How Can Anyone Afford to Buy?

[BeachKing]

Random Am thoughts. WC & WS are both outstanding communities. From the basic site engineering onwards WC & WS are both communities to be proud of. St Joe developed first class properties with all the amenities one could ask for. Ok, so some of you will disagree, the basic Disney-ish premise of WC & WS is sound and more importantly, it sells. To those who purchased first in those communities, and subsequently flipped, go my congratulations. To be that astute is a testament to sound judgment. My hat goes off to those who purchased a lot for 200k and flipped it for 400k a few months later. To the second generation owners who flipped again, my hat is off to you as well. What now appears to be happening is that third or fourth generation owner may be in for that preverbal rude awakening. To me, they hit the "Is it really worth that much category" sometime in late 2004, not 2005 or 2006. Infrastructure costs, incurred in WC & WS around 1999 - 2003 were paid off handsomely during the first go round of lottery winners. My point is, the underlying property value in WC & WS far outstripped there current value. Valuating your property at what its worth in say 10 or even 50 years is an interesting concept just not one most normal people agree with. Yes you do get those who have the funds and don?t care. The old adage A fool and his money are soon parted comes to my mind. Those who feel that way are few and far apart.

As an FYI,,, The WC HOA fees do not cover a gym membership, same story for property maintenance such as pine straw (no lawns per-say in WC) and pest control, they are all extra.

 

[luvthebeach57]

I appreciate all the feedback I've received from my initial posting. We live in a planned community of about 100,000 in the suburbs of Washington, DC. We're used to having plenty of amenities. We all pay a yearly "tax" for these amenities. We don't have to worry about someone parking their boat or RV in their driveway or on the street. We have to get approval before making any major changes (i.e., building a pool, erecting a fence). Therefore, I think we would be looking for something similar to this when we buy a place in Florida. When we stayed at Seaside back in 1995, I thought it was a most unique and interesting concept for a beach community. I guess people either love it or hate it.

I suppose I've set my sights pretty high by even considering the thought of buying a place at WaterSound. We probably would never be able to afford to buy there.

 

[luvthebeach57]

I checked some demographic information about the beaches of South Walton area. The average household income is $70,000. The average price of a home is about $700,000. How can people afford to live in SoWal? The average household income level where I live is $214,000. The average price of a home is about $850,000.

 

[BeachSiO2]

I checked some demographic information about the beaches of South Walton area. The average household income is $70,000. The average price of a home is about $700,000. How can people afford to live in SoWal? The average household income level where I live is $214,000. The average price of a home is about $850,000.

In the words of my graduate professor, "Mean (average) doesn't mean anything." The average permanent resident didn't pay those average prices. There is a huge spread on the numbers due to speculation by investulators.

 

[TreeFrog]

In the words of my graduate professor, "Mean (average) doesn't mean anything." The average permanent resident didn't pay those average prices. There is a huge spread on the numbers due to speculation by investulators.

It would be interesting to see median prices and incomes...

 

[luvthebeach57]

In the words of my graduate professor, "Mean (average) doesn't mean anything." The average permanent resident didn't pay those average prices. There is a huge spread on the numbers due to speculation by investulators.

What percentage of the homes/condos in SoWal are owned by full-time residents? I would guess probably 5%. I would imagine the rest are second homes or investment properties.

 

[luvthebeach57]

It would be interesting to see median prices and incomes...

The median household income is $53,000. The figure of $700,000 was the median sales price.

 

[SHELLY]

How can people afford to live in SoWal?

....2 jobs, credit cards, HELOCs, 401K loans, ramen--lots and lots of ramen (five different flavors).


.

 

[luvthebeach57]

....2 jobs, credit cards, HELOCs, 401K loans, ramen--lots and lots of ramen (five different flavors).


.

Sounds like you have to go into deep debt to afford this area!

 

[elgordoboy]

I checked some demographic information about the beaches of South Walton area. The average household income is $70,000. The average price of a home is about $700,000. How can people afford to live in SoWal? The average household income level where I live is $214,000. The average price of a home is about $850,000.

Eat in a lot? Reuse the same towel to save on power and it doesn't wear out the towel as quick (this doesn't work for wash cloths I don't know why); Save some money by skipping regular dental care; Buy shoes without laces so there is nothing to replace; Fold the toilet paper over one more time at least and double the efficiency (I once knew someone who folded 6 times man what a savings!). More money saving tips later- as they come to me I'll pass them along to you. Oh and buy a Shammy-Wow. I saw their ad on t.v the other day, you'll never have to buy paper towels again the guy said--sign me up for 2!