Friday, September 12, 2014

So is this Blog 'OPEN' or is it 'CLOSED'?

Neither is entirely correct. 

This blog goes back to 2007 when I purchased here, but I sold my condo in January 2013 and of course my interest level has dropped considerably.

Still there is quite a lot of information here that is of value to Owners, Renters or those considering a purchase, so the blog will remain so all can access the info, it just won't be added to very often.

Bill Harris
computer201@hotmail.com

For Sale: A Nautilus Condo


Nautilus Condo        MLS#621909
Property Photo
912
18912 Front Beach Rd. #301

Panama City Beach
$218,234

Dosen't look familiar?  
APRIL FOOL!

It isn't OUR
Nautilus Condo!utilus Condo, just a similar name
Beds: 2 + den
Baths: 2
Sqft: 1,351


Sunday, September 7, 2014

Board Problems Grow at Nautilus Cove



Misc FYI:   In the matter of NCC conflicts, things are now taking a turn for the worse with one of the owners sending an Anonymous email to the VP. You can see this at: http://nautiluscove.proboards.com/

Further, although sent with no name/unit number I do know who the author is due to having had other input from this person during my tenure with wording the same as in this more recent letter.


This years BOD election shapes up as being very contentious and will see the Developer Board member continue and not subject to 'election' but the 2 owner Board members will probably run again, the current Assn. VP having already indicated that this is her intention.   

Should the current Assn President run and be elected you can count on her and the Developer member voting together and cutting the current VP out of any role in the condo.  We have seen this before when during my time at the condo the Developer member teamed up with the Assn. owner Pres Lenny DiGiocomo to cut out the then serving VP from any role in the condo.

In my opinion, based on many years of having to deal with the Developer, any owner who aligns themselves with a Developer Board Member is representing Developer interests and is not be representing the Owners.

We will have to see how this works out but it will probably be a lot messier before things are resolved.


Just For the Record:

Who is the Nautilus Cove Developer?

On Feb 13, 2004 Gulf Boulevard Partners Ltd was created and on Dec 14, 2005 the then Gulf Boulevard Partners, Ltd amended their Certificate of Limited Partnership and had a name change to Nautilus Development Partners, LLLP. and on 12/31/09 the name was changed again with an Amended and Restated Certificate of Limited Partnership to SAS Nautilus Cove Managers LLC


A look at the Florida records at http://sunbiz.org brings in several other names.  

All these name changes brings to mind the old Abbott and Costello standup comic routine of "Who is on first" or perhaps the game of trying to find which shell the pea is under.
 

What is the correct condo name?

It is not: Nautilus Cove Resort or Nautilus Cove Apartments.  The condo name as filed with the Florida Dept of Corporations on 4/12/06, and reflected in the 7 pages of the Articles of Corporation for a Florida Non Profit Corporation states that the condo is called Nautilus Cove Condominium Association, Inc.   The initial slate of Directors named were: Price, Brock and Missigman, all appointed by the Developer.

Is Nautilus Cove a HOA?

No it is not a Home Owners Association (HOA).  NCC is a Condominium Association (CA).

Q)  How many developer units remain unsold?
A)  56 (plus #708 which the developer bought back from an owner and it is now held under the name Nautilus 708, LLC)


----------------------------------------------------------------------------


When I left in Jan of 2013 things were not going well and I was standing for the BOD on the sole platform of removing Condord Management from the property.  

The Developer which is partners with Concord in many ventures, including NCC, offered me a bit above the going market rate for units at NCC and I took advantage of this to unload the condo even though it was at a loss of $78,000.

The author of the newsletter was then President and later she changed places with Ms Webber and took the VP position.  Now there are continued problems at the condo as outlined in the newsletter.

Below is the text followed by the harder to read images of the items



=====================================================================



NAUTILUS COVE (Newsletter)

Non-Functioning Board of Directors
Aug 30, 2014


Over the past year, bicycles parked in common areas has become an eyesore and makes Nautilus Cove Condominiums appear to be a transient property. After notifying Concord Management’s Property Manager, Ms. Lorie Blue, to notify all owners to first, remove them from common areas and if not compliant, to have them towed from the property within a reasonable period of time. This instruction has been given to Ms. Blue on numerous occasions without any action being taken, other than the comment “I’m working on it”. 

