Update on "The Gates of Bid-A-Wee"

Just across the street from NCC is a housing development which is in the news from time to time.  

This time the Martin v. City of PCB suit has been moved from Bay County Court to Federal District Court.

You might remember that in 2011 Bid-A-Wee restricted access via their 6 walkways to the public beach. This access is covered by a long standing Public Easement. 

BAW resident Randy Martin opposed the closing and BAW President Smith alleged an incident took place where Smith was injured and Martin arrested. Martin was aquitted in 20 minutes of deliberation and now sues the City of PCB and a former PDBPD officer who lied about the arrest.  

The long running saga is available at:  http://bidaweeeasement.blogspot.com 
Click for Direct Link to this site:

Auction Held for Condo #105 - #1602 Listed for sale

Case Number: 13000199CA Case ID: 2590517  Date: 11/12/2013 - Auction

Opening Bid $0.00 11/12/2013 01:07:01 PM
Plaintiff winning bid $100.00
Auction Closed 11/12/2013 01:09:00:00 PM

The final bid was made by Plaintiff : BANK OF AMERICA N A,
In the total amount of: $100.00

Unit #105, formerly owned by David and Amy Turner, was auctioned off to the highest bidder on Nov 12th at 11 a.m.  The 'Final Judgement for Foreclosure' on issued on 9/23/13, was for $178,561.21.  The mortgage holder simply bid the usual $100 with no competing bids and the unit went back to the mortgage holder and in a few months it will be back on the market 'as is' and should sell for about half the original sale price.  

It is seldom worth the effort to bid on this type of sale as the mortgage holder just bids $100 more than any competing bid and will bid right up to the total amount of the mortgage.


Auction Starts 11/12/2013 11:00 AM CT
Auction Type: FORECLOSURE
Case #: 13000199CA
Final Judgment Amount: $178,561.21
Parcel ID: 40000-100-005
Property Address: 105 CAPE COD DR 105
PANAMA CITY BEACH, 32413
Assessed Value: $74,035.00
Legal Description: NAUTILUS COVE CONDO PHASE 1 UNIT 105ORB 2842 P 243 2ND FLOOR 4BR/3BA . 1430 SQ.FT.



On the Market now:

#1602, a 3/2 ground floor, 1195 sq ft, is listed as of 11/12/13 for sale "As Is, Short Sale" at $94,000, with MLS #614614.  It was originally purchased 2/15/07 by Steve and Carrie Weeks for $164,900.

#1001 listed for sale and #206 (J. Jones) sold for $42,600

Another 'original owner' at NCC now has listed her unit for sale.  Ann G. Henry is asking $104,900 for her ground floor 3/2, unit #1001 with MLS #614350.  

The unit was originally purchased 6/22/07 for $164,900.  If sold it will probably go in the $80,000-86,000 range.

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

Unit #206 Jennifer Jones (a 3/2 ground floor courtyard side unit) has had a 'Final Judgment' entered for Ocwen Loan Servicing LLC, for $199,474.48 and the unit was then sold at auction Oct 31st at 11 a.m.


Before owners panic thinking that all 3/2's are now only worth 42K you need to keep in mind that for reasons best known to holders of mortgages that they will bid up by the usual $100 on their foreclosed units. 

So don't bother bidding against holders of mortgages, you won't win.  In a few months this unit will be back on the market asking price probably $87,000.  (a better location than #1001)

Here is the history of the bidding for #206.

Case Number: 11000747CA     Case ID: 2480607     End Date: 10/31/2013 12:10:00 PM
Proxy
  Bidder ID Bidder Name Bid Info Bid Date/Time
  9614 Hiram Collazo Not Enough Deposit $8,700.00 10/17/2013 09:53:48 PM
  6245 Idania Carpio $7,700.00 10/21/2013 11:02:39 PM

