Has anyone heard anything about a new development going in
Seagrove on the north side of 30-A, next to a mini-warhouse, close
to Summer's Edge? We received certified mail today in regard to
a new major development consisting of a 35 single family subdivision
with 13 townhome units, 7 live/work units and 7,875 sq.ft. of retail
space conceptual PUD on 4,743 acres with a future land use
designation of Village Mixed Use. The proposed site is located on the
north side of C.R. 30-A, east of Cypress Grove Lane and west of May Drive.
A planning commission meeting is scheduled. We received the letter in
regard to having property close by to this new development. The letter
states we're within 300 ft. of the above referenced parcel. Familiar any-
one with the above??
The name states LLC (Johnny Earles, Applicant and Connelly & Wicker, Inc.
(Ryan Christensen), Agent.
Replies
76Beach Fanatic
if the bank has 12 million or so into it what would probably be their bottom line to sell?
SoWal Insider
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SoWal Expert
if the bank has 12 million or so into it what would probably be their bottom line to sell?Good question. I'd like to know that answer as well. Even if they sell it below that $12 million, I understand they could still go after the Zohouri for the balance, but from what I hear, they probably wouldn't be able to get anything. I believe that original sale price during the peak of the market was around $15million, so I'm not sure that people will jump on this property at $12million, especially if they have to pay cash by 2pm on the day of the auction.
Beach Lover
its a 4.3 acre parcel on the north side of 30A with a pretty long stroll to the beach.
if this thing goes for half of $12 million i would consider that great for the bank. lets crunch some numbers...
$12M is $2.8M/acre of which you can get 8 SFH per acre which equates to $350K per lot in acquisition costs and this does not include infastructure, design, costs etc. Would need to get over $500K per acre retail to make this work...that doesn't work.
$6M results in acquisition costs of $175k per lot which is more manageable and maybe you try to sell retail for like $350k per lot...not sure that works in this market. Remember JOE is selling WaterSound West Beach lots (south of 30A with very nice amenities) for under $300k per lot.
I bet you it doesn't even get $6M...what do yall think?
if this thing goes for half of $12 million i would consider that great for the bank. lets crunch some numbers...
$12M is $2.8M/acre of which you can get 8 SFH per acre which equates to $350K per lot in acquisition costs and this does not include infastructure, design, costs etc. Would need to get over $500K per acre retail to make this work...that doesn't work.
$6M results in acquisition costs of $175k per lot which is more manageable and maybe you try to sell retail for like $350k per lot...not sure that works in this market. Remember JOE is selling WaterSound West Beach lots (south of 30A with very nice amenities) for under $300k per lot.
I bet you it doesn't even get $6M...what do yall think?
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SoWal Expert
its a 4.3 acre parcel on the north side of 30A with a pretty long stroll to the beach.
if this thing goes for half of $12 million i would consider that great for the bank. lets crunch some numbers...
$12M is $2.8M/acre of which you can get 8 SFH per acre which equates to $350K per lot in acquisition costs and this does not include infastructure, design, costs etc. Would need to get over $500K per acre retail to make this work...that doesn't work.
$6M results in acquisition costs of $175k per acre which is more manageable and maybe you try to sell retail for like $350k per acre...not sure that works in this market. Remember JOE is selling WaterSound West Beach lots (south of 30A with very nice amenities) for under $300k per acre.
I bet you it doesn't even get $6M...what do yall think?
How did they think they were going to make those numbers work at the $12M level?
SoWal Expert
I bet you it doesn't even get $6M...what do yall think?
I bet you are right. Most developers don't like to pay cash, either, so that will also play a part. I didn't see it in the docs, but does anyone know if it will be an absolute auction?
Beach Lover
its a 4.3 acre parcel on the north side of 30A with a pretty long stroll to the beach.Zoning is VMU - 12 units/acre (51 units) plus commercial. The highest and best use is 4 stories with commercial on the first floor. The problem is that no one in their right mind would start a project like that now. The incentive to buy and hold until the market turns would be a VERY LOW price. Basically, the bank is not in a good position, to put it politely.
if this thing goes for half of $12 million i would consider that great for the bank. lets crunch some numbers...
