Monday, April 30, 2012

PCB to enforce 1% City license fees

Are you paying your 6% tax for renting out your condo?

Bill Kinsaul, Clerk of Court and Comptroller, Bay County, FloridaAll facilities, including condos, that are rented for six months or less are subject to the tourist development tax.  NCC is presently 80% rental and many are being rented out by individual Owners who may have problems with the 2 different taxing authorities.

The minium rental at NCC is three months.  The tourist development tax is a 5% bed tax. For properties within the city limits of Panama City Beach there is a 1% city license fee.  The City has been having problems in collecting this and the one part time City position is now going to be a full time position and those not paying will soon be having tax problems.

The taxes are calculated on the total fees paid by the tenants for the benefit of the accommodations. These fees include cleaning fees.

All owners are subject to the tourist development tax and are required to register the facilities and collect this tax from their tenants or guests monthly. Collected taxes are remitted to the Clerk of Circuit Court of Bay County, PO Box 1230, Panama City Florida 32402.

A tax return is due even when no rental activity has occurred during the reporting period. The tax return and payment are due the first day of the month following collection from tenants and are considered delinquent if not postmarked by the 20th of the month following the close of the reporting period.

Details at:http://www.newsherald.com/news/fee-102283-panama-pcb.html  and also https://www.touristtax.com/bay/#4, Email Tourist Development Tax: tdc@baycoclerk.com.  

Thursday, April 26, 2012

Nautilus Cove Annual Report Filed

This year the filing was done correctly, last year the CS Sunbiz LLC filing had to be redone twice and they only got it right on the 3rd try. 

CS Sunbiz, LLC, is our current Registered Agent.  This is a 2 lawyer firm consisting of Kerey Carpenter and Sarah Schwemin, the latter a former employee of CED Concord.  The developer tossed the account to one of their former employees.  Nothing like keeping things in the family.

 
The Florida Division of Corporations requires that all Florida corporations designate a registered agent for service of process. Registered agents primary duties include receiving service of process when a business entity is a party in a legal action, receiving government notices and other official documents on behalf of the corporation, providing an office address, and acting as a local mailing contact with the Secretary of State and other regulatory agencies.

The Registered Agent also forwards tax notices, file state reports and other communications, when applicable. In most cases, anyone who has a street address within Florida may act as a registered agent for a Florida corporations.

Sunday, April 15, 2012

Tuesday, April 10, 2012

From the Office:

CHAIR APPROVED FOR PORCHES!
The Board has approved one (1) chair per unit that may be put on the porches and left outside.

The chair is the style shown, and must be pre-ordered from the office. Cost of the chair is $20.00.

As previously, residents may have other chairs outside with them only while they are outside. Any chair(s) except the approved chair must be taken inside the unit when the resident goes inside.


Reminder: Residents may also have one (1) plant, either in a concrete planter or hanging plant, on their porch as well.

If you have any questions, or to pre-order your chair, please contact the office. Payment is to be made in advance.
Thank you!

 Roxanne Turnipseed, CAM
Posted by Picasa

Thursday, April 5, 2012

Foreclosure filing against #306


HANCOCK BANK vs. SMITH, RODNEY C
The paperwork on this is a bit behind events as #306 was sold on March 30th to Jeffrey J. Osterhout for: $14,300.00, which is the same day this Foreclosure was filed by Hancock Bank.

Whether or not there was a foreclosure filed before this sale, the first mortgage holder is still able to proceed and their mortgage remains despite the temporary sale to Mr. Osterhout. Eventually the unit will go to the bank, just as our 3 units will eventually go to the holders of their first mortgages.

Probably the next units up for auction will be #701 Jarrett and #615 Gayatin.

