Aquatera

Cut the innuendo dude- call Johnny Earles and ask him what the FBI told him about Aquatera and their investigation of the developer that made him bail;

Cut the innuendo dude- call Johnny Earles and ask him what the FBI told him about Aquatera and their investigation of the developer that made him bail;

I'm not that interested. I'm more interested in you and your postion because you are posting here. Feel free to call him yourself and report back to us.

I been

dumbass..well I tried

I guess the common knowledge has not reached the beaches

Kurt needs to put down presales on about 20 lots and check back with us in 6 months

the developer is going down, read my lips

that is all I can do to help

Did you just call Kurt a "dumbass?" :shock:

Did you just call Kurt a "dumbass?" :shock:

Once.

Once.

:clap_1: :clap_1: :clap_1:

Hallaluwah, why don't you call the newspaper and give them your inside story? Do you really think Johnny Earles is stupid, too? What about his attorney? Do you really think they will be freely giving out public comments regarding this matter if all the people you say involved are really involved?

You seem to be the only person in the know who is posting about Aquater(r)a, so come on and spill the beans. Crap or get off the toilet.

Hallaluwah, why don't you call the newspaper and give them your inside story? Do you really think Johnny Earles is stupid, too? What about his attorney? Do you really think they will be freely giving out public comments regarding this matter if all the people you say involved are really involved?

You seem to be the only person in the know who is posting about Aquater(r)a, so come on and spill the beans or shut the hell up.

Too late, he's blind. Dude ran out of rope. :roll:

There could be something here folks; the word (well, 2 words) I heard from my brother in law is "Ponzi scheme"

We know a little bit about an Aquatera related subpoena on the appraiser, Fruitcher Lowery. I found this forum by searching some of the key words here; basically using the developer's name. I don't know the other names on the subpoena list as read to me but it looked like several law firms, banks and brokers like Johnny Earls and Connie Carlsberg

I searched the developper on the Federal lawsuit database, and turned up a Florida case failing to pay the marketing people on Aquatera and Seagrove; and a mortgage company default case in NY- both open

The appraiser in Florida definately got a US Attorney grand jury subpoena on this deal; apparently the case deals with the land purchase and resale as designed to get 200% financing. Apparently this developer buys lots of projects but never really develops anything? It ties to many other deals.

Apparently the developer owns the real estate development company, the contractor who builds, the brokers who sell the product, the mortgage company that makes the loansto buy the insurance company that does the homeowner's insurance, the title insurance compnay, the law firm that closes, the management companythat rents it for you-maybe a bit too stem to stern to pass muster

I agree those posts from the arab don't read very clearly but maybe he or she is on a restricted computer like in a school or institution?

I just think these forums are great for tossing around ideas- time will tell what's what

Apparently the developer owns the real estate development company, the contractor who builds, the brokers who sell the product, the mortgage company that makes the loansto buy the insurance company that does the homeowner's insurance, the title insurance compnay, the law firm that closes, the management companythat rents it for you-maybe a bit too stem to stern to pass muster

Economics 203, Lesson 3: Vertical Integration

I got some more info online

The title records show the first mortgage lender is RE Loans out of California; google that turns up RE Loans is owned by a Barney NG (the Vietnamese Dude?), He seems like a creative fellow- did the loan on the Queen Mary when it was relocated to Long Beach, Ca.

The second mortgage is held by the seller, who seems to be the developer's lawyer out of Pompano Beach?

So the developer's lawyer in Pompano Beach buys the property for $25 mil and flips it the same day to the client for $61 mil, and finances it for the client?

It gets better: the real estate records show that the first mortgage (the one now held by the Vietnamese dude) was actually assigned/sold from the developer's lawyer to him?

How come my lawyer never loaned me millions of dollars to buy something from him so he could make millions of dollars of flip profits??

That is $36,000,000 of profit for the lawyer???- that would definately change my situation~~:clap_1: :clap_1: :clap_1:

It is not at all uncommon for a seller to hold the mortgage for a buyer. It is done all the time as "owner financing." I wouldn't jump to conclusions here.

