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flagler county: Ginn Clubs and Resorts Misses P&I Payments on $675 Million Credit Facility - 07/02/08 04:43 PM
Signaling cash flow woes, Ginn Clubs and Resorts missed principal and interest payments on its first- and second-lien debt according to a LCD report. Lenders have agreed to not exercise remedies for 30 days but have not waived the default. The 30-day waiver on principal and interest payments was granted when Lubert-Adler agreed to kick in $5 million in cash for operations. The agreement affects only four Ginn properties.
Both the report and comments from Ginn President, Robert Gidel can be seen at the following link: Florida Real Estate Developer, Ginn Clubs and Resorts, Misses Principal and Interest Payment
Toby Tobin is … (7 comments)
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flagler county: Amid a Lousy Real Estate Market, Law Suits, and Rumors, is Bobby Ginn Imploding? Not from My Viewpoint. - 10/04/07 07:26 PM
October 4, 2007 - Palm Coast, Florida - Over the past few months, things in Bobby Ginn's world seem to have been disassembling. Bobby now faces a total of seven law suits; two related to his real estate empire and five to his personal foray into and embarrassing exit from NASCAR racing. Some property owners at The Conservatory at Hammock Beach, mostly investors, are rattling sabers because they find themselves unable to flip lots purchased at the market's peak. Ginn has a new president, Robert Gidel, who, not coincidentally, has very close ties to Lubert-Adler, Ginn's longtime funding source (story). Gidel … (14 comments)
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flagler county: Palm Coast Park, a Multi-Use Flagler County Development - 09/15/07 06:38 PM
Palm Coast Park is a 4,700 acre multi-use development stretching along a 6 mile segment of US Rt 1 in the City of Palm Coast, with development tracts available for commercial, including big box retail; light industrial; business park and various types of residential, including single-family and multi-family. The site extends from Palm Coast Parkway to Old Kings Rd along US Rt 1.
Development approvals are in place for the following land use entitlements: Residential - 3,600 units Commercial/Retail - 800,000 sf Office - 800,000 sf Industrial - 800,000 sf Institutional - 100,000 sf The first residential homes within the project area will … (0 comments)
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flagler county: Ed Burr, LandMar Founder and CEO Resigns - 09/14/07 10:51 AM
LandMar CEO, Ed Burr, was unsuccessful in a recent attempt to negotiate his purchase of Crescent Resources' controlling interest in the company he founded in 1987, so he has decided to leave. Burr will be replaced by Dan Kohlhepp, president of Crescent Resources' commercial division. Details of Burr's offer to Crescent were not made available. LandMar develops communities primarily in the southeast U.S. as well as in Texas and Arizona. They are one of Flagler County's largest developers with several projects:
Grand Haven - LandMar purchased the Grand Haven development from the original developer, Lowe Enterprises when it consisted of fewer than … (0 comments)
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flagler county: Ginn Company Purchases Bulow Shores – Intercoastal Property Once a Centex Project - 09/11/07 08:20 AM
In April, I heard that Bobby Ginn purchased the Bulow Shores development from Centex Destination Properties (CDP). I contacted a Ginn spokesperson to confirm the story. He said he would check it out and get back to me. He never did, so I posted it as a rumor. Well, now it's news.
