Sanctuary at Redfish Preview Party this Sunday from 4-7pm

[PalmBeach]

4 minute paddle in a canoe, or you can get on the shuttle boat and make the trip in 2 min

Sucks compared to being directly on the beach

 

[scooterbug44]

Lake view is nice, but I think once you can't walk to the beach it loses quite a bit of appeal/value.

Whenever I start hearing how many "minutes" to get somewhere, I call BS as every listing in the area claims to be 5-10 minutes from the beach - even when this defies the laws of physics/speed limit. :roll:

 

[30ashopper]

I guess you haven't been in one of the units at Sanct at Redfish. You have tremendous views of Big Redfish Lake, and the beach is only a short, 4 minute paddle in a canoe, or you can get on the shuttle boat and make the trip in 2 min. Today's dollars, I think $425K is a steal for one of those units, and think they are worth more around $600K.

I was looking at the web site, it does look like a nice condo, small number of units, good location, nice pool. I have a hard time estimating condo prices because that style of living doesn't apeal to me, but 425K for anything on the lower levels seems pretty reasonable if not a little high. I get that it's on the inlet, but that is not gulf front, no matter how you spin it. I was looking at similar style condos with gulf views just north of the beach on scenic 98 for some comparison, and I'm seeing 300K prices. So 600K seems a bit of a stretch.

 

[Smiling JOe]

It won't suck so much when a hurricane undermines the sand from Gulf-front condos. It's all relative.

I'd guess that the old 98 condos are not Lake Front. I never thought the condos should have sold at $1million, but they did. Very few condominiums are on the rare coastal dune lakes. This happens to be one of a few. Of course the prices from that auction aren't Gulf front either.

 

[30ashopper]

It won't suck so much when a hurricane undermines the sand from Gulf-front condos. It's all relative.

I'd guess that the old 98 condos are not Lake Front. I never thought the condos should have sold at $1million, but they did. Very few condominiums are on the rare coastal dune lakes. This happens to be one of a few. Of course the prices from that auction aren't Gulf front either.

Yep. We disagree on this but I'd put money on a bet that the folks who bought at this auction will, in two years, be under water on value. Maybe we can dig this thread up 8/19/2010 and see if that bet would pay off.

 

[Matt J]

I was looking at the web site, it does look like a nice condo, small number of units, good location, nice pool. I have a hard time estimating condo prices because that style of living doesn't apeal to me, but 425K for anything on the lower levels seems pretty reasonable if not a little high. I get that it's on the inlet, but that is not gulf front, no matter how you spin it. I was looking at similar style condos with gulf views just north of the beach on scenic 98 for some comparison, and I'm seeing 300K prices. So 600K seems a bit of a stretch.

Comparing anything on 30A to scenic 98 isn't a fair comparison. How about PCB and scenic 98? Keep in mind that even though you are in a condo you are still in a very low density area compared to Destin/scenic 98.

Yep. We disagree on this but I'd put money on a bet that the folks who bought at this auction will, in two years, be under water on value. Maybe we can dig this thread up 8/19/2010 and see if that bet would pay off.

Set a reminder in the calendar on sowal. On another note if you remove the / in the date that should be SJ's posting count around that time.

 

[fisher]

Yep. We disagree on this but I'd put money on a bet that the folks who bought at this auction will, in two years, be under water on value. Maybe we can dig this thread up 8/19/2010 and see if that bet would pay off.

Coming from one of the biggest bears on this forum, I would probably be willing to take you up on a friendly non-monetary wager. I think $400k for a 3/3 with 1800 sq ft on a beautiful dune lake is a pretty good deal. It would be interesting to know if these were acquired by end users or investors.

If they are underwater by much in two years, its because our economy has gone through a total nuclear meltdown (calling Shelly) and everyone in the country is up the creek.

Let's check back in two years. My guess is some of these condos will change hands over that time period and none will sell for less than these (but maybe not a lot more either).

 

[Snapper Grabber]

I guess you haven't been in one of the units at Sanct at Redfish. You have tremendous views of Big Redfish Lake, and the beach is only a short, 4 minute paddle in a canoe, or you can get on the shuttle boat and make the trip in 2 min. Today's dollars, I think $425K is a steal for one of those units, and think they are worth more around $600K.

Is the only beach access there across the lake?

 

[STL Don]

Sure, here are the results from Saturday.

117 Highland....$2,310,000
5862 W Hwy 30A....$632,500
Beachside Villas #312....$156,200
Beachside Villas #812....$132,000
Palms of Seagrove #D3....$181,500
Sanctuary at Redfish #1107....467,500
Sanctuary at Redfish #1102....396,000
Sanctuary at Redfish #2102....401,500
Sanctuary at Redfish #2107....401,500
Sanctuary at Redfish #2110....381,700
Sanctuary at Redfish #3107....495,000
Sanctuary pool cabana #5....$30,800
Sanctuary pool cabana #8....$30,800
Sanctuary pool cabana #10....$30,800

I know everyone's attention is on the Sanctuary at Redfish, but the prices on the Beachside Villas units seem amazingly low to me. I thought I had some idea of where this market had sunk, but this was a real eye opener to me.

 

[SHELLY]

I guess you haven't been in one of the units at Sanct at Redfish. You have tremendous views of Big Redfish Lake, and the beach is only a short, 4 minute paddle in a canoe, or you can get on the shuttle boat and make the trip in 2 min. Today's dollars, I think $425K is a steal for one of those units, and think they are worth more around $600K.

Apparently no one who attended the auction thought they were worth around 600K.

<Whyizit the area Realtors aren't snapping up all these great deals?:scratch:>



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