More construction on PCB Pky/Back Beach Rd.

Back Beach Road is getting some new construction. West of NCC by a mile is the new 156,000 Super Wal-Mart which is just across Powell Adams Road and within a stones throw of the Target store in Pier Park. This new Wally World will open in the Spring of 2013.

A mile East of NCC a new Whataburger is being put up in front of the Lowe's Home Improvement (at Alf Coleman Rd), also coming to that strip mall is a new Hardees and across the street a new oil change place.  Immediately east of the year old Publix (which is next to the Lowes) the Breakfast Point Medical Center with doctor’s offices is currently under construction.

Everything you might want to know about Nautilus Cove Condo can be found at the below sites.  There are 10 other blogs which may be of interest,  8 have information regarding the complex, 2 are provided FYI:

185 photos of Nautilus Cove
http://nautiluscondo.blogspot.com

Nautilus Cove Owners Listhttp://nccownerslist.blogspot.com

Proposed new Management Company (Continental Mgmt)http://nccmanagementcompany.blogspot.com

Proposed changes to NCC Rules and Regulations
http://nautilusrules.blogspot.com  

Our former utility billing firm American Utility Mgmt
http://aumsucks.blogspot.com  

A long running problem with individual grills at NCC
http://nccgrills.blogspot.com

A bit of NCC history, our very own 'Meth Lab'
http://nautiluscovearrests.blogspot.com  

Bid-A-Wee, the HOA across the street
http://bidaweeeasement.blogspot.com

Medical Tourism, a trip to India
http://overseasmedicalcare.blogspot.com

A 3 year suit against NCC BOD cost Owners $11,000
http://nautiluscovesuit2008.blogspot.com

Delinquency and Owners Lists

NCC July 2011 Delinquency List

Delinquency List Historically:

  11/16/11 - $121,044  2nd Highest
  09/22/11 - $118,345
  08/15/11 - $127,656  Highest Delinquency
  07/08/11 - $106,220
  05/06/11 - $112,033
  03/01/11 - $118,867
  12/03/10 - $112,415
  08/12/10 - $101,594
  05/19/10 - $ 84,581
  04/23/10 - $ 85,428
  01/21/10 - $ 86,298
  12/28/09 - $ 95,753
  09/28/09 - $ 82,501
  04/25/09 - $ 35,920
  08/28/08 - $ 18,440
=======================================================

   Updated Owners List Now Available:  
A current copy of the NCC Owners List is available on a seperate blog site FYI.  It runs 2 1/2 pages and takes up to much room to post on this site. 

If you are interested in contacting the Owners you might find the list useful, however, keep in mind that those delinquent in payments to the Association can not run or vote in our elections.  Click on this link to see/print the list:  http://nccownerslist.blogspot.com/

Where do our Owners live?

   FL - PC/PCB 61,
   FL - Other 13,
   GA - 9
   TN - 6
   AL - 4
   2 each from:
   LA, NB, OH and
   1 each from:
   CA, NV, MS, VA, AZ, WI, MI KY


Note: total does not add up to 112 as 5 are deducted for units belonging to Banks or Mortgage companies.

Strategic Default is always an option:

There have been several mentions on this blog site about 'Strategic Defaults'.  I see that there is now a web site which has information on the subject: http://www.youwalkaway.com. If this option is under consideration you might take a look at their site but of course they are selling a service and you might just cut out the middleman and find a local attorney who handles property issues.

"A Strategic Default is when a borrower decides to stop paying a mortgage even though they may still be able to afford the payment. When the value of a property has fallen far below the mortgage debt and recovery of the equity lost is expected to take years, a borrower may elect to default. . ."

It makes no sense to me that Owners who have paid list price for something that is now worth about half that amount would remain in the property. It will be many years before your condo is worth what you paid for it initially and in those years you will be stuck with quarterly condo fees, your mortgage, insurance and taxes

Even renting out your condo will probably not provide enough income to cover the above costs. I am sure that the only happy owners here are those who took advantage of the very low prices on those foreclosed units. We have had 27 foreclosures filed so far with 8-9 units now with new Owners and the rest still winding their way through the estimated 2 year process. 

Some new buyers are simply using the condos for rental income (ie:  investments), this will work for them due to the very low prices they have paid to obtain the units.  They are of course in competition with the developers 56 units which tend to rent first due to the low prices Concord is asking for them.  

