Nautilus Cove - From a Condo to Rental Apartments

As the changing signs reflect, for nearly a year the emphasis on the developer owned units has been on renting them out as sales of NCC condos has pretty much evaporated with only 6 sold here in the last 2 years. The distressed Nautilus Cove condos (foreclosure & bankruptcy) are already coming on the market with heavily discounted prices as the banks try to move their unwanted inventory.

For the developer or individual owners to compete with these units there would have to be very steep price reductions to sell them, thus renting the units out is probably the only realistic way to deal with the backlog of condos waiting to sell.


For the foreseeable future we will be living in a complex where half the units are occupied by renters.

See rental info for Nautilus Cove Apartments at: http://nautiluscove.com/

The Date/Time at Nautilus Cove is:

#1401, a 4/3 is the 3rd sale of 2009

Nautilus Development Partners LLLP, has made its third and probably final sale of 2009 to David and Kristen Rowland, selling #1401, a 4/3, for $110,000 for details see:
http://records2.baycoclerk.com/oncoreweb/showdetails.aspx?id=6486993&rn=0&pi=0&ref=search
(You might recall that some 4/3's went for $180-200,000 not long ago)

The other 2 units sold this year were:

Timothy A. & Christen D. Gagnon, on 03-27-2009 #1506, 4/3, for 148,000 for details see: http://records2.baycoclerk.com/oncoreweb/showdetails.aspx?id=6391264&rn=8&pi=0&ref=search

Gary and Arvilla Hallaway, on 08-13-2009, #202, a 3/2, for $145,900 for details see:
http://records2.baycoclerk.com/oncoreweb/showdetails.aspx?id=6445894&rn=2&pi=0&ref=search

The remaining 57 developer owned units 'might' be sold in bulk soon.

A limited number of the below refrigerator magnets will be available about 12/10. If you would like one send a SASE to me at: Harris, POB 7252, Marietta, Ga 30065 and I will send it to you.

Illegal Grills are still a problem:

Six tenants here persist in keeping grills despite warnings to remove them. This has been a problem since the complex opened. The units involved are 609, 1114, 1106, 1104, 1308 and 1501. All rent unsold developer units from Concord, which also manages the complex for the NCC Assn. Enough warnings have been given, it is past time to evict some of these renters before they burn down some of the buildings here. "

Schedule "RR" - Rules and Regulations for Nautilus Cove, a Condominium, in Section A at #13 - "Use of barbecue grills will be allowed only in areas designated as safe and appropirate by the Board of Directors of the Association. No flammable, combustible or explosive fluids, chemicals or other substances shall be kept in any Unit or on the Common Elements.

NCC Provides several areas for residents to safely use the provided grills and picnic tables.

The illegal grill nonsense has dragged on entirely too long and the matter should be taken in hand immediately. See also: http://nccgrills.blogspot.com/

The sites are far enough from the buildings so that there is no danger of an accident causing a building fire.

Gate Problems

Just in case you wondered

what was behind that 6' high white fence between Bldg 1 & 3, it is the pumping system for the pool and fountain.

The complex is overrun with satellite dishes

As of Nov 22nd there are 58 various satellite dishes around the complex. 42 are from Dish TV, 15 from DirecTv and 1 with no logo but probably DirecTv's main dish for NCC

Of course if you don't want to pay the extra $70 or so a month to the satellite companies you can get 7 channels, through the wall, at no cost. Channels are: 2, 9 (ABC) 10 (NBC), 11 (CBS-NYC) 15 (Fox), 18 (A&E), 19 (PIX-NY).

11 Condos sport Realtor key boxes:

Some are foreclosed units with the bank looking to sell, other units are in foreclosure and a few are just owners who want OUT of Nautilus Cove ASAP.

The boxes are on:
102 McKendree
104 Jones
212 Rush
501 Warren, Jean
502 Murphee
512 Mundt
603 Warren, James
710 Compass Bank
712 Compass Bank
714 Compass Bank
1608 Mullins

Question/Suggestion for the AGM Dec 19th

Tired of dodging skateboards and bicycles on the walkways?

For over 2 years I've have been suggesting that a half court basketball setup be put up in the front of the complex by the maintenance garage. This would give the kids something to do to keep them busy and off the sidewalks with their skateboards.

I have even suggested that if it was not possible to do as a budget item that we should ask for donations and initially I even volunteered $100 towards the estimated cost of $350.

You might want to bring this up at the AGM on 12/19. Such skateboarding etc is actually against the condo R&R's, of course no one pays any attention to it (or a lot of other rules and regulations).

Foreclosure and Delinquency Rates to "Worsen Before They Improve"

FYI: From longer article found at:

http://tinyurl.com/yzcanue

"The hardest hit states continue to be Florida, Arizona and Nevada. In fact, 43% of all foreclosures started in the third quarter were in these three states. They also claimed 37% of the nation's prime fixed-rate loan foreclosure starts and 67% of the prime adjustable-rate mortgage foreclosure starts. A staggering 25% of all mortgages in Florida were at least one payment past due, according to the delinquency survey.

The outlook is that delinquency rates and foreclosure rates will continue to worsen before they improve.

First, it is unlikely the employment picture will get better until sometime next year and even then jobs will increase at a very slow pace. Perhaps more importantly, there is no reason to expect that when the economy begins to add more jobs, those jobs will be in areas with the biggest excess housing inventory and the highest delinquency rates.

Second, the number of loans 90 days or more past due or in foreclosure is now a little over 4 million as compared with 3.9 million new and previously occupied homes currently for sale, although there is likely some overlap between the two numbers. The ultimate resolution of these seriously delinquent loans will put added pressure on the hardest hit sections of the country."

Rebates due Owners for overpayments of water bills:

A year ago American Utility Management (AUM) handled the billings for water and sewer at NCC. They did a very poor job and were fired. NCC then rolled the water and sewer costs into the quarterly dues payments.

Since consumption of water could not be accurately computed in advance, the water charge was set to a consumption level that would probably exceeded what was likely to be used. This with the expectation that the actual costs would be lower than what was being paid with the result that there would be an overage requiring a rebate at the end of the year.

I have asked, by letter to Concord Management, that they make clear at the Dec. 19th Annual General Meeting whether this overage would result in cash refunds to owners for the overpayments, or more likely, a credit towards the next quarterly dues.

Since 40+ condos have outstanding amounts owed to the association, crediting the next quarterly payments would make the most sense - no point in giving back a check to owners who already owe the condo association money.

Nautilus Development Partners soon to depart NCC?

Top: 11/13/09
Bottom: Previously

The reason the sign is missing is:
A) Someone stole it,
B) It needed repainting
C) The developer is selling his 58 units enbulk

Let's all hope for 'C'

Misuse of "Handicapped Parking"

Handicapped parking spaces are NOT for people working in or visiting the office, they are NOT for Maintenance vehicles, they are NOT for making deliveries. If you don't have a hanger tag or special license plate - STAY OUT OF THE HANDICAPPED PARKING SPOTS!

Lack of Communication at NCC?

Neither the BOD or the Concord Management firm are known for keeping owners or tenants in the loop as to what is going on here. Now and then the owners get an a 8" x 11" one sided newsletter enclosed with their quarterly dues statements, but otherwise there is virtually NO information being provided to us.

Question for AGM:

Enough Kmart chase lounges! Buy some tables with umbrellas and some decent chairs.

3rd of 4 foreclosed units in 7 now vacant and available for sale

Today 714 joined 712 & 710 as being in possession of Compass Bank and available for sale. In total Compass now owns all 4 of the old Waterstone condos at NCC but it takes a bit of paperwork to obtain actual possession from the tenants. In this case the former tenant had left 2 weeks ago, leaving his dog behind, so this morning it just required a BCSO Deputy and a representative of Compass to get the lock drilled and replaced by a new one. The unit was left in decent condition with some of the original furnishings intact.
===================================

Compliance Committee Update

On Friday, April 10, 2009 it was reported on this blog that NCC has a 'Fining Committee' consisting of these 3 owners: Jeremiah Cahours 307, Rodney Smith 306, and Matthew Mullins 1608.

The Compliance or Fining Committee has never been used and since Mr. Cahours is undergoing foreclosure and is no longer on the property it is questionable as to whether or not the committee even exists anymore.

Q: Can the board put a lien on an owner’s unit if the owner doesn't pay a fine?
A: If the association documents provide, the association may levy reasonable fines against a unit for the failure to comply with any provision of the documents. However, no fine can become a lien against a unit. Condominium: Section 718.303(3), F.S., but an association may foreclose on a unit for unpaid assessments per: Condominium: Section 718.116(6)(b), F.S.

In Oct 08 additional info was posted on this blog about the establishment of the committee, you can scroll down to it or click on this direct link to see it: http://nautiluscondosrules.blogspot.com/2008/10/corrections-committee-aka-fining.html

Of course tenants here at NCC are not themselves subject to fining, as that procedure applies to the owners of the units. However, tenants must abide by the terms of their leases and there have been six evictions filed to date and another handful of tenants have left without the necessity of a formal filing.

Retention Pond:

The access gates to the Retention Pond now have a chain and lock on them. For a long time they did not. This open access was a liability issue with all the children on the complex. It wouldn't hurt to have a couple of "keep Out" or "No Trespassing" signs put up also.




Top: Previous







Bottom: Current

The pond is scheduled for a clean up to get rid of the excess and dead plants.

Courtyard Fountain Fixed:

The courtyard fountain is finally back in working order. For months it overflowed and made the area unusable. Unfortunately the brickwork on the pillars remain vandalized, this was done by the skateboarding teens in the complex six months ago.







Top: Current






Bottom 2: From May 09

Old owner: Waterstone; New owner: Compass Bank

A 'Writ of Possession' is posted on 714. Compass Bank could have saved their money as the renters moved out a week ago, leaving a $700 power bill and their dog. 3 of the 4 old 'Waterstone' condos are empty. The bank is selling them 'as is' and asking $124,900 each. It seems they are interested only in a sale and not renting them out.

Renting standards need attention at the coming Dec. 19th AGM

Currently potential renters of Concord managed units at NCC are required to undergo credit and background checks so as to avoid situations as described here.

Tenant Lisa Dunkley had prior convictions and an eviction at another property a year before applying here. Her boyfriend Daniel Hammock had over 20 arrests just in Bay County at that time. Under the old Seagrove management company they were approved for a unit here, under Concord they would not have been approved to rent here.

Unfortunately this backgrounding is not required of owners who rent out their units either via Realtors or by their own efforts. The owners and BOD need to address this loophole and make sure that everyone who rents a unit at Nautilus Cove is subject to both a credit and background check.

"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." July 23, 2008

The full press release is carried on this blog at: http://nautiluscondosrules.blogspot.com/2008/08/developers-will-rent-to-just-anyone-to.html

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

The date for the AGM is Dec 19th and the notice about the meeting is posted below FYI.

With all the problems in the housing market quite a lot of owners are not residing on the property and either have their units on the market or are renting them out. My guess is that there will be little interest in the AGM.

Double click for larger image or print out

Election to BOD is over:

The last day to file for the one owner seat on the 3 person Board of Directors was Nov. 11th. Only one person filed, that was the current owner/member L. DiGiacomo (#616) so he continues in office without an election being required.

