Aquatera

...oui oui!!!!

They need to send one of the peasants out to cut the weeds;place is an eyesore.:shock:

They need to send one of the peasants out to cut the weeds;place is an eyesore.:shock:

Maybe some sheep?

Maybe some sheep?

Something. Passed by this morning and they are knee deep...and the sprinklers are running!

Something. Passed by this morning and they are knee deep...and the sprinklers are running!

I hope the lawn maintenance crew isn't expecting to be paid for the use of their goats.

Something. Passed by this morning and they are knee deep...and the sprinklers are running!

Town planner Jim Tinson said, “Aquatera would become the next jewel on the Emerald Coast.”

Send "Jim the Planner" an e-mail (jtinson@harthowerton.com) and tell him get his butt over there and mow that "Jewel."




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Town planner Jim Tinson said, ?Aquatera would become the next jewel on the Emerald Coast.?

Send "Jim the Planner" an e-mail (jtinson@harthowerton.com) and tell him get his butt over there and mow that "Jewel."




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thats funny shelly...but not jim's fault...hes a good guy!

thats funny shelly...but not jim's fault...hes a good guy!

Good point, EGRP. Sometimes, good people get in with the wrong crowd. Not everyone associated with Aquaterra were bad people, and as soon as some involved discovered potential legal troubles, they removed themselves from any association with Aquaterra. I don't know Jim, but I know of other reputable people who were involved (and I don't mean involved in fraud of which Zohouri was accused)

Not to mention it killed the Aquatini's chance of ever being a suitable alternative to the Appletini.

Re: Aquatera value

The land could be worth that and more; I heard Z sold one (1) of his eighteen (18) ocean front parcels on the Gulf Coast of Texas on Tuesday at an $81.5 Million "fire sale" price; paying off the lender's 40% LTV loan and netting him tens of millions of dollars of profits. He still has about 400 acres left there also worth probably another $80 million or more




"I wonder if EBSCO will pick it up at a steal." Doubtful. The auqatera lender is a CAL/NEV casion developer with an extremely deep pocket of cash

Maybe some sheep?

You claiming I am part of this fraud? Do you have a lawyer, 4 eyes?

Do you have a lawyer, 4 eyes?

You claiming I am part of this fraud? Do you have a lawyer, 4 eyes?

I have so many lawyers it would make your hair curl...ier. Notice how my answer was capitalized, baa baa. :roll:

I wonder if the property was sold this morning. Anyone go to the auction?

The lender took it back. Principle balance was $38,500,000; interest, fees and penalties brought the full amount to close to $44,500,000.
No one actually paid that today; the lender lent the money a while back, so essentially bought the property a few years ago for $38,500,000.

Thanks for the info. That $5.667 million in interest might leave a sore spot. ouch. The question is, is the property worth the $38.5 million, and that is a big question. Looking through some of the sales information, it appears as though Zohouri created an LLC to buy it from himself. (I doubt it is as it appears), thereby cashing out on something like twenty million.

Re: Aquatera and the SoWal market- lessons learned

Lender's current appraisal must be more than $45 mil or they would have bid the appraisal amount (and not the higher debt amount) and taken the loss against current income; looks like this lender would just as soon have the property anyway- he is a Reno casino developer who financed bringing the Queen Mary to Nevada and recently sold the San Francisco CA Armory building at a huge profit to www.kink.com so he is a cowboy wheeler dealer- will be interesting to see what he puts out there on the Panhandle

"Flashback Update"

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

Our old friend Fred Zohouri made Page One of the Wall Street Journal!!--congrats Fred!!!

http://online.wsj.com/article/SB118799900508008451.html?mod=hpp_us_whats_news

DEFAULT LINES
Condo Troubles
Further Squeeze
Property Lenders
Full Force of Glut Is Felt
As Buyers Back Out;
'More of the Iceberg'
By ALEX FRANGOS
August 25, 2007

For the nation's real-estate lenders, the other shoe may be about to drop: condominiums.

Already plagued by rising home-loan defaults and foreclosures among overstretched consumers, major markets across the country -- including parts of Florida, California and Washington, D.C. -- are seeing rising foreclosures and bankruptcies of entire condo projects.

The problems are emerging as some buyers who signed contracts to buy new condos two to three years ago, when construction was just starting, seek ways to back out as they encounter trouble getting financing in the suddenly dicey mortgage market. Falling prices are forcing appraisals down, so banks aren't willing to lend the full amounts that people committed to in the sales contract.

................






"Left holding the bag amid the defaults and foreclosures are the banks and real-estate investment funds that lent money to people such as Farbod Zohouri, an Atlanta developer who took out $300 million in loans for more than a dozen projects in 2005 and 2006. Within a year, all were foreclosed or had filed for bankruptcy protection.

In a sign of how widespread the condo frenzy was among lenders, Mr. Zohouri's financing sources ranged from tiny local banks to Lehman Brothers, which lent him $180 million for two Orlando condo-conversion projects that flopped. Several commercial banks lent him money for five projects, despite his relatively small operation and spotty track record, which included a settlement with the federal government on mortgage-kickback allegations.