After a reasonable time and with no action taken, I sent a letter of violation to all Owners that bikes parked in common areas of property would be towed with a date of towing. 

I did so because the Management Firm does not abide by their contract that states they will enforce all Rules and Regulations of the Association. For this same reason, they will not have their contract renewed and we have hired another Management Firm. 

If The Association does not enforce ALL our R&Rs and a tenant or owner files a lawsuit against us, it is The Association that will pay if the plaintiff wins in court. (And that is the exact case The Association was presented with when the Owner of Unit 708 filed a lawsuit that Nautilus Cove was not enforcing the Rules and Regulations. This suit was settled out of court and The Association (The Owners) paid $7,000 to the Owner of 708. This suit was filed upon The Association because it would not enforce the Rule & Regulation regarding dogs on property). 

To continue, the date passed for towing of the bikes still on property as I was delayed in taking action due to my husband’s hospitalization. The Board Members and the Fines Committee were copied on all correspondence without any feedback. I then sent another letter to Owners again with an extension of towing date. I had no contact or correspondence from Ms. Webber regarding this issue, as she states in her letter. If she would have instructed me not to have them towed, I would have explained that she does not have the authority to refuse to enforce the Rules and Regulations, etc. 

It should also be noted, that the President chose to send this letter immediately after I had posted a towing tag on a vehicle parked in a non-numbered parking space near the 8 Building that had an expired vehicle tag since 6/14. I advised the Concord Management Property Manager, Lorie Blue, to call the towing company and if the violation was not corrected by the following day, to have the vehicle towed. Once again, the vehicle still sits in the parking space with expired tags as I send you this letter. Note that this violation is also addressed in Item 2, above. Turns out, the vehicle is a friend who is staying with the President in her unit. I ask, why does The President feel she does not have to follow the Rules & Regulations as everyone else does? 

In December, 2013, the Secretary/Treasurer, Norman Knight, was appointed to the Board by the Developer, and the President, Jaime Webber was appointed by the Board Members, I stepped down to the Vice-President’s position. At that time, I had many personal commitments to fulfill and simply did not feel I would be able to be as diligent in fulfilling the President’s position as I had done for the previous two years. In no way, did I feel that I no longer had an obligation to fulfill my fiduciary responsibilities to Owners, though. As time passed, I became quite concerned as the President informed me that I should direct all questions and issues to the Property Manager, as she was too busy. I sent a letter in response informing her that this is not how an Association worked. It is the Association who directs and informs the Property Management Company of what needs to be done or corrected. To date, I have not had a response from The President. 

Since our Board has a President that does not follow the Rules and Regulations herself, (Bikes parked on common ground, a dog that is over 36 pounds that has not been given written permission, and having a vehicle with expired tags of an un-registered occupant, I do not feel that I should be held responsible for payment of the charge for towing. 

If fact, it is the Management Firm who should pay this bill for directly refusing to enforce Nautilus Cove Rules and Regulations! And that is what I stated in an email I sent to Ms. Blue (copies to other Board Members, also).


I would appreciate your input regarding the following questions–

1. Should Nautilus Cove continue enforcing all Rules and Regulations?
2. Should the cost of Attorney Fee for this certified and recorded document be applied to the President as it is unwarranted and towing was in accordance with our Rules and Regulations, By-Laws and Declaration?
3. Should the Vice President be assessed for this invoice?
4. Should my account be charged with a delinquency if not paid?
5. Do you feel that abiding by the Rules and Regulations warrants a threat of removal from the Board?
6. Should Concord be responsible to payment of this bill for non-compliance?
7. Should the Board increase the number of positions on the Board from 3 to 5?
8. Should the Board indicate on Future Board Member Voting Ballots the position each candidate is running for, as opposed to the Board selecting the Position to be Held?


If you reply, it is important that you send it to ALL Board Members listed below; 
Jwebber223@yahoo.com Babs43@wowway.net nknight@ndkconstsvcs.com


I look forward to the opportunity to continue to serve the Association, its Owners, and its residents in the future. Speaking of continued service, I want to let all those who have been asking if I plan to run for President of The Board again. Yes, I do. I appreciate all of you so much and the interest taken by all of you to assure this resort continues to be known as one of the finest, first-class resorts on Panama City Beach.

Please let us know if there are any questions or concerns we may address.

Babs Simmons
Vice-President
Nautilus Cove Resort 
Homeowners Assoc.










