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We have visited SJP a few times and will be down there again this summer to look at some lots...preferably in the Woodlands Park Neighborhood. My question: Are these lots really going for $100K + ? Seems rather high too me given that it is Southport. Although we are looking to retire and stay for many years just feel that after building a 2500sf custom home at approx $165+ per sf. it would really push the price quite high and would the resale vaule be there down the road??
We have visited SJP a few times and will be down there again this summer to look at some lots...preferably in the Woodlands Park Neighborhood. My question: Are these lots really going for $100K + ? Seems rather high too me given that it is Southport. Although we are looking to retire and stay for many years just feel that after building a 2500sf custom home at approx $165+ per sf. it would really push the price quite high and would the resale vaule be there down the road??
There are many lots available through the St James real estate web site or Realtor.com that are selling for less than $90,000, to as low as $34,000. Personally, I don't see that the Woodlands Park location is worth the difference. I suggest shopping around, as I think the Woodland Park builders have a monopoly on the lots. They may also have a gimmick, like throwing in the Club initiation fee in the price of the house if you build and buy with them. That might be a $15K discount.
You might also contact some of the regulars in this thread. I know some have bought in Woodlands Park, and you might contact them through a private message to get a better feel for prices: Thoughts or information on St James Plantation
I just visited SJP on Sunday and the better lots do go for $90,000. Of course there are lots listed in the web sites for less, but I ones I visited had a power substation or major trasmission lines running at the back of the property. Also some of the cheaper lots and houses are in the floor zone. Don't depend on a web site, visit the properties and ask questions.
I have been looking at a lot of property on web sites and I have found that it is very deceiving. When you actually see the property in person, you understand the reason for the lower price. JMHO.
$90K does not sound unreasonable and it depends on the location and lot size. For example, is the lot on a busy road or a quiet street? Also, some lots will have higher building costs associated with them. In the Reserve you have to have an extra course on the foundation, which results in an increase in building costs of $5K. You won't have that requirement in the Woodlands.
As far as throwing in the membership, make sure you understand the requirements. If they throw in the $30K membership, if you move, you do not get the 80% refunded as do those who paid for it. Also, if you are not going to be living there full time upon building, you still have to maintain a social membership and you have those costs.
It really depends on when you build and when you plan to be there full time. You may also want to look at foreclosures on lots. That inventory has decreased since the real estate market has rebounded, but you may be able to find a good property. Right now there are ~230 homes in SJP under construction, or roughly 8% of the total number of homes completed to date. $165/sq. ft. will build you a beautiful home that you will really enjoy. I am not sure if you included the land in that figure, but either way it will allow you to build a beautiful home.
My wife and I just went for a walk in Woodside. What a beautiful place, I would buy there in a heartbeat if I hadn't already built in Player's Club 10 years ago.
Coming from New Jersey I just feel that is a very high price for Southport, since all major shopping and medical are not at your finger tips. Although we do love SJP for all the amenities and peaceful atmosphere and hope to retire there in a few years I always look to get the best for our money and save the most whenever we can Thank you all for your response!
All the communities have tradeoffs. Keep monitoring the foreclosure list, as that is your best bet to be under market on the land. If you have flexibility as to the type of lot you purchase (i.e. size or location in Woodlands Park) you might find one. If you are looking for lots just released for sale, your ability to get below market will be hampered.
I can understand going with new construction but I cannot see a financial pay back based on the current market. With new you get what you really, really want. God bless, God speed. I am still a few years out to "joining the fun" but I foresee the first and second round buyers at SJP moving on (either up or down) and a ton of estate sales hitting the market. Those kids that inherit Mom and Dad's dream house will have no interest in it and look to turn it into cash for the settlement of the estate. Motivated sellers like that will keep a cap on the market. Just my opinion and I could be wrong. I am OK with waiting it out.
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Thank you all for your response!