Mr. Zohouri, who goes by "Fred," says he is "an honest person" who is working hard to get his investors' money back. He says because of possible legal actions, he can't explain exactly what went wrong."

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I know "exactly went wrong"....Fred's reality check bounced.


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Re: Aquatera
"Flashback Update"

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

Our old friend Fred Zohouri made Page One of the Wall Street Journal!!--congrats Fred!!!

http://online.wsj.com/article/SB1187..._us_whats_news

DEFAULT LINES
Condo Troubles
Further Squeeze
Property Lenders
Full Force of Glut Is Felt
As Buyers Back Out;
'More of the Iceberg'
By ALEX FRANGOS
August 25, 2007

For the nation's real-estate lenders, the other shoe may be about to drop: condominiums.

Already plagued by rising home-loan defaults and foreclosures among overstretched consumers, major markets across the country -- including parts of Florida, California and Washington, D.C. -- are seeing rising foreclosures and bankruptcies of entire condo projects.

The problems are emerging as some buyers who signed contracts to buy new condos two to three years ago, when construction was just starting, seek ways to back out as they encounter trouble getting financing in the suddenly dicey mortgage market. Falling prices are forcing appraisals down, so banks aren't willing to lend the full amounts that people committed to in the sales contract.

................






"Left holding the bag amid the defaults and foreclosures are the banks and real-estate investment funds that lent money to people such as Farbod Zohouri, an Atlanta developer who took out $300 million in loans for more than a dozen projects in 2005 and 2006. Within a year, all were foreclosed or had filed for bankruptcy protection.

In a sign of how widespread the condo frenzy was among lenders, Mr. Zohouri's financing sources ranged from tiny local banks to Lehman Brothers, which lent him $180 million for two Orlando condo-conversion projects that flopped. Several commercial banks lent him money for five projects, despite his relatively small operation and spotty track record, which included a settlement with the federal government on mortgage-kickback allegations.

Mr. Zohouri, who goes by "Fred," says he is "an honest person" who is working hard to get his investors' money back. He says because of possible legal actions, he can't explain exactly what went wrong."

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

I know "exactly went wrong"....Fred's reality check bounced.

"I know "exactly went wrong"....Fred's reality check bounced"....another gem from SHELLY.

Shelly's quick reference guide?

Re: Aquatera The King is gone

Elvis has left the building. "He's Gone, He's Gone, and nothing's going to bring him back. He's Gone. " Nothing left to do but smile, smile smile.

Collapse of Sowal market leads to the new Aquatera

ACI real estate announced yesterday that it?s investment plans for the emirates is currently standing at a stunning ?2.8 billion ? which is scheduled for both Dubai and Abu Dhabi prime property development. Up-to-date investments include the 3 sports legend commercial towers, known as the ?Trilogy? project situated along Dubai?s high-end Business Bay and another 5 new towers soon to be launched in Abu Dhabi.
ACI Real Estate is an affiliate of Alternative Invest Capital, a forward-thinking investment house from Germany.
The UAE property market offers significant opportunities for hard currency investors. The global fluctuations in interest rates and imminent slump in the US will continue to divert funds globally to pockets such as the emirates which offer sterling opportunities for ready investors. What is more, the emerging clarity provided by the long term economic vision of both Abu Dhabi and Dubai signal sustainable gains for commercial and residential space, as well as sustained pricing. Such fundamentals make for healthy gains for the prudent investor.
ACI is fast becoming a major force in the Dubai property arena, with the announcement of three iconic buildings named for sport legends, Michael Schumacher, Niki Lauda and Boris Becker. The ?Trilogy?, as it has come to be knick-named, is valued at over ?300 million with a 1.33 million square meter floor plan. Planned completion will be in 2009/10, situated along the upscale Business Bay district, where property prices are set to soar.

ACI Real Estate has plans currently for a total of thirteen commercial and residential towers in Dubai and Abu Dhabi. Several of the buildings sold within hours of coming to market - mostly to ready investors in Europe. ACI?s vision reflects its focus toward building not only sustained value for investors, but more importantly, focused portfolios consistent with economic fundamentals of population growth, and developing infrastructure. The company has a cache of investors largely from German-speaking Europe, and the emirates. The developments offered investors the rarest of all opportunities,? to be part of the blueprint of a city that the world has come know and respect.?

The Trilogy development on Dubai?s Business Bay will be concluded with the launch of the Boris Becker Business Tower on 24th February 2008.

I see there has not been a lot of discussion on this topic since 2007. Is anybody listening? My brother lost his entire life's savings in a California real estate investment trust that lent the money to this developer. I understand the trust took the property back. I have a few questions that maybe someone can help me with.

Is the property on the market?

What is it worth aprox.?

What is the history on the developer who failed. Where can I find informantion about him. We are considering suing the Ng's based on $750,000,000 of bad deals they made around the country. There scam was to loan the money to anyone, with no restrictions and take a cool 8-10% cut off the top and then hide the fact that the loans were bad and not performing. Kind of a real estate Ponzi scheme.

What a thread.

Update
http://sowal.com/bb/showthread.php/80619-Kaiya-Beach-Resort-Planned-on-26-Acres-in-South-Walton