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Looking to buy oceanfront villa....need help please!

Fort Myers
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Looking to buy oceanfront villa....need help please!

Looking for second home/rent out villa with good ocean view. Does 2 b/d rent better than 1 b/d? Any recommendations for communities? Doing a 1031 for around 300-350. Location more important than unit. Any help is greatly appreciated. Any gated Plantations oceanfront in my price range?

sushigirl

Hilton Head, South...
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1. Re: Looking to buy oceanfront villa....need help please!

As I own an oceanfront condo in HH, you are going to have to understand that the highe end rentals are going for over a million.

You are limited to the older properties on

forest Beach and Follyfield areas.

You will have to stick with 1 BDR since they are the only properties in your price range.

Fort Myers
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2. Re: Looking to buy oceanfront villa....need help please!

Thanks, HHIguy! Appreciate your help. Market starting to go flat here in Fort Myers. A real slowdown. Could be last hurricane Wilma or could be economy.

United States
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3. Re: Looking to buy oceanfront villa....need help please!

My wife is a realtor on the island and here is what she says...

There are plenty of ocean-oriented villas in your price range, but a direct ocean view at that price is very limited.

Some places to check out are Breakers, Seaside, Hilton Head Resort, Hilton Head Beach and Tennis, Admiral's Row

"A place at the beach" is probably the cheapest 2 bedroom ocean front complex, but a "peek of the ocean" there is going to cost you around $599K

The one bedroom units typically have bunk beds in the hallway and a sleeper sofa. They sleep six and rent well, but you wouldn't want to live there for more than a week with 2 kids.

Good luck!

4. Re: Looking to buy oceanfront villa....need help please!

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Hilton Head, South...
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5. Re: Looking to buy oceanfront villa....need help please!

We have reported hhirealtor for his inappropiate post.

PLEASE READ THE RULES IN THE FUTURE!

I would suggest you find a competent realtor who specializes in these properties. The best way to do this is to go to www.islandpacket.com and look at the listings. This is our local newspaper.

The complexes listed are those I originally suggested, since with one exception they are in Forest Beach or Folly field.

I take exception with the inclusion of the HH Resort. This is a large mid island complex with very cheap units. There are a number of problems with the complex, and they do not rent well. They average 5 -6 weeks only in season. Stay far away from this one.

For the record, I am not a realtor, nor am I married to one.

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6. Re: Looking to buy oceanfront villa....need help please!

Sorry HHHIGUY but I've been an owner at Hilton Head Resort since 1997 and I have a bit more insight than you.

Owners get 12-22 short term rentals per year at around $700/wk. Prices to purchase one of these villas have risen from $35K back in 1997 to over $150K now! Almost half of the 468 units have changed hands in the past 4 years!

Obviously you haven't been watching its transformation over the past 2 years. Yes, we have a bad reputation from the early 90's. Its a long and interesting story of the life cycle of a 23 year old property.

We just declared a $10K assessment that will be used to completely renovate the property. We expect prices to rise much higher once renovations are complete and the resort becomes what it was originally intended to be.

Check it out at http://www.hhresort.org!

This is the least expensive ocean-oriented vacation/2nd home property on the island. Is it world class? No. But it is a great family vacation value. All the villas are 2 or 3 bedrooms with 2 full baths. No bunk beds in the hallway. Real bedrooms.

There's an indoor heated pool, hot tub, sauna, jogging track, 2 outdoor pools, an ocean-front cabana that is a 300yd/7 minute walk with a bar/grill operating in season, a deli in building one next to the big outdoor pool, 6 lighted tennis courts, resort cable Tv with 7 HBO channels, elevators, and 24 hour gated security.

During renovations, the boardwalk is going to be replaced with a new wider ADA compliant walkway that will allow us to run a golf cart shuttle to and from the beach. This will help families with the elderly or young enjoy our awesome, uncrowded beach. You don't cross any streets or dodge any cars to get to our beach. It is onsite. The walk across the marsh is quite beautiful too with birds and wildlife along the way.

Our beach has no public access point. To the left of the cabana is Singleton Beach with its new multimillion dollar homes. Beyond that are all the public beaches and the new Marriott Surfwatch timeshare resort. The Folly is neck deep at high tide and they can't cross over to our side. To our right is beautiful Palmetto Dunes Plantation which also has no public beach access. Because we are isolated, our beach is never crowded. Check our photo album and you'll see!

If you are accustomed to spending $1200-$1500 to rent a villa during the summer, then we probably aren't for you. If you want a comfortable place to stay, a great beach, great pools and money left over to pay for food and gas, check us out.

- Jeff Morgan

Hilton Head, South...
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7. Re: Looking to buy oceanfront villa....need help please!

Actually, I might have a little insight too.

There are two things which have improved the situation at the HH resort (4 Seasons).

