marina's going condo

Status
Not open for further replies.
Feb 26, 2004
121
Hunter 356 Alameda
35K

Other Dan, You are entitled to your opinions, as we all are. I took offense to the statemtn in the post that referred to me and my friends. You might think back to the time when those houses in Florida were 35K and less and also figure out what the average wage was then. Because the cost of a home has a lot to do with the cost of building it and that includes materials (which are manufactured by good working people) and the cost to put it together (which is done by good working people). There is a lot that the average person does not understand about development. You referenced them scraping the whole thing off. Most soil engineers out here require that we scarify the property prior to construction. That removes all biologics (grass, weeds, etc.) that might mix with compacted soil and ultimately cause the soil and supported structures to fail. To the untrained eye, it looks pretty bad. I can't speak to Florida politics when it comes to land use, but where I live, you can't process a new application every two months. You have to wait at least one year after denial to reapply. They also have some pretty strict rules about when you can apply for changes to the general plan (don't know if you have those back there). My point is, if you don't like the process, work to change the rules, run for office, work on a campaign, go to meetings. Building these projects is a very expensive and requires substantial capital to make it happen. When I used to build small apartments and one or two homes at a time there was little risk that one bad project would bring it all down. Once we started doing small subdivisions (for us that was 12-36 units) each project put the families (we had a small family company) entire capital and livelihood at stake. I always tell people that if developers were gamblers they would be high stakes craps players. Thats because just about everytime you roll the dice theres a chance you will loose it all. Like around here, I suppose there are not to many "local" developers that might have the few million it would take in equity to start the average smaller subdivision these days. And its going to get more corporate as time goes by for that reason alone. You can agree with Paul, but don't lump me into the "fast buck" crowd. I'm not even sure you should complain much about them given your limited understanding of the process. Now, can we get this back to a discussion about condo conversion marinas or whatever the topic was and off generalizations that denegrate people who have spent a career making sure people had a place to live. I may need to buy a slip for my boat in the next year or two and I am curious if anyone has some inforamtion on how it compares to renting over the longer term. Dan Jonas (S/V Feije II)
 
S

steven f.

wow

Man, I didn't intend to start such a political issue. Never really did get some good answers about marinas going condo. As for Paul of Ft. Myers, I agree with the content of your letter (I'm a native cracker too) but the tone was harsh. Guess we have it kinda cheap down here compared to up north-east and Cali. That's real scary cause things are getting wildly expensive here with no end in sight. I fear that in ten years it will be cheaper to be a power boater than a sailer (as long is it is a trailer power boat).
 
Dec 2, 2003
4,245
- - Seabeck WA
John (Nantz) I priced a 40 foot slip at the

Poulsbo Yacht Club back in the early 80s. I recall the asking price was $15K. How much now? P.S. It seems to me that, in a democracy, the people who don't know how to use it, and get left out, are the ones who complain. (IMHO)
 
D

Dan

back to the other Dan on the left coast

"given MY limited understanding of the process" I'll try to make this short and sweet. I am involved, have been for the last 30 yrs I have lived on Santa Rosa Island. I will just say this, when a lot that sold for 45-60k just 2 yrs ago is on the market (and being sold at 250k)and we are talking interior lots. something has gone haywire somewhere.
 
Dec 2, 2003
4,245
- - Seabeck WA
Dan, maybe, maybe not.