Mr. DiGiacomo came in 2nd in the 2007 election and when the winner that year, Ms. Jones, resigned after about 4-5 months due to the non-cooperation of the 2 developer/directors, Mr. DiGiacomo was the replacement BOD member as he had come in 2nd in that earlier election.

In 2008, as this year, there were no other candidates for the position. I assume that the BOD will yet again appoint themselves as President, VP, Treasurer and Secretary and continue their policy of keeping the other owners at Nautilus Cove out of the running of the complex.

In the 2010 election we will have 2 owner/directors and at that time there will be serious changes in how the complex is run. As mentioned on another post, there is the possibility of the developer selling their 58 (or 57) units in a bulk sale with a 'turnover' to the owners resulting in early 2010. One further developer owned unit might soon be sold, if so, it will bring to 3 sales this year which is the same as last years total sales.

I am sure that all owners here hope for the best in the coming bulk sale of developer units, the sooner that bunch is out of Nautilus Cove the better.

NCC Reply on 2nd BOD Member

The information on the date for the 2nd owner BOD member has not been fully established but the estimate is that the date will be around July 25, 2010. At this time the BOD would effectively be in the hands of the 2 owner BOD members. The required advance notification of the date is 60 days prior to that date. So the official word might not be forthcoming until May 25th. There is also some talk of the complex being 'turned over' by the developer sooner than this due to a possible 'bulk sale' of the remaining 58 developer owned units.

Double click for larger image or print out

NCC Balance Sheet 9/25/09

Double click for a larger sharp image or print out.

Coming Feb 2010 - A new Library

Update 11/10/09:

Progress continues on the new Bay County Library
================= On April 9 there was a ground breaking for the new $2.23 million, 11,000 square ft, PCB branch of the public library which is to be located at the corner of Lyndell Lane and Hutchison Boulevard (Middle Beach Road). It will share space on that property with the Senior Center and Lyndell Community Center.

The completion date for the new library is tentatively set for February 2010. The Panama City Beach Library branch serves over 72,500 patrons a year, having 64,000 books checked out yearly and over 300 people using the old library weekly. The old facility, next to PCB City Hall was far to small for community needs.

The new branch will have 240 parking spaces and the new building will have an open space feel with greater spacing out of the shelves to add more walking area.


Rooms dedicated to reading, children’s programs and a literacy meeting room will provide additional space for those activities. There will also be more room for books than in the current cramped 4,500-square-foot branch located at U.S. 98 and State 79, next to the PCB City Hall.

Speed Bumps

The 'speed bumps' are not having a lot of effect on traffic and several others may be added.

Nautilus Developer Settles Case for $11,700

The Nautilus Cove developers ran afoul of the Florida Department of Business and Professional Regulation earlier this year for not being in compliance with State requirements under Chapter 718 of the Florida Statutes.

They failed to provide Declaration of Condominium recording information to the Division within the required 120 working days, taking instead approx. 723 days, also entered into one sales contract on unit 1114 (Phase 10) prior to having filed the required Phase filing with the State, also they “. . . closed on 100 sales contracts for units within a phase prior to receiving the Division’s acceptance and approval for content of phase documents.”

The consent decree resulted in Nautilus Development Partners paying a civil penalty of $11,700 and agreeing to ‘. . . cease and desist from any and all violations of chapter 718.”

The 11 pages were obtained by a 10/09 FOIA request to the DBPR in Tallahassee.

Double click for larger image or print out

Blog Traffic:

While the bulk of 'look ins' at this blog are from Florida, Alabama and Georgia, we do get traffic from all over the USA and just in the last day from both Santa Rita, Guam and Abidjan, Ivory Coast.

The longest stay happened just today, Nov 6th, with someone finding this blog link on the Tulia Real Estate site: http://www.trulia.com/voices/Home_Buying/Just_started_looking_Never_been_to_PCB_years_-36173 they clicked on the link and droped in here to stay 2 hours 43 mins 05 secs this visitor was from Norcross, Ga. When I first saw the time I thought they had clicked in, forgot to turn off the computer, and went off to watch Oprah but I see they pulled up 42 posts during that 2 hours so they actually kept busy.

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

Misc FYI:

I see that there is now a 3rd eviction pending on the units rented out for the developer, the latest cites MONILLI, LLC as the party that Nautilus Development Partners LLP wants to evict. Details at: http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+d&ps=50&m=name&s=4&caseid=2339744 2 prior evictions have been closed out earlier this year and of course there was the 'meth lab' duo who were evicted last year, both of them are still in prison.

A big 'Hello' is due to some of our regular readers. I noticed today that 'Northbridge Apartments - Concord Management' has been spending some quality time on the blogs, both this one and the Target Sucks blog. Always good to have them looking in, maybe they will even learn something?

When you look in at this blog and most other blog and internet sites you will probably be recorded by a 'site meter' (I use 2 different ones) which, depending on the type, will log in who is looking in, their city/state/country, what they looked at, how long they stayed, where they came from, where they went and the set up of their computer.

In the case of those looking in from static ISP's you get the name of the company as their ISP number never changes, those from individual computers, whose ISPs change everytime they log off/on, do not provide the name of the registered user, just the info listed above. So I may know that someone from Northport, Al has looked in X # of times but not know who it is by name, and of course when Northbridge or Target are on site I do know their company name as they are using their own firms computers to drop by.

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

Here is a quirky site FYI:

I found an odd site called 'MyLifeIsAverage' which I will give a couple of examples of what you will find there:

Yesterday, I got my cat one of those collars which are magnetic to open cat flaps, it looks awesome, and I thought it may be of some use to the cat... Today, I walked in to find my cat stuck to the frige. That looked pretty awesome as well. MLIA

Today, my mom texted me asking how my weekend was. Thinking I was funny, I texted back saying, "It was a blur of illegal drug usage and unprotected sex.". Her response- "You too?". Well played, mother, well played. MLIA

You can look at a lot of other posts at: http://mylifeisaverage.com/index.php?page=1
===================================

Government Center & Library opened this fall in PC

The Bay County Board of County Commissioners, Property Appraiser's Office, Tax Collector's Office and Supervisor of Elections had their Grand Opening and ribbon cutting on Saturday, Oct. 24 the Government Center is located at 840 W. 11th Street. Tel: 248-8170 for more information.

If the 11th Street address sounds familiar it is next door to the Headquarters of the Bay County Public Library at 898 West 11th Street.

There is a 'message board' available for Nautilus Cove Condo. Post your comments, opinions or problems. Click on: http://pub40.bravenet.com/forum/3420323947

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

Foreclosure Continue at NCC

The foreclosure list continues to grow with the latest 'lis pendens' being filed 10/27 on #307, Jeremiah and Iva Cahours. Mr. Cahours is 50% of a civil suit against NCC for the theft of his motorcycle when the gate was broken and the CCTV didn't work. That suit will probably drag on for years.

You can get a good idea of who might be foreclosed next by considering that of those listed below, all but one, were on the Resident Delinquency Sheet (see below), so if you take a look at the Delinquency list you can get a pretty good idea of which other units will shortly be in foreclosure.

I see 5 that will probably go in the next few months (some in weeks) and another 6 that probably are in serious trouble. I won't list them for legal liability reasons but you can take a look and make your own list of probable foreclosures.

The below 9 units are in various stages of Foreclosure at NCC. You might want to take a look at where in the process they are using the direct links provided, several are relatively new actions and at least one goes back over a year. Sometimes the mortgage holder files but lets things ride as they are not that interested in assuming the obligations going with a fully completed foreclosure. Such units are called 'Zombie Condos'.

Click on links to follow the Bay County Court proceedings:
#102 Mc KENDREE
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+c&ps=50&m=name&s=4&caseid=2328634

#210 SMITH
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+cove&ps=50&m=name&s=4&caseid=2335714

#305 KRISTOFF (courthouse sale set for Nov 9th)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+c&ps=50&m=name&s=4&caseid=2280630

#307 Cahours
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus%20c&m=name&s=4&caseid=2338401

#401 THOMAS
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+c&ps=50&m=name&s=4&caseid=2281468

#502 MURPHREE
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+c&ps=50&m=name&s=4&caseid=2333645

#506 GRASS
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+c&ps=50&m=name&s=4&caseid=2280630

#512 MUNDT
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+c&ps=50&m=name&s=4&caseid=2280630

#702 USSERY
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+c&ps=50&m=name&s=4&caseid=2331553

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

Owner Delinquency List - Sept 09

38 Owners owe $82,507 in past due quarterly assessments. The list does not show any arrerages under $676. Liens have been filed on 15 owners and that info is found further down the blog.

Double click for larger image or print out.

Even before the recent downturn in the housing market some of our owners were in trouble, the bursting condo bubble has resulted in additional non-payments of the quarterly dues and some recent foreclosure actions. FYI: the 2 Kennedy condos were involved in a bankruptcy and while showing as funds due to the Assn. these are part of the bankruptcy and are not collectable.

15 Liens filed:
105 Turner, 210 Smith, 305 Kristoff, 307 Cahours, 506 Grass, 601 Karami, 702 Ussery, 705 Reyes, 710 Waterstone, 712 Waterstone, 714 Waterstone, 716 Waterstone, 808 Spells, 201/405 Kennedy

9 In foreclosure:

#102 Mc KENDREE, #210 SMITH, #305 KRISTOFF, #307 CAHOURS, #401 THOMAS, #502 MURPHREE, #506 GRASS, #512 MUNDT, #702 USSERY,

6 Were in Foreclosure

The 4 Waterstone condos in Building 7 have completed foreclosure and were all sold 'on the Courthouse steps", 3 at least went to Compass Bank, the mortgage holder, the 4th (#716) probably did but it was sold today 9/28 and the info as to buyer hasn't been posted yet. The other 2 passing out of foreclosure are the Kennedy condos which went in the bankruptcy.

FYI: Owners Delinquency Lists*

9/28/09 38 owners - $82,501 past due
4/25/09 36 owners - $35,920 past due
8/28/08 21 owners - $18,440 past due

*adjusted to omit # of owners and $
amounts that were insignifigant.
----------------------------------------------------------

Hard to think of 2 years ago as being "the Good Old Days"

Remember when prices started at $154,900?

You would be very lucky to get $124,900 for those 2/2 units today! Some 3/2's are going for less than that now.

NORTHWEST FLORIDA-PANAMA CITY INTERNATIONAL AIRPORT

Airport specifications include:
* Primary Runway: 8,400 feet x 150 feet
* Crosswind Runway: 5,000 feet x 100 feet
* Terminal: 120,000 square feet
* Gates: Seven

The main runway is currently 8,400 feet and it is 100% complete, lights, distance markers and all. When the airport opens the main runway will be 10,000 feet; the final 1,600 feet is pending FAA approval.

Here are New photos of the airport construction. Still set to open in May 2010.


After 10 years of planning, in January 2008, construction began on the new Panama City - Bay County International Airport, the first international airport built in the U.S. since 9/11.

The new Bay County Airports estimated opening is 6 months and 28 days away.

An average of 155 personnel are on site Monday through Friday and approximately three workers are on site on Saturday.