If you would like to see what rentals are going for here, go to http://panamacity.craigslist.org/  and under the 'apartments/housing' section enter 'Nautilus Cove' in the search bar and the last 45 days worth of advertisements for condo rentals here will be displayed (19 listings as of today).  You will see Owners prices vs. Concord/Developer prices.

Also see these sites which are The Consumerist and CBS TV Sacramento: http://tinyurl.com/5rk4l76  and http://tinyurl.com/3jbanrd

Prior Posts on this blog are: "Is a "Strategic default" in your Future?" of 4/24/11 and "More on Strategic Defaults" from 5/8/11.

2 Free Internet Sites for Bay County News

I thought I would pass this along FYI.  You can read both the Daily Bay News and the Bay County People online for free at:   http://issuu.com/countypress and http://www.thecountypress.com/. 

They have a lot of interesting info and even Owners looking in from out of area might find it worth looking at to find out what is going on in Bay County.  You can also submit articles for their consideration.  Two years ago I had one of mine run in the paper edition of the County Press and met the owners/publishers.  Take a look and sign up for a free subscription.

Click on for larger image

Updated Version now available:

On 6/21/11, Gov. Scott signed into law House Bill 1195, which amends various provisions of the state laws relating to condominiums and homeowners' associations. These changes cover issues, including official records; board requirements and meetings; collection of rent by an association and suspension of use rights.

Free Condo Info Available   Request a CD -  The Condominium Educational and Reference Materials" (rev 10/2011), contains these 35 condo revisions.  To get a free copy use this click on link to email your request: condocd@dbpr.state.fl.us  It may take 4 to 6 weeks to arrive.

Here is the DBPR site for information on various condo matters and to obtain other documents put out by the State: http://www.myfloridalicense.com/dbpr/lsc/index.html

Here is an example of one change:

NCC BOD files 2nd foreclosure action against an Owner

For the 2nd time our Board of Directors has initiated a foreclosure against an owner. This time it is against Rodney Smith of unit #306, previously NCC has filed against Karen McRitchie Case 11001134CA.

In my opinion the NCC BOD should NOT be taking hositle actions against Owners in initiating foreclosures which will drag on for years and run up expenses we do not need to incur.  We already have liens against delinquent Owners, some have 2 liens against their units and we do not need to take such hositle actions against Owners. 

Smith has an existing lien for $3,6677.94 filed 12/20/10.  We will eventually get our liens paid when the banks/mortgage companies file for their foreclosures, clear title can NOT pass until our own liens are paid off. 

Let those holding the mortgages do the heavy listing, we do not need to get involved other than filing liens on the delinquent condos.  This is a poorly thought out course of action and should STOP.



Recent decisions have been The BOD are continuing to make unfortunate decisions.    Here are 3 examples:
1)  Voting 3-0 to give Concord Management a 3 year sweetheart deal to act as our management company,
2)  Voting 3-0 to give away valuable clubhouse office space to the Developer to use pretty much forever,
3)  Starting the Association on the path of foreclosing on delinquent Owners

The first two items are unfortunately already done, the 3rd is underway with 2 foreclosures already filed and I have written both on the this blog and copied to all 3 BOD members that these actions are NOT in the best interests of the condo and should immediately cease and no more foreclosure actions should be filed.  Try 'googling' the problem and you will come up with advice such as this:

HOA foreclosures climbing as associations seek 'revenge' on delinquents

May 11, 2011
By Kimberly Miller, The Palm Beach Post

Fed up with late dues and mounting maintenance bills, some homeowner associations are motivated by spite, over sound business sense, to foreclose on delinquent owners.

Property managers and condo board advisers say taking title to a property for a few thousand dollars in unpaid association fees in a "vengeance foreclosure" isn't always the best answer.

The association board also gives up its ability to put liens on the property when it takes title to it and must pay legal fees.

For example, if an association forecloses on a property with $5,000 in late payments, then pays $2,000 in legal costs and $1,500 in fees accrued during the months it takes to foreclose, it gives up a lien that would otherwise total $8,500.

Juan Parra, president of the CitySide homeowners association in West Palm Beach, said when he took the position, the board was paying $18,000 a month in legal fees and had lawyers advising it to foreclose.

