CBS is coming to Panama City Beach

Bay County television viewers have never had a local CBS station. The cable and satellite providers use CBS affiliates from NYC or Dothan to complete their lineup of over the air stations. The new station will be on Channel 18 with call letters of WECP and available this September.

Gray Television is adding CBS affiliates in Harrisonburg, Parkersburg and Panama City. Gray already owns the channel 7 WJHG NBC affiliate and they will share studios at 8195 Front Beach Road, Panama City Beach.

Details at:
http://www.wjhg.com/home/headlines/CBS_Television_Station_Coming_to_Panama_City_Market_162730006.html

#610 Sets Record Low Asking Price

Remember unit #610?  That is the old David Ellingson unit.  A 3/2, 2nd floor end unit with a courtyard view.  (MLS#: 506123)

It was put up for sale by BAC HOME LOANS SERVICING for $74,900 which was pretty much expected for a foreclosed unit as they have been selling between 40-50% of their original sale prices.

So $74,900, with the O.S.P. of $178,200 purchased on 11/21/06 wasn't all that bad, even though Ellingson probably overpiad initially by about 10k. 

Well it didn't sell after 84 days, so now the price has been reduced a further 14%, to $64,000 and that is a record setting 35.9% of the original sale price. 

Original Owners who want to sell out have no chance against those foreclosed units that are going so cheaply.  No Owner would want to sell their unit for 35% of what they paid but the banks and mortgage companies just don't want to keep these units and will take the loss just to get them off the books.  Good news for the new Owner (it will sell quickly) but bad news for those of us who would just like to sell and leave.

Price History

DATE	DAYS AGO	EVENT	NEW PRICE
Jul 25, 2012	0 days ago	Price Reduced: -$10,900 (-14.55%)	$64,000
May 2, 2012	84 days ago	New on market	$74,900

GEORGEKOPOULOS' units at NCC

It isn't much of a surprise that the 5 Georgekopoulos units have popped up on the 'For Sale' list, at least not considering the serious legal problems that they found themselves in back in Ohio. 
For Ohio arrest information see:   http://georgekopoulos.blogspot.com  The units available are:  #106 $113,500, #205 $99,500, #210 $103,000, #502 $95,000 and #513 at $95,000.  All are considerably overpriced considering the depressed market here at NCC. 

For instance #515 has just been acquired from BOA for $67,000 so asking $95,000 for the two 2/2's from the Georgekopoulos' is not going to result in any quick sales.

I suspect that they will knock them down over the next few weeks so as to get them sold before the Feds grab them.  Bond for each is $350,000.

Previously posted info:  Georgekopolus Media reports from Ohio are: 
"Four Akron-area men are among 10 indicted Thursday in Cuyahoga ... by George Georgekopoulos, 37, of Hinckley; Pete Georgekopoulos, 39, ... " details at:  http://georgekopoulos.blogspot.com/ and
http://tinyurl.com/6q84wbn and http://tinyurl.com/86b5o5j
5 Recent NCC purchases at by the Georgekopolus's are below, now all are for sale as is a house in Lynn Haven:

502 (2/2) purchased by Ted G for $65,000 on 5/06/11 (orig price $160,000 7/07)
205 (3/2) purchased by Ted G for $69,500 on 1/18/12 (orig price $159,900 11/06)
106 (4/3) purchased by Ted G for $83,500 on 2/16/12 (orig price $193,900 11/06)
210 (3/2) purchased by George G $73,000 on 5/6/11 (orig price $179,900 5/07)
513 (2/2) purchased by Elite Enterprises Pete G for $65,000 on 3/20/12 (orig price $152,900 2/07

Also for sale is: 401 Missouri Avenue, Lynn Haven, FL 32444 Ted G MLS #:506998 $139,900
(the bulk of the purchases are for Freddy and Fanny foreclosures) )

What has sold so far this year?

SOLD:  #403 for 80K and #405 for 87K.  

