Nature Walk

A little bird told me that the developers met with lots of banks yesterday to discuss the future of NatureWalk as well as other projects that they have. I understand that there were a lot of long faces leaving the meeting.

A sandpiper told me the meeting was with 20 bankers and everyone had long faces. You know the banks are stupid to take property now days. Having been a loan officer for AmSuck in the 80's I lent Millions to those who qualified. The bank never, ever, wanted anything back other than principal and interest. Banks today that are over exposed in the RE market should let the owners continue to work their deals, if they have the cash to do so, cut the rate, modify the loan and ride it out. The FDIC does not like to see a bank turn into a RE office. That is why the FED is saving Citi, Chase etc. They are to big to fail unless there was a run on the bank. I love the fact that we are paying 3 bucks a gallon for gas and its the same folks we are paying for the gas that is bailing the players out. Absolutely shameful! Me saith further not. :sick:

Is this the "odd architecture" that is concrete and looks like a castle left incomplete. The property I am refeering to is on the L as you go toward ALYS and Rosemary.....

An all time favorite perhaps? Chateau de Paris?

No, this is right between Angelina's and Pelican Real Estate.

What do you bet it's that old favorite...

"This property would be easier to sell without that eyesore (insert here - house, trailer, vegetation, car wash, etc.) on it. Let's clear it off."



Personally, I've got no problem if the property's been sold or if something actually happens there. But if SoWal has just gotten a brand new vacant lot, it's a long drive now to rinse off the car, isn't it?

An all time favorite perhaps? Chateau de Paris?

Dreadful isn't it....everytime I'd bike by there I would just say I don't get this. It doesn't fit in it's environment!

What do you bet it's that old favorite...

"This property would be easier to sell without that eyesore (insert here - house, trailer, vegetation, car wash, etc.) on it. Let's clear it off."



Personally, I've got no problem if the property's been sold or if something actually happens there. But if SoWal has just gotten a brand new vacant lot, it's a long drive now to rinse off the car, isn't it?

There is that great little place on 98 on the left going toward the mall from 30A...

I think Miss Kitty said it best.

The main portion of NatureWalk was purchased at least 5-6 years ago, wasn't it? And it was a fraction of the cost of the $16 million for the Villas, if I remember correctly. It seems hard to believe the income from the Villas is covering that mortgage plus all the expenses.

In hindsight, the former Villas owners did very well for themselves. Timing is everything.

The main portion of Natureswalk was not bought for a portion of what the Villa's was. It was actually purchased for $21,000,000 give or take a few dollars. Add that to the Villas purchase as well as the 2 gulf front homes that were originally bought for anticipated beach access and you have around $40,000,000 just for the dirt.

Is there any definite news yet concerning the current status of Nature Walk? I own property in Seagrove and try to keep up with what is happening there even though I spend most of my time in Birmingham.

Not quite a foreclosure:

7/5/07 - Failure to Pay 40M commercial bill results in Certificate of Dishonor by default:
http://clerkofcourts.co.walton.fl.u...px?Request=navResult&IID=20934063&RecordID=38

9/19/07 - Court issues temporary injunctive relief:
http://clerkofcourts.co.walton.fl.u...px?Request=navResult&IID=20954676&RecordID=22

So doesnt look like the bank has foreclosed the property, but this 40M commercial Bill default looms over the property

Not quite a foreclosure:

7/5/07 - Failure to Pay 40M commercial bill results in Certificate of Dishonor by default:
http://clerkofcourts.co.walton.fl.u...px?Request=navResult&IID=20934063&RecordID=38

9/19/07 - Court issues temporary injunctive relief:
http://clerkofcourts.co.walton.fl.u...px?Request=navResult&IID=20954676&RecordID=22

So doesnt look like the bank has foreclosed the property, but this 40M commercial Bill default looms over the property

Forty Extra large. Wow, they are in a nose dive. BK is on its way.

strange that a notary public created the document entitled "Certificate of dishonor by Default".....i don't pretend to comprehend the legalise but for a $40 million note I think i would go through an attorney.

