St. Joe: Do the math
|Long time coming?
While infrastructure construction at the St. Joe Company's SevenShores condominium project on north Perico Island has been under way for some time, construction of the actual units may be several years away at the earliest. Islander Photo: Rick Catlin
The St. Joe company has begun marketing its SevenShores condominium project on north Perico Island and recently paid for advertising in the December 2006 issue of the in-flight magazine "Sky."
The ad states that SevenShores "will be a private island community with captivating views and a perfect environment for relaxation and reflection. Designed as a gated community set on 176 acres, SevenShores will include luxury condominium residences built along lakes, walking trails and conservation areas. With an average of less than two units per acre, this exclusive community will have one of the lowest residential densities in Bradenton."
But SevenShores has announced it plans a total of 686 units. With 176 acres available, that amounts to a density of 3.89 units per acre.
Whether its two units or nearly four units per acre, it doesn't appear to make much difference at this point. According to a SevenShores brochure, only 10 units have been sold since the SevenShores sales office opened in January 2006.
Bradenton Beach resident Bill Garringer inquired about a "high-end" condominium and said he was told that construction of any units was several years down the road and that any deposit he put up would earn no interest during this period. The total deposit required was 20 percent of the purchase price plus an additional $10,000.
In addition, Garringer said condominium association fees would be the same, regardless of the size of the unit.
"I really wasn't interested in the deal," he said.
According to an availability list from SevenShores, prices for its "Building II" range from the mid-$500,000 level to $899,000. Of the 25 units listed for Building II by SevenShores, only 10 are shown as "sold."
According to the City of Bradenton building department, St. Joe has not yet applied for any building permit for any condominium at SevenShores.
St. Joe said recently that, while it plans to develop all the infrastructure at its various projects around Florida, including SevenShores, it is getting out of the actual business of construction of the homes and condominiums at its projects and will utilize local contractors instead.