 Auction
  Bidder ID Bidder Name Bid Info Bid Date/Time
  Opening Bid $0.00 10/31/2013 12:06:02 PM
  Plaintiff Auto Bid $7,800.00
  5957 Boldbaatar Dorj $25,000.00 10/31/2013 12:06:44 PM
  Plaintiff Auto Bid $25,100.00
  5957 Boldbaatar Dorj $40,000.00 10/31/2013 12:06:59 PM
  Plaintiff Auto Bid $40,100.00
  7854 Myra Floyd $40,200.00 10/31/2013 12:07:18 PM
  Plaintiff Auto Bid $40,300.00
  7854 Myra Floyd $40,400.00 10/31/2013 12:07:31 PM
  Plaintiff Auto Bid $40,500.00
  6245 Idania Carpio $41,700.00 10/31/2013 12:07:45 PM
  Plaintiff Auto Bid $41,800.00
  7854 Myra Floyd $41,900.00 10/31/2013 12:08:26 PM
  Plaintiff Auto Bid $42,000.00
  7854 Myra Floyd $42,100.00 10/31/2013 12:08:48 PM
  Plaintiff Auto Bid $42,200.00
  7854 Myra Floyd $42,500.00 10/31/2013 12:09:08 PM
  Plaintiff winning bid $42,600.00
  Auction Closed 10/31/2013 12:10:00:00 PM

The final bid was made by Plaintiff :   OCWEN LOAN SERVICING LLC,
In the total amount of:   $42,600.00

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

NOTE:   THIS BLOG

CONTINUES - CLICK

ON THE BELOW LINK

"OLDER POSTS" AND

CONTINUE READING

Price:$6,720,000 for 56 unsold units

Available for Sale - 13700 Panama City Beach Parkway, Panama City Beach, FL, 32408 -

Huge Potential for Selling as Condos when Market Recovers

Details at:
http://www.loopnet.com/Listing/17468613/13700-Panama-City-Beach-Parkway-Panama-City-Beach-FL

 

(It's been available for years but is unlikely to go as a bulk sale.)

All 3 are Concord managed - read the ratings, comment or add your own

Nautilus Cove has a 31% approval rating, see: http://www.apartmentratings.com/rate/FL-Panama-City-Nautilus-Cove-Condominium.html
Misc:  Might be worth looking at recent posts on this site about NCC and the problem with kids on the property.

Stone Harbor has a 37% approval rating, see:  http://www.apartmentratings.com/rate/FL-Panama-City-Stone-Harbor.html  Just a quote from one of the reviews gives a good summary:  "This place sucks".

If you have any interest in the management firm Concord, you can take a look at how their 'Flagship' property is rated in Orlando.  Don't be fooled by the 57% approval, you will see some 5.0 ratings that are obviously put up by shills for the company.

Northbridge Apartments has a 49% approval rating, see:
http://www.apartmentratings.com/rate/FL-Orlando-Northbridge-at-Millenia.html#axzz2MP1h4zpv   (Here is a hint:  "Northbridge is the perfect example of an incompetent management staff filling a property with low rent minority section 8 cases"  Keep in mind that this property is the Flagship Concord property, it would NOT have as high a rating without the shills on staff writing phoney reviews to increase their score.

Read more: http://www.apartmentratings.com/rate/FL-Orlando-Northbridge-at-Millenia.html#ixzz2SkdxkNZe  Just ignore the murders there or for more info see:  http://concordsucks.blogspot.com/)

903 Foreclosed and 705 and 209 now on the market

Update 11/13/13
Filed this date was a "Notice of Voluntary Case Dismissal" which says in part:  Pursuant to Florida Rules of Civil Procedure, Rule 1.420(a)(f), Plaintiff voluntarily dismisses the above styled action without prejudice.  

Said dismissal serves as a discharge of the Lis Pendens filed in the Public Records of Bay County, Florida, in the above styled matter, regarding the below described property.

#903 owners Richard and Nancy Johnson of Nashville are the latest of the original owners to go into foreclosure.  The 4/3 unit was originally purchased 11/29/07 for $184,900.

#705, a 3/2 ground floor, parking lot side, for the totally unrealistic price of $124,900, see photo.  (MLS#: 611649)

This is the old foreclosed Reyes unit and was previously on the market for $81,370. NCC briefly 'owned' it as a foreclosed unit for past due assn. dues.
 
