Nautilus Cove Was Always Meant As Low Income Housing - Not a Condominium

Moved up the Blog:  From the Archives 2004 - F.Y.I.
"Local: Income-based housing hits the Beach"

Local: Affordable housing at beach grows

Monday, June 21, 2004

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.

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Other info about how our NCC complex is being marketed to low income housing applicants is available at: http://www.socialserve.com/dbh/ViewUnit/463023?ch=FL&hm=dX7V0fsz
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Misc Info:  'Stone Harbor' is our downmarket sister community, located 2 miles from NCC, built by the same group of companies and mis-managed by the same Concord Management that mis-manages Nautilus Cove. info on Stone Harbor is at: http://lihtc.findthedata.org/d/d/Florida/Panama-City-Beach   

Local: Income-based housing hits the Beach
http://www.newsherald.com/news/housing-33279-beach-affordable.html　
2004-03-11 06:31:00 see also:  http://stoneharborsucks.blogspot.com/

Apartments offer qualified tenants affordable housing

By Cara New News Herald Writer
PANAMA CITY BEACH -

Nelva Youngblood's search for affordable housing in Panama City Beach was nearing a dead end when a friend told her about Stone Harbor apartments. "I'm a single mom, trying to make it with my son on my own," Youngblood, 30, explained. "There was nothing I could afford and I was going to have to drive over the bridge (to get to work), which I dreaded."

The brand-new Stone Harbor apartments, 501 Alf Coleman Road, has 160 one-, two-, three- and four-bedroom apartments for residents who meet federally defined income limits. The remaining 56 of its 216 units are available at "market rates" for those who exceed the income limits. Youngblood is an office manager for Brannan Aluminum and Vinyl, and she said she was surprised when her income qualified. "When you hear of qualifying for housing, you think of low income," she said. "And that's what I didn't want."

Stone Harbor is a far cry from lowincome housing projects, with its 24-hour fitness room, sparkling pool and a wide-screen television gracing the lobby. The apartments are located in two-story townhouses, creating a neighborhood feel. The income limits are based on the number of occupants living in a given apartment. Pete Mann, a district lease manager for Concord Management, which manages the apartments, said two people living together, like Youngblood and her son, can't earn more than $23,640, while four people together can't earn more than $29,520.

Stone Harbor's grand opening is today at noon, but residents started moving into the apartments in December. Mann said the units are about 70-percent full and are expected to be full by the end of April. Youngblood's two-bedroom, twobathroom apartment is $605 per month at affordable rates and $857 per month at market rates. In comparison, an informal poll of Beach apartment complexes run by Arthur Cullen, the Panama City Beaches Chamber of Commerce vice president of economic development, found the average price for a two-bedroom apartment to be between $800 and $850.

Meeting a need Youngblood's difficulty in finding affordable housing is shared by many, according to Beach officials. "I think there is a tremendous need on the beach" for affordable housing, Panama City Beach Mayor Lee Sullivan said. "One need only look at the traffic over Hathaway Bridge in the morning to see that the majority of the workforce comes from the east side of the bridge to come here to work. I think it would be nice for people who work out here to be able to live here if they want."

The developer, The CED Companies, is based in Maitland and calls itself an "innovator" in the field of affordable apartment housing. "We've seen for quite some time a pent-up demand in (the Panama City Beach) area for affordable housing, especially in the workforce, among working families," said Scott Culp, executive vice president of The CED Companies. Culp said The CED Companies is able to rent the brand-new apartments for less because of assistance from the Florida Housing Finance Corporation, or FHFC. To help pay for the $13 million project.

The CED Companies competed for and received $6.72 million in taxexempt bonds and a $1.225 million State Apartment Incentive Loan. The Florida Legislature created the Florida Housing Finance Corporation in 1998 to help finance affordable housing for lower-income Floridians. In order to qualify for FHFC assistance, the developer must follow guidelines governing the number of affordable units offered, as well as rent and income limits.

On Wednesday, Youngblood led a tour of her Stone Harbor apartment, displaying her 4-year-old son's walk-in closet, where little T-shirts and pants barely filled one side. The carpeting and freshly painted walls still exuded the smell of newness. "You can't find anything like this on the beach," she said.

You don't live in a Condo - You live in 'Low Income Housing'

Although NCC condo owners thought that they were buying into a condo complex the facts are that this was never intended as a condominium. Today 112 people are owning a condo in a low income apartment complex. The 56 unsold units are being rented out by Concord Realty Ltd.

