RiverCamps by St Joe

[Bob]

Is this a River Camps/St. Joe development?

No, I guess my weak link to this thread is the mosquito issue when you buy tidal property. The land was a cotton plantation.

 

[Southwood]

Just before the deadline for entering the lottery for this Rivercamps lot release, the deadline was extended by ten days. Since the deadline passed, there has been no information about the number of lottery entrants. Anyone have any information about why the lottery was extended or how sales went? :?:

 

[prospector]

Any idea how this release went? It seams like the number of people entering these lotteries has been decreasing. What's your feel for how this development will do? I was down there in July and it looked like no houses other than the Southern Living house were even started. Any idea why?

Thanks

 

[Camp Creek Kid]

If you like living in a swamp, River Camps is your piece of paradise. Personally, I'd like to keep the yellow flies, mosquitoes, and water moccasins to a minimum.

 

[skier]

Any idea how this release went? It seams like the number of people entering these lotteries has been decreasing. What's your feel for how this development will do? I was down there in July and it looked like no houses other than the Southern Living house were even started. Any idea why?

Thanks

The reason that the number of people entering the lotteries is decreasing is that most of the people that believe they can buy and flip a property for a short term profit have gone away. There won't be many chances for quick hits. Instead, the people that buy going forward will be long term owners. The prices for condos, lots and homes have gotten too high and the inventories are ballooning in the area. With prices as high as they are, the potential market of buyers has shrunk dramatically since last year when prices were 50 to 75% of where they are now. The market over the last few years was fueled by lots of speculation by investors/flippers. Those days are over for the foreseeable future. I think St. Joe is going to see a big slowdown. That could force them to drop prices--remember their basis in the properties is probably less than a dollar per acre (versus the rest of us with basis in our land/homes of hundreds of thousands or millions of dollars). They can afford to drop prices and still show huge profits to their shareholders. It will sure be interesting to see how all this pans out.

But, as for Rivercamps specifically, I agree with CCK.

 

[Smiling JOe]

The reason that the number of people entering the lotteries is decreasing is that most of the people that believe they can buy and flip a property for a short term profit have gone away. There won't be many chances for quick hits. Instead, the people that buy going forward will be long term owners. The prices for condos, lots and homes have gotten too high and the inventories are ballooning in the area. With prices as high as they are, the potential market of buyers has shrunk dramatically since last year when prices were 50 to 75% of where they are now. The market over the last few years was fueled by lots of speculation by investors/flippers. Those days are over for the foreseeable future. I think St. Joe is going to see a big slowdown. That could force them to drop prices--remember their basis in the properties is probably less than a dollar per acre (versus the rest of us with basis in our land/homes of hundreds of thousands or millions of dollars). They can afford to drop prices and still show huge profits to their shareholders. It will sure be interesting to see how all this pans out.

But, as for Rivercamps specifically, I agree with CCK.

Right on target, Skier. I will add that RiverCamps may not be as quite or rural when the airport goes in, practically across the street.

 

[Southwood]

Looks like of the 32 lots in the July release, 31 of them had bids. Of the 31 lots spoken for, 25 went to closing. No information on the total number of bids received.


From an August 30 St. Joe press release:

"Contracts for 25 of 32 home sites at RiverCamps at Crooked Creek offered in July have been accepted at an average price of $339,400, compared to $226,238 for similar product in the third quarter last year. The remaining home sites, of which 6 had been previously reserved, are now in inventory available for sale...."

 

[Cil]

Thanks for the update, Southwood.

 

[Babyblue]

Right on target, Skier. I will add that RiverCamps may not be as quite or rural when the airport goes in, practically across the street.

Correct..The airport will bring us all opportunity to travel, have Friends come in to visit us and growth.

 

[Capricious]

A whole bunch of these lots currently advertised for sale, at a fraction of what they originally sold for.

This is an old, old story in Florida real estate (certainly older than this thread).

A few years ago I had to get involved in selling the mother in law's lot in the "Viking Estates" subdivision. Look it up.

And a few decades ago I had to deal with Grandma's lot over near (but not in) Port St. Lucie.

The wife and I are currently looking at buying a retirement place, probably in Bay County, and I see signs that
the euphoria is returning again. Rinse and repeat.

I think I will tread carefully...