--------------------------------------------------------------------

Letter from President to Vice-President
Mrs. Barbara Simmons
802 Cape Cod Drive
Panama City Beach, FL32408

Re: Towing of Bicycles

Dear Barbara--

This letter is written in response to your unilateral action of having bicycles towed from the property last week without Board approval and against my specific instructions. As a result of your actions the Association incurred an expense of $177.50 to retrieve the bicycles and a basketball hoop on behalf of the owners. Hopefully, this will prevent the Association being sued for your actions.



I have discussed this situation with legal counsel and I have been advised that the expense associated with obtaining the return of the bicycles can be assessed against you. Because I told you not to have the bicycles towed, J feel you should be the one to shoulder this expense. I am therefore enclosing a copy of the invoice, addressed to you, and requesting that you pay the invoice immediately. If you do not pay the invoice, the Association will pay it and assess your account. If you do not pay this obligation, you will be considered delinquent and will be treated accordingly. It could result in your removal from the Board.


In the future I ask that you not undertake unilateral actions as a Board member and that you abide by the decisions of the Board and its officers so we do not have a repeat of this type of situation. This includes writing violations to residents or owners. Violations will be reported to the management company for formal violation letters and action.

Jaime Webber
President
8/25/2014


Post comments on this at: http://nautiluscove.proboards.com/thread/13/condo-problems#ixzz3CISLjCZp


Saturday, August 30, 2014

Nautilus Cove Condo Information



For Your Information: 
You can see Owners List's, Delinquency List's and old condo newsletters at:  http://nccownerslist.blogspot.com/ and you can click on this direct link to see the meeting minutes for the last 6 years:   http://tinyurl.com/66zdaor, for 185 NCC photos see: http://nautiluscondo.blogspot.com

There is also an under used message board for NCC found at: http://nautiluscove.proboards.com/index.cgi   

also look at:
Declaration of Condo:  http://nautiluscovedeclarationofcondo.blogspot.com/
By-Laws of NCC - http://tinyurl.com/37vbqkz
NCC Articles of Incorporation - http://tinyurl.com/34wp8pj
Rules and Regulations - http://tinyurl.com/39lbjwl
New 10/4/10 Condo Management Agreement - http://tinyurl.com/39sy3cy

Old Condominium Management Agreement - http://tinyurl.com/3x8963n
Budgets of 2012, 2012 Balance Sheet of 10/2010 -  http://tinyurl.com/2d4oh4j
6 NCC Newsletters:  http://nautiluscondosrules.blogspot.com/2011/09/blog-post.html


Babs43@wowway.net   Vice President
nknight@ndkconstsvcs.com  Secty/Treasurer

  
   Office Tel:  235-1009
   Office Fax:  235-1282

Thursday, August 28, 2014


Misc Developer Info FYI:

Back in October 2008 the developer mortgaged units in 2 of their developments, one being 60 units they then owned at NCC, the amount obtained was $9,981,749.05.  

On 8/27/14 Fifth Third Bank filed a 'Release of Mortgage' with Bay County Clerk.  It is easier to make a bulk sale if there is no pesky mortgage on the property.








8/30/14  

See updated Condo Newsletters at:  http://nautiluscondosrules.blogspot.com/2011/09/blog-post.html

8/25/14   MORE ON #401

The very checkered history of #401 can be found below.  Only the 1st of 4 pages of the 8/25 filing is shown.  It will go to auction at 11 a.m. Oct 9, 2014.  For more info on this unit just put into the white search bar at the top left '401' and you will get everything ever written about this unit.





Moved up blog from 7/9/13
Condo Assn gets Eviction for #401

NCC temporarily recovers #401 from tenant Tykessia Patrick and daughter, who refuses to pay rent, claiming the unit is in poor repair*.   #401 is one of the units that NCC foreclosed on for the owner (in this case John Thomas) not paying assn. dues. It went to NCC 7/16/12 and was rented to Tykessia Patrick who stopped paying rent. Now the Court has granted a 'Final Judgment of Eviction'.

However, NCC has been filed on by HSCB to recover this unit as they are the first mortgage holder and they will eventually be awarded full title to the unit.  

See more info on 401 at the 2/27/13 post 'HSBC Has filed suit against NCC to recover their unit #401' Direct link: http://nautiluscondosrules.blogspot.com/search?q=401

* From an Email to blog owner from Patrick:  "First of all you don't know shit, my apartment is ragged as hell, sink leaks and my daughter slipped and fell, constant plumbing problem and my air was broken for a month. So Damn right I didn't pay and I'm going to sue."