Nautilus Cove Floorplans: Rents: -

2 Bedroom Floor Plan Starting From $799

3 Bedroom Floor Plan Starting From $849

4 Bedroom Apartment Home Starting From $899

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Affordable Housing Options: Concord Management, Ltd

Concord Management, Ltd. is a property management company with several beautiful, affordable housing, tax credit properties located primarily across the Eastern United States and in Texas.

Apartment Amenities

Concord’s apartments offer all of the amenities one would find in traditional communities with market rents (regular rent). Most communities offer swimming pools, on-site laundry facilities, car care centers, washer-dryer hookups, picnic areas, attractive landscaping, newer construction, updated appliances, the ability to make online maintenance requests, and the ability to make online rental payments.

Because Concord caters to families with low income, they also offer extra amenities that are not usually found in traditional apartment communities. Some of these extras include free after school kids clubs (Monster Club), family DVD lending libraries, and directories to free or low cost children’s healthcare plans for each state in which they are located.

Affordable Housing Eligibility

In order to obtain an apartment at Concord Management, you will need to complete an eligibility screening process (as with any tax credit apartment community) . The apartment’s leasing agent will request your financial information, and she will use it to see if your income falls within their specific income guidelines. – As long as your income falls under a certain amount, you should be fine along with all of the usual, standard apartment rental requirements. In each community, Concord Management usually sets aside a number of apartments for low income renters with Section 8 vouchers (Housing Choice Vouchers). If you have a Section 8 Voucher, you will need to contact the specific community in which you are interested in order to find out about availability.

Concord Affordable Housing Locations

Currently, Concord offers exceptional affordable housing communities for low income residents in the following states: FL, GA, IL, IN, MI, NY, NC, OH, SC, TN, & TX. If there is a Concord community located near you, contact the leasing office today to find out about current apartment availability and specific eligibility requirements.

*Most of Concord’s affordable housing communities are located in Florida

The original of this document is available at: http://tinyurl.com/3d5o273
See the 17 page Concord Resident's Handbook at:  http://tinyurl.com/3fmay5y  then click 'open'

Who Lives on the Property in 2014

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

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1/13/14

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

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

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

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

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

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On again/off again, the NCC 

Developer has tried for years to 

unload their unsold units in a   

bulk sale of 57 units.

As of Aug 5, 2014 NCC was still on the market for a bulk sale of 57 units for 

$6,840,000.  Listing ID #17468613, I see that the listing is now shows as 

'off market', it comes on and goes off, keep checking it will be back on again.

Dean Price at Global Realty Company, L.L.L.P. is the person to contact if you 

have an extra 7 million you want to dump into a down realty market.

This has been reported on several times, you can see it also at

"Pssst - Wanna buy 56 slightly used condos" dated 2/4/12.  It seems that 

the complex is just not saleable.  

To see other reports on this issue put 'bulk sale' into the white search bar at 

the top left of the blog site.

Financial Summary - Actual - Year 2013

Scheduled Gross Income  $755,849

Effective Gross Income  $605,284

Operating Expenses  $362,528

Net Operating Income  $242,759

Pre-Tax Cash Flow  $242,759

Price:  $6,840,000

No. Units:  57

Building Size:  75,586 SF

Price/Unit:  $120,000

Take a look at the listing at:  

http://www.loopnet.com/xNet/MainSite/Listing/Profile/profile.aspx?STID=&LL=&LID=17468613&PgCxtGuid=84edc7c6-90d9-4723-9e98-38e25ef960b7&PgCxtFLKey=Profile&PgCxtCurFLKey=Profile&PgCxtDir=Up&EBrokerSent=Y&MessageSent=1

FYI:  2 under used NCC message boards, take a look, post or comment on 
what is there:  http://nautiluscove.proboards.com/index.cgi   and alsohttp://pub40.bravenet.com/forum/static/show.php?usernum=3420323947&frmid=702&cmd=showrecent&cp=0

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

Just For the Record:

Who is the Nautilus Cove Developer?

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

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

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

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

Is Nautilus Cove a HOA?

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

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

Why haven't we gotten rid of Concord Mis-Management!

I have moved this 11/1/12 post up to the top of the blog FYI.  I am running for the 2013 Board and one of the 3 major things I want to get done is to get rid of Concord as our management firm.  Of course this depends on having a second likeminded Owner on the Board, without that then we will probably be stuck with another 3 year contract for the poor service that Concord provides

I would also point out that just prior to our Owners getting the 2nd member on the Board (ie: Turnover) the Developer controlled Board gave Concord this 3 year contract when all prior such contracts had been for one year.  At this Board meeting they also gave to the Developer prime office space in our Clubhouse with no requirement they pay anything for upkeep.