$12M is $2.8M/acre of which you can get 8 SFH per acre which equates to $350K per lot in acquisition costs and this does not include infastructure, design, costs etc. Would need to get over $500K per acre retail to make this work...that doesn't work.
$6M results in acquisition costs of $175k per acre which is more manageable and maybe you try to sell retail for like $350k per acre...not sure that works in this market. Remember JOE is selling WaterSound West Beach lots (south of 30A with very nice amenities) for under $300k per acre.
I bet you it doesn't even get $6M...what do yall think?
Beach Comber
I agree with Palm Beach, this is a tough spot for the bank. As to whether this is an absolute auction I would think so. This is a foreclosure sale, not a marketing strategy. The bank has a judgment against the LLC and the individual. It's a bad deal for the bank but worse for Zohouri. It will be very interesting to see what the market value is for this piece. Push is coming to shove.
Beach Fanatic
Good question. I'd like to know that answer as well. Even if they sell it below that $12 million, I understand they could still go after the Zohouri for the balance, but from what I hear, they probably wouldn't be able to get anything. I believe that original sale price during the peak of the market was around $15million, so I'm not sure that people will jump on this property at $12million, especially if they have to pay cash by 2pm on the day of the auction.
Bobby J needs to break open his surfer bank and buy this piece of property and build Collaborations II!
SoWal Insider
I'll bet there will be a foreclosure auction and Vision Bank will end up making the highest bid and taking this property back because they won't be able to secure a high enough bid from the public at large. Once heads at the bank roll, they'll regroup and figure out what to do with the land and how much they can wring out of Zohouri and his cabal of theives...apparently they'll have to get at the end of a loooonnnnggg line according to this article:http://www.bizjournals.com/atlanta/stories/2007/05/07/story4.html?page=1
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Beach Fanatic
at 6 million it won't be sold...foreclosures on county steps are not absolute when owned by a bank nor do they guarantee clean title...maybe someone from Vision Bank can chime in...
Edited
Beach Lover
then they shouldn't bother...it won't come remotely close to $12 million...i mean no where near!!
SoWal Expert
As of last night, they don't even have a sign posted on site saying it is for sale, just a semi trailer sitting on the leveled property.
beats on hood
If you are against high-density developments in SoWal (and the traffic, crowded beaches, etc. that they generate), please attend the meeting to oppose the project called Toscana on Eastern Lake Road tonight at 5 in the courthouse annex on 331 (actually this is #8 on the agenda, so you don't have to be there at 5 or the dot). If you can't attend, please call/write/email/fax the commissioners (see thread entitled "High-Density Development Proposed in Eastern Lake Road Area").
Beach Fanatic
Given the amount, there have to be bank participants with Vision, so real estate owned isn't really an option.
Beach Fanatic
then they shouldn't bother...it won't come remotely close to $12 million...i mean no where near!!
Completely agree - this is going to be interesting to watch......although as many have predicted, auction will probably yield absolutely nothing.
SoWal Expert
I'd give them a million for it, but I would need to borrow a million in cash. 
SoWal Insider
I'd give them a million for it, but I would need to borrow a million in cash.
Ask the friendly folks at Vision Bank. (Apprently their vision is 20/400.)
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Beach Fanatic
Ask the friendly folks at Vision Bank. (Apprently their vision is 20/400.)
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how do you come up with all these??????Shelly: can you at least share what your profession is?????
SoWal Expert
Since no one has agreed to let me borrow that million in cash, I don't think I will be placing my bid on Monday.
Beach Lover
Since no one has agreed to let me borrow that million in cash, I don't think I will be placing my bid on Monday.
Can you attend and report back to all of us??????????
SoWal Expert
Can you attend and report back to all of us??????????Wish I could, but I have other obligations on Monday. Anyone else able to get up to Defuniak?
SoWal Insider
Shelly: can you at least share what your profession is?????
Retired Mangle Salesman
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SoWal Expert
Retired Mangle SalesmanDid you sell a lot of mangles?
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SoWal Insider
Did you sell a lot of mangles?
Enough to squeeze by.
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