Nautilus Cove Condo Information

FYI: 

Since I sold my condo in January I have only minor interest in Nautilus Cove and as more time goes by I will probably cease any new postings.

Any changes of blog info will be in the top few threads and will probably just be updates of what sold and the price or what units are going in foreclosure. 

I don't keep up with the daily condo problems.  The site will remain up as it has loads of condo documents and links to other sites.  It is a good resource tool for owners, renters and even people who are considering a purchase here.

Regular readers might just check back once a week to see the if there are any new posts.

There are some links below that will take readers directly to important condo documents and minutes of AGM's and BOD meetings all the way back to 2006.

 

Need NCC condo Information?  You came to the right place!

 

Want to read thew 10 page Concord Management Agreement? Go to: http://tinyurl.com/39sy3cy and take a look. It was signed 10/4/10 and runs until 10/3/13 at which time I hope you will get rid of the 3rd rate Concord management firm and get a decent firm to run the complex.

For Your Information: 
You can see current and past Owners List's, Delinquency List's and old condo newsletters at:  http://nccownerslist.blogspot.com/ and you can click on this direct link to see the meeting minutes for the last 6 years:   http://tinyurl.com/66zdaor, for 185 NCC photos see: http://nautiluscondo.blogspot.com

also look at:
Declaration of Condo:  http://nautiluscovedeclarationofcondo.blogspot.com/
By-Laws of NCC - http://tinyurl.com/37vbqkz
NCC Articles of Incorporation - http://tinyurl.com/34wp8pj
Rules and Regulations - http://tinyurl.com/39lbjwl
New 10/4/10 Condo Management Agreement - http://tinyurl.com/39sy3cy
Old Condominium Management Agreement - http://tinyurl.com/3x8963n
Budgets of 2012, 2012 Balance Sheet of 10/2010 -  http://tinyurl.com/2d4oh4j
6 NCC Newsletters:  http://nautiluscondosrules.blogspot.com/2011/09/blog-post.html

NCC Email addresses FYI:

Barbara Simmons,  (Owner #802) is BOD President
barbi@knology.net

Lenny DiGiacomo   (Owner #616) is BOD VP

ljdpcb@gmail.com   
Norman Knight, Developer Appointed, Secty/Treasurer

nknight@ndkconstsvcs.com

Concord Management at NCC:

   Office Tel:  235-1009
   Office Fax:  235-1282
   Office Email:  Roxanne.Turnipseed@ConcordRents.com

Concord's Regional Manager - Panhandle

Kenneth.Furtaw@ConcordRents.com

or:  Concord Management, LTD
(407) 741-8600 Fax: (407) 975-9109
PO Box 940729, Maitland, FL 32794-0729
Contact Information:
Mr. Ed Kleiman (President)
Mr. Michael S. Yonge (Executive Vice President)
Mr Andrew Frye (Director of Credit and Collections)

Other reading on Conco subjects FYI:

Since this NCC site is seldom being updated I thought you might want to take a look at another condo related site.  This CCFJ site has been on the blog for several years - mentioned here at least 3 times.   It is worth a look.

This is the main site:  http://www.ccfj.net/PNEWS.htm

and just in case you miss it, among all the other interesting articles, here is one that I thought interesting, probably because I have about 200 blogs myself and have been sued twice over content, although NOT by the condo:  
"Homeowner's Association Sues Resident Over Blog Comments"  http://www.ccfj.net/HOAFLFCslander.html

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Also FYI:   A condo advice column is available to read at: 
http://blogs.sun-sentinel.com/condoblog/ 

Bank of America is now owner of #702

BAC Home Loans had their Final Judgment for the old Norman Ussery unit #702 and it was sold via an internet auction at 11 a.m. on May 16th. 

 

As is common in such sales the mortgage holder simply bid $100 more than other bidders and took it for themselves.  The unit will be placed with a realtor for sale and should go for about 40-50% of the original sale price.

The unit was originally purchased 1/30/07 for $169,000 by Norman Ussery Jr.


The Next NCC Auction will be June 27th for #615

Final Judgement Entered on #615

On 11/10/06 unit #615 was purchased by Peachy Gayatin, now of Tempe, Az. for $168,200. NCC eventually filed on it for past due condo fees and it was sold at auction 6/18/12 to Gordon Harris for $9,500.

Now the original mortgage holder, Fannie Mae, has obtained a Final Judgement for $186,639.79 and the unit will be sold at auction 6/27/13 at 11 a.m. via internet sale. 

