If you are a builder that specializes in custom homes along Scenic 30A in the premier developments of WaterColor, WaterSound, Rosemary Beach, Alys Beach and Seaside, you have certainly have had a tough 18 to 24 months. Recently it appears that construction starts for custom homes on Scenic 30A are beginning to rise. Driving along Scenic 30A you can see new homes starting in Rosemary Beach, Santa Rosa Beach, WaterColor and WaterSound. The design review board for WaterSound and WaterColor have had a sizable increase in new home design reviews over the past 6 months which means even more construction should resume in these key developments.
At our markets peak land prices were out of control with lots in WaterSound Beach selling for $975K…and these were not waterfront lots or close to the gulf. These lots are now selling for less than a fourth of what they were at the peak! As an example, a lot currently for sale on West Salt Box Lane in WaterSound Beach that was originally purchased for $780,000 in 2005 is now listed for $160,000. A lot on Founders Lane which originally purchased before the boom for $366,000 in 2003 is now under contract and offered at $199,000!
Land prices are dropping to exceptionally low levels in the premier communities along Scenic 30A. Reduced lot prices and highly competitive prices by custom builders and architects have been a primary contributor to the new construction starts along Scenic 30A. What used to cost $400/sf or more to build in WaterSound or WaterColor can now be done for $200/sf or less. With lots prices plunging to record lows and premium distressed inventory depleting, a buy and build plan of action is looking promising for many buyers looking for home on Scenic 30A.
If you are looking for that special home site to build your dream home, please give Tracy or Craig a call at 850.259.4270 | 850.259.1788 or email us at email@example.com.