Nocatee (mortgage, how much, home builders)

[yesrej]

I am from jersey and i was wondering how that new town Nocatee is doing.

How are the homes selling including the 55 and older section Riverwood.

Has the area really start to take shape yet?

With housing market is it a good area to buy?

any information would be helpful.

[apvbguy]

Originally Posted by yesrej

I am from jersey and i was wondering how that new town Nocatee is doing.

How are the homes selling including the 55 and older section Riverwood.

Has the area really start to take shape yet?

With housing market is it a good area to buy?

any information would be helpful.

nocatee is in it's infancy, not much has been built and they will be building there for many years to come.

[ShakenStirred]

Originally Posted by yesrej

I am from jersey and i was wondering how that new town Nocatee is doing.

How are the homes selling including the 55 and older section Riverwood.

Has the area really start to take shape yet?

With housing market is it a good area to buy?

any information would be helpful.

In Nocatee...Toll Brothers (across from Riverwood) were building pretty steady up until this past month, when things have come to a grinding halt. They are only building to order now, and it has slowed considerably.

Pulte, which by the way, has some absolutely great looking homes in there, has built quite a few in Riverwood, but again, things seem to be flowing in at just a trickle now.

Centex is pulling out, so who knows what is going to happen in their section. Lennar bought half their lots (190 of them) quite some time ago but for some reason has not started anything at all. Maybe this: Moody's Downgrades Six Home Builders

A little farther from the beach in Nocatee right now are homes being done by CornerStone Homes, and they share the Austin Park section with American Homebuilders, of whom I know nothing about but have heard only good things, but I know CornerStones quality and reputation first hand, which is first rate.

I know several builders both local and national who keep trying to get land in there, but all say that the terms aren't favorable enough for them, so they back out of the deals.

Nocatee is a 20-25 year buildout, and those projections were made before the housing crisis, so 30 years wouldn't be a suprise. There will be many more homebuilders to come in there when the land deals start getting better. If you're looking at buying soon, I'd give Pulte and CornerStone the first shot (if you meet Pulte's age requirements that is).

Outside of that, the landscaping of this place is incredible. It's hard to imagine this place was just a small two lane county road through the woods on your way to the beach just 2 short years ago. The developer has done a tremendous job with the infrastructure. Anybody who buys in there now will be smiling big time in 10 years in my opinion.

[agreatlife]

20 - 25 year build out is the last thing I heard. Centex builders pulled out, I think it's going to be a slow go. Someday I'm sure it will be very nice.

[jackaroo]

Notwithstanding the slowdown in the housing, I hear the developer is still going forward on building the amenity centers, which appears to include an amazing water park.

I think I read that a shopping center is being built that will include a Publix (for those not familiar, standard grocery store that has largest market share in Florida), so you won't have to drive forever to get groceries.

Otherwise, yes, the project is still in its infancy and I wouldn't really describe it as a "town" so much as just another big development project.

If I were moving in town though, I would strongly consider the community.

[yesrej]

I welcome everyones input..its interesting to see everyones views....and I do think it has more positive upsides to it more then down side..thanks...keep expressing your thoughts.

[riveree]

Originally Posted by agreatlife

20 - 25 year build out is the last thing I heard. Centex builders pulled out, I think it's going to be a slow go. Someday I'm sure it will be very nice.

I really wonder if this type of development will quickly fall out of fashion.

The cost of gasoline is going to continue to rise, this is not a temporary setback, this is how it will be. Easy mortgage money is a thing of the past. Wasting water (as in a water park) is not cool and their giant water park may be seen as vulgar by more and more people.

People are scaling back, getting more realistic about how much house they truly need, taking a look at their carbon footprint, and so on.

I think a development like this needed to get started 10 years earlier if they wanted to be successful. Now, it just seems they are selling yesterday's dream.

With Centex gone, and possibly others to follow, maybe the Nocatee plan will be reassessed to bring it back in line with the new direction of the market.

[agreatlife]

But Riveree, the whole point of Nocatee is to live near where you work. The plan calls for a LOT of office space, with greenways between each of the subdivisions and office/retail complexes. Biking/Walking trails through each area - the idea is that people woulnt necessarily even have to get in their car to get to work. You don't get much greener than that.

I disagree about the water park being considered vulgar. I mean, this IS Florida, and it's HOT. People need to be able to cool off. The water park is the central feature of Nocatee. I understand where you are coming from with the water though, I guess I just don't think it will be considered vulgar. Just my 2 cents.

Having said that, I'm not moving there. LOL

[SlickP]

Originally Posted by yesrej

I am from jersey and i was wondering how that new town Nocatee is doing.

How are the homes selling including the 55 and older section Riverwood.

Has the area really start to take shape yet?

With housing market is it a good area to buy?

any information would be helpful.

If I were 55 & older, I wouldn't buy in Nocatee. I'd look into an established development that you can step into and enjoy the amenities and company of many other neighbors.

[apvbguy]

Originally Posted by SlickP

If I were 55 & older, I wouldn't buy in Nocatee. I'd look into an established development that you can step into and enjoy the amenities and company of many other neighbors.

bingo, you get it, especially at 55, who wants to wait umpteen years for the amenities to get put in?
there are so many nice, established areas to consider that nocatee would be way down the list of places to consider