Cypress Dunes lot- no buildout 215,000 for sale,trade, or partner

**csamps** · 02-02-2008, 08:56 AM

Hi all. I've posted in the past about my lot in Cypress Dunes. on the Cypress Pond. lovely lot 114

This lot is unique because it has no enforceable buildout, per numerous Florida -30-A lawyers, and you can use the builder of your choice. New title insurance CAN be issued for the new owner.

Great to hold land here while everyone else builds- needless to say, no insurance, lower taxes,

All taxes are up to date, as well as the homeowners associations dues, are paid through 1st quarter 2008 as well.

Agents will be protected.

FYI- I paid over 425k on this, plus carried it.

I will sell, partner with someone using cash, or trade for or towards property in North GA mountains or NC (Asheville or something like that)

**Little Fish** · 02-02-2008, 10:00 AM

"This lot is unique because it has no enforceable buildout, per numerous Florida -30-A lawyers, and you can use the builder of your choice. New title insurance CAN be issued for the new owner."

What do you mean by this? John Willis is the only builder in this community. In addition, when you purchase a lot, your choice of home style is limited to two or three "approved" JW designed homes.

All lots had buildout requirements. As I recall, JW had the right, not the obligation, to repurchase your lot at 5% above the original purchase price, if the buildout requirement has not been met. Since you are willing to sell below original purchase price, the new buyer would have zero risk of losing money if JW bought back the lot.

Why does your specific lot (relative to all other lots) have no "enforceable buildout". Does JW agree?

Little Fish

**elgordoboy** · 02-02-2008, 10:09 AM

You are making a big assumption that "JW" would want it, no?

**Little Fish** · 02-02-2008, 10:16 AM

Elgordo:

There is no way JW want's to buy back the lots. He appears to be scrambling to unload those properties.

Little Fish

**csamps** · 02-02-2008, 10:27 AM

All lots had buildout requirements. As I recall, JW had the right, not the obligation, to repurchase your lot at 5% above the original purchase price, if the buildout requirement has not been met. Since you are willing to sell below original purchase price, the new buyer would have zero risk of losing money if JW bought back the lot.===========================

Correct. yes, there would be no risk, in my opinion, and that of my attorney.

but southern escrow messed up on paperwork on mine (also i was not disclosed certain things)- and also on the people i bought from. BOTH the person i bought from , and myself, did not sign anything related to those things.

I have had it looked at by I think now 4 Florida attorneys- including one where AFTER they had issued their opinion, a conflict (ie they do work for southern escrow ) was found. it did not change their opinion. currect real estate attorney & litigator. has said clearly, why i am not bound at all. there is nothing in the public records, or any form that restricts me.

John willis has only suggested i sell the lot- if i wanted to needed to. i offered to him, in the past 2 years but he has not attempted to stop my many postcards regarding these things to other current cypress dunes owners (who i felt would be the most logical to know someone who might want, or want themselves)-

you would have to follow the design guidelines set forth by the homeowners assocation.

my attorney- in his opinion letter, which was not challenged by southern escrow or john willis homes, said a fully covering title policy can be issued for the new owner. as there ARE no enforeceable buildout or builder (which one) restrictions.

personally, i like the house designs. i would have used one. i would gander if jwh won't outright give one, the architect could tweak, the simpliest away to make it new/ custom on the outside./inside.

**csamps** · 02-05-2008, 03:31 PM

i was curious, reading about these watercolor 1031 transactions into new property.

could someone buy the LLC that my property is in (it's taxes as an S corp tho) and "pay" extra to enjoy the benefit of the tax loss (about 200k) ?

any accountants on board? is there a way to sell a business, it's asset that you agree to sell, with it's loss (also an asset) as a tax loss to carry forward.