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

Homes: About to get much cheaper

National home prices are forecast to shrink another 11%. The national median home price fell a record 15.6% during the second quarter of 2009.

NEW YORK (CNNMoney.com) -- If you thought home prices were bottoming out, you may be wrong. They're expected to head a lot lower. Home values are predicted to drop in 342 out of 381 markets during the next year, according to a new forecast of real estate prices.

Overall, the national median home price is predicted to drop 11.3% by June 30, 2010, according to Fiserv, a financial information and analysis firm. In fact, those areas with high concentrations of foreclosure sales will experience the steepest drops, in Orlando, Fla., the second-worst performing market, Fiserv anticipates a 27% price collapse by June 2010, followed by a less severe drop the following year, in Naples, Fla., they're expected to fall 26.8% and then flatten out.

Other notable losers include Las Vegas, where prices have already fallen 54.6% and are expected to lose another 23.9% by June 2010. In Phoenix values have already collapsed by 54% and could fall another 23.4%. In both cities, Fiserv anticipates the losses to continue into 2011, but they will be less than 5%.

For the entire article see: http://money.cnn.com/2009/10/20/real_estate/home_price_forecast/index.htm?postversion=2009102007

2 More Evictions Filed

The office has been busy getting rid of some tenants. On 10/16/2009 'Petitions for Eviction' were filed on Sandra Sullivan and Charles Argyle. Details at: http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+c&ps=50&m=name&s=4&caseid=2336843 and also a similar Petition on the 16th for Keith Meade. Details at:
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+c&ps=50&m=name&s=4&caseid=2336835

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

Owners Complaint to the Florida Dept of Business & Professional Regulation

Regular readers of this blog know that the Board of Directors and Officers of the Assn. (they are the same 3 people for the 7 positions) are worthless and have no interest in the running of the condo. Here is another example of how disinterested they are. Further down in the blog you will find a copy of my inquiry to the BOD asking when the 2nd owner would be elected to the BOD.

I never expected a reply and of course none was forthcoming. Having complied with the requirement to send it via 'certified mail' and having the required 30 days pass, I then filed with the Florida DBPR Bureau of Compliance, a formal complaint, about the BOD's failure to address the matter as they are required to do.

As you can see from the attached letter from the DBPR Investigator the matter has now been taken up by the State and a failure to reply to them may result in serious problems for the BOD.

Double click for larger image or print out.

Lower down on the blog, at the two September 2, 2009 posts, you will find information about how to file such a complaint. The State will only investigate violations of law, not violations of condo regulations, many times they are the same thing but if your complaint involves only the condo documents they can not assist you.

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

NCC Courtesy Officer

The Nautilus Cove Condo Courtesy Officer is Mr. Shaun Maguadog, a PCB Police Officer. He can be reached at 850 238-1868 for condo related problems.

Will they rent or buy?

I did hear that the developer had one last unit sold, maybe it is this one?

8 NCC condos are now in various stages of foreclosure, 4 have already been foreclosed and are back on the market, 2 others went in bankruptcy. 110 units have been sold, 58 units of the developer remain unsold and many are being rented out. Several more units will probably be put into foreclosure by years end.

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

Fed’s Bullard Says U.S. Unemployment

Rate May Rise Above 10%

By Steve Matthews Oct. 11 (Bloomberg) --
The U.S. unemployment rate may rise above 10 percent as employers cut payrolls further, Federal Reserve Bank of St. Louis President James Bullard said.

“Unemployment is leveling off but we still may be headed toward double digits,” Bullard told reporters today after a speech in St. Louis. The rate was 9.8 percent in September, the highest since 1983.

The unemployment rate is expected to be 10.5% by June of 2010, and decline to 9.1% in 2011 and 8.1% in 2013.
================================

Here is an extract from:
Foreclosures rise 5 percent from summer to fall
By ALAN ZIBEL AP Real Estate Writer
(Below link is to entire article)

Unemployment is the main reason homeowners are falling into trouble. While the economy is likely out of recession, the unemployment rate - now at a 26-year high of 9.8 percent - isn't expected to peak until the middle of next year.

Mortgage companies sometimes allow unemployed homeowners to defer three to six months of payments while they are looking for a job. But there's little else they can do.
Sept. was the seventh-straight month in which more than 300,000 households receiving a foreclosure filing, which includes default notices and several other legal notices that homeowners receive before they finally lose their homes.

Banks repossessed nearly 88,000 homes in September, up from about 76,000 a month earlier.

On a state-by-state basis, Nevada had the nation's highest foreclosure rate in the July-September quarter. Arizona was No. 2, followed by California, Florida and Idaho. Rounding out the top 10 were Utah, Georgia, Michigan, Colorado and Illinois.

Direct Link: http://hosted.ap.org/dynamic/stories/U/US_FORECLOSURE_RATES?SITE=FLPAN&SECTION=HOME&TEMPLATE=DEFAULT

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

The 23rd Street Wal Mart is CLOSED

Just FYI:
Don't bother to try and stop by Wal Mart on 23rd Street on your next trip to town as it is closed for good, replaced by a larger Wal Mart in Lynn Haven which is pretty well out of our shopping area.

There was the tradiional ribbon cutting and even a marching band.

Here are some photos from the new store.

October's Soapbox

Topics that might be brought up by you at the coming AGM:

1) Invest a few hundred dollars in putting up a basketball backboard and hoop up by the maintenance garage. It will give the kids something to do besides skateboarding on the sidewalks and parking lots.

2) Require owners private rentals to subscribe to the same standards required by those tenants renting the developers units: ie: credit and background checks. A small fee should be charged for this with the info going to the owner. The CAM would do this paperwork just as is done for the developer rented units and the results would be provided to the owner or authorized rental agents.

3) What is the progress with the 2 civil suits against the condo association and why did things get to the point that the 3 owners had to file these 2 suits?

4) Better communication from the 'office' to both the owners and tenants. The quarterly newsletter is fine but it comes out only every 3 months (& sometimes not even then). Residents should be more up to date with developments at the complex.

5) Why did the Board of Directors appoint themselves as the condo 'officers'? Why weren't these positions not given to other owners and instead were reserved for the 3 BOD members? (The officers of a condo are: President, Vice President, Secretary & Treasurer and they are responsible for the day to day operation of the condo - currently the same 3 people hold all 7 positions)

There are at least another 10 things that should be addressed, however I know that those items would not be considered by the BOD as it is now constituted, so I have not listed them. I'm sure you can come up with other interesting questions for the AGM and the BOD meetings.

710 Back on the Market at $124,900

You might recall that the 4 Waterstone condos were foreclosed on over the past 6-7 weeks.

All were purchased by Compass Bank of Birmingham and the first of the foreclosures is back on the market with Re/Max whose adverts say: "13700 Panama City Beach Pkwy #710, Panama City Beach FL 32407 3 br 2 ba 1,218 sqft bank owned, sold as is. Bank will respond to offers in 48 hours."

It is reasonable to assume that the other 3 condos (712, 714 & 716) will be priced in a similar amount. This puts these units in heavy competition with other condos at the complex that are also for sale, both individual and developer condos will need to be competitive with these low prices or they will not sell.

8/31/09 Compass Bank purchased 710 for $51,000 'on the courthouse steps', it originally was sold by Nautilus Development Partners, LLLP to Waterstone Resort realty, LLC on 4/27/07 for $164,000 and it is on sale now for $124,900.

October Price Reductions – Top 10 U.S. Cities
---------------------------------------------------------
Rank - City State - Percent of Lisings with Price Reductions
1 Memphis TN - 36%
2 Minneapolis MN - 36%
3 Portland OR - 36%
4 Indianapolis IN - 36%
5 Baltimore MD - 36%
6 Milwaukee WI - 35%
7 Jacksonville FL - 35%
8 Tucson AZ - 34%
9 Raleigh NC - 33%
10 Boston MA - 33%

Nautilus Cove Condos in P.C.B. Fla.

Information is provided on this site for owners or renters at Nautilus Cove Condos. All of this information is from public records or condo records and is published on this site so as to centralize your efforts in finding these documents. This is a private site and is not associated with the developer or the association.

New information and documents are added frequently, just because the first few documents are those you have seen before does not mean the blog was not changed since you checked in last. Scroll through the whole blog to see new items.

Blog Site Opened Dec 2007The time in Panama City Beach - Central Time Zone

NCC's Official Newsletter FYI

Here is the October 4th quarter newsletter, it went out with the somewhat delayed statements on Sept 26th. To avoid a late fees the $675 payments should be made by 10/20/09, the late fee has gone up from $25 to $33.75. If you would rather stop the paper Statements/newsletters they can be emailed to you if you advise the office of your email address at: nautiluscove@ced-concord.com.

Double click for larger image or print out -

Establishing the Date for 2nd Owner BOD Member:

Below Board of Directors Inquiry Ignored

Regular readers will recall that over a month ago I asked, via Certified Mail to the BOD, to fix the date when the 2nd BOD member will be elected from the owners here.

Over a month now having passed with no reply, I have filed a complaint with the DBPR in Tallahassee. The BOD can ignore me but when the State of Florida requires them to reply they will establish the date. A copy of my letter is posted lower down on this blog

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

Double click for larger image:

BOD and Officers
The duties of the BOD are to hire the manager, enforce the DOC and R&Rs, budget and financial matters, appoint committees. The duties of the Officers (Pres, VP, Seretary, Treasurer) are the day to day running of the complex in conjunction with the manager.

The BOD

'elects' the Officers, said officers can be replaced at will by the BOD. The only input that the owners have is to elect the BOD who then, and without any input from the owners, 'elect' the Officers.

So just who are the BOD at NCC?
Norman Knight, Paul Missigman & Leonard DiGiacomo

And who are the 'Officers' at NCC?
Norman Knight, Paul Missigman & Leonard DiGiacomo
---------------------------------------------------------------
*Contact info for the above is:
Norman Knight Norman.Knight@ced-concord.com
Paul Missigman P.Missigman@atlantichousing.com
Leonard DiGiacomo ljdpcb@gmail.com

4 Waterstone Condos Sold
On 9/28 unit 716 followed the 3 other foreclosed Waterstone units, being 'sold on the steps' of the courthouse. Each condo (710, 712, 714 & 716) was purchased for $51,000 by Compass Bank of Birmingham, they were the original mortgage holders on those condos. The 'managing member' of Waterstone Resort Realty, LLC is Alan O'Neal a local player in various realty ventures that mostly went kaput. Waterstone left owing approx. $8400 in unpaid quarterly dues to the Assn.

It remains to be seen if the 4 units will be fixed up and sold or rented out. Both the sale and rental markets have problems as is apparant to other owners who are anxious to either unload their condos at up to 35% losses or find a tenant in the hopes of breaking even on their mortgages/assn. fees.

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

For additional details from the Court site see:
#710 8/18/09
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=waterstone+r&ps=50&m=name&s=4&caseid=2281658

#712 8/31/09
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=waterstone+r&ps=50&m=name&s=4&caseid=2281823

#714 9/10/09
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=waterstone+r&ps=50&m=name&s=4&caseid=2281827

#716 9/28/09
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=waterstone+r&ps=50&m=name&s=4&caseid=2281840

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

Wrong Condo Listed for Foreclosure -

It isn't surprising that James Murphree is listed today on the county site as a 'Lis Pendens' (Foreclosure). It is already listed for a Short Sale with an asking price of $99,000.

