Build-out extensions

[scooterbug44]

I believe they still have build-outs in Rivercamps and a few other local developments.

Obviously St. Joe won't be buying lots back - hence the PR spin on the extensions - the point I was trying to make is that you would lose less $ by losing the lot than you would by building a crappy house.

 

[elgordoboy]

What kind of quality control in Watercolor lets you stop construction for 2 years after completion of the footers? Have you really looked at some of the construction? When you can see the ty vec wrap after daytime heating, it ain't good. Get real!

I don't disagree necessarily but address please?

 

[Little Fish]

Full Time:

Wow. It sounds as though you've been wanting to get something off your chest for some time...

I doubt the WS DRB would allow any **** to be built. Also, you will see prices come "back down to earth" once some of the investor held properties are taken back by the bank. Currently, there are several houses and condos in WS offered as short sales. Also, I know of at least one lot owner who is trying to sell his lot at a loss. You are beginning to see better pricing in this community.

If you want to find out about the market in WS, you should PM Hillsatthebeach. She has a good grasp of what is going on.

Regards,
Little Fish

 

[ER]

Your assumption being that those forced to build will simply throw up their hands and walk away for the buyer who wishes to build the beautiful dream home. Go to the corner of Western Lake and Pine Needle to see if the assumption holds true. I'll take the peace and privacy of trees and bushes any day over a forced poorly built house, or worse, one that starts and takes forever to finish, if ever (See Prominence). The fairness argument is the same one children make when they have no argument. The only issue is whether the build-outs make sense here and now in the current climate, and the answer is clearly no - and for selfish reasons I could view it differently, but don't.

Actually, yes. I think the question though is how long can the flippers hang on? Imo, not for much longer as teaser rates and loans are starting to reset.

You sound like you have an ax to grind in regards to buildout times. Please anyone who owns in one of these communities correct me if I'm wrong, but your vision for your neighborhood, I suspect, is not "peace and privacy of trees and bushes."

As for your comments regarding the "fairness argument", I think they speak for themselves.

Obviously if buyer A was sold on the idea of the value associated with having said project built out over X years and made into a community and based a purchase decision on this, I can see where they are a bit displeased with repeated extensions of build out times. I think even you would agree that it is unfair for someone who was purely speculating and got caught holding the bag to get a break, just because they invested unwisely. I would be interested in finding out what your broker says after you tell him you need an extension when your margin account is called.

In closing, I'd recommend contacting code enforcement if you are experiencing issues with any "poorly" built homes around you.

 

[gardening1970]

Maybe JOE isn't buying back lots to enforce build outs in this market, but I've read that the build-out requirements for at least some Rivercamps lots gave JOE the option of buying back the lot or levying a $1,000 a month fine for violation of the agreement if the owners misses the deadline to build (per a document between JOE & David Weekley Homes recorded in the real estate records). I presume that, like the build-out deadline, this potential fine runs with title to the land.

Maybe this is not enforced at JOE's discretion, or maybe it is? I am learning here. I only know this is too much risk for my wallet right now.

 

[AAbsolute]

I built in several communities with build outs and it never made any legal sense to me to watch a homeowner forced to start and then a month or two later the community grants extensions. It's never happened to me personally, but I've seen it and it can't be equitable treatment. In addition I know 1st hand that when LUK exercises its buy back option in Rosemary Beach they immediately grant the property a new build out term after they take it back. This has nothing to do with completing a development and everything to do with profit by the developer. That being said, they conceived the neighborhood, managed it and developed it cohesively and probably deserve the good fortune. I'm no fan, but admire their profiteering.

 

[Matt J]

As for the footers with weeds around them, it's not acceptable and an ongoing dispute due to the attempt at circumventing the buildout rule. I'm assuming your speaking of the lot in phase II of WaterColor?

 

[AAbsolute]

As for the footers with weeds around them, it's not acceptable and an ongoing dispute due to the attempt at circumventing the buildout rule. I'm assuming your speaking of the lot in phase II of WaterColor?

Does the Memorandum of Agreement for that lot in Watercolor say they have to commence construction, and make a continuing and ongoing effort to complete construction or merely commence construction?

 

[Matt J]

Does the Memorandum of Agreement for that lot in Watercolor say they have to commence construction, and make a continuing and ongoing effort to complete construction or merely commence construction?

That apparently is the issue in dispute. Probably gonna go to litigation which seems odd since that will cost even more.

 

[AAbsolute]

That apparently is the issue in dispute. Probably gonna go to litigation which seems odd since that will cost even more.

If anyone cares to get the behind the scenes facts on how these things can end, look at the Walton County Official Records on the net and check out what happened between Sandpiper Construction and Rosemary Beach Land Company.

If this had been more publicized at the time there wouldn't have been any speculators on vacant lots who never planned to build. LUK is different than JOE though. They must parse every word and make big plans before they write Covenants.

I do wonder why any bank would ever loan money on vacant land that is being financed for more than "the original purchase price" without also having approved construction lined up. If you invest in businesses LUK has to be one of the best with local operations. That said, I'm really not a friend of LUK's or Rosemary Beach. I just admire the planning and tao.