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 to the Intracoastal Waterway on the east and Bulow Creek on the west. Records show the sale price was $14.5 million. This amount likely does not include payments between Ginn and Centex.

The Gardens at Hammock Beach, a large private golfing community, also being developed by Ginn, is a short distance north of Bulow Shores. Two developments so proximate and sharing amenities will be an advantage for the Ginn marketing team. The first phase of The Gardens was released this spring. Since then, only fourteen lot sales have been recorded on the Property Appraiser's website, reflecting the changing market. This is a far cry from Ginn properties that sold out in one day only a few years back.

Toby Tobin is Editor & Publisher of GoToby.com, the popular real estate news, information, and analysis website for the City of Palm Coast and Flagler and Volusia counties in Northeast Florida