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Changing Palm Coast/Flagler Real Estate Listing Prices – Some Sellers are Raising Them
May 18, 2013 – Another change in the wind of Palm Coast and Flagler County’s real estate market has been observed. Yesterday and through 10:20 A.M. today, 17 sellers changed the price of their MLS-listed properties. Remarkably, five of them chose to increase rather than decrease the asking price. The “buyers market” mentality that prevailed for the past six years has been broken.

Wells Fargo Forecloses On Homeowner Who Made Payments Too Early1 comment.
May 17, 2013 – A homeowner in Orlando is confused, and with good reason. He says he not only made his mortgage payments on time to Wells Fargo, but that he sometimes paid early and sometimes paid more than he was supposed to. And yet, the bank decided to foreclose on his home.

U.S. Home Prices Increased in 2012 at the Strongest Rate in Nearly Seven Years
May 16, 2013 – CoreLogic® Case-Shiller Home Price Indexes Affirm that 2012 was a Big Year for Home Price Increases. Increases are expected to continue through 2017 according to the company’s May Report. CoreLogic purchased Case-Shiller, probably the most-cited measure of changes in U.S. home prices, from Fiserv in April.

Luxury Home Sellers Feeling Rich Again
May 15, 2013 – After a long, dry spell, it's almost — but not quite — a seller's market for the nation's pricier houses, according to an organization that trains agents who specialize in selling luxury properties.

Florida was Bellwether of Housing Bubble and Collapse but Not of the Recovery
May 14, 2013 – Increases in both home sale prices and new home construction signal a strengthening economy but growth is not occurring evenly throughout the U.S. according the May “Market Pulse” released today by CoreLogic. Texas and South Carolina lead the new home construction boom while Florida’s new residential construction growth continues to compete with a large (but shrinking) inventory of distressed properties.

Flagler Single-family Home Building Permits Up 87.1%1 comment.
May 10, 2013 – Palm Coast and Flagler County homebuilders are happier today than they were one year ago. Through April, 116 building permits have been issued for single-family homes in the county, up 87.1 percent from the same period last year. And May is off to a good start with 12 permits already issued.

Metro Area Home Price Growth Trend Continues in First Quarter
May 9, 2013 – Metropolitan area median home prices continued to rise in the first quarter, with the national gain showing the best year-over-year performance in over seven years, according to the latest quarterly report by the National Association of Realtors®. A companion breakout of income requirements to purchase a median-priced home on a metro basis shows the typical buyer earns roughly double the income needed to buy a home in his or her area.

Corelogic Issues March Home Price Index
May 8, 2013 – Corelogic released its March Home Price Index Report. The Corelogic HPI indicates that April home prices are expected to rise by 9.6% on a year-over-year basis and by 1.3% over March. Excluding distressed sales, April home prices are expected to rise 12.0%.

Sawmill Creek and Grand Landings Change Hands
May 5, 2013 – Orlando-based real estate investment firm Maury Carter & Associates recently acquired property in two unfinished Palm Cost developments (Sawmill Creek and Grand Landings) for pennies on the dollar.

New Marine Manufacturer Relocates to Flagler County3 comments.
May 1, 2013 – Flagler County’s Economic Opportunity Department announced the relocation of Gioia Sails Southern Division to Palm Coast in Flagler County.

55,000 Completed U.S. Foreclosures in March
April 30, 2013 – CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its March National Foreclosure Report which provides data on completed U.S. foreclosures and the national foreclosure inventory. According to CoreLogic, there were 55,000 completed foreclosures in the U.S. in March 2013, down from 66,000 in March 2012, a year-over-year decrease of 16 percent. On a month-over-month basis, completed foreclosures rose from 52,000* in February 2013 to the March level of 55,000, an increase of 6 percent.

Nationally March Pending Home Sales Improve but Overall Pace Leveling
April 29, 2013 – Pending home sales increased in March and remain above year-ago levels, but contract activity in recent months shows only modest movement, according to the National Association of Realtors®. Palm Coast/Flagler pending sales are equal to one year ago, but March median sales prices were up 7.2 percent over February and 13.6 percent over March 2012.

Mining Real Estate Data for Telltale Signs2 comments.
April 26, 2013 – The real estate data you are most exposed to is outdated. Sales don’t close until weeks or months after the sales contract is signed. Deeds are filed a few days after the closing. Where can we look for clues about what is happening today?

Fannie Mae Expects 1.7M Underwater Homes to Move into Positive Equity this Year
April 25, 2013 – Government Sponsored Entity (GSE) Fannie Mae expects 1.7 million underwater homes to move into positive equity this year. Rising home prices will buoy consumer confidence and make people feel more certain about their future. They will help drive the overall economic recovery too.

Grand Haven Realty Adds Marketing Director and Additional Sales Professionals1 comment.
April 24, 2013 – Grand Haven Realty added real estate professionals to their team recently- Bill Haussman, Patty Stauffer, Patrick Thornton, Curtis Moden and Lisa Gardner. “We are thrilled to have seasoned Real Estate professionals join our winning team. New sales agents are needed as we launch our new beach and boating community in Beverly Beach – Sunset Inlet. Our Grand Haven Realty team now offers over 140 years combined sales experience for our clients“ said Jim Cullis, president of Grand Haven Realty, LLC.

75 Properties on the Flagler County Foreclosure Sale Schedule for May 2013
April 23, 2013 – 75 foreclosed Flagler County properties are currently scheduled to be sold at foreclosure auctions during May. There were 96 foreclosure filings and 86 completed foreclosure sales in Flagler County during March.

March Existing-Home Sales Slip Nationally from February, Up from a Year Ago - Prices Rise
April 22, 2013 – Existing-home sales eased nationally in March from inventory constraints, which continued to pressure home prices, according to the National Association of Realtors®. Flagler’s sales were up 29 percent over February and 2.1 percent over March 2012. Flagler’s March median selling price was $133,000, up from $125,000 in February and from $118,000 a year ago.

Boat Show Coming to Sunset Inlet
April 17, 2013 – Sunset Inlet will be the site for a spring Boat Show featuring a variety of boats, along with food, music and prizes. Grand Haven Realty is sponsoring the event at the new beach and boating community on Beverly Beach. Some 30 boats will be displayed on land and on water at the Sunset Inlet boat slips. The event is co-presented with MarineMax, Boat Tune, and local radio stations Kix Country, Beach 92.7, WNZF and Oldies 100.9. Admission and parking are free. The boat show hours are Saturday 10 - 6 and Sunday 10-5.

Rising Costs Put Squeeze on National Builder Confidence in April while Local Permits Increase
April 16, 2013 – The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released yesterday shows a two-point drop to 42. NAHB blames increasing costs for building materials and rising concerns about the supply of developed lots and labor. In the meantime, Flagler County and Palm Coast builders are permitting twice as many new residential home starts this year compared to one year ago.

Refinance Volume Remains Strong through January
April 9, 2013 – The Federal Housing Finance Agency (FHFA) today released its January 2013 Refinance Report , which shows that refinance volume remained high through the first month of this year. There were nearly 470,000 refinances in January, with roughly 97,600 completed through the Home Affordable Refinance Program (HARP). This brings total HARP refinances to more than 2.2 million since the program’s inception in April 2009.

GoToby.com Article Apparently Plagiarized by Towson University Legal Affairs Professor3 comments.
April 1, 2013 – A March 28 Baltimore Sun story Towson Professor Investigated over Allegations of Plagiarism reports that several academic articles published by Towson University professor Benjamin A. O’Neil contained content apparently plagiarized from other sources. O’Neil is a professor of legal affairs at Towson which is near Baltimore. One of the academic articles lifted the lead paragraph from a February 20, 2008 GoToby.com article Baby Boomers and Reverse Mortgages, another Perfect Storm for Lenders. The quote was not attributed to GoToby.com.

CoreLogic Reports 54,000 Completed Foreclosures in February
March 29, 2013 – CoreLogic®, a leading residential property information, analytics and services provider, yesterday released its National Foreclosure Report for February, which provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 54,000 completed foreclosures in the U.S. in February 2013, down from 67,000 in February 2012, a year-over-year decrease of 19 percent. On a month-over-month basis, completed foreclosures fell from 58,000* in January 2013 to the February level of 54,000, a decrease of 7 percent.

FHFA Announces New Streamlined Modification Initiative
March 28, 2013 – The Federal Housing Finance Agency (FHFA) Wednesday announced that Fannie Mae and Freddie Mac will offer a new, simplified loan modification initiative to minimize losses and to help troubled borrowers avoid foreclosure and stay in their homes. Beginning July 1, servicers will be required to offer eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their mortgage without requiring financial or hardship documentation.

81 Properties on the Flagler County Foreclosure Sale Schedule for April 2013
March 22, 2013 – 81 foreclosed Flagler County properties are currently scheduled to be sold at foreclosure auctions during April. An auction is the last step in the foreclosure process where the lender or another bidder take title to foreclosed property.

CoreLogic Reports Equity Improves in Fourth Quarter
March 19, 2013 – CoreLogic reports today that home equity improved in the fourth quarter. Negative equity declined to 21.5 percent. 200,000 fewer properties underwater compared with third quarter 2012.

Flagler County Parade of Homes 2013 Begins
March 15, 2013 – The Flagler Homebuilders Association kicks of its 2013 Parade of Homes tomorrow. The event spans two weekends from March 16 – 24. This year’s event is comprised of 22 homes plus 2 virtual homes. Also participating is Palm Coast Plantation, this year’s Showcase Community, and three Featured Communities; Beach Haven, Conservatory at Hammock Beach and Wild Oaks at Grand Haven.

The REAL Truth about Buying Florida Property Tax Liens
March 11, 2013 – Saturday’s News-Journal carried a syndicated article titled ‘’Know the risks when buying tax liens.” Its authors are apparently not from Florida. That’s why they got almost everything wrong. Florida readers will be misled.

Grand Haven Unfinished Condos Sold - Will be Developed2 comments.
March 11, 2013 – The unfinished and long dormant Grand Haven condominium project is back on track. Jacksonville-based Lavaya Properties LLC closed today on the 3.51-acre tract adjacent to the Grand Haven Golf Club clubhouse. The top floor units of the uncompleted Intracoastal Waterway-facing unit were originally priced at more than $1,000,000 each during the height of the real housing bubble. Developer Whitehall Homes abandoned the project in late 2007 when sales failed to materialize.

85 Properties on the Flagler County Foreclosure Sale Schedule for March 2013
March 2, 2013 – 85 foreclosed Flagler County properties, including the former Ocean Palm Golf Club, are currently scheduled to be sold at foreclosure auctions during March.

Somebody is Still Finding a Way to Make Money1 comment.
March 1, 2013 – There's a big difference between real estate investors and speculators. Speculators tend to be trend driven, trying to jump aboard the latest gravy train. They are the real estate equivalent of the day traders who fueled the .com bubble. Speculators were just as responsible for the real estate bubble as the politicians, Wall Street bankers, developers and the crooks who took advantage of lax oversight.

Tight Credit, Flawed Appraisals and Erratic Supply Chain Hurt Jobs, Housing
February 28, 2013 – The budding housing revival driven by pent-up consumer demand still faces a number of obstacles, including tight credit for builders along with a stretched lot and building supply system in many markets that are barely keeping up with demand. The precarious support system to housing could threaten the fragile housing and economic recovery now under way, according to the National Association of Home Builders (NAHB).

January Pending Home Sales Up in All Regions
February 27, 2013 – Pending home sales rose in January, and have been above year-ago levels for the past 21 months, according to the National Association of Realtors®. There were healthy monthly gains in all regions but the West, which is constrained by limited inventory but was slightly improved.

Governor Scott to Speak at Coastal Cloud Opening
February 25, 2013 – Florida Governor Rick Scott will join the Flagler County Commission Tuesday morning in the ribbon cutting ceremony of Coastal Cloud, a cutting-edge Information Technology consulting company to be headquartered in Flagler County, Florida

Nationally, January Existing-Home Sales Hold with Steady Price Gains, Seller’s Market Developing
February 21, 2013 – Existing-home sales edged up in January, while a seller's market is developing and home prices continue to rise steadily above year-ago levels, according to the National Association of Realtors® . Sales rose in every region but the West, which is the region most constrained by limited inventory.

Forbes: Have All The Bad Loans Already Been Foreclosed?1 comment.
February 20, 2013 – U.S. foreclosure starts dropped to a six-year low in January, another strong indication that the U.S. housing market is recovering and the worst of the foreclosure crisis is behind us.

Summary of New Qualified Mortgage (QM) Rule
February 18, 2013 – Summary of the new QM (qualified mortgage) rule by the National Association of Realtors

REALTORS® Commercial Real Estate Market Survey
February 13, 2013 – The REALTORS® Commercial Real Estate Market Survey measures quarterly activity in the commercial real estate markets. The survey collects data from commercial REALTORS®. The survey is designed to provide an overview of market performance, sales and rental transactions, along with current economic challenges and future expectations.

Florida's Housing Market Gained Strength, Momentum in 2012
February 11, 2013 – Florida’s housing market wrapped up 2012 with more closed sales, higher pending sales, higher median prices and a reduced inventory of homes for sale compared to the year before, according to the latest housing data released by Florida Realtors®.

Dismissal of Several Ginn Sur Mer Lawsuits Overturned on Appeal1 comment.
February 8, 2013 – The U.S. court of Appeals for the Eleventh Circuit has reversed the decision of a lower court. That court had dismissed several fraud lawsuits against Bobby Ginn, Lubert-Adler and affiliated entities on the basis of venue, finding that the lawsuits must be filed in Bahama, not in the U.S. These lawsuits will now move forward in U.S. Court.

Flagler County Lands New High-Tech Company5 comments.
February 6, 2013 – The Flagler County Department of Economic Opportunity is pleased to announce that Coastal Cloud, LLC, a subsidiary of Graphene, a cutting edge information technology company, will locate its headquarters in Flagler County. Coastal Cloud intends to construct its state of the art headquarters and bring 100 high-tech jobs to Flagler over 3 years.

CoreLogic Reports 767,000 Completed Foreclosures in 2012
February 4, 2013 – CoreLogic®, a leading residential property information, analytics and services provider, Friday released its National Foreclosure Report, which provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 56,000 completed foreclosures in the U.S. in December 2012, down from 71,000 in December 2011, a year-over-year decrease of 21 percent.

Understanding Florida's Homestead Exemption and Save our Homes Amendment
February 1, 2013 – As our thoughts turn from Holidays to taxes, questions about Florida's homestead exemption and Save our Homes Amendment begin to surface. It turns out that many people who think they understand the homesteading rules don’t. Those who don't understand can be passing up hundreds of dollars in property tax savings. The exemption reduces a qualified property's assessed value by $50,000 for most taxes and by $25,000 for school taxes. A Palm Coast resident can save over $800.00.

Nationally, Pending Home Sales Down in December but Remain on Uptrend
January 28, 2013 – Nationally, pending home sales declined in December but have stayed above year-ago levels for 20 consecutive months, according to the National Association of Realtors®. Pending home sales in the South declined 4.5 percent to an index of 111.5 in December but are 10.1 percent higher December 2011.

Nationally, Existing-Home Sales Slip in December, Prices Continue to Rise; 2012 Totals Up
January 24, 2013 – National home sales data recently released by the National Association of Realtors® support GoToby.com's view of the housing market. While December national home sales dipped from November levels, they were well above December a year ago. Palm Coast/Flagler home sales in December were well above both November's level and that of December one year ago.

Housing Affordability Index to Set Annual Record for 2012
January 17, 2013 – With 11 months of data reported, 2012 will clearly go down as a record year for favorable housing affordability conditions, and a great year for buyers who could get a mortgage, according to the National Association of Realtors®.

Different Views on Consumer Financial Protection Bureau's New Mortgage Regulation
January 14, 2013 – The National Association of Realtors® applaudsCFPB's new mortgage regulations. The Heritage Foundation is less charitable.

Real Estate Provisions in ''Fiscal Cliff'' Bill
January 4, 2013 – On Jan. 1 both the Senate and House passed H.R. 8 legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack Obama on Jan. 2. Here is a summary of real estate related provisions in the bill

How Does Flagler's Housing Market Measure Up to Florida's
December 21, 2012 – The following is a news release from Florida Realtors® reporting the state's November housing market results. I've inserted data highlighted in BOLD of the comparable results from Flagler County.

Developing Developments in Palm Coast and Flagler County Housing Market3 comments.
December 20, 2012 – If you've traveled A1A through Beverly Beach lately, you may have noticed that Sunset Inlet is coming out of the ground again. The property, which fronts A1A and extends to the Intracoastal Waterway, is about 2.5 miles north of Flagler Beach. It was purchased in October from Sunset Inlet LLC by D.R. Horton for $1,500,000. Sunset Inlet LLC acquired the property via Peoples First Community Bank in 2011. People's First acquired it via a deed in lieu from Shelter Cove Investment Group LLC in 2008.

Big Money Trades Hands for Flagler Properties as Market Turns
December 17, 2012 – Two Flagler County senior facilities recently changed hands. Flagler Pines, a 120-bed nursing and rehabilitation facility at 300 Dr. Carter Blvd. in Bunnell was sold by Health Care REIT Inc. to AP2012 Flagler Pines LLC for $9,034,552. The transaction closed on November 9, 2012. Benton Village, on Magnolia Trace Blvd., off Belle Terre, was sold by Palm Coast SLP LLC to ARHC BHPALFL01 LLC for $17,037,216. The transaction closed on November 20, 2012. Benton Village offers assisted living, independent living and memory care.

Palm Coast and Flagler County Foreclosure Activity - Including Scheduled December Sales
Palm Coast, FL – December 14, 2012 – November saw 91 foreclosure filings in Flagler County but only 21 foreclosure sales were scheduled for December, down from 58 scheduled in November.

Pending Home Sales Rise Nationally in October
November 29, 2012 – Pending home sales rose strongly in October with mixed regional results, according to the National Association of Realtors®.

City of Palm Coast Utility Division Cautions Residents about Water Testing Offers1 comment.
November 28, 2012 – The City of Palm Coast Utility Division warns residents about misleading water inspection notices. The city did not mail them.

Nationally, Existing-Home Sales Rise in October with Ongoing Price and Equity Gains
November 19, 2012 – Nationally, sales of existing homes increased in October, even with some regional impact from Hurricane Sandy, while home prices continued to rise due to lower levels of inventory supply, according to the National Association of Realtor®s.

Judge Approves $25 Million Settlement in Ginn, Lubert-Adler Bankruptcy Lawsuit5 comments.
November 16, 2012 – Dillworth v. Ginn-LA, one of the most watched lawsuits against Bobby Ginn related development companies, came to a close Wednesday when Paul Hyman, Chief Judge, U.S. Bankruptcy Court of the Southern District of Florida approved a $25 million settlement agreement. The agreement was reached shortly before depositions of key Ginn-LA executives Bobby Ginn and Bobby Masters were to take place.

Flagler County Department of Economic Opportunity Announces New Agricultural Processing Plant 2 comments.
November 8, 2012 – WP Rawl, is constructing a new 34,000 square foot vegetable processing plant in western Flagler County.

Palm Coast and Flagler County Foreclosure Sale Schedule for November 2012
November 6, 2012 – 58 foreclosed Flagler County properties are currently scheduled to be sold at foreclosure auctions during November, about the same as in October.

Dollar Tree Takes Last Parcel of Cobblestone Village2 comments.
November 5, 2012 – A new Dollar Tree retail store is being built behind the new medical building in Palm Coast's Cobblestone Village.

Proposed Mediated Lawsuit Settlement Will Cost Ginn and Lubert-Adler $25 Million3 comments.
October 19, 2012 – Drew Dillworth, trustee for the Tesoro and Quail West Chapter 7 bankruptcies, has filed a Motion to Approve Settlement of the Adversary Proceeding Against Ginn, Lubert-Adler, et.al. If the motion is granted at a scheduled November 14th hearing, the defendants will pay Tesoro and Quail West debtors $25 million to settle all claims. The attorney for the debtors will receive 30% ($7.5 million) of the settlement proceeds. Unsecured creditors are expected to receive between 30% and 50% of their claims.

Advice for One Potential Home Seller1 comment.
October 11, 2012 – A GoToby.com reader from Palm Coast called me this week asking for my advice. He owns a local rental home that he wants to sell. It's not a short sale. His most recent tenant just moved out and he's simply tired of being a landlord.

Palm Coast and Flagler County Foreclosure Sale Schedule for October 2012
September 28, 2012 – 53 foreclosed Flagler County properties are currently scheduled to be sold at foreclosure auctions during September, 28 fewer than August and less than half that of July. The foreclosure process takes time. Four filings on the October sales schedule were initiated as early as 2007.

Coquina Lanes Hit by Foreclosure and Fire1 comment.
September 21, 2012 – Alleycats LLC, a private investment firm, has foreclosed on a mortgage to F&S Enterprises LLC (Member/Manager - Stephen Blaha), owner/operator of Coquina Lanes in Palm Coast. The foreclosure sale was August 29th. The night before Blaha was scheduled to be evicted, an electrical fire started in a circuit breaker in a separate room. The building suffered some water and smoke damage and has been closed pending the completion of repairs.

A Former Ginn Community is Quietly Shut Down2 comments.
September 18, 2012 – Philadelphia-based real estate investment firm Lubert-Adler has shut down BriarRose, an asset in which they once partnered with Palm Coast developer Bobby Ginn. BriarRose was marketed as a private country estate community near Lake Oconee, Georga.

Foreclosure Fail: Study Pins Blame on Big Banks
September 11, 2012 – A study by government and academic researchers finds that approximately 800,000 homeowners missed out on mortgage modifications because of big banks' poor performance.

European Village Rising with KoKoRo and other New Restaurants Arriving Soon2 comments.
August 30, 2012 – European Village continues its comeback with several new restaurants deciding that E.V. is their chosen venue. One of my favorites, Kokoro, is reopening in the former Barbara Jean's location. Kokoro left their location in the Palm Harbor Shopping Plaza in May. KoKoRo's great seafood, lava rock-cooking and Sushi will be joined on the menu with more typical steakhouse items. Owners, Lee Barnes and wife Laura, tell me that the new location will also have a full liquor license.

Palm Coast and Flagler County Foreclosure Sale Schedule for September 2012
August 27, 2012 – 81 Flagler County properties are currently scheduled to be sold at foreclosure auctions during September, 50 fewer than in July. The foreclosure process takes time. Three filings on the September schedule were initiated as early as 2007.

Nationally, Existing-Home Sales Improve in July, Prices Continue to Rise: Compare to Flalger
August 22, 2012 – The National Association of Realtors® released its July existing-home sales report today. GoToby.com provides the report below with Palm Coast/Flagler County home sales data inserted in red print.

Lubert-Adler Sells Off Bella Collina, another Bobby Ginn Development
August 20, 2012 – Philadelphia-based real estate investment company Lubert-Adler parted with another Bobby Ginn-developed project recently by selling private golfing community Bella Collina to DCS Investment Holdings, a private investment firm based in West Palm Beach. DCS purchased the remaining developer-owned building lots, the golf course and clubhouse as well as the developer rights.

CoreLogic Data, National Home Prices Rising
August 8, 2012 – CoreLogic data out yesterday showed that national home prices rose 2.5 percent in the year ending June 2012—the fourth such increase in a row. They were 1.3 percent higher in the month.

Carrabba's Ready to Start Construction in Palm Coast2 comments.
August 7, 2012 – Palm Coast and Flagler County residents will no longer have to drive to Daytona Beach or St. Augustine to enjoy dining at Carrabba's Italian Grill. Palm Coast has issued a development order permitting the construction of a new Carrabba's in Cobblestone Village, next door to the new medical building (and across from Golden Corral). The Palm Coast Carrabba's will seat 234 diners within its 6,930 square foot building and outdoor patio.

Taxable Sales in Palm Coast Continue to Grow1 comment.
August 2, 2012 – According to data recently provided by the Florida Department of Revenue, taxable sales in Palm Coast grew 20.57% from 2007 to 2011 and 8.32% from 2010 to 2011. Palm Coast's population grew only 5.93% over the same four-year period. Palm Coast accounts for 79.34% of the total taxable sales in Flagler County.

Pending Home Sales Slip in June, Remain Above a Year Ago
July 26, 2012 – Nationally, Pending home sales declined in June but marked 14 consecutive months of year-over-year gains, according to the National Association of Realtors®. The Palm Coast/Flagler market shows a slight decline in both inventory and pending sales from May, but a significant change from one year ago.

Palm Coast Real Estate News Clips: July 26, 20125 comments.
July 26, 2012 – Miscellaneous real estate news tidbits for Palm Coast, Flagler County and beyond.

Palm Coast and Flagler County Foreclosure Sale Schedule for August 2012
July 23, 2012 – 132 Flagler County properties are currently scheduled to be sold at foreclosure auctions during August, 12 more than in July. The foreclosure process takes time. Two filings on the August schedule were initiated as early as 2006.

National June Existing-Home Prices Rise Again, Sales Down with Constrained Supply
July 19, 2012 – The National Association of Realtors® released its report of June home sales today. Their report is shown below with Palm Coast/Flagler County results inserted IN BOLD TYPE for comparison. Note that this is not an apples to apples comparison since NAR includes single-family homes, townhomes, condominiums and co-ops (there are no co-ops in Flagler County). GoToby.com tracks detail statistics on single-family homes only. NAR's results are seasonally adjusted. GoToby.com's are not.

National Flood Insurance Program Extended Five Years
July 18, 2012 – Washington has extended the National Flood Insurance Program (NFIP) for five years, ending September 30, 2017. The extension will bring a degree of certainty to the mortgage and real estate industries which have suffered through 17 sixty-day extensions since 2008 and two temporary shut downs, including one that reportedly stalled more than 40,000 home sales in June 2010.

Nationally: Negative Home Equity Decreases in First Quarter of 2012
July 16, 2012 – CoreLogic® released new data on Thursday showing that 11.4 million, or 23.7 percent, of all residential properties with a mortgage were in negative equity at the end of the first quarter of 2012. This is down from 12.1 million properties, or 25.2 percent, in the fourth quarter of 2011. An additional 2.3 million borrowers had less than 5 percent equity, referred to as near-negative equity, in the first quarter.

Friday Five: Housing Market Firing on Almost All Cylinders
July 13, 2012 – The housing economy's positives are mounting, but mortgage liquidity still eludes borrowers.

Palm Coast and Flagler County Foreclosure Sale Schedule for July 2012
June 29, 2012 – One hundred twenty Flagler County properties are currently scheduled to be sold at foreclosure auction during July. The foreclosure process takes time. Some filings on the scheduled list were initiated as early as 2007.

Foreclosure Crisis Subsiding?
June 28, 2012 – Severely delinquent balances among first mortgages are on the decline according to Equifax's May National Consumer Credit Trends Report issued yesterday. While still elevated relative to historic levels, the May 2012 total of $450 billion in delinquent balances represents a 37% decline from the peak of more than $700 billion in January 2010.

Pending Home Sales Up in May, Continue Pattern of Strong Annual Gains
June 27, 2012 – Pending home sales bounced back in May, matching the highest level in the past two years, and are well above year-ago levels, according to the National Association of Realtors®. Both monthly and annual gains were seen in every region.

Possible Water Conditioner System Fraud in Palm Coast
June 25, 2012 – The City of Palm Coast has received a complaint against Pure Water Solutions, LLC located in Palm Harbor, Florida, a company that sold an elderly citizen a water conditioner system and allegedly made fraudulent claims that they were sent to the citizen’s home at the City’s request due to high chlorine levels. This company does not have a valid business tax receipt or solicitation permit to conduct business or sell products door-to-door in the City of Palm Coast. The City is taking the appropriate enforcement actions and has referred this matter to the appropriate authorities and/or agencies.

Palm Coast's Conservatory Golf Community Unveils its New Vision4 comments.
June 25, 2012 – Luxury Team of Florida and Front Door Communities rolled out five builders offering home/lot packages starting in the $300's, with new club membership options and early bird incentives to an invitation only gathering of about 200 guests at The Conservatory, in Palm Coast, on Friday. The event was the formal kickoff of the repositioned community which features 340 home sites surrounding a Tom Watson signature golf course and 44,000 square foot clubhouse.

Palm Coast Shares Tight Home Inventory with National Housing Market
June 21, 2012 – The National Association of Realtors® NAR)released their report of May home sales today. As usual, the numbers are somewhat at odds with Palm Coast and Flagler County results. Palm Coast marches to its own drummer. Palm Coast mirrors the national decline in inventory; homes listed for sale. But the Flagler market saw an increase in the number of homes sold in May at the same time the national market saw a slight decline.

Rezoning for Senior Care Campus Near Grand Haven Proposed1 comment.
June 18, 2012 – Operating as Grand Haven North LLC, Jim Cullis, who formerly headed Landmar's local operations and now heads Grand Haven Developers, and Doug Sealy are planning a 300-unit senior living campus on Colbert Lane between Blare Drive and Wild Oaks. As a required step prior to submitting their rezoning application to the City of Palm Coast, they held a question and answer neighborhood meeting last week at the Daytona State College campus. About 30 people attended.

Single-Family Housing Starts Rise 3.2 Percent in May
June 19, 2012 – Single-family housing production increased for a third consecutive month and builders pulled more permits for both single- and multifamily construction in May, according to newly released figures from HUD and the U.S. Census Bureau. The data reveals that the seasonally adjusted annual rate of single-family housing starts rose 3.2 percent to 516,000 units – the best pace since December of 2011.

