Lot in Gated Subdivision on 30-A Priced $134,000 Below Appraisal

I own a lot in Palmeira Villas of Seagrove Beach. It is a 28 lot gated subdivision in Seagrove with brick paver streets. The subdivision is directly across from One Seagrove Place. The homes being built are VERY upscale Mediterranean style homes.

An appraisal was done in October of 2005 by the bank for $549,000. The next cheapest lot in the subdivision is listed at $555,000. I will sell mine for $415,000. Please let me know if you have any interest.

850-585-8124

How big is it? Is there a builout time? Are there HOA dues?

The lot is 40x80. The buildout time is June '07. There are about 10 homes going up already. I'll have to check on the homeowner dues. I paid them in advance.

****PRICE REDUCTION****

I have decided to reduce the price to $405,000. If you're not familiar with this subdivision, you should definately ride by and take a look. It's very, very nice.

Do you work for Century 21?

I do. I'm pretty sure you live in Okaloosa County right? Crystal Beach?

Just bumping this back up.

Spencer, I have a lot there too. I have no info on build-outs... no paper work that I have shows any build out time. I have even spoken to an attorney and had him look at all closing papers. He said alot of people failed to disclose anything to us & I have very strong case to sue. That is not my style, but just wondering if developer is going to inforce build-outs.

I'm sure that he will be enforcing them at some point. He just gave an 8 month extension until June '07. Did you by from the developer or second hand?

We bought secondhand.

Well, I don't know what to tell you. You should have been told about the buildout. Good luck with whatever you decide to pursue.

Spencer, How did you find out about an extension? Like I said, I have zippo on build out. Know one sent us anything on extension.

My office released all of these lots so I'm very familiar with the project. I was told by the developers rep.

The gates were just put up. Go take a look.

Re: Lot in Gated Subdivision on 30-A Priced WELL Below Appraisal

****price Reduction****

$399,000

Buyer to pay all closing costs.

Re: Lot in Gated Subdivision on 30-A Priced WELL Below Appraisal

****price Reduction****

$399,000

Buyer to pay all closing costs.

Spence,

You're chasing a falling market, you've gotta get UNDER it if you want to unload.

Shelly,

I am way under it. Take a look at the other prices. Take a look at what sold 3 months ago. 2 lots sold at $650,000 this year. Trust me, I completely understand the market. Thanks for your input though.

Spencer, I guess Shelly is just always pushing prices lower. $399K is a great price for a lot in there.

$399k would definately seem like a give away price to the people that paid $650k.

It would be a real bargain for someone who is ready to build right away.

The only reasons a premium property like this so close to the beach on 30A is priced so low is that it has a buildout time and a motivated seller.

It is always easier to follow the herd instinct and buy when everyone else is buying but smart buyers pray for opportunites like this.

In a hurricane most damage is caused by storm surge and this property I would estimate to be a healthy 30 feet above sea level.

If hurricanes really are going to be an increased problem in coastal areas there really is no better place on the Gulf coast and Florida than 30A with its high elevations.

Re: Lot in Gated Subdivision on 30-A Priced WELL Below Appraisal

****price Reduction****

$399,000

Buyer to pay all closing costs.

Wow- that's a deal....someone better scoop this up!

Re: Lot in Gated Subdivision on 30-A Priced WELL Below Appraisal

Wow- that's a deal....someone better scoop this up!

Why don't you grab it Dave?

Spencer, I guess Shelly is just always pushing prices lower. $399K is a great price for a lot in there.

It's a greater price than it was on 27 and 30 March, and certainly a greater price than the two that were sold for a cool $Quarter-Million MORE just recently (talk about buyer's remorse!). The sticking points appear to be:

(1) Market "correcting" (RE doesn't move in days anymore)
(2) Investulators leaving the building
(3) Entering into hurricane season (await to see how it goes)
(4) "Easy money" drying up
(5) Build-out requirement
(6) My total control over the U.S. Real Estate Market

All add up to a bigger risk premium the owners are going to have to figure into the asking price.

The question everyone has to ask themselves is...if I think the price is SO spectacular, why am I not buying it? The answers (which will be many and varied) will be the among the reasons it's not moving as fast as one thinks it should.

Re: Lot in Gated Subdivision on 30-A Priced WELL Below Appraisal

Why don't you grab it Dave?

Already own enough, but if I didn't I would.

I am not buying it because I don't need or want a second beach home, hate the architecture, don't have pockets deep enough, cannot buy every good deal which comes along, etc

I am not buying it because I don't need or want a second beach home, hate the architecture, don't have pockets deep enough, cannot buy every good deal which comes along, etc

Tell us how you really feel! No likey the UPSCALE Med architecture? ;-)

Tell us how you really feel! No likey the UPSCALE Med architecture? ;-)

Bingo! especially 3500 sf home with pool downstairs on a lot so small. Just not my taste, but don't let it stop you from liking it.