Why is the Association giving me $7,000?

A.  It's my birthday and they wanted to do something nice,

B.  One of the alligators in the retention pond ate my cat,
C.  The condo lawyer told them they didn't have a snowballs chance in Hell of winning the June 10 case,
D.  None of the above


For the correct answer go to: http://nautiluscovesuit2008.blogspot.com/

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

Misc Info:  A mailing to 50 Owners is going out 5/28 with some information regarding several matters of potential interest.  The mailing is not going to all 112 condos, those with past due assessments, in foreclosure or for sale have been omitted.

More Foreclosures - Market won't bottom until at least 2012

The only good Florida property news is found in Ft Myers where home values increased last quarter by 2.4%. The rest of us continue to lose value and according to Zillow the bottom of the housing market won’t be reached until 2012. So all of you ‘new owners’ at NCC – you would have gotten better deals if you had only waited until next year.

"Home value declines are currently equal to those we experienced during the darkest days of the housing recession. . . it is unreasonable to expect home values to return to stability by the end of 2011. . . it (is) almost certain that we won't see a bottom in home values until 2012 or later . . . foreclosures rose throughout the first quarter as banks unfroze moratoriums and allowed foreclosures to resume. Foreclosures had fallen in late 2010 due to the slew of moratoriums brought about by the "robo-signing" controversy.”
Details at: http://zillow.mediaroom.com/index.php?s=159&item=228

More on Strategic Defaults -

You will notice considerable information on this blog regarding this topic, this is something that several owners have taken advantage of and others will also do this. 

Throwing good money after bad simply makes no sense at all.  Once upon a time it was considered disgraceful to default on a debt, today that stigma no longer exists and the theory is simple - the banks and mortgage companies created this mess, and to walk away from an underwater condo presents no stigma in todays society, most people think that the banks deserve it.

"If you own a home that is 50% underwater, 70% underwater, it will never ever, ever come back to where you purchased it." said Suze Orman, consumer advice columnist, who continues,  “Do the calculations everybody. How much is it costing you to actually stay in that house? How many years will it take for you to pay more than that house is worth? If it’s 3 years, 4 years, 5 years; are you kidding me? That’s a house you really need to say bye bye. It’s not worth the money.”

Why pay a mortgage when you can rent the same unit for 2/3rds of the mortgage cost, PLUS not pay taxes, quarterly dues, and insurance?  Of course your credit will be dinged for 7 years but that seems a small cost to pay to get out from under a major monthly payment that really has no benefit for you.  Banks and mortgage companies are in no rush to toss out non-paying owners, they don't want the units either and letting them go for a year or more is not at all unusual.  You can usually continue to live in the unit for 12+ months after you have stopped paying.

Sites below are The Consumerist and CBS TV Sacramento: 
http://tinyurl.com/5rk4l76  and http://tinyurl.com/3jbanrd

RE: Tenant Registration.  It has always been the policy of NCC to have renters registered with the office so that we know who is on the property. Generally and as far back as 2007 with Seagrove Mgmt, this has not worked. The office is making efforts to bring owners into compliance with the condo documents in this regard, letters had gone out to all owners and approx. 15 units being rented out by owners are now registered with the office as to who is there as a tenant and what their names and vehicle

RE: Herbafex.  Late last year this firm lost the NCC contract and was replaced with another firm. Inquiries to both the office and Herbafex did not result in replies as to why the lawn service was given to another firm. Herbafex, Inc, owns condo 803 here at NCC and one of their managers lives on site. The condo is now back to using Herbafex for lawn service work and they are also evaluating the complex irrigation system. So it seems that the office and Herbafex has kissed and made up. (http://www.herbafex.com)  

Collecting Unpaid Dues.  Florida Statutes allow condos to make demands for tenants of Owners to pay to the condo association their rental payments rather than paying it to their landlord, if the Owner is behind in their payments for association dues. Such payments are deducted from the outstanding amounts due the association.  This is now being done here at NCC.

From the Archives July 2007

These 5 buildings were the last to be finished, shown here none were sold or rented in the summer of 2007, the interiors remained to be completed.  Unlike today, in 07 & 08 there was no parking problem.

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 9 being sold and individually owned. The other 9 developer owned condos are in buildings 2, 6, 8 and 9.  (Total sold:  112, unsold 56.)  I believe there are 2 other units recently sold but not yet appearing in County records.