We really got screwed by the Developer and Concord.  We are stuck with the Developer but we can sure get rid of Concord!
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First some info about who Concord Management, Ltd 'is', and this comes right from their own public information: Concord is one of 4 companies who work together to build and manage properties which are either apartment or condo complexes. Three firms work to build them and Concord then manages them. About 160 of them presently in 7 states with approximately 32-34,000 units in total.



What do you think of Concord Management?

See: http://www.atlantichousing.com/ourteam.html

Drop by these blog sites for more information on Concord Mis-Management:
http://concordsucks.blogspot.com/
http://northbridgesucks.blogspot.com/
http://concordmanagementltd.blogspot.com/
http://stoneharborsucks.blogspot.com/
http://nautiluscondosrules.blogspot.com/

In terms of size, Concord is insignificant in the property management area. A firm that had put in a 24 page plan for managing our community was international and manages over one million units. Until I approached them for information they had never heard of Concord. You can see their 2 year old proposal at the below direct link.   This firm or a similar professional firm should be managing our condo. See their proposal at: http://nccmanagementcompany.blogspot.com  also see: http://happiercondos.com/index.html

Here is additional information FYI:
Did you ever wonder why we are a condo? I have and I still don't know what happened as this was always intended to be a apartment rental community and various loans were taken out on that basis. 

Both our sister community in PCB, Stone Harbor and NCC were intended as 'affordable housing on the beach'. We were intended to be low income housing for workers at the hotels, resorts and posh condos in Panama City Beach. 

Somewhere along the line the developer decided to make the complex into a condominium, however, with the lack of sales and with 56 unsold units remaining the developer seems to have gone back to the idea of being an apartment complex and is renting out those unsold units and now 112 Owners find themselves owning units in a low income housing complex. Welcome to Nautilus Cove Apartments! Details at: http://nautiluscondosrules.blogspot.com/search?q=affordable+housing

Concord has NEVER had the best interests of the Owners in mind. As long as Concord is the management firm for Nautilus Cove we are still under the control of the developer.
 
I hope that in the next NCC election we will end up with 2 Owners on the BOD who will make sure that the contract with Concord Mis-Management will not be renewed in October of 2013. 

It is time for us to have a decent management firm running this complex and not one that is an in house shill for the developer.

R F tips off the Fire Dept that OUR buildings are prone to early collapse.

Yeah, that means you live in cheap construction!  This complex was originally intended as low income housing, don't take my word for it see:  http://nautiluscondosrules.blogspot.com/2011/07/affordable-housing-options-concord.html

If you have ever wondered what those red symbols at the corner of the building are, it is there per a 2009 requirement to identify structures so that firefighters are warned that the building has a light frame truss system as this type of construction is prone to early collapse based on how they are built. 
 
So our buildings are flagged for the fire department as having structures with light-frame truss floor and roof systems and they are marked with the letters “RF”. 
Further details at:  http://tinyurl.com/3zrwn77

"Knowing immediately upon arrival that a particular structure is prone to collapse will allow commanders to make a more informed decision about the risk of sending firefighters into a building for an offensive attack during a fire."

Read more about the markings at: http://www.newsherald.com/articles/fire-96142-rule-compliance.html#ixzz1VGGmquOt

Starting in 1996, 112 properties with 24,076 units, similar to NCC have been built in 6 states, and as said on the Atlantic Housing site http://www.atlantichousing.com/listings.cfm: "the Principals of Atlantic Housing Partners* have developed a well respected portfolio of affordable multi-family rental communities across the country". 

Atlantic Housing builds them, Concord manages them and we are stuck living in them.

(* Atlantic Housing Partners, L.L.L.P., CPG Construction, L.L.L.P., CPG Construction, Global Realty and Concord Management, Ltd)

Who or What is Concord Management Ltd?

Here it is in their own words taken from:
http://www.atlantichousing.com/ourteam.html

This is what Atlantic Housing says about Concord: "Atlantic Housing is the commonly used brand name for our family of companies . . . The members of our team include Atlantic Housing Partners, Global Realty, CPG Construction and Concord Management . . . Concord Management Limited is a leader in high quality, customer focused property management of multi family and single family affordable rental housing communities."

Translation:
This 'Team' of 4 companies build, sell and manage 'affordable' (ie: Low Income) apartment complexes (140 of them). Concord works for Atlantic Housing and NOT for the Owners at NCC.

Concord has to be removed as our management company, they do NOT have our best interests in mind.


