Just wondering what the thought is for the bottom prices at Watercolor. There are listings in Phase 2 and 3 in the upper $300's per square foot and I know of some homes that have closed around $350 per square foot in Jan, primarily short sales. There are few signs that things are going to turn around in 2008. Where and when go you think the bottom will hit? Is it the end of 2008/ early 2009 and will it go as low as $300 per square foot? I am thinking about buying and wanted some advice.
Replies
119
Banned
What is up with all those empty lots, anyway?
Are you talking about the lots on Park Row? {South of 30A in Watercolor} I don't think there are many empty lots over there. I know of 1, 2, 3 and maybe #4. I was watching #1 and I can't believe I missed the public auction by 1 day. That was a deal for Arnold Family Investments.
SoWal Insider
St. Joe Co. Offers Homesite-Buyer Incentives
Buyers can take advantage of perks while their houses are being built
September 8, 2008 - 5:43PM
Kimberly White
Northwest Florida Daily News
SANTA ROSA BEACH - As real estate sales continue to sag, The St. Joe Co., one of Florida's largest developers, is pulling out all the stops to up their property sales.
Like many companies, St. Joe is loading up on the perks and has announced three incentive programs for prospective home buyers along the Gulf Coast.
The WaterSound Living and SummerSweet Living programs in WaterSound and WaterColor, respectively, allow home buyers - for a nominal fee - to purchase extended stays at luxury residences in their chosen communities while their homes are being built. A similar program also has been launched at Windmark Beach in Port St. Joe in Gulf County.
Tom Dodson, vice president of sales for West Florida, said St. Joe got out of the homebuilding business during a restructuring two years ago and is now focused primarily on real estate development and sales. Although the company did relinquish some of its inventory last year, many of the developed lots are ready for home buyers to build on, he said.
The idea behind the new incentive programs is to generate more sales.
While a home site is a great asset to own, Dodson said, buyers do not get anything out of the associated fees they still must pay even though their homes are not built.
"We tried to position it where, yes, you'll own the lot, you'll pay these (fees), but you'll have a place to stay while you're here," he said. "Say you bought a $100,000 lot in SummerSweet. Well, for the next two years until you build your house, you have the use of a cottage right there for a very minimal fee."
Buyers can stay in the furnished cottages for up to a week and have access to amenities such as a beach club, boat house, tennis center, golf club and fitness center. Likewise, those who participate in the WaterSound Living program will pay a minimal fee for up to a week-long stay in a one-bedroom condominium at the WaterSound Beach GateHouse.
In addition, a recently launched Discovery Stay geared toward top real estate prospects allows them to stay at the WaterSound Beach GateHouse, or at the village center at Windmark Beach in Port St. Joe, to experience life there.
"There's no better way to promote the communities and the projects you have within the communities than for someone to stay and experience what it is," said Dodson, who added that the best way to sell a property is to have a face-to-face meeting with prospective buyers.
All three incentive programs will run through December 2010. St. Joe expects the real estate industry to rebound by that time.
Company officials expect the international airport being built in Bay County to open up the Emerald Coast to a larger national and international audience - and potential customers.
The Gulf Coast has been in a real estate slump since the last quarter of 2005, largely because of the numerous tropical storms and hurricanes that have hit the region, Dodson said.
Buyers can take advantage of perks while their houses are being built
September 8, 2008 - 5:43PM
Kimberly White
Northwest Florida Daily News
SANTA ROSA BEACH - As real estate sales continue to sag, The St. Joe Co., one of Florida's largest developers, is pulling out all the stops to up their property sales.
Like many companies, St. Joe is loading up on the perks and has announced three incentive programs for prospective home buyers along the Gulf Coast.
The WaterSound Living and SummerSweet Living programs in WaterSound and WaterColor, respectively, allow home buyers - for a nominal fee - to purchase extended stays at luxury residences in their chosen communities while their homes are being built. A similar program also has been launched at Windmark Beach in Port St. Joe in Gulf County.
Tom Dodson, vice president of sales for West Florida, said St. Joe got out of the homebuilding business during a restructuring two years ago and is now focused primarily on real estate development and sales. Although the company did relinquish some of its inventory last year, many of the developed lots are ready for home buyers to build on, he said.
The idea behind the new incentive programs is to generate more sales.
While a home site is a great asset to own, Dodson said, buyers do not get anything out of the associated fees they still must pay even though their homes are not built.
"We tried to position it where, yes, you'll own the lot, you'll pay these (fees), but you'll have a place to stay while you're here," he said. "Say you bought a $100,000 lot in SummerSweet. Well, for the next two years until you build your house, you have the use of a cottage right there for a very minimal fee."
Buyers can stay in the furnished cottages for up to a week and have access to amenities such as a beach club, boat house, tennis center, golf club and fitness center. Likewise, those who participate in the WaterSound Living program will pay a minimal fee for up to a week-long stay in a one-bedroom condominium at the WaterSound Beach GateHouse.