What is going to be a surprise to John and Elaine Crider of Villa Rica, Ga., is that the paperwork for foreclosure lists their condo #402 as the unit to be foreclosed by Amtrust Bank. The Murphree condo is #502, not #402 as on the paperwork.

And if there is a tenant in #402 they will have a process server handing them an official (& incorrect) summons showing their rented condo is in foreclosure.

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

Substantial price drops for NCC condos:

Below are examples of condos currently for sale at NCC showing the original purchase price and what is being 'asked' for them now. Of course the resale price is likely to be less than what is 'asked' and the seller usually pays the 6% realtor commission.

#502, 2/2, Murphee - MLS 394637
Asking: $99,000 (Short Sale)
Orig Pur 07-23-2007 $160,000

#102, 4/3, McKendree - MLS# 395630
Asking: $120,000 Reduced from $135,000
Orig Pur 12-18-2006 for $184,900

#104, 4/3, Jones - MLS# 396536
Asking: $139,900 Reduced from $145,900
Orig Pur 12-12-2006 for $184,900

#607, 3/2, Varela - MLS# 398374
Asking: $141,900
Orig Pur 12-11-2006 for $161,500

Other somewhat older listings FYI:
- $164,900 MLS# 393091 Joan Morgan, #608, 3/2
- $189,900 MLS# 378590 Ronald Dean, #303, 4/3
- $155,000 MLS# 391926 Developer Owned, #1401 4/3
- $144,900 MLS# 390063 Developer Owned, #805, 4/3
- $124,900 MLS# 397015 Wiliam Hargaray, #407, 4/3
- $128,000 MLS# 394698 Karen McRitchie, #513, 2/2

Details: http://www.panamacitymls.com/(atkc4545wnix3zz1ae3zlo55)/propertyDetails.aspx?mls=394698&sitecode=B3114

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

Pelican Real Estate and Development Company is selling the developer units at 'discount prices', but the individual owner sales are usually less expensive.
See: http://www.realestatebyamin.com/NautilusCove

2, 3 & 4 Bedroom Condominiums.
Prices start at:
$124,900 for a 2 Bedroom Unit,
$149,900 for a 3 Bedroom Unit, and
$154,900 for a 4 Bedroom Units.

NCC The Early Days -

Moody’s: Some Home Price Won’t Rebound Until 2030

From AOL, with link to the original Moody item:

"MarketWatch reports that a new Moody’ housing forecasts says that “It will take more than a decade to completely recover from the 40% peak-to-trough decline in national home prices.”


In many parts of the country, which include large states like New York and Illinois, home prices will not rebound to 2006 levels until 2018 to 2022. In the states where prices have fallen the most, particularly California and Florida, values may not rebound until 2024.

The housing crisis, it seems, still has at least fifteen years to go and for some older Americans that is a lifetime."

http://www.marketwatch.com/story/home-prices-wont-regain-peak-this-decade-moodys-2009-09-18
===============================

Another view on the Realty Recession:

Q. How long does it take to recover from a Realty recession and get back to the point where your property is worth what you paid for it?

A. According to consumer guru Clark Howard, from the time the market hits 'bottom' it takes approx. 7 years.

So if we hit bottom in 2010 you won't break even until 2017. I bet you wish you didn't know that.

To further depress you, let's run some simple math for the next 8 years.

Let's keep it simple and assume you paid cash to buy and don't have a monthly mortgage payment to make.

Here is what else you have sunk into the condo over the next 8 years:
* $600 year for insurance x 8 years = $4,800
* $675 per quarter for assn. fees a year is $2,700 x 8 years = $21,600.
* $1,600 a year in tax (less if you have a homestead exemption or a small 2/2 condo) x 8 yrears = $12,800.

So when your condo reaches your original purchase price in 8 years you will have spent an additional $39,200. Then of course you will want to sell it and you will pay an additional 6% for a realtor commission.

Got something more important to do than look at my blog?



Well take care of business and stop back later!

A recent blog post (see direct link below) had some interesting observations about the state of the realty market in PCB. One such is: "It is not unreasonable to assume that sale prices will decline another 10% or more over the next 12 months and that may not be the bottom."

You might want to take a look, particularly at the comments in the latter part of the article:
http://pcbdaily.com/real-estate-market/4-reasons-to-buy-real-estate-now

Eviction Proceeding on Renters:

Update:
9/29/2009 WRIT OF POSSESSION RET POSTED 9-18-09 DANIEL GARCIA
9/16/2009 CASE CLOSED
9/16/2009 FINAL JUDGMENT FOR POSSESSION - Recorded
9/16/2009 WRIT OF POSSESSION ISSUED
9/16/2009 MOTION FOR DEFAULT JUDGMENT-PLT

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

Nautilus Development Partners, LLP filed today (8/14/09) for the eviction of Daniel Garcia, Jessica Gentry and Christopher Johnson. Double click for larger image:

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

Who Owns the Condos at NCC?

Who owns the Condos here? What is their mailing address? How much did they pay? Who did they buy from? How much tax do they pay (& did they pay it)?

There are 3 ways to find out who owns here. The easiest is to ask for a list of owners and their on file addresses & unit numbers at the office. This list is available upon request to any owner. This list will only show name and address.

There are 2 other information sources for ownership.






One is to check the Bay County Tax Office records which are on line at: http://tc.co.bay.fl.us/AddressSearch.aspx This shows the owners tax/exemptions by year and if/when the tax was paid.

The other method is to go to the Bay County Property Appraisers Office web site at:
http://qpublic.net/bay/index-search.html In addition to showing the owners name/address you can also find out the units history of purchase/sale and the amounts paid. Another option for this site is to find out ALL property the party owns in Bay County, this requires you input the owners name (Last, First). This site has a provision for generating a mailing list which can be printed out on Avery mailing labels. Handy if you are running for office or have an issue you want to bring up with each owner in a mailing.

HINT: For both the above County sites your best results will be to use the 'address' option and just enter '13700' leaving the street name blank.

None of these methods is any more reliable than the information provided by the owners. Many times owners neglect to provide their updated address for mailing condo or county statements. So no list will be entirely accurate.

NCC Owners Addresses List May 2009

Double click for larger image or print out FYI

Problems in Getting Condo Documents?

Here is what you need to do if your requests for documents are unproductive:

Pursuant to Section 718.111(12)(c), F.S.
-- The official records of the association are open to inspection by any association member or the authorized representative of such member at all reasonable times. The right to inspect the records includes the right to make or obtain copies, at the reasonable expense, if any, of the association member. The association may adopt reasonable rules regarding the frequency, time, location, notice, and manner of record inspections and copying.

Pursuant to Section 718.111(12)(c)1., F.S.
-- Any record protected by the lawyer-client privilege as described in s. 90.502; and any record protected by the work-product privilege, including any record prepared by an association attorney or prepared at the attorney's express direction; which reflects a mental impression, conclusion, litigation strategy, or legal theory of the attorney or the association, and which was prepared exclusively for civil or criminal litigation or for adversarial administrative proceedings, or which was prepared in anticipation of imminent civil or criminal litigation or imminent adversarial administrative proceedings until the conclusion of the litigation or adversarial administrative proceedings.

Pursuant to Section 718.501(d)7, F.S.
--If a unit owner presents the division with proof that the unit owner has requested access to official records in writing by certified mail, and that after 10 days the unit owner again made the same request for access to official records in writing by certified mail, and that more than 10 days has elapsed since the second request and the association has still failed or refused to provide access to official records as required by this chapter, the division shall issue a subpoena requiring production of the requested records where the records are kept pursuant to s. 718.112.

If you have questions: Phone Customer Contact Center at 800-226-9101 The hours of operation are 8:00 a.m. - 6:00 p.m., Monday through Friday or write/fax to:

Michael Cochran, Director

1940 N. Monroe Street

Northwood Centre, Suite #16

Tallahassee, FL 32399-1030

Phone: 850.488.1631

Fax: 850.921.5446

Having No Luck With The BOD or Management Company? Consider A Complaint With the Florida DBPR.

If you have a complaint about serious issues not being addressed at Nautilus Cove you can file a complaint with the State of Florida see: http://www.myflorida.com/dbpr/lsc/index.html

Keep in mind that this division enforces the LAW and not the condo DOCUMENTS.

In some cases both the law and the documents are the same but the DBPR only handles complaints where the BOD is violating or in non-compliance with Florida statutes.

F.Y.I. Other direct links to Florida law can be found at:

The Condominium Act, Chapter 718, F.S.

The Cooperative Act, Chapter 719, F.S.,

The Florida Mobile Home Act, Chapter 723, F.S.

The Florida Vacation Plan and Timesharing Act, Chapter 721, F.S

Homeowners' Associations, Chapter 720, F.S. (jurisdiction limited to arbitration of election and recall disputes)
--------------------------------------------------------

Medical Tourism

Probably not of general interest to readers, I will move it further down the blog shortly, but provided FYI: Set down on this site are my experiences in what is called 'Medical Tourism'. It worked out well for me, of course I did have some unusual problems with a burglary of my hospital room and a serious infection upon my return, but these oddities are probably not typical of those who elect to shop around for better prices for medical care. See: http://overseasmedicalcare.blogspot.com/
=========================================

More Foreclosure Sales are Coming this Fall

Over and above the Waterstone foreclosures which are now going on at the courthouse steps, there are many other units here which have been winding their way towards eventual foreclosure sales. The July 9th post (scroll down to it) lists 6 more in process and considering the number of owners past due on their quarterly dues there will probably be a few more joining these 10.

I would expect that most owners would be better off taking their units off the 'sale' list and trying for rentals. A rental of a 3/2 at $800-850 would undercut the developers 3/2's $995 rental price and probably get you a tenant. Of course you could always just walk away from them and mail in the keys to the mortgage holder, that isn't uncommon, but it ruins your credit and probably a bankruptcy would be a better solution.

With 10 units in foreclosure and another half dozen way behind in quarterly dues payments I expect that the condo association will be having some cash flow problems before the end of the year.

Pool Furniture STILL Needs Updating!

This photo was on the blog on May 12

Update: We are now down to 1 blue Director Chair and 44 white chase lounges, still NO umbrellas and the same 3 tables.

We have too many of the cheap white lounge chairs, we need some decent 'chairs' (not more lounges) also more tables with umbrellas.

These are easily purchased and we can use the already allocated funds for the 'speed bumps' said bumps never have been installed, although the funds for them were allocated.

Television Service at Nautilus Cove

There has been an ongoing problem with the extremely poor service provided here at NCC by MDU who has the contract to provide DirecTv to our complex. DirecTv does not service condos or apartment buildings, they only do installs for individual accounts, so we are stuck dealing with MDU. This firm has no local representation and when installs or trouble calls are required they send out someone from either Atlanta or Orlando, usually just once a week.

NCC has contacted both Knology and Comcast and neither are interested in buying out the MDU contract due to the high price asked and the further costs of bringing cable to our complex.

There might be some relief eventually as the FCC has been looking at Direct Broadcast Satellite contracts with a view to invalidating the ‘Exclusivity Clauses’ as had been previously done with Cable contracts.

