How Can Anyone Afford to Buy?

[Smiling JOe]

If you think the prices are high now, wait until you get ready to retire. Yes, there are people who own and live in WaterSound. Yes, those prices are amazing for many of us, but for some people, the price is only a check away. Financial wealth is all relative. As others have noted, you can enjoy the beach and similar beauty without paying the price of exclusivity, by venturing off the beaten path.

 

[TooFarTampa]

We have a lot in Gulf Shore Manor in Seagrove that is one lot north of 30-A. I don't know what it would go for these days (it is not for sale ) but there is no HOA and it is only 50 yards from the beach access. That neighborhood has large lots and plenty of deeded beach accesses. It's not pristinely landscaped and not all the homes are showplaces but who cares, it's a beach neighborhood and the walk to the beach takes no time at all! There are lots of options out there right now.

Watersound, IMO, is the ultimate and of course you will pay ultimate prices for that.

 

[BeachKing]

So, the bottom line is, WC $ WS are not worth the "ultimate" extra cost? You can do just as well in other areas nearby. Yes / No?

 

[scooterbug44]

It really all depends on your priorities.

All of the various planned communities provide a lot of infrastructure/amenities and architectural/maintenance controls, but you are also paying for that.

Since cost seems to be the biggest factor for you, I would suggest you look at other nearby areas. For those who are less focused on price and more focused on amenities, the planned communities are felt to be "worth it" for the added features.

 

[Smiling JOe]

So, the bottom line is, WC $ WS are not worth the "ultimate" extra cost? You can do just as well in other areas nearby. Yes / No?

Not at all. As I mentioned, financial wealth is relative. For some people, WaterSound is worth the extra costs, and it is very affordable. Obviously, from the first poster's comments, WS is out of the price range which is comfortable, or it is not within their budget. I think that would statement would be true for most people, and it is "not worth the extra cost," based on our own perspectives. That doesn't in any way mean that it isn't worth the extra costs for others.

 

[2bohemians]

Not at all. As I mentioned, financial wealth is relative. For some people, WaterSound is worth the extra costs, and it is very affordable. Obviously, from the first poster's comments, WS is out of the price range which is comfortable, or it is not within their budget. I think that would statement would be true for most people, and it is "not worth the extra cost," based on our own perspectives. That doesn't in any way mean that it isn't worth the extra costs for others.

Well said. The folks we are working with that are making an offer at Watersound are not super wealthy folks by any means. They've worked hard to get to this place and owning a gulf-front property has been their lifelong dream. Now that prices have gone done and they have fallen in love with Watersound, they are ready to take the plunge. So, as others have said, it all depends what you on what you are looking for.

 

[TooFarTampa]

It really all depends on your priorities.

All of the various planned communities provide a lot of infrastructure/amenities and architectural/maintenance controls, but you are also paying for that.

Since cost seems to be the biggest factor for you, I would suggest you look at other nearby areas. For those who are less focused on price and more focused on amenities, the planned communities are felt to be "worth it" for the added features.

This is exactly right IMO.

 

[goin' coastal]

IMO the homes at Watersound and Watercolor would be expensive anywhere, any city, not even close to the beach. There are very high end homes with fine products, building materials. I do not really think they are so over priced.

There are wonderful buys on 30a at this time. You can now buy a house/lot for the purchase price of a lot in 2005-06. These are nice houses too, new well built, hardiplank. I cannot purchase a home in Nashville in a decent neighborhood for these prices.
Call Bobby he will find you house. Good luck. There are plenty of beautiful places on 30a.

 

[BIGDOG]

It really all depends on your priorities.

All of the various planned communities provide a lot of infrastructure/amenities and architectural/maintenance controls, but you are also paying for that.

Since cost seems to be the biggest factor for you, I would suggest you look at other nearby areas. For those who are less focused on price and more focused on amenities, the planned communities are felt to be "worth it" for the added features.

That's true. Sandestin, Watercolor, Watersound, etc. have high HOA fees. But if you don't want to cut your lawn, pay for pest control, buy a gym membership, it can be worth it. If you like to do your own thing a planned community is not worth the money.

 

[fisher]

I would love to buy a condo or home in WaterSound as a place to retire, but how can anyone afford these prices??? I'm looking at the condos at WaterSound and they range in price from $1-3 million! The homes range from $2.5-6 million! Are most of these condos and homes owned by corporations or investors? The prices are unreal. Does anyone actually buy a property and live there themselves? Maybe if I was fortunate enough to inherit a couple of million dollars, we might be able to afford to buy there. I guess I can give up our dream of owning property near the beach.

You might want to look again right now and keep your eyes peeled as condo prices continue to sink.

There are now 3 very nice oceanfront 3/3.5 condos in Watersound listed for under $1 million. One is actually listed at $850k which is what these places were going for in 2003. I still think condo prices will continue to sink lower. However, if someone is looking to buy right now, I gotta say that $850k is a pretty darn good price for a condo in Watersound Crossings (especially compared to condos priced much higher in Sanctuary, Redfish, Adagio, Bella Vita, Watercolor, etc.). If I wanted a long term retirement condo in Watersound, I might be tempted on this one. But, I'm a SFH kind of person and not a huge fan of Watersound.

There are also numerous SFH listings well under $2 million in Watersound. A couple are nearing foreclosure (there will be an attempted auction of several of these properties in the near future) and already listed at prices that were unheard of a couple of years ago. Keep your eyes peeled--some of these nicer houses (not the St. Joe built cottages on Keel Court) may even go for less than $1 million.

In addition, there are two 2/2 units in Watercolor listed for under $800k. There are also numerous SFH listings in WC at well under $1 million. Like the Watersound condo listing at $850k, these WC prices are harkening back to 2003 levels.

Finally, you have several units in the flats at Rosemary Beach under $500k which is where prices were back in 2003.

Don't despair . As noted above, you can get into a nice place today in a premier community in the 30A corridor for well under $1 million. Outside of these premier communities it is easy to find nice places in the $500k range. And, given the current economy and the bulging inventory along 30A, prices will likely get even better for buyers in all but the most sought after, near beach locations in WC, WS, RM, etc. I do believe that the top 5% of the properties in terms of proximity to the beach, quality of construction, amenities available, etc. (the premium properties such as beachfront in WS, Phase I in WC, much of the Retreat, much of Seaside, and near ocean in RM) will hold value better than the remaining 95% of the inventory in the market which will continue to erode.