Also Condo Records Are Available on this site


View condo documents as far back as 2006

 Click on this direct link to see the meeting minutes for the last 6 years:   http://tinyurl.com/66zdaor

. BOD Meeting 2/9/2012
. BOD/AGM Meetings 1/14/12
. BOD Meeting 5/12/11
. AGM/BOD Meetings 1/29/11
. Turnover Election 12/20/10
. BOD Meeting 10/4/2010
. AGM/BOD Meetings 12/20/2009.
. BOD Meeting 12/20/2008
. BOD Meeting 12/6/2008 (my notes - meeting adjourned – no quorum)
. BOD Meeting 06/10/2008

. BOD Meeting 04/16/2008 (2 minute Emergency Meeting)
. BOD Meeting 03/01/2008
. BOD Meeting 12/8/2007

. BOD Written Consent in Lieu of 1st Meeting  4/1/06
 Condo Documents - Direct Links
By-Laws of NCC - http://tinyurl.com/37vbqkz
NCC Articles of Incorporation - http://tinyurl.com/34wp8pj
Rules and Regulations - http://tinyurl.com/39lbjwl
New 10/4/10 Condo Management Agreement - http://tinyurl.com/39sy3cy

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

Tuesday, April 3, 2012

#602 Sold for $105,000

#602 Sold - The Blevins unit, a ground floor 3/2, courtyard side, sold 2/24/12 to Charles F. Tucker of Whitwell, Tn. for $105,000. 

The unit originally sold 2/15/07 to Blevins for $174,900.  To bad they bought that one as they could have had my 3/2 courtyard side for $90,900, 90% furnished.  Hey Chuck, want another 3/2 right across from 602 for 15K less?  Details seehttp://708lighthouseroad.blogspot.com/ 

Right click for larger image:
       

Further to the below information on the auction

(Text of my email to the BOD and Concord)
We had 4 units go to auction.

First the 'Good News' - One seems to have had a favorable result as far as we are concerned. This is the Smith unit #306. It sold to a 3rd party Jeffrey J. Osterhout for $14,300. We were looking to recover $11,566 so those funds will now come to us. The amount is not all coming to us, we do get our $6,580 in past due assessments, but the lawyers Hess/Applebaum get their fee of $2,250 and there are costs of $495, if the lawyer advanced them he gets that and if we paid it comes to us. So we have gotten at least the past due of $6,580 paid to the association.

Now the 'Bad News' - the other 3 units went to us on a temporary basis. We have temporary title to them but can not sell them. We are responsible for the taxes for whatever time we hold them. We are responsible for any refurbishment of them (paint, carpets etc) to get them ready to rent. We do not get the $225 association fee per month. Any money spent on the units will not come back to us when the first mortgage holder takes them from us. We may have to evict anyone currently in a unit.

Let's take just one as an example. Thomas unit 401. We were looking to recover $11,566; broken down as $8,836 in past due assessments, $2,225 in attorney fees and $505 in costs. It went to us for $200. We are now in the hole for the $2,225 in attorney fees and the $505 in costs, or -$2,730 in total for this unit. And roughly -$8,190 if you consider all 3 units.


I would have to say that things did not work out very well by our auctioning off the 3 units we ended up with.


The best result is if someone else takes temporary title, we get paid the past due assessments, lawyers fee and costs, as happened with 306. The worst result seems to be if we end up with the units ourselves. We end up eating the lawyers costs and court costs.

When the dust settles on all 11 units the Hess/Applebaum firm is going to make in profit about $24,500. It is going to come either from some 3rd party buying the condo as happened in 306 or Hess/Applebaum is going to bill us for the money and if they paid the costs initially that also.


Worst case is if we end up with 10 of the 11 units, makes for easy math, we will pay $22,250 to Hess/Applebaum and will be out court costs of $5,000, perhaps we prepaid this or perhaps we have to cut a check to Hess/Applebaum if they advanced those funds.

The information cited above is available at the web site for the Bay County Clerk of Courts at: http://records2.baycoclerk.com/oncoreweb/Search.aspx

The first mortgages are still valid and eventually the banks and mortgage companies will come after us for these units. We may end up in litigation 10 times or simply make agreements to surrender them to the holders of those mortgages.

