Nocatee - Future appreciation (Palm Valley, Sawgrass: HOA, broker, lawyer)

[riveree]

Originally Posted by etronsman

New construction, as opposed to some older units in Ponte Vedra. Also, hoping that Nocatee lives up to the "hype", i.e., Aquatics Center, Town Center, Greenway Trails, etc.

And that's where I think Nocatee might fail. Promises, promises, right?

I understand the attraction to new construction, I do, but how about newer construction? You don't have to buy a condo built in the 80's, but what about the late 90's or early 2000's? There's something nice about being the first one to live in brand new construction, but it's not like a car, it's stationary, so you've got to be sure that it's a location that will sell later......and that's a huge unknown with Nocatee.

[IslandGirl1]

Just wondering if you ended up buying a condo at Tidewater. If so, do you like it there?

[fahthai]

Currently, my husband and I are looking to buy the single family house in Austin Park at Nacatee. The price is around 400k. Is it a good price? Is it a good idea to buy a house here. Thank you in advance for all comment.

[donisanasfan]

There is a foreclosure where I live in Coastal Oaks right now. Personally, I would check that out first. It has a court lot and backs to nature preserve.

[hlauburn]

Originally Posted by fahthai

Currently, my husband and I are looking to buy the single family house in Austin Park at Nacatee. The price is around 400k. Is it a good price? Is it a good idea to buy a house here. Thank you in advance for all comment.

We've been in our house in Austin Park for about 2 months now, and we love it here! Not sure what sort of things you are looking for in a neighborhood, but we're really happy with the schools and Austin Park in general. Lots of kids and friendly neighbors.

We bought a Taylor Morrison home. Not sure what house you're looking at, but $400K seems pretty high to me. Most of Taylor Morrison's house are around $280-320, but they're selling the model (a Lafayette) for over $400k but it's really "decked out" - 5 bedrooms, 4 baths, plus bonum room and office and a beautiful backyard with a pool. Cornerstone might have some more expensive homes...not sure.

Anyway, we're really glad we bought here. I like being close to Philips Hwy (i.e. the road to shopping/restuarants) although we're furthest from the waterpark. I'll be glad to answer any questions if I can, just shoot me a message.

[fsu813]

my hubbie and i were looking in nocatee whe we moved from atlanta not that long ago and 400k does seem a littllre high i think especially now
i bet you can get a a great home there for not a penny over 350k but we eneded up moving closer to jacksonville

if you like it go for it!!!

[islandtimect]

This thread is extremely interesting to someone who just visited Coastal Oaks last week. The concern I have is the same as the OP posted 2 years ago - how long will it take for your new home to appreciate? Based on 2 visits with the Sales Manager at Tolls Brothers in Nocatee, and info from our realtor, here's what I've learned:

1. Coastal Oaks is not being built in as "high end" a fashion as originally planned. Toll Bros are adding a 5th collection of homes that will be the lowest prices they offer. The higher-end homes - Estate and Signature collections - aren't selling well, so some streets originally designated as these are being converted to Ambassador homes (mid-point prices).

2. Existing homes in Coastal Oaks are more expensive than building new, especially factoring in incentives. As the manager said "Were offering this model at xxx, but nobodys paid xxx yet".

3. Nocatee is expected to be a community of 15,000, less than 1/2 of originally planned.

4. According to our realtor, it may take 7 + years from today to recoup your investment in Nocatee. Homes in PVB, especially east of A1A, will rebound the soonest. If the economy plods along a few more years, then rises, I'm hoping she's wrong.

We spent 3 days looking at homes in Palencia, Plantation Oaks, Marsh Landing, Marsh Harbor, Payasada Estates, Coastal Oaks, and old PVB. I'm concerned Nocatee could become another Palencia, Marsh Harbor or Payasad, with many foreclosures. I would love to move to PVB rather than Nocatee, but unless I find the home that has what I want, I may end up building in Coastal Oaks after all. I'll just hope that I love living in FL and won't need to sell my home for ten years!

[fsu813]

big article in the paper a few weeks ago about nocatee
it said its going forward slooowly

[Robyn55]

Originally Posted by islandtimect

This thread is extremely interesting to someone who just visited Coastal Oaks last week. The concern I have is the same as the OP posted 2 years ago - how long will it take for your new home to appreciate? Based on 2 visits with the Sales Manager at Tolls Brothers in Nocatee, and info from our realtor, here's what I've learned:

1. Coastal Oaks is not being built in as "high end" a fashion as originally planned. Toll Bros are adding a 5th collection of homes that will be the lowest prices they offer. The higher-end homes - Estate and Signature collections - aren't selling well, so some streets originally designated as these are being converted to Ambassador homes (mid-point prices).

2. Existing homes in Coastal Oaks are more expensive than building new, especially factoring in incentives. As the manager said "Were offering this model at xxx, but nobodys paid xxx yet".

3. Nocatee is expected to be a community of 15,000, less than 1/2 of originally planned.

4. According to our realtor, it may take 7 + years from today to recoup your investment in Nocatee. Homes in PVB, especially east of A1A, will rebound the soonest. If the economy plods along a few more years, then rises, I'm hoping she's wrong.

We spent 3 days looking at homes in Palencia, Plantation Oaks, Marsh Landing, Marsh Harbor, Payasada Estates, Coastal Oaks, and old PVB. I'm concerned Nocatee could become another Palencia, Marsh Harbor or Payasad, with many foreclosures. I would love to move to PVB rather than Nocatee, but unless I find the home that has what I want, I may end up building in Coastal Oaks after all. I'll just hope that I love living in FL and won't need to sell my home for ten years!

I don't think you know much about Florida real estate booms/busts. Apart from the fact that no one can predict them with any certainty - the cycles tend to be somewhat short from peak to bottom - and then a much longer time from botton to next top. Think 7-10 years to more or less break even is about the average time frame based on the last 3 boom/busts we've gone through. And that's everywhere in the state.

Think I've mentioned it before. But the absolute best place to buy now or in the next couple of years in Florida IMO is SE on the water. If you were truly interested in appreciation - that's where you'd be buying - not anywhere here. Heck - if I were in my 40's and not my 60's - I'd buy my Dad's old house in Lighthouse Point - 100 feet of deep water canal 10 minutes away from the ocean - no fixed bridges. He sold it for $1.5 million in 2005 - and you can pick it up now for about $600-700k - maybe less. Houses on dry boring lots come and go here - they're a dime a dozen. It's really the waterfront that counts if you're interested in appreciation. Robyn

[donisanasfan]

Just wanted to correct a couple items mentioned by islandtimect. There is no plan to add a lower priced 5th collection of homes in Coastal Oaks. There is also no expectation that Nocatee will be half the size then it was planned. It is slow to develop as would be expected in this economy, but there is no plan to reduce the final size. Coastal Oaks will never be similar to Palencia in terms of foreclosures, just for the fact that it is being developed in a very different economic atmosphere. There are no crazy zero percent down, zero percent interest for 5 year loans. There will be foreclosures occasionally, but it will never be an epidemic. I also have to say that I think the developers of Nocatee, the Parc group, have done a fantastic job with getting the water park done , infrastructure, etc. In the worst economy I have seen in my life time, they have stepped up and made this a fantastic place to live. Toll Brothers too has been responsible up to this point in keeping our individual community standards up, while dealing with economic reality of the moment. In fact the single biggest down side for me, is I just wish more people were in a position to buy here right now so my three boys would have more play mates.