Tykessia Marie Patrick
Mugshots.com ID: 5947126
Name: TYKESSIA MARIE PATRICK
Age: 24
Race: Black
Gender: Female

Also see post of June 25 on evictions, direct link at:  http://nautiluscondosrules.blogspot.com/2013/06/another-developer-eviction-filed.html

Saturday, August 9, 2014

Who Lives on the Property in 2014

8/8/14 Update:  Owners living on the property as of today remain at 19, or no change from 7 months ago.

----------------------------------------------
1/13/14

Of the 168 units only 20 have Home Owner Exemptions, 1 of these can be discounted as #206 - J Jones has long ago moved away but the County has not yet removed the exemption, so it is reasonable to say that probably only 19 Owners actually live on property (ie:  1 in 8.8 units occupied by owners). 

This is 11.3% Owner Occupied and has dropped from the last time I looked on 9/21/12, when 24 units were Owner Occupied or 14.2% (1 in 7).

Clearly this has gone from being a working condo to an rental apartment complex for 'working' class tenants, AKA "affordable housing" for 149 rental units.  

This is actually exactly what was intended when the complex was built.  

See:  this blog sites post at Monday, 6/21/04 "Nautilus Cove Was Always Meant As Low Income Housing - Not a Condominium" which quotes the 6/21/04 article "Local: Affordable Housing at Beach Grows" or just enter 'affordable housing' in this blogs 'search' bar and you will pick this and other blog posts on the topic.

Tuesday, August 5, 2014

FYI - From the archives:

The 6th annaversery of Nautilus Cove's very own Meth Lab was, July 22nd.  Additional details are available on the blog, just put in 'Meth Lab' into this sites search bar and it will bring up more information.

Briefly stated:  Daniel Hammock will be out Oct 8, 2014 and  Lisa Dunkley was released Dec. 2011.  Their unit was #1502, one of the Developers 56 unsold units.





Here is the Sheriffs Office Press Release FYI:

Bay County Sheriffs Office Press Release
July 23, 2008 Ruth Sasser, PAS

For Immediate Release 747-4700, ext. 2117

Meth Lab Dismantled

The Bay County Sheriffs Office Special Investigations Division dismantled a Methamphetamine Lab in Bay County yesterday afternoon, July 22, 2008.

Narcotics officers developed information that led to a search warrant on a residence at 1502 Lighthouse Road, Panama City Beach. Investigators discovered five children living within the home and an active methamphetamine lab in the cooking process in the closet and bathroom adjoining the master bedroom.

The children, ranging in ages from 8 to 14 years of age, were removed by DCF and taken to a local emergency room for medical attention. Dangerous fumes created during the Methamphetamine cooking process were present in the home even after windows were opened. Narcotics officers had to wear protective suits and breathing gear in order to safety dismantle the lab.

Approximately five grams of methamphetamine in powder form were found and over 1000 grams of meth oil were found in the home. Also found was drug paraphernalia and all the glassware and equipment needed to use in an active methamphetamine lab.

Arrested was Daniel Ray Hammock*, DOB 3/23/76, and charged with Resisting an Officer With Violence, Trafficking in Methamphetamine over 200 grams, Manufacture of Methamphetamine, Possession of a Listed Chemical (x2), and five counts of Child Abuse. Also arrested was Lisa Christina Dunkley**, DOB 6/17/73, and charged with Trafficking in Methamphetamine over 200 grams, Manufacture of Methamphetamine, Possession of a Listed Chemical (x2), and five counts of Child Abuse.

Prepared by R. Sasser

Information by Inv. G. Schell


- - - - - - - - - - - - - - - - --------------------------- - -
*Daniel R. Hammock, 32, 1502 Lighthouse Road, Panama City Beach, Priors for Battery, Burglary of Structure, Burglary of Conveyance, Grand Theft, Petty Theft. Current arrest for: resisting an officer with violence, trafficking in meth, manufacturing of meth, possession of listed chemicals (Iodine, Ephedrine) child abuse.

** Lisa Christina Dunkley, 35, 13700 Panama City Beach Parkway. Priors for Worthless Checks, Traffic offenses and Eviction (2007) Current: failure to pay fine (passing worthless checks), trafficking in meth over 200 grams, manufacturing of meth, possession of listed chemicals, child abuse.