Additional MDU dishes are being installed so that HD service will be available to their subscribers. So there really isn’t any good news on the television front.

Some residents just make use of the 7-8 local channels that are available free in the units and do not subscribe to the MDU/DirecTv package, others of course have opted for Dish Tv.

There are condo rules forbidding the placement of such dishes for individual usage but for the time being they are not being enforced by the management as the service provided by MDU is just so bad that an exception to the condo documents is in order. Probably we will be stuck with MDU until their contract expires.

At some future time AT&T U-Verse TV may be available in the area. This system uses your phone line to bring in TV, High Speed Internet and Phone and does not require any additional cable to be run or those ugly dishes. I have this at my home and it works fine. It would not require any involvment of the condo assn. Individuals would just sign up to whichever of the segments they wanted. As of today it is not available at NCC.

"Join Concord and See The World", OK, maybe you just see Panama City Beach -

Double click for a larger image, or print out:

I was thinking of getting a job. I find that when I have ideas like this it is best to just lay down and take a nap, usually when I wake up I have forgotten the idea.

Update on Grills - Violations Continue

The below post originally appeared on the blog on May 14th when there were at least 12 grills outside units. Then warning letters went out and perhaps half complied and removed their grills.

On 8/12/09 a brief look at about half the complex revealed at least six grills still on the stoops and clearly being used. Most of the larger grills are gone but the smaller Hibachi types remain, for instance in front of units 701 and 711. So the 'crackdown' didn't accomplish what it should have.

We are suppose to have a 'fining committee' so why isn't that being used?

Photos 8/13 701 & 711
=============================

Illegal Grills Crackdown - a few already gone, others will be:

In the summer and fall of 2007 the management firm was 'Seagrove on the beach'', probably one of only 3 things they actually did was to clean up certain aspects of the complex. The major item was to entirely eliminate private outdoor grills. It wasn't easy and took a lot of huffing and puffing, but they did entirely disappear.

The primary reason for NOT allowing personal grills is simple, it is a major fire hazard and is totally banned by the condo documents. It also has a negative effect on how the complex looks, making NCC look like 1960's trailer park. The complex has a number of grills at authorized grill sites which are available on a first come first served basis.

As of May we now have at least 12 grills stored outside various units. Probably 3 are outside 'owned' units and 9 outside 'rented' units. I think that most owners got the message that there is a fire hazard to having individual grills and have complied with the requirements, the renters obviously have no stake in the complex and are quite pleased to use and store their grills outside their units. At least 3 have propane canisters attached.




Some residents have been spoken to about the grill matter and a few have been removed. 'Final Notices' are going out.

See additional grill photos at: http://nccgrills.blogspot.com


NCC Provides several areas for residents to safely use the provided grills and picnic tables:

Schedule "RR" - Rules and Regulations for Nautilus Cove, a Condominium, in Section A at #13 - "Use of barbecue grills will be allowed only in areas designated as safe and appropirate by the Board of Directors of the Association. No flammable, combustible or explosive fluids, chemicals or other substances shall be kept in any Unit or on the Common Elements."

Unit 202 is sold, only 2 sales in 2009

The 2nd condo sale of 2009 took place today (8/14/09) when Nautilus Development Partners, LLP sold unit 202 to Gary and Arvilla Hallaway, of 12311 185th Ave SE, Box 75, Big Lake, MN 55309, for $145,900. The unit is a 3/2, ground floor, courtyard side. When a comprable unit, #208, was sold 10/18/06 it brought $173,100 or $27,200 more than was just paid by the Hallaways.

You might recall that the 1st sale of the year was on 4/2/09, and was for unit 1506 to Timothy and Christen Gagnon for $148,000. This unit is a 4/3, 2nd floor. In 2008 there were 3 condo sales and the year before there were 60 sales. The Developer still has 58 unsold units.

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

Double click for larger image:

Bankruptcy Final for 201 & 405

On Aug 12, 2009 Joseph L. Kennedy, former owner of 2 units here was Discharged from Bankruptcy. Approx $3,000 owed in past due quarterly dues payments to NCC was involved.

Double click for larger image or print out:



Chapter 7 Trustee's Report of No Distribution: ". . . there is no property available for distribution from the estate over and above that exempted by law."

Claims scheduled to be discharged without payment: $1,320,544.

Breakfast Point Strip Mall

The Publix at PCB Parkway and Bechrich Rd. has been joined by other new shops including: Duncan Donuts, Wine World, Lovely Nails, Super Cuts and opening soon will be an Office Depot.





Several storefronts remain unrented. The strip mall is located just across from Sunny's Bar B Q and on the same side of the street as the Home Depot.

The old Publix plaza a mile away at Bechrich and Hutchison Blvd is now deserted. The move puts Publix a mile closer to NCC.

USPS May Close 2 in Panama City

The post office is facing a $7 billion loss this year. The agency has shed 150,000 workers since 2000, removed hundreds of mail collection boxes and taken other steps to save money.

The agency has sent a list of nearly 700 potential candidates for closing or consolidation to the independent Postal Regulatory Commission for review, and officials say more may be added.

No changes are expected before the end of the current fiscal year on Sept. 30th and our new PCB branch is not to be closed. PHOTO Right: PCB Post Office

2 Panama City Station/Branches have been Identified For Full Study:

PFC PFN-EASTSIDE STA PANAMA CITY FL
PFC PNS-DOWNTOWN STA PANAMA CITY FL

PHOTO Below: Downtown USPS

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

Law Protects Renters From Foreclosure Eviction

Under the new foreclosure prevention bill President Barack Obama signed into law on May 20, renters scored a victory against foreclosure evictions.

Starting immediately, the "Helping Families Save Their Homes Act" allows tenants who pay their rent on time to remain in their foreclosed rentals through the end of their lease, unless the bank sells the property to someone who intends to make it their own residence, according to the Associated Press. If the home is sold to an investor or back to the lender, the new owner will have to allow the tenants to stay in the property for the full duration of the lease.

“These landmark pieces of legislation will protect hardworking Americans, crack down on those who seek to take advantage of them, and ensure that the problems that led us into this crisis never happen again,” said President Obama in a prepared statement.

Renters with no lease will be allowed to stay in their homes for 90 days after the foreclosure. The law is scheduled to expire in 2012. Before the new law, renters had little recourse because existing leases are terminated in a foreclosure sale. Now foreclosure buyers need to give the occupants a 90-day notice to leave. Tenants with a month-to-month lease are also entitled to a 90-day notice.
------------------------------------------------
For Details see: http://tinyurl.com/qgqx7h

For the full 72 pages of the bill see: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:s896enr.txt.pdf

Summer 2009

Condo Sales in NW Florida

In Panama City Beach for the April-June 2009 quarter there were slightly over 1500 condo units for sale. 63 sold (4%), or 1 out of 24. For the same quarter in 2008 there were 2480 condos available for sale and 217 sold, or 1 out of 11.

Double click for larger image or print out:


There are fewer condos for sale at the moment - sales a year ago were double what they are now.
=====================================

Follow Up to our Meth Lab Arrests:

In case you were wondering what happened in the big Meth Lab bust in condo 1502 here is the updated info for Hammock and Dunkley:

Daniel Hammock and Lisa Dunkley remain incarcerated. Hammock in the Bay County Jail, pending the outcome of the various charges from this July 22nd 2008 arrest in unit 1502 here at Nautilus Cove and Dunkley having entered a guilty plea now moves to a State Prison, probably in Broward County.

Daniel Hammock, in addition to the main charge of 'TRAFFICKING IN METHAMPHETAMINE', here had 9 other charges filed in this Nautilus Cove arrest. The case remains in court with the next appearance set for Sept. 29, 2009. Hammock manages to get into trouble even while in jail with the latest charge being: 'INTRODUCTION OF CONTRABAND INTO COUNTY DETENTION FACILITY', this is still pending from last year. His record goes back to 1995 and is far too long to even summarize.

You can look him up at: http://tinyurl.com/mq4sjz
and: http://www.dc.state.fl.us/InmateReleases/detail.asp?Bookmark=1&From=list&SessionID=849016771

Photo: Bay County Jail

and

Defendant Lisa Dunkley entered a Nolo-Contendere plea to Count 1, and was adjudicated Guilty to one count of Trafficking in Methamphetamine a 1st Degree Felony and received a sentence of 4 years with credit of 268 days for time served. Release date set for: 7/1/12. Counts 2 through 8, (Child Abuse and Possession of a Listed Chemical) were Nolle Prossed (dropped). In imposing the sentence the court further recommended Dunkleys placement at Broward Correctional Institution for Modalitty II Drug Treatment and entered a civil judgement for any monies owed. Currently being held at the Gadsden C.F.


For Details See: http://tinyurl.com/l8lw5u

and:
http://www.dc.state.fl.us/ActiveInmates/detail.asp?Bookmark=1&From=list&SessionID=849096549


If you want to see the original S.O. Press Release scroll down this blog to the entry for September 12, 2008 and view the: Bay County Sheriffs Office Press Release

Want to comment or provide information?

There is virtually no communication between owners and the ‘Office’/BOD here at NCC. This blog provides some input to owners and renters, the ‘message board’ is there for you to post comments, ask questions or reply to other posters.

We have many repeat readers of the blog and they are invited to post, particularly those who are actually 'on site' at NCC. I am frequently 'away' and I would like to know what is going on there, so post something, ask a question give an opinion etc.

So Click on the link and put up some posts:

http://pub40.bravenet.com/forum/3420323947

Concord Management & BOD/Officers

This post has been on the 'message board' for some time, but that board gets relatively few visitors so the post is reproduced here For Your Information.

1) Concord Management
Just in case you missed the Q & A to the BOD, an owner asked:
Q. How is managers time spent between HOA and leasing?
A. It averages half on Association and half on Leasing.

Lower down in the blog you will find the NCC/Concord Management Agreement and the NCC 2009 Budget. Concord bills $25 x 168 condos, for $4,200 monthly or a total $50,400 a year, plus various additional expenses. The Budget provides for Management Fees of $70,400.

For this $70,000 a year we get a part time manager. Concord is charging us full time rates for part time work. In other words, they work for NCC 'part time', when they are not busy renting out the 58 unsold units that the developer owns.

2) BOD/Officers
The duties of the BOD* are to hire the manager, enforce the DOC and R&Rs, budget and financial matters, appoint committees. The duties of the Officers** (Pres, VP, Seretary, Treasurer) are the day to day running of the complex in conjunction with the manager.

The BOD 'elects' the Officers, said officers can be replaced at will by the BOD. The only input that the owners have is to elect the BOD who then, and without any input from the owners, 'elect' the Officers.

So just who are the BOD at NCC?
Norman Knight, Paul Missigman & Leonard DiGiacomo

And who are the 'Officers' at NCC?
Norman Knight, Paul Missigman & Leonard DiGiacomo

Mr. DiGiacomo is an owner, the other 2 are developers of NCC. It appears that they are all so pleased with themselves as Directors that they are quite happy to keep electing themselves as Officers.