#209, a 3/2 upstairs for $99,900. Previous owner was Christian Mullis, now being sold by Fannie Mae.  This is still to high for a 3/2, it will probably go for no more than $87,000.  (MLS#: 611670)

#206 Foreclosed and to be sold at auction in 30 days

The #206 condo of Jennifer Jones (a 3/2 ground floor courtyard side unit) has had a 'Final Judgment' entered for Ocwen Loan Servicing LLC, for $199,474.48 and the unit will be sold at auction Oct 31st at 11 a.m.

The unit was initially purchased 11/5/07 for $170,000.  It will probably sell for $100 to Ocwen who will then put it on the market for eventual sale at 45-50% of the original sale price.

Ms. Jones twice served on the BOD, being elected in Dec 2007 with 22 of 39 votes cast and serving for 4 1/2 months before resigning in 2008 citing the lack of co-operation from the Developer's 2 appointed members and again running in the 'Turnover' election in Dec 2010 and serving for 56 days before that term expired. 

Other reading on Conco subjects FYI:

Since this NCC site is seldom being updated I thought you might want to take a look at another condo related site.  This CCFJ site has been on the blog for several years - mentioned here at least 3 times.   It is worth a look.

This is the main site:  http://www.ccfj.net/PNEWS.htm

and just in case you miss it, among all the other interesting articles, here is one that I thought interesting, probably because I have about 200 blogs myself and have been sued twice over content, although NOT by the condo:  
"Homeowner's Association Sues Resident Over Blog Comments"  http://www.ccfj.net/HOAFLFCslander.html

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

Also FYI:   A condo advice column is available to read at: 
http://blogs.sun-sentinel.com/condoblog/ 

Attention Tenants and Guests! NO PETS!

Most residents already know that only Owners can have 'pets'. This is addressed in two places in the documents. Once in the Rules and Regulations p 2/3 and again on p 16/17 of the Declaration of Condominium which says "no pets of any kind are permitted in leased Units". The RR's say further no guests or tenants may have pets.

So if you are an Owner you can have 2 pets under 36 lbs each. So your pet chicken and your boa constrictor should be fine right! Sorry, no. the DOC goes further than the RR's and says "No reptiles, amphibians or livestock may be kept in the Condominium, even Owners are limited to "normal domesticated household types such as a cat or dog" and the RRs approve of birds and fish.

It is also noted that "the ability to have such a pet is a privilege, not a right, and the BOD is empowered to order and enforce the removal of any pet which becomes a reasonable source of annoyance to other residents. . ."

Compliance with fire safety rule is low, fire officials say

I was a bit ahead of the curve with my earlier post (below) on the subject.  I think it is a grand idea to know that our condos are 'prone to collapse',  I just wish I had known what those RF markings were before I bought one.

From News Herald Article of
August 17, 2011 12:01:00 AM

"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:  http://www.newsherald.com/articles/fire-96142-rule-compliance.html#ixzz1VGGmquOt
==================================================

(This article was moved up the blog from original posting date of Aug 2nd)

NCC Condos = "Prone to early collapse?"

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 the NCC 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.” 

Developer gets 'Final Judgment of Eviction' for #1501 on 7/19/13.

Even a quick check of the Bay County records would have shown a prior 2011 eviction plus quite a lot of other arrests listed for a Sarah Kahle (photo at left) as a defendant in 21 cases, many traffic and even 2 drug charges.  A records check for Cabera shows 9 cases under the name of Kasar Caberra, 2 open cases for battery and a prior eviction effort at NCC from 12/2011.

