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Old 02-17-2008, 07:17 PM
40+
 
19 posts, read 103,770 times
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Hi, does anyone have any updates to this thread? How are things coming along? Is the waterpark pool completed? Anyone living there now?
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Old 02-17-2008, 11:28 PM
 
Location: Jax
8,200 posts, read 35,465,931 times
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Quote:
Originally Posted by 40+ View Post
Hi, does anyone have any updates to this thread? How are things coming along?
The news is not good. Centex, one of the major homebuilders in Nocatee refunded deposits and pulled out of the Nocatee project and the North St. John's County area.
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Old 02-18-2008, 06:45 AM
 
131 posts, read 621,817 times
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Centex is having its own problems. They have pulled out of NE FL all together, not just Nocatee. Nocatee is about to break ground on the waterpark, the Publix/retail center, and professional park. All to open in mid/late 2009. As far as appreciation I personally think that now is the time to buy ANYWHERE if you can REALLY afford it. Before, when Nocatee broke ground and prices were at their highest, probably a bad idea, but they are offering some AMAZING deals on homes down there right now. This is a 25 year, multi-BILLION dollar process, 1 year of bad sales is not going to kill it. This time next year I believe it will be a great place to live if you like suburbia.
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Old 02-18-2008, 06:50 AM
 
Location: St. Augustine FL
1,641 posts, read 5,026,182 times
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Quote:
Originally Posted by SmileDoc View Post
Centex is having its own problems. They have pulled out of NE FL all together, not just Nocatee.
I only heard they pulled out of Nocatee. Can you tell me where you learned about that? Thanks.
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Old 02-18-2008, 11:12 AM
 
Location: NE Florida
1,658 posts, read 4,737,128 times
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Originally Posted by agreatlife View Post
I only heard they pulled out of Nocatee. Can you tell me where you learned about that? Thanks.
According to First Coast News, Centex has announced it is pulling out of the North East Florida market including Nocatee but they go on to say that it doesn't crush the Nocatee project.

Local News - Home Builder Backs Out of Nocatee
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Old 02-18-2008, 11:27 AM
 
131 posts, read 621,817 times
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In fact Centex was "sharing" the development of one of the subdivisions. So Nocatee is still going strong.
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Old 02-18-2008, 08:42 PM
 
Location: Jax
8,200 posts, read 35,465,931 times
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Quote:
Originally Posted by SmileDoc View Post
In fact Centex was "sharing" the development of one of the subdivisions. So Nocatee is still going strong.
They were the biggest builder in there though, weren't they? There are others still in the project, but there is speculation that those builders might follow Centex's lead.....it's hard to say either way right now.

The original build-out period according to the developer was 25 years, but that may have been overly optimistic to start with. Now, with the current slow down, who knows how long the project could take?

I think anyone buying in any development still under construction needs to move more cautiously than ever.
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Old 02-18-2008, 09:30 PM
 
377 posts, read 1,728,417 times
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Just remember that if you ever want to sell your home you'll be in direct competition with the builders for the next 25 years. So, your future appreciation will be directly related to the amount (if any) the builders raise prices in the future.
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Old 02-19-2008, 07:17 AM
 
131 posts, read 621,817 times
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I would agree w/ stevep. It is tough going against the developers. As far as the 25 years, yes they may have been optimistic, but at the same time the housing market will probably go through 2 maybe 3 more cycles over the next 25 years that resembled the 2004-6 time period where they could not build the homes fast enough. Crews bringing in lights at night to get houses built. I could not believe my eyes when I saw that. And then the cycle will go bust again. As long as the feds keep cutting the interest rates there will come a point that people cant help but want to start buying again. This county lusts after having the newest, biggest and best. Even worse they get bored really easily. This housing cycle will not last long. Its just in our nature to want to keep buying.
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Old 02-19-2008, 11:31 AM
 
Location: NE Florida
1,658 posts, read 4,737,128 times
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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.
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