Forest Lakes vs. The Preserve

[Smiling JOe]

I only bring it up b/c there are other projects which were started soon after, which never sold out the released lots. For Forest Lakes, the developer sold what they wanted/needed to. My guess is that the remaining 40 lots, if there are (I haven't bothered to look), were all gravy. So, while the HOA may be in trouble, at least it won't all likely go back to the bank, except for a couple of lots, like another local project I can think of.

 

[Franny]

I understand that. I was just clarifying for the poster that there are more lots out there than those listed on the MLS.

I will check with the developer and let you know.

 

[Franny]

That's great for the sellers/flippers, not so great for the buyers/second owners.

Not sure what you were clarifying, but there are still 40 or so unsold original developer lots aren't there???

The original lots sold for $103-105,000. And yes some were flipped for as much as $400+, but there are lots available now for $119,000. A good price imo.

 

[Franny]

I will check with the developer and let you know.

The developer owned lots are in Phase lll and Ph lV. There are currently three dev owned lots on mls. Lot 1 PH lV for $152,000. Lot 14 for $175,000 and Lot 15 for $175,000. I do not know when others will be released, but if someone was interested in a particuliar lot that is not on the market I am sure the developers would sell. Hope this helps.

 

[Matt J]

I know in other developments I've seen developer lots go back to the development company to avoid paying property taxes.

 

[AAbsolute]

I know in other developments I've seen developer lots go back to the development company to avoid paying property taxes.

How does that work?

 

[AAbsolute]

The developer owned lots are in Phase lll and Ph lV. There are currently three dev owned lots on mls. Lot 1 PH lV for $152,000. Lot 14 for $175,000 and Lot 15 for $175,000. I do not know when others will be released, but if someone was interested in a particuliar lot that is not on the market I am sure the developers would sell. Hope this helps.

Doesn't this make Watersound West Beach look pretty good at about the same price, but South of 30A with amenities and a private beach access? I hate to sound like a broken record, but JOE seems to be trying to take every competing developers head off.

 

[fisher]

Doesn't this make Watersound West Beach look pretty good at about the same price, but South of 30A with amenities and a private beach access? I hate to sound like a broken record, but JOE seems to be trying to take every competing developers head off.

I agree with you on West Beach vs forest lakes. I would even take Phase IV of Watercolor. With both the joe properties you get beach access and very nice amenities, especially in Watercolor. However, all three of these areas are ghost towns with almost no developed homes and probably will remain that way for a long, long time.

 

[DuneLaker]

No broken record. Sometimes it is good to repeat information. WaterSound West Beach is all those things; south of 30A, beach access, etc. Why struggle if you don't have to? I lived here in a "ghost town" for over 30 years and it was great.

 

[Matt J]

How does that work?

Okay, I should have clarified that I have seen some properties transfered back from the developers personal names to the development company. This is either to avoid property taxes or have the development company pay the property taxes.