Judge:  WELCH, THOMAS F  Case Type:  County Civil  Status:  OPEN 
Case Number:  13001574CC  Case Number:  032013CC001574CCXXXX       
Clerk File Date:  6/25/2013  
DEFENDANT   KAHLE, SARAH    
DEFENDANT   CABRERA, KAESAR    
PLAINTIFF   NAUTILUS DEVELOPMENT PARTNERS, LLLP 
  6/25/2013 PAYMENT $205.00 RECEIPT #2013041246 
  6/25/2013 TENANT EVICTION ASSESSED $185.00 
  6/25/2013 CLERK TF/DOR SUMMONS ASSESSED $20.00 
  6/25/2013 JUDGE WELCH, THOMAS F: ASSIGNED 
  6/25/2013 COULD NOT PARSE DOCKET CODE TEXT FOR DOCKETCODE = PLATT 
  6/25/2013 CASE FILED 06/25/2013 CASE NUMBER 13001574CC 

#306 has a long history here at NCC

Nautilus Cove has filed a $3,899.47 lien against JOPC, LLC owner of condo #306, an upstairs 4/3 pool side view, which is the old Rodney Smith unit. It was initially purchased by Smith 8/3/07 for $208,000. Mr Smith was an early and unsuccessful candidate for the BOD.

Considerable info is available on the #306 unit, just enter 306 in the search bar on this site and you will bring up older posts on the condo.

JOPC, LLC, is actually the limited liability corporation established 8/29/12 by Jeffrey J. Osterhout of PCB and Paula J. Coffey of Galveston, Tx. The unit was sold at auction for past NCC dues on 4/10/12 for $14,300 and the outstanding dues of $9,325.94 were paid out of this auction price.   The unit was purchased by Osterhout then transferred to his LLC.


On 5/29/13 a Bay County Tax Certificate was sold to cover $1,033.35 in unpaid 2012 county taxes. HSBC still holds the first mortgage on this unit and eventually the unit will revert to them.

 

Wanted: CAM for NCC Office

Listed on Friday June 14th.  Concord is looking for a CAM (office mgr) for Nautilus Cove.  We have had 2 Concord CAMs, first one got fired, second one, who knows, residents are just damn glad she is gone.

For full page of info see:  https://re11.ultipro.com/CON1030/JobBoard/JobDetails.aspx?__ID=*3B77E33D59323D74&source=30

for larger image:  right click and open in new window

#702 now on the market for $94,500

On May 16th BAC Home Loans purchased their own unit at auction beating out 3 other potential owners by bidding the traditional $100 over the highest bid to retain ownership of their foreclosure. 

This 3/2 ground floor, courtyard side unit is now on the market with the asking price of $94,500 and it will probably sell for around $84,000 or 50% of the original 1/30/07 sale price of $169,000.

The unit was originally purchased by Norman Ussery Jr.

Units For Sale/Rent at NCC

Nautilus Cove Rents as of Dec 2011 vs today's rates: -
2 Bedroom Floor Plan Starting From $799 now $999 (increased $200)
3 Bedroom Floor Plan Starting From $849 now $1099 (+$250)
4 Bedroom Apartment Home Starting From $899 now $1199 (+$300)

While there is really no market for the developers condos they continue to be listed for sale. The prices of the 56 unsold units do not compete with what can be found with short sales and foreclosed units that banks want to unload at 40-50% of their original sale prices.

The developer has tried to do a bulk sale but that did not go through due to the buyer not being interested at the high price wanted. Those unsold units remain available for a bulk sale and it is only a matter of time before they will sell.

13700 Panama City Beach Pkwy  #1201 1430 sq ft. 4 bed, 3 bath $120,321 March 6, 2013 was at:  $119,456 as of 6/5/13 $139,456

13700 Panama City Beach Pkwy  #1116 937 sq ft. 2 bed, 2 bath was at:  $101,475 as of 6/5/13  $119,675

13700 Panama City Beach Pkwy 214 #214 1195 sq ft. 3 bed, 2 bath $111,453  March 6, 2013 was at:  $110,654 as of 6/5/13 $129,654

Details at the Pelican Realty site: http://mypelicanrealestate.idxco.com/idx/9497/details.php?idxID=193&listingID=411766&cmp=rss

 

Other Prices at Nautilus Cove - 
  Updated 7/1/2013

units come on the list and go off as listings expire or owners simply give up trying to sell.  If you see something listed here and you can't verify via the MLS # that it is still active it might be under contract or just expired. 