1 - The bankruptcy of RH which owned 40+ units.

2 - The hiring of a new property managment firm.

but these problems still exist.

a - There are 3 professional owners of multiple units who control a lot of votes in the regime. Their attitude is deferred maintenence.When RH was active they controlled the board and the management of the complex.

B- The rental program which consists of LT rental to immigrants. another factor is the placing of 6 - 8 interns and non green card workers by the island hospitality industry in the complex. Only a small percentage of the 400 plus units are available for short term rental.

C- The on-premises rental company who has a dubious reputation on the island, and who also has a conflict of interest since the owner is one of the three multiple unit investors.

your comments about the amenities are also somewhat optiomistic. The Tennis courts between buildings 2 and 3 are unusable.

The track and indoor pool, which may be the largest on the island (Kudo) is an industrial atmosphere, with large air hoses surrounding the area. It looks like an atheltic complex in your local state prison. When I stand there and look up, I can just picture the residents banging their tin cups in protest.

You also failed to mention that two of the buildings consist of modular housing, thus the local name "Stacka Shacks".

You mentioned the "Breakers", "Seascape", HHB+T, and Admirals Row. Each of these would be superior to the Resort.

I have worked closely with both the owner of the Property Management firm and the Professional Engineer working on your complex since the late eighties. In fact one of them lives around the corner from me. You may be an owner, I choose not to be, because of the problems.

hhiguy

United States
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8. Re: Looking to buy oceanfront villa....need help please!

Ny apologies to sushigirl since this discussion is way more in-depth on a single property than she wanted to know!

However properties that have long been considered low end on the island are making a comeback and moving up.

Beach and Tennis was just as downtrodden and disrepected in 1997 when we decided to buy at HHR. They assessed their owners and fixed up their resort a couple of years ago. Recently Forbes ranked HHBT as #7 in the top 10 family resorts on the island.

If you want direct ocean views, you need to spend $500K. Or you can have "vision" for what properties like Hilton Head Resort can and will be and get in much cheaper.

HHIGUY's comments are generally correct, but out of date.

I have been on the Board of Directors at Hilton Head Resort recently so I have in depth knowledge of everything he mentioned. I've worked very closely with Allied Management since they came on board over 3 years ago. They have done a great job of moving us forward.

The only three professional owners of multiple units left have approximately 21, 13 and 12 units out of 468 total units. This is not a high enough percentage to control our board. The last election proved this. All of our board members are "resort-minded" and are moving forward to returning HHR to a resort environment.

The onsite rental management company he speaks of has moved out. They only leased the office space from the resort and were not affiliated with HHR. I am only aware of 2 units that they own at HHR at this time.

The regime rules are 4 adults in a 2 bedroom unit and 6 adults in a 3 bedroom. This is very strictly enforced since about 2003. We have excellent 24hr gated security and it will be even better in 2006 as we add more staff to handle the expected increase in vacation usage.

The actual statistics for summer 2005 are 45% long term, 45% short term/2nd home vacation usage, 6% resident owners/retirees, 4% "partnerships-1/13th share owners"

The long term/intern rental percentage will probably drop significantly in 2006. It is much cheaper for them to live in housing off-island. Our 2006 budget is gearing up for additional vacation/short term rental usage with extra security, housekeeping, etc.

You need to consider the greater picture of what this place will look like after all the repairs are complete in 2 years. A $10,000 per villa assessment was just declared and due Jan 2006.

Everything will be fixed. New paint, new railings, new boardwalk, repair the 2 platform tennis courts, racquetball courts, interior of building 3, roofs, mansards, walkways, stairwells, etc, etc. Everything is covered in the huge master plan that has been approved by the board.

Right now, Sushigirl can buy a 2 bedroom, 2 bath panoramic ocean and golf view unit in absolutely wonderful remodeled condition for $289,000. When the repairs are complete in 2 years, I expect that unit to be worth a minimum of $389,000!

Admiral's row is the next most comparable 2 bedroom unit (view-wise). There are 11 for sale and the least expensive is $479,900!

It's hard to justify an extra $190,000. The difference in gross rentals just isn't that great.

There aren't many bargains on HH any more unless you've got deep pockets. I'm trying to make a case for what is possibly the last bargain for an ocean-access rental property on the island.

We need great owners. Come join us!

Atlanta
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9. Re: Looking to buy oceanfront villa....need help please!

Couldn't agree more! I think that hhiguy is living in the past and hasn't bothered to keep up with what is happening with Hilton Head Resort. Maybe he should update his facts before he claims to be an expert.

Hilton Head, South...
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10. Re: Looking to buy oceanfront villa....need help please!

Sorry for the flames from the naysayers, but I have some reliable sources.

Does Allied and ACCI mean anything to you?

See some recent posts about the intern situation at the resort that were posted by others.