Both are 4/3 foreclosures.  Info on buyers is known but will be available on site when Bay County publishes the new owner info, usually that takes 6 weeks from time the documents are signed.  Both new Owners got the usual good deals available when buying foreclosures.  Sales of non-foreclosed units are nil and probably will remain so as long as foreclosures can be picked up for 40-50% or original sale prices.

307 Lighthouse Rd (was Cahours, then Fannie Mae)
bedrooms:  3,  bathrooms:  3
(Sold for  $101,803)

403 Cape Cod Dr (was Diniz, now HSBC Bank - short sale)
bedrooms: 4, bathrooms: 3
MLS: #505887, Priced $180,000 on 4/24, Priced now: $90,000 down from $105,000
(SOLD $80K)

405 Cape Cod Dr (was Kennedy, now Fannie Mae)
bedrooms: 4, bathrooms, 3
MLS: #xxxxx, Price $80,000 as of 5/15/12 ( SOLD 87K)

Q) How many Owners actually live on the property?
A) Not many (about 16%).
As of 4/9/12 of the 168 units only 27 have Homestead Exemptions (HE's) so the stats on that show an Owner Occupancy figure to be 16%. 

This isn't absolute of course, there are 2 Owners showing with a HE that are being foreclosed on and are gone from the property but balancing it out with other 'new' Owners whose HE's haven't had time to come into effect.  So 16% Owner occupancy is probably pretty close to correct.

We are about 80% rentals, 16% Owner Occupied and 4% empty (mostly foreclosed and awaiting sale).

Note:  of the 80% rentals, 33% are accounted for by the 56 Developer units and the other 47% are rentals by Owners.

There is a growing trend for buyers to pick up bank foreclosures/short sales at rock bottom prices and then rent them out as income producing properties.  This works out fine if you purchase at 45-50% of the original sale price and you can make some money renting out such units.  It dosen't work out nearly as well for those owners who paid full price before the housing bubble burst.  The $800-1,000 they bring in monthly might not even be enough to pay the mortgage each month, let alone the condo fees, taxes and insurance.

So those who purchased here thinking they would be living in a community of other owners and enjoying retirement have found that they are owners in an apartment complex.  Not really what they had in mind in 2005-08 when they decided to buy here.  New owners will continue to replace old owners and the complex will probably continue to be about 80% rentals. 

NCC Fining Information FYI:

On May 30th a 5 page letter went out and much of it had to do with association fines against Owners.  This can be a complex issue and Owners may wish to do some research on the topic, plus of course, consulting our own documents on the topic (ie:  Declaration of Condominium at p. 37 "Fines" http://tinyurl.com/7mkbshl and By-Laws at 5.(m)). 

Generally outside courts will not interfere with such condo fining if the Owner has had benefit of 'due process' (something else for you to look up!). 
See Letter at: http://tinyurl.com/66zdaor  

Below is a small extract from the site  which has additional information you might want to consult or bookmark in case you need it later: http://tinyurl.com/786h3h4

"If the board indeed has the power to impose fines, it must establish a separate (fining) committee.

The committee must consist of at least 3 owners who are not board members, not related to board members and do not live in the same household as a board member. Then, before any fine may be imposed, the Board must provide the offending owner with reasonable advance notice (i.e. 14 days) of the date, time and location for the owner to appear before the fining committee.

The offending owner must be given the opportunity to explain to the committee why a fine should not be levied. If the fining committee determines not to impose a fine, no fine may be imposed. The Board cannot overrule the fining committee and levy a fine where the committee votes not to impose a fine.

Even if the committee votes to fine an offending owner, the fine cannot exceed $100.00 per day for a continuing violation and no fine in a condominium may exceed $1,000.00 for any single violation."

Take a look at our 2 Message Boards

Update:  You can take a look at both boards and see what people thought and complained about 4 yrs ago and yesterday.   The last comment was from Troy Holland, our former Service Manager who was here 10 months, go see what he had to say, and feel free to use either board (or both) to post your own comments.  These are set up to be your means of communication and comment for our complex, both Owners and renters are welcome.