In any event we will be out additional attorney fees for each of those 10 units (assuming that we end up with all the remaining 7). Also we have no idea how long we will be able to control those units before we have to surrender them, perhaps we will break even if the banks/mortgage companies are slow on the uptake.

It was a poor decision to start with and has started us down a long road of needless litigation which in the end may not benefit us and may end up costing us money.

What it will do without any doubt is give a very nice profit to the Hess/Applebaum firm of at least 30K and probably another thousand each per unit when the time comes to relinquish these condos to the first mortgage holder.

I hope that the 'new' Board:

1) gets a decent lawyer to replace Hess/Applebaum who I have said all along is in the hip pocket of the Developer and Concord Management, and

2) does not proceed with any further foreclosures on additional condos over and above those already filed on.

Bill Harris

Monday, April 2, 2012

3 Units go to Nautilus Cove, 1 to 3rd Party Bidder Jeffrey Osterhout

Auction - Sold To: Jeffrey J. Osterhout for:  $14,300.00
Mortgage Holder:  FDIC/Hancock Bank $197,600
Auction Type: FORECLOSURE
Case #: 11001763CA
Final Judgment Amount: $9,325.94
Parcel ID: 40000-100-031
Property Address: 306 Lighthouse Road (SMITH, Rodney)
PANAMA CITY BEACH, 32413
Assessed Value: $92,950.00
Plaintiff Max Bid: Hidden
Bid History:
Charles Carrier  $100.00
Bobby Massey   $200.00
Matthew Chastain $9,400
Jeffrey  Osterhout $9,500
Matthew Chastain $9,600
Jeffrey  Osterhout $10,000
Matthew Chastain $10,100
Jeffrey  Osterhout $14,300Winning Bid
=========================================================

Auction  - Sold 03/30/2012 11:57 AM CT Sold To: Plaintiff, Nautilus Cove Condominium  Association Inc.,  Amount: $300.00
Mortgage Holder:  BAC Home Loans, FKA Countrywide $127,425
Auction Type: FORECLOSURE
Case #: 11002022CA
Final Judgment Amount: $12,829.50
Parcel ID: 40000-100-075
Property Address: 702 Lighthouse Rd (USSERY, Norman)
PANAMA CITY BEACH, 32413
Plaintiff Max Bid: Hidden
Bid History
Adi Rahatlev    $100.00
Bobby Massey $200.00
Naut Cove Condo $300.00Winning Bid
=========================================================

Auction - Sold 03/30/2012 11:59 AM CT Sold To: Plaintiff, Nautilus Cove Condominium Association Inc., Amount:  $200.00
Mortgage Holder:  Wells Fargo Bank for HSBC Bank $184,900
Auction Type:
FORECLOSURE
Case #: 11002024CA
Final Judgment Amount: $11,566.74
Parcel ID: 40000-100-050
Property Address: 401 CAPE COD DR (THOMAS, John)
PANAMA CITY BEACH, 32413
Assessed Value: $91,000.00
Plaintiff Max Bid: Hidden
Bid History
Charles  Carrier    $100.00
Naut Cove Condo $200.00 - Winning Bid
=========================================================

Auction - Sold 03/30/2012 12:01 PM CT Sold To: Plaintiff, Nautilus Cove Condominium Association Inc.,  Amount $200.00
Mortgage Holder:  Deutsche Bank Natl Trust Co $134,500
Auction Type:
FORECLOSURE
Case #: 11002026CA
Final Judgment Amount: $14,010.18
Parcel ID: 40000-100-078
Property Address: 705 Lighthouse Road (REYES, Juan)
PANAMA CITY BEACH, 32413
Assessed Value: $77,675.00
Plaintiff Max Bid: Hidden
Bid History
Charles Carrier   $100.00
Naut Cove Condo $200.00 - Winning Bid