Sales of units foreclosed on by NCC for past due quarterly dues are generally worthless as the units can not be resold by whoever buys the unit. If Harris has managed to rent the unit out and collected more than the $9,500 he paid he might be ahead a few dollars, if not then he will have lost money.

All 3 are Concord managed - read the ratings, comment or add your own

Nautilus Cove has a 34% approval rating, see: http://www.apartmentratings.com/rate/FL-Panama-City-Nautilus-Cove-Condominium.html
Misc:  Might be worth looking at recent posts on this site about NCC and the problem with kids on the property.

Stone Harbor has a 22% approval rating, see:  http://www.apartmentratings.com/rate/FL-Panama-City-Stone-Harbor.html  Just a quote from one of the reviews gives a good summary:  "This place sucks".

If you have any interest in the management firm Concord, you can take a look at how their 'Flagship' property is rated in Orlando.  Don't be fooled by the 57% approval, you will see some 5.0 ratings that are obviously put up by shills for the company.

Northbridge Apartments has a 51% approval rating, see:
http://www.apartmentratings.com/rate/FL-Orlando-Northbridge-at-Millenia.html#axzz2MP1h4zpv   (Here is a hint:  "Northbridge is the perfect example of an incompetent management staff filling a property with low rent minority section 8 cases"  Keep in mind that this property is the Flagship Concord property, it would NOT have as high a rating without the shills on staff writing phoney reviews to increase their score.

Read more: http://www.apartmentratings.com/rate/FL-Orlando-Northbridge-at-Millenia.html#ixzz2SkdxkNZe  Just ignore the murders there or for more info see:  http://concordsucks.blogspot.com/)

For Sale at NCC

While there is really no market for the developers condos they continue to be listed for sale. The prices of the 56 unsold units do not compete with what can be found with short sales and foreclosed units that banks want to unload at 40-50% of their original sale prices.

The developer has tried to do a bulk sale but that did not go through due to the buyer not being interested at the high price wanted. Those unsold units remain available for a bulk sale and it is only a matter of time before they will sell.

13700 Panama City Beach Pkwy 1201 #1201 1430 sq ft. 4 bed, 3 bath $120,321 March 6, 2013 now at:  $119,456

13700 Panama City Beach Pkwy 1116 #1116 937 sq ft. 2 bed, 2 bath $101,475

13700 Panama City Beach Pkwy 214 #214 1195 sq ft. 3 bed, 2 bath $111,453  March 6, 2013 now at:  $110,654

Details at the Pelican Realty site: http://mypelicanrealestate.idxco.com/idx/9497/details.php?idxID=193&listingID=411766&cmp=rss

 

Other Prices at Nautilus Cove - 
  Updated 5/3/2013

units come on the list and go off as listings expire or owners simply give up trying to sell.  If you see something listed here and you can't verify via the MLS # that it is still active it might be under contract or just expired. 

You can look up MLS #'s at:  http://tinyurl.com/7ajxz5l
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706 Lighthouse Road  (Owner:  Tipton)
Bedrooms:  3, Bathrooms, 2
MLS #608812  Price:  $104,900
Original Sale Price 11/14/06, $174,900

1601 Cape Cod Dr (Owner:  Josh Simmons)
Bedrooms: 3,  Bathrooms: 2
Price:   $79,900  Short Sale
Original Purchase Price of $169,000, 2/5/07
MLS:  603199

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Foreclosure Sale for #702 on May 16th.

BAC Home Loans has gotten their Final Judgment for the old Norman Ussery unit #702. The condo will be sold via an internet auction at 11 a.m. on May 16th. The unit was originally purchased 1/30/07 for $169,000.

2 Foreclosure sales in March -

Nautilus Cove Condo units #403 and #705 were auctioned off in March.

On 3/26/13 #403, the old Neicy Diniz unit, as expected, was sold to HSBC Bank for $58,100.   2 others bid on the unit but as usual the mortgage holder used an 'auto bid' and kept bidding $100 more until they dropped out.  Diniz purchased the 4/3 unit 12/13/06 for $183,500.

#705, formerly owned by Juan Reyes then briefly 'owned' by Nautilus Cove, was  bought by the mortgage holder PNC Bank for $45,100 and will be on the market shortly. 

For details see: http://nautiluscondosrules.blogspot.com/2013/03/blog-post.html

#305 back to PMC Mortgage

#305 has now gone back to PMC Mortgage (on 3/28/13 for $45,100).  It was formerly owned by Kevin Riley and the unit was purchased originally by Patricia Kristoff 10-18-06 for $188,900, foreclosed and repurchased by Riley 4-7-10 for $110,500. 