It is not at all uncommon for a seller to hold the mortgage for a buyer. It is done all the time as "owner financing." I wouldn't jump to conclusions here.

I don't see that as the issue here.

What I get out of this is the property changing hands in a single day and going from $25M to $61M (and that's even without those ubiquitous "value-adding granite counter tops!" :shock: )

The problem lies in whether the property was used as collateral (at a value of $61M) to secure some type of loan. Right??

The problem lies in whether the property was used as collateral (at a value of $61M) to secure some type of loan. Right??

Exactly. If so, I wonder if the proceeds are sitting in some account in the Cayman Islands.

Re: Aquatera Foreclosure

loans in default lender foreclosing; not sure if existing contracts will be kept

The time is coming when you'll see some folks (who "invested" in condos) coming to the sales table and have to hand over a check in order to get out from under their investment.

Then there will be those who just "drop off the keys" and will find a 1099 in their mailbox where they'll have to pay tax on the difference between what they owed the bank and how much the bank got back when they sold the place at auction.

Then there will be those who just walk away from their 20% down (pre-construction) because they can't afford to get--or the bank won't let them get--a mortgage that is 2% higher than it was when they plunked down the money. They never planned on having to actually "pay for" the property--they only planned on beating back a never-ending line of buyers begging them for the chance to take the condo off their hands at a 200% profit.

Real Estate investing certainly isn't anything like investing in penny stock--it's FAR MORE risky.

(Disclaimer: I don't do penny stocks ;-) )

Yeah...What about 85k for a lot that u can sit on forever?

Yeah...What about 85k for a lot that u can sit on forever?

Personally, I'd rather use the extra $85K, spend it on experiences, and enjoy it today while I'm still alive...having an additional square of dirt to deal with and pay taxes on (and that doesn't even give me the opportunity for an additional vote!) doesn't do anything for me. Different strokes.

Re: Aquatera Foreclosure

loans in default lender foreclosing; not sure if existing contracts will be kept

g

who is foreclosing? where did you get that information

Re: Aquatera Foreclosure

loans in default lender foreclosing; not sure if existing contracts will be kept

what is happening to the Texas project then? same developer!!!!!!!!!! Mustang Island, huge project, no money or financing there either.

Is there any update on Aquatera? Site looks like it is wasting away in the sun. Website still up, but no correspondence returned.

thanks

Is there any update on Aquatera? Site looks like it is wasting away in the sun. Website still up, but no correspondence returned.

thanks

that seems to be about the gist of it. chain across the entrance, mobile home looks loose from it's moorings, and 'agent on duty' sign long gone.

Is there any update on Aquatera? Site looks like it is wasting away in the sun. Website still up, but no correspondence returned.

thanks

Johnny Earles, the real estate broker for the development ran away from that one after talk of FBI investigations were brought up for possible fraud in this development between the developer and the lender or appraiser. This was only the talk around town, and I do not know how true it is, but this came about shortly after the grand reception kicking off the project. Almost immediately, everything halted.

The property would make a nice acquisition by Alys Beach.

The property would make a nice acquisition by Alys Beach.

I think they tried to get it when it was for sale a few years ago. Unless they can get it at a forclosure sale, I believe they'll pass. What did the Aquatera people pay? Around 61 MILLION if I remember correctly .

I think they tried to get it when it was for sale a few years ago. Unless they can get it at a forclosure sale, I believe they'll pass. What did the Aquatera people pay? Around 61 MILLION if I remember correctly .

Maybe that is the reason for the fraud.

edit: just checked, they paid 24.5 million for that property

Johnny Earles, the real estate broker for the development ran away from that one after talk of FBI investigations were brought up for possible fraud in this development between the developer and the lender or appraiser. This was only the talk around town, and I do not know how true it is, but this came about shortly after the grand reception kicking off the project. Almost immediately, everything halted.

The property would make a nice acquisition by Alys Beach.

And what a kick off party it was!!!! ;-)
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