Watercolor

Wow, I feel like I just fell off the turnip truck.

We live in Atlanta and thought prices were getting out of hand here but what is going on in the Florida panhandle is amazing. I had posted about building costs in Destiny and based on what I have read, we will not be building in Destiny. We will try to find a resale and rehab and see how those costs look. If the costs don't work, we will find another spot to retire to, simple as that. We don't have any choice really. I keep reading that the market is dropping in Florida but apparent the SoWal MSA is immune.

I keep reading that the market is dropping in Florida but apparent the SoWal MSA is immune.

You just need to keep checking back for the "one week only" price drops.

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Quote [I understand the importance of proximity to the beach, but does "feet above sea level" have a place in the decision to purchase beach property...]

When we looked for property in WaterColor back in 2003, >20 ft above sea level was a requirement.

I'm trying to post a new thread and I keep getting a fatal error. Anyway, looking for a 2 bedroom/2 bath cottage - simple and not expensive. Vacation home. Anywhere in sowal but must be close to beach. Can anyone point me to a website where I can begin searching and looking at prices. Thanks.

I'm trying to post a new thread and I keep getting a fatal error. Anyway, looking for a 2 bedroom/2 bath cottage - simple and not expensive. Vacation home. Anywhere in sowal but must be close to beach. Can anyone point me to a website where I can begin searching and looking at prices. Thanks.

www.emeraldcoasthomesonline.com

Do I select the east and west walton county choices to cover all of sowal? I'm not that familiar with the area. Have driven through and have gotten confused where I was. Is Santa Rosa nice? Seacrest?

Do I select the east and west walton county choices to cover all of sowal? I'm not that familiar with the area. Have driven through and have gotten confused where I was. Is Santa Rosa nice? Seacrest?

Try selecting South Santa Rosa Beach and South Walton East ... that should pretty much cover the 30A .... if you are interested in Miramar Beach or Sandestin, you can select South Walton West ....

Yes Santa Rosa Beach is nice and so is Seacrest .... it all depends on what you seek in a beach community ... each one along the 30A has a different energy and vibe .....

Do I select the east and west walton county choices to cover all of sowal? I'm not that familiar with the area. Have driven through and have gotten confused where I was. Is Santa Rosa nice? Seacrest?

If you are looking for something on or near Hwy 30A, select South Walton East and Santa Rosa Beach. South Walton West is (obviously) still part of Walton County, but it covers the Sandestin/Miramar Beach area, which is not on Hwy 30A. Santa Rosa Beach is the "official" town name for most of the communities along 30A, as well as north of 30A to the bay.

If I were you I would spend some time looking at a map to determine locations, but I can't really help you decide if something is "nice", it's just too subjective. What's nice to me might be nasty to you... The only way to really know which areas you'll like is to spend some time here first; the communities all have unique qualities and individual character.

Sowal.com is also a fantastic way to learn about the area, it was a huge help to me in deciding where I wanted to live. Go back to the home page and check out all of the tabs on the left side, especially the "tourism" and "links" tabs, that will be a good start for you...

Their website frustrates the $#@!#$ out of me, but this map is pretty good:

http://www.beachesofsouthwalton.com...pnetwork.com/destination/beachesofsouthwalton

Thanks for the info - will browse...

Got it. County records are wrong which is not surprising.

So, the actual data shows the sale to be even more out of range than the county records show. $900 per square foot in Phase II or a 100% premium over the average price per square foot. Regardless of quality, finishes, etc, that price seems a tad high. Good news for the seller for sure. Probably not so good for the buyer from an investment perspective.

Current closed house sales data for 2008 in Watercolor:
Phase 1 - $619/sq ft - 3 closed sales/5 sales not closed yet
Phase 2 - $399/sq ft - 5 closed/4 not closed
Phase 3 - $416/sq ft - 7 closed/2 not closed
Phase 4 - No sales in 08
Sq. Ft. is based on only heated/AC space.

Current closed house sales data for 2008 in Watercolor:
Phase 1 - $619/sq ft - 3 closed sales/5 sales not closed yet
Phase 2 - $399/sq ft - 5 closed/4 not closed
Phase 3 - $416/sq ft - 7 closed/2 not closed
Phase 4 - No sales in 08
Sq. Ft. is based on only heated/AC space.

Are your price per square foot nimbers based on the actual closed sales noted above or do they include the pending sales too?

Are your price per square foot nimbers based on the actual closed sales noted above or do they include the pending sales too?

On closed sales only as final selling price not available until after close.

For the Record check out our Sowal friend Tsutcli's Lot

For the record: If your in the market for a good Watercolor Lot check out fellow Sowal'r TSUTCLI 's Lot in Watercolor. Lot 8, Mere Ridge. I think this one is a great one. If you can check out the aerial view on the Property Appraiser site you will probably agree.

If TSUTCLI came off of the price about 20% I would buy it from her/him.

If TSUTCLI came off of the price about 20% I would buy it from her/him.

Who wouldn't?

Who wouldn't?