Remember that Owners lists, delinquency lists and prior condo newsletters can be found on a seperate blog site:  http://nccownerslist.blogspot.com/

The Georgekopolous, arrested again in Ohio gambling probe

In a continuing run of bad luck for NCC Owners George Georgekopolous, 38, of Massillon, Ohio (owner of #210) and Pete Georgekopolous, 41, of Massillon (owner of #513 under corporate name of Elite Enterprises) are back in the news for additional recent Ohio gambling arrests. The Georgekopolous' brothers own six units in total at NCC, 4 under the name of Ted Georgekopolous who is not named in any Ohio court proceedings.

Details at: http://georgekopoulos.blogspot.com/ For further Georgekopolous info scroll down a few posts or just put Georgekopolous in the 'search' box at the top of this blog site.

The Georgekopoulos' at Nautilus Cove

#1601 was sold 2/28/13 for $71,500 to Theodore Georgekopoulos. This unit is a 3/2 and was originally purchased by Joshua Simmons 2/5/07 for $169,900.  The current sale price is 43% of the original 2007 price.  Other than foreclosure sales the only other unit recorded as selling so far in 2013 was #708 (a 3/2) for $93,000 to the condo developer (at 56% of Original sale price), regular readers will be familiar with why the relatively high price was paid for #708.

The Georgekopoulos' own various other Bay County properties and at least one condo in Palm Harbor, Pinellas County, Florida, there Theodore Georgekopulos owns a condo he  purchased 6/1/05 for $191,600 from Palm Harbor Development, LLC.

The Georgekopoulos' now own 6 units at NCC under 2 personal names (George and Theodore) and one company name (Elite Enterprises - George Georgekopulos). The brothers George G and Pete G were in the news in Ohio last year for various gambling arrests, for details see: http://georgekopoulos.blogspot.com/  Last summer, shortly after the Ohio arrests, the 5 NCC units were all put up for sale, however, the prices were unrealistically high, none sold and now all have been removed from the Realtor's inventories.

Bay County Properties are:

1601 LIGHTHOUSE RD, NAUTILUS COVE CONDO
502 LIGHTHOUSE RD, NAUTILUS COVE CONDO
106 CAPE COD DR, NAUTILUS COVE CONDO
205 CAPE COD DR, NAUTILUS COVE CONDO
210 CAPE COD DR, NAUTILUS COVE CONDO
513 LIGHTHOUSE RD, NAUTILUS COVE CONDO
   (purchased under the name 'Elite Entertainment')
301 NAUTILUS ST, SEACLUSION BEACH
1505 FOSTER AVE, PANAMA CITY
17545 FRONT BEACH RD, 2305 EMERALD ISLE CONDO
308 KENTUCKY AVE, LYNN HAVEN
401 MISSOURI AVE, LYNN HAVEN

I see that Pelican Realty, the real estate firm for the developer, is still offering their 56 unsold units for sale.  For example #1201, a 4/3 is offered at $109,456 and #1116 a 2/2 is going for $100,675.
See:  http://pelican.manageagent.com/g/v/b83b125d5f0b01595d/43ba06075150/c78a5407085352

Those prices are unrealistic given that foreclosed units here are going for 40-50% of their original sale prices.  The developer is also still trying for a bulk sale of all his units.  An attempt two years ago fell through but new efforts may move them later this year.

Owner Occupancy Continues to Drop

A year ago owners who actually occupied their units was about 1 in 7.  This has now dropped to 1 in 8 units being actually occupied by the owners.  While figures vary a bit there are now about 21 owners living on site, down from about 28 last year at this time.

Many original owners are simply letting their units go in foreclosure and moving away.  This actually makes sense as units purchased before the realty bubble burst are just a monthly drain on their owners and it will be many many years before they can be sold anywhere close to what the original purchase price was. 

So congratulations owners, you now own a condo in a rental property and remember that 56 condos remain unsold and are rented out by the developer.  The developer actually owns 1 additional unit which is titled under Nautilus 708, LLC.  This is the condo they bought back from me in January for $93,000.

For those who do not follow the blog regularly you might wonder why they bought #708.  They did so because I was running for the BOD on a firm platform of getting rid of Concord Mis-Management LLC and getting both a decent management firm and also a lawyer who was not in the hip pocket of the developer and Concord.  Now I am gone, and glad to be gone, and they can keep Concord for another 3 year contract.

Wells Fargo files on #509

The original owners of #509 (a 2/2, 2nd floor unit) William and Lana Goldston, of Virginia Beach, Va., were filed on 3/28/13 by Wells Fargo in a Foreclosure action.  The 30 year mortgage was originally by Wachovia for $139,400. 