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For Concord consumer comments you can see Yohoo.com at:  http://local.yahoo.com/info-14077563-concord-management-limited-maitland or look at their 'Flagship' property and corporate HQ at:  http://concordsucks.blogspot.com/

Pssst - Wanna buy 56 slightly used condos

. . . for $6,720,000?  Suitable for rentals as 'low income housing'.
The Developer is again trying to unload his 56 unsaleable units with a bulk sale, this is what is being advertised to unload them.

"Description: 56 beautiful condos in the Nautilus Cove community. These are new construction (not condo conversion) condos with granite counter tops and stainless steel appliances. The mix is 33 four bedroom, three bathroom; 10 three bedroom, two bathroom; and 13 two bedroom, two bathroom."

Highlights: 
1) Great Drive By Traffic for Rentals Huge
2) Potential for Selling as Condos when Market Recovers

Financial Summary 2011
Scheduled Gross Income $489,003
Effective Gross Income $520,834
Operating Expenses $364,614
Net Operating Income $156,220
Pre-Tax Cash Flow $156,220
Price: $6,720,000
No. Units: 56
Price/Unit: $120,000
Property Type: Multifamily
Property Sub-type: Garden/Low-Rise
Property Use Type: Investment
Commission Split: 1.5%
Occupancy: 86%
(see:  http://tinyurl.com/893bdu2) 

My Comments:  Overpriced and unsaleable, even at a lower price considering this economy.
Developer Owned Condos at NCC:

Q. Which of the 168 condo units are still owned by the developer NAUTILUS DEVELOPMENT PARTNERS, L.L.L.P (AKA: Gulf Boulevard Partners, Ltd)?
      
A. They own all of the condos in buildings 12 and 13. In buildings 10, 11, 14 and 15, they own almost all of them with only 8 being sold and individually owned. The other 8 developer owned condos are in buildings 6, 8 and 9. 

The developer owned units are being rented out by Concord Management as low income housing and plugged as 'affordable housing' at: http://www.concordrents.com/?CFID=4110310&CFTOKEN=28972099. 

Is this the Clubhouse at Nautilus Cove?

No, it is 'Spring Lake Cove', in Fruitland, Florida, one of 140 Concord managed properties and most are built exactly the same.

 

Do you wonder why Owners at NCC have such bad service from Concord?

It is because while they are paid by Owners to be our 'Management Company', they really represent the complex developer and work on his behalf in managing and renting out the 56 unsold units here.

Concord is one of 4 companies that build, rent and manage apartment complexes in 7 states. Most are carbon copies of each other. Take a look at our very down market sister community, 1.7 miles from NCC, it is called Stone Harbor and was build 2 years before our community and houses mostly section 8 and welfare occupants. 

That is happening here at NCC, we are sliding down market and soon we will look just as bad as Stone Harbor does now.

Here is what Atlantic Housing says about this 4 firm 'Development Team': 

"Atlantic Housing is the commonly used brand name for our family of companies working in a cooperative effort to develop quality multi-family communities . . . the members of our team include Atlantic Housing, Global Realty, CPG Construction and Concord Management. . . Concord Management is a leader in . . . multi-family and single family affordable rental housing communities."

Make no mistake - the developer still runs this complex and it is run by Concord to represent them and to rent out their 56 units of low income housing.  NCC is run for the developer's benefit and NOT for the benefit of the Owners. 

If you own a condo here then you own a condo in a low income housing complex.

Until we get rid of Concord Mis-Management we will continue to be under the thumb of the developer and the 4 company 'Development Team'. 

Our association dues are paying for Concord to manage and rent out the 56 unsold developer units. 

We need a Board of Directors which will get rid of Concord Management and get us a management firm that will represent the Owners here at Nautilus Cove and not be a shill of the developer.

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Also See the 24 page offer from the Continental management group, one of the umbrella companies of an International firm with over 1,000,000 managed units:  http://nccmanagementcompany.blogspot.com/

Developer Owned Condos at NCC:

Q. Which of the 168 condo units are still owned by the developer NAUTILUS DEVELOPMENT PARTNERS, L.L.L.P (AKA: Gulf Boulevard Partners, Ltd)?
      
A. They own all of the condos in buildings 12 and 13. In buildings 10, 11, 14 and 15, they own almost all of them with only 8 being sold and individually owned. The other 8 developer owned condos are in buildings 6, 8 and 9. 

The developer owned units are being rented out by Concord Management as low income housing and plugged as 'affordable housing' at: http://www.concordrents.com/?CFID=4110310&CFTOKEN=28972099.