Zohouri Development - Major Development It States

[scooterbug44]

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?

 

[Smiling JOe]

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?

 

[PalmBeach]

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?

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.

 

[beclareesq]

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.

 

[flyforfun]

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!

 

[SHELLY]

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


.

 

[Busta Hustle]

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...

 

[egrp]

then they shouldn't bother...it won't come remotely close to $12 million...i mean no where near!!

 

[scooterbug44]

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.

 

[Beach Runner]

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").