The unit was purchased 11/16/06 for $154,900.

I regularly look at the Consumerist.com site and found an interesting article about HOA's that put me in mind of what I have heard about the problems at NCC. Here is the link to the article and video.

HOA Bans Just About Everything Fun A Kid Might Do Outside

http://consumerist.com/2013/03/18/hoa-bans-just-about-everything-fun-a-kid-might-do-outside/

Fortunately I am now gone from NCC these last 2 months so I don't have any real imput into what has been going on with 'our' kids, except that it seems they have gotten out of hand again. Yes, again, we had problems around 2008/9 when there were a group of older teens on the property and were also causing problems. 

If you have an interest in this take a look at this site for details on NCC's kids particularly the 2/22/13 post and reply to it:
  http://www.apartmentratings.com/rate/FL-Panama-City-Nautilus-Cove-Condominium-1602143.html#axzz2NuWWJNze

#705 goes back to the mortgage holder

 

As is quite normal for such sales when the foreclosure is done by a bank or mortgage company the condo went to the mortgage holder.  Now and then you will get a 3rd party who will place a bid, however the bank or mortgage firm will always counter bid, right up to the amount owed on the loan.

Usually the foreclosure will go for a token $100 to the mortgage holder.  When the Assn. filed foreclosures, 2 of 7 units were purchased by individuals bidding on them and paying the past due condo fees, but when the foreclosures are done by banks or mortgage companies they want the units back and will keep bidding for them.

Now this unit will be placed with a local realtor and within 20-30 days you can look it up on various realty sites and see what the price being asked will be.  It should be about the $80,000 range.  Such low ball prices on foreclosed units make it impossible for other owners to sell their units.  So if you have a 3/2 where you paid $165,900 before the realty bubble burst and you are now willing to take a loss and try to sell for $100,000 you won't sell it.  You are in competition with those foreclosed units and there seems to be no end to them.  Here is the next auction FYI:

Auction Starts 03/26/2013 11:00 AM CT
Auction Type: FORECLOSURE
Case #: 12000819CA (Neicy Diniz)
Final Judgment Amount: $154,401.16
Parcel ID: 40000-100-052
Property Address: 13700 PC BCH PKWY 403
PANAMA CITY BEACH, 32413
Assessed Value: $78,400.00
Plaintiff Max Bid: Hidden

Additional Info lower down this blog at:
http://nautiluscondosrules.blogspot.com/2013/01/foreclosure-filed-for-105.html

#705 As Is, REO/Foreclosed

You might recall that unit #705, a 3/2 ground floor parking lot side, was very briefly 'our' unit, when we stepped in front of Deutche Bank and took it over for past due condo assessments. Now this old Reyes unit is back on the market under MLS #607197 and is offered at $81,370. It will probably sell for less than this but go quickly. 
Here are just 2 prior posts about #705:
http://nautiluscondosrules.blogspot.com/2012/10/the-chickens-are-coming-home-to-roost.html and
http://nautiluscondosrules.blogspot.com/2012/11/nov-28th-ncc-will-lose-condo-705-at.html

Foreclosure filed on #104

Green Tree Servicing filed 'Lis Pendens' 3/1/13 on Unit #104, Roberta Jones, Case Number: 13000418CA. 

Increasingly the 'old' owners at NCC are simply letting their units go as many have become dissatisfied with the condo and of course many have mortgage payments greater than what they can rent out their units for. 

I have said for years that it makes no sense at all to deplete your savings by pouring money into units that are in many cases worth only half (or less) than what you paid for them. 

This particular unit had been on sale and listed with a broker for some time and the price has gradually come down but not enough to compete with those similar units which were foreclosed and going at 40% of original price.  The 4/3 unit was purchased 12/12/06 for $184,900.  It was as low as $89,900 (48.6% of OSP) and was unsaleable even at that price.

I was fortunate that my run for the 2013 Board resulted in the developer deciding to buy me out for 93k (56% of OSP) when such units as mine would probably bring only 80k. So despite taking a 78k loss on my unit, I ended up much better off than most owners who would like to sell but can not find a buyer.

NCC is sued again

HSBC has filed suit against NCC to recover their unit #401.

2 years ago NCC started a series of foreclosures against 5 units who were far behind in their dues payments.  These units were also filed on by the banks and mortgage companies.  NCC in effect stepped in front of these firms and completed the NCC foreclosures in a few months, taking title to the 5 units before the foreclosures by the banks and mortgage firms could be adjudicated.  We have had control of the 5 units for about 6 months.