Thursday, July 10, 2014

#1208 is again subject to an eviction.
  
This time around Lynette Waters and Clay Corbitt are getting the boot.  

In Jan. 2012 it was Kerry Franklin and Marlo Hamilton.  Is that unit jinxed or perhaps Concord will just rent to anyone?



========================================================================


NCC still on the market for a 

bulk sale of 57 units.



As of Aug. 4, 2014 NCC was still on the market for a bulk sale of 57 units for $6,840,000.  Listing ID #17468613

Dean Price at Global Realty Company, L.L.L.P. is the person to contact if you have an extra 7 million you want to dump into a down realty market.

This has been reported on several times, you can see it also at "Pssst - Wanna buy 56 slightly used condos" dated 2/4/12.  It seems that the complex is just not saleable.  

To see other reports on this issue put 'bulk sale' into the white search bar at the top left of the blog site.

Financial Summary - Actual - Year 2013

Scheduled Gross Income  $755,849
Effective Gross Income  $605,284
Operating Expenses  $362,528
Net Operating Income  $242,759
Pre-Tax Cash Flow  $242,759
Price:  $6,840,000
No. Units:  57
Building Size:  75,586 SF
Price/Unit:  $120,000

Take a look at the listing at:  
http://www.loopnet.com/xNet/MainSite/Listing/Profile/profile.aspx?STID=&LL=&LID=17468613&PgCxtGuid=84edc7c6-90d9-4723-9e98-38e25ef960b7&PgCxtFLKey=Profile&PgCxtCurFLKey=Profile&PgCxtDir=Up&EBrokerSent=Y&MessageSent=1
FYI:  2 under used NCC message boards, take a look, post or comment on what is there:  http://nautiluscove.proboards.com/index.cgi   and also http://pub40.bravenet.com/forum/static/show.php?usernum=3420323947&frmid=702&cmd=showrecent&cp=0

Also NCC is reviewed on this site:  http://tinyurl.com/4jr6389

Tuesday, July 8, 2014

Another Nautilus Condo?!

Most people know that we have a 'sister community' called Stone Harbor at 501 Alf Coleman Rd (2 miles away)  see:  http://stoneharborsucks.blogspot.com/.  It is an earlier downmarket version of Nautilus Cove also here in PCB.  It was built before NCC by the same developer, looks exactly like NCC and is mis-managed by the same firm (Concord) that mis-manages NCC.

But did you know that we also share the name Nautilus with the 9 unit Nautilus Condominium located here on the Beach?  Built in 1986 and currently having their Unit #301 available for $218,234 MLS# 621909.  
Feature Property
18912 Front Beach Rd. #301
Panama City Beach
$218,234
Beds: 2 + den
Baths:2
Sqft: 1,351

2 Story
Built: 1986
Gulf Views

Thursday, July 3, 2014

The Georgekopoulos' at Nautilus Cove

July 7 update, additional Georgekopoulos units have come onto the market, as of tday:

$131,900 106 Cape Cod Dr MLS #: 621802
$124,900 1601 Cape Cod Dr MLS #: 621800
$116,600 306 Lighthouse Rd MLS #: 620922
$111,500 513 Lighthouse Rd MLS #: 621809

-----------------------------------------------------------------------------


The convoluted history of the Georgekopoulos purchases here at NCC is too long to do more than bump up the site an older post and update the info that the below 2 units are now back on the market as of 7/2/14


MLS#:  621800  #1601 CAPE COD DR THEODORE P GEORGEKOPOULOS  List Price:  $120,900

MLS#:  621802 #106 CAPE COD DR  THEODORE GEORGEKOPOULOS  List Price:  $131,900


If you want more info you can input the name GEORGEKOPOULOS into the sites white search bar at the top right of this site and it will bring up all references to that name.

Misc Info FYI:  In a May 15, 2014 ruling the Court of Appeals of Ohio, EIGHTH APPELLATE DISTRICT, COUNTY OF CUYAHOGA, reversed the earlier convictions of George Georgekopoulos, Pete Georgekopoulos, see:  http://www.supremecourt.ohio.gov/rod/docs/pdf/8/2014/2014-ohio-2049.pdf

==================================================================


#1601 was sold 2/28/13 for $71,500 to Theodore Georgekopoulos. This unit is a 3/2 and was originally purchased by Joshua Simmons 2/5/07 for $169,900.  The current sale price is 43% of the original 2007 price.  Other than foreclosure sales the only other unit recorded as selling so far in 2013 was #708 (a 3/2) for $93,000 to the condo developer (at 56% of Original sale price), regular readers will be familiar with why the relatively high price was paid for #708.