Apartment and Condo Market Shows Continued Gains
June 16, 2012 – NAHB's Multifamily Production Index (MPI), released on June 7, reached its highest reading in more than six years in this year's first quarter, at 51. The index, which measures builder and developer sentiment regarding current conditions in the multifamily market on a scale of 0 to 100, rose for a seventh consecutive quarter and was up from 49 in the final three months of last year.

Shadow Inventory Fell in April 2012 to October 2008 Levels
June 15, 2012 – CoreLogic reported yesterday that the current residential shadow inventory as of April 2012 fell to 1.5 million units, representing a supply of four months. This was a 14.8 percent drop from April 2011, when shadow inventory stood at 1.8 million units, or a six-months’ supply, which is approximately the same level as the country was experiencing in October 2008.

Florida Leads Other States in Percentage of International Buyers
June 12, 2012 – The National Association of Realtors® released Monday its 2012 Profile of International Home Buying Activity. Florida led all states with 26% of its home purchases by international buyers. California comes in second, far behind Florida, with only 11%.

Hurry Up on Short Sale if You Don't Want to be Slapped with Tax Next Year3 comments.
June 10, 2012 – Congress needs to act, or forgiven mortgage debt won't be forgiven next year.

Record-Setting Low Fixed Mortgage Rates Persist
June 8, 2012 – Freddie Mac yesterday released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling to new all-time record lows for the sixth consecutive week amid weak economic and job data helping to keep homebuyer affordability high.

Guiding You Through the Govt’s Foreclosure Compensation Maze
June 6, 2012 – If you're a victim of banking abuses during the foreclosure crisis, the government says it'll make sure you receive compensation from your bank. It's a simple idea. But for victims, determining who's eligible, how to apply, and when you might get a check in the mail isn't simple at all.

Zaxbys Files Site Plan for Palm Coast Restaurant in Cobblestone Village7 comments.
June 5, 2012 – Zaxby's , a chicken specialty restaurant chain, has submitted a site plan to the City of Palm Coast. If approved, the new restaurant will be located in Cobblestone Village, home to Belks, Lowes, and Golden Corral.

Jay Peak Owners Buy Troubled Ginn Co. Property
June 5, 2012 – The owners of northern Vermont's Jay Peak resort recently announced they closed on the purchase of another northern Vermont ski hill, Burke Mountain, previously owned by the bankrupt Ginn Company.

National Pending Home Sales Decline in April but Up Strongly From a Year Ago
May 30, 2012 – Pending home sales retrenched in April following three consecutive monthly gains, but are notably higher than a year ago, according to the National Association of Realtors®.

April Existing-Home Sales Up, Prices Rise Again
May 23, 2012 – Existing-home sales rose in April and remain above a year ago, while home prices continued to rise, according to the National Association of Realtors®. The improvements in sales and prices were broad based across all regions.

Toby On To The Next Stage of His Recovery4 comments.
May 20, 2012 - Toby has relocated to Peninsula Rehabilitation Center in Ormond Beach, where he'll remain for 14 days.

Toby Recovering After Surgery25 comments.
May 15, 2012 - Toby Tobin's surgery earlier today on his broken pelvis went very well, and Toby now is recovering at Shands Hospital in Jacksonville. Toby badly broke his pelvis in a fall at his home in Palm Coast on Thursday, May 10.

Toby Temporarily Out of Action Due To Injury54 comments.
May 14, 2012 - Toby Tobin badly broke his pelvis in a fall at his home last Thursday and currently is awaiting surgery in the trauma center at Shands Hospital in Jacksonville.

Buyer Found for Reynolds Plantation
May 10, 2012 – GoToby.com has learned that Reynolds Plantation's 3,600 property owners were notified yesterday that MetLife has entered into an agreement to purchase Reynolds Plantation. The purchase, expected to close this summer will include the Ritz-Carlton Lodge, six golf courses, clubhouses, four marinas and about 5,000 acres of undeveloped property. Daniel Corporation, a Birmingham-based development company, will oversee day-to-day operations. The announcement was made jointly by MetLife Real Estate Investments, Daniel Corp. and the Court-Appointed Receiver.

Florida Supreme Court to Hear Game-changing Foreclosure Case
May 9, 2012 – The Florida Supreme Court will decide whether financial firms can escape or remedy allegations of fraud in foreclosure proceedings by voluntarily dismissing the case.

Palm Coast's Conservatory Golf Community to Announce New Home Prices16 comments.
May 7, 2012 – Look for a new initiative to re-market The Conservatory golf community in Palm Coast. Front Door Communities and Luxury Team of Florida Real Estate Group have repositioned The Conservatory pricing with home prices in the $350,000 to $600,000 price range. The Renaissance (they prefer to avoid the term "sales launch") is expected to be unveiled in June.

Palm Coast and Flagler County Foreclosure Sale Schedule for May 2012
April 30, 2012 – Forty-one foreclosed Flagler County properties are currently scheduled to be sold at foreclosure auction during May. The foreclosure process takes time. The initial filing on three of the scheduled sale properties was initiated in 2007. The number of scheduled May sales is down one third from those scheduled in March.

Friday Five: A Reassuring Look at the Housing Market
April 27, 2012 – Well-priced listings, short sales move faster; Congress urged to move renewal of flood insurance program.

March Pending Home Sales Rise, Market Recovering
April 26, 2012 – Palm Coast's housing market has turned the corner. So too has the national market according to the National Association of Realtors®. NAR issued its monthly Pending Home Sales Index today. Like the national market, the Palm Coast/Flagler market exhibits an increase in the number of pending home sales contracts while the inventory of homes listed for sale declines.

FinCEN Reports Mortgage Fraud SARs Increased in 2011: FL is 2nd to Calif.1 comment.
April 25, 2012 – Monday, the Financial Crimes Enforcement Network (FinCEN), of the U.S. Department of the Treasury, issued its full year 2011 update of mortgage loan fraud reported suspicious activity reports (MLF SARs) that shows financial institutions submitted 92,028 MLF SARs last year, a 31 percent increase over the 70,472 submitted in 2010. The increase can primarily be attributable to mortgage repurchase demands.

Nationally March Home Sales Decline From Upwardly Revised February Pace
April 24, 2012 – Sales of newly built, single-family homes declined 7.1 percent to a seasonally adjusted annual rate of 328,000 units in March from an upwardly revised, robust pace of 353,000 units in February, according to newly released figures from HUD and the U.S. Commerce Department.

Palm Coast Real Estate News Clips: April 23, 2012
April 23, 2012 – Miscellaneous real estate news tidbits for Palm Coast, Flagler County and beyond.

Dick Clark's Malibu Estate on the Market for $3.5M
April 23, 2012 – An entertainment legend was lost with the passing of Dick Clark, the world's oldest teenager. His Malibu estate (seems odd to call a one-bedroom, two-bath home an estate) is now available for $3.5 million. The 22-acre mountaintop property affords some spectacular, 360-degree views of the Pacific Ocean, Boney Island, Channel Island, the Serrano Valley and the bright lights of Los Angeles.

Why Don't GoToby.com Home Sales Numbers Match Other Reports?
April 20, 2012 – Today's News-Journal reports that 205 Flagler County single-family home sales closed during March. They cite the Flagler County Association of Realtors® as their source. Using the same source, GoToby.com has reported fewer sales. That's because the N-J number included 25 homes that are outside Flagler County while GoToby.com reports only sales of homes that are within the county.

Palm Coast/Flagler Home Starts Rise while National Builder Confidence Slips Three Notches in April
April 16, 2012 – New home construction appears to be picking up in Palm Coast and Flagler County. Twelve single-family home building permits were issued in just the first 13 days of April. Only three permits were issued in April 2011. the average monthly count was 12.8 for all of 2011. The first quarter of 2012 averaged 15 permits per month. Meanwhile, builder confidence slips nationally.

Palm Coast Condo Market: Bottom-fishers Getting Fewer Bites3 comments.
April 13, 2012 – The perception that Palm Coast condominium listings are dominated by distressed properties (lender-owned or short sale) is no longer correct. Inventory is down by half. Only 36 of 275 MLS condo listings are either lender-owned or short sales.

Tenure In Home on the Rise
April 10, 2012 – The typical home seller has owned their home for nine years, three years longer than in 2007.

Lack of Competition Stifles Refinance Program for Underwater Homeowners1 comment.
April 6, 2012 – Some homeowners are getting stuck with relatively high interest rates even after they participate in the government's program to help them refinance their mortgages. The biggest banks are not lowering rates as much as they could be — and homeowners have few options to go elsewhere.

Palm Coast 55th Fastest Growing Metro from 2010 to 2011
April 5, 2012 – Among the 50 fastest-growing metro areas over the last decade, only 24 of them were also among the 50 fastest growing since the 2010 Census. This is according to the first set of U.S. Census Bureau metropolitan statistical area, micropolitan statistical area and county population estimates to be published since the official 2010 Census population counts were released a year ago.

How Single Family Home Investing Can Save The Housing Market1 comment.
April 4, 2012 – Buying single family homes as an investment just might save the housing market, says one of the country’s biggest real estate investment firms in New York.

Congress Needs to Extend the Mortgage Forgiveness Debt Relief Act Before it is Too Late
April 2, 2012 – Those who are considering a short sale may want to do it sooner rather than later. Unless a key law is extended by the end of the year, anyone who conducts a short sale after the end of 2012 may be subject to tax liabilities on the forgiven mortgage debt.

City of Palm Coast to Annex Flagler County Government Administration Complex7 comments.
April 1, 2012 – According to a source with intimate knowledge of the workings of the city government, the City of Palm Coast has initiated a move to annex the Flagler County Government Administration Complex on SR100. Once the annexation is completed, the city plans to gain title through eminent domain. The plan includes a physical move of the administration building to Town Center where it will serve as Palm Coast's new city hall.

Palm Coast and Flagler County Foreclosure Sale Schedule for April 2012
March 30, 2012 – Fifty-nine foreclosed Flagler County properties are currently scheduled to be sold at foreclosure auction during March. The foreclosure process takes time. The initial filing on several of the scheduled sale properties was initiated as early as 2007. The number of scheduled April sales is in line with those scheduled in March.

Grand Haven Home Sales Evidence Decline in Distressed Properties8 comments.
March 29, 2012 – Sixty-two single-family homes listed for sale (MLS) in the Palm Coast golf course community of Grand Haven. Only five are listed as short sales. None are lender-owned. As home sales in Grand Haven shift to fewer distressed properties, the median selling price is rising. The median price of Grand Haven homes sold (closed) so far this year is $338,750, up 35.5 % from 2011's median.

Investment and Vacation Home Sales Surge in 2011
March 29, 2012 – Sales of investment and vacation homes* jumped in 2011, with the combined market share rising to the highest level since 2005, according to the National Association of Realtors®.

Pending Home Sales Ease in February but Solidly Higher Than a Year Ago
March 26, 2012 – The National Association of Realtors®'s Pending Home Sales Index,* a forward-looking indicator based on contract signings, eased 0.5 percent to 96.5 in February from 97.0 in January but is 9.2 percent above February 2011 when it was 88.4. The data reflects contracts but not closings.

February Existing-Home Sales Slip Nationally But Up Strongly From a Year Ago
March 21, 2012 – February existing-home sales declined from an upwardly revised January pace but are well above a year ago, while the median price posted a slight gain, according to the National Association of Realtors®. Sales were up in the Midwest and South, offset by declines in the Northeast and West.

Flagler Home Builders Association Parade of Homes Underway1 comment.
March 19, 2012 – The Flagler Home Builders Association kicked off its 18th annual Parade of Homes on Saturday amid positive signs of a housing recovery. The Parade runs from March 17th to April 1st. Hours are Monday to Saturday 10:00 A.M. to 5:00 P.M., Sundays noon till 5:00P.M. This year's show features 16 entries plus four virtual entries.

Volusia County School Board Approves Two-year Impact Fee Moratorium1 comment.
March 19, 2012 – A two-year impact fee moratorium won approval from the Volusia County School Board last week in a move a home builders believe will help the area's construction industry recover from the recession.

Breaking Down the Mortgage Settlement: How Far Does $26 Billion Go?
March 19, 2012 – The big bank settlement over mortgage servicing abuses was finalized last week, detailing the agreement’s actual terms.

FHFA Publishes Final Rule on Private Transfer Fees
March 15, 2012 – The Federal Housing Finance Agency (FHFA) has sent a final rule to the Federal Register on private transfer fees. The final rule limits Fannie Mae, Freddie Mac and the Federal Home Loan Banks from dealing in mortgages on properties encumbered by certain types of private transfer fee covenants and in certain related securities.

Foreclosure Settlement Worth $18M to Fla. Woman
March 14, 2012 – Tucked into the landmark $25 billion national foreclosure settlement filed this week in federal court is an $18 million payday for Palm Beach Gardens homeowner Lynn Szymoniak.

City to Hold Palm Harbor Community Workshop for Parkway East Master Plan March 133 comments.
March 12, 2012 – Residents are invited to attend a Parkway East Master Plan workshop on Tuesday, March 13th, 6:00 p.m. at the Palm Coast Community Center. The study area includes the Country Club Cove neighborhood and surrounding areas along Clubhouse Drive.

Monday Five: Obama Plan to Help Housing Market Would Bypass Congress
March 12, 2012 – President Barack Obama introduced two more housing initiatives Tuesday that would reduce refinancing fees for FHA-backed mortgages and help military families stay in their homes if they've been foreclosed on. With a gridlocked Congress, Obama appears to be exhausting his options to help the housing market. That story and more in this week's top housing headline round up.

Fourth Quarter Indices Show Optimistic Outlook for Apartment and Condominium Market
March 9, 2012 – The Multifamily Production Index (MPI), a leading indicator for the multifamily market released by the National Association of Home Builders (NAHB) yesterday, showed steady improvement in the apartment and condominium housing market for a sixth consecutive quarter.

REALTORS® Expect Constant or Higher Residential Prices in the Next Year
March 8, 2012 – The most recent REALTORS® Confidence Index indicates that price expectations for the forthcoming year are up – substantially. There are also reports of increased REALTOR® confidence in the residential market outlook, so this information indicates that as of January 2012 REALTORS® were seeing residential markets that appeared to be in an upward mode.

Wednesday Five: Warren Buffet Touts Homes Over Stocks, Home Contracts Up
March 7, 2012 – Warren Buffet gives the thumbs-up to homes as an investment, while regulators and legislators debate whether to reduce principal on troubled loans.

Housing Affordability Index Hits Record High
March 7, 2012 – Housing affordability conditions have reached the highest level since recordkeeping began in 1970, according to the National Association of Realtors®.

Developero Avoid Early 'Miss' at Ex-GINN Project on Grand Bahama2 comments.
March 2 – THE Canadian-based developer for the former $4.9 billion Ginn project's real estate component yesterday said it would suffer "a very severe blow" if it did not get the next phase right, having shifted the development concept away from becoming another Atlantis or Baha Mar.

Former Ginn/Lubert-Adler golf course near Charleston S.C. Sold
March 2, 2012 – A premier golf property built by Ginn-LA (Bobby Ginn and financial partner Lubert-Adler) near Charleston, S.C. has been sold. The private RiverTowne Country Club was sold to Jim Feeney's RiverTowne Country Club LLC. Feeney also owns nearby Snee Farm Country Club. Both clubs are in Mt. Pleasant, S. C. just north of Charleston. Feeney paid $2.6 million for the 180 acres of River Towne real estate.

Housing Market Forecast Beyond 2012 From Warren Buffett
March 1, 2012 – Legendary investor Warren Buffett just gave a rosy housing market forecast for beyond 2012 in his annual letter to shareholders.

Palm Coast Flagler Foreclosure Sales Schedule for March 2012
February 29, 2012 – Fifty-six Flagler County properties are currently scheduled to be sold at foreclosure auction during March. The foreclosure process takes time. One scheduled property's foreclosure was initiated in 2007. Of the remainder, 19.6 percent were initiated in 2008, 39.1 percent in 2009, 30.4 percent in 2010, and 8.9 percent in 2011. The number of scheduled March sales is down from 91 that were scheduled in February.

Banks Colluding with Insurers to Rip Off Homeowners, Lawsuit Alleges1 comment.
February 27, 2012 – A class-action lawsuit in Florida that moved forward this week highlights a little-appreciated aspect of the housing market — the cozy relationship between banks and insurance companies that often results in overpriced home insurance for already struggling borrowers.

January Pending Home Sales Rise, Market on Uptrend
February 27, 2012 – Pending home sales are on an upward trend, which has been uneven but meaningful since reaching a cyclical low last April, and are well above a year ago, according to the National Association of Realtors®.

The Best, Most Revealing Reporting on the Foreclosure Crisis
February 27, 2012 – The housing crisis in the U.S. has been going on nearly five years, with still regular revelations about misdeeds by banks and others. Here’s our roundup of standout reporting on the crisis.

U.S. Existing-Home Sales Rise Again in January, Inventory Down
February 22, 2012 – Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors®.

The Other Foreclosure Settlement: Millions of Homeowners Eligible
February 21, 2012 – NEW YORK (CNNMoney) -- Millions of borrowers who suffered financial losses because their mortgage lenders played fast and loose while processing their foreclosures now have two ways of getting a payback.

2010 State-by-State Economic Impact of Real Estate Activity Reports1 comment.
February 21, 2012 – These reports outline the total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.

How Citibank Dumped Lousy Mortgages on the Government
February 21, 2012 – Citigroup agreed Feb. 15th to pay $158 million to settle a lawsuit over bad loans that the bank passed on to the Federal Housing Administration to insure. The whistle-blower who originally brought the case, Sherry Hunt, an employee of Citi's mortgage department, said the company actively undermined the process that was supposed to check for fraud in order to push through reckless loans and get higher profits.

Credit Suisse, Ginn Sur Mer, Yellowstone Club Lawsuit Advances3 comments.
February 20, 2012 – Friday, in the U.S. District Court of Idaho, U.S. Magistrate Judge Ronald Bush issued a Memorandum Decision and Order/Report and Recommendation in the $24 billion "Loan to Own" lawsuit against Credit Suisse and Cushman & Wakefield. Plaintiffs purchased property in one of four luxury resorts; Ginn sur Mer, Yellowstone Club, Lake Las Vegas and Tamarack Resort. Federal civil and criminal investigation revealed.

Clearing Up News-Journal Coverage of Local Golf Course Sales7 comments.
February 19, 2012 – A piece in the Business Section of today's News-Journal reported on the sale of local golf courses precipitated by changing demographics (fewer golfers) and the decline in golf course values. It's a fascinating story; one which GoToby.com has been following since 2009. Unfortunately, the N-J got some of its fact wrong, which might confuse readers.

Builder Confidence Increases for Fifth Consecutive Month in February
February 16, 2012 – Home builder confidence in the market for new single-family homes increased for the fifth consecutive month in February, rising from 25 to 29 on the NAHB/Wells Fargo Housing Market Index (HMI) released yesterday. It is the highest level the index has reached in more than four years.

HB 213, the Florida Fair Foreclosure Act1 comment.
February 14, 2012 – Florida legislators are debating HB 213, the Florida Fair Foreclosure Act. Bill sponsors claim it will go a long way towards clearing out Florida's foreclosure backlog. Foreclosure defense attorneys think it's a bad bill which threatens homeowners' rights.

Palm Coast Real Estate News Clips: February 13, 20124 comments.
February 13, 2012 – Miscellaneous real estate news tidbits for Palm Coast and Flagler County.

Will Mortgage Settlement Avoid Repeating Obama’s Foreclosure Failures?
February 13, 2012 – Thursday, administration officials stood alongside state attorneys general to announce a $25 billion mortgage settlement. It was reminiscent of a big announcement by administration officials three Februarys ago involving an even bigger number: $50 billion. That money was supposed to go to the administration's signature mortgage modification program, which eventually became HAMP.

Florida to Get $8.4 Billion from Foreclosure Settlement1 comment.
February 10, 2012 – Attorney General Bondi formally entered a landmark $25 billion joint federal-state agreement with the nation's five largest mortgage servicers over foreclosure abuses and unacceptable nationwide mortgage servicing practices. The proposed agreement provides an estimated $8.4 billion in relief to Florida homeowners and addresses future mortgage loan servicing practices.

Friday Five: States Reach $26B Settlement with Banks
February 10, 2012 – A settlement on foreclosure fraud and a positive outlook for housing in 2012 are in the news this week.

Feds Announce $25B Settlement Over Foreclosure Abuse
February 9, 2012 – Federal officials announced a $25 billion settlement Thursday with the five largest mortgage lenders over foreclosure abuses -- a deal that requires the banks to reduce some loans, send out checks to foreclosed Americans and refinance mortgages for underwater borrowers.

Bid for Fannie Mae-owned Homes Online
February 8, 2012 – Yesterday, Fannie Mae announced the expansion of its Online Offers system to collect and manage real estate purchase offers for Fannie Mae-owned properties across the country. Real estate professionals will now submit offers online on behalf of clients, receive receipt confirmation and track the status of submitted offers through the HomePath.com website.

Fannie Mae Survey Shows Americans Expect Home Prices to Improve
February 8, 2012 – A majority of Americans believe mortgage rates will remain steady over the next year, while home price expectations in January improved for the fourth consecutive month in a row, Fannie Mae said in its consumer sentiment report.

Friday Five: Obama Housing Plan Details, 20% Down Payment Mandate
February 6, 2012 – Obama provides specifics on his new housing proposals, while Congress tries to increase fees some home owners pay in order to fund a payroll tax cut extension.

The Case of the Phantom Garage Sale
February 5, 2012 – Foreclosed property owners sometimes resort to desperate measures. Strapped for cash, they have been known to strip the property of anything of value; appliances, lighting and plumbing fixtures, kitchen and bath cabinets, even wiring and air conditioning units. By doing so, they are violating the terms of their mortgage. But desperate times beget desperate measures.

Why Fannie and Freddie Are Hesitating to Help Homeowners
February 3, 2012 – The conflicted role of the huge and now government-controlled Freddie Mac and Fannie Mae: They are supposed to maximize their profits and thus pay back taxpayers, while many feel that, as government wards, they should also be helping millions of struggling Americans stay in their homes.

Intracoastal Bank Announces Volusia Lending Center
February 2, 2012 – Intracoastal Bank today announced the opening of its Daytona Beach Lending Center. This location marks the Bank’s first expansion outside of Flagler County.

Palm Coast Flagler Foreclosure Sales Schedule for February 20125 comments.
February 1, 2012 – Ninety-one Flagler County properties are currently scheduled to be sold at foreclosure auction during February.

What happens when you walk away from your home?
January 31, 2012 – (Reuters) - It was just last summer that Charlotte Perkins made the hardest decision of her life as she and her husband Jim were caught in the vise of the housing bust. They chose a strategic default.

Friday Five: Obama's Refi Proposal, Florida Primary Gives Needed Traction
January 30, 2012 – The State of the Union address and the upcoming Florida GOP primary are bringing new and much-needed attention to housing issues.

Commercial Real Estate Market Survey: January 2012
January 27, 2012 – The Research group of the National Association of Realors® introduces the Comercial Real Estate Market Survey. It measures activity in the commercial real estate markets. The survey collects data from commercial REALTORS® and is designed to provide an overview of the market performance, sales and rental transactions, current economic challenges, and future expectations.

Remodeling Market Index Rises to Five-Year High
January 26, 2012 – Remodeling sentiment rose to the highest level in five years, according to the National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) for the fourth quarter of 2011. Released today, the RMI increased to 46.6 in the fourth quarter from 41.7 in the third quarter.

Golf Community Shakeout: Nobody is Immune13 comments.
January 26, 2012 – Golf clubs everywhere are battling to survive the Great Recession with mixed results. The recession's unprecedented depth and duration has tested the financial staying power of club owners, operators and members alike. Club revenues declined as discretionary income evaporated and demographics changed.

Pending Home Sales Decline Nationally in December, Remain Above a Year Ago
January 25, 2012 – After reaching a 19-month high, pending home sales eased in December but stayed above year-ago levels, according to the National Association of Realtors®.

Real Estate Tax Exemptions Deadline
January 24, 2012 – According to Flagler County Property Appraiser, James E. Gardner, Jr., CFA, the 2012 deadline for filing for Homestead, Senior, Deployed Military and various other real estate tax exemptions is March 1st. If you own and occupy your home and it is your legal and permanent residence as of January 1, 2012, you may qualify for one or more of these exemptions.

Mortgage Rates and Home Sales Recovery
January 24, 2012 – Past housing cycles were heavily influenced by changes in mortgage rates. The cycles, both up and down, were generally also abrupt. However, not this time around. The historically low mortgage rates have not turbocharged home sales. At best, there has been a slight recovery and only in the most recent few months.

Toby Tobin Quoted Again in a Washington Post Story
January 24, 2012 – For the second time in the past year, GoToby.com publisher Toby Tobin was quoted in a Washington Post article by Michael Fletcher. The article ran yesterday. It addresses the presidential candidates difficulty is dealing with the housing problem, especially in Florida where the issue is more acute than in most other primary states. As in the previous article, I provided background information. A few quotes were attributed to me.

Builder Confidence Rises Fourth Consecutive Time in January
January 23, 2012 – Builder confidence in the market for newly built, single-family homes continued to climb for a fourth consecutive month in January, rising four points to 25 on the NAHB/Wells Fargo Housing Market Index (HMI), released today. This is the highest level the index has attained since June of 2007.

December Existing-Home Sales Show National Uptrend
January 20, 2012 – Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above a year ago, according to the National Association of Realtors®.

Palm Coast Real Estate News Clips: January 20, 2012
January 20, 2012 – Miscellaneous real estate news tidbits for Palm Coast and Flagler County.

Fla.’s Housing Sales Higher as 2011 Ends; Dec. Home, Condo Median Prices Up
Jan. 20, 2012 – At the close of 2011, Florida’s existing home and condominium markets reported higher sales compared to the previous year, according to the latest housing data released by Florida Realtors®.

The All American Home - Montana Home Built Solely with Domestic Products and Materials2 comments.
January 16, 2012 – Homebuilder Anders Lewendal, of Bozeman Mont., has taken the bull by the horns. Troubled about his own children's future in this global economy, he decided to see if it was possible to build a home with products made solely in America. He discovered it was not only possible, but economically feasible.

Documents Show How Fed Missed Housing Bust2 comments.
January 13, 2012 – Ben Bernanke presided over his first meeting as Federal Reserve chairman in March 2006 believing the nation's economy could pull off a "soft landing" from falling home prices. Three months later, Bernanke had begun to grasp that he and others had underestimated the risk housing posed to the economy.

News Journal Foreclosure Story Misrepresents Flagler Picture8 comments.
January 12, 2012 – I'm still steamed over yesterday's News Journal front page (above the fold) story entitled "Lost homes surge in Flagler," written by business writer Tom Knox. The lead line is, "Foreclosure activity surged in Flagler County last month, with the number of homes in trouble nearly doubling compared to November." Unfortunately, the story is wrong. It does a significant disservice to Palm Coast and Flagler County.

Syracuse University Crew Teams Practicing in Palm Coast2 comments.
January 12, 2012 – Syracuse University mens' and womens' crew teams are in Palm Coast this week for winter practice. I've seen them mostly in the early morning when the water is calm and motorized boat traffic is at a minimum.

Underwater Homeowners May Swim Freely
January 11, 2012 – Prevailing wisdom has it that homeowners who owe more on their mortgages than their houses are worth -- known as being "underwater" -- are forced to stay put because the property is too difficult to sell. So people who would otherwise relocate -- say, to find a job -- are "tethered to their homes." It's a theory touted by prominent New York Times columnist Thomas Friedman, Harvard economist Lawrence Katz, and regularly makes appearances in the media.

Palm Coast Real Estate News Clips: January 11, 2012
January 11, 2012 – Miscellaneous real estate news tidbits for Palm Coast and Flagler County.

As Home Prices Fall, More Borrowers Walk Away10 comments.
January 9, 2012 – Strategic mortgage defaults are on the rise. Is it an ethical and moral dilemma or simply a financial decision?

30-year Fixed-rate Mortgage Matches All-time Record Low
January 6, 2012 – Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates starting the year at or near their all-time lows. The 30-year fixed averaged 3.91 percent matching its all-time record low amid recent data showing signs of improvement in the housing market and manufacturing industry. This marks the fifth consecutive week the 30-year fixed has averaged below 4.00 percent.

UF survey: Florida Consumer Confidence Jumps in December
January 3, 2012 – Consumer confidence among Floridians rose three points to 69 in December, reflecting a cautious optimism in the economy, according to a recent University of Florida survey.

Pending Home Sales Rise Again in November, Highest in a Year-and-a-Half
December 29, 2011 – Pending home sales continued to gain in November and reached the highest level in 19 months, according to the National Association of Realtors®.

Toby on WNZF News Radio Friday AM
December 29, 2011 – GoToby.com publisher and Palm Coast Observer contributing writer Toby Tobin will be a quest on WNZF News Radio Friday, December 30 on Dave Ayers' show following the 9 o'clock news. The show will feature a review of the past year and prognostications.

Case-Shiller: Broad-based Declines in Home Prices Start 4th Quarter
December 27, 2011 – Data through October 2011, released today by S&P Indices for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed decreases of 1.1% and 1.2% for the 10- and 20-City Composites in October vs. September.

