"It's about location, location, location." by Rich Keith
I have to move here. That’s all there is to it.
I have been on assignment, considering various improvements to our most recent Watercolor, Florida LLC Offering involving a fabulous and classic beach house located on 5 Park Row Lane, just a 9 iron from the beach access and to the Beach Club. It is coming up on 72 hours since we arrived and the rental car in the driveway has moved maybe three times. Everything else we have done , which is a ton, has been either on bikes or simply walking.
If ever the real estate adage, “It’s about location, location, location” was appropriate, 5 Park Row Lane is the poster child.
The view from the large outdoor deck, kitchen, great room and dining room is of the forested preserve of Western Lake Park. Where in Watercolor do you look out your windows of glass doors and not see another house? Not often. We have been mesmerized by the appeal of the pine tree forest and the peek views of the lake itself. There is but one home in our line of vision at any time and that is the neighboring home on Park Row Lane.
I spoke with a broker of a leading real estate company at 30A who knows this house well. His guidance was this: “There are homes in Watercolor that are all about the panache and then there are properties that provide for easy access by foot or bike to the world-class amenities of Watercolor. This Park Row Lane house has both”.
I was excited to hear that the last group to stay here was the Grammy winning country band, Lady Antebellum. They were here for a concert at Watercolor and enjoyed 5 Park Row Lane as home base during their stay. And loved it!
The last three days have been an embarrassment of riches including a round of golf at the highly rated Camp Creek Golf Course, about 20 minutes, door to door. A Tom Fazio course, it is about as good as golf gets.
Following the round, after dropping off clubs, we took a 150 yard bike ride to the steps of the beach. Following a swim in the 76 degree waters of the Gulf, which was heavenly and clear water from 15 feet, came the religion-like experience of watching the sun set into the Gulf of Mexico, favorite ice cold beverage in hand. As I looked around the beach as the sun fell into the Gulf’s edge, there were 75 people, maybe more, who had all stopped what they were doing, even kids, transfixed at this glorious sight. Shortly after the colors all played out, people pack up their stuff and head to the stairs in order to start their evenings, whatever that might be. And it occurred to me: it is like watching a fabulous fireworks show! Everyone is captivated and all eyes are to the sky and there are “oohs’ and “ahhhs” that you can hear from all directions. But what struck me profoundly is that this sunset version happens every evening! And my day today is all about being sure that at 4:54 pm, I will be on that beach for today’s version of this celestial fireworks.
Yesterday, we had to try to the Yolo stand up paddle boards. Though we have paddle boards at our home in Colorado, on the lake, we had never been on the ocean or the Gulf in this case. Definitely a different experience! About 100 yards offshore, while admiring the clarity of the waters from about 25 feet where you could see the bottom clearly, it happened: a school of dolphins found interest in the Yolo board and played in big numbers all around the board, jumping out the water, splashing about.
Wait a darn minute, are you kidding me??? In our first 48 hours since arriving, we played one of the best golf courses we have ever played, watched the sun set into the Gulf that left us speechless and then followed that all up with a bunch of new friends, dolphins, swimming up to our board to say hello, up close and personal, in big numbers. What???! What is this place???
Watercolor and the area known more generally as 30A, is one of the most amazing areas of the US. For those who have discovered it, they all agree and it is a bit of a unspoken mantra to not tell many people about it or it will get too crowded! And for those who experience it for the first time, it leaves a profound impression, compelling a return again and again.
The home that is being acquired for our latest LLC Offering is an uber comfortable, non pretentious beach house with windows and glass doors everyone that allows the natural sunlight to pour in, creating a very warm and inviting setting. And it is a big home with 3,712 square feet and a 6 bedroom, 5.5 bath floor plan. Think about a tasteful, stylish and comfortable beach house and you have a solid vision of 5 Park Row Lane.
If I had to find fault to the house it would be that it is the closest of the 14 homes on Park Row Lane to scenic highway 30A. When you are sitting on the outdoor deck, though the road is very effectively blocked from sight by floor to ceiling wood shutters that tower 12 feet high, when cars roll by on 30a, you can hear it. But you can hear cars driving by anywhere within Watercolor, Western Lake Drive included. But when you are in the house and the patio doors are closed, absent a motorcycle roaring by, you cannot hear the sound of 30a.
This home is under contract for just over $3,000,000 which we believe is a fabulous buy. It is safe to say that in the absence of its proximity to 30A, the price point would be materially higher. In fact, just down Park Row Lane is another listing at $3,900,000. I think our investors will gladly opt for the occasional noise from 30A when on the back deck than paying $900,000 more to be on Park Row Lane.
This is a very limited offering with only 6 shares available, several of which are committed to including the seller who is retaining one of the shares for his continued enjoyment with family and friends going forward. Each shareholder will enjoy around 6 weeks a year of usage, with the option to forgo some of that vacation time for rental income.
And on the business of the business side of the equation: the $5,000,000 in improvements to the Watercolor Beach Club begin shortly. Yes, that number is correct: $5,000,000. It will become the “Best in Class" Beach Club along the Gulf Coast and from the door of 5 Park Row Lane to the door of the improved Beach Club, it is about 150 yards. The real estate experts here predict that impact on value to homes nearest the beach club will be profound as there is no more valuable amenity for a beach community than a world-class beach club.
Let’s hope they are right. If so, it is a perfect example of our positioning that states our Offerings are perfect for those who are half Warren Buffett and half Jimmy Buffett. In this case, the investment in 5 Park Row Lane may make our shareholders a lot of money over the term of the LLC while they enjoy this magical setting, and destination, with family and friends in their flip flops.
Call Karla Jones at 970 218 9222 or reach her by email at [email protected]. Shares in the 5 Park Row Lane offering start at $136,000 and closing is expected to occur by year end. View details on our website at www.lifestyleassetgroup.com