In addition, a recently launched Discovery Stay geared toward top real estate prospects allows them to stay at the WaterSound Beach GateHouse, or at the village center at Windmark Beach in Port St. Joe, to experience life there.
"There's no better way to promote the communities and the projects you have within the communities than for someone to stay and experience what it is," said Dodson, who added that the best way to sell a property is to have a face-to-face meeting with prospective buyers.
All three incentive programs will run through December 2010. St. Joe expects the real estate industry to rebound by that time.
Company officials expect the international airport being built in Bay County to open up the Emerald Coast to a larger national and international audience - and potential customers.
The Gulf Coast has been in a real estate slump since the last quarter of 2005, largely because of the numerous tropical storms and hurricanes that have hit the region, Dodson said.
Banned
That press release was loaded with good news:
The real estate slump should rebound in 27 months.
The new airport will bring International buyers to Watercolor.
The real estate slump began in 2005 and was due largely to hurricanes.
JOE has the financial wherewithal, and is willing, to drop its lot prices 60% below the price it sold its previous customers.
The real estate slump should rebound in 27 months.
The new airport will bring International buyers to Watercolor.
The real estate slump began in 2005 and was due largely to hurricanes.
JOE has the financial wherewithal, and is willing, to drop its lot prices 60% below the price it sold its previous customers.
Meow
Are you talking about the lots on Park Row? {South of 30A in Watercolor} I don't think there are many empty lots over there. I know of 1, 2, 3 and maybe #4. I was watching #1 and I can't believe I missed the public auction by 1 day. That was a deal for Arnold Family Investments.
Yes, those lots. I am talking about the lots closest to 30-A. Being a "rule follower";-), I could never understand how they stayed empty for so long, as they were released very early on in the frenzy. If Lot #1 is the one closet to 30A, that would be the least desirable lot.
Banned
Yes, those lots. I am talking about the lots closest to 30-A. Being a "rule follower";-), I could never understand how they stayed empty for so long, as they were released very early on in the frenzy. If Lot #1 is the one closet to 30A, that would be the least desirable lot.
I was in a preliminary agreement to buy Lot 3 which is the 3rd from 30A in a trade/sale for one of my Watersound homes. That Seller showed his build out as 2010. For some reason the Property Appraiser online site shows those 3 parcels as 1. I'm sure it is in need of computer updating.
I find any of those 3 lots more desireable than any lot North of 30A in Watercolor. IMO those lots are worth 1,000,000 each.
Meow
I was in a preliminary agreement to buy Lot 3 which is the 3rd from 30A in a trade/sale for one of my Watersound homes. That Seller showed his build out as 2010. For some reason the Property Appraiser online site shows those 3 parcels as 1. I'm sure it is in need of computer updating.
I find any of those 3 lots more desireable than any lot North of 30A in Watercolor. IMO those lots are worth 1,000,000 each.
2010? Wow...was he an original buyer? Weren't those lots offered in one of the initial lotteries? IMO, a million dollars is too high, but that is just my common sense answer. ;-)
Beach Fanatic
Mere Ridge house sales '08
Lot 7 - $797,000, $397/sq ft, 3/3.5 Thicket Circle
Lot 9 - $999,000, $400/sq ft, 4/3.5 Thicket Circle
Lot 16 - $1.3M, $336/sq ft, 5/4.5 Pond Cypress Way
Lot 22 - $1.14M, $461/sq ft, 4/4.5 "
Lot 23 - $900, $398/sq ft, 4/4.5 "
Lot 7 - $797,000, $397/sq ft, 3/3.5 Thicket Circle
Lot 9 - $999,000, $400/sq ft, 4/3.5 Thicket Circle
Lot 16 - $1.3M, $336/sq ft, 5/4.5 Pond Cypress Way
Lot 22 - $1.14M, $461/sq ft, 4/4.5 "
Lot 23 - $900, $398/sq ft, 4/4.5 "
Edited
Banned
2010? Wow...was he an original buyer? Weren't those lots offered in one of the initial lotteries? IMO, a million dollars is too high, but that is just my common sense answer. ;-)
Those lots had an original release date of 2003. There have been extensions to build out granted as well. At original release in '03 the lots were about + or - $700,000. The County assessment has tham at + or - 1,000,000 curretly. A peron could put a great home on those lots for 475,000.
Don't you think they might be worth 1.5 to 1.750 for 4 beds, 5 baths, bunkroom? I believe they could be a rental machine. There is a lake in the backyard and the gulf is within 600'.
Meow
Those lots had an original release date of 2003. There have been extensions to build out granted as well. At original release in '03 the lots were about + or - $700,000. The County assessment has tham at + or - 1,000,000 curretly. A peron could put a great home on those lots for 475,000.
Don't you think they might be worth 1.5 to 1.750 for 4 beds, 5 baths, bunkroom? I believe they could be a rental machine. There is a lake in the backyard and the gulf is within 600'.
