Retirement Residence: Forest Lake, Lakeside??

[kwalsh0001]

All,

I'm planning a relocation to the 30-A upon retirement in the next year. During a recent SoWal "road trip" from Colorado, I drove through the Forest Lake and Lakeside At BMB tracts. I found these to be interesting areas.

Since I'm planning a permanent residency, I'd be less inclined to build in an area with a high rental/seasonal turn-over. Your thoughts--do you suspect most of the properties in Forest Lake and Lakeside to be vacation rentals, or perhaps permanent residencies?

Also, with the fluxuation in SoWal land prices over the last several years (I am a owner of bayfront in Bay Harbour, Freeport), what are realistic prices/offers for lots in both of these divisions?

Thanks..... P.S.: 23 degrees and snowing in Colorado Springs, as I type. I really, REALLY need a beautiful Gulf beach!

 

[TreeFrog]

Not about SoWal in specific, but I keep finding that I need to live somewhere for a year or so to get to really know it well enough to know where I'd prefer to live. Why not rent for a while, before you commit to building?

 

[DuneLaker]

Find a good realtor. I think Tree Frogs advice of renting for a while might work. However, with the right realtor, (and I'm not one) you might find something that works for you right away. There are so many variables as to what you want. Once you're here, there may be possibilities that you haven't considered. If you pm me, I'll recommend a few. A friend of mine that is a professor at UWF was thrilled with his recent purchase.

 

[Bobby J]

All,

I'm planning a relocation to the 30-A upon retirement in the next year. During a recent SoWal "road trip" from Colorado, I drove through the Forest Lake and Lakeside At BMB tracts. I found these to be interesting areas.

Since I'm planning a permanent residency, I'd be less inclined to build in an area with a high rental/seasonal turn-over. Your thoughts--do you suspect most of the properties in Forest Lake and Lakeside to be vacation rentals, or perhaps permanent residencies?

Also, with the fluxuation in SoWal land prices over the last several years (I am a owner of bayfront in Bay Harbour, Freeport), what are realistic prices/offers for lots in both of these divisions?

Thanks..... P.S.: 23 degrees and snowing in Colorado Springs, as I type. I really, REALLY need a beautiful Gulf beach!

Forest lakes and Lakeside may turn out to be decent retirement type properties after all. This was not the original intent but with time I have felt they may in fact be better for long term folks then short term. At this time, most properties in the the two were purchased as flips. This seems to not be working very well for all the original owners and many of these properties are turning out to be really great buys for long term buyers as the proper adjustments are being made. It seems on average you could expect to get one of the good lots for around $45,000. I would be attracted to the ones backed up to the state forest because the lots are small and the state land offers a huge backyard! We actually sold 5 lots in Lakeside this year.
This year alone 13 of the lakeside lots sold while only 2 lots sold in Forest lakes. I think folks are more drawn to Lakeside because it is a bit closer to the beach. If I had to chose I would probably say at this time Forest may turn out to be the better for a long term living neighborhood. I have also noted that Forest properties are just starting to make the proper adjustments to sell and would expect much more activity in 2010. Overall, I like them both.
The foreclosures that come along seem to be the best buys. The only issue is they get gobbled up fast. Find a Realtor you like and have them link you up with an automated email that updates you on both neighborhoods as any activity hits the market. Keep close tabs on the the emails and you may find a good buy without having to deal with a short sale.

One final note, because the lots are smaller the house plans need to be really thought out especially if one wants a garage. So basically, one level structure is out if a garage is needed.

Please PM if you need any comps or if I can assist in any way.

Thanks.

 

[gmarc]

i really believe lakeside will be a seasonal short term rental area. the neighborhood is still close enough to the blue mountain beach access to attract renters. look at the village at blue mountain. its about the same distance to the beach and i believe many of those are short term rentals.the problem with lakeside is theres only 2 or 3 built homes in there and its a risk on how things turn out and how they uphold the covenants.in other words theres a reason the lots are cheap as it comes with a risk of how things are built out

 

[SGB]

Do you specifically want to be in a community that has a pool? If not, it seems to me that the areas that have more full time people are often those that aren't a specific development. For instance, the Lakewood area of Seagrove, or the area to the east of Butler towards Dune Allen. There are exceptions of course. The Grove in Seagrove and Rosemary have a lot of full time people.

It really takes a while to get to know what's important to you (near shops, no neighbors, east end or west end, walking distance to a restaurant) and where you'll be able to get those things. The suggestion of renting a while and seeing where you gravitate towards, is a good one. Where we thought we wanted to live before we moved here and where we ended up wanting to live once we were here a while, were definitely not the same.

 

[scooterbug44]

I totally agree with the rent before buying advice.

Would also be leery of Forest Lakes as they (like many in the area) are experiencing financial troubles and have alot of foreclosures in there.

If I was shopping for a place to retire I would look more in the Seagrove or Eastern Lake area. More full time residents and proximity to places.

 

[Bobby J]

i really believe lakeside will be a seasonal short term rental area. the neighborhood is still close enough to the blue mountain beach access to attract renters. look at the village at blue mountain. its about the same distance to the beach and i believe many of those are short term rentals.the problem with lakeside is theres only 2 or 3 built homes in there and its a risk on how things turn out and how they uphold the covenants.in other words theres a reason the lots are cheap as it comes with a risk of how things are built out

Lakeside at Blue Mountain Association is very stable. The president is very approachable and I feel really confident in the neighborhood in the long hall! 13 sales this year is strong!

 

[kwalsh0001]

All,

Thanks for the great comments. I've been coming to the SoWal area for ages. (First time I was down there was in 1972. Second time, there were some "guys" in a single-wide trailer along 30-A, trying to sell lots in their new community called Seaside). For the last decade or so, have been coming down for weeks, several times a year. I'm thinking I agree that I need at least six months in the area, to really pin down my thoughts. Didn't want to bother a realtor 'til I knew some more about specific areas, but I think I'm close to that point.

Thanks for the thoughts on Forest Lake and Lakeside....... They remain high on my list.....!

Ken (Oh, yeah..... wind chill in Colorado Springs this AM was below zero. Be glad, you are where you are!)

 

[Matt J]

I don't see Lakeside becoming a rental community, perhaps long term, but doubt vacation. Forrest Lakes will probably be the same situation. Thus far distance from the beach is directly related to rental income. I have yet to see any vacation rentals north of 98.