The Sanctuary at Costa Grande-Port O'Connor, TX-2008

	I am the original owner of Lot #85, Phase 1.  Purchased for $79,880 before the Army Corp of Engineers even approved the tract for residential use.  This is one of the best non-waterfront lots in Phase 1.  Truly a great investment.  Check whatever pricing you can find.  My loss is your gain. SELLING BELOW ORIGINAL COST $77,880.  CALL 704-900-9088
Henry Klein

My wife and I bought a lot in Phase I.  We got a pretty good deal compared to what the originally pricing looked like and especially compared to Phase II list pricing.  We also own property in Galveston that we use regularly.  We bought this place for longer term plans.  We paid cash so we aren't so concerned about being upside down. 

I have some sympathy for investors that are now stuck.  On the other hand, it's also difficult to be sympathetic to some that were greedy, took a risk they couldnt' afford and now are crying that the developer won't sell their lot.  The developer has an objective:  sell the lots they own.  To think they are going to give resales special treatment is naive.

We have met a few owners there that just love the place.  Unfortunately, we just experienced a debacle in the real estate market.  I suspect the developer is struggling but they did invest big money that makes the place what we originally envisioned.  Imagine if they took the funds, paid down debt and never built the amenities.   

I must say I agree with Mark's comments completely.  We bought in 2006 just before the down turn in the economy, but I still believe it's a good investment (and eventually retirement home) for the longer term.  As far as I'm concerned, the developer has done everything promised and the development is first class for the Texas gulf coast.  I'm a native Texan and grew up taking fishing vacations as a kid to Seadrift and Port O'Connor in the late 60's.  I think most people who are buying for second homes or retirement are taking a bit of an economic beating right now, but I believe things will pick up within the next 2-3 years.  We've begun plans this year to work with an architect to design our home with the hopes to begin building in late 2011.  For those who have bought to actually build, I still think it's a great investment.  For the speculators who hoped to turn a profit in a couple of years, it's a risk you take in today's economic times.

Chris, I think it's slow everywhere.  Hang in there everybody.

Thanks T.P., we are trying! I hope we'll be able to hang on to our lot, I still would like to build on it for retirement even if it is too slow to actually move there sooner to build specs or customs.

As a owner I am proud to say that Costa Grande is everything that my wife and I wanted!  Great job.

I have two lots for sale in the Sanctuary.  I had originally intended to sell one and build on the other but the crash in the economy has effected me greatly.  I am trying to sell both at cost while understanding that I have given up two plus years worth of investments.  Both lots are in Phase I.  The first lot - Lot #311 - is not on the water but is about 50 feet away for only $85,000.  The second lot is larger and right on the water.  A great location with the possibility to build a personal boat dock.  This one - Lot #165 - is listed at $190,000.  Both great deals and the complex truly is amazing.  I regret not being able to stay on myself.  Please email me if you are interested.  cpstewar@gmail.com

Thanks!! 

We have been very happy with these developers in the past.  We watched them carefully before buying, and they built exactly what was promised.  Did we hope to make a profit?  Sure, but what we paid was not outrageous.  However, now we're having to deal with the banks who have declared the lots worth much less than the tax value we paid for last year.

So we're trying to hold on, because we agree that eventually this will be a very nice place to live.

Point Lot 284 Ph1 for sale.

Lot 218 phase 1 is for sale. I need to sell.  Waterfront lot.  I am going to lose a bunch of money but I want to save my credit,

$125000 This is a steal

JWK - What are you selling lot 284 for?  Anyone else interested in selling your waterfront lot, plese provide me the specifics about your best offer. You can send your information to renglish26@yahoo.com . Thanks..

Lot 85 Phase 1 - $73k prior to listing with realtor.  My loss is your gain.  henry.klein@rocketmail.com

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This place is amazing.  We just went down to visit our lot and went fishing and in 2 1/2 hours caught a whole bunch of fish.   We used the pool (beautiful and nice and warm) and the beach and they were amazing.  Also the whole marina is build so that as the tide rises and lowers the sea grass and sand bar in the middle come above the surface.  It draws all kinds of amazing birds and fish.

Ok so back to the money talk everyone is doing.....

I totally understand a lot of people bought for fast gain, and now we can all look to place blame.  We wouldn't be placing blame anywhere if the market had continued to have gone up and everybody made a profit.  I bought here not just for gain, but also because I could see the quality and character of the developer, which stuck to their word of building a 1st class marina and amenity island.  Wow is it beautiful.  When land values start going up again, guess what is going to happen at this project?   It has a strong foundation and launching pad to take off.  Besides who doesn't believe inflation is going to eventually come, and it will probably come fast considering all the money we are printing, and the federal deficit.  So guess what happens to land when that happens?  Yes it goes up.  As fast as inflation goes up, land goes up faster.  It is somewhere solid to put money as the dollar becomes weak and unstable.  Study history or talk to any economist and they will tell you this is the truth.  Where are you investing your retirement?  Gold, silver and land is a good idea for at least 10-20% of your retirement plan.  Big money from overseas is being dumped into land right now.  They are buying up American land because it is cheap to them right now.  Land at this development is on the water or across the street from it and you can get a large lot for under $100k.  Are you kidding me?  I wish I had a lot more cash and I could just dump it into lots near the water.  Where else in the country can you get waterfront property that has a marina, boat docks, parks, pools, beaches, ect? 

Ok so you must think I probably work for the developer.  I don't, I work in California as an Investment Advisor, but I invest in Texas.   Because my clients are large investors I know what foreign money is doing.  I am the one selling them large commercial or residential land deals.  I am totally independent of The Sanctuary.  My family owns two lots.  We are bummed about what is going on with land values and wish we could buy more right now, but man we want to hold on to this place for the long haul.  This place will become a diamond once the friction is over.....

 

 

 

Am interested in the subdivision, it looks beautiful.   Is the developer still active and is Wells Fargo lending?  I see Wachovia was a preferred lender at one time?

My husband and I are also Californians who purchased two lots (not waterfront property) in Phase II.  I'm glad to have found this site and would appreciate any further insights, feedback, etc.  We are thinking that it is time to get out; we have a significant investment in this already, but are wondering when, if ever, we can hope to just break even.  Since I detected a thread of hope in some of the postings above, I thought I'd ask for any more thoughts other investors may have . . .  In addition, I've also heard that the banks are offering foreclosed lots at 10-20% of the original purchase price . . . not good . . .they are devaluing the entire development - right? 

By the way, just wanted to mention that our experience of Waterfront as a developer has beeen positive overall, but I will admit that as sales agents, they didn't come through for us .. . it could be the that the timing of the recession just worked against their efforts.  

 

I am really swimming against the financial tide.  If you are interested in buying lot 405, phase 1, please contact me.  Thanks.

Has anyone been succesful, or is in the process of refinancing their lots at the current valuation?  My assessment is now 50% of the original purchase price...

does anyone know if you are allowed to build a boat lift on your property??  We have heard conflicting answers.

thanks