The Georgekopoulos' own various other Bay County properties and at least one condo in Palm Harbor, Pinellas County, Florida, there Theodore Georgekopulos owns a condo he  purchased 6/1/05 for $191,600 from Palm Harbor Development, LLC.
The Georgekopoulos' now own 6 units at NCC under 2 personal names (George and Theodore) and one company name (Elite Enterprises - George Georgekopulos). The brothers George G and Pete G were in the news in Ohio last year for various gambling arrests, for details see: http://georgekopoulos.blogspot.com/  Last summer, shortly after the Ohio arrests, the 5 NCC units were all put up for sale, however, the prices were unrealistically high, none sold and now all have been removed from the Realtor's inventories.
Bay County Properties are:

1601 LIGHTHOUSE RD, NAUTILUS COVE CONDO
502 LIGHTHOUSE RD, NAUTILUS COVE CONDO
106 CAPE COD DR, NAUTILUS COVE CONDO
205 CAPE COD DR, NAUTILUS COVE CONDO
210 CAPE COD DR, NAUTILUS COVE CONDO
513 LIGHTHOUSE RD, NAUTILUS COVE CONDO
   (purchased under the name 'Elite Entertainment')
301 NAUTILUS ST, SEACLUSION BEACH
1505 FOSTER AVE, PANAMA CITY
17545 FRONT BEACH RD, 2305 EMERALD ISLE CONDO
308 KENTUCKY AVE, LYNN HAVEN
401 MISSOURI AVE, LYNN HAVEN

================================================================

Misc Info FYI:  

In a May 15, 2014 ruling the Court of Appeals of Ohio, EIGHTH APPELLATE DISTRICT, COUNTY OF CUYAHOGA, reversed the earlier convictions of George Georgekopoulos, and Pete Georgekopoulos.

 see:  http://www.supremecourt.ohio.gov/rod/docs/pdf/8/2014/2014-ohio-2049.pdf





Monday, June 30, 2014

On 6/11/14 the developer (Nautilus Development Partners LLLP) filed for eviction on their tenants in #1002:  Donteus Holtz and Veronica Elmore, summons were issued for both.  Case #14001398CC.

Now the 'Final Judgment of Eviction' is granted.


  6/30/2014 FINAL JUDGMENT OF EVICTION - Recorded  
  6/30/2014 CASE CLOSED 
  6/30/2014 E MAIL FORM ATTY ASSISTANT TO JUDGE JA 
  6/30/2014 WRIT OF POSSESSION ISSUED 
  6/30/2014 FINAL JUDGMENT OF EVICTION 



Thursday, June 19, 2014

HELP WANTED - Again and again and again

Another vacancy at Concord for a FT Service Technician at Nautilus Cove.  During my ownership of #708 from 5-2007 to 1-2013 they had at least 9 maintenance people come and go.  

Any decent tech won't put up with the BS from them and whoever they get this time probably won't last six months.  Posted June 12th. 

Monday, June 16, 2014

#202, a 3/2, ground floor, pool side, now listed for short sale at $114,900 with MLS #621136.  Original owner Gary Hallaway original purchase date 08-13-2009 for $145,900, bought from developer:  GULF BOULEVARD PARTNERS, LTD. aka NAUTILUS DEVELOPMENT PARTNERS, LLLP

------------------------------------------------


On 6/11/14 the developer (Nautilus Development Partners LLLP) filed for eviction on their tenants:
Lynette Waters and Clay Corbitt, summons were issued for both.  Case #14001397CC.

Donteus Holtz and Veronica Elmore, summons were issued for both.  Case #14001398CC.

------------------------------------------


6/7/14 Update on #306:  
This unit is now listed for sale at $116,600 with MLS:  #620922

#306 sold May 8, 2014 for $200
#306, which started out as the Rodney Smith condo, has been sold to:  the mortgage holder Hancock Bank

This unit was originally sold 8/3/07 to Smith for $208,000.



per the below 'Final Summary Judgment of Foreclosure'  which was against Smith and JOPC, LLC, the latter being in temporary possession of said unit but Hancock Bank had the superior claim against the unit.

