Forest Lakes vs. The Preserve

[thxrover]

Our in-laws are wanting to get back in the panhandle real estate roller coaster ride and are looking at both The Preserve and at Forest Lakes. They got in almost 13 years ago and three houses later, they got out in the right time in 2006 literally weeks before the downward turn started to be evident.

Any opinions, pros, cons about either development? Beach access, location, rental potential, longevity of neighborhood, builders/developers in the neighborhoods, topography problems, etc...

I have my own opinions and they're about to pull the trigger in one of these neighborhoods, but was wanting to get some outside opinions as well...

Thanks in advance.

 

[Franny]

Our in-laws are wanting to get back in the panhandle real estate roller coaster ride and are looking at both The Preserve and at Forest Lakes. They got in almost 13 years ago and three houses later, they got out in the right time in 2006 literally weeks before the downward turn started to be evident.

Any opinions, pros, cons about either development? Beach access, location, rental potential, longevity of neighborhood, builders/developers in the neighborhoods, topography problems, etc...

I have my own opinions and they're about to pull the trigger in one of these neighborhoods, but was wanting to get some outside opinions as well...

Thanks in advance.

I personally like both the Preserve and Forest Lakes, but if I had to choose it would be Forest Lakes. The design inspiration came from homes in Eufala, Al., which are unique for our area. And I love the ponds on this property as well as the community pool area. I believe the beach access and rental opportunity would be about the same for both developments, although The Preserve is built out more. I would recommend calling a property mgt. company if rentals are an important component. You can choose your builder for either development if I remember correctly and I can find this out for you. Just send me a PM.

 

[scooterbug44]

I'd check the financials on Forest Lakes - seemed like there were quite a few short sale lots in there.

Both seem like nice places based on my limited knowledge of them, but I think Forest Lakes has a better feel/quality level than the Preserve.

 

[Franny]

I checked MLS and there are 24 lots for sale with four 'stated' bank owned or short sales. The price of these lots are from $119,000 to $475,000.

 

[Matt J]

I thought that the Preserve was a non-rental community?

 

[Franny]

I thought that the Preserve was a non-rental community?

ThePreserve at Grayton is a rental community.

 

[SHELLY]

Here's a tip for anyone considering buying in a subdivision/condo--request back issues of HOA minutes. If the subdivision/condo is populated by involved end-users, you'll get a good snapshot of the financial stability (investulator foreclosures causing special assessments? etc.) and issues, big and small, faced by the owners. However, if the subdivision/condo is still under the developer's control, the minutes won't be a reliable source of information.

.

 

[thxrover]

that's a good idea with requesting the minutes. hadn't thought of that before.

 

[Matt J]

ThePreserve at Grayton is a rental community.

Thanks, got it confused with another one.

 

[Smiling JOe]

Shelly brings up a good idea, but one doesn't have to go to that extreme to see if HOA dues could be short, collectively. It is pretty much a guarantee that people who aren't making their payments to the lender (ie- short sales and foreclosures, plus banks are not typically very timely with such things), aren't making dues payments either. Being that both projects have very few homes built out, and both projects sold within a matter of days, initially, during the peak of the market, it is likely that HOA fees are short, and will be made up by either assessments, or a lack of services and maintenance.

That said, if only choosing between the two for a place to live (you didn't really go into detail, and it sounds like it may just be a place to park money), I like them both, but I think Forest Lakes has more appeal with the rolling hillsides, and little variation on the typical Florida Cracker style homes. Both have a pool, and the Preserve has tennis courts, but Forest Lakes has several lakes and it's a larger area, giving more likelihood of having a neighborhood, where people can ride bikes or walk the 'hood. Of course, both are on 30A and the multi-use paths are right there, but I personally like walking the hood, rather than linear walk to and fro.