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One week from tonight I leave for SJP. I can't wait to leave the snow and ice in NJ. We had 1/2 of inch of ice on top of 3 inches of snow on Wednesday. My driveway is like a sheet of ice and I have already fallen twice. I am really done with winter.
We’ve just begun to explore the area. Very interested in St James and OR but as we’vebrowse the online real estate listing we’ve notice that resales seem to stay onthe market for 200-300 days or more. We’lllikely build but am a bit concerned about property holding its value. Can anyone provide any insight? How has the local real estate responded tothe improvements in the economy?
Last edited by VirginiaJim; 02-10-2014 at 05:51 PM..
Reason: content error
I can only comment on St. James. If you look at many of the resales that have been on the market for a long period of time, there is usually a reason. Location in flood plain and unrealistic pricing are two main reason. Also, some are on busy roads. If you look at the St. James map you can see many of these resales reside in the same area. I think your concerns are valid to some extent. They won't be on the market for 200 days, but you will be competing with a lot of new homes being built. I think at last count there are 1,500 additional units to be built. That is the major risk in my opinion.
To add a bit to PonyPride's input .... Recognize that few houses were built during the 4-5 year global fiscal crisis; those built after the crisis are being lived in (or soon will be), those that were built prior to the crisis tend to have outdated amenities or floor plans or just older than many resale buyers would prefer.
In other words, it's a very odd market there (in SJP) now. The builders are FLUSH with business. Resellers are having a hard time selling! Buyers trying to find resale homes <8 years old are SOL.
I decided to recently build but only after an exhaustive search of current homes (for a decently sufficient period of time) provided nothing of interest. And yes ... there is a decent premium to new build construction over resale but then again, it is hard to find a resale you will be happy with.
What is the "downside" to a >8 year old home in SJP? Is it simply style or are there quality of construction drawbacks? I understand the early built homes at the entrance see a lot of traffic traveling into the development but there had to be a number of "premium" lots back then. I am also assuming there have been no changes in the "specs" (no aluminum siding) of the homes over the years. Is that correct?
What is the "downside" to a >8 year old home in SJP? Is it simply style or are there quality of construction drawbacks?
I would certainly consider a resale home if I were buying in SJP today. I don't have a detailed knowledge of construction codes, but here are a few things a resale might not have:
1. PEX piping in supply lines
2. hurricane reinforcement in the garage doors
3. Insect control systems in the walls, suck as Trexx
The other major cost items associated with a resale are the need to replace roofing and HVAC systems so many years sooner. Other costs might be the need to repaint interior walls if you can't live with the owners' color schemes.
OTOH, resales will have curtain rods and blinds, shelving and built-ins, etc that builders typically do not install. We spent about $2K after we bought a builder's spec house to put in the rods and blinds, medicine cabinets, paper holders etc.
To add a bit to PonyPride's input .... Recognize that few houses were built during the 4-5 year global fiscal crisis; those built after the crisis are being lived in (or soon will be), those that were built prior to the crisis tend to have outdated amenities or floor plans or just older than many resale buyers would prefer.
In other words, it's a very odd market there (in SJP) now. The builders are FLUSH with business. Resellers are having a hard time selling! Buyers trying to find resale homes <8 years old are SOL.
I decided to recently build but only after an exhaustive search of current homes (for a decently sufficient period of time) provided nothing of interest. And yes ... there is a decent premium to new build construction over resale but then again, it is hard to find a resale you will be happy with.
Gatorbyter
I think you nailed the reason, Gaterbyter!! We bought a lot for future building in (4) years or so and haven't even considered a 're-sell.......
To add a bit to PonyPride's input .... Recognize that few houses were built during the 4-5 year global fiscal crisis; those built after the crisis are being lived in (or soon will be), those that were built prior to the crisis tend to have outdated amenities or floor plans or just older than many resale buyers would prefer.
In other words, it's a very odd market there (in SJP) now. The builders are FLUSH with business. Resellers are having a hard time selling! Buyers trying to find resale homes <8 years old are SOL.
I decided to recently build but only after an exhaustive search of current homes (for a decently sufficient period of time) provided nothing of interest. And yes ... there is a decent premium to new build construction over resale but then again, it is hard to find a resale you will be happy with.
Gatorbyter
I'm really puzzled by this. I don't consider a house that is 9 -10 years old to be "Old". Is it that the quality of the houses built in the area is on the low scale so they simply don't hold up like in other parts of the country? The homes in my neighborhood are from the 60s and sell like hotcakes. We have harsh weather here.
I'm trying to understand if this is due to:
1) hurricane activity - do they get beat up that badly
2) low quality
3) due to a regional difference in opinion based on where many of the people that are now moving into the area are from
I plan to move to the Southport area and would prefer a resale. I have built one house and would rather not go down that road again plus I like that most resales have had improvements made overtime - as another poster has described.
I noticed that many of the resales have been on the market a long time - they either get snapped up right away or they sit. I get that buying in a flood plain is a bad idea. Would the pex, enforced garage doors etc... make that big a difference? I am totally in need of some education I guess. I will be coming down in March to check out the area.
I'm really puzzled by this. I don't consider a house that is 9 -10 years old to be "Old". Is it that the quality of the houses built in the area is on the low scale so they simply don't hold up like in other parts of the country? The homes in my neighborhood are from the 60s and sell like hotcakes. We have harsh weather here.
I'm trying to understand if this is due to:
1) hurricane activity - do they get beat up that badly
2) low quality
3) due to a regional difference in opinion based on where many of the people that are now moving into the area are from
My opinion only, is that it is a regional difference, plus the high expectations of what people want in a retirement home. In many cases a retirement home is that last place people expect to buy, and they want their long-deferred dreams.
Regarding regional differences, much of the housing in the south is newer than housing in (for example upstate New York or Connecticut). People are conditioned to want the new and trendy. For example, as I looked at the 8-year old real estate listings in St. James, I found myself turning up my nose at white Thermofoil kitchen cabinets and laminate countertops. I know they can be replaced, but buyers do not want to bother to renovating when the new houses are available with the latest granite and stainless steel.
To answer your other questions, "No", the houses are probably not languishing because of hurricane damage or low quality. It is more likely the newness factor, plus a poor location.
BTW, if the 1960's homes in your state are selling like hotcakes, the buyers probably don't have affordable new alternatives. (BTW, I used to live in NW Conecticut where most of the affordable homes are older ones.)
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