Building Bridges Takes Longer Than Burning Them

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

Exactly 2 years ago today I received the following e-mail from the owner of a condo unit in MG on the Halifax (then Marina Grande on the Halifax) in Holly Hill, FL:

«I may be hurting myself in the future, but stay away from this place.  Plenty of lawsuits in progress, and Momentis are as big if not bigger liars than Boca Developers.  We are being ripped off on Maintenance fees, they are not delivering services, they can't/won't/don't even heat the pool.  They have been promising to settle liens since last August and nothing.  None of the security features work and they talk a good game, but deliver nothing.  They do not own the open space next to the second tower so who knows what will go there.»

Interesting how things have changed since then, actually only recently. Now there are new owners, and, luckily, they have control over the land north to the North Tower. More important is that they have the vision, and do not scramble the big plans, but are going to complete this fascinating Daytona  Beach area development to the full glory as initially planned.

Which means that they will build 2 more Towers after they sell the units in existing Towers.

They are breaking grounds for a new huge pool and clubhouse north from the North Tower, they are sealing and repainting the buildings, and you see crews working everywhere. The first phase of Marina is also coming... That's what was promised for MG on the Halifax long ago.

I know that there are a lot of skeptics, but a lot of skeptics are good for sales. They are the ones that start jumping on the wagon when they see the train starts going at full speed. And at that time they are willing to pay premium.

Follow this link to my new MG on the Halifax site for the rest of this article. 

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Florida Volusia County Holly Hill
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Condos, What you need to know?
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Rainer
106,672
Rob Magnotta
Huntington Beach, Newport Beach, Seal Beach, Irvine REALTOR - Huntington Beach, CA
Huntington Beach & Newport Beach Coastal Specialist

Great point, Jon. Sometimes it's easier said than done, but great post.

Mar 30, 2011 06:33 PM #1
Rainer
170,729
Tiffany Torgan
Harcourts Prestige Properties of La Jolla - La Jolla, CA
Featured on HGTV's New Show! How Close Can I Beach

Hi Jon, that is really good news. It is sad about what is happening with the condo HOA's since the markets have changed. It seems like it's the homeowners who pay to HOA fees vs. the ones who don't! Tiffany

Mar 30, 2011 06:33 PM #2
Rainer
247,691
Doug Bullwinkel
Envoy Mortgage, NMLS 6666 - Roseville, CA
Mortgage Loan Originator NMLS #281609

Glad to see this area is starting to turn around.  Condo's have additional issues for financing, especially when there is pending litigation. 

Mar 30, 2011 06:46 PM #3
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Michelle Carr-Crowe Just Call 408-252-8900 Top 1%!
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

It is also good that someone wanted to share their reality with you as well.

Mar 30, 2011 07:47 PM #4
Rainmaker
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Jon Quist
REALTY EXECUTIVES TUCSON ELITE - Tucson, AZ
Tucson's BUYERS ONLY Realtor since 1996

It's nice to read good news about condos in your area. We're far away here and still we get reports in the various media about the old problems you have had in the past.

Mar 30, 2011 09:24 PM #5
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
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Jon, I am happy you are reporting on some GOOD news with the new owners. Yipee. Finally a brighter future.

Mar 31, 2011 04:55 AM #6
Rainmaker
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Debbie Walsh
Shahar Management - Middletown, NY
Hudson Valley NY Real Estate 845.283-3036

I think this is a good post because hopefully showing that someone is turning this bad situation around will make a big difference in the community.

Mar 31, 2011 07:25 AM #7
Rainmaker
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Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI RE Adventures

Condo's have become a tough sale in our area all around.  It seems like the banks/lenders just don't like lending for them the way they used to 

Mar 31, 2011 07:52 AM #8
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Thanks, Rob

Mar 31, 2011 03:03 PM #9
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Tiffany - fees is still an unsolved problem there. It is unlikely they could be justrified at the level they are, but hey, we need to give new owners time to breather, and, hopefully, they will look into that as well.

Mar 31, 2011 03:05 PM #10
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Doug - these issues can kill financing. New owners are working on that right now because you can't expect to sell over 400 units for cash only, and, actually, you would not want to as thhis would mean that only investors would buy here, and this is  not the goal

Mar 31, 2011 03:06 PM #11
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Jack Mossman - The Nines Team at Keller Williams in Lodi
The Nines Team at Keller Williams in Lodi - Lodi, CA
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Jon - You have been more or less open about the way the micro-market in your region changes.  The "greater market" may set national or even regional trends ... but on the local level, the differences can and usually are built on local personalities, reputations and vision.  An investor or an owner ... are well advised to final a local agent to help them understand all of the "market" not just the comps!

Mar 31, 2011 04:52 PM #12
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Michelle - yes, it is. I can only know what I know from others, annd owners are a very important source of information. Not always objective, but thheir emotional state is telling in itself

Mar 31, 2011 06:29 PM #13
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Jon - I think we still have them. We just accumulated a lot in a short period of time, so it will take some time to resolve them.

But what are we here for? (LOL)

Mar 31, 2011 06:30 PM #14
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Gary - it is true. It is like we were waiting for the spring after a long cold and windy winter, and finally spring is here...

Mar 31, 2011 06:32 PM #15
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Debra - the best part is that this is a long term committment from the  new owners, and this is encouraging

Mar 31, 2011 06:33 PM #16
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Bob - I was told they are working on financing and they are looking into more than one source. I hope that a piece that large would induce lenders to be reasonable

Mar 31, 2011 06:34 PM #17
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Jack - problem is that previous experience does not work with real estate. Every time people say that this time it is different.

Of course, eash time it is different. But if the pendulum is in its extreme position, it will have to go in the opposite direction.

But then there will be another something that is different, so people would sit and wait

Mar 31, 2011 06:36 PM #18
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