened. Two homes closed this month for $300 per square foot. A 3400 sq ft sold earlier in the month for $900,000 and another 3400 sq ft. home sold for $1,050,000. The bottom is here and despite the optimism that spews from most real estate agents, things must be pretty desperate to see these prices. Just my 2 cents...

Another house in WC has a contract on it for around $6 million.

Must be gulf front. Big difference between that and Phase 2 and 3.

While looking for a place in Watercolor, I found it VERY interesting at the network of real estate agent/ developers who are all working together to keep prices inflated in Watercolor. It is a great place, but if you are looking try to find a house that has a selling agent with only 1 or 2 listings, otherwise the network will let each other know you are looking and you will not find a reasonably priced home there. These short sales and foreclosures must be driving the NETWORK crazy because atleast for the short term, they can't control the prices.

Must be gulf front. Big difference between that and Phase 2 and 3.

Yep!

Highest HOme I've seen in WC was for 4.4 million, Gulf Front. Where is this one?

Another house in WC has a contract on it for around $6 million.

Please give more details. There wasn't even a house listed on the MLS for over $5 million in Watercolor. How could one be under contract for $6 million? That would have been one heck of a bidding war in a down market.
I have to believe you don't have your facts straight.

It has finally happened. Two homes closed this month for $300 per square foot. A 3400 sq ft sold earlier in the month for $900,000 and another 3400 sq ft. home sold for $1,050,000. The bottom is here and despite the optimism that spews from most real estate agents, things must be pretty desperate to see these prices. Just my 2 cents...

Hard not to be optimistic when you live in Paradise, pick your own hours, decide who you want to work with, and in a business that constantly changes! We are moving allot of inventory right now. The banks are working with short sales, foreclosures and people are pricing to sell. This market is as active as I have seen in 3 years. If you don't buy that come on by the office and look at our office pending drawer. The bottom is a good thing.

Just did a quick CMA over view of all sales and pendings in Watercolor since 01/01/2008. I removed all the sales that looked really high. The average sq. foot price per sale is still at $460 sq. foot. If you throw in everything on average you are back to $576.

Hey Dominoes - instead of posting here, get out and sign up a few more sellers so we don't have to read another Watercolor conspiracy theory.

Hey Dominoes - instead of posting here, get out and sign up a few more sellers so we don't have to read another Watercolor conspiracy theory.

Another conspiracy theory, you mean I am not the first to notice. Must be true or you wouldn't take such offense to it. Look at the POA Board members at WC and see how many of them are real estate agents or developers, interesting?

No offense taken. I'm a firm believer that you eliminate the impossible and the merely improbable becomes the likely. Watercolor has so many different agents and agencies and developers and home builders working the community, it's probably one of the truer representatives of the actual market for high end second homes along 30-A. Therefore, you're theory about some vast colluding network of agents and developers is impossible bull&%$*. No offense.

While looking for a place in Watercolor, I found it VERY interesting at the network of real estate agent/ developers who are all working together to keep prices inflated in Watercolor. It is a great place, but if you are looking try to find a house that has a selling agent with only 1 or 2 listings, otherwise the network will let each other know you are looking and you will not find a reasonably priced home there. These short sales and foreclosures must be driving the NETWORK
crazy because at least for the short term, they can't control the prices.

You are not being serious are you? The so called NETWORK loves short sales and foreclosures. Product going under contract makes everyone happy. Where do you think they meet for this plan of price inflation. The bat cave! The majority of the pricing comes from sellers. An agent would have not interest in keeping a listing that is too high to try to maintain a value. Many sellers simply can not sell competitively so they just keep these high prices out there. Agents make money selling not listing too high to try to manipulate a market.

OK, maybe I'm wrong.

Another house in WC has a contract on it for around $6 million.

SWGB,

Where is the beef? Please reveal the details on the $6 million house in WC.

Might want to check these out. http://www.sowal.com/property.html 489128. or 489126 On the mls today at 321/sq. and 320/sq.ft. Either a great deal or the average is falling still.

Please give more details. There wasn't even a house listed on the MLS for over $5 million in Watercolor. How could one be under contract for $6 million? That would have been one heck of a bidding war in a down market.
I have to believe you don't have your facts straight.

I apologize, this was the Dawn Thurber designed Gulf Front home. I had originally heard the asking price was $6 million, then I heard it had gone under contract. Got them mixed up. It's probably the $5 million dollar one you mentioned.

Might want to check these out. http://www.sowal.com/property.html 489128. or 489126 On the mls today at 321/sq. and 320/sq.ft. Either a great deal or the average is falling still.

I think these are both in that neighborhood over near Publix. Considered less desirable so I think that's reflected in the price. Still a great deal, though.

I think these are both in that neighborhood over near Publix. Considered less desirable so I think that's reflected in the price. Still a great deal, though.

Yes. These are both in Phase 4 near Publix. Joe built spec. homes.

Nice home closed in Watercolor yesterday at $305/foot. Great buy for someone!

Nice home closed in Watercolor yesterday at $305/foot. Great buy for someone!

Prices on these "forced" sale properties are definitely low-unfortunately for many builders and investors who are losing big bucks. The buyers are getting good deals. Phase II and Phase III are gettgin hit pretty hard by these "liquidation sales". However, in the more stable, almost built out and better located Phase I, prices have been pretty stable for a while. Smaller cottages are selling in the $1.2 million +/- range, larger homes for $1.5-$2.5 million (depending on size, location and home amenities) and a few premier properties are selling for even more. Phase II and Phase III will likely be "depressed" for quite some time due to more stress sales that will be coming, worse location and lots of available lots for sale.

Just my opinion backed up by some real sales data.

I apologize, this was the Dawn Thurber designed Gulf Front home. I had originally heard the asking price was $6 million, then I heard it had gone under contract. Got them mixed up. It's probably the $5 million dollar one you mentioned.

Thanks for the clarification.

I believe the most per square foot ever obtained in Watercolor was in Phase II. Once you get outside of a view corridor and/or walking distance, price per square foot deviations are driven by the size of the house and quality of design and construction. Distressed sales are impacting the entire 30-A market by driving down the average price of a home. Phase I is not somehow insulated from that impact anymore than Phase II and Phase III will bear the brunt of it.

You are not being serious are you? The so called NETWORK loves short sales and foreclosures. Product going under contract makes everyone happy. Where do you think they meet for this plan of price inflation. The bat cave! The majority of the pricing comes from sellers. An agent would have not interest in keeping a listing that is too high to try to maintain a value. Many sellers simply can not sell competitively so they just keep these high prices out there. Agents make money selling not listing too high to try to manipulate a market.

Very well said BJ. It amazes me that there are people that want to believe we as agents hike up list prices! There are owners that make up their own mind on pricing no matter what comps we present to them. Ok I feel better!