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

This site is not taking any 'comments' from readers, but some months ago a message board was put up so that residents or Owners could comment, ask questions etc.  It hasn't been used that much lately but keep in mind that it is available and you do not need to 'register' in order to read or post.  
The direct link is:  http://nautiluscove.proboards.com/index.cgi and a second and older board is found at: http://pub40.bravenet.com/forum/static/show.php?usernum=3420323947&frmid=702&msgid=0

Condo Q & A's

Click on link for interesting articles about Condos in Florida, other states, condo stories and various Florida condo court decisions:

http://www.ccfj.net/condoaart.html

FYI:  A condo advice column is available to read at:

http://blogs.sun-sentinel.com/condoblog/

and another is at:

http://www.sun-sentinel.com/business/sfl-consumer-vasquez,0,710891.columnist

Here is an example:

Can an owner banned from using community amenities get around the rules by using them with another owner?

No.  Florida statutes allow boards to ban delinquent owners from using common areas, such as pools, clubhouses and tennis courts. The suspension of rights applies to the unit owner and their guests and occupants. A delinquent owner cannot do an end-run around those rules by being the guest of a neighbor.

"Aggressive foreclosures backfire on Florida homeowners associations"

Here is a bit of he much longer article, see entire article at: http://www.ccfj.net/HOAFLFORECLbackf.html

Race to Foreclose
"Like banks, homeowners associations have the right to foreclose if people don't pay. But in what Tankel has called a "race to the courthouse steps,'' the associations have an advantage.

Because most owners owe less than $15,000, associations can file their cases in county court instead of circuit court with its heavier caseloads and higher dollar amounts. That way an association can get a final judgment of foreclosure in as few as 270 days, compared to the 800 days it takes for the average bank foreclosure in Florida.

After the foreclosure, the property usually goes to auction, where buyers pay a few thousand dollars to cover delinquent fees. If no one bids, the association can negotiate its own sale. Either way, the new owner can then rent out the home while the bank foreclosure drags on."

At NCC we 'temporarily own' three units (401, 702, 705) they are rented out and 3 more are coming up for auction June 5th:  506 Glass, 615 Gayatin, 701 Jarrett, we may also end up with these 3 condos to rent out. In order to 'break even' it seems that we would have to hold onto and rent out such units for an average of 20 months each. 

I believe we would have been better off letting the banks and mortgage companies do the heavy lifting and collecting from them when they foreclosed.  We can NOT sell these units and the holders of the first mortgages will eventually go to court and take them back from us.  Further info at:  http://tinyurl.com/6t7azjt

The only one to defnitely benefit from all this upheavel and drama is the association lawyer, Hess/Applebaum, who will come out of this with a profit of at least $24,000 and that is theirs even if we don't hold those units for the 20 months.

If you want to follow the auction you can do so on the Bay County Clerk's site at: https://www.bay.realforeclose.com/index.cfm

BofA wants its unit 701 Back - Sues NCC

Nautilus Cove Condo has now been filed on in a Foreclosure action by the Bank of America who are attempting to take back #701 the condo that NCC recently acquired via our Foreclosure action against Jarrett.

You might recall that NCC had filed 12/12/11 for Foreclosure on the #701 Jarrett unit for unpaid association dues. The unit went through foreclosure, auction and we have just obtained a 'deed' on 6/21/12 to the unit.

Bank of America now moves to recover their unit from:
Jarrett (now gone), Unknown Tenants and Nautilus Cove Condo Assn.
(BOA took over from Countrywide and the original note on #701 was $166,426 on 2/22/07, now BOA wants the unit which we 'in theory' own)

This filing means more legal costs to us at NCC as BOA will take back the unit from us and whatever tenants we are renting to will be evicted.

At least in regard to the #701 unit this whole nonsense has proved to be a total waste of time on our part. To at least 'break even' on the matter we would have to have rented out the unit for 18 months, clearly this is unlikely.

Some reading material for you-

This site has been on the blog for several years and worked its way to the bottom.  I've brought it back to the top and made some changes.  It is worth a look.

