WaterSound for 69k

[fisher]

We are looking at buying a lot in WS West from Joe. What should we be worrried about, negotiating for, etc.? If $69K is not great for North, what woudl be great for WS West?

I so enjoy reading this board. Thanks to you all.

Happy Fourth everyone! Pray for our soldiers.

I guess someone thought $68k was a good deal--the lot is already under contract. In terms of a good deal in WS West, it depends on location, lot size, comparable recent sales, how long you intend to own the property, etc. Before buying directly from Joe, make sure you work with a non-Joe realtor to determine if there are any resales that could be had for less than a Joe direct sale (the Joe agents might not show you all the lots for sale in the area).

Keep in mind the trend for sales in WS before plunking money down. Lots sales in 2005 were mostly $700k plus or minus, 2006/2007 prices fell to $300's, 2007/2008 prices fell to $200's with most recent sales being under $180k.

Good luck.

 

[AAbsolute]

We are looking at buying a lot in WS West from Joe. What should we be worrried about, negotiating for, etc.? If $69K is not great for North, what woudl be great for WS West?

I so enjoy reading this board. Thanks to you all.

Happy Fourth everyone! Pray for our soldiers.

I can only repeat my original assertion about West Beach.

1) I bought a lot from Joe and closed by the last day of the quarter.
2) They offered Beach Club and Cooper Robertson plan incentives that I thought were valuable.
3) I built a home in 110 days that was in line with buyers expectations.
4) We had numerous interested parties.
5) The home was sold/closed on the 111th day.
6) The appraisal was 900 and the house sold for 750.
7) The house has been enjoyed and actively rented/booked solid.
8) We are going to do the same exact thing with a little different plan shortly.

 

[fisher]

I can only repeat my original assertion about West Beach.

1) I bought a lot from Joe and closed by the last day of the quarter.
2) They offered Beach Club and Cooper Robertson plan incentives that I thought were valuable.
3) I built a home in 110 days that was in line with buyers expectations.
4) We had numerous interested parties.
5) The home was sold/closed on the 111th day.
6) The appraisal was 900 and the house sold for 750.
7) The house has been enjoyed and actively rented/booked solid.
8) We are going to do the same exact thing with a little different plan shortly.

How much did you pay for the lot you built on? Did you make any money?

I have heard many, many people quote that you cannot build a nice house in WS, WC, RM, etc for under $250 per square foot. If that't the case and you bought a lot for $150k and built a 2300 sq foot house, you would break even at $750k. Not sure of your situation, but I haven't seen any lots go for $150k and most of the homes are over 2000 square feet. $750k seems like pretty slim to negative margins unless you can build a house with all the normal fixin's for well under $250 per square foot.

 

[egrp]

i think you could build that for $175 - $200 / SF...now cooper robertson plans may be pricey...but i dont think $250 pricey. I could be wrong. Lots there are probably in the $200K range I would imagine...they were mid-$300Ks I think we they first came out.

 

[egrp]

just to clarify i'm speaking of the cottage style lots (around teh horseshoe near 30a)...i know some of the larger lots closer to the beach are more expensive.

 

[scooterbug44]

Lots of people tell folks they can build them a house for so many dollars a square foot, but then all the bids and closing math say otherwise. $250-300 is a pretty realistic price for most homes in those developments.

One of the parade homes in Gulf Trace was nicely done IMO for less than $200 a square foot, but it was slab on grade w/ fiberglass showers, silestone counters, laminate 'wood' flooring, stucco exterior etc.

Watercolor was advertising lots for $95K - think they're ones east of 395 by Publix, but not sure.

 

[AAbsolute]

Such is life

How much did you pay for the lot you built on? Did you make any money?

I have heard many, many people quote that you cannot build a nice house in WS, WC, RM, etc for under $250 per square foot. If that't the case and you bought a lot for $150k and built a 2300 sq foot house, you would break even at $750k. Not sure of your situation, but I haven't seen any lots go for $150k and most of the homes are over 2000 square feet. $750k seems like pretty slim to negative margins unless you can build a house with all the normal fixin's for well under $250 per square foot.

The lot was 289,000
The house is 4 Bed and 4 Bath 2450 sq ft HVAC
The firm made about 100,000
The house cost us about 135 per ft
We self performed most of the work
The kitchen and baths are all solid surface granite or marble
Wood floors everywhere
The appliances were Viking
In the real world that is what construction goes for. Granted, I didn't get to drive around in a pretty truck all day waving and smiling. It's a new day in construction and the sooner builders realize this the sooner they'll get back to work.

 

[AAbsolute]

Construction Costs of materials

I know I'll get attacked in the near future and that comes with competition so its o.k.. What I do want to say though is real simple. If anyone, anywhere ever wants to talk with me directly about what the actual costs of materials only are on Watersound/Watercolor/Rosemary Beach homes I'm happy to share my real experience with them. That includes contractors to kick it around with too. There is nothing wrong in my mind with a contractor having a mutual and open chat with his peers about their individual experiences. We can all learn from one another and save a lot of hard knocks if we're not afraid to just talk.

I have talked to at least 50 Architects about construction materials and have worked for another 30 Rosemary, Seaside, Watersound and Watercolor Builders as a shell contractor etc. Very few people in our industry know where to buy all the products that go into building a home without buying 3rd or 4th supplier down the supply chain. Very few contractors are dealing with the labor source directly.

I know contractors who hire a guy who then hires a guy who then hires a guy to perform the service. It drives me crazy when I'm working as a contractor and I see a sub driving around who hasn't performed the hands on installation of his trade in God know's how long. I've seen first hand, cost plus subs and contractors hide materials that are left over at the end of a job from their own customer, because they didn't want the payor to understand that they paid more than they should have. Those guys then talk about working contractors in a poor light as if God bestowed upon them some birthright.

If anyone ever wants to share who has performed 90% of the install on a home building project please do and you'll hear proof of what I am talking about.

 

[Kurt]

Might be a good time for a SoWal Builders' Association.

 

[AAbsolute]

Sowal Builders Association

Might be a good time for a SoWal Builders' Association.

Pretty Good Idea. You wouldn't believe what happens amongst builder groups who try to regulate themselves. For a short while the State gave Walton County the chance to self regulate. I've seen first hand what they do up in Freeport amongst builders till 4:00 in the morning in good old, make up the rules as you go, deal off the bottom of the deck, lynches. Needless to say, the State took the right away just as quick as they gave it.

I preserved some of it through subpoena's of the recorded proceedings to show the grandkids when they're old enough. It took about 30 hours to undo the damage to the tapes, but I got it all.