Sanctuary Port O'Connor Foreclosures ...

Sanctuary Port O'Connor Foreclosures and Short Sales

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Chad

Venice, CA

#1 Mar 4, 2010
Hello everyone,

I own 2 lots in the Sanctuary. I was wondering if anyone has done a short sale or a foreclosure, and if the banks (Wachovia or Bank of America) issued a 1099 or sought a deficiency judgment.

Thanks.
Chad.
Chad

Venice, CA

#2 Mar 4, 2010
Sanctuary development in Port O'Connor Texas.

Thanks.
James

Houston, TX

#3 Mar 15, 2010
I have not done either one but I am interested if you are thinking of selling one of the two.
Chad

Irvine, CA

#4 Mar 27, 2010
James, please contact me if interested [email protected] Thanks.
Chuck

San Antonio, TX

#5 Apr 15, 2010
I went to the sanctuary this past weekend for a fishing tourny. The salesman tried to sell us a lot. I was a little skeptical due to the lack of development. There are 760 lots and only 1 house built. Does anyone think this is an up and coming development, or one on its way out? Do you think it is worth buying a lot there?
thanks
Mike

Spring, TX

#6 Apr 28, 2010
I was there the Thursday before the Tournament and
it looked pretty vacant out there. I am uncertain as to the future of this venture. I do think one day it will fill up though. It is still several miles to the inlet for big boats.
Nice Entrance Though!
Mike

United States

#8 Oct 2, 2010
I am intrested in a waterfront lot in The Sanctary! But it will have to be a deal as I too am uncertain how long it will take for that developement to take off.
Kyle Wright

Fort Worth, TX

#9 Nov 9, 2010
Please contact me for I am interested in purchasing a lot in the Sanctuary
thanks. [email protected]
POCjetty

United States

#10 Nov 12, 2010
There is an association fee of about $2K per year. With many lots left unsold, I am worried about them having enough association payments to keep the place up. Also worried that they will raise the association fees to offset the shortfall. The property development is fine, but it's not going to build out any time soon.
brenda carter

Seadrift, TX

#11 Nov 13, 2010
Chad wrote:
Hello everyone,
I own 2 lots in the Sanctuary. I was wondering if anyone has done a short sale or a foreclosure, and if the banks (Wachovia or Bank of America) issued a 1099 or sought a deficiency judgment.
Thanks.
Chad.
I am a realtor in Port O'Connor, Texas. I just showed lots in there today (11/13). Court house here has lots up on auction block every tuesday, as I understand it.
There are some foreclosures listed in the area. Lots are selling from 39-69 on water right now. offwater, I don't have any sales to report, bu have 1 listed for 9,900.00. 3 Other offwater lots for 29-29,900. 1 "waterfront"; view of Intracoastal Canal, but no "boat parking" here.
brenda carter

Seadrift, TX

#12 Nov 13, 2010
I am a realtor in Port O'Connor, Texas.
I showed property out there today.
Lots are selling from 39K-54K-69K per waterfront lot.
We have 1 lot listed for 9,900K.
We have 3 other offwater lots for 29,9K each.
1 waterfront lot has spectacular view, but no boat parking at lot (directly on Intracoastal Canal).
People are buying up foreclosures, and that is a good thing! Only way to eventually realize appreciation down the road...
You can log onto a site called auction.com . BOA (bank of america) had some foreclosures selling on there.
Wells Fargo/Wachovia loans are running thru local MLS systems.
brenda carter

Seadrift, TX

#13 Nov 13, 2010
Chuck wrote:
I went to the sanctuary this past weekend for a fishing tourny. The salesman tried to sell us a lot. I was a little skeptical due to the lack of development. There are 760 lots and only 1 house built. Does anyone think this is an up and coming development, or one on its way out? Do you think it is worth buying a lot there?
thanks
I have worked the real estate market here since the early 1990's and think this is a great buy, if you want to build. since you can get such a deal on the lots, your build cost will be 1/2 to 1/3 that which it would have been if you purchased lot at its original "high" price before crash. OR, if you want to hold it for about 5-7 years and re=sell, but use the common ammenities when you come and fish, or stay at your house in POC that you alreayyd own or rent. I don't think it is a good "short term" investment, becuse there will se so many other lots for sale for the next couple years, but long term invenstment or near term build, due to savings on lot purchase are 2 good ideas for this location.
brenda carter