This is the main site, enjoy the music while you look at it.  http://www.ccfj.net/  

Condo News Articles:  http://www.ccfj.net/PNEWS.htm

Click on link for interesting articles about Condos in Florida, other states, condo stories and various Florida condo court decisions:

http://www.ccfj.net/condoaart.html

================================================
Also FYI:   A condo advice column is available to read at: 
http://blogs.sun-sentinel.com/condoblog/
and another is at: 
http://www.sun-sentinel.com/business/sfl-consumer-vasquez,0,710891.columnist

TAKE ALL THE RENT - NOT JUST SOME

When the statute was originally amended in 2010, the law allowed the condominium association or HOA to collect the monthly amount of the assessment from the tenant of a delinquent unit owner. The statute has now been amended in 2011, to allow the association to collect all of the rent from the tenant and apply all of it to the outstanding sums owed by the delinquent unit owner. In order to make the demand on the tenant, the association is required to use a form as provided for in the statute.

A lawsuit has been filed in federal court challenging the constitutionality of the statute alleging that the landlord is deprived of due process because he or she never gets the opportunity to dispute the delinquency before the association takes his or her rent.

CREATING COMMUNITY DIRECTORIES

Unit owners have always been provided the protection under Florida Condominium and HOA law from ensuring that certain personal information like phone numbers, fax numbers and e-mail addresses were protected from disclosure to other unit owners by the association. The statute has now been amended to allow these unit owners to waive this protection and consent in writing to disclosure of this information to fellow owners. The primary purpose of this amendment is to allow communities the ability to publish a community directory. 

Note:  Another way to find Owner address and tax information is by using the Bay County Appraisers site at:  http://qpublic.net/bay/index-search.html  The easiest way to access all the records at once is to click on the blue "Search by Parcel Range" choice and put in Starting:  40000-100-000  Ending:  40000-100-170.  Many owners do not live on property and this site will give you their mailing address as well as unit address and it is much more informative than our own records plus you can use the click on link to go directly to the County tax records.

2 of 3 Auctioned Condos on 6/5/12 go to Nautilus Cove Condo

In the auction of 3 delinquent units on June 5th, 2 went to NCC (701 and 506) with one going to a third party (615).  This makes 5 units taken over by the condo and the new ones will also be rented out until the 1st mortgage holder takes them from us.  We can not sell these five units as the 1st mortgage holder has a claim on them superior to ours. 

These units have already been taken by NCC at auction on 3/30/12 and are being rented out: 401 Thomas, 702 Ussery and 705 Reyes.

Right click for larger image then click on 'open in new window'.
 

More Bid-A-Wee news FYI

6/6/12 Update:   The PCB Mayor has received an official letter advising her that the City is on notice that a suit is being filed regarding "false arrest, malicious prosecution, negligence, negligent retention, negligent enforcement, violation of his civil rights, and for any other civil action, including the date of injury July 29, 2011.”
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Although not actually of any concern to NCC I have from time to time reported on the antics of the dysfunctional 599 home subdivision just across the street from us. My favorite comment was that it was as entertaining as watching a 'barrel full of monkeys'.

You might recall that they put up 6 locking gates to bar people from 'their' beaches. Well, unfortunately those gates are still up, but the drama continues and now the PCBPD and a former Officer named John Kelly will be sued in civil court and perhaps also the Bid A Wee Association and the various BOD members, both current and past. 

Their former BAW 'President' Jimmy Smith, resigned in disgrace when a trumped up series of Felony charges he brought against an Owner there fell apart in Bay County Court, after a long days trial the jury returned a Not Guilty verdict in what courthouse observers said was a 'record breaking' 45 minutes.  

It is to long to go into here but you can find all the info from soup to nuts at: http://bidaweeeasement.blogspot.com/

Whataburger in PCB - not well rated by customers so far.

In Nov last year it was mentioned on the blog that there was a new Whataburger going up in front of the Lowe's store at Back Beach Rd (ok its also known as Panama City Beach Pky) and Alf Coleman Road.

