Hojin Chang, Real Estate Pro in Orlando, FL

How is the Market in the Plantation at Ponte Vedra?

Asked by Hojin Chang, Orlando, FL Tue Nov 6, 2007

I'm wondering how home sales are doing in the Plantation at Ponte Vedra. I'm considering building a spec home to sell that will be priced around $1 million but unsure if it could sell with the market conditions so bad. The good news is that there's not too many new homes competing with it out there or am I missing something? Your suggestions would really help me make a crucial business decision for myself.

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7
Jake Bestic’s answer
Hello Hojin, I would do some serious research before moving forward with your plan. The fact of the matter is, that if a buyer wants to buy a spectacular home in the most exclusive golf club neigborhood in Ponte Vedra Beach, and has the money to buy what he/she wants (without worrying about money), then he/she will buy a new, fully upgraded luxery home in the Plantation. However, you will be competing with other fully upgraded luxery homes in the neighborhood that are priced well below $1 million, not to mention the short sales and foreclosures that are selling for as low as $300,000. Also keep in mind that the monthly association dues in the Plantation are over $900/month and buyers must also pay the mandatory $40,000 membership initiation fee ($20,000 refundable upon re-sale). Again, this neighborhood is for the very high-end buyer; and that segment of the buyers market will always be there, recession or not. I guess my advice to you is to do some more research before making this investment. I would be happy to provide you with any statistics for sold/active listings in the plantation that will help you with your decision. If you need any help with your research, you can call or email me anytime . 904-803-1218 jake@pvbeach.com

Jake Bestic
Broker - Ponte Vedra Realty
904-803-1218
Jake@PVbeach.com
http://www.PVbeach.com
0 votes Thank Flag Link Tue Apr 24, 2012
As a buyer, I am completely avoiding Plantation because of the extremely high monthly HOA fees which run about $1000 a month. I would rather put that extra money every month into my mortgage.
3 votes Thank Flag Link Sat May 9, 2009
It is very weak. I have been following some properties for over a year and have seen nothing but relentless price declines. The biggest problem with the subdivision is the extremely high monthly HOA fees (minimum $695.00) plus the equity membership requirement $40K. On top of that, the association recently passed another one time assessment. High HOAs community are just radioactive in this market. While some properties are great values, that gain is entirely canceled out by the never ending extra fixed costs.
2 votes Thank Flag Link Sun Jun 14, 2009
What one time assessment was passed?
Flag Tue Apr 24, 2012
The Plantation is an extremely nice golf course and beach club community in Ponte Vedra Beach and has building lots available. There is one "garden lot" remaining at $165,000 and fourteen lots in the south area (Muirfield Dr) that range from $200,000 to $500,000. These are owned by a builder who requires that he build the house. Considering current market conditions the owner might be willing to sell the lots outright but it would be difficult to stay within your $1 million price point. You are right in that there is little new construction but the existing homes on the market are for the most part, up to date and well cared for.
1 vote Thank Flag Link Thu Nov 8, 2007
My husband and I along with our two boys have owned property in the Plantation since its inception. My husband a retired Naval Commander joined the Plantation's development team. We wouldn't be any place else!

The Plantation offers an unsurpassed lifestyle..... Northeast Florida's ONLY true equity club community. The Plantation is not open to external memeberships like other local communities/clubs and they don't have tournaments other than those approved by the community.

The Plantation offers an 18 hole, beautiful Arnold Palmer designed golf course, the finest security. a tennis center with har-tru courts, fitness center overlooking the Plantation 36-acre, sparkling lake and a beach club perfeclty positined on a high dune overlooking the sands and surf of the Atlantic Ocean. Swim in the junior sized olympic swimming pool, take a walk on the sands of the Atlantic Ocean and then come up to the club and order from the menu or bring your own food and cook out on a grill!

My husband and I own Country Club Real Estate, located in the Ponte Vedra Pointe Shopping Center, just north of the Plantation (in with Beach Diner, Peterbrooke, Brucci's and Mangroves). While we love Ponte Vedra Beach and all of our local communities, we choose to call The Plantation our home.

When you compare apples to apples ...Buying in a similar neighborhood - you will move into a community with atleast twice the number of homes/members, a club that is open to the public to join and will possibly have to join a beach club separately. The lifestyle at the Plantation is uncompromised! Please call me for more information.. while the Plantation is not for everyone, if you are looking for a lifestyle, you've come home! While there are still some deals to be had, the market is really turning around in both Ponte Vedra Beach and the Plantation specifically.

So glad to be living in a slice of heaven!

Country Club Real Estate
904.536.8366
0 votes Thank Flag Link Sun Apr 22, 2012
The Plantation at Ponte Vedra appeals to a variety of individuals who understand that Plantation offers an owner a lifestyle. There is a community of citizenry within The Plantation who love the beauty, the amenities and the security which is exceptional. The fees include full equity membership, in other words, when a property closes the new owner owns a piece of everything the club owns. There is a $40,000 membership fee but $20,000 is refunded to the seller at the time the home sells. Homebuyers in the Ponte Vedra area need to take a hard look toward comparing fees for all the clubs with their realtor who should be able to provide them with a comparative chart.
0 votes Thank Flag Link Thu Nov 11, 2010
This is a community with a specific live style in mind. Great opportunity to buy for a family that loves golf, appreciates the privacy of their own Golf Club that enhances the landescaping of the entire community. The Beach House is beautiful well set up an area of total relaxation. Out of 68 homes that are currently on the Market for sale 2 are going under contract so far. Right now if you are in the market to buy I preview a property yesterday that is 4,030 sq.ft. 5 bedrooms 3.5 Bathrooms sitting on a large estate lot shaded by mature trees. With a covered lanai and a pool behind the garage on the side of the house, it does not interfere with the golf course views. Located on the 5th fairway of the Plantation at Ponte Vedra. Newly renovated kitchen with granite counter tops, custom cabinets & back splash, and high smooth ceilings. A breakfast nook positioned to view the golf course, the large pool area with a built in grill new screen enclosure and spa. Asking price at this time $799.000. This illustration gives you a good idea of what is going on in Plantation today. There are not too many new homes you are right, but like this property... It's move-ready, excellent condition a Great buy right now. Flooring, crown molding... it is just gorgeous.


Martha Vidal
PRUDENTIAL NETWORK REALTY Ponte Vedra Beach
904-710-3468
Martha@MarthaVidal.com
SKYPE = marthavidal
Web Reference: http://www.MarthaVidal.com
0 votes Thank Flag Link Wed Jul 21, 2010
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