Seadrift, TX

#14 Nov 13, 2010
POCjetty wrote:
There is an association fee of about $2K per year. With many lots left unsold, I am worried about them having enough association payments to keep the place up. Also worried that they will raise the association fees to offset the shortfall. The property development is fine, but it's not going to build out any time soon.
Actually, they have already sold all except about 150 lots out of 765 lots. They sold out most of them about 1-1.5 years ago. The main reason there had not been a lot of buildling out there is because most of the buyers were investors from out of state that had no intention of every buildling there. That, coupled with the fact that no builders are not jumping in and buliding spec houses, because the banks really don't want to loan for specs right now, and you have an even slower built rate. And, yes, that fee concerns everyone. And, they do have right to "up" dues if necessary. That is one thing every buyer should take into consideration before buying. To counter act this problem, the assoc. is considering a drop in the sq. footage to try to spur building.
brenda carter

Seadrift, TX

#15 Nov 13, 2010
Mike wrote:
I am intrested in a waterfront lot in The Sanctary! But it will have to be a deal as I too am uncertain how long it will take for that developement to take off.
the "deals" I have heard aboutt his month were 39K and 37K for waterfront lots. let me know if you want to look into some listed repo sales.
Brush Freeman

Bellville, TX

#16 Nov 19, 2010
There is a very good reason no one wants property on the this road...Have you seen what storms surges do here...? I have seen storm surges from mere tropical storms go over the ridge. Imagine a hurricane. Claudete went right over the place and Ike's surges crossed right over right over about 1/2 lots with upwards of 3 feet of water.... Also water and sewage issues abound...The wetlands issue is paramount and very much defended here. In short a close eye is kept on ALL development that affects these properties....Try it out when the mosquitoes and deer flies are in bloom. The Sanctuary iwill not allow services thru it's properties so everything will have to be routed thru these lots up for sale or the county ROWs...Sepic tanks on the edge of the wetlands are a real issue and will be reported to the USACE and the GLO....So are these lots worth 12K....I doubt they are worth 500.00 given the issues I have seen come up there...Do not be suckered into paying this amount...If you believe in global warming you will be losing property on a continuing basis as we. And yes I am involved with the sanctuary, I helped establish it.... and for that reason I KNOW ALL the issues with every scrap of property out there. We would indeed like good neighbors that could watch over the TOS holdings there, but I would be remiss not to mention that a 3 legged cow is trying to be sold to the blind here.
Brush Freeman

Bellville, TX

#17 Nov 19, 2010
In terms of the Sanctuary (Zimmerman Rd.)when the preserve was established about 10 years ago, the property was considered so vulnerable to storms, so lacking in potential services and so many wetlands and sewage issues, that we purchased many of the lots for back taxes ....for as little as 300.00 a lot...AND we had no completion. Be very careful what you get into here...But of course TOS is always looking to expand here, the sanctuary, but we know well what the properties are really worth and what they are not (after MANY negotiations for MANY of the lots out there) and the issues that apply...And there is no way on the planet we would ever consider even consider 12K for meager scrap of a small lot there. We are a non-profit land preservation org....We have nothing to gain or lose by the commerical sale of these lots, but as a founder of that preserve, I can see when folks are being hood winked into spending too much for something they may never ever even be able to develop under current Corp of Engineers or USFWS guidelines on wetlands and Wetlands developments....Not to mention home insurance....BTW I am an Environmental Consultant, Biologist and have the Wetlands training....Geez everyone seems to be trying to sell the bridge these days.
Brush Freeman

Bellville, TX

#18 Nov 19, 2010
Dear all: Ignore my rants as I was forwarded the message suggesting this had to do with the TOS "Sanctuary" nearby at Indianola, nor did I read thru all the posts......I apologize...I wish everyone success on resolving their issues at the POC Sanctuary development....Now that is a tough deal for sure.

Brus Freeman
Ray

Bellville, TX

#19 Nov 20, 2010
When I drive by the Sanctuary, I just sort of have to shake my head and laugh...I remember well the sales jobs, the food for those sales jobs and even the helicopter over POC...All these years and I never had seen it from the air... One thing that I do not understand is that any property owner has to pay a few grand a year just for the up keep of the place...My gosh, they water empty fields and if you drive by at night there must be a thousand street lights...Lights for what?...Grass, empty fields? Put the cattle back on the place and cut the mowing....Seems like the cost for the would be buyers or owners should come way down if they just shut the switch off for all those unneeded lights and closed the valve on all that water....the sand "islands" they built in the "harbor " there are melting away and making the entrance water more and more shallow...I was just in there the other day ...guess that will cost some big bucks to dredge back out again too......My friend owns a lot there and is dying to get its off his hands but doubts he can get what he put in as he put in a bunch of money up front. And his taxes etc. says he would never live or build there and it was just for an investment he thought before the crash.
brenda carter

Seadrift, TX

#21 May 25, 2011
The last lot I sold out at the Sanctuary sold for $70K for 80' waterfront lot. That is about the going rate right now.
I have one lot left for 99K, in phase I.
brenda carter

Seadrift, TX

#22 May 25, 2011
The last lot I sold out there I sold for 70K for an 80' waterfront lot.

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