Premium lots
 

How well (or poorly) do the higher cost Premium Lots hold their value when it comes time to sell?

I think premium lots increase in value faster than non-premium lots. However, I would define a premium lot as having a nice view of the golf course or water. If a corner lot is called premium, then it probably will not appreciate because many people do do even want a corner lot.

I'll give you some exact figures from a period of 8 years. I live in Tamarind Grove off St. Charles and in 2011 when the homes were new, the designers on Odessa Circle sold for about $250K- $280K and the homes on the opposite site of the street backed up to Southern Star Exec and those lots were $135K more. So most of them sold in the $380K to $400K range. Today those homes on the golf course sell for about $500K or with a pool about $575K and I've seen some over $600K.

Of course if your premium lot is on a pond or retention lake, and it drains due to a SINKHOLE, you will lose value. The Developer will not help you, and sinkhole insurance, even tho available, it is not very good and has lots of loopholes. Google the following for examples:
"sinkhole at 733 Winifred Way" and "sinkhole at 17092 McLawren Terrace" and "sinkhole at 2536 Botello Ave", there are more, but you get the idea, watch out for those WATER FRONT views.

When were looking at lots our sales person told us there is no guarantee you will always have a water view.

Op what is your definition of premium?

Corner lots, pie shaped lots are premium lots as well.

A corner lot, with 3500 more square feet typically nets a premium of 15.00 per sq ft. Those extra sq ft appreciate at the same 5% that the home itself does.

Lots where the Developer charges a premium.

I can see now it's not so simple.

For me, nature view lots not on water are more interesting.

Thanks for the quick responses!

About a year ago I checked public data for about 100 lots to look for correlations to lot size, mortgage vs paid off, sq footage and bond payoff.

I didn't know where the data would take me. I chose several connecting streets with no GC, nature, or water views.

Nearly one third were 'premium' lots. Every lot with a paid off bond was a premium, albeit there were only three.

The small homes which were under 1,700 sq ft had a higher rate of mortgages, all were interior lots.

It was a designer neighborhood.

They charge a premium for lots that back to busy streets such as Pinellas or Odell Circle, when in my opinion, that is a detriment.

OP, be sure you do your due diligence for any lot on a body of water that is NOT a golf course. In general you do not own or control the land up to the water. In general you are not allowed to do any maintenance, trimming, etc., in the area near the water. What this means is that if an invasive plant takes up residence or weeds or trees, your view may be history. There have been a few stories on this site where just this happened. Also, the refuge or preserve areas have even more restrictions as these are under the control of the water district. Good luck with your search.

Think snakes.

We live on a pond and TV takes very good care of the lawn and landscape around it. However they will not put weed killer on the lawn area, I asked if I cold control them so they don't spread into my lawn they said they had no problem with my doing so. They also told me that my St. Augustine will gradually take over the grass that they planted and it is doing so at a faster rate than I thought, it looks great. It's very peaceful living on these ponds with all of the different birds, animals, and reptiles that come with it. No snakes so far so that's a good thing.

Great feedback, like I stated, the OP needs to do their due diligence, which it appears you did. I was just trying to point out possible problems, not ones that will always occur, but may occur. I am always cautious about open property next to or very close to a potential house, as you have no control and never know what may happen in the future.
I will also clarify that I see many houses on ponds off some of the major roads and these ponds are very well kept also.

This is what I selected.

Corbin Road is on the other side of the trees so a little worried about future traffic road. A lake beyond that before more construction. Nothing is perfect.

Some new lots appeared to day so I was looking. They illustrated almost every risk discussed here

Yes -- I've always found that very strange. Their thinking is that because a property doesn't back up to another property, THAT is what makes it desirable even though a house can back up to a busy street.

These lots sell for a premium. Interestingly, no additional landscaping for this premium, noisy, unprivate location is ever provided.