real estate: 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)
real estate: Are You Trying to Sell Your Property or Just List it?
- 06/08/08 04:00 AM
It's said that sellers are the last ones to know the market has dropped. By most measures, the Palm Coast, Flagler County housing market peaked in the summer of 2005. Yet, 2 ½ years later, some sellers still haven't gotten the message. How can that be? It's certainly not because of the lack of media coverage. People fall in love with their assets. They just can't believe that there isn't at least one person out there that values their property as much as they do. But after 2 ½ years, shouldn't they be waking up to reality? Here are … (0 comments)
real estate: The Lubert-Adler Connection – Where does Bobby Ginn's Development Money Come from?
- 04/15/08 11:30 PM
I just finished covering the Ginn Championship at Hammock Beach. The tournament is part of the PGA Champions Tour. This was the second year Bobby Ginn's Ocean Course at Hammock Beach hosted the event. As a response to the downturn in the real estate market, Ginn made some changes from last year. The blimp was gone. It's now owned by Direct TV. The number of volunteers was down a little; as was the compensation package they were given. The Saturday night Smokey Robinson concert was limited to Ginn Club members only. But the tournament did not suffer a bit. By all accounts, … (1 comments)
real estate: 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)
real estate: PMI, The Mortgage Industry’s Dirty Little Secret
- 10/30/07 02:22 AM
Private Mortgage Insurance (PMI) has long been touted as a benefit that allows borrowers to purchase property with less than a 20% down. But who is the real beneficiary of PMI? We are all told that PMI is insurance that pays the lender if we default on our mortgage. While true, this does not tell the whole story. There is a lot that we are not told. If PMI is a condition of a mortgage, here is what the lender must disclose: As part of a "good faith" estimate of closing costs, the lender must provide an estimate of the PMI premium. … (23 comments)
real estate: Sawmill Creek in Palm Coast, Florida
- 09/15/07 12:32 PM
Sawmill Creek, approved as a planned residential community of over 1000 acres, is in the final planning and permitting stages. Sawmill Creek is located in the northwestern section of Palm Coast Park, west of US 1 south of I95 and north of Matanzas Woods Pkwy. The Planned Unit Development (PUD) agreement for Sawmill Creek allows for 1,469 residential units (single family and town homes, 50,000 square feet of neighborhood retail and office space, a 10-acre park and space for a school. A Jim Furyk designed golf course will be included in the first phase of the development. Michael Beebe is co-designer of the course. Construction … (0 comments)
real estate: Palm Coast Park, a Multi-Use Flagler County Development
- 09/15/07 11:38 AM
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)
real estate: City of Palm Coast Approves Contingent Agreement to Acquire Palm Harbor Golf Course from Centex
- 09/14/07 09:51 AM
September 6, 2007, Palm Coast City Council unanimously approved an agreement to accept Centex's contingent donation of the Palm Harbor golf course. As disclosed in earlier articles, Centex desires to amend the existing Development Orders (DO) for the Harborside Inn and Marina to enhance the property's marketability. The requested changes were not detailed at last night's council meeting but previous information meetings disclosed that Centex was looking for the following changes to the Development Orders to gain additional flexibility: Downsize the two remaining condominium buildings Optionally allow the condo/hotel to be a standard hotel Extend the DO by a period of two yearsThe … (0 comments)
real estate: City of Palm Coast Approves Several Town Center Projects, Including a Boutique Hotel and an Exclusive Mixed-use Condominium Project
- 09/10/07 12:38 PM
August 27, 2007 - Palm Coast, Florida -Flagler County's the residential real estate market flounders but the commercial side shows strength. A few projects, such as the CVS on SR100 at John Anderson, have been put on hold. Epic's much anticipated multiplex movie theater/retail complex is apparently being set back. Informal discussions have taken place, but formal plans have yet to be submitted to city planners. Meanwhile, progress on the Town Center front is becoming apparent. The final site plan for Golden Gate was approved. Golden Gate is a "boutique" hotel, with 80 plush guest rooms, meeting rooms, a fine dining restaurant, … (2 comments)
real estate: 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)
real estate: 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)
real estate: 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)
real estate: Palm Coast, FL - 23% of Lots in The Conservatory Have Delinquent Tax Liens
- 07/21/07 07:02 AM
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)
real estate: 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)
real estate: Investing in Gated Communities - Understand the Risk
- 07/09/07 10:24 AM
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)
real estate: Short Sales of Pre-foreclosure Properties - Because Banks Don't Want to Own or Dispose of Real Estate
- 07/09/07 10:20 AM
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)
real estate: 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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