In Florida the first mortgage holder has superior claim to these units.  NCC could not turn around and sell them, we could only rent them out and apply the funds towards the past due association fees.  By taking over the units we wiped out the arrerages that the banks/mortgage firms would ordinarily have paid when they finished their foreclosures.

Our only 'profit' from those 5 units would be what we take in from renting them out.  As of today's filing by HSBC Bank against Nautilus Cove* 3 of these units will end up back with the banks, 2 already have gone, 401 is the 3rd of 5. 

(*Case Number:

13000380CA Filed 2/26/13)

In order for us to have broken even we would have had to hold them and rent them out for between 18 and 20 months.  We didn't even come close on these 3 (701, 703, 401) and in effect made a very poor decision to take these units.  I tried to get this message to various BOD's but with no success. 

One thing overlooked in the initial decisions was that when we 'own' the units we do NOT collect $225 monthly dues which a real owner would have to pay.  So if we rent them out for $850 a month we are only getting $625 net as we don't collect the $225 monthly dues for our owned units.

Misc: The units we owned and their original owners are-
506 - Grass
701 - Jarrett (going to auction shortly)
401 - Thomas (HSBC filed today to take back their unit)
702 - Ussery
705 - Reyes (no longer our unit)

Here are just 2 prior posts on this issue:
http://nautiluscondosrules.blogspot.com/2012/10/the-chickens-are-coming-home-to-roost.html and
http://nautiluscondosrules.blogspot.com/2012/11/nov-28th-ncc-will-lose-condo-705-at.html

2nd NCC Lien for #101

On 2/21/13 NCC filed a lien for $2,466 against Salman Ali, owner of #101. This 4/3 unit was originally purchased 10/16/06 for $179,900, yearly taxes run $1,685. NCC also has a 2nd lien for $1,670.75 filed 7/1/10.

Mr Ali was also the subject of 2 State of Florida Dept of Revenue liens, one in 2008 for $4,536 and one in 2011 for $2,209, each for non payment of 'sales/use tax'. Both of these liens were subsequently satisfied.

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Information is easily available to readers -

The 2013 Budget information and minutes of Annual General Meetings and BOD Meetings going back to April 2006 can all be found using this direct link at:
 http://nautiluscondosrules.blogspot.com/2009/03/minutes-of-december-08-annual-general.html .

Former NCC Owner Found Guilty

Driver found guilty of vehicular homicide

"PANAMA CITY — A Panama City Beach man was taken out of the courtroom in handcuffs after he was convicted by a jury of running down a 22-year-old Macedonian woman in 2011.

Jeremiah Cahours, 32, hugged tearful loved ones after the jury convicted him of vehicular homicide and leaving the scene of an accident involving death. Jurors didn’t buy his testimony during the trial Thursday that he didn’t know he had hit Marija Kostova because his passenger distracted him by exploding an illegal firework inside his moving vehicle, and convicted him after deliberating about an hour.

Prosecutor Bob Sombathy said Kostova’s family had expressed some disappointment with the justice system after no one was arrested in the case for nearly a year.

Family members were unable to travel to Panama City from Macedonia, but Sombathy hoped the verdict would comfort them . . . Judge Michael Overstreet ordered a presentence investigation and scheduled a hearing to sentence Cahours on April 1. Cahours could be sentenced to 30 years for leaving the scene of a crash involving death."

Full article at:  http://tinyurl.com/azlo693  
The charge was: 
12001541CFMA Vehicular Homicide, Killing of Person/Viable Fetus with Vehicle, $25,000 bond posted.

Jeremiah Paul Cahours was the former owner of #307, initially purchased with a Chase loan on 11/17/06 for $199,900.   2 NCC Liens had been filed for past due condo dues and on 10/27/09 a foreclosure was filed by the mortgage company and #307 eventually went to Fannie Mae on 2/14/12. It was resold 5/25/12 for $101,900 to Feng Huang.

At one time both Cahours and Scott Hupp (#515) filed suit against NCC for the thefts of their expensive motorcycles at a time when the condo entry gates were broken for months and the cameras were not working.   This was settled by the insurance company with a confidential settlement and the case was dismissed 11/3/10.

Is #205 Jinxed?

Regular readers of the blog might recall that #205 was once owned by Dr Michael Reed. As reported he ended up pushing some time (see below) but he is now not only 'out' but has been approved to go back to the practice of medicine.

The unit was foreclosed and then was one of 5 units here purchased by the Georgekopoulos' who themselves are now facing serious internet gambling charges in Ohio (see: http://georgekopoulos.blogspot.com). Perhaps #205 is a unit to avoid?  
 