You can look up MLS #'s at:  http://tinyurl.com/7ajxz5l
===================================================

403 Cape Cod Dr (Prior Owners: Diniz/HSBC)
Bedrooms:  4, Bathrooms:  3
MLS #609783  Price $99,900 (listed as of 6/5/13)
Original Sale Price $183,500 on 12/13/06

702 Lighthouse Road (Prior Owner:  Norman Ussery)
Bedrooms:  3, Bathrooms:  2
MLS #610570  Price $94,500 (listed as of 7/1/13)
Original Sale Price $169,000 in 2007

#615 taken by Fannie Mae

As expected Fannie Mae takes #615 for $57,800




On 11/10/06 unit #615, a 3/2, was purchased by Peachy Gayatin, now of Tempe, Az. for $168,200. NCC eventually filed on it for past due condo fees and it was sold at auction 6/18/12 to Gordon Harris for $9,500.

Now the original mortgage holder, Fannie Mae, has taken the unit back at auction and it will eventually be turned over to a local realtor to sell.  The sale price should be in the area of 45-55% of the original sale, or approx. $84,000 +/- a few thousand.

Office files 2nd Eviction Filed in 8 days

The desire for the Developer to keep his 56 units rented out has a very bad impact on the rest of the owners and residents of the other 112 units.  The Developer and the office (really the same thing) lets anyone with a pulse rent at NCC.  It is NOT surprising that it is necessary to file evictions to get rid of people who should never have been allowed to rent here.

While application forms need to be filled out to determine suitable background information for prospective tenants you have to wonder if the office bothers screening any of these applicants.  With NCC offering units as 'Low Income Housing' a lot of trailer trash drifts into the rental units.  Below are 2 units (3 people) who the office wants evicted.  One is in a Developer unit and one is in a NCC Owned unit.

The persons they want to evict seems to have a lot of baggage and this is just from taking a look at 2 Bay County sites that show court filings.  Looking is 'free' and takes perhaps a minute to input the name and get the results. 
Here are the free sites FYI: 
http://records2.baycoclerk.com/oncoreweb/Search.aspx and also https://court.baycoclerk.com/BenchmarkWeb2/Home.aspx

With only the 'free' background info available online for these tenants it seems foolish to have rented to them at all.  It would be clear to anyone that all three would end up as problems and they did.  I am  glad I don't live at NCCs 'Low Income Housing' anymore.   

Details on NCC being low income housing see:  http://nautiluscondosrules.blogspot.com/2007/02/local-income-based-housing-hits-beach.html

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

Even a quick check of the Bay County records would have shown a prior 2011 eviction plus quite a lot of other arrests listed for a Sarah Kahle (photo at left) as a defendant in 21 cases, many traffic and even 2 drug charges.  A records check for Cabera even show 9 cases under the name of Kasar Caberra, 2 open cases for battery and a prior eviction effort at NCC from 12/2011.

Judge:  WELCH, THOMAS F  Case Type:  County Civil  Status:  OPEN 
Case Number:  13001574CC  Case Number:  032013CC001574CCXXXX       
Clerk File Date:  6/25/2013  
DEFENDANT   KAHLE, SARAH    
DEFENDANT   CABRERA, KAESAR    
PLAINTIFF   NAUTILUS DEVELOPMENT PARTNERS, LLLP 
  6/25/2013 PAYMENT $205.00 RECEIPT #2013041246 
  6/25/2013 TENANT EVICTION ASSESSED $185.00 
  6/25/2013 CLERK TF/DOR SUMMONS ASSESSED $20.00 
  6/25/2013 JUDGE WELCH, THOMAS F: ASSIGNED 
  6/25/2013 COULD NOT PARSE DOCKET CODE TEXT FOR DOCKETCODE = PLATT 
  6/25/2013 CASE FILED 06/25/2013 CASE NUMBER 13001574CC 


Judge: CAMPBELL, TIMOTHY C Case Type: County Civil Status: OPEN
Case Number: 13001486CC Uniform Case Number: 032013CC001486CCXXXX
Clerk File Date: 6/17/2013   

