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!
Watercolor
- Thread starter Dominoes
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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!
Be sure and have a professional inspection for these spec homes.
Very true, weren't these the last of Joe built homes?
Yes.:roll:
If I had a choice between a Joe built home and a dumpster as a hurricane refuge, I'd choose the dumpster! There were several experienced & good contractors working, but the rest of them......... :roll:
The quarter closes out next Monday (March 31)...JOE is looking for any source of revenue to offset its quarterly losses.
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Phase II has never commanded as much as Phase I and the highest prices paid in WC have all been in Phase I (several $3 million plus sales, non beach front and several more above $2.5 million, non beach front). Phase I prices are holding much better than Phase II or Phase III. No sales below roughly $500 per square foot in Phase I. Many, many below $400 per square foot in Phases II and III. Seaside, comparable to Phase I in terms of location, is also holding up very nicely in terms of price. Sure prices are down, but the farther you get from the beach, the bigger the drop seems to be. Location, location, location.
Closing just happened on a nice over 3K sq ft home, asking 1.5 sold for 1.050 about 305 per foot. Phase 3.
That was one very different floorplan--too unusual for many folks and lots of unusable square feet. Also, about as far from the beach as you can get in Watercolor. Again, way too much at risk inventory in Phase II and III. Way too many empty lots where you could build cheaper than you could buy many of the existing homes. This will keep prices down in these phases.
Phase I has only a few undeveloped lots and not many at risk homes as many were purchased before the boom. Also, great close to the beach location in Phase I. That'w why prices haven't dropped as precipitously as in the rest of WC.
The third highest price per square ever paid in Watercolor was in Phase II and the sale occurred less than a year ago. The big sales you refer to are almost all in Park Row on the south side or lake front on Western Lake in Phase I. Similar high price sales have or will occur on the park in Phase II and the lake in Phase III. Everything else is going to look the same with deviations for quality. When you're north of 30-A, a block or three really means little.