"I immediately stopped that," said Parra."
Full article at: http://tinyurl.com/6jfu6vk
=============================================
Here are an additional 21 recent foreclosure filings:
(a few of these units have been resold (*) and belong to other Owners, another 3-4 will probably be in foreclosure by years end)

10/01/11 UNIT 306 Rodney Smith  (by Assn.)
07/18/11 UNIT 513 Karen McRitchie  (by Assn.)
07/15/11 UNIT 615 Peachy Gaytin
05/18/11 UNIT 206 Jennifer Jones
12/21/10 UNIT 601 Alamdar Karami
08/20/10 UNIT 607 Denis Varela
07/16/10 UNIT 905 Matthew Hooke
05/24/10 UNIT 106 Jay Davis
02/12/10 UNIT 205 Michael Reed
01/29/10 UNIT 610 David Ellingson
01/05/10 UNIT 213 Brian Clark
12/22/09 UNIT 705 Juan Reyes
10/27/09 UNIT 307 Jeremiah Cahours
10/09/09 UNIT 210 Dan Smith*
09/29/09 UNIT 402 John Crider
09/16/09 UNIT 702 Norman Ussery
09/03/09 UNIT 201 Joseph Kennedy*
09/03/09 UNIT 102 Kyle McKendree*
02/16/09 UNIT 401 John Thomas  (filing dismissed by Judge)
10/22/08 UNIT 305 Patricia Kristoff*
06/20/08 UNIT 506 Fred Grass

Amendments Affect Ch 718 (Condo Act) and Ch 720 of the Florida Statutes

On 6/21/11, Gov. Scott signed into law House Bill 1195, which amends various provisions of the state laws relating to condominiums and homeowners' associations. These changes cover issues, including official records; board requirements and meetings; collection of rent by an association and suspension of use rights.

Free Condo Info Available   Request a CD - The DBPR will have a new CD next week. The Condominium Educational and Reference Materials" (rev 10/2011), it will contain this summers revisions.  To get a free copy use the click on link to email your request: condocd@dbpr.state.fl.us

Here is Pull up this DBPR site for information on various condo matters and to obtain other documents put out by the State: http://www.myfloridalicense.com/dbpr/lsc/index.html

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. 

Last October We had a new Management Agreement Signed:

Moved Up the Blog From its original posting date of 10/13/10
The New Concord Management Agreement of Oct 4, 2010

This 10 page document is posted further down this blog and it can be viewed by clicking on this link:  http://nautiluscondosrules.blogspot.com/2010/10/blog-post_13.html

Here are a few items of interest, note we get only 20 hours a week and we are locked into a 3 year contract by the outgoing BOD. This is called getting ‘screwed’ by Norman Knight and Paul Missigman, unfortunately our own BOD Owner member also voted to approve this contract. On pages 7 and 8 there is considerable detail on ‘Termination’ of the contract, it can be done but it won’t be easy. Hopefully the ‘new’ BOD will get rid of them ASAP.

2. TERM. The term of this Agreement shall be for three (3) years. . .

12. FEES AND COSTS.

(a) Manager’s Fee. As a fee for its service under this Agreement, Manager shall be paid $15 per unit per month payable in monthly installments of $2,520.00 ($15.00 per unit x 168 units) in advance on the first day of each month. . .

(b) Separate Cost Items. The Association will pay or reimburse Manager separately for the following services or costs:

(i) $25,000 plus 25% payroll burden for employee(s) who will be “on-site”, which shall include being in the clubhouse at least twenty (20) hours per week and will act as manager(s) for the Association. Any meeting starting after 5:00 p.m. shall have a charge of $75 per hour.

(ii) $15,000 plus 25% payroll burden for employee(s) who will be “on-site”, which shall include being in the clubhouse at least twenty (20) hours per week and who will act as maintenance/janitorial employee(s) for the Association.

15. MANAGEMENT STAFFING. Manager agrees to comply with Section 718.3025(d) of the Condominium Act which related to the minimum staffing required and agrees to have at least one person available a minimum of 20 hours per week for the purpose of management and/or maintenance.

Deed in lieu helps you stay away from foreclosure

A Deed in Lieu of Foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.

The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure. It hurts their credit less than a foreclosure does.