6/17/2013  PAYMENT $195.00 RECEIPT #2013039105
6/17/2013  TENANT EVICTION ASSESSED $185.00
6/17/2013  CLK TF/DOR SUMMONS SC ASSESSED $10.00
6/17/2013  PLAINTIFF'S ATTORNEY: APPLEBAUM, STEVEN  ASSIGNED
6/17/2013  JUDGE CAMPBELL, TIMOTHY C: ASSIGNED
6/17/2013  PLAINTIFF'S ATTORNEY: APPLEBAUM, STEVEN  ASSIGNED
6/17/2013  CASE FILED
06/17/2013  CASE NUMBER 13001486CC
6/14/2013  EP - SUMMONS- TYKESSIA PATRICK
6/14/2013  EP - INITIAL COMPLAINT 

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

Charges:	Name : TYKESSIA MARIE PATRICK Race : B,  Sex : F,  Age : 24 Date : 12/30/2011 Offense: NONMOVING TRAFFIC VIOL - DRIVE WHILE LIC SUSP 1ST OFF Agency : BCSO Offense: FRAUD-IMPERSON - FALSE ID GIVEN TO LEO Agency : BCSO

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

Prior NCC Evictions by Nautilus Development Partners


0614 - Marciana Dyer, Oct 2012
1201 - Paula Blackwell and Kelee Page, Sept 2012
1003 - Daniel and Vivian Watts, July 2012
1505 - Mike and April Kagenski, June 2012
0614 - Samantha Franks and Christopher Sharpley, June 2012
1205 - Jennifer Nelson, June 2012
1208 - Kerry Franklin and Marlo Hamilton, Jan. 2012

#706 and #705 sold in May

#706 - On 5/22/13 the old Richard Tipton condo, a 3/2 sold to Michael Hughes for $90,000, it was originally sold on 11/14/06 for $174,900

#705 - On 5/6/13 the old Juan Reyes condo, a 3/2, sold to Brian D. Gibson of Camillia, Ga for $80,000, it was on the market for $81,370 by PNC Mortgage.

The original price paid by Reyes was $168,200 on Dec 11, 2006. The unit was initially foreclosed on by NCC for past due assn. fees and was held by NCC from 4/16/12 to 12/11/12 when the PNC took it back from NCC and later sold it to Mr Gibson for 47% of the original sale price.

#209 the former Christian Mullis 3/2 condo has now gone to Federal National Mortgatge Asso (Fannie Mae) on 5/10/13 from B of A who took it back from Mullis.

Bank owned condos are #403 HSBC Bank, #209 Fannie Mae and #305 PNC Mortgage.

What has changed hands so far this year?

 4 units were sold:
#705 (3/2) formerly owned by Juan Reyes, to Brian D. Gibson for $80,000.

#706 (3/2) formerly owned by R. Tipton, to Michael Hughes for $90,000.
 #1601 (3/2) formerly owned by Joshua Simmons, to Ted Georgekopoulos for $79,900.

#708 (3/2) formerly owned by Bill Harris, this blogs author, to Nautilus 708, LLC for $93,000. (this is the condo developer buying back a unit).

3 units went back to the banks/mortgage companies:

#305 (4/3) formerly belonging to Kevin Riley to PNC Mortgagte

#403 (4/3) formerly belonging to Neicy Diniz to HSBC Bank

#706 (3/2) formerly belonging to Richard Tipton to Federal Home Loan Mort Corp. (ie: Freddie Mac)

#403 now available for purchase at $99,900

#403 (a 4/3) formerly belonging to Neicy Diniz, then foreclosed on by HSBC Bank, was put on the market 6/5/13 (MLS #609783) for $99,900 which is 54% of the original price of $183,500 for the purchase 12/13/06 by Ms Diniz. I doubt that it will sell for this amount, it will probably go for about $90-92,000.

In an odd price increase the developer has 'raised' prices on units #214 and #1201. The units were not considered saleable at their old prices, so an increase seems very odd.