The developer owned units are being rented out by Concord Management as low income housing.
See also:  http://nautiluscondosrules.blogspot.com/search?q=low+income

'Corrections Committee' aka 'Fining Committee' info

An NCC committee has recently come into being to enforce the various condo documents. The committee members are:  Mark Aldrich (806), Joseph Vanderwerrff (514) and Hollie Hundley (613).  Any fines against Owners are initially proposed by BOD members and the decision to impose any penalty is up to the committee.  No BOD member or member of their household may serve on the committee.

My research shows that there is almost no uniformity in such hearings among various condominiums, every association is reasonably free to do it their way providing basic 'due process' is provided to the supposed violator.

One thing is clear in our Declaration of Condominium (p. 37 at 'Fines 23.3A), whoever is on the committee must be an actual owner.  Below are links to an informative series of articles which anyone interested in the subject should take a look at.

It would be a good idea for any such proceedings to be tape recorded by the committee and of course any 'violator' also has that right.  Also, no association fine may become a lien against a unit.*.

* Florida Constitution Article X SECTION 4. Homestead; exemptions at: http://www.spcodesextortion.org/artX.pdf
Also Case Law: Florida Supreme Court in the case of Ilkanic v. City of Fort Lauderdale, 705 So. 2d 1371 '. . . the civil restitution lien cannot be a cloud on homestead property.'

Dispute Resolution Outlined
http://www.becker-poliakoff.com/pubs/articles/adams/adams_2006_02_23.pdf
"As always, there are two primary sources that must
be considered, the law and the provisions of the
governing documents. Let’s look at the law. As we
all know, condominiums are governed by Chapter 718
of the Florida Statutes.* . . . No fine can be levied except
after giving reasonable notice and opportunity for a
hearing to the unit owner, and if applicable, a licensee
or invitee of the unit owner. The hearing must be
held before a committee of unit owners who do not
serve on the board**, and the committee must agree
with the proposed fine, or it cannot be levied."

* http://www.ccfjedu.net/condo718statutes.html
** 718.303 Obligations of owners; waiver; levy of fine against unit by association.--
(3) The hearing must be held before a committee of other unit owners who are neither board members nor persons residing in a board member's household.

Follow Due Process to Levy Fines
http://www.becker-poliakoff.com/pubs/articles/adams/adams_2006_03_02.pdf
"The content of the fining hearing notice is not
specified by law. This is where the more generic
concept of "due process" comes into play. By analogy
to constitutional law, a party accused of an offense
has certain basic rights, including the right to know
the charges levied against him or her; the right to
be heard; the right to confront and cross-examine
witnesses; and the right to be represented by legal
counsel."
Hearing Needed to Levy Fines
http://www.becker-poliakoff.com/pubs/articles/adams/adams_2006_03_09.pdf, see also: 
 http://www.becker-poliakoff.com/pubs/newsletters/cu/cu_2006_v2.pdf

". . . there are no formal rules of evidence
that need be followed, the basic goal is to permit both
sides to tell their story, make whatever points they
feel are relevant and have the opportunity to be fully
heard. As an informal proceeding, there is no rule that
prohibits members of the board, or even members
from the fining committee from asking questions and
chiming in where they wish to do so, subject to normal
rules of order established by the presiding officer."

Condo Insurance Costs - Water Billing

It is getting close to the time to renew my condo insurance for the year.  The company I used for the past 4 years is not writing this year, an associated firm (same clowns, different name on the tent) is making itself available through my Allstate agent.

Last few years the cost was high $500's and last year it was $608.15.  This time the quote for the same insurance with this slightly different firm was $556.  I then had the agent tweek it and get the 'Personal Property' down from the insured level of 50k to 15K and the 'Loss of Use' down from 20k to 6k.  The rate then dropped to $381.99.  So that is $175 a year saved (31 extra Big Mac meals).

Now if the BOD will get the water usage changed to individual billings, rather than lumping it into the dues, we can knock down the quarterly dues by $400-500 a year (but of course each unit would then pick up a seperate bill for water usage - actual savings is about $200 a year).  Those who use a lot of water will then have to pay for it rather than having everyone pay the same cost for water usage.

Gated communities have some drawbacks

It is nice to live in a gated community, until the power goes off and the gate remains closed. 

Recently residents had problems getting out to go to work when power failures in the area kept the gates shut.  There also may be problems with police/fire being delayed in their responses during bad weather.  It is unlikely that anything can be done about this.

Our gates are normally open 8-5 M-F and operate via clicker, keypad or card the rest of the time.

