DVC Land South of Vero Resort is sold

[BobH]

Hi Folks -

I haven't posted anything for awhile and maybe this is old news to many of you but it looks like DVC Vero has finally sold the land that Disny owned just south of the resort. Hopefully the link will work. If not the article came from www.tcpalm.com.

This is the text of the article. I got it through a Goodgle news alert that I had set up a long time ago:

10. Developers hunger for land

"Centex Homes paid $110 million for the 2,000-acre LTC ranch in St. Lucie County. Indiantown Development plunked down $58.5 million for 571 acres in western Martin County, prompting an observer to say "that absolutely shocks me that it would be that high." And a Tampa Bay builder paid Disney $13.6 million for just 7.8 acres south of its Vero Beach resort. With a slowdown in new-home construction, will there be more land deals like this in 2007? "


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http://www.tcpalm.com:80/tcp/business/article/0,2541,TCP_998_5247651,00.html

 

[DisDaydreamer]

The link works to get me to the TCPalm site, but I couldn't find the story you are referring to. There was a thread on this subject few months back. Some people thought it meant the property accross the street, but this is the beach front property adjoing Disney VB resort to the south. Thanks for the headsup.

 

[PamOKW]

Bob thanks for sharing the news -- always good to share anything you find! I think the property was sold early in 2006 and the developer is already promoting sales of homes......anyone interested? Prices starting from $1.6 million The location map shows the two beach cottages and the edge of the last DVC villa. It also mentions the resort several times.

http://www.oceansandsvero.com/

 

[BobH]

I looked at the plans & avertisement that Pam posted. The developers literature states that "Disney's Vero Beach Resort with its many amenities is just steps away" Wonder what impact this will ave on Vero DVC to have a lot more people marching through the property....

For DisDaydreamer: This link seems to work for me. The story is #10 at the bottom of the page.

http://www.tcpalm.com/tcp/business/article/0,2541,TCP_998_5247651,00.html

 

[BobH]

I am not a Vero owner (OKW) but I enjoy Vero very much and have probably traveled there as many time as OKW. I am just wondering if this sale was brought up at the annual meeting and if there was any discussion regarding it? From the Turtle Walks we have taken I believe that local building laws restrict development to 4 stories - but even so the view from Vero DVC will definitely be changed significantly with the sale of this land. Too bad DVC couldn't have expanded into it.

 

[PamOKW]

Disney owns the land that has not been declared into the association and can do with it as they please -- all included in the "legalese" of the documents. I'm not sure whether or not they mentioned it at the annual meetings.

I also thought the "amenities" of the DVC resort was an interesting comment. They may need to step up the patrol of the pool area. (Although these homes will have their own beach area, pool and tennis courts.) I'm thinking it's the Disney restaurants that may be used as a "selling point".

 

[DisDaydreamer]

Disney owns the land that has not been declared into the association and can do with it as they please -- all included in the "legalese" of the documents. I'm not sure whether or not they mentioned it at the annual meetings.

I also thought the "amenities" of the DVC resort was an interesting comment. They may need to step up the patrol of the pool area. (Although these homes will have their own beach area, pool and tennis courts.) I'm thinking it's the Disney restaurants that may be used as a "selling point".

Pam thanks for the link... you're good at this (research). I'm hoping you're right that they will only have access to the public areas. I'm sure the kids in this new resort would love to use our waterslide/pool, and 60 units could have a lot of kids at any one time. Disney might need to build a bigger campfire too (free smors!) I guess time will tell.

 

[snowbunny]

I'll be surprised if this development breaks ground anytime soon. The Florida real estate market has cooled if not crashed.

http://moneycentral.msn.com/content/P149596.asp

 

[senecabeach]

WOW!!
Thanks for posting this news.
I do think that if I were buying here, at $1.6 million (probably the starter home ).... I wouldn't be worrying about sneaking around to use Disney's property

 

[dwelty]

WOW!!
Thanks for posting this news.
I do think that if I were buying here, at $1.6 million (probably the starter home ).... I wouldn't be worrying about sneaking around to use Disney's property

Exactly. People at this income level are not likely to have to sneak onto Disney property to use the pool. I would not worry about this. Private homes are a much better option than a condo developement or hotel.

 

[3pirates]

From what I remember, Vero has had to keep some of their amenities (not sure which ones) available to local residents. It all started back when they were trying to build. Local opposition to anything Disney was HUGE! (They faced the same problem on Hilton Head--people hear Disney and worry that some overthemed monstrosity will affect their area, even though Disney has been very good about blending with the surrounding areas.) A friend with family locally said that there was some use of amenities offered as a compromise to quiet the opposition. Hopefully this won't be much of a change.