For further info take a look at:

http://www.mortgagefit.com/deed-lieu.html

Your credit score and foreclosures

FICO credit scores run from 300 to 850.  650 and below is considered to be 'bad credit'. 

Just how dinged will your score be if it started out as Excellent (above 780)?

Short Sale, deed in lieu of foreclosure, or settlement with balance
 wiped out  -115

Foreclosure or short sale with deficiency balance owed  -150

Tenants in Foreclosed Units Have 'Rights' To Remain

Since we have more 'renters' in residence at NCC than actual owners in residence the below info might be of interest to a lot of blog readers.

The PROTECTING TENANTS AT FORECLOSURE ACT is a law passed by Congress and signed by the President in May of 2009 and provides protections for tenants whose landlords fall into foreclosure.  See Nolo Press article 'Renters in Foreclosure: What Are Their Rights?'  at:   http://tinyurl.com/3my9svp

Tenants have the right to stay in their homes after foreclosure for 90 days or through the term of their lease. The bill also provides similar protections to housing voucher holders. These protections are now  in effect but expire at the end of 2012.

So there should be no more instances of Sheriffs coming to the door to evict people after the judge gives title to a foreclosed condo to the mortgage company. Before this change renters in foreclosed units might well find their belongings being piled up at the curb with virtually no notice. and also take a look at 'Learn About Being Evicted or Breaking a Lease' direct link:  http://tinyurl.com/3rob8dy

"A house can mean security, but don't run through your retirement savings in a futile effort to hold on."

(Now and then I move things up the blog that I think are interesting

and relevant, here is one such post)

Original Posting date of:  5/26/11

In case you don't get the AARP monthly Bulletin here is a relevant quote from their May issue:  #6.  "Walk away.  If you can't afford the house and can't sell it for enough to pay the mortgage against it, walk away and rent.  Don't run through your retirement savings in a futile effort to hold on."  This per Jane Bryant Quinn a finance expert writing for AARP.

This is something I have been saying for quite some time and also FYI is another quote on the subject:

"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.”

If you are paying a $1,000 mortgage each month for a 3/2, you have to add in costs that do not apply to renters:
1)  Taxes,  2)  Condo dues, 3)  Condo insurance, so your real out of pocket expenses will not be the $1,000 but more like $1,350 a month.  You can rent the same unit for $850, so each month you are $500 in the hole.  If I hadn't paid cash for my own unit I would have been out of here a year ago.  The realities of the situation are becoming evident to those here at NCC who are upside down with their condo units and we can expect many more units going into foreclosure.  Pouring $ down a rat hole makes no sense, mailing in the keys or not paying until evicted is becoming more common all over the country.

These units won't remain empty, new Owners will pick them up at 50% discounts from banks and mortgage companies.

New Revised Condo Ref. Materials available "FREE" from State of Florida!

Free Condo Info Available:

The Florida Dept of Business and Professional Regulation has a new edition of their CD "Condominium Educational and Reference Materials" (rev 3/2011). You can obtain a free copy of this CD and/or other materials using the below information.  Those attending the Jan 2011 AGM/BOD meeting got the then current CD along with various other handout materials.  Now a newer edition of this CD is available 'free'.

Request a CD - Condominium Educational Publications in English and Spanish are now available in CD-Rom format. You may request a copy by selecting this link. Please include your full mailing address and whether you are requesting the English or Spanish version. Here is the click on line to email your request: condocd@dbpr.state.fl.us"

Pull up this DBPR site for information on various condo matters and to obtain other documents put out by the State: http://www.myfloridalicense.com/dbpr/lsc/index.html

Florida Laws and that Affect Rentals and Landlords Legal Rights

Florida Landlord Tenant Law:
http://tinyurl.com/35v6xff

FLORIDA'S LANDLORD/TENANT RIGHTS:
http://tinyurl.com/35973uz

Florida Landlord Tenant Law from FL Consumer:
http://tinyurl.com/32q6rrg

For an article on how Foreclosure works go to:
http://tinyurl.com/be7uwk

What are a renter's rights in Foreclosure:
http://tinyurl.com/8r3mnt

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

If you are looking for interesting sites with condo information you might take a look at a site by south Florida lawyers Becker and Poliakoff.  They handle a lot of condo issues and if you click on their 'Publications' link you will find links to Newsletters, Articles and blogs where you can spend hours reading up on various interesting topics. 
See: http://www.becker-poliakoff.com/

How responsive is your BOD/Management Company?