Changes in Home Seller Characteristics
December 23, 2011 – The 2011 Profile of Home Buyers reveals that sellers tend to be older, with a median age of 53 years. That is up from the median of 46 years observed in 2006. Household income is also higher. In the 2011 Profile, the household income of the most recent sellers was $101,500, up nearly 20 percent from that reported in the 2006 Profile when the median income was just $83,300.

Foreclosed 8,425-Acre Tract in Western Flagler Sells for $14.6M2 comments.
December 22, 2011 – According to public records, an 8,425-acre tract bordering Crescent Lake in Western Flagler County has been sold for $14,637,000. Crescent Timber LLC bought the property from Treesource LLLP in 2005 for $54,405,000.

Existing-Home Sales Continue to Climb in November
December 21, 2011 – Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors®. Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.

New-Home Production Rises 9.3 Percent in November
December 20, 2011 – Production of new single-family homes and apartments rose 9.3 percent to a seasonally adjusted annual rate of 685,000 units in November, according to figures released by the U.S. Commerce Department today. This marks the fastest pace of housing starts since October of 2008. Builder confidence in the market for newly built, single-family homes edged up two points.

Flagler Co., FL Real Estate Foreclosure Sales Scheduled for January 2012
December 18, 2011 – 104 Flagler County properties are scheduled to be sold at foreclosure auction during January. The foreclosure process takes time. The foreclosure was initiated on one of the properties in 2007. Of the remainder, 24% were initiated in 2008, 42% in 2009, 28% in 2010, and 5% in 2011.

SEC Gives Fannie Mae and Freddie Mac Immunity from Prosecution
December 16, 2011 – The Securities and Exchange Commission has charged six former executives of Government Sponsored Entities, Fannie Mae and Freddie Mac, with fraud in a civil lawsuit. In return for its cooperation, both Fannie and Freddie were granted immunity from prosecution.

U.S. Settlement Reached in Chinese Drywall Case
Dec. 15, 2011 - After 18 months of more than 50 worldwide negotiations in New Orleans, New York, Philadelphia and Miami, as well as Frankfurt, Germany, the Honorable Judge Eldon E. Fallon of the U.S. Eastern District Court, New Orleans, Louisiana, announced that the Plaintiffs' Steering Committee and Knauf Plasterboard Tianjin (KPT) Defendants proposed a class action settlement that would resolve potentially thousands of Chinese Drywall claims.

Home-Sale Data Will Be Revised Back to 2007, Realtor Group Says
December 14, 2011 – The National Association of Realtors will restate four years of monthly home-sales data next week while leaving median prices unchanged.

Florida Leads Country in Mortgage Fraud Cases
December 14, 2011 – Florida retained its top ranking in the nation for mortgage fraud litigation through September as millions of dollars in bad boom-time loans continue to be discovered by law enforcement and lenders.

Realtors® Q&A with Video on Re-benchmarking Home Sales
December 14, 2011 – The National Association of Realtors® has announced that they will be revising home sales reported going back five years. Data methods used during that period caused home sales to be overstated. NAR has released the following Q&A to answer questions about the re-stating.

Jobs and Housing Top Concerns for Voters: HouseLogic Poll
December 12, 2011 – Voters say jobs and housing are the key issues they'll care about in the 2012 election. They are one and the same.

Friday Five: Fannie, Freddie Suspend Foreclosures; Senate Extends NFIP
December 10, 2011 – It's a Christmas miracle: Fannie Mae and Freddie Mac will halt holiday foreclosures. Plus, stay up to date with the latest housing policy news, including an extension of the National Flood Insurance Program.

Flawed Appraisals Killing Home Sales, Hampering Housing Recovery
December 9, 2011 – One out of three builders are reporting losing signed sales contracts during the preceding six months because appraisals on their homes are less than the contract sales price, according to a recent nationwide survey conducted by the National Association of Home Builders (NAHB).

60 Minutes on the Mortgage Fraud: Videos
December 9, 2011 – 60 Minutes did two segments on mortgage fraud last Sunday. If you missed them, here they are. They are worth watching.

Why No Financial Crisis Prosecutions? Ex-Justice Official Says It’s Just too Hard1 comment.
December 8, 2011 – There have been no federal prosecutions since the financial crisis. And regulators' civil lawsuits and penalties don't put any executives behind bars.

Fla.'s Housing Market Bouncing Back
December 7, 2011 – Despite national and global headwinds, Florida’s real estate market is entering 2012 on an upward trend, according to three leading U.S. economists.

Why a Federal Judge Trashed the SEC’s Settlement With Citigroup
December 6, 2011 – When the Securities and Exchange Commission struck a deal with Citigroup over a failed security that the bank sold to investors, we asked whether regulators had handed Citigroup too sweet a deal. U.S. District Judge Jed Rakoff agrees.

Friday Five: Home Store Sales Up; Housing Tax Credit for Vets; and More3 comments.
December 5, 2011 – In this week's top housing news: a rebound in sales at home improvement stores may bode well for the housing market; home owners get a second chance to refinance with HARP 2.0; and a federal official pushes a new tax credit for veterans.

First Major State Lawsuit Filed Over ‘Robo-Signing’
December 2, 2011 – After a year of fruitless negotiations between major U.S. banks and the nation's state attorneys general, Massachusetts has filed the first major lawsuit over so-called "robo-signing" foreclosure processing.

Rehab Your Home Through Palm Coast's Housing Rehabilitation Program1 comment.
December 1, 2011 – The City of Palm Coast is accepting applications from qualified individuals wishing to rehab their homes to elevate its value and help stabilize our local neighborhoods. This Housing Rehabilitation Program is aimed to bring resident’s primary homes back up to minimum standards, funded through a grant from the State of Florida.

Pending Home Sales Jump in October
November 30, 2011 – Pending home sales rose strongly in October and remain above year-ago levels, according to the National Association of Realtors®.

Foreclosure Sale Schedule for December2 comments.
November 30, 2011 – Over 50 Flagler County properties are scheduled to be sold at foreclosure sales during December. The number of scheduled sales is in line with the same month a year ago. The schedule includes the following properties.

Florida Builders Seeing Improvement
November 29, 2011 – In a recent survey conducted by Florida HomeBuilder magazine publisher John Baker of Destination Communications in Tallahassee, 58.5 percent of Florida builders are seeing signs of improvement in the state’s home building industry compared to this time a year ago. Just over 30 percent report no signs of improvement.

Two Housing Price Indices: One Up, the Other Down
November 29, 2011 – The September S&P Case-Shiller home price index shows a price drop of .6% from August and a 3.6% drop when compared to 2010. September prices fell in all but three of 20 metropolitan areas measured by Case-Shiller. The report, released today, also says house prices have returned to 2003 levels.

$2M Grand Club Deed Recorded
November 29 – The deed for the sale of The Grand Club was recorded at the Flagler County Clerk of Courts office November 22. It indicates a sale price of $2,000,000 for the three courses comprising The Grand Club; Cypress Knoll, Pine Lakes, and the closed Matanzas Woods. The purchaser is listed as Golf Group of Palm Coast LLC.

Growth in Commercial Real Estate Markets Expected in 2012
November 28, 2011– Commercial real estate markets have been relatively flat this year, but improving fundamentals mean a more positive trend is expected in 2012, according to the National Association of Realtors®.

Grand Club Sale Apparently Closed2 comments.
November 25, 2011 – After a couple years of waiting, The Grand Club has apparently changed hands. Though there were last minute issues obtaining a liquor license and Certificate of Occupancy, members have heard from the new owners: The Golf Group of Palm Coast, LLC.

First Time Home Buyers 37 Percent - Down from 2010
November 23, 2011 – The end of the Home Buyer Tax Credit decreased the share of first-time home buyers.

October Existing-Home Sales Rise, Unsold Inventory Continues to Decline
November 21, 2011 – Existing-home sales improved in October while the number of homes on the market continued to decline, according to the National Association of Realtors®.

Fla.’s Existing Home and Condo Sales Up in October 2011
November 21, 2011 – Earlier today, GoToby.com posted the monthly home sales report from the National Association of Realtors®. Following is the report from Florida Realtors. Florida’s existing home and existing condo sales continued to show gains in October, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,755 homes sold statewide compared to 12,145 homes sold in October 2010, according to Florida Realtors.

Ginn Sur Mer Property Owners: Beware of Replay Resorts' Survey4 comments.
November 20, 2011 – [from the Epicenter of the GINNdom] Property owners of Ginn sur Mer (GSM) lots are finally receiving communications from their developer; two in fact within days of one another. These are very important documents, but not in the way you might think. GoToby.com thinks the survey is more about gathering declarations from potential future plaintiffs than about customer service. Read about why.

Palm Coast Real Estate News Clips November 18, 20112 comments.
November 18, 2011 – Just when some people thought Panera Bread's plans to build a new bakery-café had gone stale, the company finally pulled its building permit. It also paid the City of Palm Coast $62,648.07 for permitting and impact fees.

Builder Confidence Rises Three Points in November
November 17, 2011 – Builder confidence in the market for newly built, single-family homes rose by three points to 20 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for November, released yesterday. The gain builds on a revised three-point increase in October, and brings the confidence gauge to its highest level since May of 2010.

Freddie Mac Sells Record-number REO at 94% of Market Value
November 15, 2011 – Freddie Mae sold a record number of real estate owned properties in 2011 and got pretty decent pricing on most of them, according to Tracy Mooney, senior vice president of single-family servicing and real estate owned properties at Freddie.

Mover Rate Reaches Record Low, Census Bureau Reports
November 15, 2011 ¨C The percentage of people who changed residences between 2010 and 2011 ©¤ 11.6 percent ©¤ was the lowest recorded rate since the Current Population Survey began collecting statistics on the movement of people in the United States in 1948, the U.S. Census Bureau reported today. The rate, which was 20.2 percent in 1985, declined to a then-record low of 11.9 percent in 2008 before rising to 12.5 percent in 2009. The 2010 rate was not statistically different than the 2009 rate.

Bill Filed to Kill Major Impact Fees2 comments.
November 14, 2011 – Florida cities and counties would be barred from enacting transportation or school impact fees until mid-2015 under a measure filed last week by Rep. Mike Weinstein (R-Jacksonville). House Bill (HB) 603 would prevent the levying of concurrency fees for roads and schools for development permitted before July 1, 2015 and completed before July 1 2016.

Gradual Recovery for Housing and the Economy Expected in 2012
November 12, 2011 – Although the housing market struggled to maintain an even footing in 2011, gradual improvement is expected in 2012 and beyond, according to projections at a residential forum here at the 2011 Realtors® Conference & Expo.

New Loan Limits Impact The Middle Class
November 11, 2011 – The vast majority of borrowers, 86%, who used a loan above the new conforming limits prior to October 1st, had a household income below $150,000.

Third Quarter Metro Area Prices Soften but State Sales Broadly Rise
November 9, 2011 – Metro area median existing-home prices in the third quarter generally were down from a year ago, while sales rose in every state from the third quarter of 2010, according to the latest quarterly report by the National Association of Realtors®.

Homeowners, Citing Little-known Law, Win Battle with HOA to Plant Florida-friendly Yard
November 9, 2011 – A little-known state law has helped a local couple swap their traditional yard for one with less grass, lawn chemicals and yard work, despite neighborhood covenant restrictions.

Palm Coast Real Estate News Clips: Nov 8, 20111 comment.
November 8, 2011 – Miscellaneous real estate news tidbits for Palm Coast, FL.

Flagler County October 2011 Foreclosure Auction Results1 comment.
November 7, 2011 – The Flagler County Clerk's office was busy with foreclosure auctions during October. There were 84 Certificates of Title issued during the month compared with 14 in September and 141 in August. Lenders typically do not waste much time selling REO (lender-owned) properties once they have taken posession. Thus a healthy crop of Certificates of Title usually leads to an increase in REO sales during the following few months.

Our FAQ on the Foreclosure Reviews
November 7, 2011 – As we reported Friday, federal banking regulators have launched a foreclosure review process. Certain current or former homeowners who were the victims of abuses or errors by mortgage servicers will be eligible for compensation. So we've provided this FAQ.

Flaws Jeopardize New Attempt to Help Homeowners1 comment.
November 4, 2011 – Banking regulators this week launched the government’s latest attempt to help troubled homeowners — the Independent Foreclosure Review — heralding it as a thorough and fair way to compensate homeowners victimized by big banks. But early indications are that this program, like earlier efforts, has fundamental flaws.

More Young Adults are Living in Their Parents’ Home, Census Bureau Reports
November 3, 2011 – Between 2005 and 2011, the proportion of young adults living in their parents’ home increased, according to the U.S. Census Bureau. The percentage of men age 25 to 34 living in the home of their parents rose from 14 percent in 2005 to 19 percent in 2011 and from 8 percent to 10 percent over the period for women.

Freddie Mac Has Wider Loss, Seeks $6 Billion from Treasury
November 3, 2011 – Freddie Mac, one of two mortgage- finance companies under U.S. conservatorship, reported a $4.4 billion loss for the third quarter and said it will seek $6 billion from the U.S. Treasury Department.

Realtors® Confidence Index – Distressed Sales Leveling Off
November 2, 2011 – Based on the latest monthly Realtors® Confidence Index, which summarizes the responses of over 3,600 Realtors® to a monthly market survey, there has been a leveling off at the MLS sales level in the sale of distressed properties in recent months.

Feds File Massive Fraud Case Against Allied Home Mortgage
November 2, 2011 – Federal prosecutors sued Allied Home Mortgage Capital Corp. and two top executives Tuesday, accusing them of running a massive fraud scheme that cost the government at least $834 million in insurance claims on defaulted home loans.

Big Four Set to Participate in HARP 2.0
November 1, 2011 – The industry’s four largest mortgage servicers all say they will be taking part in the revamped Home Affordable Refinance Program (HARP).

DeMarco Says FHFA Will Not Consider Principal Write-downs
October 31, 2011 – While the Obama administration may be pondering the idea of helping underwater homeowners through principal write-downs, Federal Housing Finance Agency Director Edward DeMarco said there is no current consideration for principal write-downs on underwater home loans.

A Salamander in the GINNdom Signals a New Era3 comments.
October 28, 2011 – Middleburg, Va.-based Salamander Hotels & Resorts introduced themselves to invited guests at a special "under the tent" event at the Hammock Beach Resort last evening. Salamander took over operations of the Hammock Beach and Reunion resorts yesterday. They have joined resort owner Lubert-Adler by taking an equity position in the resorts.

Falling Rental Vacancies1 comment.
October 28, 2011 – The total number of rental households has increased to 38 million in the second quarter of this year, an increase of 1.4 million renters in the past 12 months. Because there has not been an overproduction in multifamily units in the past decade, higher demand for rental units has directly resulted in falling vacancy rates.

Cheat Sheet: What’s Happened to the Big Players in the Financial Crisis
October 27, 2011 – What's happened to the players whose behavior, whether merely reckless or downright deliberate, helped cause or worsen the meltdown.

September Pending Home Sales Down, Still Higher Than a Year Ago
October 27, 2011 – Pending home sales declined in September, although activity remains above a year ago, according to the National Association of Realtors®.

Salamander Hotels & Resorts Launches Grand Golf Resorts of Florida Collection
October 27, 2011 – Three of Florida’s grandest golf resorts have united under the management of Salamander Hotels & Resorts. Sheila C. Johnson, Salamander’s owner and CEO, today announced the formation of the Grand Golf Resorts of Florida, which features Innisbrook Resort near Tampa, Reunion Resort in Orlando, and Hammock Beach Resort in Palm Coast.

September New Home Sales Up, Prices Down
October 26, 2011 – Sales of new single-family houses in September 2011 were at a seasonally adjusted annual rate of 313,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and urban Development. This is 5.7 percent (±18.4%) above the revised August rate of 296,000, but is 0.9 percent (±16.3%) below the September 2010 estimate of 316,000.

A Fire Sale for Arsonists: The ''Revised'' Bank Mortgage Settlement Still Stinks
October 25, 2011 – For three years banks benefited from government and Federal Reserve loans at fire sale prices - after they started the fire.

Case-Shiller Price Index, Consumer Confidence
October 25, 2011 – 10 MSAs showed stronger home prices for the month compared to July, but only 2 were stronger than August of 2010 (Washington, DC and Detroit).

FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers
October 24, 2011 – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants.

Hilton Garden Inn Palm Coast/Town Center Named Best Hilton Garden Inn in the World3 comments.
October 21, 2011 – The Hilton Garden Inn Palm Coast/Town Center has just been named the #1 Hilton Garden Inn (HGI) in the world

Did Citi Get a Sweet Deal? Bank Claims SEC Settlement on One CDO Clears It on All Others
October 21, 2011 – In the run-up to the global financial collapse, Citigroup’s bankers worked feverishly to create complex securities. In just one year, 2007, Citi marketed more than $20 billion worth of deals backed by home mortgages to investors around the world, most of which failed spectacularly. Subsequent lawsuits and investigations turned up evidence that the bank knew that some of the products were low quality and, in some instances, had even bet they would fail.

Existing-Home Sales Off in September but Higher Than a Year Ago
October 20, 2011 – Existing-home sales were down in September on the heels of a strong gain in August, but remain well above a year ago, according to the National Association of Realtors®.

Home Builder Confidence Rises
October 19, 2011 –The October NAHB/Wells Fargo Housing Market Index (HMI) was released Tuesday, The latest HMI says that builder confidence in the market for newly built, single-family homes rose four points to 18. This is the largest one-month gain the index has seen since the home buyer tax credit program helped spur the market in April of 2010.

Florida Bank, Used as ATM by Insiders, Won TARP Loan But Now Teeters
October 19, 2011 – U.S. Century was ailing when it received the TARP loan. Today, U.S. Century teeters on the edge of collapse as it operates under an extraordinary consent order, issued in June by the Federal Deposit Insurance Corporation. Sweeping in scope, the consent order demands an overhaul including changes in top executives, a review of all loans, implementation of a program to guard against money laundering, and an increase in the bank's capital.

REO Sales May Not Peak Until 2013
October 18, 2011 – The sale of properties repossessed through foreclosure may not peak until 2013, keeping home prices from a meaningful recovery for some time, analysts estimated Monday.

Riding the Investor Wave3 comments.
October 17, 2011 – Housing affordability conditions are among the best they have ever been but exceptionally tight lending criteria have made it difficult for any buyers to take advantage of such attractive affordability.

Ohio County Sues MERS over Mortgage Recording Fees
October 14, 2011 – Geauga County in Ohio filed suit against Mortgage Electronic Registration Systems Thursday, claiming the electronic mortgage registry bypassed the recording of mortgage assignments in local registry offices, thereby depriving numerous Ohio counties on revenue from filing fees.

Rumor Confirmed: Salamander Will Take over Operations of Reunion and Hammock Beach Resorts3 comments.
October 13, 2011 – GoToby.com has learned that a previously published rumor will soon become fact. Effective October 27th, Salamander Group will assume management responsibilities of Reunion Resort, in Orlando, and Hammock Beach Resort in Palm Coast, replacing Nobel and Front Door. Front Door reportedly will continue to manage Lubert-Adler's real estate and development interests. Salamander Group has taken an equity position and will be a minority partner with Lubert-Adler.

Ginn Grand Bahama Project Gets Multi-million Tax Break1 comment.
October 12, 2011 – Credit Suisse persuaded The Bahamian Government to pass special legislation that would allow the transfer of 1,746 foreclosed acres in the planned $4.9 billion Ginn sur Mer Resort. Ginn is reported to have invested over $500 million to date for land acquisition, marketing, a golf course, and infrastructure. Ginn's former financial partner, Lubert-Adler maintains ownership of the Old Bahama Bay Resort and several hundred acres comprising the core of the original development plan. The core is planned to contain hotels and a casino. The Stamp Duty concession will result in an estimated savings to Credit Suisse that could excess $30 million.

Palm Coast Real Estate News Clips: Oct 10, 20111 comment.
October 10, 2011 – Miscellaneous real estate news tidbits for Palm Coast, FL.

Our Guide to Obama’s Floundering Foreclosure Programs1 comment.
October 9, 2011 – Overall, Obama's foreclosure programs have failed to reach more than a fraction of the homeowners they were designed to help. Here are the depressing details:

Eight Ginn-Developed Lots Sell for a Total of $96,0002 comments.
October 7, 2011 – A Ft. Lauderdale investor has purchased seven foreclosed lots in the Conservatory and one in Yacht Harbor Village for a mere $96,000. The lots once sold for a total of $3,334,300. Branch Banking &Trust was the seller.

Monthly Payment for Home Buyers Like 30 Yrs Ago
October 6, 2011 – A home buyer purchasing a typical American home at the prevailing average mortgage rate today would have a mortgage payment of $698 a month. This figure is not much different from what a home buyer would have faced 30 years ago. In 1981, home prices were much lower but mortgage rates were reaching 18 percent.

Homebuilders, Realtors®, and Others in the News: October 5, 2011
October 5, 2011 – Homebuilders, developers, Realtors®, and others tied to Palm Coast's real estate market have been active recently. Here are a few making the news:

Gov't Report: Fannie Knew of 'Robo-signing' in '03
October 4, 2011 – Mortgage giant Fannie Mae knew about allegations of improper foreclosure practices by law firms in 2003 but did not act to stop them, a government watchdog says.

Secret Docs Show Foreclosure Watchdog Doesn’t Bark or Bite
October 4, 2011 – Why has the administration’s flagship foreclosure prevention program been so ineffective in helping struggling homeowners get loan modifications and stay in their homes? One reason: The government’s supervision of the program has apparently ranged from nonexistent to weak.

Time for ARMs?
October 3, 2011 – Interest rates have been falling across the board lately due to the continuing ultra-loose monetary policy of the past three years and slow pace of economic recovery. The Fed had been buying long-term bonds with freshly printed money with the intent of lowering 10-year Treasury bond yields and 30-year mortgage rates.

Talk About Town: Carrabba's Italian Grill Coming to Palm Coast, Panera Final Site Plan Submitted7 comments.
September 29, 2011 – Outback Steakhouse, Red Lobster, Olive Garden, and Panera Bread have come to Palm Coast in recent years. Rumors of Carrabba's Italian Grill have been heard since 2007. Now it's true. Carrabba's Italian Grill intends to build their Palm Coast restaurant in Cobblestone Village, next to a new medical building (where site work is underway), and across from Golden Corral.

National Pending Home Sales Decline in August but Remain Above a Year Ago
Pending home sales slipped in August 2-11 with a mixed regional performance but are higher than a year ago, according to the National Association of Realtors®.

Hammock Beach Discovery Center Hit with Foreclosure7 comments.
September 28, 2011 – Updated October 3, 2011 - The Hammock Beach Discovery Center has been hit with a foreclosure filing. A lis pendens was filed September 16th at the Flagler County Clerk of Courts on behalf of the Plaintiff; "Wells Fargo Bank, N.A., as Trustee for Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates, Series 2006-1Q12, acting by and through its special servicer, C-III Asset Management LLC. The defendants are Hammock Beach Discovery Center, LLC and Edward Robert (Bobby) Ginn III, individually.

Foreclosure Sale of 8,425 Acres in Western Flagler Co. October 4th
September 28, 2011 – The October 4, 2011 foreclosure sale at the Flagler County Clerk of Courts office will include over 8,000 acres in western Flagler County. Farm Credit Bank of Texas is foreclosing as a result of the default of property owner Crescent Timber LLC. County property records reveal that Crescent Timber owns 30 contiguous parcels totaling 8,425 acres bounded by Crescent Lake, SR 100 and Daytona North.

REALTOR® Confidence: Some Hopeful Signs?1 comment.
September 27, 2011 – All real estate is local: some housing markets are actually performing well, some are performing poorly, and many are in-between. Median home prices have been moving up and down in a relatively narrow range in many markets; that shows a stabilization trend. However, a review of many of the national media reports gives an overall impression of gloom and doom. Therefore, what do the people most familiar with the nation’s real estate markets think about the current existing-home sales markets?

Homebuilders, Realtors®, and Others in the News: September 26, 2011
September 26, 2011 – Homebuilders, developers, Realtors®, and others tied to Palm Coast's real estate market have been active recently.

Flagler County Chamber Releases Overview of Local Business Census
September 26, 2011 – The Flagler County Chamber of Commerce & Affiliates recently completed a six-month project to gain a better understanding of the number and kind of businesses that exist in Flagler County.

Buyers, Beware of Short Sale Fraud4 comments.
September 23, 2011 – Unfortunately, real estate fraud is quite common. Much of it is not obvious to an unwary buyer or seller. Buyers, particularly should be aware because some upside down sellers are finding creative ways to get cash out of properties in which they have negative equity.

Fixed-rate Mortgages Remain Near Record Lows
September 23, 2011 – Freddie Mac yesterday released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed-rate mortgages changing little amid sluggish economic, mixed housing data, and ongoing concerns over the European debt markets. The 30-year fixed remained unchanged at 4.09 percent, while the 15-year fixed dropped a single basis point to 3.29 percent, marking a new record low.

August Existing-Home Sales Rise Despite Headwinds, Up Strongly from a Year Ago
September 21, 2011 – Existing-home sales increased in August, even with ongoing tight credit and appraisal problems, along with regional disruptions created by Hurricane Irene, according to the National Association of Realtors®. Monthly gains were seen in all regions.

SunTrust Takes Title to Grand Reserve Golf Course with Deed in Lieu of Foreclosure
SunTrust Takes Title to Grand Reserve Golf Course through Deed in Lieu of Foreclosure Two separate loan balances totaled $14,594,441.50. Palm Coast, FL – September 20, 2011 – The Flagler County Clerk of Courts recorded two "Deeds In Lieu of Foreclosure" for the Grand Reserve Golf Course September 15th. In a deed in lieu transaction, the property owner (in this case OB Investors, LLC) surrenders the property in satisfaction of the outstanding mortgage amount. Two separate loan balances totaled $14,594,441.50. The original principal amount of the first loan was $15,438,297.78. The remaining balance was $12,332,739.28. The original principal amount of the second loan was $2,261,702.22 with a remaining balance of $2,261,702.22. SunTrust was the lender. The deed in lieu was granted to CRM Florida Properties, LLC, a Georgia limited liability company. State of Georgia records indicate that CRM Florida Properties is affiliated with SunTrust. The deeds in lieu were executed September 9, 2011. The model home/sales office was unmanned today. Grand Reserve Real Estate Division's listed number phone number (386-437-9445) has been "disconnected or is no longer in service." The golf course remains open for business under Capstone Golf management. "Capstone Golf had a management agreement with the developer and has a management contract with the current lender. The operation will continue the same until the lender finds someone to purchase the property," said J. Michael Pullen II, Chief Operating Officer of Capstone.

Flagler County Foreclosure Sales Scheduled for Oct 2011
September 19, 2011 – Fifty-three Palm Coast and Flagler County properties are scheduled for foreclosure sales during October 2011.

Mortgage Debacle Costs Banks $66 Billion as Suits Sap Profit
September 19, 2011 – Faulty mortgages and foreclosure abuses have cost the nation’s five biggest home lenders at least $65.7 billion, according to a tally by Bloomberg News, and new claims may push the industrywide total to twice that amount.

Small Market Share, But A Big Economic Impact1 comment.
September 17, 2011 – Fannie, Freddie, and FHA conforming loan limits are set to decline at the end of September.

Homebuilders, Realtors®, and Others in the News: September 17, 2011
September 17, 2011 – Homebuilders, developers, Realtors®, and others tied to Palm Coast's real estate market have been active recently. Here are a few making the news:

Lowest Housing Starts Since World War II
September 16, 2011 – At the projected 551,000 rate for new housing unit construction this year, it would be the lowest since at least 1945. Data in prior years are a bit sketchy, other than knowing that there was nearly zero construction during the Depression years of the 1930s.

Tell Congress to Reauthorize National Flood Insurance
September 14, 2011 – On Sept. 30, 2011, the National Flood Insurance Program, which provides flood insurance to 5.6 million homes and businesses, will expire. If Congress doesn't renew this program before then, 21,000 communities in the United States won't have an affordable option to protect themselves from flooding.

The Widening Gap between New and Existing Home Prices1 comment.
September 13, 2011 – The price of newly constructed homes refuses to budge downwards. After hitting the cyclical low of $204,000 in October of 2010, the typical transaction price of new homes has been around $220,000.

Las Vegas Man Pleads Guilty in HOA Fraud Scheme1 comment.
September 13, 2011 – A Las Vegas man pleaded guilty today in connection with a scheme to fraudulently gain control of Southern Nevada condominium homeowners’ associations so they could direct business to a certain law firm and construction company, the Justice Department announced today.

Homebuilders, Realtors®, and Others in the News: September 12, 2011
September 12, 2011 – Homebuilders, developers, Realtors®, and others tied to Palm Coast's real estate market have been active recently. Here are a few making the news:

Natural Population Growth Equals Future Housing Demand1 comment.
September 10, 2011 – The current home sales activity is matching levels seen 12 years ago, yet the total population has increased by more than 30 million since then. The pent-up housing demand continues to build.

One Obstacle to Obama’s New Plan to Help Homeowners: A Gov’t Regulator
September 10, 2011 – If you weren't listening closely to President Obama's speech Thursday night, you might have missed his new plan to help millions of homeowners.

Falling Inventory of Homes for Sale 1 comment.
September 8, 2011 – GoToby.com has followed the decline in the inventory of homes available for sale in Palm Coast and Flagler County. MLS listings for single-family homes have dropped to 1,034 this morning from 1,219 three months ago. The shortage of available listings is a strong indicator that rising prices are not too far away.

