Nocatee - Future appreciation (Jacksonville, Plantation: sales, real estate, insurance) - Florida (FL) - City-Data Forum

rksagi · 03-03-2007, 09:20 PM

Hi,
I am thinking of buying a home in Nocatee, Saint Johns county. The prices are very very high and frankly it is an up hill task for me to buy a house there. But if I can manage to buy a house there, what do you guys (and gals) think about the future appreciation going to be. Do you think is it a good idea from investment point of view ?

A tipical 2000 square feet home is around 350K

Any comments will be really appreciated.

kduszak · 03-14-2007, 07:12 PM

Hi, we are looking at Nocatee as well. We believe appreciation will be strong because of the location- not much building can happen anywhere in Florida so close to the ICW and ocean. Also, the "neighborhood" is a strong appreciation factor. You may want to look also at www.joe.com- (broken link) they are starting a new neighborhood very similiar called RiverTown, along the St John River. Sales begin in May if that fits your timeframe.

GotPuggle · 03-21-2007, 02:56 PM

Nocatee is going to have good appreciation. You just need to be carefull about the CDD Fees. If your just squeaking into Nocatee, it may be hard to swing the home and the CDD fees. RiverTown is by St. Joe, and it will be VERY NICE. But again, pricey. It really depends on what you want out of a home and neighborhood. The thing about it is, you won't be able to turn these homes quickly if you needed to. Some Oakleaf residents are having a similar problem. The first and sometimes second time home buyers are priced out, and with first time buyers being about 40% of the buying population, thats a big chunk of people to count out if for some reason you needed to sell in 2 years. Go to this website localism.com, it has all kind of Home info, Local Realtor comments on whats going on. Good info, for free, and you don't really have to talk to anyone unless you want to

The internet anonymity is great isnt it.

Oyeah, that website searches by county, so lookup St Johns and Duval, since nocatee borders both.

Emily

DanMart · 03-25-2007, 02:10 PM

I live on the intracostal in Ponte Vedra. I do not believe it will appreciate as much as most think. I would personally buy a condo at Summer House on A1A in Ponte Vedra or alil further down the road at Oceans Edge in Jacksonville Beach. There is no more room to build condos that close to the ocean and restaurants. I am personally not completely sold on Nocatee as a sure investment. If you buy early you may get a good price but for the next 5 or so years your home will compete with all the other new ones that they will build. I would look for the deals closest to the beach if possible. There are also some very nice homes off of Hodges near the beach with good schools.
Good Luck

GotPuggle · 03-26-2007, 04:46 PM

Summer House Condos are nice, and a pretty good price....but its a condo. And the insurance rates will be pretty high that close to the water. Nocatee will have good appreciation, but your right, it will definatly not be a quick thing. You may have trouble selling in 2-3 years when their is still new construction going on.

riveree · 03-27-2007, 06:10 PM

If it would be an uphill task to afford a home in Nocatee (or anywhere for that matter), please reconsider.

With any home, even a brand spanking new one, there are unforseen costs that creep in. You might need to buy a new fridge, window treatments/coverings, etc. Got a new puppy? You'll need to fence in your yard at $2k or more. Builder's cheap sod die after the first winter? You'll need to resod your lawn or the homeowners' association will slap a lien on your house - resodding can also costs thousands of dollars.

There will be homeowners fees, termite bond renewals, etc., etc., etc.

I'm not telling you anything you don't already know, I'm just saying "baby steps", y'know? Nocatee will be there two years from now if you still really want it. There's some heavy marketing behind a lot of these communities and there are no guarantees.

FLPL75 · 03-30-2007, 08:45 AM

I just spoke to someone who said the CDD's in Nocatee were around $3800 a year. OUCH !!

chubacca · 03-30-2007, 09:28 AM

We are also looking at Nocatee but are worried that the town was planned at the height of the real estate boom.

On their website they say that a lot of the things planned will be built depending on funding. Some of the things are scheduled to be built a couple of years out. If we buy now and sales, growth, etc. don't work out as expected they could cross off some items or end up getting them in 10 years down the road. I know many people who have moved into planned communities and are still waiting 5 years down the road for their playground, 6 mile trail, etc. All of the things they have planned for the community might not end up there.

Now that things have slowed down it might be best to wait a year or two to see how it is developing. If it works out it sounds like it will be a great town.

kort677 · 03-30-2007, 10:53 AM

Quote:

Originally Posted by chubacca

We are also looking at Nocatee but are worried that the town was planned at the height of the real estate boom.

On their website they say that a lot of the things planned will be built depending on funding. Some of the things are scheduled to be built a couple of years out. If we buy now and sales, growth, etc. don't work out as expected they could cross off some items or end up getting them in 10 years down the road. I know many people who have moved into planned communities and are still waiting 5 years down the road for their playground, 6 mile trail, etc. All of the things they have planned for the community might not end up there.

Now that things have slowed down it might be best to wait a year or two to see how it is developing. If it works out it sounds like it will be a great town.

from what I've read about the nocatee development plan is that plan calls for development over 25 years. That means that you'll be living in or near a construction zone for a long time and if and when you need to sell your resale will be competing against a constant supply of new homes.
Another issue is that the area is planned on being a "high end" development, where are all these "high end" people coming from?

riveree · 03-30-2007, 03:43 PM

I was thinking the same thing, kort677 - 25 years is a long time and that's only the estimate.

I had also been told that many of the surrounding communities that were built in proximity during the last few years will get "absorbed" and be considered 'Nocatee" as well. I'm not sure if this is a benefit to future buyers (will those older communities also pay CDD's?). This information was told to me while shopping the communities a few years back...the realtors thought it was a selling point...it sent us running.

Some of Nocatee will be open to the general public as Julington Creek Plantation is. I know the Nocatee water park plans to be open to all for an admission fee. The whole Nocatee idea sounds like a big ball of unknowns to me.

A little anecdote about "unknowns":

A couple of years ago I was looking at houses in Highland Glen, off Beach Blvd. I loved the house plans, the total association fee was something like $80/month (for a gated community! Not bad!), they had plans for a "meditation park" with a labyrinth I think (ooohhh! I'm such a sucker for groovy stuff like this!). I revisited it about a year ago and followed the signs to the meditation park...it was a short strip about 8 feet wide alongside someone's driveway! Hardly a "park"!