NCC Proposed 2011 Budget

Middle column 2010 Est. Ending Budget / Right col. 2011 Budget

 




































Note:

I see that 2010 Estimated Ending costs for Legal/Accounting is set at $19,393 which is $9,393 higher than originally budgeted for 2010. I suspect that this large overage is due to the Association expenditure on a needless suit which has been engaged in by the Condo BOD for over 2 1/2 years where I am suing for the BODs refusal to enforce Condo rules against Waterstone Resort Realty LLC. This suit was offered for settlement twice this year, there was no reply to the first offer 7 months ago (Waterstone did settle their 1/2 of the case 5/28/2010 ). The matter is still in the courts and still available for the same settlement of $6,500 and an assurance from the BOD that condo Rules and Regulations regarding the rental of condos will be enforced. IE: The Owners here are paying part of their dues due to the stupidity of the Board of Directors in not enforcing the documents initially and their continued refusal to end the matter.

  Misc F.Y.I.: 
1) Delinquency: Recent collection efforts by the office have reduced the total amount outstanding to $97,600 from a high of $114,825.
2) Liens: 3 more are in the process of being filed, these should be the last for the immediate future.

3) New Sale: The #604 condo (Brandi Everson) is reported as sold to a Mr. Covington. The price paid for it originally on 9/21/07, by Ms Everson was $174,900 for the 3/2 unit. As a guess, the new sale price should be around $90,000. We already have a Mr. William Covington here in #710, another 3/2, that sold to him 6/7/10 for $89,000. This was an old Waterstone foreclosure and was 1 of 4 in the 7 building that Compass Bank took back and resold. A good guess might be that Mr. William Covington of #710 is the same as the Mr. Covington of #604. This is a good time to purchase if you have the money.  Foreclosed condos or short sales are going for 50-60% of original sales prices. Taxes on 3/2s without Homestead Exemptions are running $1,150.

Should Changes be made 1/29/11 to the Rules and Regulations?

There is a draft update of the Condos Rules and Regulations available for view at:  http://nautilusrules.blogspot.com/  That draft contains only minor housekeeping corrections, nothing substantial, however this would be a good time to make any other changes that the Owners are interested in making.

In the past both Owners and Tenants have had notes (see below) on their doors when displaying plants on their front stoops/patios or having chairs outside during the day.

This would be a good time to add to the Rules and Regulations a specific authorization to allow residents to have and display nice plants in front of their units.

About 2 years ago a campaign began to clear all items from in front of units, although this was a good idea generally it was extended to cover displays such as those below. Some residents think such displays should be encouraged and the condo documents should be amended to allow both neat displays of plants and the use of chairs - providing such chairs are not left out when not in use or overnight.
Provide input to your Board of Directors in this matter at:
ljdpcb@gmail.com, jj9905@yahoo.com , nknight@ndkconstsvcs.com

Such displays show a good community spirit and should not be discouraged and it also looks nice! Let's not harass residents for such displays and our R and R's should be updated to allow them.

Info from the Office:
The 1st Quarter 2011 Owner Association dues statements have been sent out. They remain at $675. Owners will also receive a two page Condo newsletter. Some of the information from that ‘Nautilus News’ is as follows:

1)  Renters: Owners are asked to provide information on your tenants to the office. There is a new form for renters to fill out so that the Association knows who belongs on the property.
2)  The gate codes are changing. Owners and tenants must obtain gate cards and further information on that will be available in the near future.
3)  The NCC Maintenance is now being taken care of by Mr. Zach Whidden.
4)  Both Owner dues and tenant rental payments may be made online at: www.nautiluscove.com.   

DBPR Complaint Information:

See update at bottom of this post:

The Division of Florida Condominiums has received a reply from Nautilus Development Partners, LLLP:
“It was alleged that the Developer commingled Developer funds with Condominium funds.”

The reply said in part:

“The Respondent’s written response indicated that the Management Company had installed an electronic check scanner in the 2nd quarter of 2010 that produced a banking error caused by the scanning software. At that time money intended for the Nautilus Cove Condominium account was inadvertently deposited into the Nautilus Cove Development Partners account and vice versa. In addition, a review of the evidence provided by the Association revealed that the corrective action for this issue had already been taken by the Association performing a full audit of both accounts and transfers were made to the appropriate accounts. The deposit that was referenced in September of 2010 (4th quarter) by the complainant was actually put into the correct account number, but the name listed was that of the Developer. That has since been corrected by the Respondent.”*

The correspondence referenced is available in full at the direct link, the prior posts on the matter have been moved to this site:

http://nautiluscondopanamacitybeach.blogspot.com/

*Despite the assurances of Concord as above, our Association checks for quarterly dues are still being flagged for the Developers account, but it seems that the correct Assn account number is being used.   