Credit Suisse/Ginn Sur Mer Foreclosure Lawsuit Withdrawn in Bahamas6 comments.
September 7, 2011 – GoToby.com has learned that a foreclosure lawsuit that would transfer much of the land associated with the massive Ginn sur Mer project in West End, Grand Bahama to a Credit Suisse entity has been withdrawn. The foreclosure was the final chapter in Ginn-LA's default of a $675 million loan arranged by Credit Suisse.

Homebuilders, Realtors®, and Others in the News: September 6, 2011
September 6, 2011 – Homebuilders, developers, Realtors®, and others tied to Palm Coast's real estate market have been active recently. Here are a few making the news.

Food, Fun And Fireworks On Sept. 4TH – FREE!!
September 3, 2011 – Stay in Palm Coast over Labor Day weekend for a Sunday of fabulous fireworks and a picnic in the park. A great day on September 4th in Central Park is planned for the entire family.

Man accused of being a squatter in N. Raleigh2 comments.
September 1, 2011 – RALEIGH -- Police have arrested and charged a Tarboro man with squatting for at least seven months in a North Raleigh home valued at nearly $2 million.

Nevada Wallops Bank of America With Sweeping Suit; Nationwide Foreclosure Settlement in Peril
August 31, 2011 – The state of Nevada dramatically expanded its lawsuit against Bank of America today, turning the narrow case it filed late last year into a broadside that targets virtually all aspects of the bank's mortgage operations. Bank of America has previously denied wrongdoing.

Panera Bread Submits Site Plan to City of Palm Coast3 comments.
August 30, 2011 – Palm Coast's long-awaited Panera Bread bakery-café is one step closer to realization. A site plan has been submitted to the City of Palm Coast. Since most of the site plan elements were hammered out with the city prior to the April land purchase, only minor adjustments are expected. I'm told that the commencement of construction is planned for October 1st with an aggressive three month build schedule.

Homebuilders, Realtors®, and Others in the News: August 29, 2011
August 29, 2011 – Homebuilders, developers, Realtors®, and others tied to Palm Coast's real estate market have been active recently. Here are a few making the news.

Pending Home Sales Slip in July but Up Strongly From One Year Ago
August 29, 2011 – Pending home sales declined in July but remain well above year-ago levels, according to the National Association of Realtors®. All regions show monthly declines except for the West, which continues to show the highest level of sales contract activity.

The Man Who May Bring the Banksters to Justice (If They Don't Break His Knees First) 1 comment.
August 29, 2011 – New York State Attorney General Eric Schneiderman may go down in history as the most important public official in reforming the corrupt financial system that caused the great Financial Crisis of 2008 and holding the perps responsible -- if he can hold out against pressure from Wall Street, the Federal Reserve, and the Obama administration to give Wall Street a "Get Out of Jail Free" card.

No Indictments and Jail for Those Responsible for Financial Crisis2 comments.
August 28, 2011 – Matt Taibbi reports in Rolling Stone Magazine that the Securities and Exchange Commission has systematically destroyed documents of preliminary investigations, even though the records are supposed to be kept for 25 years.

Zillow Estimates 4.3% Decline in Home Prices1 comment.
August 27, 2011 – Standard & Poor's is likely to report a 4.3% decline in June home prices year-over-year and a 1.2% increase from the previous month when it releases its June Case-Shiller Home Price Indices study next Tuesday, Zillow said Friday.

Economic Indicators: Weekly Update for August 26, 2011
August 26, 2011 – Every week the National Association of Realtors® Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of August 22-August 26, 2011, along with graphs that show the latest movement and overall trends.

Toll Brothers Announces 3rd Qtr and 9-Month Profit
August 25, 2011 –Toll Brothers, builder of luxury residential communities, released FY 2011 third quarter and nine-month earnings yesterday. The release has much to say about industry trends and the company's progress. There is some good news, but nothing is said about the source of their profits. A category labeled "Income Tax Benefits" carries no explanation, but it is the most significant item on the P&L.

Taking Care of ''Small'' Business
August 25, 2011 – The economy is barely crawling along. A recent sizable downward revision to GDP figures showed that the current economic activity – adding up all income generation from producing autos to providing hair cuts – is still below the recent past cyclical peak achieved in late 2007 even though the country added over 10 million additional people in the workable age of 16-and-over. In short, it seems like “Progress in America” has stopped.

Billions Meant for Struggling Homeowners May Pay Down Deficit Instead3 comments.
August 25, 2011 – With housing prices dropping sharply, and foreclosure filings against more than 1 million properties in the first half of this year, the Obama administration is scrambling for ways to help homeowners.

Deutsche Bank Knew Mortgage Co it Bought Lied: Justice Dept
August 24, 2011 – Deutsche Bank AG knew in 2006 that a mortgage company it was preparing to buy lied to the U.S. government about its mortgages, yet went ahead with the purchase and should be held financially responsible, the Justice Department said on Monday.

REALTORS® Report First-Time Home Buyers Have Declined In Recent Months
August 24, 2011 – According to the latest REALTORS® Confidence Index survey, first-time buyers have declined in terms of numbers and percentages in recent months. Normally, first-time buyers are approximately 40 percent of the Existing Home Sales market; they have recently declined to the low thirties.

California AG Suit Alleges Attorneys Filed Fraudulent Lawsuits
August 23, 2011 – California Attorney General, Kamala Harris, has busted an extensive mortgage fraud ring. Harris filed a suit against Philip Kramer, the Law Offices of Kramer & Kaslow, two other law firms, three other lawyers, and 14 other defendants who are accused of working together to defraud homeowners across the country through the deceptive marketing of "mass joinder" lawsuits. "Mass joinder" lawsuits are lawsuits with hundreds, or more, individually named plaintiffs.

July New Home Sales down for Fourth Straight Month
August 23, 2011 – Sales of new single-family houses in July 2011 were at a seasonally adjusted annual rate of 298,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.7 percent (±12.9%)* below the revised June rate of 300,000, but is 6.8 percent (±13.5%)* above the July 2010 estimate of 279,000.

Palm Coast Political Candidate Forum Tonight
August 23, 2011 – Tonight, August 23, 2011, the Flagler County Chamber of Commerce & Affiliates, Flagler County Association of Realtors® and Flagler County Homebuilders Association will host a Political Candidate Forum open to all Flagler County residents. This forum is a must-attend for residents to hear registered candidates’ opinions about important business issues before early voting begins on August 29.

Homebuilders and Realtors® in the news August 22, 2011
August 22, 2011 – Several Palm Coast area homebuilders and Realtors® have been active recently. Here are a few making the news: MLS, Adams Cameron, Olsen Custom Homes, Luxury Team of Florida Realty Group, and Parade of Homes.

Treasury Rates Tumbled, but Don’t Wait for Mortgage Rates to Match their Decline
August 22, 2011 – It is widely believed that the rate on the 30-year fixed rate mortgage tracks the 10-year Treasury bond. This is true, but during certain episodes the relationship between the two rates appears to weaken, which leads some to suspect that the two have become unhinged. In fact, rational market dynamics are at work.

Flagler Making Preparations for Irene3 comments.
August 22, 2011 – Although it is not certain that Hurricane Irene will arrive in Flagler County later this week, preparations are underway at the Flagler County Emergency Operations Center and the storm is being closely watched.

Economic Indicators: Weekly Update for August 19, 2011
August 19, 2011 – Every week the National Association of Realtors® Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of August 15-August 19, 2011, along with graphs that show the latest movement and overall trends.

Media Spins National Association of Realtors® July Home Sales Report as Bad News
August 18, 2011 – The National Association of Realtors today released their monthly home sales report. The report is titled "Existing-home sales down in July but up strongly from a year ago." [full text below] Several news organizations nationally are spinning the report as negative. Take a look at just a few of their headlines:

Mortgage Servicers Bypass Foreclosure Delays with More Short Sales
August 18, 2011 – Mortgage servicers contending with attorney general investigations and extended foreclosure delays turned more to short sales in the past year.

Housing Affordability High
August 17, 2011 – Housing affordability will be at its highest in a generation this year. The affordability index is comprised of median home prices, median family income, and the prevailing mortgage rate.

Foreclosure Sale: 89 Flagler County Properties Scheduled for September Sales
August 16, 2011 – The Flagler County Clerk of Courts lists 89 properties on its September foreclosure sale schedule. Many property owners will preempt the scheduled sale via a short sale, refinancing, deed in lieu, or loan modification. Lenders can withdraw the property at any time prior to the sale. Sales are held at the Flagler County Clerk of Courts' office at 11:00 A.M.

Mortgage Fraud Remains Prevalent, Organized Crime Involved: FBI
August 15, 2011 – Mortgage fraud remained prevalent in 2010 despite national efforts to crack down on perpetrators — many of whom have ties to organized crime, according to the FBI.

Can Turning Foreclosures into Rental Properties Save the Housing Market?1 comment.
August 13, 2011 – Earlier this week, the federal government put out a request for ideas on how to transform some of the roughly 250,000 government-owned foreclosed homes into rental properties. Is this a good idea?

Economic Indicators: Weekly Update for August 12, 2011
August 12, 2011 – Every week the National Association of Realtors® Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of August 8-August 12, 2011, along with graphs that show the latest movement and overall trends.

ForSaleByOwner.com Founder Uses Real Estate Broker to Sell Condo
August 11, 2011 – An August 3rd Wall Street Journal article tells the story of Colby Sambrotto's failed attempt to sell his New York City condo himself. What makes this story so interesting is that Sambrotto is the founder and former COO of ForSaleByOwner.com, the popular FSBO website. After failing to attract a buyer for six months, he contacted a real estate broker.

National Association of Realtors® Reports 2 Qtr Home Sales
August 10, 2011 – The National Association of Realtors® issued its summary of second quarter 2011 home sales. The organization reports that median selling prices were down. Only twenty-seven percent of metro areas reported higher median selling prices. The national median stood at $171,900. This compares to the Flagler County second quarter median selling price of $120,000. At the same time, Florida Realtors® report the overall Florida median selling price was $134,600.

Wells Fargo Picks to Pay1 comment.
August 9, 2011 – On Friday, Wells Fargo disclosed that it had agreed to pay $590 million to settle class-action lawsuits brought by investors concerning bonds sold by Wachovia, which Wells Fargo acquired in October 2008.

Florida Cities NOT on List of 10 Sickest Housing Markets
August 9, 2011 – MSN Today Money yesterday published a 24/7 Wall Street list of the 10 sickest housing markets in the U.S. Not a single Florida city made the list. Here are the cities that did.

Foreclosure Sale of Several City Marketplace Commercial Condominiums Tomorrow1 comment.
August 8, 2011 – According to the Flagler County Clerk of Courts website, twenty-three commercial condominium units in City Marketplace (formerly City Walk) will be sold tomorrow at a foreclosure auction. The units are all in buildings "C" and "D." Space leased by the City of Palm Coast in building "B" will not be affected.

Homebuilders and Realtors® in the news August 6, 2011
August 6, 2011 – Several Palm Coast area homebuilders and Realtors® have been active recently. Here are a few making the news.

Home Ownership Hits Lowest Level Since 19651 comment.
August 5, 2011 – As the foreclosure crisis continues to wreak havoc on the housing market, a source of national pride has taken a sour turn. Home ownership is on the decline and, according to a recent Morgan Stanley report, the United States is fast becoming a nation of renters.

Economic Indicators: Weekly Update for August 5, 2011
August 5, 2011 - Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of August 1 - August 5, 2011, along with graphs that show the latest movement and overall trends.

Public Meeting on Matanzas Interchange Planned8 comments.
August 4, 2011 – A public meeting to discuss plans for construction of an I-95 interchange at the Matanzas Woods Overpass and the widening of Matanzas Woods Parkway is planned for 6:30 p.m. Thursday, August 11 at the Palm Coast Community Center.

EXCLUSIVE: 14 Charged in $60 Million Mortgage Fraud Scheme1 comment.
August 4, 2011 – Fourteen people were charged with participating in a nearly $60 million mortgage fraud ring on Thursday following an FBI crackdown.

Real Estate Agents to Lenders: Short-sale Process Broken
August 3, 2011 – California real estate agents say closing short-sale transactions are "difficult" or "extremely difficult," and said procedures by mortgage lenders and servicers are only serving to make matters worse over the past six months, according to a new survey.

Inflation Watch: July 2011
August 3, 2011 – In the Inflation Watch Series, National Association of Realtors® Research focuses on the price level. We monitor measures of inflation that affect the business of REALTORS® and summarize their impact, highlighting areas of potential concern in a brief, polished presentation.

Lawrence Yun's Forecasts for 2011 and Beyond
August 2, 2011 – National Association of Realtors® Chief Economist Lawrence Yun discusses his forecasts for the remainder of 2011 and into 2012, including a look forward at existing-home sales and jobs.

State Cabinet Rejects Hammock Beach Developer's Condominium Appeal5 comments.
August 2, 2011 – The Florida Cabinet rejected an appeal from the Hammock Beach developer (Ginn-La Marina, Northshore Hammock and Northshore Ocean Hammock Investments) to overturn an Administrative Law Judge's ruling. That ruling upheld the Flagler County Board of Commissioners denial of permission to build up to 561 condominium units on property restricted in perpetuity for a golf course use. The battle has been underway for two years. It has pitted the developer of the Hammock Beach Resort against residents, residents against residents, and County Commissioners against County Staff.

Matanzas Neighborhood Meeting to Discuss Sawgrass Villas Townhomes2 comments.
August 1, 2011 – The City of Palm Coast is caught between a rock and a hard place. Putnam State Bank seeks approval for Sawgrass Villas; 50 townhouse units in an area surrounded by single family homes in the L-section. A mandatory Neighborhood Meeting with area residents to discuss the plan and seek comments will be held Monday, August 8th at Indian Trails Middle School from 5:30 to 7:30 P.M. It appears that the land development code (zoning) is on the side of the property owner, but residents are not expected to be in a receptive mood. In fact a website called StopSawgrass.com has already surfaced.

Homebuilders and Realtors® in the news July 30, 20111 comment.
July 30, 2011 – Several area homebuilders and Realtors® have been active recently. Among them are Seagate Homes, CBV Resort Homes, Watson Mortgage, Re/Max Heritage, and Adams Cameron.

B of A Donates Then Demolishes Houses to Cut Glut of Foreclosures2 comments.
July 29, 2011 – Bank of America Corp. (BAC), faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.

Economic Indicators: Weekly Update for July 29, 2011
July 29, 2010 – Every week the National Association of Realtors® Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of July 25-July 29, 2011, along with graphs that show the latest movement and overall trends.

Pending Home Sales Rise in June
July, 28, 2011 – Pending home sales increased in June following a wide swing down in April and then up in May, according to the National Association of Realtors®. Activity increased in the West and South but declined in the Midwest and Northeast; all regions show strong double-digit gains from a year ago.

The Best Housing Markets For The Next 5 Years: Palm Coast is #10
July 28, 2011 – GoToby.com is not alone in forecasting a positive future for the Palm Coast, Flagler County home market. A recent Business Insider report citing data provided by Fiserv Case Shiller Indexes identifies the fifteen real estate markets expected to appreciate the most from 2011 to 2016. All of these markets are expected to increase by over 8%. Many are small cities in Florida. About Palm Coast, the report says, "From peak to the end of 2010 home prices fell 53.3%. Palm Coast won't experience positive growth until 2012, but when it does it will be a stunner with a year of 15.2% growth."

Flagler County Airport Rated Nation's Second Busiest in its Classification2 comments.
July 28, 2011 – Of the 247 Federal Aviation Administration (FAA) Contract Air Traffic Control Towers, the Flagler County Airport was recently rated as the second busiest in the nation.

Talk about Town: What's Going on Next to Walmart?2 comments.
July 27, 2011 – The phone and email have been busy the past few days. GoToby.com readers have asked about the new construction activity in Cobblestone Village next to Walmart and across the street from Golden Coral.

Internal Doc Reveals GMAC Filed False Document in Bid to Foreclose1 comment.
July 27, 2011 – GMAC, one of the nation's largest mortgage servicers, faced a quandary last summer. It wanted to foreclose on a New York City homeowner but lacked the crucial paperwork needed to seize the property.

Natural Equilibrium Home Prices2 comments.
July 26, 2011 – In the short run, home prices will be strictly determined by demand. Supply cannot be brought in line in a short time-frame. It takes time to get permits, draw up architectural plans, bring in earth-moving equipment, etc. Therefore, a spike in the number of buyers along with a fixed supply of homes will result in home prices shooting through the roof.

Texas Man’s $16 Property Seizure Throws Obscure Law Into Spotlight1 comment.
July 22, 2010 – A Texas man who reportedly claimed a $300,000 home for $16 through an obscure legal maneuver known as "adverse possession" is drawing attention to a practice that isn't new and isn't limited to the Lone Star State, but could become more popular with a housing market still flat on its back.

Economic Indicators: Weekly Update for July 22, 2011
July 22, 2011 – Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of July 18-July 22, 2011, along with graphs that show the latest movement and overall trends.

Zillow: IPO Darling or Housing Bubble Mimic3 comments.
July 21, 2011 – Today, we witnessed something akin to a Ginn or Reynolds Plantation priority selection event; otherwise known as a sales launch. Buyers queued up to plop down their money for shares of Zillow, the unprofitable internet company that provides estimates of home values. Shares released at $20 each were quickly trading at $60. By day's end, they had dropped to close at $35.77. That price puts a market value for the company at about $959 million. It's at $33.20 per share in after-hours trading.

New York, Texas have Highest Closing Costs – Florida Ranks 12th
July 20, 2011 – Bankrate.com's 2011 Closing Cost Survey ranks closing costs in all 50 states and the District of Columbia. Nationally, the average of fees charged to close a $200,000 purchase mortgage is $4,070. New York heads the list with average fees of $6,183. Texas, Utah, San Francisco and Idaho round out the five most expensive areas. Arkansas is the least expensive area, with an average fee of $3,378. Florida ranks 12th nationally, with combined origination, title, and closing costs of $4,418.

Marineland Marina Open - Grand Opening Planned for August 201 comment.
July 20, 2011 – The Town of Marineland has opened its ports with a brand new marina facility creating a destination for boaters on the Intracoastal Waterway between Daytona Beach and St. Augustine, FL. The Town of Marineland Marina is designed as a mariner’s retreat in this remarkable coastal place surrounded by 40,000 acres of unspoiled beaches, maritime forests, and pristine coastal habitats that celebrate coastal Florida in its natural state, a destination for boaters seeking the quiet side of Florida.

U.S. Existing-Home Sales Slip in June on Contract Cancellations, but Prices Stabilize
July 20, 2011 – It's that time of the month when home and condo sales stats are announced. Flagler County residents should not be mislead by broader market reports. Sales reported by the National Association of Realtorsº includes single-family, townhomes, condominiums and co-ops. Florida reports single-family homes and condos separately. U.S. sales and Florida home sales are off slightly from last June. Florida condo sales increased.

Officials Warn That Foreclosure Probes May Prove Inadequate
July 19, 2011 – Since flawed foreclosure practices by the nation’s biggest banks became last fall’s biggest scandal, federal bank regulators and the attorneys general of all 50 states launched simultaneous investigations. But there are an increasing number of warnings that neither of those efforts have addressed the full scope of the problem.

Builder Confidence Gains Two Points in July
July 18, 2011 – Builder confidence in the market for newly built, single-family homes rose two points to 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July, released today. The gain largely offsets a three-point dip recorded in June, and marks the ninth time out of the past 10 months in which the index has held within the same three-point range.

A Mixed Bag for Housing Data
July 18, 2011 – We had better than decent news on housing in June. Pending contracts on existing homes bounced back solidly – implying much improved activity in the second half of this year compared to the first half. Home prices according to many measurements – including those from Case-Shiller, CoreLogic and the Federal Housing Finance Agency – turned positive. In fact, increases in home prices were quite solid at a near double-digit annualized pace

New Florida Law Protects Homeowners against Mold Remediation Fraud
July 18, 2011 – Florida's hot muggy summer climate makes mold a serious issue in Florida. For most people, mold is a mysterious topic. Just as the humid climate spawns mold, the mystery surrounding the mold topic creates a target rich environment for cons. A new Florida law is aimed at protecting consumers by requiring all mold specialists to be licensed. Under the new law, the same company that does the mold testing and assessment cannot do the mold remediation or removal.

Economic Indicators: Weekly Update for July 17, 2011
July 17, 2011 – Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of July 12-July 15, 2011, along with graphs that show the latest movement and overall trends.

Political Candidate Forum Set for August 232 comments.
July 15, 2011 – On Tuesday, August 23, 2011, the Flagler County Chamber of Commerce & Affiliates, Flagler County Association of Realtors and Flagler County Homebuilders Association will host a Political Candidate Forum open to all Flagler County residents. This forum is a must-attend for residents to hear registered candidates’ opinions about important business issues before early voting begins on August 29.

Short Sale Fraud Plagues the Housing Market 2 comments.
July 15, 2011 – In this latest twist on short sale fraud, scammers have found a way to rip off mortgage lenders by tens of thousands of dollars -- sometimes in a matter of hours.

Pent Up Housing Demand5 comments.
July 14, 2011 – Demand for housing has been suppressed in the four-year period from 2007 to 2010. A review of household formation shows an annual increase of 500,000 to 600,000 over these years. A more normal gain would be 1 to 1.2 million each year.

Memorial Hospital Flagler Buys Cobblestone Village Parcel for $1.5 Million
July 14, 2011 – Memorial Hospital Flagler (Florida Hospital Flagler) closed July 5 on its $1.5 million purchase of approximately 2.9 acres in the Cobblestone Village commercial development. Site plans show a two-story medical building on the property. The use will be allowed by a replat and reconfiguration of a larger parcel which will allow two restaurants (one with a drive-thru) an office building, and a medical building.

Toby's Palm Coast Home in Grand Haven is Available4 comments.
July 13, 2011 – Until our recent downsizing to a condominium in Tidelands on the Intracoastal, Shirley and I enjoyed our 2,425 SF pool home in the gated community of Grand Haven in Palm Coast, FL. Now, you too can experience the lifestyle we so much enjoyed there.

Profile: Homebuyers in the South Atlantic Region
July 13, 2011 – The median household income for South Atlantic homebuyers in 2009 was $74,100.

Mortgage Interest Rates Higher in the Second Half and Through Next Year
Palm Coast, FL – July 12, 2011 – National Association of Realtors® chief economist, Lawrence Yun sees mortgage rates headed higher. Government buying to cover the budget deficit and inflation are the principal drivers in the anticipated rise. Those who can borrow now at 5% or below are getting a great bargain.

Palm Coast and Flagler Foreclosures Down: Meaningless Data1 comment.
July 11, 2011 – The media is awash with daily reports on the nation's foreclosure situation. It's not too difficult to find foreclosure data. It is difficult to make any sense out of Palm Coast and Flagler County foreclosure numbers.

JX Properties Land behind Future Walmart Site Will Sell at Foreclosure Auction3 comments.
July 10, 2011 – JX Properties' 507.8-acre DRI (Development of Regional Impact) tract located behind the future Walmart on Old Kings Road is scheduled to be sold at a foreclosure auction August 3rd. A Lis Pendens was filed with the Flagler Clerk of Courts office on Sept. 2, 2010 by BankAtlantic, which holds a $7, 070,000 mortgage on the property.

Economic Indicators: Weekly Update for July 8, 2011
July 8, 2011 – Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of July 5-July 8, 2011, along with graphs that show the latest movement and overall trends.

U.S. Housing Recovery Stymied by Government
July 6, 2011 – Sue Stamper, a business owner in Sacramento, California, wants to buy a home. After mortgage- financiers Fannie Mae and Freddie Mac imposed the strictest loan standards in more than a decade, she doesn’t qualify.

Victories Over Impact Fees Abound
July 5, 2011 – Charlotte, Highlands, and Marion counties have joined the growing list of local governments in Florida that have frozen, suspended, or rolled back impact fees on new homes and commercial buildings.

Economic Indicators: Weekly Update for July 2, 2011
July 2, 2011 – Every week the National Association of Realtors® Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of June 27-July 1, 2011, along with graphs that show the latest movement and overall trends.

Housing Wealth and Consumer Spending
July 1, 2011 ¡V Estimates have shown that the wealth effect is about 3 to 7 cents for each one dollar change in the equity value of the stock market. By contrast, researchshoes that each extra dollar of housing wealth has a much larger impact.

Palm Coast on Front Page of USA Today (Today)1 comment.
July 1, 2011 – Only four weeks ago, Palm Coast was highlighted in the front-page lead story in the Sunday edition of the Washington Post. That story played on Palm Coast as poster child for the boom and bust cycle of the housing market. Palm Coast is featured again in today's front-page lead story in USA Today; "For Blacks, a Return to Southern Roots." The story informs readers of the growing trend for African Americans to move out of cities in the Northeast and Midwest into cities in the South.

Firm claims 75% of Mortgage Assignments Invalid in Mass. County
June 30, 2011 – "What this means is that the degradation in standards of commerce by which the banks originated, sold and securitized these mortgages are so fatally flawed that the institutions, including many pension funds, that purchased these mortgages don’t actually own them," according to the firm. "The assignments of mortgage were never prepared, executed and delivered to them in the normal course of business at the time of the transaction."

Fannie Mae Silence on Taylor Bean Enabled $3B Fraud3 comments.
June 30, 2011 – An explosive report from Bloomberg. The first sign of what would ultimately become a $3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else.

Gator Snaps Up Low Fuel Prices at Flagler Airport
June 29, 2011 – A small alligator was found parked by fuel pumps at the Flagler County Airport.

National Pending Home Sales Turn Around in May: Following Flagler Trend
June 29, 2011 – The National Association of Realtors® released its monthly Pending Home Sales Index. The index rose in May showing gains in all regions. It also represented the first time since April 2010 that contract activity was above that of the same month a year earlier.

Interactive Map: How Many Homes Were Sold in Your State?3 comments.
June 28, 2011 - An interactive map gives first quarter home sales results. Click within the borders of your state to see the Existing Home Sales value for the past quarter, and the percentage change from the previous quarter and previous year.

Two Major Lenders Rewarding Short Sale Sellers with Cash3 comments.
June 28, 2011 – Two major lenders are encouraging selected borrowers to sell their homes through a short sale by offering cash. Both Wells Fargo and Chase are reported to have paid some of their borrowers $10,000 to $20,000 to short sell their homes. The program is selective and the selection criteria have not been released according to a story in SunSentinal.com.

State Tax Collections by State and Type of Tax
June 28, 2011 – The U.S. Census Bureau released the first quarter 2011 tax collections by state and type of tax. There is a big state-to-state difference of where the money comes from. Florida collected $8.2 billion. Over half of that ($4.7 billion) came from general sales and gross receipts tax. Florida has no personal income tax but it collected $103 million from corporations in general and $346 million in corporation net income taxes. Florida raised approximately $435 per resident during the quarter.

Global Hurricane Activity at Historical Low1 comment.
June 27, 2011 – A peer reviewed paper by FSU's Dr. Ryan Maue indicates a dramatic reduction in the amount of global cyclonic energy since 2007.

Suits allege Fannie, Freddie Owe Millions in Real Estate Transfer Taxes in Michigan
June 26, 2011 – Fannie Mae and Freddie Mac are using tax-exempt status to escape county fees levied during the recording of foreclosure property transfers, two Michigan county leaders said in lawsuits this week.

Economic Indicators: Weekly Update for June 25, 2011
June 19, 2010 – Every week the National Association of Realtors® Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of June 20-June 24, 2011, along with graphs that show the latest movement and overall trends.

Crescent Resources Bankruptcy Litigation Trust Amends Its Complaint against Duke Energy2 comments.
June 22, 2011 – The Chapter 11 bankruptcy of Crescent Resources and its 130 or so subsidiaries created and funded a Litigation Trust (see note on bankruptcy litigation trusts at the end of this story) to pursue possible claims against other parties for the benefit of creditors in the Crescent bankruptcy. Its most significant effort is the recently amended lawsuit against Crescent's former parent company, Duke Energy, to recover more than $1.187 Billion alleged to be a fraudulent transfer.

Bank Errors Continue to Cause Wrongful Foreclosures
June 24, 2011 – Four years into the foreclosure crisis, banks say they've made major improvements in how they handle struggling homeowners. They've promised, for example, not to foreclose on homeowners who are being considered for mortgage modifications. But that's still happening.

The New Homes vs Existing Homes Markets
June 23, 2011 – The housing market has been providing mixed messages lately. Relatively good news is spouted by the media one day, followed by bad news the next. From home prices and mortgage default rates to home sales and housing starts, housing-related data appear to move in incongruous paths. One particular area where messages get mixed relates to the media coverage of new home sales versus existing home sales.

Florida’s Existing Home, Condo Sales Rise in May 2011
June 22, 2011 – Florida Realtors® report of May home and condo sales is more positive for Florida than the National Association of Realtors® regional and national stats also issued yesterday.

Existing-Home Sales Decline in May with Market Constraints, Temporary Conditions
June 21, 2011 – Existing-home sales were down in May as temporary factors and financing problems weighed on the market, according to the National Association of Realtors®.