Who are the owners of NatureWalk? I think their offices are on the 2nd floor at Destin Commons...

Who are the owners of NatureWalk? I think their offices are on the 2nd floor at Destin Commons...

Olsen & Associates

Olsen & Associates

yep, seems that the gods of seagrove are looking out. That property was never meant to be bought to do what they were going to do with the community. Nature protects itself sometimes

Olsen screwed me once with promises of building up a community that I bought some land on and never did anything with it and now I am stuck when i bought it in anticipation of everything they were going to do and what I was told. I'm going to have to suck up the lose on that one but people sometimes get what they deserve.

yep, seems that the gods of seagrove are looking out. That property was never meant to be bought to do what they were going to do with the community. Nature protects itself sometimes

Olsen screwed me once with promises of building up a community that I bought some land on and never did anything with it and now I am stuck when i bought it in anticipation of everything they were going to do and what I was told. I'm going to have to suck up the lose on that one but people sometimes get what they deserve.

Hence the developers boiler plate:

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.

Hence Karma and what is happening to most developers that had shady ethics and what is happening to Olsen & Associates.

Hence the developers boiler plate:

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.

What do you think will happen to the Nature Walk property now?

I think only the lender and creditor have a decent guess on that.

What do you think will happen to the Nature Walk property now?

I think only the lender and creditor have a decent guess on that.

And this ever stopped us from speculating why?

lol. Never said it stopped us, but I have no clue as to the answer. I think one would need to know much more about the financial status of Olson, and the background of the lender. So, share your guess.

I just wish that the project would not include the destruction of the Seagrove Villas Motel. It should be a historical landmark. Eventually there will be nothing left of Old Seagrove, thus removing most of its charm.

According to Walton County Code, if the physical building is destroyed, decreasing the value of the building(s) by 50% or more, by any cause, including Ma Nature, fire, or human the zoning would revert back to single family residential, so this whole idea of a beach club was rather ridiculous to begin with.

What do you think will happen to the Nature Walk property now?

The lender will sell it to the highest bidder if foreclosure occurs and the new owner will put it to the highest and best use. In other words, whoever ends up owning the property will not keep the old Seagrove Villas to collect $150 bucks per night in rent versus developing the property with SF Homes or condos.

The lender will sell it to the highest bidder if foreclosure occurs and the new owner will put it to the highest and best use. In other words, whoever ends up owning the property will not keep the old Seagrove Villas to collect $150 bucks per night in rent versus developing the property with SF Homes or condos.

Sad but true. The Seagrove Villas property is I believe four lots, so I predict either four giant beach houses at $4-5 million a pop, or the buyer somehow finds a way to create a mini development of 6-8 houses. Actually, I think that's the best we can hope for.

The main portion of Natureswalk was not bought for a portion of what the Villa's was. It was actually purchased for $21,000,000 give or take a few dollars. Add that to the Villas purchase as well as the 2 gulf front homes that were originally bought for anticipated beach access and you have around $40,000,000 just for the dirt.

Sorry about this -- I was waaay off. For some reason I had $2 or $3 million stuck in my head.

I wonder what will happen to the larger parcel. From what I can tell it's a nice piece of property.

One idea for the Seagrove Villas, which is thrown around, has been condos. With the existing motel building of the Villas, the idea could be feasible, and in keeping within the zoning regulations. However, for the buyers, there could be a huge potential problem. Lets say that the studio Gulf Front condos were sold, then some unfortunate event came along and destroyed the value of the building by 50% or more. By current law, the zoning would then revert back to single family detached residential, causing the condo owners a potential problem, and a potential lawsuit against the seller for any damages incurred. This could be a HUGE problem.

From strictly a financial and risk assessment, I think the owners of the property would be better off by selling off the property as four individual Gulf Front lots, if given the choice of building condos or single family lots. For right now, the Seagrove Villas may not be generating much money, but it sure is the only source of cash coming into the NatureWalk property.