Question:  What's going on with City Walk?

Toby Says:  I spoke with Bhagwan Asnani, owner of Interstate Holdings, the developer of City Walk. He told me that he expects to get a Certificate of Occupancy for building "C" in about a week, building "A" about a week later, followed by building "B" one week later. Some units have sale contracts but most will be leased. The units are "unfinished" and will require interior build-outs. Bhagwan says we will probably see occupants within City Walk in June.

Question:  What is a Charter School as mentioned in your Town Center update?

Toby Says:  Check out this website for a thorough description: edreform.com

Question:  OK. So I went today to view a foreclosure sale. No one was there but the plaintiff, representing the bank.  He was the only bidder, and took ownership of the property for $1000. So what happens next?  And who gets that $1000?

Toby Says:  The foreclosure sale is held at the request of the plaintiff (lender) as a result of a deficiency judgment against the property owner. When you borrow money to buy a house, you sign two documents related to the loan. The first is the note (pledge to pay the specified amount). The second is the mortgage which secures the note with the property. When the borrower defaults, the lender can take the property used to secure the note.

A foreclosure sale is open to anyone. The lender wants to protect their investment by making sure nobody purchases the property for less than the amount of the deficiency judgment (remaining balance, unpaid interest, and related foreclosure costs). They usually are prepared to bid up to that amount but may stop at a lesser amount if they believe the property value is lower.

Because the judgment was to the lender, they will receive any proceeds from the sale (up to the judgment amount). If there are no other bidders, the lender places a nominal bid, often $100, and is awarded the property. Since the lender has a large credi equal to the deficiency judgment, they do not have to pay the bid amount. They do have to pay court costs and the cost of the sale, but these amounts would be included in the deficiency judgment. What happens next is the Clerk of Courts issues a Certificate of Title to the lender and the lender takes possession of the property. The previous owner (borrower) or any tenants can legally be evicted. A foreclosure invalidates the lease.

Question:  I would like to know what has happened to the movie theater that was promised to Palm Coast. I just don't think it is fair to drive 60 miles (round trip) to Ormond theater or St. Augustine theater when gas prices are about to hit the $4.00 mark. If this contractor cannot get the job done ASAP - the city managers ???????? need to get one that can.  The city has put enough money into parks that nobody cares about and nobody attends. Thank you.

Toby Says:  The Epic Theater project is expected to break ground in Town Center soon. Understand that this is a private project, not a city project. The city can set rules that determine what types of buildings and businesses can be developed within a jurisdiction, but cannot force any private person or company to build. Business location decisions are governed mostly by economic factors.

Question:  Is there any new word on when refurbishment of the Palm Harbor Golf course will begin? We heard it's supposed to re-open in the fall; however, there's no indication that any work has begun?

Toby Says:  When I asked "Friends of Golf" for an update, they responded that some permitting issues with St. Johns Water Management remain. Also, they have concluded that the original estimates for an opening date were very optimistic. No new date was projected. Otherwise, the project is moving forward. I am reminded of something a wise person once said, "It took longer than I thought it would, but I knew it would."

Question:  I was on the Trulia website looking at recently sold homes and saw that 47 Barrington Dr. sold for $41,000. I did not see it on your list of recent sales. Is it true? I can't believe anything would sell for that price.

Toby Says:  One of the problems with a site like Trulia is that they have difficulty filtering out unqualified sales. In this case, the transaction did take place, but it was a transfer from the owner to a living trust in the owner's name. For some reason, the owner chose $41,000 as the transfer price. The Flagler County Property Appraiser's website lists it as "Unqualified", meaning that it was not an "arm's length transaction and cannot be relied upon for appraisal comparisons. Here is a link to the appraiser's webpage showing the property details. (click here) Scroll down to look under "sales information."

Question:  What are they building behind Microtel Inn & Suites on old kings? The huge concrete structure looks almost like a ramp.

Toby Says:  That would be the Fairfield Inn.

Question:  What are they doing to the land on the east side of A1A just north of Washington Oaks State Park?

Toby Says:  That parcel is owned by Washington Oaks State Park. I understand that they are clearing some vegetation in order to restore the area as a Scrub Jay habitat.