Here is the result of six months of inquiries as to the costs involved in only the 2nd suit that I know of* against the BOD. Asking questions of the BOD is usually a waste of time. After five months I sent off a certified letter which forces the BOD to furnish a reply within 30 days.

If you have a serious question for the Board probably the only way you will get a reply is if you send it via certified mail, this is limited to one question every 30 days.

So the answer on costs to the Owners for the 3 year suit is $10,644.50. This could have been avoided if the various BOD's over this period had simply enforced the documents regarding the rentals of condos at NCC.

Case Details at:  http://nautiluscovesuit2008.blogspot.com/

* The other suit was handled by our insurance company at no direct cost to us. It involved the theft of 2 expensive motorcycles here, from 2 seperate owners, during a time that the front gate and cameras were not working.  The suit resulted in an unpublished settlement by the insurance company.

Under the Heading of 'Old Business'

Every now and then I bring up to the top of the board something that you might have missed when it was originally posted.  Here is one such item tucked away in the Concord Management Agreement. 

Update of 1/24/11:  The reply to the below request for disclosure is now on hand and it is that Mr. Knight will not disclose how much or why he is getting paid by Concord Management while he is a Board member here at Nautilus Cove. 

  Compensation for NCC BOD  
 Member - How much/why? 

An inquiry is pending with the Concord Management company as to what compensation is going to our Developer appointed Director Mr. Norman Knight. If/when an answer is provided it will be published here. Of course any Owner can make this inquiry at the Annual General Meeting on 1/29/11.

The above is from the ten page, 2010 Concord Management Agreement, which was approved 3-0 by our Board of Directors which included Mr. Norman Knight.  (See any conflict of interest there?)  

718.3025 Agreements for operation, maintenance, or management of condominiums; specific requirements.—
(1) No written contract between a party contracting to provide maintenance or management services and an association which contract provides for operation, maintenance, or management of a condominium association or property serving the unit owners of a condominium shall be valid or enforceable unless the contract:
(e) Discloses any financial or ownership interest which the developer, if the developer is in control of the association, holds with regard to the party contracting to provide maintenance or management services.
(f) Discloses any financial or ownership interest a board member or any party providing maintenance or management services to the association holds with the contracting party.

See the New 10/4/10 Condo Management Agreement at - http://tinyurl.com/39sy3cy

In an ABC news interview ‘Time to Buy, Sell or Walk Away’, Susie Orman said it could be decades before home values start to rise and predicted that more than half of Americans will be renters instead of homeowners. A staggering 1 in 4 homeowners are underwater, and many experts, including Orman, often recommend just walking away. http://abcnews.go.com/WN

For well over a year I have been pointing out on this blog, that to continue to pay mortgage rates from 2005-8 in the face of condo prices at NCC being 50% of what you paid for them was foolish.

Orman continued: “People who are 20 percent or more underwater should ask the bank for a short sale, or selling the house for market value, even if it is less than what is owed . . . If the bank won't work with you stop making payments and save that money until the bank forecloses. . . Of course, you should walk away if the bank isn't willing to help you”

==================== From 6/19/11   ===================

Prices here will never get back to the 2006-7 level

I look at prices here weekly and see some unrealistic expectations in how owners price their condos. One 2/2 is on the market for $150,000, you can get a 4/3 for $99,700 (#405 formerly belonging to Kennedy), 50k less than that and for a much larger unit, so why bother listing at a price no one would even consider?

I paid $165,900 for my unit 5/07, paid it in cash, no mortgage. The condo upstairs of me was one of the Waterstones 4 foreclosures and it sold 9/9/10 for $84,000, or 50.6% of what I paid. All it needed was a paint job and the carpet cleaned. The other 3 Waterstone units went higher, but all in the 80-90k range.

Realistically my unit is worth 50% of what I paid for it and yours is also! If you paid cash you can probably sell immediately (3-4 months) for half price, if you have a mortgage you can just live in it, 'try' for a short sale or just mail in the keys and walk away from it.  The condo above went for 40%  of the original sale price and the market will continue to decline into 2012.