While there should be a 2nd Owner on the BOD in about 15 months it will probably be the Annual General Meeting in 2010 when we will finally be able to have 2 BOD members who will be working for the owners best interests. At that time we can appoint other owners as Officers and we will be finished with the nonsense of having the BOD elect themselves as Officers.

Hopefully one of the first things the new 2010 NCC administration will do is to replace Concord Management with a management firm that will work full time for their $70,000 a year. The developer can find some other realtor to shill for his unsold condos.

-----------------------------------------------
* See DOB Duties: http://tinyurl.com/cao9bs

** See Assn Officers: http://tinyurl.com/dm3z42
-----------------------------------------------

Contact info for the above is:
Norman Knight Norman.Knight@ced-concord.com
Paul Missigman P.Missigman@atlantichousing.com
Leonard DiGiacomo ljdpcb@gmail.com

Owners Investments Here at Nautilus Cove are Down by 1/3rd

A new listing is just posted online for condo 407 here at NCC.





As of 7/22/09 it is listed as a foreclosure with an asking price of $124,900 which is a loss of $60,000 (32%) over the initial purchase price.


On 4/16/2007 William and Ida Hargaray got a $147,920.00 mortgage through Countrywide for unit 407, a 4/3 upstairs unit, 1430 sq ft, with a purchase price of $184,900 from Gulf Blvd Partners
Details at: http://www.northwest-fl.com/real-estate/condoforeclosure/2009/07/22/

Other listings FYI:
- $164,900 MLS# 393091 Joan Morgan #608, 3/2
- $189,900 MLS# 378590 Ronald Dean #303, 4/3
- $145,900 MLS# 396536 Roberta Jones #104, 4/3
- $155,000 MLS# 391926 Developer Owned, #1401 4/3
- $144,900 MLS# 390063 Developer Owned, #805, 4/3
- $135,000 MLS# 395630 Kyle McKendree #102, 4/3
- $124,900 MLS# 397015 Wiliam Hargaray #407, 4/3
- $128,000 MLS# 394698 Karen McRitchie #513, 2/2

Details: http://www.panamacitymls.com/(atkc4545wnix3zz1ae3zlo55)/propertyDetails.aspx?mls=394698&sitecode=B3114

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

What is the Hupp/ Cahours suit about?

'Cahours & Hupp v. NCC Assn, Seagrove Property Management and Concord Management Group' case. This is the core of the case and consists of the following:

Complaint and Demand for Jury Trial - 8 pages
The plaintiffs state that they purchased here based on representations '. . . including but not limited to safety and security features advertised . . . included but not limited to security locked entry gates, video cameras, and security equipment. . ."

That on or about March 4, 2008, Hupp's Suzuki motorcycle and Cahours 2007 Yamaha motorcycle were stolen from the complex because of a failure to maintain the security enterance gate in working order. The inoperative state remained effective for a sporadic period of time as a result of the Defendants' negligence. "During the time the security gate was not operational, the Defendants chose voluntarily not to spend the funds on repairing the gate and instead left it open and non-operational. Only after the theft occurred did the Defendants choose to fix and repair the security gate." Also that the camera system was not working and therefore the Police were unable to obtain details of the theft which would otherwise have been available.
Count 1: Negligence
Count 2: Breach of Implied Covenant of Good Faith & Fair Dealing
Count 3: Fradulent Concealment or Negligent Misrepresentation
Count 4: Fraud
Count 5: Breach of Fiduciary Duty (as to Concord & Seagrove)

Summons to NCC - 2 pages

NCC's Motion to Dismiss & Memorandum of Law - 8 pages
Defendants rebutt each count and say that 3 of 4 counts against Nautilus fail to state a cause of action and relies on "Commingling the allegations against the numerous defendants provides no factual basis for distinguishing their alleged wrongdoing and resulting in a vague and ambigous Complaint." and "Nowhere in the Complaint do the Plaintiffs state which defendant made the allegedly fradulent statements. . . Nautilus has the right to know which Defendant and even which employee made the false statements or omissions. . ."

Concord Management LTD's Motion to Dismiss - 3 pages
Plaintiffs argue in a similar but much shorter reply the items above and 'incorporates them by reference' in their own reply, ". . . fail to state a cause of action for fradulent concealment or negligent misrepresentation. . . because the circumstances surrounding the alleged fraud are not pled with any specificity as required. . ."

You can also keep up with the filings at: http://tinyurl.com/m7l94a but this gives only 'headings' not the details as shown above.

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

Double click for larger image:

From the Archives - F.Y.I. =

Monday, June 21, 2004

Local: Affordable housing at beach grows

By Cara New - News Herald Writer
747-5071 / cnew@pcnh.com

PANAMA CITY BEACH
Pricey beachfront condominiums are going up with a bang, but affordable housing options in Panama City Beach are growing too — albeit more slowly.

The Bay County Housing Finance Authority just applied for $7 million in tax-exempt bonds to begin its second multi-family affordable housing project. The first project was Andrews Place Apartment Homes on Frankford Avenue in St. Andrews.

The $7 million bond issue will cover much of the $11 to $12 million cost of the Nautilus Cove Apartments, a 192-unit, multi-family rental community to be located on the northeast corner of Back Beach Road and Nautilus Drive.

"Each one of our properties came with a market study identifying demand," explained Ben Johnson, chairman of the Housing Finance Authority, a public corporation that assists with affordable housing projects in Bay County.

Johnson said the apartments would help the many people who work in the service industry on the Beach and cannot afford to live there.

Because the apartments benefit from public funds, prospective residents have to meet income requirements and rent is adjusted to be no more than 30 percent of a renter’s income, Johnson explained.

The developer, The CED Companies, is based in Maitland and calls itself an "innovator" in the field of affordable apartment housing. The CED Companies also developed Stone Harbor Apartments, a 160-unit affordable housing community on Alf Coleman Road in Panama City Beach.

Johnson said construction on Nautilus Cove Apartments would begin late this year and would take 12 to 15 months to complete.

=======================================
Although condo owners thought that they were buying into a condo complex the facts are that today you are owning in a low income apartment complex. The unsold units are being rented out by Concord Realty Ltd who admit spending 50% of their time doing rentals for the developer rather than working on our behalf.
See:
http://www.ced-concord.com/index.cfm?fuseaction=concord.local2&id=2240

Concord Management, Ltd.
Nautilus Cove Apartments
13700 Panama City Beach Pkwy.
Panama City Beach, FL 32413
Telephone: 850-235-1009

Floorplans: Rents:
2 Bedroom Floor Plan Starting From $ 895
3 Bedroom Floor Plan Starting From $ 995
4 Bedroom Apartment Home Starting From $ 1095
Contact the leasing office: nautiluscove@ced-concord.com

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

For another article from that era you might take a look at one about Stone Harbor. This is a 'sister' community to ours, but on less land and fewer facilities. It is called 'affordable housing on the beach'. You can call it 'downmarket' from us, but probably just where we are heading under the current poor stewardship of our BOD and management company. Go to: http://nautiluscondosrules.blogspot.com/2007/02/local-income-based-housing-hits-beach.html
----------------------------------------------------------

Bay County Court Cases Involving Nautilus Cove and Owners

Below you can use the 'click on' link to see how the various cases are progressing through the Court system. Three cases involve civil actions and the remaining are foreclosures. You can also go to:
http://records2.baycoclerk.com/oncoreweb/Search.aspx in order to pull up the initial documents in the various judgments, foreclosures, liens and the NCC Declarations of Condo.

If you want to look at the 3 civil suit filings, then you have to go to the Bay County Courthouse and use their computer terminals to view these cases. If you need copies you have to pay $1 per page. These cases can also be ordered and sent to you via fax or email attachment, again it is $1 a page.

CAHOURS & HUPP v. NAUTILUS COVE CONDO. ASSN.
(Issue: 2 Stolen Motorcycles at NCC)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus%2c+c&ps=50&m=name&s=4&caseid=2283832

HARRIS v. WATERSTONE & NAUTILUS COVE CONDO
(Issue: Renting units in violation of documents)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+c&ps=50&m=name&s=4&caseid=2274570

HSBC BANK USA v. THOMAS (Foreclosure 401)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus%2c+c&ps=50&m=name&s=4&caseid=2281468

COUNTRYWIDE HOME LOANS v. MUNDT (Foreclosure 512)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus%2c+c&ps=50&m=name&s=4&caseid=2280630

FLAGSTAR BANK FSB v. KENNEDY (Foreclosure 405)
(Note: this is now in Federal Bankruptcy Court)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus%2c+c&ps=50&m=name&s=4&caseid=2280307

CITIBANK NA v. KENNEDY (Foreclosure 201)
(Note: this is now in Federal Bankruptcy Court)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus%2c+c&ps=50&m=name&s=4&caseid=2280054

COUNTRYWIDE HOME LOANS v. GRASS (Foreclosure 506)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus%2c+c&ps=50&m=name&s=4&caseid=2274955

US BANK NATIONAL v. KRISTOFF (Foreclosure 305)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+c&ps=50&m=name&s=4&caseid=2278314

COMPASS BANK v. WATERSTONE (Foreclosure 716)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=waterstone+r&ps=50&m=name&s=4&caseid=2281840

COMPASS BANK v. WATERSTONE (Foreclosure 714)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=waterstone+r&ps=50&m=name&s=4&caseid=2281827

COMPASS BANK v. WATERSTONE (Foreclosure 712)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=waterstone+r&ps=50&m=name&s=4&caseid=2281823

COMPASS BANK v. WATERSTONE (Foreclosure 710)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=waterstone+r&ps=50&m=name&s=4&caseid=2281658

WATERSTONE RESORTS v. HARRIS
(Issue: Internet posting unfavorable to Waterstone)
http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=waterstone+r&ps=50&m=name&s=4&caseid=2280436

==================================
As you can see from the above Waterstone gets into a load of legal problems.
There are about 13 LLC's managed by the same group of people (O'Neal, Edwards, Gilliland) and 8-9 have Waterstone in their titles.

Here is yet another court case involving this same group:
5:09-cv-00277-RS-MD - BALLARD v. WATERSTONE RESORTS LLC - Date filed: 08/12/2009

Mark Ballard, a white male, senior maintenance worker for Waterstone Resorts, LLC of Destin, filed a civil action in Bay County Court on June 16, 2008, it was removed to Federal Court (Case No 09-277) on Aug 12th on Waterstone's application.

Ballard says in part that while in the employment of Waterstone he injured his back both in Feburary and March 2008, reported it, filed for Workman's Compensation and that he was subsequently fired both because he made claims for Workmans Compensation and partly due to age discrimination as he was replaced by a younger worker. An initial claim by Waterstone that he was fired 'for viewing pornography on company computers' was later replaced by the claim that his job was eliminated.

His Count 1 is for 'Age Discrimination' and Count 2 if for Violation of 440.205 "for retaliation after Plaintiff sought benefits under Chapter 440, Florida Statutes."

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

Blog traffic over the last year:

The 'sitemeters' used on this site indicate that about 36% of those who drop by are coming here diretly, ie: they have it bookmarked, the remaining people come from various web search sites, mostly Google, via inputing various search terms which will then bring up this blog as one of the offered selections. No matter how you ended up here I hope you find the info you are looking for and will return for additional visits.

