So...What's the deal with Redfish Village???

[AsraiSprings]

I live in Navarre. I have friends wanting to move to the 30-A area. They were looking at the condos in Redfish Village...rented a place for the week. But, it's a wee bit spooky there...nothing is open, no one lives there? I appears that a significant amount of money was invested there? So what gives? I'm guessing not a good place to buy? Any words of wisdom?

Thanks ~

 

[Lisa Ruby]

I live in Navarre. I have friends wanting to move to the 30-A area. They were looking at the condos in Redfish Village...rented a place for the week. But, it's a wee bit spooky there...nothing is open, no one lives there? I appears that a significant amount of money was invested there? So what gives? I'm guessing not a good place to buy? Any words of wisdom?

Thanks ~

The units are very nice and overall, it's a great project. Their timing of entry to the market was not very good. There is a long history on the development, but the current situation is as you witnessed, lots of vacant commercial and little activity. Some units are still held by investors, others are being resold in short sales or foreclosures. A two bedroom, two bath unit closed recently for $180,000. Most sales will require cash, as lenders require strong homeowner's associations to approve financing on condominiums.

 

[30ashopper]

That place has been hammered. Depreciation on units is the worst I've seen in any development along 30-a. 70% in some cases, and it's not over yet.

 

[beachmouse]

From what I've been able to follow, the commercial units were priced so high when they were finished at the peak of the boom that it was effectively impossible for a retail/food business to buy one and end up cashflow positive at the end of the month.

I remember someone here doing a show of the numbers on just how many cups of coffee that coffee shop that had been there would have had to been selling to make rent/mortgage, and it was just stupidly high compared to the traffic you would have expected for that space.

 

[melscuba]

From what I've been able to follow, the commercial units were priced so high when they were finished at the peak of the boom that it was effectively impossible for a retail/food business to buy one and end up cashflow positive at the end of the month.

I remember someone here doing a show of the numbers on just how many cups of coffee that coffee shop that had been there would have had to been selling to make rent/mortgage, and it was just stupidly high compared to the traffic you would have expected for that space.

So are Redfish Village and Sanctuary at Redfish two entirely different developments, or are they tied together?

 

[John R]

Now's a great time to buy.

 

[Kurt]

So are Redfish Village and Sanctuary at Redfish two entirely different developments, or are they tied together?

Different - and opposite sides of Scenic 30A.

 

[Franny]

The units are very nice and overall, it's a great project. Their timing of entry to the market was not very good. There is a long history on the development, but the current situation is as you witnessed, lots of vacant commercial and little activity. Some units are still held by investors, others are being resold in short sales or foreclosures. A two bedroom, two bath unit closed recently for $180,000. Most sales will require cash, as lenders require strong homeowner's associations to approve financing on condominiums.

Hey Lisa, Visions Bank is offerring condo loans with 20% down. Dean Carrier is the loan officier I use and his number is 850-622-2382.

 

[headed4thebeach]

I would think that there would be some long term rentals at Redfish...any idea? The office is always closed, not sure if it is even open.

 

[Lynnie]

I drove through there today. Once vibrant, it is now a ghost town.....hopefully, it will turn for them soon.