Some owners rent them out or try to. They are in competition with the Developers 56 unsold units which are priced as low income housing and will rent first. Even if you do rent it out you won't make enough rental income to equal your mortgage payments each month. Every month you will be in the hole. This is called deficit financing and when the government does it, they just print more money. When you do it you will find it to be a short term solution that will go on until the market recovers or you run out of savings to make up the difference (guess which is going to happen first).

Keep in mind that there are many more foreclosures to come at NCC and your pricing will always be in competition with these. There is no light at the end of this tunnel.  The 'old' owners who purchased at list price, or close to it, will be replaced by a new crop of owners who come in at the much lower foreclosure prices.

Nautilus Cove isn't going away, it is just going to be owned by a new crop of people who paid a lot less for their condos than we did.

Just a reminder FYI:

Don't be a pig, take your garbage to the compactor and if you have your kids take it for you then make sure they take it all the way and don't just dump it in the bushes or leave it at a pet waste station. 

Not sure what our Rules and Regulations are?   Click on this link to find them:  http://nautiluscondosrules.blogspot.com/2006/09/note-these-rrs-have-been-in-force-since.html

The ‘Best Time to Buy’ a condo?

Every realtor will tell you ‘now is the best time to buy’. Of course that is nonsense, and it won’t make them any commission to tell you that it is next year when the foreclosure market really gets into high gear.

Due to the major banks screwing up with the ‘robo signing’ nonsense the sales of foreclosed units has slowed and banks and mortgage companies have been reluctant to put more homes/condos into ‘lis pendens’ status as they could not handle those they were already foreclosing on.

This situation is now about to change and experts predict that in early 2012 not only will foreclosures rise, but those already filed will be put back on tract to the banks taking possession and marketing those condos. Presently the Florida ‘average’ length of time between filing and taking possession is about 850 days. This gap should be steadily closing and in 2012 it should be a much more reasonable time frame for the banks to take over a unit from a delinquent owner.

This is a mixed bag for condo owners. On the plus side the currently empty condos will be sold and new faces will appear in the previously empty units, bargains will be had by the new owners who will come in at prices 50% of what the original owners paid.

The downside is of course this coming flood of foreclosed condos will make it almost impossible for current owners to sell at any reasonable price. The foreclosed units now available are priced to sell, those coming next year may even be cheaper plus there will be a greater selection for new purchasers to choose from.

More info at:
http://con.st/10022898  and http://www.cnbc.com/id/44533588

Something that might be of interest to all residents at Nautilus Cove

I had an interesting email today from an owner here who was quoting something that had been sent on and I thought it and my reply might be of some interest to readers. I have omitted the name of the person who sent me the email.

Bill Harris, 708

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

Subject:  Sad News
Date:  9/13/2012 2:14:00 P.M
From:  redacted
Reply To: To: WmHarris2010@aol.com

I just received the following from one of our owners and thought you should know about this.

 

Someone recently told me they were thinking of buying in our community but due to Mr. Harris's blog they declined. It was upsetting to hear the negative thoughts they had received. I really feel upset over how we are perceived due to someone's negative information. Just thought I would share this information it was upsetting to me..

due to Mr. Harris's blog they declined

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

9/13/12

They made the right decision.

 

Thank you for your email it deserves a comprehensive reply and I am pleased to take an hour out to respond in detail.
 

As long as you, as a BOD member, keep Concord Management running this complex it will not be a fit place to buy a condo.
 

Their 3 year sweetheart contract is up next year (Oct 4th I believe) and whoever is on that 2013 board MUST see that Concord Management gets tossed out.
 

They work for the Developer and NOT for our Owners. We are paying them a heck of a lot for very little work for us here at Nautilus Cove. I am going to attach something that you may have seen before, but it tells everyone exactly who Concord Management Ltd works for and I intend to make sure that each and every Owner here at the condo gets a copy of this ** they may not read it but they sure will get it.

I and a heck of a lot of other Owners have had more than enough of this foolishness from Concord and Ms Turnipseed. I have absolutely NO doubt whatsoever that it was her that posted on my message board the negative information about the former employee Mr Holland and an Owners husband (http://nautiluscove.proboards.com/index.cgi?board=general). She is a totally disruptive and un-cooperative person. I know this from many sources including my own contacts with her.
 