Ginn Sur Mer Foreclosed Again. What's Going On? [Updated 6/21}3 comments.
June 20, 2011 – A June 9, 2011 Bahamas Tribune story reported that Credit Suisse and its syndication of lenders has filed papers with the Bahamian Supreme Court to foreclose on 1,476 acres of Ginn sur Mer property at West End, Grand Bahama. Several GoToby.com readers found this interesting enough to bring it to my attention. It's interesting because Credit Suisse already foreclosed on the property in December 2009 in a New York City bankruptcy court.

Economic Indicators: Weekly Update for June 19, 2011
June 19, 2010 – Every week the National Association of Realtors® Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of June 13-June 17, 2011, along with graphs that show the latest movement and overall trends.

Distressed Properties: Expectations and Impacts1 comment.
June 17, 2011 – Concerns over distressed property sales and the shadow inventory continue to have a negative impact on housing markets.

Court Receiver's Letter Highlights Challenges at Reynolds Plantation1 comment.
June 16, 2011 – GoToby.com has obtained a copy of a letter sent yesterday to Reynolds Plantation property owners and club members by the court appointed Receiver for Linger Longer Development Company (LLDC), Andrew Bolnick. In communicating the "Status of Receivership/Operational Changes," Bolnick addresses many issues shared by dozens of master planned communities built around lavish amenities during the 1990s and early 2000s. Their business model is unsustainable in a poor real estate market.

Insurers for Drywall Supplier Settle Lawsuit
June 15, 2011 – Insurers representing Florida-based drywall supplier Banner Supply Co. have agreed to pay $55 million to settle some of the claims filed by homeowners whose homes were built with Chinese drywall, our partners at the Sarasota Herald-Tribune reported today.

Flagler County, FL Will Need Between 11,000 and 25,000 More Residential Units in 2010 - 2020 Decade 4 comments.
June 14, 2011 – According to a University of Florida report titled Florida population soars in century’s first decade, but rate is slowing, Flagler will be the fasted growing county in the state for the next three decades. Sumter County is projected to run a close second.

Cliffs Sues its Old Bank and New “Partners”1 comment.
June 14, 2011 – The saga of The Cliffs Communities is starting to read like the plotline from the former TV series “Dallas,” with Texas-size deception and intrigue. The South Carolina potboiler even involves a Texas company now. The latest chapter in the story: Cliffs founder and developer Jim Anthony is suing the Urbana Communities and the South Carolina bank that formerly held the note on hundreds of acres of Cliffs land. Anthony is alleging a fraud designed not only to cheat him out of his land but also to deceive Federal regulators insisting the bank reduce its loan portfolio.

Beware: On-line Rental Ad May be a Scam2 comments.
June 13, 2011 – Are you using the internet to find a rental home or condo? If you are, you should be aware of a growing scam. Clever fraudsters are using information found in "For Sale" ads, including pictures, to build authentic looking rental ads. The problem is that the crook doesn't own the property and the owners are unaware of the rental activity. In many cases, the renters are told to show their lease to a locksmith and have the locks changed. Naturally, the rent plus security deposits were collected in advance.

Nation’s Population is Aging1 comment.
June 13, 2010 – The latest statistics released by the U.S. Census Bureau found that Maine and Vermont surpassed Florida and West Virginia as the states with the highest median age.

Economic Indicators: Weekly Update for June 10, 2011
June 10, 2011 – Every week the National Association of Realtors® Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of May 16-May 20, 2011, along with graphs that show the latest movement and overall trends.

Better Late Than Never? Gov’t Finally Penalizes Major Banks for Mortgage Mod Failures
June 10, 2011 – The Obama administration’s mortgage modification program is more than two years old. From the beginning, it’s been apparent that the participating banks and mortgage servicers were breaking the program’s rules. The administration has long argued it has little power to do anything about it. But now, after millions of homeowners have been rejected, the government has decided it’s finally time to crack down.

Homes: Rent or Buy?8 comments.
June 9, 2011 – The cliché says that there has never been a better time to buy. The hard data in the housing affordability index confirms that. The affordability index, which takes into account median income, median home price, and mortgage rates, has been bouncing around in the 180 to 200 range since the beginning of this year – the highest reading since the index was first used in 1971.

Foreign Purchasers See U.S. Properties as Secure Investment
June 8, 2011 – Foreign purchasers buy U.S. property for investment, vacation, and locational reasons.

Construction of Palm Coast's New Wal-Mart is On Hold5 comments.
June 8, 2011 – The much anticipated (at least by most) commencement of construction on the new Wal-Mart on Old Kings Road is on hold. One major reason for the delay is the inability to fund the second phase of the 4-laning of Old Kings Road. Old Kings Road property owners, including Wal-Mart, and the City of Palm Coast had counted on selling bonds to raise the money needed to 4-lane Old Kings Road from State Road 100 to Palm Coast Parkway.

Florida Couple Threatens to Foreclose on BofA Office
June 7, 2011 – Maureen Collier and her retired police officer husband, Sgt. Warren Nyerges, found themselves in the predicament many Americans have experienced in recent years when Bank of America filed for foreclosure against them on Feb. 16, 2010. The only problem was this couple wasn’t like the millions who had fallen behind on payments and defaulted on their mortgage loans.

Palm Coast/Flagler Make Front Page of Washington Post10 comments.
June 6, 2011 -- The reputation of moving from the country's fastest growing county to the state's highest unemployment rate will dog Palm Coast and Flagler county for years. Palm Coast and Flagler County were Washington Post writer Michael Fletcher's vehicle used to illustrate the recent boom/bust cycle of the housing market. But we were not the main subject. That would be the effect of this swing state's housing recession and delayed recovery.

Economic Indicators: Weekly Update for June 4, 2011
June 4, 2011 – Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of May 16-May 20, 2011, along with graphs that show the latest movement and overall trends.

Denver Magazine 5280 Writes about Bobby Ginn, Minturn, and Battle Mountain2 comments.
June 3, 2011 – As part of its continuing coverage of Ginn-LA (Bobby Ginn and Lubert-Adler), GoToby.com has written of their plans for a private ski/golf resort in Minturn, CO near Vail. Ginn-LA purchased Battle Mountain for $32.75 million in 2004. They bribed the nearby mining town of Minturn to annex the 4,300 acres by promising $180 million for improvements to the town and benefits to its residents. The town's annual budget was only $1.25 million at the time.

Palm Coast/Flagler Home and Condo Market is the ''Canary in the Coal Mine''4 comments.
June 1, 2011 – With sales still being reported, May home and condominium sales in Palm Coast and Flagler County already surpass those of May 2010. I'm beginning to smell chum in the water. The ingredients for a turnaround are becoming more apparent. What do I see?

Even After Mortgage Modification, Shoddy Bank Practices Hurt Homeowners
June 2, 2011 – It's a disturbingly common occurrence, say consumer advocates: Many homeowners have been granted a hard-fought mortgage modification only to have their mortgage company effectively pull a bait and switch. The problems range from homeowners being hit with unexpected extra charges to the bank simply ignoring the signed agreement.

Fannie and Freddie’s Regulator Opposes Making Mortgage Giants Subject to FOIA
June 1, 2011 – Government-controlled mortgage giants Fannie Mae and Freddie Mac were bailed out by taxpayers, but their regulator opposes making them subject to greater transparency requirements under federal public records laws.

Mortgage Originations Down 35% in First Quarter
June 1, 2011 – Mortgage originations in the first quarter fell 35% to $325 billion, breaking three consecutive periods of growth and threatening to plunge the market back to 2000 levels, according to a report from Inside Mortgage Finance.

Crescent Resources Golf Courses Back on the Market Again
June 1, 2011 – Crescent Resources' attempt to sell its Florida and Georgia golf courses has suffered another setback. Not for the first time, a pending sales contract for golf courses at Grand Haven, Grand Club, South Hampton, North Hampton, and Osprey Cove failed to complete. The properties are back on the market again.

Foreclosure Starts and Delinquencies Drop in April, LPS Reports
May 31, 2011 – Foreclosure starts and delinquencies dropped significantly from a year ago, according to Lender Processing Services' Mortgage Monitor report. Servicers started 187,423 foreclosures in April, down 14.7% from a year ago and down 31% from March.

Economic Indicators: Weekly Update for May 27, 2011
May 13, 2011 – Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of May 23-May 27, 2011, along with graphs that show the latest movement and overall trends.

Upscale Bellagio Custom Homes Model Starting to Take Shape in Estate Section of Palm Coast’s Grand Haven Community
May 26, 2011 – Bellagio Custom Homes is nearing completion on the framing of their Florenza II, a 3,490-square-foot luxury model in Wild Oaks, the estate section of Grand Haven, a master-planned community just north of State Road 100 and east of Interstate 95 in the city of Palm Coast, FL.

2010 Census Shows Nation’s Population is Aging - Florida Ranks 5th1 comment.
May 26, 2011 –The U.S. Census Bureau released today a 2010 Census brief on our nation’s changing age and sex composition that shows the nation grew older while the male population grew faster than the female population over the last decade.

Foreclosure Contractors Face New Scrutiny from States
May 26, 2011 – While federal and state officials investigating flawed foreclosures have largely focused on holding the banks accountable and bringing relief to wronged homeowners, officials in a few states have begun targeting the more obscure middlemen of the foreclosure scandal.

Cheat Sheet on Bank Investigations and the Probes That Have Petered Out
May 25, 2011 – As we and many others have noted, no top banking executives have been successfully prosecuted in connection with the financial crisis: not for making the bad loans that fed the mortgage machine, not for lying about the quality of the mortgages, and not for foreclosing improperly when homeowners struggled to make loan payments.

Toll Brothers Reports FY 2011 2nd Qtr and 6 Month Results
May 25, 2011 -- Toll Brothers, Inc., the nation's leading builder of luxury homes, today announced results for earnings, revenues, contracts and backlog for its second quarter ended April 30, 2011.

Commercial Real Estate Markets Stabilizing, Demand Growing1 comment.
May 24, 2010 – The improving economy and job creation mean growing demand for commercial real estate, according to the National Association of Realtors®.

Florida Insurance Firm Asks for 27% Hike in Homeowner Premiums4 comments.
May 23, 2011 – Fidelity National Property and Casualty Insurance Co. asked Florida insurance regulators this week to allow the firm to raise its homeowners' insurance rate by 27.6% to offset an influx of claims, according to Stephen Alexander, an actuary with the Florida Insurance Consumer Advocate’s office.

New Life for Old Brick Township5 comments.
May 23, 2011 – UnderThomas Pelham, the state Department of Community Affairs turned down Old Brick Township within the newly annexed western portion of Palm Coast. The project had gotten high marks from others but DCA felt that Palm Coast did not need another 5,000 homes. Now, under a new leader appointed by Gov. Scott, the DCA has reversed course and approved the project w/modifications. The new agreement will face the Palm Coast City Council June 7th for approval.

New Military Property Tax Exemption Deadline – June 1, 2011
May 20, 2011 – According to Flagler County Property Appraiser, James E. Gardner, Jr., CFA, a voter approved Property Tax Exemption is available for the 2011 tax year for military personnel deployed outside the United States. The enabling legislation for the exemption is presently awaiting the Governor’s signature.

Echo Boomers And Home Buying
May 20, 2011 – Echo boomers—children of baby boomers—grew to the largest segment of home buyers in the most recent Profile of Home Buyers and Sellers. In fact, more than one-third (36 percent) of recent buyers was ages 25 to 34 years old. This segment of home buyers is at the highest share in the last decade.

Economic Indicators: Weekly Update for May 20, 2011
May 13, 2011 – Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of May 16-May 20, 2011

Have a Nice Weekend1 comment.
May 20, 2011 – What's your upcoming weather look like compared to Palm Coast, FL? You really should be here this weekend and next week too. If you're already in Palm Coast, send this to your family and friends. If you aren't here, well that can be changed too.

Foreign Buyers Recognize Value of Home Ownership in U.S.
May 19, 2011 – The U.S. continues to remain a top destination for foreign buyers as international purchases surged by $16 billion this year, one of the highest increases in recent years.

Motion for Partial Summary Judgment against Credit Suisse and Cushman & Wakefield1 comment.
May 19, 2011 – In a further development in a lawsuit against Credit Suisse and Cushman & Wakefield, plaintiffs have filed a Motion for Partial Summary Judgment. The motion focuses on the portion of the complaint directed towards plaintiffs' alleged use of fraudulent appraisals to artificially inflate the values of master planned luxury communities.

National and Florida Realtors® Release April Stats
May 19, 2011 – Existing-home sales slipped in April, although the market has managed six gains in the past nine months, according to the National Association of Realtors®. Florida’s existing home and existing condo sales rose in April, according to the latest housing data released by Florida Realtors®. Existing home sales increased 2 percent last month with a total of 17,192 homes sold statewide compared to 16,781 homes sold in April 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 17 percent compared to the year-ago sales figure.

Palm Coast Fine Tunes Impact Fees2 comments.
May 18, 2011 –Yesterday the Palm Coast City Council passed revisions to its Impact Fee ordinances for transportation, fire, and parks. Builders and their customers can save as much as $1m306.13 on the construction of a new home in the city. School impact fees, and water and sewer hookup fees remain unaffected.

MERS 2.0: What's Up Next for The Mortgage Electronic Registration System
May 17, 2011 – Here's a view on the MERS problem from the mortgage technology viewpoint. It gives another perspective and some good facts. It's worth reading. The story is on pages 13 through 19 in the following electronic magazine.

Pulte Homes Sued Over Foreclosures Linked to Centex Mortgages1 comment.
May 16, 2011 – A lawsuit against Pulte Homes, who acquired Centex in 2009, claims that its lax lending standards led to high foreclosure rates in the plaintiff's California neighborhood. Declining prices were the end result. The plaintiff seeks compensation for his loss of value.

Florida Projects Defy the Housing Decline2 comments.
May 16, 2011 – In this day and age of gloom and doom espoused by everyone from Ben Bernanke to your local postman, it’s time for some good news in the housing industry. And believe it or not, there is good news to be told.

Flagler County 2010 Property Tax Delinquencies Down 34.54% from 2009.
May 13, 2011 – It's that time of year, when the newspaper doubles in size, bloated by the legal requirement to advertise property tax delinquencies. You may have noticed that this year's list is shorter than last year's. That's because there are 5,224 (1,073 fewer) parcels for which 2010 property taxes remained unpaid as of April 1, the date on which taxes become delinquent, down 17% from 2009.

Housing and Economic Forecasts Points to Rising Activity
May 13, 2011 – Home sales are expected to stay on an uptrend through 2012, although the performance will be uneven with mortgage constraints weighing on the market, according to experts at a residential real estate forum today at the Realtors® Midyear Legislative Meetings & Trade Expo here.

Economic Indicators: Weekly Update for May 13, 2011
May 13, 2011 – Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of May 9-May 13, 2011, along with graphs that show the latest movement and overall trends.

Delays Push Foreclosures to 40-Month Low in April1 comment.
May 12, 2011 – More than 219,200 properties received a foreclosure filing in April, a 9% drop from March and the lowest level seen in 40 months, according to RealtyTrac.

Bankrupt Bay Area Homeowners Shed Second Mortgages1 comment.
May 12, 2011 – Stung by the crash of the housing market, some struggling homeowners are using a little known but increasingly popular provision of the bankruptcy code to eliminate second mortgages and avoid foreclosure.

Palm Coast's Golf Courses: Assessed Values Down 71% Since 20083 comments.
May 12, 2011 – Palm Coast, Flagler County preliminary assessed real property values are posted. The housing market is not the only sector under stress from declining values. The area's ten golf courses are each suffering from declining valuations. But on the bright side, declining assessed value can mean lower taxes. And unlike the last two years at this time, the taxes for Crescent Resources four golf courses (Pines, Matanzas, Cypress, and Grand Haven) are not delinquent. Crescent emerged from bankruptcy last year.

Flagler County Preliminary 2011 Property Assessed Values Available On-Line1 comment.
May 11, 2011 – Flagler County Property Appraiser Jay Gardner has posted the preliminary "working" 2011 assessed values on his website. Jay tells GoToby.com that he wants to let property owners know early-on what their appraisal might be this year. "We do make some mistakes." he says. "We want people to bring them to our attention so we can fix them now rather than later."

Cliffs Communities Developer Admits Tiger Woods Course on Indefinite Hold2 comments.
May 10, 2011 – Tigers first and only golf Tiger Woods course design project in the United States is stalled. Announced in August 2007, the Cliffs at High Carolina course project kicked off with an opulent sales launch in late 2008, offering building lots from $500 thousand to $3 million. The course was originally planned to open this year. To date, only 40 lots have been sold. There is only one completed home.

Existing-Home Sales Rise in Most States in First Quarter; Metro Area Prices Mixed
May 10, 2011 – Looking at Florida’s housing sector in the first quarter of 2011, Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness, pointed out that the recovery is gaining strength.“Florida Realtors’ first quarter report shows sales picking up significant momentum after decelerating in the fourth quarter of last year, though prices are continuing to slip,” Snaith said. “The labor market recovery is just starting to blossom – once it is in full bloom it will provide some needed curb appeal for Florida’s struggling housing market by creating a new pool of qualified buyers and preventing other homeowners from falling victim to foreclosure.

In Fine Print, Banks Require Struggling Homeowners to Waive Rights1 comment.
May 9, 2011 – A few months ago, Bank of America offered Sergio Cortez of Staten Island, N.Y., the help he desperately needed to stay in his home: a break on his mortgage. Like millions of others, he was facing foreclosure. But there was a catch buried in the fine print. Cortez had to waive any possibility of ever suing the bank for anything relating to the loan.

Economic Indicators: Weekly Update - May 6
Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of May 2-May 6, 2011, along with graphs that show the latest movement and overall trends.

BofA, Wells Fargo Mortgage Papers Challenged in North Carolina
May 5, 2011 – Bank of America Corp. and Wells Fargo & Co., lenders already being probed for faulty home foreclosure practices, were accused by a county official in North Carolina of using mortgage documents that were possibly forgeries.

Mortgage Fraud: Will Wall Street Finally Have to Pay for Its Misdeeds?
May 5, 2011 – Wall Street may soon have to finally pay for its folly. Earlier this week, the US Attorneys office of the Department of Justice sued Deutsche Bank for allegedly tricking a government insurance program into backing mortgage loans that were much riskier than they were portrayed. Many of those loans have defaulted causing nearly $400 million in losses for the government program already, and potentially much more.

Court Appoints Receiver for Linger Longer (Reynolds Plantation)
May 5, 2011 – Reynolds Plantation property owners and employees were informed today that yesterday, the Superior Court of Greene County appointed a Receiver to assume management control of Linger Longer Development Company’s assets.

New Households Form at Fastest Rate Since ’07 in Resurgent U.S.
May 4, 2011 – Millions of young adults are starting to leave their parents’ homes, creating households at the fastest rate since 2007. They’re helping to provide a so-called shadow supply that may boost U.S. housing starts more than 50 percent by next year and spur consumption at a rate almost double that of the past two years.

Florida AG Bondi Files Lawsuit Against Three South Florida Companies for Foreclosure Rescue Fraud1 comment.
May 3, 2011 – Florida's Attorney General Pam Bondi announced that her office filed a lawsuit on Friday against three South Florida companies that allegedly were charging upfront fees for loan modification services to homeowners facing foreclosure. Charging upfront fees for these services is illegal.

How SIGTARP Nabbed Farkas in His Mortgage Scheme
May 1, 2011 – Former Taylor, Bean and Whitaker CEO Lee Farkas was convicted in April for orchestrating a $3 billion bank fraud scheme that lasted nearly a decade. But investigators said in a report this week they only caught on to him when he went after federal bailout money.

Members Turn Down Purchase of Reynolds Plantation Club Amenities1 comment.
April 30, 2011 – After a month-long sparing match between Reynolds Plantation owners and disgruntled property owners the vote is in. Members declined Reynolds' offer to sell them the club amenities for $45 million with more than 80% voting against the Acquisition Special Assessment yesterday. Reynolds needed the sale in order to satisfy Bank of America's demand that Reynolds pay down their outstanding debt by $45 million by the end of April. Reynolds Plantation now faces possible foreclosure. The next step is up to Bank of America.

The Falling Dollar and the Impact on Real Estate
April 29, 2011 – The U.S. dollar has been weakening for the past two years and the depreciation could continue for the remainder of the year. The dollar is weaker not only against the major foreign currencies of the Euro, Pound, and the Yen, but also against the Russian Ruble, Polish Zloty, South Korean Won, Thai Baht, South African Rand, Brazilian Real, and Mexican Peso.

Economic Indicators: Weekly Update - April 29
April 29, 2011 – Every week the National Association of Realtors® Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of April 25-April 29, 2011, along with graphs that show the latest movement and overall trends.

Pending Home Sales Rise Again in March
April 28, 2011 – March saw another increase in pending home sales, with contract activity rising unevenly in six of the past nine months, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 5.1 percent to 94.1 in March from a downwardly revised 89.5 in February. The index is 11.4 percent below 106.2 in March 2010; however, activity was at elevated levels in March and April of 2010 to meet the contract deadline for the home buyer tax credit.

Whistleblower Featured in Amended Complaint against Credit Suisse, Cushman & Wakefield6 comments.
April 28, 2011 – A third amended complaint has been filed in the $24 billion lawsuit against Credit Suisse and Cushman & Wakefield. A March 31 ruling in Gibson v. Credit Suisse had dismissed RICO claims against both Credit Suisse and Cushman & Wakefield but ordered Credit Suisse to stand trial on allegations of conspiracy, breach of fiduciary duty and tortuous interference. The amended complaint fortified by information provided by whistleblower Michael Miller brings Cushman & Wakefield back in and adds state consumer protection to the list of allegations.

Homeownership Falls to Lowest Level Since 19981 comment.
April 27, 2011 – The homeownership rate dropped to 66.4% in the first quarter, the lowest level since 1998, according to the Census Bureau.

Inflation Watch: April 20111 comment.
April 26, 2011 – Inflation, or price-level growth, is important for REALTORS® because it ultimately affects mortgage rates and the ability of home buyers to purchase a home.

New Homes Sales Jump 11% in March
Palm Coast, FL – April 25, 2011 – New home sales in March greatly beat market analyst expectation by jumping 11.1% in March from the previous month, according to the Census Bureau.

Best Way to Raise Campaign Money? Investigate Banks
April 25, 2011 – A hilarious report has come out courtesy of the National Institute of Money in State Politics, showing that Iowa Attorney General Tom Miller – who is coordinating the investigation into the banks’ improper mortgage dealings – increased his campaign contributions from the finance sector this year by a factor of 88! He has raised $261,445 from finance, insurance and real estate contributors since he announced that he was going to be coordinating the investigation into improper foreclosure practices. That is 88 times as much as they gave him not over last year, but over the previous decade.

Homeownership Still Considered Best Long-Term Investment: Pew
April 23, 2011 – The housing crash seems to have had little impact on consumer confidence, as 81% of adults believe buying a home is the best long-term investment a person can make.

Economic Indicators: Weekly Update - April 22
April 22, 2011 – Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of April 18-April 22, 2011 along with graphs that show the latest movement and overall trends.

Hug a Realtor® Day4 comments.
April 21, 2011 – Realtors® do not earn as much as people think they do. With few exceptions, real estate brokers and sales associates are paid only when a transaction closes.

Former Chairman of Taylor, Bean and Whitaker Found Guilty5 comments.
April 21, 2011 – Former Chairman of Taylor, Bean and Whitaker, Lee Farkas, has been found guilty on all fourteen felony counts by a jury in Alexandria VA. Farkas "masterminded one of the largest bank fraud schemes in history, said Assistant Attorney General Lanny Breuer.

As Regulators and Banks Review Foreclosures, We’ll Be Watching1 comment.
April 21, 2011 – The country's bank regulators are launching an unprecedented plan to undo some of the damage done by mortgage servicers, compensating victims of shoddy or illegal foreclosure practices. Part of the plan involves a massive outreach effort to contact the potentially millions of borrowers affected.

Fraudulent Transfer Lawsuit against Bobby Ginn and Lubert-Adler Dismissed
April 20, 2011 – An Order filed Tuesday by Paul G. Hyman, Chief Judge of the U. S. Bankruptcy Court in the Southern District of Florida dismissed Fraudulent Transfer claims against Bobby Ginn and Lubert-Adler. The complaint had been filed by Tesoro/Quail West Bankruptcy Trustee Drew Dillworth on behalf of Tesoro and Quail West Debtors. It sought to recover several million dollars disbursed to Ginn, Lubert-Adler, and LA's fund investors from proceeds of a $675 million dollar Credit Suisse loan. Subsequent to the loan and transfer, Ginn's Tesoro and Quail West developments were disposed of through a Chapter 7 (liquidation) Bankruptcy sale administered by Dillworth.

Existing-Home Sales Rise Nationally in March
April 20, 2011 – Florida’s existing home and existing condo sales rose in March, according to the latest housing data released by Florida Realtors®. Existing home sales increased 12 percent last month with a total of 18,522 homes sold statewide compared to 16,540 homes sold in March 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 24 percent compared to the year-ago sales figure.

Spitzer Challenges Holder to Prosecute Goldman or Resign
April 19, 2011 – In an Anderson Cooper interview on CNN, Elliot Spitzer says U.S. Attorney General Eric Holder should prosecute Goldman Sachs for its role in the financial meltdown or resign. The interview also inludes comments by Rolling Stones contrubuting writer Matt Taibbi. Matt has developed a reputation for his insightful analysis of MERS.

Op-Ed: Senate Report details elaborate Wall Street Mortgage Fraud1 comment.
April 18, 2011 – A report released by the U.S. Senate paints a scathing picture of mortgage fraud on Wall Street enabled by the malfeasance and blatant disregard for oversight by Federal agencies that regulated them.

Meet the Servicers Who Avoided the Foreclosure Settlement, for Now
April 17, 2011 – Not every mortgage servicer was required to sign consent orders with the Office of the Comptroller of the Currency, the Federal Reserve or the Office of Thrift Supervision.

Economic Indicators: Weekly Update - April 15
April 15, 2011 – Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of April 11-April 15, 2011 along with graphs that show the latest movement and overall trends.

Foreclosure Auctions: Are Bogus Prices Hiding Profit?1 comment.
April 15, 2011 – Properties purchased through Orange County Clerk of Courts foreclosure sales at one price are appearing in the county Property Appraiser's Office records at a higher price, often tens of thousands of dollars more, according to an Orlando Sentinel review of 16 recent purchases.

The Real Housewives of Wall Street
April 14, 2011 – America has two national budgets, one official, one unofficial. The official budget is public record and hotly debated: Money comes in as taxes and goes out as jet fighters, DEA agents, wheat subsidies and Medicare, plus pensions and bennies for that great untamed socialist menace called a unionized public-sector workforce that Republicans are always complaining about. According to popular legend, we're broke and in so much debt that 40 years from now our granddaughters will still be hooking on weekends to pay the medical bills of this year's retirees from the IRS, the SEC and the Department of Energy.

Bill to Speed Up Bank's Response to Short Sale Offers Introduced in U.S. House1 comment.
April 13, 2011 – The Prompt Decision for Qualification for Short Sale Act of 2011 was introduced yesterday in the U.S. House of Representatives by Tom Rooney (R-FL) and Robert Andrews (D-NJ). If passed, the bill would impose a deadline of 45 days on lenders to respond to short sale requests.

Banks Must Pay Victims of Botched Foreclosures, Regulators Say1 comment.
April 13, 2011 – The 14 largest U.S. mortgage servicers must pay back homeowners for losses from foreclosures or loans that were mishandled in the wake of the housing collapse, according to consent decrees released today.

Palm Coast Construction Update: CVS, Panera Bread, and Suntrust6 comments.
April 12, 2011 – CVS Pharmacy has opened its new store at the corner of Palm Coast Pkwy and Old Kings Road. Panera Bread is working with City of Palm Coast planners on a site design for a parcel located on State Road 100 in front of the Hilton Garden Inn. SunTrust Bank has revised a previous development order to build a branch in Town Center on the west side of the Landing Blvd. entrance (opposite Dunkin Donuts).

Pino v Bank of New York Mellon Heads to Florida Supreme Court
April 12, 2011 – On Monday, Florida's Supreme Court issued a high-profile case order in Pino v Bank of New York Mellon case. In the Pino case, the lender had previously committed fraud on the court by submitting manufactured forged documents but was allowed to voluntarily dismiss the action and re-file the same suit five months later. A recent Appellate Court Ruling in the case says that the banks can dismiss fraudulent suits, go get their paperwork in order, re-file the same case, and essentially get away without any penalty for committing mass fraud on the courts. The Supreme Court will decide whether the Appellate ruling was correct.

Putnam State Bank Forms Advisory Boards
April 11, 2011 – Putnam State Bank announces the formation of Advisory Boards in each of its operating communities; Putnam, Flagler, and St. Johns counties. To enhance the bank's role as a community bank, the Board of Directors and Management Team identified a need to become further involved in the communities in which Putnam State Bank has branch locations. The bank will receive feedback and support from Advisory Board members, each of whom live and work in their respective communities.

No More Hammock Beach Condos: NOPC Knocked Down on Appeal4 comments.
April 10, 2011 – A Recommended Order entered April 6th in Tallahassee by Administrative Law Judge D. R. Alexander appears to end the dispute between Ginn-LA Marina LLP, Flagler County, and Hammock residents over Ginn-LA's plans to build additional residential units on land currently part of the Ocean Hammock Golf Course. Alexander's Order says the developer has ''no vested right to construct up to 561 dwelling units on 12 acres of land located in the Ocean Hammock Golf Course that is now platted and restricted in perpetuity for golf course purposes only.''