Locator Map
According to public records, Ginn Bulow Shores LLC purchased the property from The Von Bulow Corp in April. Centex was marketing the project but had not completed the purchase of the property. I understand they had accepted reservation deposits. The 243.9 acre tract sits astride John Anderson running … (0 comments)
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flagler county: Ginn Resorts Enters Georgia Real Estate Market With Acquisition of BriarRose Community - 08/16/07 07:41 AM
August 16, 2007 - Palm Coast, Florida - Ginn Resorts projects within Flagler County include Hammock Beach, The Conservatory, Yacht Harbor Village, The Gardens, and Bulow Shores. The Celebration, Florida based resort and real estate developer announced yesterday that it acquired the real estate holdings of Atlanta based developer, BriarRose Land Company. BriarRose Land Company is currently developing the BriarRose Hamlet, a 1,879-acre private country estate and club community located in the Oconee River Valley near White Plains, GA, 15 miles from Lake Oconee and Greensboro, GA. The Lake Oconee area is one of the fastest growing real estate markets in … (3 comments)
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flagler county: Sea Colony - 08/09/07 08:49 PM
Sea Colony is a unique gated oceanside community located in the Hammock area of Flagler County, just north of the upscale Hammock Dunes, Ocean Hammock, Hammock Beach developments. Unlike its luxury neighbors to the south, Sea Colony is a quiet, laid back community of smaller homes, most less than 2,000 square feet. It offers a lovely beach, a community clubhouse and pool overlooking the Atlantic Ocean. Several small lakes offer great views, privacy, and fishing. Biking trails and county parks are close by. Described best as a quiet retreat, Sea Colony is situated just 15 minutes from St. Augustine near Palm Coast.
What … (0 comments)
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flagler county: Town Center at Palm Coast - Mixed-Use Development - 08/03/07 04:11 PM
Town Center is the largest and most significant real estate development underway in Flagler County, FL. Sited on 1500 acres north of SR 100 between I95 and Belle Terre Parkway, it combines business, residential, parks, government, and retail in a multiphase plan expected to be completed about 2020. Palm Coast Holdings, a subsidiary of Allete Properties, is the developer. Site work that began in the Spring of 2005 is nearing completion. The project is divided into 30 separate development tracts.
<Virtual Tour> <Tract Map>
Development approvals are in place for the following land use entitlements:
Residential - 2,500 units. Commercial/Retail - 3,400,000 sf. Office - … (0 comments)
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flagler county: Hammock Beach - Luxury Oceanside Resort - Private Golfing Community - 08/03/07 03:59 PM
Hammock Beach was the first of The Ginn Company's developments in Flagler County. Ginn purchased property from Lowe Destination Properties, the same folks that developed Ocean Hammock. It is located along the Atlantic shore in an unincorporated area known as The "Hammock.''
Hammock Beach has 213 single family homesites but the jewel of Hammock Beach is the 12-story resort condominium called The Club at Hammock Beach. The Club at Hammock Beach boasts two fine restaurants, a state of the art fitness center and spa, and a $6M swimming complex. This club and its amenities are available only to property owners and their guests. Many … (0 comments)
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flagler county: Hammock Dunes - Exclusive Private Golfing Community - 08/03/07 03:52 PM
Hammock Dunes is a private, gated community located on 997 acres along 1 1/2 miles of beach front in Flagler County, Florida. The upscale community combines estate homes, luxury oceanfront condominiums and two championship golf courses. In addition, a 2 1/2 mile long island in the Intracoastal Waterway affords the venue for Island Estates, a sub-community of luxurious homes, most in the $million plus category. The equity club consists of two golf courses. The Tom Fazio designed Links Course is located on the barrier island within the Hammock Dunes compound. The Rees Jones Creek course is located among pristine creeks and … (0 comments)
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flagler county: Grand Haven - Gated Golfing Community in Palm Coast, Flagler County, Florida - 08/03/07 03:45 PM
Nestled along the West side of the Intracoastal Waterway in Palm Coast, Grand Haven is a residential gated community of homes in the $250's to $1 million plus range. Chose from Intracoastal, lake, golf course or preserve fronted homes and home sites. Homesites range from $90K for interior lots to $500-750K for Intracoastal sites. Live side by side with osprey, eagles, herons, egrets, gators, and deer. Sighting of Florida panther, bobcat, wild boar, and otter have also been reported. Launches from Cape Canaveral are often visible.
A private highly rated Jack Nicklaus signature golf course with a beautiful clubhouse winds through the … (0 comments)
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flagler county: Developer Bashing - A Florida Pastime - 07/29/07 08:03 PM
But let those who have not taken out a home equity loan, made possible by the handsome increase in the value of their home, cast the first stone.