Lots of people that have the wherewithal and are interested in WC would not jump on a price 20% lower for that particular lot. There are many Ph II and PH III lots in WC that are headed to the mid $100's over the next two years as the market continues to shake out.

2008 home sales ytd - ph # closed ave. Sold price ave. $/sq. Ft. ( COOLED AND HEATED SPACE )
1 12 1.927 625
2 14 1.046 439
3 18 1.208 418
4 0

2008 LOT SALES YTD
1 2 1 M
2 4 263,000
3 14 457,000
4 1 172,000



MULTI-FAMILY NORTHSIDE 4 742,000 538
MULTI-FAMILY SOUTHSIDE ( ? ) 0
PRC 7 137,000 98

Sorry about the above post. Can't seem to edit this so it makes more sense. Numbers won't move over under appopriate heading and stay after I edit and save. Hope you can desipher For info. onl.

Lots of people that have the wherewithal and are interested in WC would not jump on a price 20% lower for that particular lot. There are many Ph II and PH III lots in WC that are headed to the mid $100's over the next two years as the market continues to shake out.

Are you sure you know the lot we are talking about on Thicket?

I don't have a thing to gain by seeing it sold or remain unsold. I have to say that this lot appears to be priced right. If someone paid 10% below asking they would be getting a great deal. I must be out of the loop.

Respectfully, JC

Are you sure you know the lot we are talking about on Thicket?

I don't have a thing to gain by seeing it sold or remain unsold. I have to say that this lot appears to be priced right. If someone paid 10% below asking they would be getting a great deal. I must be out of the loop.

Respectfully, JC

AA--everyone is entitled to their own opinion and based on your comments, it appears you believe that prices have bottomed or come close to bottoming.

As you have stated previously, Joe still has lots of inventory and they will be dropping prices in order to keep the revenue flowing. There will likely be continued downward pressure on prices. I wouldn't be surprised to see lot prices drop below original Joe asking prices from 2001.

In my opinion, we have a ways to go before we hit bottom. Especially for raw lots. That's why some people would need to see lot prices on Thicket (one mile from the beach club via car or bike) come way down before jumping in. For others, the price could never get low enough to buy that far from the beach in WC. That's my opinion, but it's not even worth the paper it's written on. Time will tell.

I was figuring the lot at 5% or so below asking would be 254,600. Put a 2,400 sq. ft., 4 bed, 4 bath, Beach Casual Cottage on it for 355,000. You're in a high visibility property with a traffic speed buffer being on 80 Thicket Circle for 610,000 brand new. That just seems to be a good, solid and fair transaction for both sides of the deal.

On another******

I was watching a Watercolor Park Row property called #1 that went into foreclosure and the bank moved it to an LLC the past week for somewhere in the 500,000's. With a house on it for 400'ish that was a true steal. I do wonder what happens to Jan W. in that deal as the previous owner. Does the bank now come after him for the difference? Shouldn't the bank have asked 700 and got it?

I was figuring the lot at 5% or so below asking would be 254,600. Put a 2,400 sq. ft., 4 bed, 4 bath, Beach Casual Cottage on it for 355,000. You're in a high visibility property with a traffic speed buffer being on 80 Thicket Circle for 610,000 brand new. That just seems to be a good, solid and fair transaction for both sides of the deal.

On another******

I was watching a Watercolor Park Row property called #1 that went into foreclosure and the bank moved it to an LLC the past week for somewhere in the 500,000's. With a house on it for 400'ish that was a true steal. I do wonder what happens to Jan W. in that deal as the previous owner. Does the bank now come after him for the difference? Shouldn't the bank have asked 700 and got it?

I know of no builder (except maybe you) that will build a WC quality house with all the fixin's for $120 per square foot. But, if you could find one to do it, and you don't mind being 1 mile from the beach, it's not a bad price.

I was figuring the lot at 5% or so below asking would be 254,600. Put a 2,400 sq. ft., 4 bed, 4 bath, Beach Casual Cottage on it for 355,000. You're in a high visibility property with a traffic speed buffer being on 80 Thicket Circle for 610,000 brand new. That just seems to be a good, solid and fair transaction for both sides of the deal.

On another******

I was watching a Watercolor Park Row property called #1 that went into foreclosure and the bank moved it to an LLC the past week for somewhere in the 500,000's. With a house on it for 400'ish that was a true steal. I do wonder what happens to Jan W. in that deal as the previous owner. Does the bank now come after him for the difference? Shouldn't the bank have asked 700 and got it?

What is up with all those empty lots, anyway?

I know of no builder (except maybe you) that will build a WC quality house with all the fixin's for $120 per square foot. But, if you could find one to do it, and you don't mind being 1 mile from the beach, it's not a bad price.

355,000 for a 2,400 sq. ft. home is $148 per square foot. I'm sure there are builders in Watercolor who build for that at this time. Didn't Geoff Chick and Chris Clark just put together a successful project in Watercolor for that price point?

Anyway, I am pretty sure that that lot with the proper home would cash flow off rental or provide a great long term residence. Again, it's not my property and I'm not a realtor. That's probably real close to a bottom if it's not a bottom for Thicket Circle near Camp Watercolor.