The owner can ask for any price. In our system, it comes down to supply and demand. It goes wrong when some people subvert the process to make a killing. Gas prices come to mind. But we tried controls and that didn't work. Maybe the powers that be, should do their jobs and make sure the market is truly free. Again, (IMHO)
 
Feb 26, 2004
121
Hunter 356 Alameda
Cheap Shot

Dan (Right Coast), Let me apologize for the cheap shot at the end of my last post to you. I can imagine that seeing these substantial movements in prices leaves you concerned. I have been watching this happen periodically on the left coast for years. It has been particularly interesting over the last 6 years out here. The price of an average home in Napa Valley moved something over 20% just last year. This obviously has no relationship to average wages. In 1978 we paid 100K for 5 acres that we developed into 34 units worth of condos. That same land today (raw) would require 2.5 - 3.0 million to acquire. Thats before engineering, improvements, entitlements, financing, permits, etc. The building permits and fees on an average home here cost 18,000 - 30,000. Our cost of living is dramatically higher than some other places in the country. However, if you think you won't catch up, you are mistaken. The combination of limited supply (Fred nailed it) and high demand is to blame. Couple that in the last number of years with record low interest rates and it just puts more fuel on the fire. I can put a client into a 500K home with 10% down and a payment under 1600 per month (interest only loan). That is competitive with the rent on a three bedroom home where I live. The combination of these factors, low supply, high demand, incredible loan packages, all favor the seller. I suspect that as more people discover Florida, these same supply demand issues are taking there toll. My best advice, own as much as you can afford to hold, and when you sell it, 10-31 exchange into more and hold that while at the same time trying to convert it to secure income producing real estate. Our here, when rates do start to go up, we will see an impact on real estate values. I'm not sure that we will see a reduction in prices (depends on how fast the rates move, and the general economy otherwise), but I do think we will see a much softer market and more power shifting to the Buyer in the transaction negotiation. As an interesting aside, those same forces will most likely cause average rents to go up, which will be a shock to those who weren't smart enough to buy when the rates were low. I went off on this rant because of the charge that developers were the cause. Frankly, if you want to lower prices, developers are the cure. Just let them mow every thing down and build until there is an over-supply. Then everything will be wholesale. The trouble is, this isn't very practical, either from an environmental standpoint, or from a quality of life impression to those people who see their towns spread out, more traffic, etc. Whats this have to do with sailing? The same forces here that fight development also fight development of new marinas and even dredging of old ones. We have a marina nearby, at the mouth of the Petaluma River, that is no longer accessible to sailboats. The Vallejo marina had problems a few years ago because of a need to dredge. Apparently, it takes years to go through the permit process to get a dredging permit. That produces the same supply demand issue that exists in housing. Fred had it dead to rights. When you mess with the free market you will have a negative effect on prices. The balance to be struck is between good land use and the publics willingness to pay the cost of the same. Dan Jonas (S/V Feije II)
 
D

Dan

apology accepted

and I do understand what you are saying, when I developed a 20 unit waterfront townhouse community (PUD) years ago it cost me 18k in fees and permits just to put in the boat slips. but, my point is if I have one other than the one on my head is this, I built for the need of the housing. Not for speculation for investors fleeing a failing stock marktet looking for a fast turn. I have seen the bubbles and the brust. When the stock market comes rolling back and I believe it will and the interest rates rise, the ones that got in and got out will laugh all the way to the bank while the locals who live here pay inflated property taxes and suffer the run off pollution and over burdened utilities with tap fee driven artifically high. I sorry but, I hate seeing once beautiful beaches and water being destroyed by folks that live elsewhere and are just using a national treasure to make a quick buck. thank God, we are blessed with 15 miles of our island being a National Seashore and another 5 miles belonging to Eglin Air Force base or our little island would sink under the weight of concrete and asphalt. ;) sorry to run on!
 
R

Rick Webb

Just Wait untill the Channel is Dug

There will be even more fat sunburned yankees over there looking to make a quick buck and move on to somwhere else. The one hope is that all we need is a good huricane to wipe the bastards out.
 
D

Dan

LOL @ Rick!!

let's get the hell out of here and go sailing while we still can. see you down at Spector Island this weekend! BTW, they been talk'n bout that damn pass for twenty years!
 
R

Rick Webb

Yeah, I know Dan

Ever since a hurricane filled in the last one. Wish I could meet you out there this weekend but we have to stick around here because of the airshow this weekend maybe next time.
 
Status
Not open for further replies.