There were some exceptionally good builders for the spec Joe homes. You just have to know who built what. Some lucky people will end up with a very well built home at a great price
Watercolor
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Fisher I have to disagree with you on the fact that Phase II and III of WC are somehow undervalued. Although further from the beach some lots hold incredible value. Such as cross lake gulf views and sides that share the State Forrest border. Given the right buyer that is a much greater value than 30A frontage with a slight gulf view.
Average price paid for a home in Phase I over the past year was over $600 (excluding Park Row and Beachfront) per square foot with the lowest being around $500. In Phase II and III the average price has been under $450 (with some at $300) or about 30% to 40% below Phase I.
I don't believe Phase II and Phase III are undervalued. I believe they are worth much less than Phase I due to location and the prices people are paying now and have paid in the past prove back up this point. It only make sense that a house within walking distance from the beach will be worth more than a comparable house a bike or car ride away.
One house in Phase II sold for over $700 per square foot (over 50% above the Phase II average) about one year ago. But, the average price was below $450. Not one other house in Phase II has sold for over $550 since then. In the meantime, several houses in Phase I sold for over $700 per square (20% above the average) foot last year with the average being over $600.
There is also a much bigger difference in distance to the beach than a "block or three". Some parts of Phase II are over a mile to the beach via the streets of WC versus and easy walk from most of Phase I.
Prices in all of Watercolor and all along 30A are likely to continue to soften until the inventory problem and the mortgage/banking mess get sorted out.
Over $700.00 ....... it was over $900.00. A lot of what you are looking at is the spec inventory and there just happens to be more of it in Phase II and Phase III so better deals can be had. In the long run, things will start to even out as the other houses accumulate some rental history.
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...whether it be a lot or a home? Most of Watercolor and Seaside are north of 30a, but does surge still factor in?
In my mind an elevated property with a slight gulf view would be a better investment than a gulf front at 3x the money.
Just curious if realtors discuss sea level with prospective buyers...
In my mind an elevated property with a slight gulf view would be a better investment than a gulf front at 3x the money.
Just curious if realtors discuss sea level with prospective buyers...
Sea level isn't so much as issue as flood zones & wetland designations.
You might want to check the MLS again. 359 Spartina Circle--3317 square feet sold for $2.60 million. Equates to under $800 per square foot. Besides this isolated sale, only a couple of other properties in Phase II sold for over $500 per square foot over the past year and the majority closed near or below $400 per square foot. On the other hand, I could find no sales in Phase I below $500 per square and numerous above $700 per square foot.
Please direct me to any house in Watercolor outside of gulf front or park row that sold for $900 per square foot. I don't believe any house outside of Park Row or gulf front has sold for much over $800 per square foot and there were only a few of those that occurred during the bubble days in 2005.
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MLS shows 2800 feet for $926.00 a foot. Tax rolls reflect a larger footprint. Regardless, 11 houses have closed this year and all but 2 are in Phase II & III. That's because buyers are getting a better price in those areas because the sellers are more motivated. No doubt you'll see some softening in Phase I from those that have to sell and are competing with the houses in II and III.
I believe Phases II and III are attracting the value buyers who are looking for a great deal. Considering you can easily buy a lot for $250,000 in Phases II and III and build a house for ~$250 per square foot, you could build 3,000 square feet for under $1,000,000. The sellers in those phases have to compete with that issue because the lot inventory is so high. Sellers in phase I do not have that concern and many of the non-value purchasers with lots of cash will be attracted to the proximity of Phase I to the beach and the complete, built out feeling Phase I has.