What are you buying today?

[cubsfan]

14 minutes ago, Gregmal said:

Housing secured.

Very cool!

[thepupil]

congrats! true conviction! 

[Gregmal]

Haha thanks. Yea been itching for years now for a FL property and maybe it’s a combination of impulse and trying to time the market, but there’s been a bit of an opening on the new build side as the COVID backlog winds down so I figured with 12 months+ rentals still strong might as well check off another bucket list item. 

[gfp]

Looks great!  Which community/neighborhood is this in?  This is a new build available for immediate delivery and not a resale?

[Gregmal]

19 minutes ago, gfp said:

Looks great!  Which community/neighborhood is this in?  This is a new build available for immediate delivery and not a resale?

Build time is about 4-6 months. Its the new Longleaf neighborhood. Getting a bit of a first mover discount since its basically phase 1 of Origins West. Downside is for 2 years theres gonna be building going on all around. Upside is 50% LTV for 2 years works well with rental projections. After that its a fully developed hood and likely prices similar to the similarly finished communities. Things are moving well there already as first tranche of lots JOE delivered in October are pretty much all sold out and getting delivered this summer. 

[Jaygo]

Congrats Gregmal. That wins the "what are you buying today" 

 

Even though I dont even know your name (although i assume its Greg or Malt lol ) I am legit excited for you and especially your kids.

 

I am human, so I'm also a bit jealous. Enjoy every minute of it!

[CorpRaider]

4 hours ago, Gregmal said:

Housing secured.

haha.  Congrats!

[bizaro86]

Congrats Gregmal! Hopefully 1000 of your new neighbours buy this year as well!

[Mephistopheles]

Congrats Greg!

[Spekulatius]

17 hours ago, Gregmal said:

Congrats. There is something missing however - a little minibar hut, next to the pool.

[Gregmal]

27 minutes ago, Spekulatius said:

Congrats. There is something missing however - a little minibar hut, next to the pool.

Haha yea thats from one of the models...everything is TBB...to be built. They certainly find ways to cram as much as they can into 5,000 sq/ft building lots. And while nice, the pools are like 12x24 and 3-5 ft deep which is a lot to mentally process since at home Ive got an 11 ft deep 20x40....but as with much in life, decisions gotta be made. A minibar though? Not much of a decision at all LOL

[Parsad]

17 hours ago, Gregmal said:

Housing secured.

 

That's a nice pool Greg!  Congratulations!  Cheers!

[Castanza]

@GregmalNice looking house, congrats! Is this a second house; or a moving to Florida full-time house? 

[Spekulatius]

Added to $CNC (I reduced the position a couple of month ago)

[Gregmal]

15 minutes ago, Castanza said:

@GregmalNice looking house, congrats! Is this a second house; or a moving to Florida full-time house? 

Eventually moving. In between probably gonna be both a rental and a second home for a bit. Main objective was to secure a real property somewhere I could live. Backfill the financial and ROI stuff after LOL. 

[E. Nashton]

Congrats @Gregmal! You're a solid dude and thanks for the chat many many months ago....helped just being able to talk it out. 

[KPO]

4 minutes ago, Gregmal said:

Eventually moving. In between probably gonna be both a rental and a second home for a bit. Main objective was to secure a real property somewhere I could live. Backfill the financial and ROI stuff after LOL. 

Sold your keys house? I guess I need to get over to JOE land instead of the keys next time I’m in this part of the country. 

[Gregmal]

7 minutes ago, KPO said:

Sold your keys house? I guess I need to get over to JOE land instead of the keys next time I’m in this part of the country. 

Nah still have the Keys and its still my favorite place in the world but you just cant live there full time unless you are fully committed to fried food and alcoholism. Im only like 20-30% committed to those things and my kids need a good school system and place to play/do sports/make friends. 

[KPO]

4 minutes ago, Gregmal said:

Nah still have the Keys and its still my favorite place in the world but you just cant live there full time unless you are fully committed to fried food and alcoholism. Im only like 20-30% committed to those things and my kids need a good school system and place to play/do sports/make friends. 

Makes sense. Congrats on the new acquisition. As the build progresses you might have to pass along tips on the finer points of moving down to JOE country in terms of property insurance, utilities, local contractors, etc.

[Gregmal]

Biggest surprise so far is actually insurance. Its like $3-4k to insure a $1M house. Maybe even a little less. Would've thought like $20k+ based on what you hear. Taxes are less than 1% of home value. Even the optional $50k up front Club fee in the proper perspective is enlightening. It costs $120-150k for a tiny backyard pool but even the builders tell you it is like 30% cheaper if you just have it done later on your own. But even still, the included amenities are insane and why pay $100k for a tiny pool when you can pay $50k once and then $10k a year and have access to all the clubs, miles of private beach, and golf courses that come with Club membership? The flywheel here is insanely efficient for everyone involved. 

[LC]

Greg we’re gonna need pictures of this 20-30% commitment to alcoholism. Congrats on the new digs- I would guess you don’t end up being the only COBF member who settles in JOE land!

[Castanza]

37 minutes ago, Gregmal said:

Eventually moving. In between probably gonna be both a rental and a second home for a bit. Main objective was to secure a real property somewhere I could live. Backfill the financial and ROI stuff after LOL. 

 

haha very nice! Something tells me you're getting in at precisely the right time

[Saluki]

I have family in PB County and have been going there once or twice a year since the 90s.  I don't know any professional who has moved there and regretted it (3 friends from law school, my sister (Ph.D) and my best friend since HS (CPA).  I think it's harder to make a go of it as a working class person because lower salaries go along with cheaper house prices (compared to the Northeast), but a professional salary that would make you middle class in NYC is baller money in a place like Tampa or Jacksonville.   I hope JOE land gets to be a popular place to live, not just vacation, in the future. 

 

In isolation that club membership sounds like a lot, but a partner at my old law firm pays more than that for a Golf course membership and it's only warm enough to golf here 8 months of the year. 

 

That pool looks small, but if you were to install something like that, it might be small enough for one of those endless pools where you can swim against the current and never have to turn around.  Something to consider, there's no law that says you can't have a club membership AND your own pool

[SHDL]

22 minutes ago, Castanza said:

 

haha very nice! Something tells me you're getting in at precisely the right time

 

The fact that JOE was on the other side of the table vs @Gregmal in this transaction makes me want to sell all my shares and go max short. 

[Gregmal]

9 minutes ago, Saluki said:

I have family in PB County and have been going there once or twice a year since the 90s.  I don't know any professional who has moved there and regretted it (3 friends from law school, my sister (Ph.D) and my best friend since HS (CPA).  I think it's harder to make a go of it as a working class person because lower salaries go along with cheaper house prices (compared to the Northeast), but a professional salary that would make you middle class in NYC is baller money in a place like Tampa or Jacksonville.   I hope JOE land gets to be a popular place to live, not just vacation, in the future. 

 

In isolation that club membership sounds like a lot, but a partner at my old law firm pays more than that for a Golf course membership and it's only warm enough to golf here 8 months of the year. 

 

That pool looks small, but if you were to install something like that, it might be small enough for one of those endless pools where you can swim against the current and never have to turn around.  Something to consider, there's no law that says you can't have a club membership AND your own pool

Yea we are definitely doing the pool against my better judgement. I hate owning a pool from a recurring headache perspective but the kids demand it and it’s a good ROI for these sort of properties. But bigger picture it highlights the value of Clubs. Especially during peak season when no one in their right mind is messing with public beach access areas.