See below for most recent example (account #'s redacted):

First group of Suspension letters were sent out and suspensions were imposed.

The first group of Suspension letters have gone out to Owners with past due amounts owed to the Association.  This is due to the BOD enforcing the recent changes made to the Florida Statutes, including the one on 7/1/10, the current wording of a relevant section of condo law is:

718.303 Obligations of owners and occupants; remedies.— (5) The association may suspend the unit owners voting rights if they are more than 90 days delinquent in paying any monetary amount due to the association.


Of the first group of letters, no owner had asked for a hearing on the suspension.  Owners must be 90 days in arrears before such a letter is sent, a second group of letters will go out shortly.

The amount of delinquency hit a record high of $112,415 ths month and while collection efforts had brought this down by about $8k this may well be a temporary improvement as it it time for the 1st Quarter dues statements to be sent out and additional delinquencies are almost certain.  

see below at Dec 8th post for details. 

Also keep in mind that those behind in payments to the Association and who are renting out their units 'may' find that the Association will require those renters to directly pay to the office those rental payments rather than paying the condo owner, this is also covered in the new Florida statutes.

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

 Usage Privileges Suspensions

1)  21 Owners have now had their usage privileges and voting rights suspended for being past the 90 limit on arrearages to the Association (see sample notification letter lower down in the blog). None of the suspended Owners had asked for a hearing to protest the suspension. 
Those 21 now suspended have lost the voting rights and also the use of:

• Pool
• Barbecues & Barbecue areas
• Gym/Fitness Center
• Conference Room
• Clubhouse

2)  Good News/Bad News
Several past due owners have recently made payments, one of $3,800 and these Owners are now off the delinquency list.  Previously we had a delinquency of $112,415, recent collection efforts by the office have reduced that by $9,626 to a current delinquency of $102,789.  This is the 'Good News' part, the 'Bad News' is that the first quarter 2011 dues statements will go out in a few days and we might find that after the 10 day grace period, that we are again close to the old $112k high.  As mentioned previously the office is working on a set of new liens to be filed in January.

BOD to Suspend Use of Facilities and Voting Rights for Delinquent Owners

The below letter has gone out to Owners who owe money to the Condo. While amounts change almost daily, the amount past due is over $112,000, the highest we have ever had, and the condo can't be run on a deficit finance basis like the Federal Government, thus the rather harsh letter being sent out.
Considering the level of Delinquencies (43) we have only 68 Owners who are eligible to vote in or run for office at the 1/29/11 Annual General Meeting.  We have 37 condos that have Homeowners exemptions filed and of that number 16 are on the Delinquency list.

Generally speaking those who are at or past the 2nd missed Quarterly Dues payment are not going to be able to recover, probably they will end up in foreclosure.  I only know of one Owner who in effect 'came back' after having missed 2 Quarterly payments, hopefully this will change.


Since inception the condo has had 22 Foreclosures in total and liens have been filed against 31 units.  There was one bankruptcy which involved 2 units.

Additional liens are being prepared. Keep in mind that the filing of a lien by the condo is not a hostile action, it simply safeguards our claim on funds when the condo is eventually sold. No clear title can pass until a lien is satisfied. No condo has ever, or ever will, be foreclosed due to the condo filing a lien, it just states the claim to funds which must be paid before a clear title passes.

Here is the relevant part of the statute, keep in mind that if you are renting out your condo your tenants will be the ones banned from using the enumerated facilities.

(3) If a unit owner is delinquent for more than 90 days in paying a monetary obligation due to the association, the association may suspend the right of a unit owner or a unit’s occupant, licensee, or invitee to use common elements, common facilities, or any other association property until the monetary obligation is paid. This subsection does not apply to limited common elements intended to be used only by that unit, common elements that must be used to access the unit, utility services provided to the unit, parking spaces, or elevators.

(5) An association may also suspend the voting rights of a member due to nonpayment of any monetary obligation due to the association which is more than 90 days delinquent. The suspension ends upon full
payment of all obligations currently due or overdue the association.

It is also the BODs option to make your tenants pay your past due assessment. They notify the tenant that all rents in the future will be payable to the condo and not you. As far as I know this is not being done presently.