Here is the earlier blog report from 9/9/10  FYI:

"NCC Condo Owner Must Do 57 Months -

3-judge panel denies Reed appeal
A federal court has upheld the 57-month sentence imposed on Dr. Michael Reed, the owner of condo #205. He is a local surgeon who pleaded guilty to a federal drug conspiracy charge last year.

Reed was found with a kilogram of cocaine at his residence when he was arrested. He was accused of using half of the kilo for personal use and selling the other half with the help of co-defendant Hector Melara. Eight people were charged in the case.

A three-judge panel of the U.S. Court of Appeals 11th Circuit ruled Thursday that the judge was within his discretion when the sentence was handed down.

On 3/15/10 Nautilus Cove filed a lien for $3,827 on his unit, additional missed quarterly payments make the amount owed $5,211."

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See additional 2/1/13 details at:
http://www.newsherald.com/news/crime-public-safety/released-from-prison-surgeon-reed-gets-license-back-1.88903?tc=obinsite

Nautilus Cove Was Always Meant As Low Income Housing - Not a Condominium

Moved up the Blog:  From the Archives 2004 - F.Y.I.
"Local: Income-based housing hits the Beach"

Local: Affordable housing at beach grows

Monday, June 21, 2004

By Cara New - News Herald Writer

747-5071 / cnew@pcnh.com

PANAMA CITY BEACH

Pricey beachfront condominiums are going up with a bang, but affordable housing options in Panama City Beach are growing too — albeit more slowly.

The Bay County Housing Finance Authority just applied for $7 million in tax-exempt bonds to begin its second multi-family affordable housing project. The first project was Andrews Place Apartment Homes on Frankford Avenue in St. Andrews.

The $7 million bond issue will cover much of the $11 to $12 million cost of the Nautilus Cove Apartments, a 192-unit, multi-family rental community to be located on the northeast corner of Back Beach Road and Nautilus Drive.

"Each one of our properties came with a market study identifying demand," explained Ben Johnson, chairman of the Housing Finance Authority, a public corporation that assists with affordable housing projects in Bay County.

Johnson said the apartments would help the many people who work in the service industry on the Beach and cannot afford to live there.

Because the apartments benefit from public funds, prospective residents have to meet income requirements and rent is adjusted to be no more than 30 percent of a renter’s income, Johnson explained.

The developer, The CED Companies, is based in Maitland and calls itself an "innovator" in the field of affordable apartment housing. The CED Companies also developed Stone Harbor Apartments, a 160-unit affordable housing community on Alf Coleman Road in Panama City Beach.

Johnson said construction on Nautilus Cove Apartments would begin late this year and would take 12 to 15 months to complete.

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Other info about how our NCC complex is being marketed to low income housing applicants is available at: http://www.socialserve.com/dbh/ViewUnit/463023?ch=FL&hm=dX7V0fsz
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Misc Info:  'Stone Harbor' is our downmarket sister community, located 2 miles from NCC, built by the same group of companies and mis-managed by the same Concord Management that mis-manages Nautilus Cove. info on Stone Harbor is at: http://lihtc.findthedata.org/d/d/Florida/Panama-City-Beach   

Local: Income-based housing hits the Beach
http://www.newsherald.com/news/housing-33279-beach-affordable.html　
2004-03-11 06:31:00 see also:  http://stoneharborsucks.blogspot.com/

Apartments offer qualified tenants affordable housing

By Cara New News Herald Writer
PANAMA CITY BEACH -

Nelva Youngblood's search for affordable housing in Panama City Beach was nearing a dead end when a friend told her about Stone Harbor apartments. "I'm a single mom, trying to make it with my son on my own," Youngblood, 30, explained. "There was nothing I could afford and I was going to have to drive over the bridge (to get to work), which I dreaded."

The brand-new Stone Harbor apartments, 501 Alf Coleman Road, has 160 one-, two-, three- and four-bedroom apartments for residents who meet federally defined income limits. The remaining 56 of its 216 units are available at "market rates" for those who exceed the income limits. Youngblood is an office manager for Brannan Aluminum and Vinyl, and she said she was surprised when her income qualified. "When you hear of qualifying for housing, you think of low income," she said. "And that's what I didn't want."

Stone Harbor is a far cry from lowincome housing projects, with its 24-hour fitness room, sparkling pool and a wide-screen television gracing the lobby. The apartments are located in two-story townhouses, creating a neighborhood feel. The income limits are based on the number of occupants living in a given apartment. Pete Mann, a district lease manager for Concord Management, which manages the apartments, said two people living together, like Youngblood and her son, can't earn more than $23,640, while four people together can't earn more than $29,520.

