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.
I see that there is now a 3rd eviction pending on the units rented out for the developer, the latest cites MONILLI, LLC as the party that Nautilus Development Partners LLP wants to evict. Details at: http://records2.baycoclerk.com/courtcaseweb/CaseDetail.aspx?txt=nautilus+d&ps=50&m=name&s=4&caseid=2339744 2 prior evictions have been closed out earlier this year and of course there was the 'meth lab' duo who were evicted last year, both of them are still in prison.
A big 'Hello' is due to some of our regular readers. I noticed today that 
'Northbridge Apartments - Concord Management' has been spending some quality time on the blogs, both this one and the Target Sucks blog. Always good to have them looking in, maybe they will even learn something?When you look in at this blog and most other blog and internet sites you will probably be recorded by a 'site meter' (I use 2 different ones) which, depending on the type, will log in who is looking in, their city/state/country, what they looked at, how long they stayed, where they came from, where they went and the set up of their computer. In the case of those looking in from static ISP's you get the name of the company as their ISP number never changes, those from individual computers, whose ISPs change everytime they log off/on, do not provide the name of the registered user, just the info listed above. So I may know that someone from Northport, Al has looked in X # of times but not know who it is by name, and of course when Northbridge or Target are on site I do know their company name as they are using their own firms computers to drop by.==========================================
Well if you are an owner resident here, then you already live at Nautilus Cove Apartments. So why did you spend $150-200,000 to buy here when you could live here for a heck of a lot less-For details see: http://tinyurl.com/okbg2f
Floorplans & Rents:
Two Bedroom Floor Plan $ 895
Three Bedroom Floor Plan $ 995
Four Bedroom Floor Plan $ 1095
Leasing Information:
Lease terms offered: 12 months, flexible lease for shorter terms. $200 reservation fee, $350 refundable deposit, $50 application fee.