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

BOD to Suspend Use of Facilities and Voting Rights for Delinquent Owners

The below letter has gone out to Owners who owe money to the Condo. While amounts change almost daily, the amount past due is over $112,000, the highest we have ever had, and the condo can't be run on a deficit finance basis like the Federal Government, thus the rather harsh letter being sent out.
Considering the level of Delinquencies (43) we have only 68 Owners who are eligible to vote in or run for office at the 1/29/11 Annual General Meeting.  We have 37 condos that have Homeowners exemptions filed and of that number 16 are on the Delinquency list.

Generally speaking those who are at or past the 2nd missed Quarterly Dues payment are not going to be able to recover, probably they will end up in foreclosure.  I only know of one Owner who in effect 'came back' after having missed 2 Quarterly payments, hopefully this will change.


Since inception the condo has had 22 Foreclosures in total and liens have been filed against 31 units.  There was one bankruptcy which involved 2 units.

Additional liens are being prepared. Keep in mind that the filing of a lien by the condo is not a hostile action, it simply safeguards our claim on funds when the condo is eventually sold. No clear title can pass until a lien is satisfied. No condo has ever, or ever will, be foreclosed due to the condo filing a lien, it just states the claim to funds which must be paid before a clear title passes.

Here is the relevant part of the statute, keep in mind that if you are renting out your condo your tenants will be the ones banned from using the enumerated facilities.

(3) If a unit owner is delinquent for more than 90 days in paying a monetary obligation due to the association, the association may suspend the right of a unit owner or a unit’s occupant, licensee, or invitee to use common elements, common facilities, or any other association property until the monetary obligation is paid. This subsection does not apply to limited common elements intended to be used only by that unit, common elements that must be used to access the unit, utility services provided to the unit, parking spaces, or elevators.

(5) An association may also suspend the voting rights of a member due to nonpayment of any monetary obligation due to the association which is more than 90 days delinquent. The suspension ends upon full
payment of all obligations currently due or overdue the association.

It is also the BODs option to make your tenants pay your past due assessment. They notify the tenant that all rents in the future will be payable to the condo and not you. As far as I know this is not being done presently.

Turnover Election Results 12/20/10
Jennifer Jones (#206), 16 votes

David Turner (#105), 5 votes

None of the above: 1

L. DiGiacomo (#616) is BOD President
ljdpcb@gmail.com
J. Jones, is BOD VP
jj9905@yahoo.com  
N. Knight, Secty/Treasurer
nknight@ndkconstsvcs.com
(the only remaining Developer appointed Director)

From the archives:  The only prior contested election in 2007 had 39 votes cast, Jennifer Jones won with 22, L. DiGiacomo 2nd with 11 and Rodney Smith had 6, the 2 other candidates had 0.  Ms. Jones served for about 5 months and resigned due to the lack of co-operation received from the 2 Developer Directors, L. DiGiacomo assumed the seat and the next 2 elections he was retained as no one ran against him.

New Balance Sheet is Available
If you are interested in knowing the state of our finances you can take a look at the October NCC Balance Sheet by direct click on link at:
http://nautiluscondosrules.blogspot.com/2010/01/ncc-balance-sheet-of-102510.html
It is placed further down this blog as it runs 4 pages and would take up to much room at the top of the site.

A Going Away Gift from the Developer Controlled BOD

On 10-4-2010 the Board of Directors voted 3-0 to approve a “Shared Facilities Easement Agreement”, and on 10-6-2010 this 11 page document was filed in Bay County Courts and can be seen at: http://tinyurl.com/26n6r5c  

Since the Developer has not turned over Phase 2 to the Association yet, this easement covers the main 2,200 sq ft ‘Commercial Building’ (ie: Clubhouse), 4 restrooms, exercise room, pool, pool pumps and childrens tot lot. As you will see below the developer will initially pay for the upkeep, BUT will bill us in advance for these estimated expenses at the start of each fiscal year. We are in effect renting these facilities from the developer plus the Developer (ie: Nautilus Development Partners, LLLP) has one office “Reserved for exclusive use by Developer”.

So the outgoing BOD has in effect given the Developer a nice going away present at our expense.  Not only will they have an exclusive office here to rent out their unsold condos but we will be paying their expenses until they finally turn over the Phase 2 of the property which will be many many years in the future.

Some of those associated with Nautilus Development Partners, LLLP are our former BOD member Jay P. Brock and our current BOD member and Vice President/Treasurer Mr. Paul M. Missigman who as of 4/17/09 is listed in Florida Corporation documents as the General Partner of Nautilus Development Partners, LLLP. Can you say “Conflict of Interest?”
 Exerts from the 11 pages filed:

Consider A Complaint With the Florida DBPR.