Double click for larger image:

From the archives of the Destin Log -

I was looking through the Destin Log's archives for things relating to NCC and came across the below 2 items:

COLUMN: Forget Foreign workers and rely on U.S. labor
(February 13, 2009)
http://www.thedestinlog.com/news/workers-7981-maintenance-housekeeping.html

Man challenges Destin's Waterstone with lawsuit over Foreign workers
(August 13, 2008)
http://www.thedestinlog.com/news/lawsuit-5907-bill-says.html

Pier Construction Update:

Located just across from Pier Park The new 1,500 foot Russell-Fields Pier is now open after being under construction for 18 months. Fishing from the pier costs $6 per person or $2 just to walk out on it, children under 6 are admitted free.

The new County Pier, which is located just west of Alf Coleman Road, has been under construction since March and should be finished approx July of 2010. This will be the same design as the Russell-Fields Pier. Cost will be $7.6 million.

Editorial: Junk Fee Amnesty & Longer Notifications for Quarterly Dues Statements Are Needed

The new NCC quarterly association dues ($675) were mailed out June 20th by the office (Concord Management) and become delinquent and subject to a $25 'late fee' after July 10th.

There is a problem with these mailings which give owners only 20 days notice to pay. This artificially short time frame results in payments arriving at NCC 'late'. Quite a lot of owners live off the property, many out of state. The time frame of 20 days from mailing date to subsequent receipt of the payment at the office is far too short and results in needless junk fees for owners who miss this 20 day window.

As of last months print out of monies due to NCC, there were 40 owners with past due amounts. This includes 11 who owe just $25 and one each at $50 & $75.

The length of time for payment needs to be greater than 20 days. I would suggest that to give a reasonable and timely notification that bills should go out the first of the month prior to the due date.

I would also suggest that a blanket amnesty be put in place for the 13 owners that are now subject to these junk fees and that future mailings of dues statements be suitably increased so as to avoid having so many late fees in the future.

I would also call your attention to a post on this blog of Feb 12 this year which gives information on the new Fannie Mae mortgage requirements, which took effect in Feb 09. These require that No more than 15 percent of unit owners can be 30 days or more past due on association fees. If they are, then the property will not qualify for Fannie Mae guarantees on loans.

Having a longer lead time for quarterly assessments will cut down 'late pay fees' and an amnesty for prior junk fees which are on the books will help potential buyers qualify for Fannie Mae mortgages to purchase units here at NCC by reducing the percentage of owners on the delinquent list.

The new Panama City Airport is 11 months from completion

The air traffic control tower will rise be 150’ high.

The main 8,400 foot runway is 100% complete with final approval still pending from the FAA on the 10,000 foot extension. Construction of the runway extension will take less than 60 days when it approved.


The new terminal is 120,000 square feet with room for ticket counters, baggage claim, TSA offices, and offices for the Panama City Beach Convention and Visitors Bureau and a business center hosted by the Bay County Chamber of Commerce.

Today is:

E.S.T.

Got mosquitos? You don't have to look far for the source

Here is some of the local coverage about the summer issue of mosquitos in PCB:

Skeeter Patrol Gearing Up
June 18, 2009 News Herald
"PANAMA CITY BEACH — A jump in the number of mosquitoes earlier this month has triggered aerial spraying by the Beach Mosquito Control District, officials said.

Mosquito Control Awareness Week begins Sunday, and Mulla said a public awareness campaign will kick off Saturday at Lowe's Home Improvement on Back Beach Road with an educational trailer and helicopter appearance."

Full article at: http://www.newsherald.com/news/skeeter-75146-beach-city.html
=================================

Here is the problem with the Nautilus Cove's 80-90 splash guards:



The splash guards, when turned back towards the building, retain water both from downspouts and from daily watering this allows the standing water to breed mosquitos.

Over a year ago this problem was corrected by the Beach Mosquito Control who came out an turned them around, however, almost immediately the concrete splash guards have were returned to their old incorrect configuraion and they are still improperly installed and retaining standing water to breed mosquitos. A few guards have been changed around by owners who know that they are incorrectly installed.

Top photo shows current usage, Bottom photo shows the correct usage

The Developers (read BOD) pig headedly refuse to use the splash guards correctly. The last bit of nonsense from them was to drill 1/8 in holes at the bottom of the U and claim that the water will drain out. The holes immediately filled up with sediment and do NOT drain the water. Just another case of the Developers just not knowing what they are doing.
Double click for larger image

Don't expect a quick rebound in home prices

Yale's Shiller Says: Don't expect a quick rebound in home prices
Joseph Lazzaro, Jun 8th 2009

Yale University Economist Robert Shiller, has some sobering analysis for home owners and potential home buyers.

Home prices, which have fallen for about three years, are likely to continue to decline for some time, Shiller wrote . . . Even the federal government has projected home price declines through 2010, with total falls above 40 percent in many U.S. markets -- statistics that seem to defy both common sense and the traditional laws of economics, Shiller said.

See full article at: http://tinyurl.com/lg57gy
--------------------------------------------

NCC during construction
Double click for larger image-

Where's the bottom? Foreclosures mounting across the Panhandle

The above is a headline from the Destin Log article of Thomas J. Monigan, Florida Freedom Newspapers, the entire article is available at: http://tinyurl.com/qhu44j


Mr. Monigan said in part: "Home foreclosures along the Emerald Coast are on pace to set yet another annual record, numbers through April show . . . the figures indicate that the real estate-induced recession in the region may still be seeking the bottom . . . from the time someone misses a first payment there's about 60 to 90 days before the lender starts making phone calls, Somewhere between 90 and 120 days* the lis pendens gets filed . . . but the paper chase that starts at that point can actually work to the defaulting owner's advantage by forcing the lender to prove what it needs to prove, the foreclosure process can be stretch from several months to a year."

* (Experience here with our foreclosures seems to indicate that mortgage holders allow quite a lot of time before filing their 'lis pendens' more like 6 months+ rather than the above mentioned 3-4 months.)

This is seen in our own 10 foreclosures here at NCC, most seem to be dragging on and a recently filed bankruptcy by owner Joe Kennedy further extends the process for his 2 condos. Considering the list of past due assessments it seems that there will be at least several more foreclosures this summer.

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

How would you like to live at Nautilus Cove Apartments?

Well if you are an owner resident here, then you already live at Nautilus Cove Apartments. So why did you spend $150-200,000 to buy here when you could live here for a heck of a lot less-

For details see: http://tinyurl.com/okbg2f

Floorplans & Rents:
Two Bedroom Floor Plan $ 895
Three Bedroom Floor Plan $ 995
Four Bedroom Floor Plan $ 1095

Leasing Information:
Lease terms offered: 12 months, flexible lease for shorter terms. $200 reservation fee, $350 refundable deposit, $50 application fee.

PCB Condo Sales Down 50% over 08

40 Owners at NCC owe over $41,881 in past due quarterly dues and late fees.

Largest Amounts Are Owed By:

305 Patricia Kristoff $5,443
705 Juan Reyes $3,192
201 Joseph Kennedy $2,811
601 Alamdar Karami $2,737
210 Dan Smith $1,962
512 Edward Mundt $1,962
702 Norman Ussery $1,962
205 Aaron Hall $1,423
710 Waterstone Resort Realty LLC $1,400
712 Waterstone Resort Realty LLC $1,400
714 Waterstone Resort Realty LLC $1,400
716 Waterstone Resort Realty LLC $1,400

105 David Hall $1,398

Double click for larger image:

Pool hours posted on top sign are correct:

Plants make a comeback

After some nonsense last year about taking in chairs and removing potted plants from in front of their units a lot of owners had to 'get rid' of their plants. This and the baloney about 'chairs' caused a lot of needless BS at NCC.

Today some owners are now putting plants back in front of their units. Good for them and shame on those who have nothing better to do than harass owners who want to make the complex look nice. (double click for larger images)

FYI: You should be aware that it is NOT legal for the asso. to place a lien on your condo for an unpaid 'fine'.
-----------------------
Q: Can the board put a lien on an owner’s unit if the owner doesn't pay a fine?
A: If the association documents provide, the association may levy reasonable fines against a unit for the failure to comply with any provision of the documents. However, no fine can become a lien against a unit.Condominium: Section 718.303(3), F.S., but an association may foreclose on a unit for unpaid assessments per: Condominium: Section 718.116(6)(b), F.S.

Remember Beckrich Rd?

It has now been renamed Richard Jackson Boulevard to honor a former PCB city manager.

For those who can't place the street, it is one that runs from Middle Beach to PCB Parkway and has the Sonny's Bar B Que and Home Depot on the corners and a Publix soon to open.

Beckrich Road was renamed and revamped with a 9-million dollar roadway expansion from 2 lanes to 4 lanes, with sidewalks, tropical landscaping and all existing underground utilities replaced and all electrical utilities were moved underground.

On the Plus Side-

The front enterance gate that was broken for some months is now fixed.

Top: Now = After welding


Bottom: Then = Run into and bent so it would not close

Some work needed on courtyard fountain

There are several things done at NCC over the last few months, but the brickwork at the courtyard fountain remains damaged since at least last January. I note that most of the bricks have been cleaned up, a few remain and some are in the fountain itself. The top layer overhung the other bricks making it easy for the vandals to pry or pound off.

This vandalism was caused by the kids here. I have suggested for years that we put in a half court basket ball court up by the maint. garage. It would give the rug rats something to do besides skateboard and destroy property. Cost might be $300 or so for the hoop, backboard and some striping. I would not suggest holding your breath on this as absolutely nothing I have suggested doing or changing here has ever been done or changed.

Top: Fountain as of May 09













Bottom: Jan 09, 'most' of the bricks seen here are now removed.

Fence on PCB Pky repaired

In early Dec 2008, Christopher A. White, 32, of Louisville, in an attempt to flee a police officer, ran into the white fence at the front of the NCC property.

Panama City Beach Police assisted at the accident scene and charged White with leaving the scene of a traffic crash with property damage.

This was reported fully further down the blog. The fence is now fixed.

Information for Renters and Landlords:

Oral and written leases

A lease is an agreement to rent property. It may be written or oral. Most are written, however, because oral agreements can be subject to misunderstandings. A written lease can be in the form of a formal contract or simply a copy of a letter that states the rights an obligations of both tenant and landlord. Florida law requires that most notices to and from a landlord must be in writing, even if the rental agreement is oral. In cases where there is no written lease, the term of your rental payment schedule (monthly, weekly, etc.) determines the length of the agreement.

Access to the Premises

Once you lease a dwelling, your right to possession is much the same as if you owned it. The landlord can, however, enter at reasonable times and with proper notice in order to inspect, repair, supply agreed services, or show the property to prospective or actual purchasers, tenants, mortgagees, workers or contractors.

Landlord's Obligation to Maintain Premises

If the unit is a single-family home, duplex, or mobile home, unless otherwise agreed upon in writing, the landlord must:
Comply with building, housing and health codes.
Where there are no applicable building, housing or health codes, maintain the roof, floors, windows, screens, and all other structural components in goo repair; and maintain the plumbing in reasonable working condition.