Wow...I could have sworn that the first house built (used to have pinkish shutters, now they are brown) was up when our building was finished in 2002. Guess I have better things to look at when I am down there. ;-)
And, yes...THOSE prices sound much better than the 4 or 3 million dollar prices I have seen before. Thanks for the info...the lot price makes more sense to me now.
Banned
Wow...I could have sworn that the first house built (used to have pinkish shutters, now they are brown) was up when our building was finished in 2002. Guess I have better things to look at when I am down there. ;-)
And, yes...THOSE prices sound much better than the 4 or 3 million dollar prices I have seen before. Thanks for the info...the lot price makes more sense to me now.
Those lots you mentioned with that home you mentioned were originally released in late 2000 and 2001. It is just the first few by 30A that were released in '03. See ya
Beach Fanatic
St. Joe Co. Offers Homesite-Buyer Incentives
Buyers can take advantage of perks while their houses are being built
September 8, 2008 - 5:43PM
Kimberly White
Northwest Florida Daily News
SANTA ROSA BEACH - As real estate sales continue to sag, The St. Joe Co., one of Florida's largest developers, is pulling out all the stops to up their property sales.
The Gulf Coast has been in a real estate slump since the last quarter of 2005, largely because of the numerous tropical storms and hurricanes that have hit the region, Dodson said.
Now that's some real spin there. What about oversupply, the credit crunch, recession, etc etc.?
If the slump really is due to tropical storms and not other forces, I guess the area will never, ever recover, will it? Tropical storms will keep coming year in and year out. Dodson ain't too bright to state that tropical storms is why buyers aren't buying--that means they will never come back as Florida is always going to be plagued by the threat of and the landfall of tropical storms.
Edited
Beach Fanatic
I was in a preliminary agreement to buy Lot 3 which is the 3rd from 30A in a trade/sale for one of my Watersound homes. That Seller showed his build out as 2010. For some reason the Property Appraiser online site shows those 3 parcels as 1. I'm sure it is in need of computer updating.
I find any of those 3 lots more desireable than any lot North of 30A in Watercolor. IMO those lots are worth 1,000,000 each.
If they were worth $1 million, lot 1 would have sold long ago when it first listed below $1 million.
Beach Fanatic
Wow...I could have sworn that the first house built (used to have pinkish shutters, now they are brown) was up when our building was finished in 2002. Guess I have better things to look at when I am down there. ;-)
And, yes...THOSE prices sound much better than the 4 or 3 million dollar prices I have seen before. Thanks for the info...the lot price makes more sense to me now.
Although two have sold for over $3 million during the past year or so. If you can have a similar place for under $2 million were these buyers throwing away their money?
Edited
Banned
Now that's some real spin there. What about oversupply, the credit crunch, recession, etc etc.?
If the slump really is due to tropical storms and not other forces, I guess the area will never, ever recover, will it? Tropical storms will keep coming year in and year out. Dodson ain't too bright.
Have you attended any of the annual HOA meetings for Watercolor or Watersound? Tom Dodson, Ken Borick, Mary Rosenheim or even last year's Vance Askew must be pretty bright. They are commanding speakers who have faced hundreds of homeowners and bravely pitched these spins for years. They must be bolder and brighter than average. I have never heard any of them hide behind oversupply, recession or credit crunch.
Edited
Meow
Although two have sold for over $3 million during the past year or so--someone throwing away their money.
Once again, the market makes no sense to me! ;-) I bet these people are very happy with their purchases and are hopefully end users!
Banned
I kinda' agree..
In this market it is probably going to be hard to sell vacant land at or near its completed value. I think pretty sure that a home on one of those lots would be sold pretty quickly at 1.5 to 1.75, but in its raw, unimproved form as a lot this market just won't bring the price for the lot only side of the valuation.
If they were worth $1 million, lot 1 would have sold long ago when it first listed below $1 million.
In this market it is probably going to be hard to sell vacant land at or near its completed value. I think pretty sure that a home on one of those lots would be sold pretty quickly at 1.5 to 1.75, but in its raw, unimproved form as a lot this market just won't bring the price for the lot only side of the valuation.
Beach Fanatic
Have you attended any of the annual HOA meetings for Watercolor or Watersound? Tom Dodson, Ken Borick, Mary Rosenheim or even last year's Vance Askew must be pretty bright. They are commanding speakers who have faced hundreds of homeowners and bravely pitched these spins for years. They must be bolder and brighter than average. I have never heard any of them hide behind oversupply, recession or credit crunch.
He certainly didn't mention any of those problems in the press release.
Beach Fanatic
In this market it is probably going to be hard to sell vacant land at or near its completed value. I think pretty sure that a home on one of those lots would be sold pretty quickly at 1.5 to 1.75, but in its raw, unimproved form as a lot this market just won't bring the price for the lot only side of the valuation.
Got it. Thanks. I thought we were talking about the lot, not the lot with a future home on it.
Beach Fanatic
Once again, the market makes no sense to me! ;-) I bet these people are very happy with their purchases and are hopefully end users!
Agreed.
Probably happy until they need to sell.
Checking your forum account
Please wait while we verify your forum account.