If you have a complaint about serious issues  you can file a complaint with the State of Florida see: http://www.myflorida.com/dbpr/lsc/index.html

Keep in mind that this division enforces the LAW and not the condo DOCUMENTS.

In many cases both the law and the documents are the same but the DBPR only handles complaints where the BOD is violating or in non-compliance with Florida statutes.

F.Y.I. Other direct links to Florida law can be found at:

The Condominium Act, Chapter 718, F.S.,
The Cooperative Act, Chapter 719, F.S.,
The Florida Mobile Home Act, Chapter 723, F.S.,
The Florida Vacation Plan and Timesharing Act, Chapter 721, F.S

Case #09-002153-CA Closed

The CAHOURS/HUPP case #09-002153CA ended yesterday.  This is the suit where 2 Owners sued the Association over stolen motorcycles, taken from the parking lot when both the gates and the CCTV were broken.  Since it was a joint dismissal a reasonable guess would be that it was in some manner settled, these details are not reflected in the court filings and unless you know one of the parties and they tell you then details may remain unknown.  There was no expenditure of funds for lawyers costs to the Association as the litigation was handled by the insurance company for the Condo Association. 

11/3/2010 CASE CLOSED
11/3/2010 ORDER OF DISMISSAL WITH PREJUDICE - Recorded (OR.3281.1340 / 2010058425)
11/3/2010 LETTER TO JUDGE FENSOM
11/2/2010 JOINT STIP FOR DISMISSAL W/PREJ
full details at:   http://tinyurl.com/2wb8zag
 
Only my suit against the Association remains, this is now into its 3rd year and involves the rental of condos in violation of many sections of our documents.  The part of the case against the Waterstone Resort Realty, the owner of those 4 condos (now foreclosed and resold) used by labor contractors as dorms for overseas workers, was settled several months ago, the Association half of the case continues as no response was ever made to my lawyers efforts to settle with the Condo.  Further actions will be made in the new year if the new BOD does not agree to a settlement.  The prior settlement offer was for the Condo to pay $6,500 of my costs and an agreement that the BOD will enforce the Condo documents as regards to rentals of units here at NCC.  By both Condo documents and Florida law, this is a loser pays all sort of case.  Details are found at:  http://nautiluscovesuit2008.blogspot.com/ and http://tinyurl.com/345t6zx

Concord Management @ The Rip Off Report

As long ago as July 2008, Concord was on the radar scope as a problem management company and things have only gotten worse lately with their major error in saying that the election date would be July 25th and now with them continuing to deposit owner payments into the developer account.  I have updated a July 1, 2008 post at http://tinyurl.com/2babpka to keep readers nationwide aware of the problems that Concord is causing here at Nautilus Cove. 

You might also take a look at how poor a job Concord is doing at their own 'Flagship' 600+ apartment complex in Orlando, the BBB report gives them an 'F' grade.  
 see:  http://concordsucks.blogspot.com/

#716 Sold for $84,000

#716, the last of the old Waterstone Resort Realty, 3/2 condos in the 7 building sold 9/9/10 for $84,000 to Jerry R. and Pamela J. Clayton of Lynn Haven, Fla. Waterstone owned 4 condos but all were foreclosed by Compass Bank of Birmingham. Compass purchased all 4 at foreclosure sales for $51,000 each and listed them with realtors for resale.

---------------------------------------------------------------------------
#502, the old James Murphee, 2/2 condo now belongs to AMTRUST BANK of Cleveland, OH, as of 08-31-2010.  The condo was originally sold 7-23-2007 for $160,000 and AmTurst paid $50,100 on 8/31/10.  It will shortly join the ranks of foreclosures for sale at knock down prices.
----------------------------------------------------------------------------
7 units have sold so far in 2010, all foreclosures or short sales, no individual has been able to sell their condo due to the very low asking prices of the banks who want to move their distressed units.

