Nocatee - Future appreciation (Plantation, Lighthouse Point: foreclosures, condo, loans)

[apvbguy]

Originally Posted by cricketfan

Somehow we seem to forget that not everyone that buys a home is looking to sell within the next 25 years. There are lots of people who have bought several homes throughout their lifetime and are deciding it's time to buy their dream home and stay put. So for them who cares about the cycles in the next 25 years? Now may be the right time to buy in Nocatee or anywhere else.

what you say might be true, but the stats don't agree with you many people do move a lot.
being able to sell your home easily is a very big consideration and a buying into place like Nocatee, no matter how nice it might become, people need to be aware that it is planned to have a long build out process and being in competition with the builders might hinder their resale chances

[travelingfood]

Are they a direct competitor with Silverleaf Plantation, the other 15 year build out community in St Johns? The only thing exciting about them are their amenity centers, everything else is still cookie cutter houses. 25 year build out is extremely long term...they might be underwater before it's even done!

[riveree]

Originally Posted by apvbguy

what you say might be true, but the stats don't agree with you many people do move a lot.
being able to sell your home easily is a very big consideration and a buying into place like Nocatee, no matter how nice it might become, people need to be aware that it is planned to have a long build out process and being in competition with the builders might hinder their resale chances

Right. The last statistic I heard said that Americans move once every 5 years on average (I think I'm averaging once every 4 years right now ).

I think you always need an escape plan. Even if you don't intend to move, something might happen and you have to, so you should have that in the back of your mind when you buy - it's only prudent to do so.

[riveree]

Originally Posted by travelingfood

25 year build out is extremely long term...they might be underwater before it's even done!

It's certainly possible.

[cricketfan]

Originally Posted by riveree

I think you always need an escape plan. Even if you don't intend to move, something might happen and you have to, so you should have that in the back of your mind when you buy - it's only prudent to do so.

I guess you're right, you have a point.

[etronsman]

Hey all, just joined today as I came across the forum. I am about to purchase at Tidewater in Nocatee. My wife and I are in our mid-20s and have been looking to purchase a condo for a while - lifestyle choice, mainly. We have ties to the Ponte Vedra area and wanted to find a place without a long travel time, etc.

My question is, with Tidewater currently the only "planned" Condominiums in Nocatee, do you think we'll need to wait longer than 4-5 years to be able to see some type of return? I think (hope!) that we have a good deal on a unit this past weekend, but am mostly concerned about being able to sell 4-5 years from now. Please feel free to ask a question if you want me to go into further detail.

Thanks for the help

[SmileDoc]

They are building apartements around the "town center" which were, according to my understanding, going to be condos... 4-5 years from now when the market is hot again they will be converted to condos. You will be going up against developers where ever you go in large developments. I personally think Nocatee is going to be pretty cool in about 2 years, so I would buy w/ ease and enjoy it. The thoughts on the appreciation of this area have been gone over ad nauseam, I dont think anyone really knows for sure, but they will be building this thing for the next 3 decades w/ developers who have deeper pockets than the owners... it will be hard to sell would be my guess. But live where you want to now, let 4-5 years from now take care of itself I say.

[travelingfood]

Originally Posted by etronsman

Hey all, just joined today as I came across the forum. I am about to purchase at Tidewater in Nocatee. My wife and I are in our mid-20s and have been looking to purchase a condo for a while - lifestyle choice, mainly. We have ties to the Ponte Vedra area and wanted to find a place without a long travel time, etc.

My question is, with Tidewater currently the only "planned" Condominiums in Nocatee, do you think we'll need to wait longer than 4-5 years to be able to see some type of return? I think (hope!) that we have a good deal on a unit this past weekend, but am mostly concerned about being able to sell 4-5 years from now. Please feel free to ask a question if you want me to go into further detail.

Thanks for the help

No one can say for sure what happens with the housing market 4-5 years later. Right now it's best to buy based on what your needs are. Unless it's some beach front condo, regular condos are difficult to sell. Nocatee has a 35 year build out grand master plan, so there will be more condo being built. Also, condo's really a hard seller in JAX due to its surplus. There are plenty of condos for rent/lease/sale in every part of the JAX community. There will be a return 5 years later, but how little or how much return is unknown.

[riveree]

Originally Posted by etronsman

Hey all, just joined today as I came across the forum. I am about to purchase at Tidewater in Nocatee. My wife and I are in our mid-20s and have been looking to purchase a condo for a while - lifestyle choice, mainly. We have ties to the Ponte Vedra area and wanted to find a place without a long travel time, etc.

My question is, with Tidewater currently the only "planned" Condominiums in Nocatee, do you think we'll need to wait longer than 4-5 years to be able to see some type of return? I think (hope!) that we have a good deal on a unit this past weekend, but am mostly concerned about being able to sell 4-5 years from now. Please feel free to ask a question if you want me to go into further detail.

Thanks for the help

If I had to place a bet on it, I would say that 5 years might be a little too soon to see a return. But it sounds like you want to be there, so maybe it's worth it even if you only break even in 5 years, or only lose a little?

I do wonder though, what is making you chose Nocatee - which is untested - over Ponte Vedra proper? Ponte Vedra has a high desireability factor that Nocatee does not have at this time....why not place your bet on Ponte Vedra?

[etronsman]

A couple of reasons we are choosing Nocatee:

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.

It seems to me that you can't really get the price per square foot in Ponte Vedra that you can in Nocatee. I'm talking about a condo here. My wife and I can only afford to purchase a condo, and with what we're paying for rent right now in Ponte Vedra, it's hard to save up for a house.

We'll be paying practically the same amount per month on the mortgage (taxes, CDDs included) as we would for rent. That, along with the tax benefits, should outweigh at least renting, right?