I will continue to be entirely negative towards Concord until they are gone which I hope is with the new 2013 Board of Directors and you can email a copy of this the person who complained and anyone else you would like.
 

I have had no use for Concord and the Developer since my inquiry many years ago to both management firms (Concord & Seagrove), the BOD and the Pres of Concord Management about the 4/16/08 2 minute 'Emergency' BOD meeting* (I asked what the 'Emergency' was), while no one officially responded to me the Mr. Jones, the realtor you like from Pelican, emailed me that they didn't have to tell me and one of the Pelican realtors told me that the Developer said: "it was none of my business". Until then I had little interest in Concord, since then I have and I will see that they will not remain as our management firm.
 

If you are interested in what my best guess on the 'why' of this Emergency meeting was necessary, it is that Concord Management did not have a certified Community Assn Mgr on our site when they took over from Seagrove, which is violation of DBPR regulations and they could be heavily fined and they wanted 'out' on a temporary basis ASAP (ie: before anyone noticed) so they gave it back to Seagrove for a few months.
 

As you know NCC is no longer an 'approved FHA/HUD' complex, this rating expired a year ago and it has nothing to do with my blog but has to do with the number of rentals here v. owner occupancy (it is about 80% rental) and our long standing delinquency rate. I also just lost the sale of my condo on a VA loan. Our condo is just not certifiable anymore so lenders are not anxious to write loans for NCC units. You might remember my having written to you about a month ago when a Mr. Coulson from Atlanta had his bid for 515 fall through, he wrote:

"Two Banks have refused loans in Nautilus Cove.
We were approved for the loans, but FHA has dropped the complex from the approved list of FHA approved Condos, so an FHA loan could not be obtained.
Reason: Financial Status not updated.

Second Conventional Loan not approved because too many rentals, developer owned units, and current financial status of the Association."
 

The units here are not easily sold despite prices being 45% of original, mine was almost sold at 54% of original price and went down the tubes Monday.

So please tell your little friend (probably Realtor Jones) that the decision of the person not to consider NCC was probably the correct one, at least until we can unload Concord Mis-Management and get someone else.
 

And if you are interested in who might come in, take a look at: http://nccmanagementcompany.blogspot.com/ Nearly 2 years ago I asked the Continental Group to take a look at our complex and write a proposal as to what they could do for us, they did 24 pages just on spec. Their firm is the local representative of one that has over 1 MILLION managed units in several countries, Concord has perhaps 32,000 managed units in 7 states (a couple of states it is 1 complex).
 

I have never met with anyone from Continental, have no connection to them and don't care if they, or some other management firm takes over, I just know that we don't need a snotty CAM in the office representing the Developer and his 'Team' of companies.
 

Bill Harris

708

 

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*

(NOTE: This is the infamous 2 minute meeting in which one management firm was fired and another appointed. Both management firms and the BOD have repeatedly refused to provide any info as to why one firm was fired and the other hired. Something has always smelled here.)

Nautilus Cove Condominium Assn, Inc. Emergency Board Meeting

Unapproved Minutes

Date: April 16, 2008
Location:

Seagrove on the Beach Property Management office, 5311 E. Co. Hwy 30-A, Santa, Rosa Beach, FL 32459

Call to Order:
Association Manager Ross Pritchett called meeting to order at 2:01 p.m. Central Time.

Board Members Present:
Dean Price and Jim Klohn via speakerphone. Jennifer Jones could not make the meeting, but replied to Ross Pritchett by email with her recommendation to rehire Seagrove on the Beach Property Management as the HOA manager.

Others Present:
Ross Pritchett and Samantha Jarrett- Seagrove on the Beach Property Management – Association Managers.

Establish Quorum:
A quorum was established with two of the three board members present via speakerphone. Both members waived notice.

Reinstatement of Management Company:
Dean Price moved that the association reinstate the management agreement with Seagrove on the Beach effective today April 16, 2008. (Update: this change only lasted until July 1, 2008 and the BOD fired Seagrove 'again' and Concord was rehired) Jim Klohn seconded. Motion passed 2 Yes. Voting Yes was Dean Price and Jim Klohn.

Adjournment:
Jim Klohn moved to adjourn. Dean Price seconded. Meeting adjourned at 2:03 p.m.