The 2010 new owners are:
Unit  -  Owner  -  Pur. Date  -  $ Amt. Paid
#305  KEVIN G. RILEY 04-07-2010 - $110,500  2ND FLOOR 4BR/3BA
#512  MARK F. STITT 07-08-2010 - $69,900  2ND FLOOR 2BR/2BA
#606  JOHN R. GUOTH 05-06-2010 - $77,000  1st FLOOR 3BR/2BA
#710  WILLIAM R. COVINGTON 06-17-2010 - $89,000  2ND FLOOR 3BR/2BA
#712  HOOKS 03-08-2010 - $94,000 2ND FLOOR  3BR/2BA
#714  RANDALL G. WRIGHT 05-17-2010 - $89,000  2ND FLOOR 3BR/2BA
#716  JERRY R. CLAYTON 09-09-2010 - $84,000  2ND FLOOR 3BR/2BA
------------------------------------------------------------------------------------
Want to find out who owns condos here?

Go to the Bay County Property Appraiser site at this click on link: http://qpublic.net/bay/index-search.html click on 'search records' then from the menu select: 'Search by Location Address' type into the white box "13700" and this will bring up 3 pages of info on owners of various units at NCC, including an option to 'print labels'.

Before leaving the site you should go back to the above mentioned 'white box' and type in: 'Cape Cod Dr' which brings up 12 other listed condos, after that go back to the white box again and type in 'Lighthouse Rd' for another 4. Clearly this isn't that user friendly a site and it is easy to overlook some condos.

You can find out the entire history of unit sales, what was paid, when and there is a link to taxes also.  You might note that the 'mailing address' of the condo owner may be an address other than the condos and now and then even different than the listing in the NCC owners lists.

For those who are interested here is a link and a teaser of what is going on with mortgages as reported by The Washington Post.  You may have to do a very simple registration to access all 3 pages.  You can also 'google' the topic for other information.
Click on Link:   http://tinyurl.com/2ajwk38

Under piles of paperwork, a foreclosure system in chaos

Washington Post Staff Writers

Thursday, September 23, 2010

The nation's overburdened foreclosure system is riddled with faked documents, forged signatures and lenders who take shortcuts reviewing borrower's files, according to court documents and interviews with attorneys, housing advocates and company officials.

The problems, which are so widespread that some judges approving the foreclosures ignore them, are coming to light after Ally Financial, the country's fourth-biggest mortgage lender, halted home evictions in 23 states this week.

In some Florida courts, for instance, many judges automatically approve a foreclosure unless a borrower can point to a specific problem. Homeowners are given five minutes for a presentation. Often, they do not bother to show up.

Also see 'How Foreclosure Works' at: http://tinyurl.com/292szs7

NCC Condo Owner Must Do 57 Months -

3-judge panel denies Reed appeal

A federal court has upheld the 57-month sentence imposed on Dr. Michael Reed, the owner of condo #205. He is a local surgeon who pleaded guilty to a federal drug conspiracy charge last year.


Reed was found with a kilogram of cocaine at his residence when he was arrested. He was accused of using half of the kilo for personal use and selling the other half with the help of co-defendant Hector Melara. Eight people were charged in the case.


A three-judge panel of the U.S. Court of Appeals 11th Circuit ruled Thursday that the judge was within his discretion when the sentence was handed down.

On 3/15/10 Nautilus Cove filed a lien for $3,827 on his unit, additional missed quarterly payments make the amount owed $5,211.
----------------------------------------

Reed is currently at:

MICHAEL REED 07155-017
FPC MONTGOMERY
FEDERAL PRISON CAMP
MAXWELL AIR FORCE BASE
MONTGOMERY, AL 36112
with a Release Date of:  09-07-2013

Nautilus Cove Budget for 2010
Misc FYI:  The document title should read '2010 Proposed Budget'.  It was put together in 2009 and approved by the BOD on Dec. 20, 2009 as the 2010 budget.

Click on for larger image:

Top:  Today

Bottom:  Previously

In addition to new pool furniture there is a minor landscaping change in the pool area where one tree was removed and it is anticipated that in the future a Palm Tree will replace the old tree. It was shedding too much and littering the pool and deck with leaves.

 

NCC The Early Days:

The County Pier has opened

The ‘County Pier’ has opened, it is exactly the same as the Fields Pier across from Pier Park. It is located just off Alf Coleman. The cost for spectators is $2 each.

The restroom is open but the concession and bait shop won’t be finished until December.

Concord Management - Problems with them continue

Regular readers of this blog might be aware of my opinion that both the Board of Directors, which really means the complex developers, and Concord Management are uninterested and unresponsive to the Owners here at Nautilus Cove.  The below outgoing email to the 'office' here at NCC summarizes the latest issue that both the BOD and Concord have chosen to ignore.

My initial phone conversations with the Concord Secretary Melissa Melvin on 7/15 raised issues she was uninformed on and I was told that the inquirys would  be forwarded to someone else and I would be contacted.  No one has contacted me.