#214 was listed at $110,654 and is now $129,654.  (+$19,000)

#1201 was listed at $119,456 and is now $139,456.  (+$20,000)

The 56 unsold developer units have been available for some time for a bulk sale. I understand there was interest in such a purchase about 2 years ago. This artificial inflation of price may be an effort to make the units seem more valuable to any prospective buyer. There is no hope of any individual sales for these units, even at their earlier prices. 

Info from:  http://www.pelicanproperty.com/index.php

Bank of America is now owner of #702

BAC Home Loans had their Final Judgment for the old Norman Ussery unit #702 and it was sold via an internet auction at 11 a.m. on May 16th. 

 

As is common in such sales the mortgage holder simply bid $100 more than other bidders and took it for themselves.  The unit will be placed with a realtor for sale and should go for about 40-50% of the original sale price.

The unit was originally purchased 1/30/07 for $169,000 by Norman Ussery Jr.


The Next NCC Auction will be June 27th for #615

Final Judgement Entered on #615

On 11/10/06 unit #615 was purchased by Peachy Gayatin, now of Tempe, Az. for $168,200. NCC eventually filed on it for past due condo fees and it was sold at auction 6/18/12 to Gordon Harris for $9,500.

Now the original mortgage holder, Fannie Mae, has obtained a Final Judgement for $186,639.79 and the unit will be sold at auction 6/27/13 at 11 a.m. via internet sale. 

Sales of units foreclosed on by NCC for past due quarterly dues are generally worthless as the units can not be resold by whoever buys the unit. If Harris has managed to rent the unit out and collected more than the $9,500 he paid he might be ahead a few dollars, if not then he will have lost money.

The Georgekopolous, arrested again in Ohio gambling probe

In a continuing run of bad luck for NCC Owners George Georgekopolous, 38, of Massillon, Ohio (owner of #210) and Pete Georgekopolous, 41, of Massillon (owner of #513 under corporate name of Elite Enterprises) are back in the news for additional recent Ohio gambling arrests. The Georgekopolous' brothers own six units in total at NCC, 4 under the name of Ted Georgekopolous who is not named in any Ohio court proceedings.

Details at: http://georgekopoulos.blogspot.com/ For further Georgekopolous info scroll down a few posts or just put Georgekopolous in the 'search' box at the top of this blog site.

I see that Pelican Realty, the real estate firm for the developer, is still offering their 56 unsold units for sale.  For example #1201, a 4/3 is offered at $109,456 and #1116 a 2/2 is going for $100,675.
See:  http://pelican.manageagent.com/g/v/b83b125d5f0b01595d/43ba06075150/c78a5407085352

Those prices are unrealistic given that foreclosed units here are going for 40-50% of their original sale prices.  The developer is also still trying for a bulk sale of all his units.  An attempt two years ago fell through but new efforts may move them later this year.

Owner Occupancy Continues to Drop

A year ago owners who actually occupied their units was about 1 in 7.  This has now dropped to 1 in 8 units being actually occupied by the owners.  While figures vary a bit there are now about 21 owners living on site, down from about 28 last year at this time.

Many original owners are simply letting their units go in foreclosure and moving away.  This actually makes sense as units purchased before the realty bubble burst are just a monthly drain on their owners and it will be many many years before they can be sold anywhere close to what the original purchase price was. 

So congratulations owners, you now own a condo in a rental property and remember that 56 condos remain unsold and are rented out by the developer.  The developer actually owns 1 additional unit which is titled under Nautilus 708, LLC.  This is the condo they bought back from me in January for $93,000.

For those who do not follow the blog regularly you might wonder why they bought #708.  They did so because I was running for the BOD on a firm platform of getting rid of Concord Mis-Management LLC and getting both a decent management firm and also a lawyer who was not in the hip pocket of the developer and Concord.  Now I am gone, and glad to be gone, and they can keep Concord for another 3 year contract.

Wells Fargo files on #509

The original owners of #509 (a 2/2, 2nd floor unit) William and Lana Goldston, of Virginia Beach, Va., were filed on 3/28/13 by Wells Fargo in a Foreclosure action.  The 30 year mortgage was originally by Wachovia for $139,400. 

