Nationally, nearly half of 2006 buyers are upside down

[Miss Kitty]

St. Joe sold 2 lots in Watersound Beach Phase IV last week for $315,000 and $315,000. The last release on those lots in that block they sold the property immediately adjacent for $966,500.00. That was going direct from JOE to their customer with no flip, no spin.

Now that's what I call upside down.

That's what I call sensible.

 

[Little Fish]

AAbsolute:

Could you provide the address on these two lots? Were they on Salt Box Lane near the entrance of WS, or nearer the beach?

Thanks
Little Fish

 

[TheSheep]

St. Joe sold 2 lots in Watersound Beach Phase IV last week for $315,000 and $315,000. The last release on those lots in that block they sold the property immediately adjacent for $966,500.00. That was going direct from JOE to their customer with no flip, no spin.

Now that's what I call upside down.

Beautiful Stern development, highly overpriced as common to many, if not all, JOE developments. It's their long term financial model, early in suckers get beat up first at closing and second with land value depreciation.:roll:

 

[SHELLY]

St. Joe sold 2 lots in Watersound Beach Phase IV last week for $315,000 and $315,000. The last release on those lots in that block they sold the property immediately adjacent for $966,500.00. That was going direct from JOE to their customer with no flip, no spin.

What were the salespeople telling the $966K investulators?...wait--let me guess, "Now is a great time to buy!"


.

 

[AAbsolute]

AAbsolute:

Could you provide the address on these two lots? Were they on Salt Box Lane near the entrance of WS, or nearer the beach?

Thanks
Little Fish

Lot 21 and Lot 22 Watersound Beach Phase IV.

Directions: Go through the Watersound Beach main gate at the Post Office, Cafe, Fitness Center entrance. 3rd and 4th lots on your left. 3 lots North of the Yacht Pond.

 

[TheSheep]

What were the salespeople telling the $966K investulators?...wait--let me guess, "Now is a great time to buy!"
.

If they are honourable, the Truth. 1) You ROI will need serious adjusting to reflect a longer hold period (which will supress your PV/FVs) and 2) you got snaked by the Developer.

Then, if they were really wooly, 3) Any idiot who buys into a large development at or near Opening Day prices can expect a high probability that he will lose a great deal of value when the inevitable land pricing pendulum swings 4) You let pretty pictures, amenities which are overvalued, and your greed driven by your unbridled emotion to strip your common sense and fleece baaaaaaaaaadly your loosely held pocketbook.:roll:

 

[TheSheep]

Lot 21 and Lot 22 Watersound Beach Phase IV.

Directions: Go through the Watersound Beach main gate at the Post Office, Cafe, Fitness Center entrance. 3rd and 4th lots on your left. 3 lots North of the Yacht Pond.

If one wishes to live among Post Offices, cafes, "fitness centers" (why named? few are fit, or get fit, that go there?) bleat bleat bleat then one should be also willing to cry small tears only when they are rigorously crucified for buying into that scene in the first place.

Although there is no hiding from land valuation, market adjustments (back to reality), if one is willing to travel 5 miles instead of 500 feet to "get fit", mail the rare package or sup a cup, then they may find small enclaves with strict deed and other restrictions which they can exert greater control, quicker full lot sell-offs and some insulation from being, in this case, JOEed.

 

[AAbsolute]

Beautiful Stern development, highly overpriced as common to many, if not all, JOE developments. It's their long term financial model, early in suckers get beat up first at closing and second with land value depreciation.:roll:

It's probably bad for my health to agree with you Sheep, but I should say wasn't there an article in the Wall Street Journal or the New York times at the start of the downturn where a Watersound salesperson was quoted as saying that St. Joe has the financial wherewithal to support its existing customers by holding prices steady? I could build homes and deliver them below market rate for the rest of my days and not dessimate pricing like the developer just did.

I'm a Watersound Beach owner twice over and it's o.k. with me if JOE wants to reduce lot prices 300%, but the group who owns the lot next door are very much repeat customers and that can't be good when they have to renew their $982,000 lot loan.

 

[AAbsolute]

If they are honourable, the Truth. 1) You ROI will need serious adjusting to reflect a longer hold period (which will supress your PV/FVs) and 2) you got snaked by the Developer.

Then, if they were really wooly, 3) Any idiot who buys into a large development at or near Opening Day prices can expect a high probability that he will lose a great deal of value when the inevitable land pricing pendulum swings 4) You let pretty pictures, amenities which are overvalued, and your greed driven by your unbridled emotion to strip your common sense and fleece baaaaaaaaaadly your loosely held pocketbook.:roll:

Why didn't you stop while I was still agreeing with you? Those idiots who bought into Watersound Beach, Rosemary Beach, Watercolor on opening day did extremely well. It was just the crowd that followed them in later who are now upside down as much as $650,000 on their lot purchase alone.

Imagine that, folks who bought in at a rate where they could cash flow off rental are o.k.

 

[AAbsolute]

HOA meetings are in a month. Watch for quite a bit of misdirection of attention onto buckets full of RED HERRINGS.