Hopefully, when we finally have the 2nd owner member on the BOD we will quickly replace Concord with some other management firm.  Here is a copy of my email of today: 
=============================================

Sent to:  NautilusCove@ConcordRents.com


2nd Follow up to unanswered July 19th inquiry about Nautilus Cove Condo

On July 19th I wrote to you: "You were going to have 'someone get back to me' regarding several issues I raised with you last Thursday. So far I have not gotten any contact from Concord."


My inquiry of July 15th remains unanswered. I want to know as follows:

1) Were quarterly dues payments incorrectly deposited into the Developers account rather than into a Nautilus Cove Condo account. You will recall that I had sent you a copy of the endorsement on the back of my own check showing what I believed to be the incorrect deposit.

2) Why is there no Community Assn. Manager (CAM) at Nautilus Cove since approx July 7th.

I now further inquire as to whether Concord Management is going to reduce their monthly billing to reflect that your firm is NOT providing the required level of representation as required by the Management Agreement. I am concerned that we are being billed top dollar for a CAM and are only getting a secretary. So is Concord going to adjust their billing to reflect this lower level of service.

Please now keep in mind that unless I receive a timely and on point reply to the questions raised over two weeks ago that I will make a formal complaint to DBPR in Tallahassee and ask them to investigate the matter.

Bill Harris
Owner #708

Only foreclosures are selling and at greatly reduced prices-

#716, one of the 4 Waterstone foreclosed units is available for $89,900 'as is' or best offer. MLS #535022. This has been unoccupied since 12/09 and has minimal furniture. Having been up there I know it needs a paint job and new carpeting.  2 of the 4 Waterstone/Compass Bank units have already sold, 714 for $89,000 and 712 at $94,000.  Original price on this upstairs 3/2 courtyard side was $165k.

How is Nautilus Cove Being Marketed?

Short answer is:  As an Apartment Complex

The 'Management Company' that in effect runs Nautilus Cove is Concord Management.  This is their 2nd tour here, first we had Seagrove on the Beach, then Concord then Seagrove and then Concord for the 2nd time.  Seagrove was a dud, I would rate them about D and Concord is at best a C-.  Here is a quote from their site:  "Nautilus Cove:  As one of Concord Management’s showcase communities, Nautilus Cove is located near essential shopping with unparalleled dining. The finest appointments have been chosen to define distinction and enhance the vitality of your living experience. Our futuristic vision of affordable living is at Nautilus Cove Apartment Homes. Our progressive design will set the trend for contemporary living." 

Here is a direct link to their site:  http://www.nautiluscove.com/  

There are 168 condos here, 57 are unsold developer units that Concord rents out on their behalf.  The office manager for Concord spends 50% of their effort on the Developers business and 50% presumably on NCC business.  This info is from the old CAM here who gave the 50% info at one of the Annual General Meetings.  We budget $70,000 a year for Concord but we only get 50% effort by them.

Clearly the tail is wagging the dog here.  We have 111 privately owned units and 57 Developer units but we have only a part time office manager for our own business.  When we get control of the condo with the election of the 2nd Board of Director member we will have a good opportunity to toss out Concord and put in a management firm that will handle the Nautilus Cove business.

If Concord wants to rent office space for a leasing agent then we can provide them with one at a monthly rental to be determined.  Our new management firm will NOT be shilling for Concord or the Developer, they will work only on Nautilus Cove business. 

We need 2 new BOD members that will take charge of the complex and not put up with any Concord or Developer BS.  This complex is ours and should and will be run by the owners.  You might have noted that although Concord initially set the date of the election of the 2nd BOD member at July 25th, when Norman Knight (Norman.Knight@ced-concord.com), of Concord and both a BOD member and the President of the Association found out about the date, within 2 hours he emailed me that the date was incorrect and not authorized and there would be no election on 7/25 despite what Concord had said to the DBPR in Tallahassee 8 months previously.  They will delay this election until the last possible day as they know that the Concord/Developer rule here at Nautilus Cove is coming to an end. 

Here is the contact infor for our 3 BOD members.  Keep in mind that in 3 years I have only gotten one incoming from any BOD member, so don't hold your breath waiting to hear from any of them:

Norman Knight Norman.Knight@ced-concord.com

Paul Missigman P.Missigman@atlantichousing.com 

 see also  http://www.atlantichousing.com/profiles.html

Leonard DiGiacomo ljdpcb@gmail.com (Owner of #616)