Well, it opened last week and it is a 24 hour restaurant, located next to the Hardee's restaurant and near the Publix grocery store.  From customer comments on a web site it seems that they need to work on their customer service and food preperation issues, probably this will eventually be sorted out, but for the moment they are not well rated by customers.  
http://www.whataburger.com/contact_us.php

An old topic that needs some attention to save $ now.

I don't know if anyone else ever noticed it or if they did if they even cared, but here is some info on NCC water/sewer costs, it is the same thing I have been bringing up for years and it is time things changed and our dues signifigantly reduced.

'Old Timers' at NCC might recall that when we first purchased here we were all billed seperately for our water/sewer, this was done monthly by a 3rd class outfit called American Utility Management (AUM) http://aumsucks.blogspot.com. They did an extremely BAD job, billing people for water never used and they were finally fired 3 1/2 yrs ago.

Concord decided, probably with the approval of the developer controlled Board of Directors, that rather than doing the logical thing and finding a replacement billing firm, they would just increase the dues from the then $556 monthly to $675 so as to pay for the water/sewer charges and there would be no more individual billings.

Now we all pay the same for water, no matter how much or little you use.   (ie:  150% more than we should be paying)

Here is some math for you to consider: water/sewer is budgeted for 2012 at $91,584, that is what we expect to pay the City of PCB. The difference between the 'old' dues and the 'new' dues for the 168 condos is $239,904. So there is an additional $148,320 over and above the water/sewer whose actual costs will be $91,584.

I have always said that we should never have dropped the individual billing, we should just have signed up with another utility billing firm immediately. So now each unit is paying $880 yearly, over and above the actual costs of water/sewer.

If we go back to individual unit billing we ALL save, plus it isn't fair for a unit occupied by one person to pay the same as a unit occupied by 8 people.   3 1/2 years ago Concord made a major mistake in not finding a replacement utility billing firm when AUM was fired.  They were just to lazy to bother, it was easier just to raise the monthly dues. 

All our units still have the water meters and I know from inquiries that another company can come in and use these meters with 'no start up costs' to the condo.  Isn't it now time to correct this error? And of course it long past time to get rid of Concord.   Further info at:  http://tinyurl.com/6nam65z

If you would like to know why we don't return to individual billing you might ask the BOD, perhaps they will reply to you, they have stopped answering any emails from me. 

Contact:  babs.simmons@att.net, edeetroncale@yahoo.com, nknight@ndkconstsvcs.com

#1603 goes for 45% of original sale price

Diana Krasnova, is the new Owner of #1603, the old James Sheppard unit. 

The unit is a 3/2, 1195 sq ft, ground floor, parking lot side. It was a Fannie Mae foreclosure and went for $74,900 or 45.9% of the original sale price of $163,100 on 3/13/07.  Yearly taxes are $850.

Today's Announcements FYI:

From the: "I don't really care Dept":

On 4/7/12 the NCC BOD gave the City of PCB a sewer easement for $10. It was just posted online today by the Court Clerk, so now we are all up to date on that.

 
From the "Slightly more interesting news Dept":

Knology is continuing to install its cables here and they are hand digging trenches for the lines and replacing the turf afterwards, currently work is being done at the rear of the complex. 

The various services should go online at the same time and the target date was previously announced as being July 4th with some sort of gathering or pool party to celebrate completion.

RE:  NCC Budget:  If you are interested in the 2012 Budget and Expense Report you can see these 4 pages at:  http://nautiluscondosrules.blogspot.com/2006/05/2012-budget-and-expense-report.html

RE:  Photos of NCC from 2005 until today, take a look at the 163 photos at:  http://nautiluscondo.blogspot.com/

Delinquency List for May 2012

While previously existing delenquencies grew a bit and a couple of new ones appeared on the list, 6 other units came off the list from the last report, 4 paid off by banks or mortgage companies reclaiming the units and 2 by sales of units to individuals who paid. This was a reduction of nearly $40,000 from the prior lists $127,988. 