Palm Coast, Flagler County, Florida - One of my readers posted the following comment to a recent article about Sawmill Creek, a gated, golfing community currently under development by Lowe Destination Development. He questioned the sanity of developers. Here are his comments and my reply.
Comment Title: "Why More Private Communities"
Comment: "In all of your conversations and research has anyone made any sense as to why the persistent focus on these ‘upscale' communities in this area? From what I … (1 comments)
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flagler county: Palm Coast, FL - 23% of Lots in The Conservatory Have Delinquent Tax Liens - 07/21/07 02:02 PM
Another Ginn development was hailed as a hugely successful offer in 2005. 337 Conservatory at Hammock Beach lots were oversubscribed by eager investors at prices ranging from $329,900 to $529,900. The final tally was nearly $142 million. Many buyers planned to flip their lots, reaping a nice profit, as many had done with previous Ginn projects.
Today, 80 lots are listed for sale on MLS. No Conservatory lots have sold through MLS in the past 24 months. Nor does MLS list any Conservatory lots in either a pending sale or contingent sale status. (MLS data does not show subsequent sales brokered through … (1 comments)
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flagler county: The Ginn Company has a New President - 07/17/07 06:20 PM
Robert H. Gidel, formerly a Managing Director of Liberty Partners, LP, has joined The Ginn Company as President. Bobby Ginn will continue his role as Chairman and CEO. An internal announcement is being developed and a formal press release is forthcoming. Mr. Gidel is already residing in Orlando.
I spoke today with Bobby Masters, Executive Vice President of The Ginn Company and with Ginn spokesperson, Ryan Julison. They described how the company has been looking for nearly five years for the right person to take over much of the day-to-day operations of the company, to free up Bobby Ginn to do … (10 comments)
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flagler county: Investing in Gated Communities - Understand the Risk - 07/09/07 05:24 PM
Palm Coast, Florida - During the real estate boom of 2001 through 2005, many sectors of the market increased well over 20% annually. In Grand Haven's north section, lots purchased for $100-120K sold in just two years for nearly $200K. Grand Haven Intracoastal lots in Front Street village increased from $180,000 in 2000 to over $500,000 in 2005. For two successive years, Intracoastal lots in Palm Coast Plantation saw a 25% increase in value. People who were in the right place at the right time did very well. But the same statement could be made about stock market investors or even … (3 comments)
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flagler county: Short Sales of Pre-foreclosure Properties - Because Banks Don't Want to Own or Dispose of Real Estate - 07/09/07 05:20 PM
Palm Coast, Florida - The rising number of delinquent mortgages and impending foreclosures provide an opportunity for great bargains. The process takes time and effort but the buyer, the bank and the seller can all benefit.
The market price of Flagler County, Florida real estate has dropped over the past eighteen months. The median sale price of existing single family homes dropped 17% from $259,900 in December 2005 to $215,000 in May 2007. At the same time, some home owners are stressed financially, either by changing financial situations or by rising insurance, real estate tax, and ARM payments. Whatever the reasons, foreclosures are … (3 comments)
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flagler county: Auction of Five Lots in Ginn Hammock Beach Resorts Scheduled for July 22nd - 07/08/07 01:37 PM
Palm Coast, FL - Another investor has realized that investing in lots in gated communities is not a sure thing, even with a premier developer like the Ginn Company. The added costs of HOA fees and club dues mount quickly, cutting into potential profits in a rising market or increasing losses when the market goes south. Sheldon Good & Company has often been referred to as the Christie's of real estate auctions. They have been engaged to sell five vacant lots in Ginn Hammock Beach Resorts communities. The Baltimore, MD owner/investor of all five properties has decided to cut her losses … (6 comments)
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Toby Tobin
Palm Coast,
FL
More about me…
Real estate commentator; GoToby.com, Take Action Propertiesi
Address: 35 Riverview Bend S., Unit 1816, Palm Coast, FL, 32137
Office Phone: (386) 597-2185
Cell Phone: (386) 931-7124
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