Economic Indicators: Weekly Update - April 9
April 9, 2011 – Every week the Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of March 28-April 1, 2011 along with graphs that show the latest movement and overall trends.

ACLU Suit to Bar Florida Foreclosure Rocket Docket
April 9, 2011 – Wednesday the ACLU filed a petition for a writ of prohibition in the Florida Court of Appeal, to enjoin the truncated procedures being used in Lee County to dispatch thousands of judicial foreclosure cases in Fort Myers.

Intracoastal Bank Reports 2010 Results at Annual Meeting
April 8, 2011 – Intracoastal Bank, Palm Coast's only locally owned and operated financial institution, held its annual meeting April 6 at Halifax Plantation Country Club.

Foreclosure Fraud: The Homeowner Nightmares Continue
April 8, 2011 – Over the past several months regulators have finally noticed what consumer attorneys have been saying for years: the big banks have routinely committed fraud in their foreclosure filings and their records of how much people owe are too often wrong. And the mortgage modification process, which was meant to help homeowners, has been exposed as an abject failure.

Dominion Club Members Sue HHHunt
April 7, 2011 – Members of a bankrupt Richmond golf club are asking the court to help them get their initiation deposits – as much as $22,000 per person – back from the club’s developer and owners.

Jim Anthony's Cliffs Properties Face Foreclosure
April 7, 2011 – Developer Jim Anthony, beset by a shortage of cash, says he is facing foreclosure on about 100 Cliffs Communities Inc. properties – though Anthony is confident that he and the company he built will work through this spot.

Florida Foreclosure Judicial Tide Changing1 comment.
April 5, 2011 – GoToby.com first reported the foreclosure documentation problem over three years ago. [Judge Dismisses Foreclosures because Banks couldn’t Prove They Owned the Mortgage] What seemed like a small glitch at the time has burgeoned into a crisis of major proportions with no solution in sight. Sunday evening, the problem was spotlighted in a 60 Minutes segment.

Taylor Bean Ties to Freddie Mac Loom in Mortgage-Fraud Trial1 comment.
April 5, 2011 – Lee Farkas, the former chairman of Taylor, Bean & Whitaker Mortgage Corp., went on trial today as the accused mastermind of a $1.9 billion fraud conspiracy. Looming in the background was the company’s relationship with the bailed-out federal mortgage financier, Freddie Mac.

Whistleblower Emerges in $24 Billion Suit Against Credit Suisse, Cushman & Wakefield3 comments.
April 4, 2011 – A ruling handed down March 31 by Judge Edward Lodge of the U.S. District Court for the District of Idaho was a good news/bad news event for plaintiffs in a $24 billion lawsuit against international bank Credit Suisse and international real estate company Cushman & Wakefield. The good news was that Lodge confirmed most of a magistrate judge's February preliminary findings by ordering Credit Suisse to stand trial on allegations of conspiracy, breach of fiduciary duty and tortuous interference. The way is cleared for class-action certification.

Alabama Judge Denies Securitization Trustee Standing to Foreclose
April 3, 2011 – An Alabama circuit court in Russell County has issued a summary judgment this week in the case of Horace v. LaSalle Bank, preventing the bank from foreclosing due to irregularities with the assignment of a promissory note.

Economic Indicators: Weekly Update - April 3
April 3, 2011 – Every week the NAR Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of March 28-April 1, 2011 along with graphs that show the latest movement and overall trends.

Seven Crescent Resources Golf Courses Under Contract Again5 comments.
April 2, 2011 – For a third time, commercial real estate company CB Richard Ellis' website notes that seven Florida and Georgia golf courses owned by Crescent Resources are under contract. Prior contracts have failed to reach completion. The courses include Grand Haven, Osprey Cove, North Hampton, and South Hampton.

Will Reynolds Plantation Linger Longer? Will Property Owners Buy Amenities?4 comments.
April 1, 2011 – Linger Longer Development, AKA Reynolds Plantation, has begun distributing ballots to approximately 3,600 property owners at its luxurious Lake Oconee, GA development. The property owners will vote April 29th on whether or not to accept LL's offer to sell its amenities for $44 million, reportedly way above its current market value. LL needs the money by the end of April to avoid a possible foreclosure by Bank of America.

Housing Sales Explode Overnight
Palm Coast, FL – April 1, 2011 – When will the housing market turn around? Wait no longer for an answer. This RISMedia video has already shocked thousands.

Lawsuit Reveals How a Middleman Is Blocking Mortgage Modifications for Homeowners
March 31, 2011 – Pamela Jeter of Atlanta, Ga., has been trying to get a mortgage modification for more than two years. She seems like an ideal candidate. She has shown she can stay current with a reduction in her monthly mortgage payments. Everybody would seem to win. Even the investors who ultimately own her loan think she should be able to get one. So, why is Jeter facing foreclosure?

Seriously Delinquent Mortgage Volume Hits Two-year Low
March 31, 2011 – The percentage of mortgages classified as seriously delinquent within the portfolios of large banks and thrifts fell in all four quarters of 2010, the Office of the Comptroller of Currency and the Office of Thrift Supervision said Thursday.

Foreclosure Aid Fell Short, and Is Fading: House Votes to End HAMP
March 30, 2011 – Last summer, as President Obama’s premier plan to save millions of Americans from foreclosure foundered, the administration tossed a new life preserver to homeowners. Tens of billions of dollars remain unspent and hundreds of thousands of homeowners have been rejected. Now the existence of the main program, the Home Assistance Modification Program, is in doubt.

Palm Coast City Council Discuss Plans for Community Center(s) at Workshop5 comments.
March 29, 2011 – The Palm Coast City Council heard a "Community Center Concept Plan" presentation from its Parks and Recreation Department. The presentation envisioned a 40,000 square foot building as a main recreation center with smaller satellite centers in each section of the city.

Real Estate: It's Time to Buy Again2 comments.
March 29, 2011 – New housing starts are down. Inventory is very low. So are mortgage rates. Housing is today's most affordable asset.

February Pending Home Sales Rise
March 29, 2011 – Pending home sales increased in February but with notable regional variations, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator, rose 2.1 percent to 90.8, based on contracts signed in February, from 88.9 in January. The index is 8.2 percent below 98.9 recorded in February 2010. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Ongoing MERS Lawsuits May Hurt Current RMBS
March 28, 2011 – Ratings agency DBRS says a lack of consistency when it comes to court rulings on the legal standing of the Mortgage Electronic Registration Systems, or MERS, could negatively impact RMBS deals by causing further delays in the foreclosure process.

Economic Indicators: Weekly Update - March 26
March 26, 2011 – Every week the NAR Research staff analyzes key data releases and explain what they mean for you and your business. In this update, we give the highlights of the most important data releases for the week of March 21-March 25, 2011 along with graphs that show the latest movement and overall trends.

Freddie Mac Instructs Mortgage Servicers Not to Foreclose in MERS Name
March 25, 2011 – In a bulletin issued Wednesday, Freddie Mac instructed its mortgage servicer to stop foreclosing in MERS' (Mortgage Electronic Registration System) name.

Flagler County Unemployment Down but Still Highest in State
March 25, 2011 – According to a data released today by Florida's Agency for Workforce Innovation, Flagler still leads all other Florida counties with an unemployment rate of 14.9%. That's down from 16.2% in January and 15.6% last February. Florida had an 11.0% rate in February. The U.S. rate was 9.5%

Lowe’s Settlement in Drywall Cases Moves Closer to Finalization
March 25, 2011 – A Georgia state court has preliminarily approved an amended settlement for people who say they bought contaminated drywall from Lowe’s Companies Inc.

Four AGs Say Foreclosure Settlement Proposal Promotes Strategic Default1 comment.
March 24, 2011 – Four Republican attorneys general participating in the investigation into mortgage servicing practices wrote a letter to Iowa AG Tom Miller stating that the proposed settlement is too strict.

Buy Your Florida Home Now
March 24, 2011 – Realtors® in Florida will open doors to homeownership through thousands of open houses being held across the state as part of Florida Open House Weekend, March 26-27, sponsored by Florida Realtors®.

WCI Communities Giving Free iPad, Build Progress App to New Home Buyers
March 23, 2011 – WCI Communities has introduced MyWCi, an application for Apple's iPad device that enables new home purchasers to access and share important community and construction information during the build process and beyond. Customers are able to access MyWCi on iPads provided as gifts by WCI to buyers of the company's new homes.

Economic Development: Chamber, Officials & Partners Make Progress During Focus Group2 comments.
March 23, 2011 – On Monday, March 14, 2011, thirty attendees representing local government, officials and the business community met for a focus group on Exceptional Customer Service. The session, which took place at the Flagler County Chamber of Commerce, was one of five follow-up items that came out of the two-day Economic Development Summit on March 4 & 5.

Living near a Nuclear Power Plant: Pros and Cons5 comments.
March 23, 2011 – With Japan's nuclear power plant crisis still unresolved, people and their governments around the world are reassessing the safety of their nuclear plants. A Reuters' story suggests that buyers will discount the value of homes near nuclear plants despite years of safe operations. Toby discusses his experience living near a nuclear power plant in Ontario, N.Y.

Economic Indicators: Weekly Update - March 22
March 22, 2011 – The National Association of Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Foreclosure Law Firm’s Demise Puts 6,200 Lee, Collier Cases in Limbo
March 21, 2011 – The collapse of the David J. Stern law firm leaves thousands of Florida foreclosure actions in limbo.

Reynolds Plantation Executives Depart - Poised to Develop Ginn Communities6 comments.
March 21, 2011 – Terry Russell and Michael Langella have departed Reynolds Signature Properties' Linger Longer Homes to start a new construction company; Front Door Communities. Langella was once Linger Longer CFO. Russell and Langella were part of a recently created Reynolds construction initiative that stalled with Linger Longer's financial crisis.

February Existing-Home Sales Decline following Sustained Gains
March 21, 2011 – Existing-home sales fell in February following three straight monthly increases, according to the National Association of REALTORS®.

Attorney Damon Chase Who Lost Ginn Lawsuit has Checkered Past6 comments.
March 21, 2011— Several GoToby.com readers forwarded an Orlando Sentinel article that reveals the checkered past of Seminole County attorney, Damon Chase. Chase's law firm, Chase Freeman, represented 128 plaintiffs in a lawsuit against Ginn companies [Feliciano v. Ginn] which was dismissed July 6, 2010. The Judge's order rebuked Chase.

Manual Mortgage Underwriting Leads to Less Fraud: QMS
March 20, 2011 – Mortgages that are manually underwritten by originators have less fraud than mortgages underwritten by a software program, according to data released by Quality Mortgage Services.

Flagler Parade of Homes Off to a Good Start2 comments.
March 20, 2011 – The Flagler County Palm Coast Home Builders Association kicked off its 2011 Parade of Homes yesterday. If the first day is an indication, this year's event will be a great success. CBV Resort Homes reported over 200 visitors to its Showcase Home in Cinnamon Beach. More impressive is the fact that the home was also sold.

Toby Asks for Your Help Once More1 comment.
March 18, 2011 – Cystic Fibrosis (CF) is a genetic condition affecting, to varying degrees, lungs (breathing) and /or the pancreas (digestion). Our eight-year old granddaughter, Faith Shaw, suffers severe involvement of both lungs and pancreas. In the long term, the only hope for those with CF is a cure.

In Proposed Mortgage Fraud Settlement, a Gift to Big Banks4 comments.
March 16, 2011 – Lurking in a proposed mortgage fraud settlement with the state attorneys general is a clause that could be worth billions for the big banks.

Flagler Beach Real Estate Agent Linda Kasper Charged in $9M Real Estate Fraud14 comments.
March 15, 2011 – A three year mortgage fraud investigation culminated yesterday with the arrest of well known local Flagler County real estate agent Linda Kasper. The Florida Department of Law Enforcement investigation was triggered in December 2007 when real estate news website GoToby.com provided details of 18 suspicious Palm Coast real estate transactions to the Florida Office of Financial Regulation. The scheme, which included 23 transactions netted $9 million in losses.

Economic Indicators: Weekly Update - March 14
March 14, 2011 – The National Association of Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market. For daily economic forecasts, visit NAR Research’s Facebook page.

Moody's Downgrades Billions in RMBS Over Four-day Period
March 14, 2011 – Ratings agency Moody's Investors Service (MCO: 31.85 -1.58%) downgraded several batches of residential mortgage-backed securities over the weekend following $2 billion worth of downgrades recorded in the same segment on Friday.

Rents vs. Home Prices
March 11, 2011 – Apartment rents have steadily risen and are likely to accelerate a bit this year. Home values, meanwhile, have undergone wild swings and now appear to be a better buy compared to renting.

Government Vows to Curb Banks’ Foreclosure Practices, But Enforcement Still a Question Mark
March 11, 2011 – Hosts of federal agencies and regulators, along with the 50 state attorneys general, are hard at work on laying out new rules for banks and mortgage servicers. Those rules will likely require servicers to transform their approach to handling homeowners facing foreclosure.

Administration Accused of Bypassing Congress in Negotiating deal with banks
March 10, 2011 – Republican lawmakers on Wednesday accused the Obama administration of trying to make an end run around Congress as it negotiates a large settlement with banks involved in shoddy foreclosure practices.

AARP Sues HUD Over Reverse Mortgage Foreclosures
March 9, 2011 – Surviving spouses of three reverse mortgage borrowers filed a lawsuit Tuesday against the Department of Housing and Urban Development challenging the validity of the foreclosures they now face.

Habitat for Humanity Buys Back House Built with Chinese Drywall
March 9, 2011 – Habitat for Humanity has become the first builder to buy back a house built with Chinese drywall, our partners at the Sarasota Herald-Tribune report.

Backgrounder: A Closer Look at MERS, the Industry’s Controversial Mortgage Clearinghouse2 comments.
March 8, 2011 – As we’ve noted in several posts, one player that has been featured in the foreclosure scandal and is currently under federal investigation is the Mortgage Electronic Registration System, or MERS.

Economic Indicators: Weekly Update1 comment.
March 7, 2011 – The National Association of Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market. For daily economic forecasts, visit NAR Research’s Facebook page.

Lubert-Adler and Dean Adler among Defendants in New Ginn Sur Mer Lawsuit3 comments.
March 7, 2011 – Dana Ballinger rivals Bankruptcy Trustee Drew Dillworth's tenacity in her ongoing quest to seek justice for alleged wrongs committed by several Bobby Ginn entities.

Treasury Done ‘Very Little’ to Fix Gov’t Foreclosure Prevention Program, Says Watchdog
March 4, 2011 – Making the argument that the Treasury Department has done “very little” to improve a foreclosure prevention program that has failed to meet its goals, the government’s TARP watchdog testified at a hearing on Wednesday that the case for keeping the program alive has worn thin and is ''all but exhausted.''

Tax Burden by State: How Does Your State Stack Up?
March 3, 2011 – A study by the Tax Foundation, a non-partisan, non-political think tank looks at the combined federal, state, and local tax burden by state. Florida ranks fifth among the best states, behind South Dakota, Alaska, Wyoming, and Nevada.

HAMP Helping Less Than 20% of Eligible Delinquent Mortgages
March 3, 2011 – Less than 20% of the estimated delinquent mortgages eligible for modification under the Obama administration's Making Home Affordable Program have moved to the active permanent modification status.

Palm Coast Replaces One Flawed Stormwater Ordinance with Another8 comments.
March 3, 2011 – After nearly three years trying to come up with a fix for their admittedly defective stormwater ordinance, Palm Coast City Council finally approved a replacement. It looks like the new ordinance is not much better than the previous one. But the passage left several questions unanswered as Tuesday night's meeting ended.

2010 Local Housing Market Reports--Fourth Quarter
March 2, 2011 – Every housing market is unique. These Local Market Reports (LMRs) — which reflect data available through 4th Quarter 2010 — provide insights into the fundamentals and direction of the nation's largest metropolitan housing markets.

14 Indicted in Sarasota Real Estate Flipping Fraud Case
March 1, 2011 – Sarasota – Fourteen people are now facing federal charges in what law enforcement officials described Friday as the largest mortgage fraud conspiracy in Sarasota history.

Pending Home Sales Decline in January
February 28 – Pending home sales eased moderately in January for the second straight month, but remain 20.6 percent above the cyclical low last June, according to the National Association of Realtors®.

Florida Attorney General Sets Sights on Foreclosure Law Firm
February 27, 2011 – Ben-Ezra & Katz, the Florida-based foreclosure default law firm that laid off hundreds of staff after Fannie Mae pulled its business, is now the subject of an investigation launched by the Florida Attorney General's office.

Commercial Real Estate Vacancy Rates to Decline but Rent Recovery Delayed
February 26, 2011 – A stabilization trend is taking place in commercial real estate sectors, but in most markets rent will remain soft except for multifamily rentals, according to the National Association of Realtors®.

U.S. House Republicans Move to End Foreclosure Aid Programs2 comments.
February 25, 2011 – U.S. House Republicans plan to move forward with bills that would end anti-foreclosure programs put in place by the administration of President Barack Obama, saying they are doing more harm than good.

Forecast Update: Case-Shiller/S&P, Mortgage Rates, Jobless Claims, GDP1 comment.
February 25, 2011 – The National Association of Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

CALL TO ACTION: Grand Haven Residents - Attend Tues., March 1st Palm Coast City Council Meeting8 comments.
February 25, 2011 – The Palm Coast City Council will meet Tuesday, March 1 at 6:30 p.m. at the Community Center to approve a new Stormwater Ordinance. The new ordinance is necessary because the existing ordinance would not withstand a legal challenge. One of the ordinance's most glaring deficiencies is that it charges a stormwater fee for properties that are not part of the stormwater system. Since adopted in 2004, the City has collected an estimated $800,000 to $1,000,000 from Grand Haven and it property owners.

MERS Rights Upheld in Largest Foreclosure State
February 24, 2011 – An appellate judge in California last week upheld the rights of the Mortgage Electronic Registration Systems to the deed of trust, giving MERS the right to foreclose, according to court documents.

National: Existing-Home Sales Rise Again in January
February 23, 2011 – The uptrend in existing-home sales continues, with January sales rising for the third consecutive month with a pace that is now above year-ago levels, according to the National Association of REALTORS®.

$24 Billion Credit Suisse Lawsuit Can Proceed2 comments.
February 23, 2011 – Credit Suisse and Cushman & Wakefield are on the hot seat. When a group of 7 attorneys filed a $24B lawsuit [Gibson v. Credit Suisse] in January 2010 claiming a “loan to own scheme,” [link to story] by Credit Suisse, facilitated by Cushman & Wakefield, a lot of watchers did not take it seriously. Well the watchers were wrong. U.S. Magistrate Judge Ronald E. Bush ruled January 17 that plaintiffs can proceed with its lawsuit against Credit Suisse.

Fort Myers Attorney Indicted in Mortgage Fraud Scheme
February 21, 2011 – A suspended Florida attorney is facing three decades behind bars for lying on a mortgage application as part of a much larger $4.2 million scheme.

Foreclosure Mediators: Banks Pushed Us to Fail1 comment.
February 21, 2011 – Florida's Supreme Court sought a foreclosure lifeline in forcing banks and borrowers to mediation. It was hoped a judicial referee could help unclog court dockets and free struggling borrowers.

Forecast Update: Retail Sales, NAHB/Wells Fargo Market Index, Mortgage Applications, Jobless Claims, and More
February 19, 2011 – The National Association of Realtors Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Despite Finding Big Problems in Mortgage Industry, Regulators’ Punishment Unclear
February 18, 2011 – Federal regulators say they're going to crack down after finding "critical deficiencies" with how banks and mortgage servicers have been handling struggling homeowners. But it's an open question just what form a punishment will take, with one regulator reportedly pushing lighter penalties than the others.

Loan Mod Program Left Homeowner’s Fate in Hands of Dysfunctional Industry1 comment.
February 18, 2011 – Last February, with 6 million homeowners in danger of losing their homes, the mortgage industry was assembled at a luxury hotel in San Diego applauding themselves—literally.

MERS to Members: Don’t Foreclose in Our Name
February 17, 2011 – Mortgage Electronic Registration Systems, or MERS, told its members Wednesday not to foreclose on residential mortgages in its name. The electronic registry of mortgage records built by Fannie Mae, Freddie Mac and the nation’s major lenders more than a decade ago has been under increasing fire by homeowners, prosecutors, politicians and others.

Mortgage Servicers May Face Sanctions, New Rules, Regulator Says
February 17, 2011 – U.S. banking regulators investigating flawed foreclosures are “finalizing” remedial requirements and sanctions against mortgage servicers, Acting Comptroller of the Currency John Walsh said.

Mortgage Applications Drop as Rates Hover above 5%
February 16, 2011 – The volume of mortgage applications filed in the past week continued to fall as rates hovered above 5% and mortgage refinancings declined, the Mortgage Bankers Association said in its Weekly Mortgage Applications Survey Wednesday morning.

U.S. Homebuilder Confidence Stagnates in February on Slow Sales
February 15, 2011 – The National Association of Home Builders/Wells Fargo sentiment index registered a reading of 16 for the fourth consecutive month, in line with the median forecast of economists surveyed by Bloomberg News, data from the Washington- based group showed today. Readings below 50 mean more respondents said conditions were poor.

Fannie Mae and Freddie Mac's Days Are Numbered, But It's a Big Number3 comments.
February 14, 2011 – Our government allowed Fannie Mae and Freddie Mac to become a giant mortgage backed security hedge fund, complete with 70-1 taxpayer funded leverage.

From Boom to Bust and Back
February 14, 2011 – Jorge Perez, CEO of Related Group, has steered his real estate firm out from under $2 billion in debt, a feat the so-called “Condo King” lists as his greatest accomplishment.

Forecast Update: Job Openings and Labor Turnover, Mortgage Applications, Jobless Claims, and More
February 13, 2011 – The National Association of Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Hot Food & Spicy Blues - Today Only
February 12, 2011 – Looking for something to do on this cool (for Florida) sunshiny 60º day? Come out to the Florida Agricultural Museum with its heated barn from noon to 5pm for "Hot Food & Spicy Blues." This event will feature Sauce Boss, immortalized by Jimmy Buffet's song, "I will sing for gumbo." Sauce Boss will be on stage around 2pm whipping up a big batch of famous gumbo for you to enjoy! Blues and jazz singer Linda Cole will also be performing. She's scheduled to be on the stage at 1pm

Community Bankers Say GSE Reforms Will Squeeze Out Small Banks
February 12, 2011 – Community banks say the Treasury's proposed housing market reforms will privatize the secondary mortgage market to the detriment of community banks that use GSE loan products to fund loans to consumers in small towns and rural areas.

Requiem for MERS (and the Banks That Created the Frankenstein Monster)
February 12, 2011 – It is now widely recognized that MERS facilitated fraud by lenders, servicers, foreclosers and securitizers. Even on the most charitable interpretation it is very difficult to believe that MERS was not fraudulent by design.

Fannie Mae Terminates Relationship with Florida Law Firm Ben-Ezra & Katz1 comment.
February 11, 2011 – Fannie Mae has terminated its relationship with Florida-based foreclosure default law firm Ben-Ezra & Katz, P.A., according to a notice sent to mortgage servicers Thursday afternoon. The government-sponsored enterprise advised its mortgage servicers to move Fannie Mae matters to other law firms within its retained attorney network.

Larry Ellison acquires Porcupine Creek for $42.9 million
February 10, 2011 – Larry Ellison, the sixth-richest man in the world, has bought the 249-acre golf course estate of Edra Blixseth for $42.9 million, records filed in Riverside County show.

NATIONAL: Home Price Stabilization Seen in Most Metro Areas during Fourth Quarter, Sales Up
February 10, 2011 – Home sales rebounded in 49 states during the fourth quarter with 78 markets – just over half of the available metropolitan areas – experiencing price gains from a year ago, while most of the rest saw price weakness, according to the latest survey by the National Association of REALTORS®.

FLORIDA: Existing Condo Sales Up in 4Q 2010
Feb. 10, 2011 – Sales of existing condominiums in Florida rose 6 percent in fourth quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 17,231 existing condos sold statewide in 4Q 2010; during the same period the year before, a total of 16,229 units changed hands.

Bernanke: Lagging Real Estate Drags Down Investments
February 9, 2011 – Despite the nation seeing a robust increase in business investments last year, the real estate sector remains weak with construction lagging and foreclosed homes still littering the market, Federal Reserve Chairman Ben Bernanke testified before the U.S. House Committee on the Budget Wednesday.

Homes More Affordable, but Don't Expect a Rebound
February 9, 2011 – Home affordability has returned to pre-bubble levels, making it perhaps one of the most sensible times in years to buy a home. In 47 of the 74 markets tracked by Moody's Analytics, housing affordability has returned to or surpassed the average reached between 1989-2003.

Fastest Growing States: 2000 to 2010
February 9, 2011 – From 2000 to 2010, population in the US grew by 27 million people or 9.7 percent. That’s an increase of just less than 1 percent per year.

CORRECTION: Reynolds Plantation Must Pay Lenders $45 Million by the End of April 20117 comments.
February 8, 2011 – On February 3rd, GoToby.com broke the news story that Reynolds Plantation had placed its club assets for sale to satisfy lenders' demand to pay down a credit line by $45 million. The original story (now corrected) stated that the payment was due by the end of 2011. The story has been corrected to reflect the due date for the $45 million as "the end of April 2011."

Accusations of Fraudulent Mortgage Documents Led Citigroup to Settle With Homeowners
February 8, 2011 – In a handful of cases around the country, Citigroup has reached settlements with homeowners who accused the bank of filing fraudulent mortgage documents to prove its legal standing to collect the debt in bankruptcy proceedings, Bloomberg reported today.

Toby is Moving to Tidelands Condominiums: Anatomy of a Real Estate Decision33 comments.
January 29, 2011 – January 24, Shirley and I closed on a Tidelands condominium six months after signing a short sale contract. We had lived in Grand Haven, a wonderful gated golfing community in Palm Coast for 11 years. It was time for us to downsize and I believe the Tidelands condominium was the right decision. I'd like to share how we came to that conclusion.

Lenders Compound Court Errors1 comment.
February 6, 2011 – Scores of Palm Beach County homes were foreclosed on with faulty paperwork that banks are now trying to sidestep with a legal maneuver experts say doesn't even exist.

Five High-Profile Golf Resorts in Chapter 11 Bankruptcy3 comments.
February 5, 2011 – Five high-profile golf resorts sought protection from creditors through a Chapter 11 bankruptcy filing on Tuesday. The bankruptcy was initiated by an investor group headed by hedge fund Paulson & Co. The investment group seized the resorts from Morgan Stanley's real estate funds through a foreclosure auction January 28.

Dems: Obama Broke Pledge to Force Banks to Help Homeowners
February 4, 2011 – Before he took office, President Obama repeatedly promised voters and Democrats in Congress that he’d fight for changes to bankruptcy laws to help homeowners—a tough approach that would force banks to modify mortgages.

Weekly Forecast Update: Monthly Personal Income, Inflation Rate, ISM Manufacturing Index , and More1 comment.
February 4, 2011 – The National Association of Realtors Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

In Postcrisis Report, a Weak Light on Complex Transactions4 comments.
February 3, 2011 – The report from the Financial Crisis Inquiry Commission (FCIC) has been assailed as a confusing mishmash -- poorly organized, unclear about what's new and weakened by conclusions that are at once obvious and unsatisfying. The problems of the commission were evident from the start: its mandate was too broad, its timetable too short, its budget too small and its commissioners too partisan.

Clear Capital Reports U.S. Quarterly Home Prices Still Down, but Showing Life in 2011
February 3, 2011 – Clear Capital released its monthly Home Data Index (HDI) Market Report, and reports a quarter-over-quarter national price change of -1.6 percent. Despite the negative quarterly price change, the national index has demonstrated a positive trend since the start of 2011.

Linger Longer (Reynolds Plantation) Selling Club Assets to Pay Down Debt2 comments.
February 3, 2011 – Mercer Reynolds, Chairman of Linger Longer Development Company (Reynolds Plantation) notified property owners this morning that the company has offered for sale the Club assets and amenities. The sale was necessitated when lenders' required Reynolds to pay down a credit line by $45 million by the end of 2011 as a condition of a three-year renewal. Further, Club Founders Mercer and Jamie Reynolds pledged additional assets totaling approximately $60 million.

Aceves ruling: Foreclosed Homeowner Has Cause to Sue Bank for Fraud1 comment.
February 2, 2011 – A California appeals court ruled that a former homeowner's lawsuit against U.S. Bank (USB: 27.49 -0.61%) for fraud may continue after the bank allegedly reneged on a promise to negotiate a mortgage modification, opening the door for claims from potentially thousands of similarly situated troubled borrowers in the Golden State.

JPMorgan Faces Texas Sheriff in Showdown Over Eviction Case Fees3 comments.
February 2, 2011 – A JPMorgan Chase & Co. branch in El Paso, Texas, may have furniture and computers seized by the sheriff unless the bank complies with a judge’s order to pay the legal bills of a single mother whose eviction case he dismissed.

Four Principles to End Housing Bailouts and Eliminate Fannie Mae and Freddie Mac2 comments.
February 1, 2011 – American Enterprise Institute for Public Policy Research scholars Peter J. Wallison, Alex J. Pollock, and Edward Pinto present a new AEI white paper outlining four principles for reform of US housing policy, the protection of taxpayers, and the prevention of future financial crises caused by housing policy.