Submitted by: Ross Pritchett, CAM Association Manager

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** for the best copy go to their site at:

http://www.atlantichousing.com/feature_nautilus.html

Misc Info FYI:  In my 9/7/11 post below I mentioned that in Florida the average foreclosure took 853 days (2 yrs 4 months).

I don't know that this is the longest one running here, but I noticed that John Thomas #401 has been in foreclosure with HSBC Bank since 2/13/09 with the next hearing set for 9/28/11. So on that date it will be 867 days in foreclosure (2 yrs 4 months 17 days) and last I heard he is still living in the condo and he still owes over $7,600 in Association dues.

#09000716CA, HSBC BANK USA NATIONAL ASSOCIA vs. THOMAS, JOHN JR
6/30/2011 NOTICE and JUDGMENT / DISMISSAL TO ANSWER PRIOR TO 09/28/11
2/13/2009 COMPLAINT FOR FORECLOSURE

Rental Condos: Concord vs. Owners

If you are an owner trying to rent out your condo you will find that you are in serious, and probably losing, competition with prices as Concord is asking less than owners for the Developers unsold 56 units.

Although renting from an Owner requires less BS and paperwork and it will probably get you a unit in a nicer part of the complex, the lower prices for the Concord/Developer units give their renters a $150-250 a month savings and almost a half price for the Security Deposit. 

Can an owner rent out their units?  Sure they can, but probably not until the Concord units are full and if they go head to head in pricing it might be difficult to break even.   Owners renting out their units might mean taking a loss every month, some Owners just can't hang on and have to let them go in foreclosure.

For Concord prices see:  http://www.nautiluscove.com/Apartments/module/printable_brochure/property[id]/20254/ and http://www.rent.com/rentals/florida/panama-city-and-vicinity/panama-city-beach/nautilus-cove/664494/

 

FYI: Some Retail changes near NCC

Borders Book Store
Borders is closing all 399 of their stores, including their store in Pier Park.  The store will probably close in late September with a loss of 30 employees.

New Wal-Mart
The Planning Director for PCB confirmed that the new Wally World store will be at the corner of Powell Adams and PCB Pky and will be 70% the size of the existing PCB store, it is expected to be a more upscale store to compete with the next door Tarbutt store.

Improvements include:
• Powell Adams Road widened to 4 lanes with center turn lane (5 lanes total)
• Widening to be taken 1700 feet down Powell Adams from PCB Pkwy
• PCB Pkwy and Powell Adams Road intersection to be signalized
• Three PCB Pkwy entrance points into plaza
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Speaking of Wal Mart - the 23rd Street Wal Mart is also reopening.

In Oct. 2009 the Wal Mart store, 513 W 23rd Street, in Panama City closed when they opened the new super store in Lynn Haven. 

The old store generated $500,000 a year in sales taxes for Panama City and employeed about 250 people.  It had opened originally in 1987.

The reopened store will also expand to include the next door Fashion Bug store and will have a full line of groceries, the total space will be 125,000 sq ft. We will soon have 5 Wal Marts in Bay County.
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Yes Walmart will have 2 PCB Stores  7/29/11

PCB City Council News and Notes - CRA Teams with Wal-Mart

Plans to move ahead with an expansion of Powell Adams Road were also at the Beach council meeting today.

Commissioners agreed to move forward with a CRA partnership with Wal-Mart to expand 1,700 feet of the road to four lanes, meeting CRA standards.

Wal-Mart will contribute $400,000 dollars to the 2 million dollar project.

A May traffic study by WalMart will be followed in July by a meeting between WalMart and PCB officials to discuss the projected 156,000 Sq Ft Wal Mart (30% smaller than the existing PCB Walmart which is 223,168 sq ft) it is to be located 1 mile from Nautilus Cove, at the SE corner of Back Beach Rd and Powell Adams Road. This is adjoining the existing Target store.

A site plan remains to be submitted but the new store will have 780 parking spots and a traffic light is to be placed at the Back Beach and Powell Adams Road intersection.  The existing Front Beach Rd Walmart would remain open.

The site is currently owned by the St. Joe Paper Company, the same firm that owned the land NCC is built on. If Walmart goes ahead completion should take about 18-20 months.