If the unit is other than a single-family house or duplex, unless otherwise agreed upon in writing, the landlord must:
Provide for extermination of rats, mice, roaches, ands and wood-destroying organisms;
Provide running water and hot water;
Remove garbage from the premises;
Provide a smoke detection device;
Provide locks and keys;
Provide a working heating system; and
Provide for the clean and safe condition of common areas.

Tenant's Obligation to Maintain Premises
The tenant has an obligation to:
Comply with housing and health codes;
Keep the dwelling clean;
Remove garbage from his/her dwelling unit;
Keep plumbing repaired;
Refrain from destroying, damaging or defacing the premises;
Occupy the dwelling without disturbing the peace; and
Refrain from abusing the electrical, plumbing, heating, air conditioning, or other systems furnished by the landlord.

If the Landlord Does Not Comply

You may be able to withhold the rent if your landlord fails to do what the law or the lease requires. You must, however, announce your intention by certified mail at least seven days before the rent is due to allow time to remedy the problem. If the problem is not corrected within the seven days and you withhold the rent, the landlord may take you to court to collect it. Under these circumstances, you must pay the rent into the court registry pending the judge's determination of the case.

If the Tenant Does Not Comply

You can be evicted for not living up to your end of the lease. Depending on the offense, the process for removal varies.

Failure to Meet Lease Obligations

Except for the failure to pay rent, a landlord must notify you, in writing, of the shortcomings and give you seven days to correct the situation. If you do not reply within seven days, the landlord can begin the eviction process.

Non-payment of Rent

The landlord must serve the tenant with a written notice allowing three days (excluding weekends and legal holidays) for you to pay the rent or vacate the premises. If you do not pay within the three days, the landlord may begin the eviction process. The landlord must file suit in the office of the Clerk of the Court in the county where the dwelling is located. The tenant then has five days (excluding weekends and legal holidays) to respond, in writing, to the court. If there is no response from the tenant, a judgment is entered against the tenant. The Clerk of the Court will issue a "Writ of Possession" to be served by the Sheriff notifying the tenant that the tenant will be evicted in 24 hours.

Prohibited Practices

Florida Law does not allow a landlord to force a tenant out by:
Shutting of the utilities;

Denying the tenant access to the premises by changing locks;

Removing the tenant's personal property from the dwelling unless it is a lawful eviction; or

Removing outside doors, locks roof, walls or windows (except for purposes of maintenance, repair or replacement).

If any of these occur, the tenant may sue for actual and consequential damages or three months' rent, whichever is greater, plus court costs and attorney's fees.

Termination of Tenancy

A tenancy without a specific duration may be terminated by either party giving proper written notice (as required by section 83.56(4), Florida Statutes) according to the following time frames:

Yearly Not less than 60 days' notice

Quarterly Not less than 30 days' notice

Monthly Not less than 15 days' notice

Weekly Not less than 7 days' notice

Practical Pointers

If you have a written rental agreement, read it thoroughly before sInging.

If there are any changes to the written rental agreement, get them in writing.

Keep receipts and other records.

Do a walk-through before entering or vacating the premises.

Take pictures of any questionable conditions.

If you have a problem, you must put it in writing and in the proper form. See section 83.51, Florida Statutes.

FYI: Florida Condo articles -

Now and then I find sites dealing with interesting subjects relating to Florida condos and I mention them on this blog. Here are direct links to 2 which are worth a look and both allow readers comments.

1) Florida Real Estate: Life Among The Toxic Assets
http://tinyurl.com/c992sf

2) The Mystery of Selling Condos - SOLVED!
http://pcbdaily.com/?p=4191

The Nautilus Cove and Waterstone Suit

For those of you following this civil suit you might recall that it started on June 10, 2008 and on Jan 13, 2009 this matter was scheduled for arbitration May 12, 2009 at 9:30 a.m., at the law office of Hutto and Bodiford in Panama City, Florida. The attorney for Nautilus Cove Condominium is Steven Applebaum who had insisted that the matter go to arbitration.

In the latest nonsense from attorney Applebaum, he writes in part: "I cannot agree to the arbitration that is presently scheduled for May 12, 2009, in the above referenced matter. My assistant scheduled the arbitration date without my knowledge and I have just been made aware of said date . . . my client will not be attending the arbitration . . . and I ask that it be cancelled. In any event my client will not be bound by any decision made at arbitration if you intend to move forward with the arbitration."

Total costs are estimated at $25,000.

Details at: http://nautiluscovesuit2008.blogspot.com/

They don't sell, they are hard to rent out and those who own them are SOL

Condo Market
1. Total available (Active): 1,632 Condos
2. Total sold in month: 42 condos
3. Percentage of sold: 2 %
4. Absorption Rate: 23 months

Absorption rate = Approx. how many months to sell out the current inventory.

Info from:
http://www.jennifermackay.com/marketsummary.php


Although it is contrary to association regulations, owners still put signs in their windows in the hope that someone will rent their unit. The top one just went up in the 7 building, the other has been up in the 2 building for many months.

6 owners have NCC liens against their units for up to 6 missed quarterly assessments, several (10 at least) are being foreclosed on and some owners have just decamped for greener pastures:
Liens: 506 Grass, 405 Kennedy, 705 Reyes, 105 Turner, 305 Kristoff, 601 Karami
Foreclosure actions: 101 Salman, 201 Kennedy, 305 Kristoff, 506 Grass, all 4 Waterstone condos 710, 712, 714, 716

In the unlikely event you could sell your unit (only 3 sold in 08, 1 so far in 2009) you would take at least a 25% bath on what you paid for it originally.

The market for condo sales here at NCC is as close to zero as you can get. Why should anyone spend money to buy when you can rent so cheaply? Forecasts for any worthwhile improvement vary from 3 to 5 years.



Up Date:
Here is an example of what you might lose on a 2/2 in todays market. Unit 512 was purchased by Edward Mundt for $149,900 in March 2007 and is currently on offer at $127,900 through Dunn Realty (MLS#386839). http://www.jennifermackay.com/idx/residential/386839/details.html.

It probably won't sell that high but if it did that is a direct loss of $22,000 or 15%.

Add in the 6% ($7,600) realtor commission on the sale price and you are down to $120,300 or a loss of $29,600 or 21% off the original purchase price.

Since Pelican is selling new 2/2's at 124,900 he will have to come down on price and even then the units are not selling at all, there were only 3 NCC sales early in 2008 and nothing since then.

Add in the mix that condo fees are going up 20% in 2009 so selling any unit is going to be difficult even with discounts in the mid-20% range.

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

NCC Newsletter 2nd Quarter 2009

Double click for larger image

Foreclosures Jump 24 Percent in Q1

Many recent posts on this blog have had to do with foreclosures. This is of interest only to owners here, I am sure tenants couldn't care less, so feel free to skip these uninteresting articles and go on to other items. For those who do not have AOL here is a teaser to the longer article which you can clink on at:
http://money.aol.com/article/foreclosures-up-24-percent-in-1st/430357
------------------------------------------------------

By ALAN ZIBEL, AP

WASHINGTON (April 16) -
The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday.

Nearly 191,000 properties completed the foreclosure process and were repossessed by banks in the quarter.

In the coming months, Donovan said, there are still likely to be increased foreclosures, especially from vacant houses, second homes and those owned by speculators.

NCC has a 'Fining Committee' consisting of these 3 owners:
Jeremiah Cahours 307,
Rodney Smith 306,
Matthew Mullins 1608.

To date there have been no meetings or fines.

The committee gave approval for the board to begin fining for "exhibiting or affixing" anything outside of the unit. The unit owner will receive a minimum of two warning notices, each giving the owner 48 hours to correct the offense where applicable. The initial fine would be $25 and would be due within 14 days. The unit owner is permitted to appeal to the fining committee within 14 days. Any fines collected would need to go into a separate account.

The Committee also agreed to approve additional fines, should the board choose to cite for:

1) Glass at the pool
2) Riding bikes or scooters in the parking lots
3) Leaving bikes and scooters unattended
4) Caught not curbing your dog
5) Any disturbance that law enforcement or security guard have to investigate
6) Entering entrance gate through the exit
7) Excess trash around unit number
8) Putting cigarettes out on the ground
9) Failure to (properly) discard trash in public areas (pool, picnic area, fountain)
10) Dogs without leash
11) Parking in unauthorized locations”
---------------------------------------------------

Q: Can the board put a lien on an owner’s unit if the owner doesn't pay a fine?

A: If the association documents provide, the association may levy reasonable fines against a unit for the failure to comply with any provision of the documents. However, no fine can become a lien against a unit.Condominium: Section 718.303(3), F.S., but an association may foreclose on a unit for unpaid assessments per: Condominium: Section 718.116(6)(b), F.S.

In Oct 08 additional info was posted on this blog about the establishment of the committee, you can scroll down to it or click on this direct link to see it: http://nautiluscondosrules.blogspot.com/2008/10/corrections-committee-aka-fining.html

After 11 months, finally a unit has sold

In 2008 there were only 3 sales here at NCC, all were in March and April of last year. On 3/24/08 Lynn and Dianne Owen paid $190,900 for the upstairs 4/3 unit #1507.

On 3/27/09 Timothy and Christen Gagnon purchased unit #1506, also a 4/3 upstairs unit, but they paid only $148,000 with the usual 30 year note from Vision Bank in PCB, a nice savings of $42,900 or 22%.

FYI: An update to old business-

You might recall the below incident here at NCC, it was in the local papers, subject to a press release by the BCSO and reported further down on this blog at: http://nautiluscondosrules.blogspot.com/2008/08/developers-will-rent-to-just-anyone-to.html

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 developer got his unit back after filing some paperwork and you might be wondering what happened to the 2 adults. Both remain in custody with the next appearance set for a 4/28/2009 Pretrial Conference for Dunkley and one for Hammock on 5/26/2009. If you have the time or interest you can pull up their information at the below click on links:

HAMMOCK, DANIEL RAY Bond set at: $170,000

http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?caseid=1509790

(below charges are just from the NCC arrest)
TRAFFICKING IN METHAMPHETAMINE (893135 1f1)
MANUFACTURE OF A CONTROLLED SUBSTANCE (89313 1a2)
CHILD ABUSE (82703 1)
CHILD ABUSE (82703 1)
CHILD ABUSE (82703 1)
CHILD ABUSE (82703 1)
CHILD ABUSE (82703 1)
RESISTING ARREST WITH VIOLENCE (84301)
POSSESSION OF LISTED CHEMICAL- (893149)
POSSESSION OF LISTED CHEMICAL- (893149)

DUNKLEY, LISA CHRISTINA Bond set at $140,000, the charges are the same except for no Resisting Arrest charge.

http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=Dunkley%2c+Lisa&ps=50&m=name&s=4&caseid=1509776

In theory, NCC condos when rented out by the management firm, require background checks on applicants. Private rentals by owners and their real estate agents do not require such checks, hopefully the realtors fronting for the owners will do so on their own initative but it isn't so far a requirement. It should be!

The potential for additional criminal enterprise here at NCC is great with such a very high ratio of renters to owners (3 to 1).

At the time of the rental to Dunkley and Hammock even the most minor internet check of county records would have revealed their criminal pasts plus Dunkley had been evicted from another rental complex the prior year.

Also see:
http://nautiluscovearrests.blogspot.com

Housing Mirage: Misleading Numbers