FCIC Dissenter Blames Government Policies for Financial Meltdown1 comment.
February 1, 2011 – The Financial Crisis Inquiry Commission has issued its report. It blames the financial crisis on regulators and financial institutions, asleep at the wheel. The report says they ignored the increase in household debt, and frantic trading in exotic derivatives. Dissenting commission member Peter Wallison takes issue. His dissenting report places the blame for the meltdown squarely on the federal government's policy to promote increased homeownership.

Cliffs Developer Pledges Progress On Tiger Woods Project Near Asheville
February 1, 2011 – With an investment that's already reached $150 million, the developer of The Cliffs at High Carolina, which features a golf course designed by Tiger Woods, said he is fully committed to completing the project.

Banks Grip on Prime Shadow Inventory Growing: Morgan Stanley
January 31, 2011 – Whether they like it or not, the nation's banks control most of the country's shadow inventory, according to a report Friday from Morgan Stanley.

Weekly Forecast Update: Mortgage and Treasury Rates, Case-Shiller Index, Consumer Confidence Index Jobless Claims, Mortgage Purchase Applications, GDP

Connecticut Snowbird Videos Bald Eagles at Grand Haven's Wild Oaks Community in Palm Coast2 comments.
January 29, 2011 – GoToby.com has written in the past about a nesting pair of bald eagles in Grand Haven's Wild Oaks Community, west of Colbert Lane. Federal statutes prohibit getting too close to nesting bald eagles. Plus, Wild Oaks is a gated community so eagle watching opportunities for most are limited. John Bria's videos allow everyone to watch.

Commission Outlines Goldman Sachs Subprime Dilemma in Financial Crisis1 comment.
January 28, 2011 – One of the many villains in the Financial Crisis Inquiry Commission report out Thursday is Goldman Sachs (GS: 164.03 0.00%), the Wall Street giant that, according to page 235 of the report, recognized the delusion in the subprime mortgage market and decided to short it before the crash in 2008.

Low-tax States Attract Budget-conscious Americans3 comments.
January 28, 2011 – A family of four with $150,000 in income would save $13,368 in state and local income taxes if they traded in New York for Florida. That doesn't even count additional savings in property taxes, estate taxes, or the cost of winter coats and boots.

Govt’s Loan Mod Program Crippled by Lax Oversight and Deference to Banks
January 27, 2011 – With millions of homeowners still struggling to stay in their homes, the Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by lax oversight and a posture of cooperation—rather than enforcement—with the nation’s biggest banks. Those banks, Bank of America, Wells Fargo, JPMorgan Chase, and Citibank, service the majority of mortgages.

Pending Home Sales Continue Uptrend
January 27, 2011 – Pending home sales improved further in December, marking the fifth gain in the past six months, according to the National Association of Realtors®

Imagine Charter School Plans Addition of 21,409 SF
January 27, 2011 – Imagine Charter School has submitted a plan for an additional 2-story, 21,409 square foot building at 775 Town Center Blvd. in Town Center.

BofA Unit Ordered to Halt Foreclosures in Nevada
January 26, 2011 – A Bank of America Corp. unit, ReconTrust Co. N.A., was ordered by a Nevada judge to temporarily stop foreclosures in the state that aren’t approved by a court order.

New-home Sales Rise to 329,000 in December
January 26, 2011 – Sales of new single-family homes rose almost 18% in December to the highest rate since last spring, but builders in 2010 still suffered through their worst year in modern times.

8 Cities Reach New Lows in Home Prices: S&P/Case-Shiller
January 25, 2011 – Home prices in November dropped 1.6% from the year-ago period and are down 1% from a month earlier, according to the S&P/Case-Shiller composite 20-city home price index — a broad gauge of U.S. home prices. The 10-city composite was down 0.4%.

Trashed! Golf Course Home is Called Worst Mess2 comments.
January 25, 2011 – A 2-story house on the Seacliff Golf Course in Huntington Beach is the worst example of "malicious vandalism'' of a foreclosed home that a top Realtor for bank-owned properties says he's ever seen in Orange County.

In States Where Foreclosures Bypass Judges, New Evidence of Robo-Signers
January 25, 2011 – Non-judicial states also seem to have problems with banks using robo-signers and taking other foreclosure shortcuts, American Banker reports.

Foreclosure Sales: Upscale Palm Coast/Flagler Real Estate
January 23, 2011 – The Flagler County Clerk's February schedule of foreclosure sales includes several upscale (or once upscale) properties as even the affluent give up on their investment or simply run out of financial reserves.

Forecast Update: NAHB/Wells Fargo Housing Market Index, Jobless Claims, Mortgage Purchase Applications, and Mortgage and Treasury Rates
January 22, 2011 – The National Association of Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Why the Massachusetts Supreme Court Voided Two Foreclosures and What It Could Mean for Banks1 comment.
January 21, 2011 – When Massachusetts’ highest court ruled against U.S. Bank and Wells Fargo earlier this month and invalidated two foreclosures, the decision was hailed by some as an important precedent for courts seeking to resolve foreclosure disputes.

History Repeats Itself: Wall St. Wants a Part of Fannie and Freddie’s Gov’t-Guaranteed Deal1 comment.
January 21, 2011 – As the White House considers how to reform troubled mortgage giants Fannie and Freddie, some of the nation’s largest banks have piped up with their own suggestion. The New York Times reports that banks are suggesting that they be allowed to take over some of Fannie and Freddie’s work of issuing securities backed by a government guarantee. That guarantee can be quite convenient for businesses, which get to keep the profits in good times and—as we saw during the housing market collapse—get to socialize the losses by passing them onto the government. From the Times:

Owners, Renters Agree: Owning a Home is a Smart Decision
January 20, 2011 – A substantial majority of both home owners and current renters agree that owning a home is a smart decision over the long term. That’s according to the results of a National Association of Realtors® survey of 3,793 adults conducted online by Harris Interactive.

December Existing-Home Sales Jump Nationally Plus Palm Coast/Flagler Stats2 comments.
January 20, 2011 – Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®. Palm Coast/Flagler stats provided.

Judge Holds Bankers in Contempt, Threatens Jail
January 19, 2011 – Representatives from six major banks that skipped a hearing in a Miami condo association receivership case could face the wrath of Miami-Dade Circuit Judge Jennifer Bailey today if they fail to show up a second time.

Flagler County Property Tax Exemptions: Filing Deadline Coming Soon3 comments.
January 19, 2011 – According to James E. Gardner, Jr., Flagler County Property Appraiser, Flagler County property owners have until March 1 to qualify for their 2011 property tax exemptions. Exemptions are subtracted from Assessed Value to determine taxable value. Here is a rundown on exemptions for which property owners may qualify.

Forecast Update: Long-Term Interest Rates, Jobless Claims, Mortgage Purchase Applications, Consumer Price Index1 comment.
January 19, 2011 – The National Association of Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Foreclosure Lawyers' Misdeeds Ignored in Florida?2 comments.
January 18, 2011 – Florida courthouses are rife with evidence of errors and fabrications made by attorneys handling foreclosure cases, and yet so far no lawyers have been disciplined.

Richmond’s Dominion Club Members Dazed and Abused by Declaration of Bankruptcy1 comment.
January 18, 2011 – The members of the Dominion Club outside Richmond are feeling betrayed and abused this week, and what has happened to them is a clear signal to all of us that equity “deposits” for golf club initiation fees are, at best, a risky investment.

JPMorgan Overcharged Military Families, Improperly Foreclosed
January 17, 2011 – JPMorgan Chase overcharged roughly 4,000 troops on their mortgage and improperly foreclosed on 14 of the families, a spokesperson for the bank said Monday.

Record-Long Foreclosure Delays Spread Past Judicial States: Barclays Capital
January 16, 2011 – Procedural problems cut the rate at which homes are moved from foreclosure to REO in half during October and November, but the drop did not occur in judicial states alone, according to research from Barclays Capital.

Big-money Texans move into The Cliffs Communities
January 15, 2011 – Urbana Communities is a ''joint venture'' partner with The Cliffs Communities, raising the question of who might finish the Tiger Woods golf course and community at High Carolina.

Bernanke: No Housing Recovery before Fannie, Freddie Revamp1 comment.
January 14, 2011 - Federal Reserve Chairman Ben Bernanke doesn't expect much recovery in the housing market before the Obama administration releases its recommendations for the future of Fannie Mae and Freddie Mac, expected soon.

Strategic Defaults: It's Not Just for Borrowers Any More2 comments.
January 14, 2011 – The term ''Strategic Foreclosure'' has been used to describe the case of a homeowners walking away from their mortgages even though they have the ability to pay. Now lenders and mortgage servicers are joining the ranks by walking away from foreclosures without completing the foreclosure process.

Mortgage Rates Down for Second Week
January 14, 2011 – Freddie Mac (OTC: FMCC) yesterday released the results of its Primary Mortgage Market Survey® (PMMS®). The survey results showed lower mortgage rates for both long- and short-term rates, with the 30-year reaching a four-week low.

Olive Garden & Red Lobster to Open in Palm Coast March 77 comments.
January 12, 2011 – Orlando-based Darden Restaurants has scheduled a March 7th opening for two new restaurants in Palm Coast's Town Center according to a company spokesperson. A single building will house both Olive Garden and Red Lobster. Kitchen, bar, and restroom facilities will be shared in the new synergy format; the first of its kind.

Foreclosure Ruling May be Good News for Homeowners
January 11, 2011 – A ruling against two lenders in Massachusetts on Friday sends a warning to the industry: Before foreclosing on what is for many Americans their most valuable asset — their home — lenders must have proof they have the authority to do it.

Florida AG: Foreclosures Must Be Done Within the Law1 comment.
January 10, 2011 – Florida's newly sworn Attorney General Pam Bondi released a highly critical presentation detailing legal issues surrounding the crisis. The presentation indicates a thorough understanding of the problem.

Banks Lose Pivotal Massachusetts Foreclosure Case3 comments.
January 9, 2011 – U.S. Bancorp and Wells Fargo & Co., in a ruling that drove down bank stocks, lost a foreclosure case before Massachusetts’s highest court that will guide lower courts in that state and may influence others in bank disputes involving state real-estate law.

Forecast Update: Construction Spending, Mortgage Purchase Applications, Jobless Claims, Unemployment
January 8, 2011 – The National Association of Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

How the Great Recession Created Ghost Towns3 comments.
January 7, 2011 – As some markets such as San Diego and Washington, D.C., lead the recovery out of the housing crisis, others are becoming ghost towns. A study from James Follain of the Research Institute for Housing America showed in some markets such as Cleveland and Stockton, a recovery could be many years out as populations are moving out faster than the homes they vacate can either be resold or even destroyed.

Housing Market on the Mend: Cape Coral - Ft. Myers2 comments.
January 7, 2011 – Florida was hard hit by the subprime mess and subsequent economic slide and no city in the state was spared. A sharp price correction and improvements in employment have helped turn the corner for the housing market in Cape Coral-Fort Myers, though. To find out how your market has done, see any of the 152 Local Market Reports for the 3rd quarter of 2010, now available on the NAR Research website.

Rent vs. Own Ratio to Flip in 2011?2 comments.
January 7, 2011 – Many Americans are content to rent after witnessing the crumbling housing market in recent years. But with rents on the rise and home prices continuing to fall, a reversal is in sight.

FinCEN Reports of Mortgage Fraud Up Slightly in 3rd Quarter
January 6, 2011 – VIENNA, Va. (SOURCE: FINCEN) – The Financial Crimes Enforcement Network (FinCEN) today released its third quarter 2010 mortgage fraud report, Mortgage Loan Fraud SAR Filings. The report shows that suspicious activity reports (SARs) characterized by filers as indicating possible mortgage loan fraud (MLF) increased 2 percent to 16,693 in the third quarter of 2010 up from 16,339 MLF SARs in the 2009 third quarter.

Bank Errors Cause Damage to Credit, Distress to Homeowners1 comment.
January 6, 2011 – We’ve pointed out cases in which banks’ miscommunication and disorganization have caused mistaken foreclosures, but as several recent reports have noted, that’s not the only way in which bank mistakes have affected homeowners.

At Foreclosure Law Firms, Concerns About Novice Attorneys1 comment.
January 5, 2011 – Nearly half of the attorneys working at Florida’s four largest foreclosure law firms have practiced law for less than three years.

Palm Coast's Stormwater Ordinance is a Ticking Time Bomb8 comments.
January 4, 2011 – The City of Palm Coast has accomplished much in its short 10-year life. Along the way, short cuts were taken; some with adverse, if unintentional, consequences. One example is the City building department's original permitting fee schedule. The haphazard implementation resulted in over $6M in excess collections. Another example is the City's Stormwater Management Ordinance. It's a ticking time bomb exposing the City to potentially exploding costs.

Ginn-LA Bankruptcy Trustee Sues Austin Outdoor and Quail West Foundation [Restored Copy]5 comments.
January 2, 2011 – Tesoro and Quail West Bankruptcy Trustee Drew Dillworth continues to seek recovery of funds allegedly transferred from Ginn-LA's Tesoro and Quail West golf course communities prior to their bankruptcy. New lawsuits name Quail West Foundation and Austin Outdoor as defendants. The third amended complaint in the primary recovery lawsuit reveals more details. Among other revelations, it contains the first mention of disappearing club membership deposit fees.

BofA Settles with Fannie, Freddie Over Countrywide Repurchases
January 3, 2011 – Bank of America plans to record a fourth-quarter charge of $3 billion after settling repurchase claims brought against the banking giant by Fannie Mae and Freddie Mac on home loans sold to the GSEs by Countrywide Financial Corp.

Georgia Aquarium Buys Marineland for $9.1M3 comments.
January 3, 2011 – Marineland in Flagler County, FL has sold to the Georgia Aquarium for $9.1 million, according to public records and a representative of Marineland. Carl Hampp, of Jacoby Development, confirmed that the deal for the historic aquatic park was finalized last week.

Real Estate: 2010 Year in Review
January 1, 2011 – A summary of important events in the Palm Coast/Flagler real estate market during the last year.

MERS is at the Heart of the Foreclosure Crisis
December 31, 2010 – GoToby.com has followed the exploding foreclosure documentation crisis for over two years. Still, most people are unaware of nature of the problem. It is not a simple recordkeeping mix up. It is very complex and convoluted. It defies solution. In a three-part Huffington Post article, Randall Wray details the workings of the Mortgage Electronic Registration System (MERS), a vehicle created by bankers to avoid paperwork and disguise the movement and ownership of trillions of dollars in mortgages and notes. MERS has destroyed the public land records by breaking the chain of title to millions of homes.

Cliffs Communities Halts Most Spending, Including for Tiger Woods Golf Course4 comments.
December 30, 2010 – When Cliffs Communities residents and club members loaned developer Jim Anthony more than $60 million to complete the amenities he had promised, including Tiger Woods’ first American golf course design, they made sure the money would be spent wisely. The loan agreement between Anthony and the lender group, self-named ClubCo, includes a clause that calls for a reduction in spending if real estate sales and cash flow fall short of certain levels.

Pending Home Sales Continue Recovery, Gradual Improvement Seen in 2011
December 30, 2010 – Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the National Association of REALTORS®.

Moody's Downgrades Billions More RMBS
December 30, 2010 – Moody's Investors Service downgraded another $6 billion of adjustable-rate mortgage residential mortgage-backed securities issued by Wachovia.

Crescent Golf Courses Under Sales Contract Again2 comments.
December 29, 2010 – Here we go again. Once more, several Georgia and Florida golf courses owned by Crescent Resources are identified as "Under Contract" by commercial real estate broker CB Richard Ellis on their website. Because all the courses were identified at the same time, it's likely that there is a single buyer. The contract(s) are limited to the golf courses only, excluding available building lots and developable land. Conclusion; the buyer is likely one of the large golf course operating companies.

Discretionary Purchasers Running Out of Discretionary Money.
December 29, 2010 – High-end condominiums and building lots in gated communities are often purchased with discretionary funds. The prolonged real estate slump and problems in the financial markets have drained some buyers' financial reserves. Unable or unwilling to continue covering debt payments, association fees, property taxes, and club membership dues, some buyers face foreclosure; some voluntarily, others not.

Forecast Update: Homeowner Finances, Oil Prices, GDP, and Jobless Claims
December 29, 2010 – The National Association of Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market. For daily economic forecasts, visit NAR Research’s Facebook page.

The Year in Wall Street Investigations1 comment.
December 28, 2010 – It's been over three years since credit markets started shaking with the early tremors of the subprime crisis, and two years since that spread into a marketwide collapse. Prosecutors, regulators, Congress and journalists have spent the year uncovering the financial shenanigans that brought the market to its knees. It's been marked by a few blockbuster settlements and more revealing investigations – as well as by some noticeable inaction in the reckoning.

Ally Financial (Formerly GMAC) in $462 Million Settlement with Fannie1 comment.
December 28, 2010 – Ally Financial Inc, the lender formerly known as GMAC, on Monday said it agreed to pay $462 million to Fannie Mae to avoid having to repurchase poorly underwritten mortgages sold to the housing finance giant.

Double-Dip In Housing Almost Here, According To Case-Shiller Index
December 28, 2010 – Housing markets have taken a turn for the worse, with the widely followed S&P/Case-Shiller index declining more than analysts had forecast in October, lending credence to the housing bears who have predicted a double dip.

19 Florida Counties Lower or Suspend Impact Fees5 comments.
December 27, 2010 – According to an article by Jay Brady in the Gulf Coast Business Review, 19 Florida counties have either lowered or suspended impact fees. The data was compiled by Duncan Associates and is available at www.impactfees.com.

Judge Aggregates Several Ginn Lawsuits 6 comments.
December 27, 2010 – Timothy Corrigan, District Judge for U.S. District Court, Middle District of Florida, Jacksonville Division has ordered the aggregation of several related Ginn lawsuits. The lawsuits, some individual and some multi-party, involve allegations of fraud tied to Ginn-LA's (Bobby Ginn and Lubert-Adler) $4.9 billion Bahamas development, Ginn sur Mer.

Existing-Home Sales Resume Uptrend with Stable Prices
December 23, 2010 – Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, according to the National Association of Realtors®.

The ‘Subsidy’: How a Handful of Merrill Lynch Bankers Helped Blow Up Their Own Firm4 comments.
December 23, 2010 – Two years before the financial crisis hit, Merrill Lynch confronted a serious problem. No one, not even the bank's own traders, wanted to buy the supposedly safe portions of the mortgage-backed securities Merrill was creating.

Economic Updates: Retail Sales, Housing Starts, Jobless Claims
Palm Coast, FL – December 21, 2010 – The National Association of Realtors research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Arizona and Nevada Sue Bank of America
December 20, 2010 – On Friday, Arizona and Nevada both filed suit against Bank of America, saying it deceived homeowners trying to avoid foreclosures.

Higher Loss Severities on Foreclosures will Push Servicers to Short sales in 2011: Fitch
December 20, 2010 – Loss severities are expected to increase between 5% and 10% on residential mortgage-backed securities in 2011 as loss mitigation costs and foreclosure expenses go up, according to Fitch Ratings. This, analysts said, will push servicers toward short sales.

Fannie and Freddie’s Regulator Opposes Reducing Mortgages for Struggling Homeowners
December 19, 2010 – The Obama administration has been pushing for banks and investors to cut mortgage balances for homeowners who owe more than their home is worth. But the regulator for the biggest investors of them all – the government-controlled Fannie Mae and Freddie Mac – won't let the two do it.

WNZF News Radio Improves AM and FM Broadcasting Signals
December 18, 2010 – Signal improvements for both the FM 106.3 and AM 1550 have been approved by the Federal Communications Commission and were implemented yesterday, according the station's vice president and general manager, David Ayres.

Developer Straub Found Not Guilty in Wetlands Case
December 18, 2010 – Wellington developer Glenn Straub and his company, Palm Beach Polo Holdings, were found not guilty Thursday in a criminal trial over allegations that he violated federal wetlands laws.

Mortgage Fraud Summit Reveals Both Systemic Fraud and FBI's Seeming Blind Eye1 comment.
December 18, 2010 – To combat mortgage and foreclosure fraud, we first need to understand the nature of the fraud. There are the small-potato schemes -- the loan modification-aid scams, or the scams of fraudsters busting into foreclosed properties and renting them out. Yes, people get burned this way, but going after these frauds is like prosecuting the drug dealer on the corner.

American-Made Drywall Emerges as Potential Danger
December 17, 2010 – Two years after thousands of Americans learned that defective Chinese drywall had contaminated their houses, a new group of homeowners say they are experiencing similar problems—but their homes are built with drywall made in the United States.

Florida’s November Employment Figures Released1 comment.
December 17, 2010 – Florida's Agency for Workforce Innovation announced Florida's November employment figures today. Again, Flagler County ranked second among Florida's counties. Palm Coast ranks highest among MSAs.

Rim Golf Club Emerges from Cloud of Crescent Resources Bankruptcy
December 16, 2010 – The Rim Golf Club announced that the transfer of the golf club property to the member-owned club has been completed, following the bankruptcy of the club’s developer, Crescent Resources.

NAR Economist Lawrence Yun Answers Questions
December 16, 2010 – National Association of Realtors® Chief Economist Lawrence Yun answers some questions from the Economic Issues and Real Estate Business Forum from this year’s Annual Meeting & Expo in New Orleans. Approximately 2,000 people attended the Forum and brought their questions along. Watch the video below to see Lawrence Yun’s take on some unanswered questions.

Dillworth v Ginn Lawsuit Dismissed on Technicality – Will be Refiled1 comment.
December 16, 2010 – Judge Paul Hyman, Chief Judge o f the U. S. Bankruptcy Court in the Southern District of Florida dismissed the Adversary Proceeding Dillworth v. Ginn Without Prejudice." Hyman granted the plaintiff 20 days to amend the complaint. The ruling amounts to a bump in the road for Dillworth. The ruling was based on a technical issues, not on the merits of the complaint.

Iowa AG Seeks Jail Time for Bad Mortgage Bankers
December 14, 2010 – Iowa Attorney General Tom Miller told distressed homeowners that he supports criminal prosecutions and other settlements against bank executives found guilty of breaking due process laws in dealing with foreclosure affidavits.

Federal Probe of Chinese Drywall Falls Short2 comments.
December 14, 2010 – For the thousands of U.S. homeowners who are grappling with the financial and emotional trauma caused by defective Chinese drywall, one thing is now clear: The federal government is woefully unequipped to help them with a product defect as expensive and widespread as this one.

CoreLogic: More Foreclosures Leads to Fewer Underwater Mortgages1 comment.
December 13, 2010 – There were fewer homeowners underwater on their mortgage at the end of the third quarter than the second quarter, but it's because more properties that had severe negative equity were foreclosed upon not an increase in home values.

Forbes.com Names Palm Coast among Fastest-Growing Small Towns2 comments.
December 13, 2010 – Forbes.com has named Palm Coast, FL among a group of the country's fastest growing small towns.

False Attorney Signatures Cast New Doubts on Foreclosures
December 13, 2010 – Many foreclosures have been thrown into question because of flawed documentation such as inaccurate affidavits describing a mortgage's history. But three recent court cases point to another type of flaw in foreclosure filings that could place thousands more cases in doubt: false attorney signatures on court documents.

Google's Interactive Foreclosure Map: Lacks Accuracy but Still Useful
December 12, 2010 – You can now use Google Maps to find foreclosed homes in your town (or any town). Like any analysis tool, Google Maps is only as good as the data behind it. Real estate data is notoriously untrustworthy because it relies so heavily on paper documents and manual processes. These shortcomings affect all data sources. Consequently, reporting that relies upon that data should be used with an understanding of its limitations.

Rooftops Next Year at the Ginn-developed Conservatory2 comments.
December 11, 2010 – The Conservatory, a residential golf course community in Palm Coast is poised for new rooftops, probably in 2011. The Property Owners Association (POA) has worked with the developer to downscale architectural and landscaping requirements to fit current market conditions. House/lot packages are now envisioned below $350,000, down from the original plans that would have put prices in the million dollars plus range.

Local Market Monitor Finds Many Local Markets Hit Bottom in 3Q2 comments.
December 10, 2010 – Home prices in many U.S. markets hit bottom in the third quarter, but some large metropolitan areas, particularly in Florida, are still in trouble, according to data from Local Market Monitor.

Forecast Update: Mortgage Rates, Deficit Commission Report, Mortgage Purchase Applications, Jobless Claims, Consumer Credit
December 10, 2010 – The NAR Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market. For daily economic forecasts, visit NAR Research’s Facebook page.

A house for $200? Foreclosure Confusion Leads to Rock Bottom Auction Prices
December 10, 2010 – Scores of Palm Beach County homes were sold to investors at foreclosure auction this month for as low as $200 following the collapse of the David J. Stern law firm and ensuing confusion as thousands of its cases are reassigned.

Return to Normalcy
December 9, 2010 – National Association of Realtors® chief economist Lawrence Yun presented "Return of Normalcy" at the Macroeconomic Advisers Meeting yesterday in Washington, DC. A picture is worth a thousand words. Here is his slide presentation:

Cheat Sheet: Where the Fed’s Trillions Went
December 9, 2010 – A provision in the financial reform law forced the Federal Reserve to disclose the details of the trillions it lent out at the height of the recent financial crisis.

Major Foreclosure Contractor Underplayed the Extent of Document Flaws
December 7, 2010 – Lender Processing Services (LPS), has been accused of flaws in the processing of key mortgage documents. The company has said that it is “not aware of any defects in our signing and review processes that resulted in the wrongful foreclosure of any borrower” and has maintained that flaws in its signing practices were limited to a subsidiary, DocX, which was shut down soon after the wrongdoing was discovered in 2009.

TransUnion Sees Double-digit Declines in Mortgage Delinquency Rate Through 2011
December 7, 2010 – Double-digit declines in the mortgage delinquency rate for all 50 states will occur through next year, according to a leading credit information agency. TransUnion expects the national mortgage delinquency rate to fall by about one-fifth to 4.98% by the end of 2011. The company projects the rate at 6.21% at the end of 2010, representing a nearly 10% decrease from the prior year. The national delinquency rate fell 3.5% from the second quarter to third quarter, which was the largest quarterly drop in four years, TransUnion said in late November. The number of delinquent mortgages peaked in July 2009.

Forecast Update: Case-Shiller Index, Mortgage Purchase Applications, Jobless Claims, Consumer Confidence
December 4, 2010 – The National Association of Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

State Judge Testifies Foreclosure Problems Are ‘Pervasive'1 comment.
December 4, 2010 – We’ve noted that in many states judges play a key role in determining whether foreclosure cases fly through on the word of the banks or whether they’ll be subjected to fresh scrutiny in light of the foreclosure scandal.

Seasonality, Home Sales and Home Prices
Deceber 3, 2010 – It is no surprise that there is a large level of seasonality in home sales data. Sales in existing homes tend to spike in warmer months, June through August, and reach their nadir in colder months, December through February. On average, homes sales are approximately 80 percent higher during their peak in August than they are during their January trough.

Former Ginn Project in Minturn, CO Gets Water Rights
December 3, 2010 – A December 1, 2010 Vail Daily news story highlights a milestone for a Minturn, CO ski resort originally envisioned by Bobby Ginn. Ginn is out, replaced a year ago by Crave Real Estate as Lubert-Adler's developer of the Battle Mountain project. [Story] With water rights secured, the downsized project moves closer to reality.

Hammock Beach Developer Proposes Settlement Agreement on NOPC Appeal for Hammock Dunes DRI5 comments.
December 2, 2010 – Should Flagler's Board of County Commissioners (BOC) agree to pursue a proposed settlement with the Hammock Beach developer who seeks to build more residential units on the beach side of the existing condo/hotel or should they roll the dice with a costly trial scheduled for December 15–17? Lubert-Adler's settlement offer follows a breakdown in negotiations with two property owners associations who want to restrict and tightly define any future development at the Oceanside resort.

Strong Rebound in Pending Home Sales
December 2, 2010 – Pending home sales jumped in October, showing a positive uptrend since bottoming in June, according to the National Association of REALTORS®.

On the Mortgage Mess, Fannie and Freddie Point Blame Elsewhere
December 2, 2010 – Testifying before the Senate Banking Committee this week, executives at Fannie Mae and Freddie Mac—the two government-controlled mortgage giants—blamed other players in the foreclosure mess, noting that that they're not responsible for the day-to-day management of mortgage loans but instead rely on banks to do so fairly with borrowers.

Crescent Resources Golf Courses: Grand Club, Winding River, Osprey Cove Followup
December 1, 2010 – A source close to Osprey Cove tells GoToby.com that the Tennessee group that once had three Crescent Resources Golf Clubs under contract has not gone away. My source says the group is still in play as a potential buyer for Osprey Cove, Winding River, and the Grand Club. However, the three clubs remain listed as available on commercial broker CB Richard Ellis' website.

Jim Cullis Purchases Landmar Developer Assets at Grand Haven in Palm Coast, FL2 comments.
December 1, 2010 – Once real estate developer Landmar's regional manager, Jim Cullis has returned. Today marks the closing of a transaction in which Cullis purchased the remaining developer assets of Landmar at Grand Haven in Palm Coast, FL. The purchase included a few remaining developer owned building lots, the real estate sales center, the real estate brokerage, and the developer (declarant) rights at Grand Haven

Bobby Ginn's 12-year Relationship with Lubert-Adler is Ending1 comment.
December 1, 2010 – A process begun when Robert Gidel was brought in by Lubert-Adler as president of the Ginn Companies in 2007 has played out. Bobby Ginn's 12-year business affiliation with his Philadelphia-based real estate investment partner Lubert-Adler is now winding down.