The units having paid and are removed from the list: 306*, 307, 405, 513*, 601 and 610. (*sold to individuals)

Q. How many times has the Condo been sued?

A)  Twice since I have been here.

One suit involved 2 Owners who had expensive motorcycles stolen during a time when the gate was broken and the VCR taping was kaput. Neither of the Owners are here anymore but they received a 'settlement' from the Insurance company. Details unknown but it didn't cost us anything directly as the insurance covered it. The Concord management company and BOD's of the time were unhelpful. Both the gate and camera system should have been working and I hope the Owners got a decent settlement, but such things are 'usually' settled with a confidentiality agreement so we won't know the results.

The other suit was mine and is covered front to back at: http://nautiluscovesuit2008.blogspot.com.   I refused any confidentality agreement and with the matter 2 weeks from trial the Condo Assn. 'settled' and agreed to pay my $7,000 in legal costs. The only thing I had ever asked was that the condo documents be enforced.  The matter involved inappropirate rentals in the 7 building where one realty firm owned 4 units and allowed 3 of them to be used as dorms for imported foreign workers.   9 months of complaints, warning letters from my attorney and 2 yrs and 363 days in court resulted in the 'settlement' with total expenditures to Owners here of nearly $11,000.

As with the other Owners suit, I found Concord Mis-Management and the then developer controlled BOD, to be totally useless and entirely unwilling to enforce condo documents. Today several of our previously ignored regulations are actually being enforced (rentals and pets as examples). Hopefully our Owner controlled BOD will not let such things be ignored as has happened previously.

One note FYI:   Per both Florida Statutes and condo documents, any suit involving the Condo Assn. and Owners will result in the loser paying all costs, so if you sue, make sure you are going to win. In my case there was never any doubt I would win, it just took nearly 4 years in total.

We won't know for another 2 years if we broke even or lost money

The scorecard so far on the 9 units that NCC filed foreclosures on:

106   Davis - Sold before June auction, delinquency paid off
306   R Smith - Sold at May auction to private party and delinquency paid off
401   Thomas - Taken by NCC at auction 3/30/12 for $200 and rented out
513   McRitchie - Sold before June auction, delinquency paid off
506   Glass - To Be Auctioned 6-5-12
615   Gayatin - To Be Auctioned 6-5-12
701   Jarrett - To Be Auctioned 6-5-12
702   Ussery - Taken by NCC at auction 3/30/12 for $300 and rented out
705   Reyes - Taken by NCC 3/30/12 at auction for $200 and rented out

Of the 9 units we 'temporarily own' three (401, 702, 705) which are rented out and 3 more are coming up for auction June 5th. We may also end up with these 3 condos to rent out.

Whether we end up making money on these temporary rentals or end up in the hole depends on just how long we can retain possession of the units and collect the rents on them. All 3 (or 6) will end up going to the mortgage holders eventually.

If we had not taken the 3 units (or perhaps 6) the mortgage companies would have eventually paid off the delinquencies in order to take title. There is a Florida law which in theory limits such payments to 12 months of delinquent dues or 1% of the highest mortgage amount, whichever is less. In the past the mortgage companies or banks have just paid up in full, they either don't know of the law or don't care, they just pay.

By 'cutting in line' so to speak, in front of those mortgage companies who had already filed foreclosures we managed to get title before the mortgage companies could finish their more complicated cases (all of which are still active in the Court) and now we have possession, but we can not sell the 3 units.

So whether or not we end up ahead in this mess comes down to being able to keep them rented out until we equal or exceed the amount that was owed on the units.

Say we rent out the average unit for $900 per month, in the case of #401 Thomas, the amount owed to us (delinquent dues, lawyers fee, court fee, etc) was $11,566.74, so simple math shows that we must hold the unit and have it rented out for 13 months to break even.

However it isn't quite this simple, as during the months we 'own' it we are NOT getting any $225 monthly condo dues (remember WE own it and are not paying outselves) so our income is not $900 a month but only a net of $675, this take us up to 17 months we must own and rent out the unit to break even.