Stone Harbor's grand opening is today at noon, but residents started moving into the apartments in December. Mann said the units are about 70-percent full and are expected to be full by the end of April. Youngblood's two-bedroom, twobathroom apartment is $605 per month at affordable rates and $857 per month at market rates. In comparison, an informal poll of Beach apartment complexes run by Arthur Cullen, the Panama City Beaches Chamber of Commerce vice president of economic development, found the average price for a two-bedroom apartment to be between $800 and $850.

Meeting a need Youngblood's difficulty in finding affordable housing is shared by many, according to Beach officials. "I think there is a tremendous need on the beach" for affordable housing, Panama City Beach Mayor Lee Sullivan said. "One need only look at the traffic over Hathaway Bridge in the morning to see that the majority of the workforce comes from the east side of the bridge to come here to work. I think it would be nice for people who work out here to be able to live here if they want."

The developer, The CED Companies, is based in Maitland and calls itself an "innovator" in the field of affordable apartment housing. "We've seen for quite some time a pent-up demand in (the Panama City Beach) area for affordable housing, especially in the workforce, among working families," said Scott Culp, executive vice president of The CED Companies. Culp said The CED Companies is able to rent the brand-new apartments for less because of assistance from the Florida Housing Finance Corporation, or FHFC. To help pay for the $13 million project.

The CED Companies competed for and received $6.72 million in taxexempt bonds and a $1.225 million State Apartment Incentive Loan. The Florida Legislature created the Florida Housing Finance Corporation in 1998 to help finance affordable housing for lower-income Floridians. In order to qualify for FHFC assistance, the developer must follow guidelines governing the number of affordable units offered, as well as rent and income limits.

On Wednesday, Youngblood led a tour of her Stone Harbor apartment, displaying her 4-year-old son's walk-in closet, where little T-shirts and pants barely filled one side. The carpeting and freshly painted walls still exuded the smell of newness. "You can't find anything like this on the beach," she said.

NCC Units at auction on 3/15 and 3/26

Judgment was given today 2/4/13, on the Foreclosure for #403, Neicy Diniz, in the amount of $154,401.  This unit is to be sold at 11 a.m. 3/26/13 to the highest bidder.  NCC has an existing lien on 403 for $2,470 from 9/26/11.  Diniz owned both #403 and #103, both purchased in Nov and Dec 2006 for $183,500 each.

A 'Lis Pendens' was filed 1/31 by BofA on Unit #105, David W. Turner. This 4/3 condo was originally purchased for $184,900 on 10/18/06 with a 30 year Countrywide Mortgage of $147,920.  It has been listed as a 'short sale' for many months at $95,000.

NCC has filed 2 liens on the unit for non-payment of dues: on 12/3/08 for $1,383 and on 10/15/12 for $3,267.

Mr. Turner ran for the BOD at the 12/20/10 Turnover Election the results were:   J. Jones 16, D. Turner 5 and None of the Above 1.

Also:

2nd time at auction for #305.  A $121,293 Judgment against Kevin Riley of unit #305 was entered 1/29/13 for PNC Bank and the condo is set to be auctioned on 3/15/13 at 11 a.m.

This is the old Patricia Kristoff unit and was purchased 10/18/06 for $188,900.  It was then foreclosed and went to US Bank National Asso on 11/24/09 for $51,000 and then sold to Riley 4/7/10 for $110,500.

 

#708 Sold to Developer

Unit #708, a 3/2, (Bill Harris) has been sold 85% furnished, via Pelican Realty to the condo developer Nautilus Development Partners LLLP, and titled under: Nautilus 708, LLC, for $93,000, which is 56% of original sale price of unit. (no comm paid by seller).  Original sale price was $165,900 in May 2007. 

Owner Harris was a frequent critic of Concord Management and the developer, and was standing for the Board in the 2013 election on a platform of removing Concord from managing the complex.   With the 1/11/12 sale the composition of the 2013 Board will remain the same as it is now with Owners Mrs Simmons (#802) and Mr DiGiacomo (#616) and one developer appointed Board member.

This blog site was established in December of 2007, has 270 posts and it will remain up and open although it will not be updated with any frequency as blog author (myself - Bill Harris) has no further connection with Nautilus Cove.

It is said that the 2 happiest days in the life of a boat owner are the day he buys his boat and the day he sells it.  This also applies to condo owners.  Unfortunately this turn of events means that the Developer and Concord remain in charge of the condo and the poor management will continue.