 

[BobH]

I may be wrong but somehow I doubt that the real estate slow down will impact the people that can afford a 1.6 million dollar property as much as those of us that enjoy our timeshares. I think if they decide they want it they will buy it. There could be a definite impact on a developer getting financing for such a project but if he has the millions to buy the land in the first place financing is probably not an issue for the developer either. The property will get developed. It is only a question of "when" it gets developed.
The Vero DVC view will change and the beach and restaurants will have a few more people using them. There was a great deal of discussion when Disney built Vero as well...

 

[DisDaydreamer]

Exactly. People at this income level are not likely to have to sneak onto Disney property to use the pool. I would not worry about this. Private homes are a much better option than a condo developement or hotel.

I don't know... looks a lot like low rise condos to me. Even if I owned one, it would likely be part time residence and most time rental property. I think the waterslide will pull those rich kids like a magnet. I guess time will tell.

 

[jemiaule]

Wonder what impact this will ave on Vero DVC to have a lot more people marching through the property....

Hehee, I just had the exact opposite thought. I would probably not want to buy there because it is next to Disney (ie: a hotel essentially), there would be a constant flow of people through there each week and would they be tromping over to my condo complex, using our pools if the hotel one is busy, etc. Not saying it would happen...but if I was to spend 1.6 million dollars if would not be on a place next to a hotel.

 

[snowbunny]

The property will get developed. It is only a question of "when" it gets developed.

I agree. I just don't think it will be soon. Many developers that don't have a "shovel in the ground" yet are going to try to wait it out.

 

[BobH]

It is a hoot to think that we might be the eyesore that "they" would prefer not to see.....

 

[fishermouse]

Hotels , condos and private residence live side by side in most resort areas without people leaving thiers to use the others ammeneties. Really doubt if anyone will be invading Vero Beach. We may notice a few more people walking the beach but for the most part people plop down in front of where they are staying. Possibly a few more people at the public areas, resturants and store but don't look for any large impact from these new buildings.

 

[aes74]

I may be wrong but somehow I doubt that the real estate slow down will impact the people that can afford a 1.6 million dollar property as much as those of us that enjoy our timeshares. I think if they decide they want it they will buy it. There could be a definite impact on a developer getting financing for such a project but if he has the millions to buy the land in the first place financing is probably not an issue for the developer either. The property will get developed. It is only a question of "when" it gets developed.
The Vero DVC view will change and the beach and restaurants will have a few more people using them. There was a great deal of discussion when Disney built Vero as well...

This is correct. I live here in a beach community and can tell you that while the regular market has slowed, waterfront property never will. And this is exactly the type of thing that is being built here. And developers feel it is worthwhile to snatch up property like this, even if they know it might need to sit for awhile. I don't know if this will stay undeveloped for a while or not, but it is not surprising. In fact, I was surprised that the article questioned the sale, being that it is waterfront. Obviously it is catering toward a higher-income level, seems like maybe older couples. My husband is involved in waterfront development on a smaller scale, on our coast, and has told me that this project seems to have what many in that demographic is looking for in Florida. The water, private elevator and lobby, large square footage, all the upgrades, etc. FWIW, it is being predicted that the market is going to swing back up again here in the next few months. Only time will tell if that happens.

 

[PamOKW]

Curious whether any recent visitors have seen any sign of building activity? They had a full page ad in the most recent issue of Vero Beach magazine.

Disney did their best to be a "good neighbor" as they were building. They welcome everyone to the restaurants and I think may even solicit local businesses to hold meetings at the resort. They never offered carte blanche to come use the pool, etc. From day one it's been a struggle for them to find the way to "nicely" tell folks that the pool area is not a public facility. I know of other "neighbors" of the resort who would send their visiting grandchildren to the pool Disney will have to figure out a way to be stricter about the use of the pool area. They are pretty good at picking out "non-guests" and asking them politely to move along.

Of course the new neighbors may have to find a way to avoid folks "pool hopping" to their "quiet" pool.

 

[Tony P. IL.]

I was there this December and there was nothing being built south of the resort yet. I asked about that property already knowing it was sold from reading about it here on the DIS. I was told that the land just south was sold and vacant land across the street west of what Disney has there was also sold. That was more land that was owned by Disney.
Here is the link were I read about the land south being sold.
http://www.disboards.com/showthread.php?t=1231675&referrerid=&highlight=vero