I have not written anything about Marina Grande on the Halifax in Holly Hill, a small town in Daytona Beach area, and not because there was no drama there. There was and is plenty of drama there.

It is like a huge iceberg, where we see a tiny piece of it. It is not what Marina Grande on the Halifaxyou see, it is what you do not see, that kills you. But first let’s talk about what we see:

For a long time there were no sales. And there were 3 sales at Marina Grande on the  Halifax, all REOs, and all went for unbelievably low price. I was happy, because it proved that we can sell there. This was a huge question, as there were lawsuits, and settlements, so it was a mess.

However, when the bank went and foreclosed it, all the liens were wiped out. Well, it was still not the case with short sales.

So, by now there were 2 bdr units sold for $124,000, $125,000 and $133,250. Ouch, nearly $500K units went for ¼ of their Pre-Construction price.

All 3 sales were cash deals, of course, as with the string of lawsuits, and quite a bunch of liens, financing a condo project like Marina Grande on the Halifax is very unlikely.

And when we thought that we seeing the light at the end of the tunnel, bang!!!

But this is the topic of another blog about Marina Grande on the Halifax in Holly Hill, a small town in Daytona Beach area…

 
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6 Comments on What We Can See Happening In Marina Grande On The Halifax in Daytona Beach Area

NOV
22
2010
1,142,581 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Hi Jon!  Such a gorgeous building with such a sad storyline.  I cannot believe that folks lost 75% of their investments--so sad.  Those who are buying now are certainly lucky though!  
12:13am • #1
1,210,518 Points 118 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Debe - quite unique situations and it all depends on the timing. Those who started a year earlier, were able to selel the units and tose condos do not suffer as much as those late in the process developments, that had people running away

And you are right, such incredible opportunities there now.
12:29am • #2
811,361 Points 163 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Jon, I am waiting for the rest of the story. It would seem that Florida is one big test case for the rest of the country. A lesson that lenders should be required to study. But what a deal! For those than can buy now that is.
6:07am • #3
277,190 Points 4 Featured Posts Called Shot Master

Talk about a "fire sale" let's hope the fire sprinklers work in anticipation of the former owners blowing their tops with these law suits!  And, we've seen condos here take hits.  Not as drastic as that but some taking as much as a 30% hit. 
7:41am • #4
535,310 Points 38 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jon,

You work on such interesting properties.

Bill
11:23am • #5
1,210,518 Points 118 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Andrea,

The rest of the story is following soon. I usually do not write small pieces, but this time it is something that deserves a separate blog post.
11:59am • #6


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Jon Zolsky, your Daytona Beach, Florida connection

Daytona Beach, FL

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Jon Zolsky, Daytona Condo Realty LLC, 386-405-4408

Address: 313 S Atlantic Ave., Suite A, Daytona Beach, FL, 32118

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