Now you know

Q.  How many condo units are there in Bay County?

A.  There are 19,109 condo units in Bay County.

More Gate Problems

Friday morning our entrance gate was kaput again. Looked like someone hit it and knocked it off its track. The gate was subsequently opened. Possibly the security camera will show who or what hit the gate.
 

 

 

Even before the Friday problem, on Thursday 1/10 the gate was not working correctly, here 5 of us were lined up to try to get through the gate. (yes it is 5, there is one vehicle in front of the white one - you can't see it, only its shadow on the ground)

Watch your speed on Back Beach Rd!

Thanks to a resurfacing project that will last into 2014 the normal speed limit of 55 MPH has been lowered to 45 MPH on Back Beach Rd (PCB Parkway) from the Hathaway Bridge on the east to the Phillips Inlet bridge at the Walton County line.

This has the potential to be the newest speed trap in Florida, so be warned that the road in front of NCC is being heavily patroled 24 hrs a day.
See article at:
http://www.newsherald.com/news/crime-public-safety/enforcement-up-as-speed-limit-drops-on-back-beach-road-1.75988?tc=cr

#1115 foreclosure filed by Hancock Bank

On 1/8/13 Hancock Bank filed a Lis Pendens (Foreclosure) on unit #1115 owned by USD Enterprises, LLC, Kevan K Miles CEO.  The 2/2 unit was purchased 11/1/07 for $146,000. 

Mr. Miles is also the Manager of Herbafex, Inc, which owns unit #803 and this firm has been the on again/off again landscaping firm used by NCC. Currently we are not using them. 

Herbafex is also being sued in Bay County Court for 'Contract/Indebitness' in a 3/30/12 case.

A job for the next Board of Directors

The Pinellas Beaches Patch reported on 12/20/12 about the 45-year-old chief financial officer at a Tampa Bay realty company who now faces a first degree grand theft charge for allegedly stealing $560,000 from 10 beach condo associations.

When NCC went through 'turnover' and we took over effective control of the condo from the Developer our Board should have arranged for an audit of our accounts.  You may recall that in 2010 the Developer had commingled our condo funds with his own accounts and this was only brought to light when I complained to the DBPR in Tallahassee that Concord was not making any reply to my complaints about the situation.

The matter was resolved shortly after my DBPR complaint and I was told that the Developer and Concord did an audit and the funds were restored to us.  Details at:  http://nautiluscondosrules.blogspot.com/2010/12/dbpr-complaint-information.html

It is past time for us to have an independent audit now that we are in control of the condo and NOT rely on either Concord or the Developer with assurances that all is well.

Long term Owners here may recall that both a prior NCC Concord CAM and later also a District Manager were fired by Concord for financial issues, the above mentioned one concerned our misapplied funds the other may have involved only Concord money.

Wanted: New Lawyer for Condo Association

With the new Board of January 2013 we need to secure our own independent legal representation. 

The firm now used, Hess and Applebaum PA, also represents the condo Developer and Concord Management, a clear conflict of interest with them also representing us, and they have on multiple occassions given questionable advice to the Association and they could not be relied on to give independent advice if we contract for another management firm.   

I have looked for some condo lawyers and the below 3 which I suggested to the Board, all are experienced condo lawyers.

Since the first two of these are major legal firms either would be well qualified to assist in a change of management firms in 2013.  Both have very interesting Q and A sections about condo issues.
 
The 3rd is a smaller local firm which is very familiar with NCC and was the firm I used in my 3 year litigation against the Developer controlled Boards for permitting violations of our rental requirements here at NCC.

Becker and Poliakoff
Paradise Village
348 Miracle Strip Pkwy SW, Suite #7
Ft. Walton Beach, Florida 32548
http://www.becker-poliakoff.com/community-association-law

Sachs Sax Caplan, P.L.
660 E. Jefferson Street, Suite #202
Tallahassee, FL 32301
http://ssclawfirm.com/community-associations

Daniel W. Uhlfelder, P.A.
124 East County Highway 30-A
Santa Rosa Beach, FL 32459
http://www.dwulaw.com

Gate Info FYI:

Gate Code Change/Courtesy Officer Change 

Beginning Dec. 31, 2012, Nautilus Cove Condominiums will no longer have a Courtesy Officer to respond to complaints or other issues. The current telephone number will be inactive at that time.

Please call the Panama City Beach Police Department with any issues that might need police intervention or attention.  Otherwise, contact the office with your concerns.

The individual gate codes are also be eliminated, and a new gate code will be issued at the beginning of each month. Beginning Jan. 2, the gate code will be #5287 for the month of January.

With the Courtesy Officer being done away with it is up to all residents to keep an eye out for safety here at the condo!