It is usual that the bank will purchase the unit for a small amount and place it with a realtor for sale at about 50% of the amount of the foreclosure.



Considerable info is available about this unit and its history and here is the cite which will pull up the info from this blog site:  http://nautiluscondosrules.blogspot.com/search?q=306

Friday, May 30, 2014

#715 Listed 5/29/14 for $95,000  
The unit is a 3/2, upstairs, parking lot side, originally purchased 12/15/06 by Sylvia Sims for $174,900 
MLS #620657


Saturday, May 17, 2014

Is it a good time to buy a condo?

(Note:  I brought this up the blog from the original date of Friday, August 24, 2012.  It is an old post but the info remains valid with the caution that if you buy here you are making a purchase of a condo in a low income rental project, make sure you want to do this.)

Q)  Is Nautilus Cove Condo a good place to buy a condo.

A)  Yes, provided that you can put up with a really crappy management firm that the BOD seems unwilling to fire.


There are pretty much three price ranges here at NCC. The most expensive condos would be those 56 condos being sold by the developer. Even they don't think they will sell at the prices they ask and they say that they do not anticipate any further sales.  Those units are rented out by the condo management firm and are advertised as 'low income housing'.

2nd tier prices, are lower than the prices above and are being asked by Owners who wish to sell their units, either they have paid cash or they are approved by their lending institutions for short sales. Short sales have several problems and you can frequently waste a lot of time trying to buy one only to have it fall through at the last minute.  Be careful with short sales see info at:  http://tinyurl.com/9co2tgd.

3rd tier, the units that have been foreclosed by lending institutions and are put up for sale at 40-50% or their original purchase price. The prices are very good, but they are sold 'as is' and some units need to have holes in the wall patched, require new carpeting and even complete painting.

The foreclosed units can sell quickly and now and then there will be a bidding war which will drive prices up by several thousand dollars. Even with the steep discounts on prices asked, potential buyers can still put in bids for less than the asking price and this can save you money, all the seller can do is refuse to go lower, so it dosen't hurt to ask for a lower price.

So the answer is that it is a good time to buy and foreclosures have tended to sell quickly. There have been some problems in obtaining FHA/HUD approved loans.  However, cash seems to work quite well and if you have 80-90K on hand you can pick up a very good deal at Nautilus Cove.

Probably the only 'happy' Owners are the ones coming in now at those steep discounted prices.  Owners who purchased at the original list prices of 3-6 years ago have seen their units re-sale value drop so low that it frequently isn't worth keeping up the mortgage and Assn. dues payments.  You can rent a lot cheaper here than the costs of paying on  a mortgage obtained before the realty bubble burst. 


Rentals here go from $850 to $1100 and an owners old mortgage may be costing them $1,000-1,250 a month, plus your Bay County taxes, your $225 monthly condo fee and your units insurance.

By Way of Disclosure:  I owned #708 at NCC from 5/07 to 1/13 and sold it back to the developer at a 78K loss.  I am very pleased to be a 'former owner'!   Note:  I also sued the developer controlled BOD for several years on their lack of enforcing 3 sections of the documents regarding rentals of units.  I 'settled' the suit and got back my 7K in attorney fees and filing costs.  When I left they were renting out units in accordance with the condo documents.

Wednesday, May 14, 2014

#705 liened by NCC for past due assessments

#705 has been a problem unit since it was initially sold 12/11/06 to Juan Reyes for $168,200. Now it is yet again liened by Nautilus Cove for $3,430.75 in past due condo dues.

Brian Gibson, of Camillia, Ga, purchased the condo 5/6/13 from Deutsche Bank for $80,000 and it seems that nothing was ever paid in dues. Now the condo assn. is again liening the unit. This is a 3/2 ground floor parking lot view.

As with all units or names you can find all the references to it by using the blog search feature at the top left of the site.  Just enter 705 and bring up all mentions of this or any other unit.


