florida: Ginn Clubs and Resorts Misses P&I Payments on $675 Million Credit Facility
- 07/02/08 09:43 AM
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)
florida: Lower assessments and higher property taxes - it can happen in some Florida counties next year.
- 11/21/07 04:09 AM
Palm Coast, FL - I had an interesting meeting with Jay Gardner, Flagler County's Property Appraiser a few days ago. Our discussion dealt, in part, with Palm Coast and Flagler County's declining property values and the effect the decline might have on individual property taxes next year. Many counties in Florida will experience the same problems next year. The Property Appraiser's job is to determine each property's just (market) value. To do this, his staff examines sales of "comparable" properties. By state law, each year's tax roll is determined by sales the previous year. Thus, each property's just value for the 2007 tax … (3 comments)
florida: Sea Colony
- 08/09/07 01:49 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)
florida: Town Center at Palm Coast - Mixed-Use Development
- 08/03/07 09:11 AM
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)
florida: Hammock Dunes - Exclusive Private Golfing Community
- 08/03/07 08:52 AM
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)
florida: Grand Haven - Gated Golfing Community in Palm Coast, Flagler County, Florida
- 08/03/07 08:45 AM
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)
florida: Developer Bashing - A Florida Pastime
- 07/29/07 01:03 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)
florida: Auction of Lots in Ginn Developments Yields Disappointing Results
- 07/23/07 02:37 AM
The ingredients for a successful sale were there. The auction company was highly respected Sheldon Good, the largest real estate auction company in the country. The properties were desirable, all in private communities developed by Bobby Ginn, rich with amenities packages. The seller was flexible, understanding that the market had changed from the time $2.5 million was paid for the lots two years ago. The sale venue was the Palm Coast Yacht Club. But the buyers were missing - at least enough of them willing to bid seriously. The five properties in the auction were: Hammock Beach Lot 41 North Shore Avenue, purchased … (5 comments)
florida: Why does it take so long to build a house?
- 07/13/07 05:54 AM
They build houses in just a few days on television. Of course everything is pre-staged and non-traditional methods are used, but why does it take 6 to 18 months in real life? Home construction is not a simple task. Most have no idea how many steps and how many different skills or trades are required. Building codes, materials used, construction methods, weather, and architectural styles vary from region to region, but this article's message is fundamentally valid anywhere. My reference is Palm Coast, in Flagler County, on Florida's northeast coast between Daytona Beach and St. Augustine. Here, we don't dig … (2 comments)
florida: Auction of Five Lots in Ginn Hammock Beach Resorts Scheduled for July 22nd
- 07/08/07 06:37 AM
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)
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.;)
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