The unit was purchased 11/16/06 for $154,900.

I regularly look at the Consumerist.com site and found an interesting article about HOA's that put me in mind of what I have heard about the problems at NCC. Here is the link to the article and video.

HOA Bans Just About Everything Fun A Kid Might Do Outside

http://consumerist.com/2013/03/18/hoa-bans-just-about-everything-fun-a-kid-might-do-outside/

Fortunately I am now gone from NCC these last 2 months so I don't have any real imput into what has been going on with 'our' kids, except that it seems they have gotten out of hand again. Yes, again, we had problems around 2008/9 when there were a group of older teens on the property and were also causing problems. 

If you have an interest in this take a look at this site for details on NCC's kids particularly the 2/22/13 post and reply to it:
  http://www.apartmentratings.com/rate/FL-Panama-City-Nautilus-Cove-Condominium-1602143.html#axzz2NuWWJNze

#705 goes back to the mortgage holder

 

As is quite normal for such sales when the foreclosure is done by a bank or mortgage company the condo went to the mortgage holder.  Now and then you will get a 3rd party who will place a bid, however the bank or mortgage firm will always counter bid, right up to the amount owed on the loan.

Usually the foreclosure will go for a token $100 to the mortgage holder.  When the Assn. filed foreclosures, 2 of 7 units were purchased by individuals bidding on them and paying the past due condo fees, but when the foreclosures are done by banks or mortgage companies they want the units back and will keep bidding for them.

Now this unit will be placed with a local realtor and within 20-30 days you can look it up on various realty sites and see what the price being asked will be.  It should be about the $80,000 range.  Such low ball prices on foreclosed units make it impossible for other owners to sell their units.  So if you have a 3/2 where you paid $165,900 before the realty bubble burst and you are now willing to take a loss and try to sell for $100,000 you won't sell it.  You are in competition with those foreclosed units and there seems to be no end to them.  Here is the next auction FYI:

Auction Starts 03/26/2013 11:00 AM CT
Auction Type: FORECLOSURE
Case #: 12000819CA (Neicy Diniz)
Final Judgment Amount: $154,401.16
Parcel ID: 40000-100-052
Property Address: 13700 PC BCH PKWY 403
PANAMA CITY BEACH, 32413
Assessed Value: $78,400.00
Plaintiff Max Bid: Hidden

Additional Info lower down this blog at:
http://nautiluscondosrules.blogspot.com/2013/01/foreclosure-filed-for-105.html

#705 As Is, REO/Foreclosed

You might recall that unit #705, a 3/2 ground floor parking lot side, was very briefly 'our' unit, when we stepped in front of Deutche Bank and took it over for past due condo assessments. Now this old Reyes unit is back on the market under MLS #607197 and is offered at $81,370. It will probably sell for less than this but go quickly. 
Here are just 2 prior posts about #705:
http://nautiluscondosrules.blogspot.com/2012/10/the-chickens-are-coming-home-to-roost.html and
http://nautiluscondosrules.blogspot.com/2012/11/nov-28th-ncc-will-lose-condo-705-at.html

Foreclosure filed on #104

Green Tree Servicing filed 'Lis Pendens' 3/1/13 on Unit #104, Roberta Jones, Case Number: 13000418CA. 

Increasingly the 'old' owners at NCC are simply letting their units go as many have become dissatisfied with the condo and of course many have mortgage payments greater than what they can rent out their units for. 

I have said for years that it makes no sense at all to deplete your savings by pouring money into units that are in many cases worth only half (or less) than what you paid for them. 

This particular unit had been on sale and listed with a broker for some time and the price has gradually come down but not enough to compete with those similar units which were foreclosed and going at 40% of original price.  The 4/3 unit was purchased 12/12/06 for $184,900.  It was as low as $89,900 (48.6% of OSP) and was unsaleable even at that price.

I was fortunate that my run for the 2013 Board resulted in the developer deciding to buy me out for 93k (56% of OSP) when such units as mine would probably bring only 80k. So despite taking a 78k loss on my unit, I ended up much better off than most owners who would like to sell but can not find a buyer.