Saturday, May 10, 2014

Developer's unsold units available for a bulk sale


Nothing really 'new' here these unsold developer's  units have been on the market for years and had a nibble some years ago but the price was to high, as it probably still is.  The units remain available for a bulk sale for $6,840,000. You can see the listing at: http://www.loopnet.com/xnet/mainsite/listing/Profile/Profile.aspx?LID=17468613&PreviousLinkCode=10850&PreviousSourceCode=1lww2t006a00001&&LinkCode=10850&SourceCode=1lww2t006a00001





Nautilus Cove Condos
13700 Panama City Beach Parkway, Panama City Beach, FL 32408

$6,840,000  57 Units | Multifamily Property For Bulk Sale
Price:  $6,840,000  No. Units:  57  Building Size:  75,586 SF  
Price/Unit:  $120,000  Property Type:  Multifamily  Property Sub-type: Garden/Low-Rise  Property Use Type:  Investment  Commission Split: 1.5%  Cap Rate: 3.55%  Gross Rent Multiplier: 9.05  Occupancy:  93%  
No. Stories:  2  Year Built:  2007   Parking Ratio: 2 / 1,000 SF  Listing ID:  17468613  Last Updated:  33 days ago (4/7/14)

Highlights
58% Huge 4 Bedroom/3 Bathroom Units. Huge Resort Pool. Beautiful Club House. Only 8 Blocks to Public Beach. Great Drive By Traffic for Rentals. Huge Potential for Selling as Condos when Market Recovers.

Description
57 beautiful condos in the Nautilus Cove community. These are new construction (not condo conversion) condos with granite counter tops and stainless steel appliances. The mix is 33 four bedroom, three bathroom; 11 three bedroom, two bathroom; and 13 two bedroom, two bathroom. All financial information, building size, lot size and other information in this listing will need to be confirmed by buyer.

Nautilus Cove is located just 8 blocks from a public Gulf of Mexico beach and less then 1 mile from the new Pier Park shopping district. The new international airport is only 12 miles from the property.

Financial Summary
Actual  Year2013
Scheduled Gross Income  $755,849
Effective Gross Income  $605,284
Operating Expenses  $362,528
Net Operating Income  $242,759
Pre-Tax Cash Flow  $242,759

Saturday, April 26, 2014

Unit #101 now on the market for $119,765


This unit has been twice liened by NCC (2013 and 2010) and a foreclosure sale set for April 3, 2014 by NCC was recently canceled.  

Mr. Salman Ali, is the owner of #101. Mr Ali was also the subject of 2 State of Florida Dept of Revenue liens, one in 2008 for $4,536 and one in 2011 for $2,209, each for non payment of 'sales/use tax'.  Both of these liens were subsequently satisfied.
This 4/3 unit was originally purchased 10/16/06 for $179,900, yearly taxes run $1,685.  The MLS  is:  #619380 and was listed 4/20/14.

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#716 is on the market again.

the 4 old Waterstone Resort Realty, LLC* condos, (3/2's 2nd floor) in the 7 building were all sold to Waterstone in 2007 for $165,000 each, all 4 of their condos were foreclosed by Compass Bank and on 9/9/10 #716 was sold for $84,000 to Jerry R. and Pamela J. Clayton of Lynn Haven, Fla.  It is now on the market again with an asking price of  $104,500 with MLS#: 619336.  It will probably go for around their original purchase price of 84K.

Long term owners might recall that both Waterstone and the NCC Board were subject to a long running civil suit by the blog author for violating at least 3 sections of the condo regulations governing rental of units here.  The condo Developer and BOD controlled by the Developer, allowed Waterstone to use their condos as dorms for imported overseas workers employeed by Marriott in PCB.  Both refused to comply with existing condo regulations and a suit was filed.

Waterstone settled first and over a year later the condo settled and paid me $7,000 for my filing fees and legal expenses**.  

Extensive details at:  http://nautiluscovesuit2008.blogspot.com/


* Name changed 2009 to NCPCB INVESTMENTS, LLC then it was "ADMIN DISSOLUTION FOR ANNUAL REPORT - 09/24/2010"
** Such civil suits against a condo require the loser to pay all costs of litigation (ie: "loser pays"), this per Florida Statutes and also the condo documents.

Friday, April 18, 2014

NCC = Nautilus Cove Condo?



What does designation 'NCC-1701' stand for in the Star Treck series?
a)  Naval Construction Code
b)  Nautilus Cove Condominium
c)  Naval Construction Contract 1701-A
d)  NCC doesn't stand for anything

#B is interesting but the designation came many years before there was a Nautilus Cove and there is no unit #1701 here.  #D is correct.