But wait, we now must pay property taxes on it, just like any other Owner and also we must pay both the County and PCB taxes for all rental income we get from the units if rented out for 6 months or less, by my back of the envelope calculations we need to hold and rent out the unit for at approx. 20 months before we pay off what was owed to us plus taxes.

If we go past 20 months, we 'might' make money, anything less then we 'lose' money. I think that if you want to gamble then you should go to Vegas, we don't need all this fuss and bother and we should have just waited until the pokey banks and mortgage companies finished their foreclosures and paid us.

One more thing that we will be on the hook for is additional legal fees (above the 24k already paid to Hess/Applebaum) when the banks and mortgage companies come after us for taking their condos. Probably another $1,000 or so per unit.

We should have left well enough alone, only the Association lawyer is going to be sure of making money on this bad idea.


Forfurther info on this topic by a realty professional see the 5/5/12 article 'Associations Foreclosing and Owning Properties' at:  http://www.ccfj.net/ForeclSRarticle.html
========================================================

Here is an item from the "Be Careful Who You Send Your Email's To" department it comes one to me from Board member Ms. Troncale who in part comments on the above post about the 9 foreclosed units, and I will be pleased to share it with you on the basis that you just might find it interesting to see what the Board thinks of Owners here, both myself and someone with a chair:
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Subject: Re: Foreclosed units
Date: 5/5/2012 6:54:38 P.M. Eastern Daylight Time
From: edeetroncale1@gmail.com

It seems to me Mr. Harris is never happy. I believe he is the one who wanted the board to purchase these units! I think it's time the harrassment Mr. Harris is causing to our community be addressed. I personally am very tired of it. He only finds the un negatives in this community and down plays it the public which to me is nothing but harrassment!! I think that this should be addressed and the way that he has belittle Roxanne. I hope we can all sit down and discuss this matter. I think the fact that we have recoved some of our loss is a great improvement.

As far as the unit with the wrong chair, personally the should receive a written warning, then fined. We need to start cracking down on things around here!
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Gosh, I even voted for her!  Guess I won't do that again.

And just for the record:
1)  I have opposed the Asso. using foreclosures against Owners even before the first unit (McRitchie) was filed on and I never wanted NCC to take over any Owner unit,
2)  I have mentioned to the new BOD and others, that I know of at least 3 times that Ms Turnipseed has lied to me and indeed I do not hold anyone at Concord in high esteem and have said for 2 1/2 years that we need to remove Concord from the management of the complex.
3)  Whoever has the 'wrong chair' better watch out - Edee is apparantly pissed off at you and wants you fined!

PCB to enforce 1% City license fees

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

All 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.  

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.

Early Days at Nautilus Cove

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

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

#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 see:  http://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

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 $14,300 - Winning 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 $300.00 -  Winning 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

#213 sells for 40% of original price

Unit #213, a 2nd fl 3/2 sold to Richard Grath of Point Pleasant Bch, NJ for $68,500. It was purchased from EMC Mortgage/Fannie Mae and it is the old Brian J. Clark condo which was originally purchased 5/21/07 for $169,900. 

The recent sale is $101,400 less than the 2007 price and is 40.3% of that price.

We have approx 15 units in various stages of Foreclosure at NCC, most will sell at 40-50% of their original sale price.  For those attempting to sell their own condo you will have to have it on the market at around the 50% of price you paid for it in order to generate any interest among buyers. 

Those with mortgages may not find their lender interested in doing a short sale and such sales often either fall through or take so long that the buyer just gives up.  Those few who paid cash really have no option but to remain or take a 50% loss on the original purchase price.

In the short term it is a buyers market, prices are attractive and even here at NCC we see investors buying several units to rent out, of course they are buying the distressed and foreclosed units that the banks and mortgage companies have in their inventory and they are not buying the developer units or units that individual owners have put on the market. 

This will not change for the rest of the year considering the amount of foreclosed units now in the system and another 8-10 heading for foreclosure later in the year.