Misc Developer Info FYI:

Back in October 2008 the developer mortgaged units in 2 of their developments, one being 60 units they then owned at NCC, the amount obtained was $9,981,749.05.  

On 8/27/14 Fifth Third Bank filed a 'Release of Mortgage' with Bay County Clerk.  It is easier to make a bulk sale if there is no pesky mortgage on the property.

8/30/14  
See updated Condo Newsletters at:  http://nautiluscondosrules.blogspot.com/2011/09/blog-post.html

8/25/14   MORE ON #401

The very checkered history of #401 can be found below.  Only the 1st of 4 pages of the 8/25 filing is shown.  It will go to auction at 11 a.m. Oct 9, 2014.  For more info on this unit just put into the white search bar at the top left '401' and you will get everything ever written about this unit.

Moved up blog from 7/9/13
Condo Assn gets Eviction for #401

NCC temporarily recovers #401 from tenant Tykessia Patrick and daughter, who refuses to pay rent, claiming the unit is in poor repair*.   #401 is one of the units that NCC foreclosed on for the owner (in this case John Thomas) not paying assn. dues. It went to NCC 7/16/12 and was rented to Tykessia Patrick who stopped paying rent. Now the Court has granted a 'Final Judgment of Eviction'.

However, NCC has been filed on by HSCB to recover this unit as they are the first mortgage holder and they will eventually be awarded full title to the unit.  

See more info on 401 at the 2/27/13 post 'HSBC Has filed suit against NCC to recover their unit #401' Direct link: http://nautiluscondosrules.blogspot.com/search?q=401

* From an Email to blog owner from Patrick:  "First of all you don't know shit, my apartment is ragged as hell, sink leaks and my daughter slipped and fell, constant plumbing problem and my air was broken for a month. So Damn right I didn't pay and I'm going to sue."

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

Also see post of June 25 on evictions, direct link at:  http://nautiluscondosrules.blogspot.com/2013/06/another-developer-eviction-filed.html

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)

FYI - From the archives:

The 6th annaversery of Nautilus Cove's very own Meth Lab was, July 22nd.  Additional details are available on the blog, just put in 'Meth Lab' into this sites search bar and it will bring up more information.

Briefly stated:  Daniel Hammock will be out Oct 8, 2014 and  Lisa Dunkley was released Dec. 2011.  Their unit was #1502, one of the Developers 56 unsold units.

Here is the Sheriffs Office Press Release FYI:

Bay County Sheriffs Office Press Release
July 23, 2008 Ruth Sasser, PAS

For Immediate Release 747-4700, ext. 2117

Meth Lab Dismantled

The Bay County Sheriffs Office Special Investigations Division dismantled a Methamphetamine Lab in Bay County yesterday afternoon, July 22, 2008.

Narcotics officers developed information that led to a search warrant on a residence at 1502 Lighthouse Road, Panama City Beach. Investigators discovered five children living within the home and an active methamphetamine lab in the cooking process in the closet and bathroom adjoining the master bedroom.

The children, ranging in ages from 8 to 14 years of age, were removed by DCF and taken to a local emergency room for medical attention. Dangerous fumes created during the Methamphetamine cooking process were present in the home even after windows were opened. Narcotics officers had to wear protective suits and breathing gear in order to safety dismantle the lab.

Approximately five grams of methamphetamine in powder form were found and over 1000 grams of meth oil were found in the home. Also found was drug paraphernalia and all the glassware and equipment needed to use in an active methamphetamine lab.

Arrested was Daniel Ray Hammock*, DOB 3/23/76, and charged with Resisting an Officer With Violence, Trafficking in Methamphetamine over 200 grams, Manufacture of Methamphetamine, Possession of a Listed Chemical (x2), and five counts of Child Abuse. Also arrested was Lisa Christina Dunkley**, DOB 6/17/73, and charged with Trafficking in Methamphetamine over 200 grams, Manufacture of Methamphetamine, Possession of a Listed Chemical (x2), and five counts of Child Abuse.

Prepared by R. Sasser

Information by Inv. G. Schell

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*Daniel R. Hammock, 32, 1502 Lighthouse Road, Panama City Beach, Priors for Battery, Burglary of Structure, Burglary of Conveyance, Grand Theft, Petty Theft. Current arrest for: resisting an officer with violence, trafficking in meth, manufacturing of meth, possession of listed chemicals (Iodine, Ephedrine) child abuse.

** Lisa Christina Dunkley, 35, 13700 Panama City Beach Parkway. Priors for Worthless Checks, Traffic offenses and Eviction (2007) Current: failure to pay fine (passing worthless checks), trafficking in meth over 200 grams, manufacturing of meth, possession of listed chemicals, child abuse.