Fannie and Freddie Give Green Light to Resume Sales of Foreclosures
November 30, 2010 – Fannie Mae and Freddie Mac gave real estate agents the green light to resume selling foreclosed homes, after suspending the process as the robo-signing debacle unfolded the past two months.

Banks Seeking to Foreclose Face More Questions About Legal Standing
November 30, 2010 – As we’ve noted, banks seeking to enforce foreclosures must demonstrate that they have proper documentation proving their right to enforce a foreclosure—meaning they have the legal standing to enforce the foreclosure either as the holder of the note or as an agent acting on behalf of the holder.

Commercial Real Estate Markets Stabilizing, See Slight Improvement in 2011
November 29, 2010 – [Washington] Commercial real estate markets are flattening out, with modestly improving fundamentals expected in 2011, according to the National Association of Realtors®

Shortcuts on the Foreclosure Paper Trail
November 29, 2010 – A thorough and well written article covering the foreclosure documentation crisis. To get a sense of the lawlessness in Florida's court-run foreclosure process, look no further than public records at the Sarasota and Manatee county courthouses.

Primer: What Is a Wrongful Foreclosure?1 comment.
November 27, 2010 – Did banks’ mistakes and lack of due diligence caused people to face wrongful foreclosures. Banks say ''no.'' Foreclosure defense attorneys say ''yes.''

Third Quarter Local Market Reports Available: Ignore Flagler County2 comments.
November 27, 2010 – The National Association of Realtors® issues its Third Quarter Local Market Report for the country's largest metropolitan areas (as officially defined by the Office of Management and Budget of the U.S. Government. Flagler and its largest city, Palm Coast, are not included; even though ranked as the fastest growing county and city respectively for portions of the most recent decade.

Ginn/Lubert-Adler Lawsuits: Updates and Interesting Revelations3 comments.
November 23, 2010 – Recently filed documents reveal more details likely to play a role in the final disposition of lawsuits against Bobby Ginn and Lubert-Adler. Bill McCracken settles with Plaintiffs; agrees to interview and deposition

Existing-Home Sales Decline in October Following Two Monthly Gains
November 23, 2010 – Existing-home sales retreated in October on the heels of two strong monthly gains, according to the National Association of REALTORS®.

New York State Foreclosure Mediation Shows Glimmers of Hope in Helping Homeowners1 comment.
November 22, 2010 – With foreclosures at close to record highs, local and state governments around the country have tried to intervene to both make sure banks aren't taking shortcuts and to help keep people in their homes.

Forecast Update: Industrial Production, Housing Starts, Unemployment, Foreclosure Inventory
November 22, 2010 – The National Association Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Prominent Foreclosure Defense Attorney Faces Losing His Own Home1 comment.
November 22, 2010 – South Florida attorney and his wife haven't made a mortgage payment since December 2006 and continue to live in the 3,920-square-foot house in Paradise Palms.

One ‘Nightmare’ Mortgage: Problems from Origination through Foreclosure1 comment.
November 22, 2010 – Imogene Hall, a 49-year-old Jamaican immigrant living in Miami, is exactly the kind of poster child you don't want to be. From a mortgage broker's knock on her door four years ago all the way to today, when the Florida courts may be limiting her due process, the Miami Herald has the details on Hall's story, documenting the ways her situation shows many common indicators of fraud.

Aggressive Lobbying Defends Mortgage-trading System
November 21, 2010 – The financial services industry has launched an aggressive campaign on Capitol Hill to bolster the legality of the way companies have turned mortgages into securities and traded them across the globe in recent years. ''Fixing MERS on a federal level to give them a free pass from complying with what we have known as the law for many years because the banks screwed up is really a bad precedent.''

Mortgage Rates Rise for the First Time in Eight Weeks
November 19, 2010 – Freddie Mac (OTC: FMCC) Yesterday released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the 30-year fixed-rate mortgage (FRM) and the 15-year (FRM) rose dramatically this week, as did the 5-year ARM. The 1-year ARM remained unchanged from the previous week.

Crescent Golf Course Sales Contracts Fall Through
November 19, 2010 – Pending contracts on three Crescent Resources real estate developer owned golf course properties failed to complete. An alert GoToby.com reader noticed the absence of the UNDER CONTRACT notice on commercial broker CB Richard Ellis' website. CBRE confirmed that the contracts did not complete.

Maximum Conforming Loan Limits to Remain Unchanged in the First Nine Months of 2011
November 19, 2010 – [Washington, DC] The Federal Housing Finance Agency (FHFA) has announced that, under terms set forth in a recently-enacted Congressional continuing resolution (Public Law Number 111-242), the maximum conforming loan limits for mortgages originated in the first nine months of 2011 will remain unchanged from existing loan limits for 2010 originations. Those limits are generally $417,000 but can be as much as $729,750 in certain high cost areas in the contiguous United States. Flagler, Putnam, St. Johns, and Volusia Counties are all under the $417,000 limit.

SEC Investigating Citigroup Mortgage Deal
November 18, 2010 – The Securities and Exchange Commission is investigating Citigroup's role in a $1 billion deal that the bank created in the run-up to the financial crisis. The agency is looking at whether Citi improperly pushed an independent manager to put specific assets into the deal, according to people familiar with the probe.

Under Pressure, Florida Judge Opens Foreclosure Hearings to the Public
November 18, 2010 – No news story about the real estate industry is as big right now as the foreclosure documentation mess. Lenders and loan servicing companies are now in the middle of a huge problem of their own creation.

BofA Blames Investors for Lack of Loan Modifications, But Evidence Points Elsewhere
November 17, 2010 – In prepared Congressional testimony coming today, Bank of America’s top mortgage official, Barbara Desoer, says it’s Wall Street investors, not the bank, that are making it hard to help homeowners. “Bank of America is constrained by our duties to investors,” she says. “Many investors limit Bank of America’s discretion to take certain actions.”

Goldman, JPMorgan Lobbyists Top List of Most Visits to Regulators on FinReg
November 16, 2010 – Since July, financial regulators have had more than 500 meetings with lobbyists from hundreds of companies seeking to shape the interpretation and enforcement of new financial reform law, according to the Los Angeles Times.

State Record Retrieval Board Solicitation: Hold on to Your Wallet3 comments.
November 15, 2010 – If you receive a mailing from State Record Retrieval Board, throw it away. It's a scam that ranks up there with the yellow page ad solicitation that looks like an invoice. In an official looking mailing State Record Retrieval Board offers a "copy of their current Grant Deed." It also promises, "A Property Profile provides a wealth of information useful to understanding a subject property's makeup. This report includes the property address, owner's name, comparable values, and legal description or parcel identification number."

Matt Taibbi: Courts Helping Banks Screw Over Homeowners3 comments.
November 15, 2010 – Clearing the foreclosure mess is a challenge with which our financial and legal system seems unable to cope. An outstanding, in depth Matt Taibbi piece in the November 25th issue of Rolling Stones Magazine puts things in perspective. Be sure you stay with Taibbi's article through the account of one hour in Judge A.C. Soud's rocket docket foreclosure court in Jacksonville, FL. A single hour of court and a few cases is enough to tell the main story. If you see one of these scams, you see them all.

Gov’t Has Spent Small Fraction of $50 Billion Pledged for Loan Mods
November 14, 2010 – When the Obama administration launched its flagship foreclosure prevention program in early 2009, it pledged to spend up to $50 billion helping struggling homeowners. But the government has so far only spent a tiny fraction of that.

Forecast Update: Mortgage Purchase Applications, Jobless Claims, Consumer Confidence, Foreclosures
November 13, 2010 – The National Association Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market. For daily economic forecasts, visit NAR Research’s Facebook page.

Flagler County, FL Historic Mill Site Open To Public
November 12, 2010 – Flagler County Commission Chairman George Hanns attended the dedication of Flagler County’s newest historical site, Hewitt Sawmill recently.

Banks Face New Rules on Foreclosures from Skeptical State Judges
November 12, 2010 – As banks resume foreclosures and claim to have added safeguards to their processes, it’s been left up to state court judges to decide whether they buy what the banks are saying. Many judges haven’t.

30-Year and 15-Year Fixed-Rate Mortgages Fall to New Lows1 comment.
November 12, 2010 – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the 30-year fixed-rate mortgage (FRM) and the 15-year (FRM) set new records for all-time lows. The 5-year ARM also reached another new low in the survey while the 1-year ARM remained at its nadir.

Third Quarter Metro Area Home Prices Hold During Post-Credit Sales Decline
November 11, 2010 – Fully half of metropolitan areas tracked in the third quarter continued to show modest home price increases from a year ago, despite a sharp decline in home sales after the deadline for the home buyer tax credit, according to the latest survey by the National Association of REALTORS®.

Palm Coast Homebuilders Surviving the Housing Bust4 comments.
November 11, 2010 – When the housing bubble burst, home builders were the first to suffer. New housing starts plummeted from a high of 416 in February '05 to 10 - 20 per month. So how are the builders doing now? Many have disappeared but a few resilient ones remain. Gone are all the national high-volume builders. Some ceased to exist. Others simply pulled out of the Palm Coast market. A few local builders ran afoul of the law.

Florida’s Existing Condo Sales Up in 3Q 2010
November 11, 2010 – Sales of existing condominiums in Florida rose 15 percent in third quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 16,938 existing condos sold statewide in 3Q 2010; during the same period the year before, a total of 14,793 units changed hands

Crescent Resources Rejects Bid for Grand Haven Golf Club in Palm Coast4 comments.
November 8, 2010 – The failure of two recent attempts to buy Crescent Resources' Jack Nicklaus-designed Grand Haven Golf Club in Palm Coast has shined a spotlight on questionable tactics used by developers during the housing bubble, when everyone thought the only direction in which real estate values could go was up.

Ginn, Lubert-Adler, Ordered to Release Credit Suisse Loan Documents8 comments.
November 10, 2010 – Bobby Ginn and Lubert-Adler (Ginn-LA) lost a legal battle yesterday in a continuation of the Chapter 7 bankruptcy case of two of Ginn-LA's communities; Tesoro, in Port St. Lucie and Quail West, near Naples. The stakes are high as Bankruptcy Trustee Drew Dillworth tries to recover $148.8M of an allegedly fraudulent transfer of $325M made directly to Ginn-LA from the proceeds of a $675M Credit Suisse loan. Tesoro and Quail West are two of four Ginn-LA communities pledged as collateral for the loan. Their bankruptcy was triggered by the default on the CS loan.

Want to Earn $10-12 an Hour? Be a ‘Foreclosure Department Supervisor’
November 9, 2010 – For years, banks and other companies handling foreclosures have turned to cheap labor to process the growing volume of foreclosures. At JPMorgan Chase, they were called “Burger King kids”—walk-in workers hired to handle foreclosure proceedings. Many barely knew what a mortgage was and had only high-school educations.

Despite Warnings From States, Federal Regulators Failed to Act on Foreclosure Problems
November 9, 2010 – Even as it closed the door on state oversight, the OCC chose itself not to scrutinize the foreclosure operations of the largest national banks. Instead, the agency relied on the banks' in-house assessments.

NAR Home Buyer and Seller Survey Shows Value of Long-Term Home Ownership
November 8, 2010 – Buying a home and holding it for a long period of time is profitable. The typical seller who purchased a home eight years ago experienced a median equity gain of $33,000, a 24% increase, while sellers who were in their homes for 11 to 15 years saw a median gain of 40%.

Second Amended Complaint Filed in Ginn Class Action Lawsuit6 comments.
November 8, 2010 – Plaintiffs in Lawrie v. Ginn filed a second amended complaint Friday in the United States District Court for the Middle District, Jacksonville Division. The first amended complaint was Dismissed Without Prejudice in September as a "shotgun pleading." Judge Timothy Corrigan stated, "The sheer length and confusing structure of the FAC makes it difficult to parse. Corrigan allowed Plaintiffs to file a second amended complaint by November 5. Following some strong advice from Corrigan, the new filing focuses more on the specific actions and consequences of the defendants.

Forecast Update: Consumer Spending, Jobs and Jobless Claims, Mortgage Purchase Applications 1 comment.
November 7, 2010 – The NAR Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Steady Improvement Predicted for Commercial Market1 comment.
November 6, 2010 – While still experiencing challenges, the commercial real estate market could see signs of steady improvement in the near future, specifically concerning lending. This is according to two economists at the Economic Issues and Commercial Real Estate Business Trends Forum at the 2010 Realtors® Conference & Expo in New Orleans today.

Miss Palm Coast Seafood Festival Today? Go on Sunday
November 6, 2010 – Cool and windy but sunny. That was the forecast. It didn't stop a large crowd from descending upon Central Park in Town Center for Palm Coast's first annual Seafood Festival. The event is hosted by the city and WNZF/Beach Radio.

Palm Coast City Manager Hears ''No New City Hall'' at Packed Town Hall Meeting9 comments.
November 5, 2010 – Twice this week, Palm Coast City Manager Jim Landon heard that a new $10 million city hall to be built in Town Center using "existing" funds faced strong resistance from city residents. Landon received a negative response from most of the 35 residents Monday evening at Indian Trails Middle School where he first pitched his plan and answered questions. The over 100 residents who packed the Palm Coast Community Center last night for the second of four scheduled town hall meetings supplied an even stronger rebuke. They particularly did not like the message that the money was in the budget and a voter referendum would not be required to move forward.

The Employment Situation -- October 2010
November 5, 2010 – Nonfarm payroll employment increased by 151,000 in October, and the unemployment rate was unchanged at 9.6 percent,

Pending Home Sales Slip but Modest Recovery Expected in 2011
November 05, 2010 – Pending home sales retreated after two monthly gains, signaling an uneven recovery entering 2011 with some near-term disruptions from the foreclosure moratorium, according to the National Association of Realtors®. The report was released here at the 2010 Realtors® Conference & Expo.

Mortgage Rates and Affordability
November 4, 2010 – Most home buyers and potential buyers in the last year were aware of the first-time home buyer tax credit. Most home buyers—nearly 80 percent—were also eligible for the credit. Since the expiration of the tax credit, mortgage rates have dropped precipitously.

Shorter Term Mortgage Rates Fall Again to New Record Lows2 comments.
November 4, 2010 – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the 30-year fixed-rate mortgage rate rose slightly for the third consecutive week. The 15-year fixed-rate mortgage rate eased back down a little while the 5-year and 1-year ARMs set another low.

Voters Deliver Crushing Defeat to Anti-Growth Amendment 42 comments.
November 3, 2010 – How could anyone be against something called "Hometown Democracy?" Once past the title, voters figured out that Amendment 4 had nothing to do with either hometowns or democracy. By late Tuesday night, the "No on 4" side had 67% of the vote. Passage would have required a 60% Yes vote.

Toll Brothers Settles Investor Lawsuit for $25M
November 3, 2010 – Toll Brothers Inc (TOL.N), the largest U.S. luxury home builder, has agreed to a $25 million settlement of an investor lawsuit accusing it of overstating its ability to manage the nation's housing downturn.

Fannie Mae and Freddie Mac Withdraw Foreclosure Documents from David Stern Law Firm1 comment.
November 3, 2010 – Both Fannie Mae and Freddie Mac have dropped Florida foreclosure mill law firm David J Stern PA. Stern handled thousands of foreclosure cases for the two agencies. Recent disclosures of improper document handling have come to light. The law firm is one of four under investigation by the Florida Attorney General. Work has begun to remove thousands of files from Stern's offices. The cases will be redistributed to other local firms.

Palm Coast City Manager's First Town Meeting on New City Hall5 comments.
November 2, 2010 – Last night, Palm Coast City Manager Jim Landon held the first of four scheduled "town hall" meetings to explain his case for a new Palm Coast City Hall in Town Center. In front of a mixed crowd of 35 people at Indian Trails Middle School, Landon presented his plan and answered questions; except for some about financing.

UF: Election and unemployment add to fears for real estate
November 2, 2010 – Uncertainty persists in Florida’s real estate markets, aggravated by the state’s high jobless rate and fears about today’s election, a new University of Florida survey finds.

Forecast Update: Existing-Home Sales, Case-Shiller Index, New Home Sales, and more
November 1, 2010 – The NAR Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Ohio AG: Banks Can't Fix Foreclosures by Submitting New Affidavits1 comment.
November 1, 2010 – Ohio Attorney General Richard Cordray is warning mortgage servicers not to rush foreclosure fixes in the wake of the recent robo-signing scandal. The AG also said that Wells Fargo can't simply fix false testimony by submitting new affidavits.

Florida Foreclosure Auction Cancellations `Frustrating' to Judge
October 31, 2010 – The Miami judge managing a backlog of 80,000 foreclosures said it’s “frustrating” that lenders including Bank of America Corp. and JPMorgan Chase & Co. continue to cancel foreclosure auctions.

Town Hall Meetings Scheduled to Explain Plans for New Palm Coast City Hall17 comments.
October 29, 2010 – Palm Coast City Manager Jim Landon announces a schedule of four town hall meetings at which he will explain the city's plans for a new City Hall. The proposed building will be erected on land already owned by the city in Town Center.

News on Home Mortgage and Title Insurance Fronts
October 29, 2010 – It's difficult to keep track of all the changes that effect the housing market. Mortgage interest rates remain at or near historic lows. At the same time, the median selling price for Palm Coast, Flagler County single family homes (MLS) is about half the 2005 - 2006 high. Tighter lending standards, high unemployment, low consumer confidence levels, a challenged economy, and an uncertain political climate hold back buyers. As if that were not enough, a foreclosure crisis has been exposed. Missing or improperly created documentation has raised serious questions about whether the chain of title can be verified for properties on which mortgages were sold into the securitized bond markets.

Federal Housing Finance Agency Reports Mortgage Interest Rates
October 28, 2010 – The Federal Housing Finance Agency today reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.55 percent based on loans closed in September. This is a decrease of 0.10 percent from the previous month.

The Government’s Incredible Shrinking Mortgage Mod Program
October 28, 2010 – The U.S. government's effort to help struggling homeowners is approaching a standstill, and the number of homeowners in ongoing mortgage modifications could start shrinking in several months if current trends continue, according to a ProPublica analysis of Treasury Department data.

China Plays Tug-of-War with U.S. Inspectors Over Drywall1 comment.
October 27, 2010 – A federal investigation into contaminated Chinese-made drywall has been a long, hard tug-of-war for U.S. investigators trying to pry information from Chinese government officials and manufacturers. When a team of investigators traveled to China last year, the tug-of-war became physical, with a Chinese official trying to wrest a piece of drywall from an American’s hands.

Amid Foreclosure Questions, Govt Loan Mod Program Continues Struggles
October 27, 2010 – The banks' flawed foreclosure practices should draw even more attention to their poor record in the handling of homeowners seeking mortgage modifications, government officials say.

Read: The Depositions That Sparked the Foreclosure Scandal
October 26, 2010 – Much of the foreclosure documentation evidence that sparked the furor has come from a number of court depositions by employees or former employees at banks and foreclosure mills. We’ve gathered the most interesting of those documents in one place and highlighted the best parts:

Holland Walks Out on Palm Coast Council As it “Rewrites History” Over Annexation5 comments.
October 26, 2010 – The Flagler County Commission and the Palm Coast City Council have been placed in what appears to be an unnecessary confrontational situation by their mutual managers over the fate of a 55-acre county parcel at or near the county airport, where the National Guard is planning to locate a reserve center.

Forecast Update: NAHB Housing Market Index, Housing Starts, Mortgage Rates, and More
October 25, 2010 -- Weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Florida’s Existing Condo Sales Up in September 2010
Oct. 25, 2010 – Sales of existing condominiums in Florida rose 10 percent in September, with a total of 5,675 condos sold statewide compared to 5,140 units sold in September 2009, According to the latest housing data released by Florida Realtors®. a total of 13,536 single-family existing homes sold statewide last month compared to 14,781 homes sold in September 2009 for a decrease of 8 percent. Florida’s median existing-home sales price in September was $133,400; a year earlier, it was $141,700 for a decrease of 6 percent.

Crescent Resources' Grand Haven Golf Course Sale Falls Through4 comments.
October 23, 2010 – Grand Haven Golf Club, a Crescent Resources property in Palm Coast, FL went under contract four weeks ago. The deal was close to closing. A survey was begun. But now the deal is dead. During due diligence, the prospective new owner reportedly discovered a membership deposit liability of $4.2 million. I was told his attempt to renegotiate the sale price was not fruitful, so he terminated the purchase contract.

Intracoastal Bank in Palm Coast Announces Third Quarter Results
October 23, 2010 – Intracoastal Bank yesterday announced that the Bank recorded a net income of $1,021,232 during the 9 month period ending September 30, 2010. During the first 9 months, total assets increased by $21,492,556 to $106,982,994 at September 30, 2010. Deposits finished the third quarter at $92,521,262 an increase of $20,590,541 from December 31, 2009. During the same time, total loans increased to $57,852,853 an increase of $13,486,941.

St. Augustine Makes List of Top 10 Alternatives to Pricey Retirement Locales
October 22, 2010 – A SmartMoney posting tagged "The New Best Places to Retire" ranks St. Augustine number three. Even with their retirement nest eggs diminished by the tough economy, some retirees aren’t giving up on their dreams of living in beautiful spots. Instead, they are searching for similar but cheaper alternatives.

Home Ownership Matters: Home Ownership and Parenting1 comment.
October 21, 2010 – Research looks at the effect of home ownership vs. renting on children. Multiple variables make analysis difficult.

Can You Repair Your Credit Score Sooner Than Your Home Will Regain its Former Value?
October 21, 2010 – Never before in our lifetime have home values dropped so precipitously. Many homeowners are upside down with no good options. Bankruptcy, short sale, deed in lieu, and foreclosure all carry a stigma. But your credit score may recover sooner than your home will regain its former value.

Creekside Festival Provides Financial Return for Princess Place Preserve4 comments.
October 20, 2010 – For six years now, the Creekside Festival, put on by the Flagler County Chamber of Commerce, helped residents and others “discover” Flagler County’s crown jewel of parks – the 1,500 acre Princess Place Preserve.

Forecast Update: Mortgage Purchase Applications, Producer Price Index, Jobless Claims, Consumer Price Index1 comment.
October 19, 2010 – The National Association of Realtors® (NAR) Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Bank of America Under Pressure to Buy Back Bad Mortgages1 comment.
October 19, 2010 – Several sources are reporting today that institutional investors are pressuring Bank of America to buy back bad mortgages it picked up when it took over Countrywide Mortgage.

Bank of America Lifts Foreclosure Halt in 23 States, Including Florida
October 18, 2010 – Bank of America will resume foreclosure actions in the 23 states requiring judicial foreclosures, including Florida. The bank says it will restart the process on 102,000 loans by resubmitting affidavits.

National Delinquency Survey and Shadow Inventory 2 comments.
October 16, 2010 – The Mortgage Bankers Association’s National Delinquency Survey (NDS) looks at 46 million loans on one-to-four-unit residential properties, representing over 80 percent of all "first-lien" residential mortgage loans outstanding in the United States. As of the end of the second quarter data, collected via the National Delinquency Survey, showed a total of around 6.4 million first-lien loans in some stage of delinquency.

Judges Implicated in Growing Foreclosure Document Scandal2 comments.
October 15, 2010 – In November 2007, an Ohio federal judge dismissed 14 foreclosure cases because the mortgage investors were unable to prove that they owned the mortgages underlying the foreclosed properties. The news rippled gradually as attorneys began specializing in a new foreclosure defense strategy spawned by the Ohio case; Show me the mortgage. At the time, most industry observers believed the new defense would only delay the inevitable; that lenders would eventually produce the required documents. What really happened is appalling. It is enough to shake one's confidence in our financial and legal systems.

Chinese Drywall Company Will Repair 300 Homes in 4 States
October 15, 2010 – Knauf Plasterboard Tianjin Co. has agreed to repair 300 homes in Florida, Louisiana, Alabama and Mississippi. The move will likely set a pattern for the settlement of over 3,000 toxic drywall claims against the company.

Attorney General McCollum Announces Multistate Effort to Reign in Mortgage Servicers for Deceptive and Unfair Practices
October 14, 2010 – Investigators allege that many mortgage documents have been signed without personal knowledge of the facts asserted in the documents. In addition, it appears that many affidavits were signed outside of the presence of a notary public. This process of signing documents without confirming their accuracy has come to be known as “robo-signing” and is in direct violation of Florida law.

More on the Foreclosure Scandal and the Mortgage Machine
October 13, 2010 – 40 state attorneys general expected to announce an investigation this week into the mortgage servicing industry, while calls for a nationwide moratorium on foreclosures have grown louder.

National Association of Realtors® Says Families Will Suffer if Foreclosure Freeze Continues2 comments.
October 13, 2010 – Thousands of first-time and move-up buyers who hoped to make a foreclosed property their new home now face uncertainty, anxiety and possibly remorse as they worry that closing on their desired property could be in jeopardy.

Palm Coast to Serve Up First Annual Seafood Fest3 comments.
October 11, 2010 – It’s going to be a whale of an event! The City of Palm Coast, along with partner WNZF/Beach Radio, will be cooking up Flagler’s First Annual Seafood Festival to be held in Central Park in Town Center on Saturday, November 6 from noon to 10:00 p.m. and Sunday, November 7 from noon to 6:00 p.m.

Housing and Economic Indicators (10-9)
October 9, 2010 – The National Association of Realtors® provides valuable information to keep real estate practitioners and their clients understand the real estate market.

Weekly Forecast Update: ISM Non-Manufacturing Index, Mortgage Purchase Applications, Jobless Claims, Employment
October 8, 2010 – The NAR Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Palm Coast City Council Shoots Down Proposed Stormwater Management Ordinance4 comments.
October 7, 2010 – Palm Coast City Council shot down a new Stormwater Management Ordinance at Tuesday evening's meeting. It failed for lack of a motion when four of five City Council members indicated that they could not support the measure. When City Manager Jim Landon introduced the ordinance to Council members for its first reading, he suggested that ''it would not make everybody happy.'' Little did he realize that he was referring to himself.

New Legal Tactic Helps Associations Gain Control of Abandoned Condos1 comment.
October 6, 2010 – After winning a lawsuit against Wells Fargo that claimed the bank purposely delayed foreclosure proceedings on a condominium unit for more than a year, a Pompano Beach condo association has been awarded title to the unit without owing a dime on the original $184,400 mortgage.

Pending Home Sales Show Another Gain
October 04, 2010 – Pending home sales have increased for the second consecutive month, according to the National Association of Realtors®.

Bank of America Suspends Foreclosures in 23 States
October 4, 2010 – Bank of America joins GMAC Mortgage and JPMorgan Chase casualties the avalanche of faulty foreclosure documents. B of A has reportedly halted foreclosures, REOs and evictions in 23 states. Each bank discovered that their employees of subcontractors have been robo-signing foreclosure documents. The documents in question are affidavits proving that the foreclosing lender is in fact the owner of the note and mortgage. Individuals have admitted that they simply did not verify the veracity of the documents, signing as many as 18,000 per month.

Rumored Requirement for a House License in Cap and Trade Energy Bill is False1 comment.
October 3, 2010 – An email loaded with false claims about the affect of the Cap and Trade Energy Bill on the housing industry is making the rounds. The claim that all existing real estate must meet new energy standards before it can be sold is false. And a license will not be required for your house.

IRS Offers Tax Break for Homeowners With Defective Drywall
October 3, 2010 -- The federal government has made a modest step toward offering some financial relief to homeowners dealing with contaminated drywall. The Internal Revenue Service announced Thursday that it will allow homeowners to write off expenditures they have or will incur trying to fix their homes.

Lawrie v. Ginn Lawsuit Dismissed Without Prejudice4 comments.
October 2, 2010 – Judge Timothy Corrigan, U.S. District Court - Middle District of Florida - Jacksonville Division; issued an Order dismissing the Lawrie v. Ginn, et al. first amended complaint (FAC) without prejudice. Without prejudice means a second amended complaint may be filed. The order was filed September 21.

Forecast Update: Consumer Confidence, the Case-Shiller Index, Mortgage Purchase Applications
October 1, 2010 – The National Association of Realtors® Research staff now gives you a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

Palm Coast's Proposed Stormwater Management Ordinance Includes Undeveloped Land1 comment.
September 30, 2010 – At a Palm Coast City Council workshop Tuesday, council members discussed a proposed Stormwater Management Ordinance. A new ordinance is necessary to replace the 2004 ordinance which does not conform to Florida Law. At stake is a substantial amount of lost revenue to the City; money it has been collecting for years. Some landowners feel the proposed ordinance pushes the legal envelope, trying to justify calling it a fee rather than a tax.

JPMorgan Chase Joins GMAC Mortgage in Foreclosure Suspension4 comments.
September 30, 2010 – Like GMAC, JPMorgan is worried about the validity of documentation supporting their foreclosures. Consequently, they announced yesterday that they have temporarily stopped foreclosing on 50,000 homes.

Foreclosure Sales Scheduled for Flagler Co., FL Properties in October 2010
August 7, 2010 – Twenty-four Flagler County properties are scheduled to be sold at foreclosure sales in August, down from nearly 50 last month. As in recent months, few properties are homesteaded, implying that most foreclosures are second homes or investment properties. Most were purchased at the height of the real estate bubble. This month's sales list includes our local bowling alley.

Rumor of 3.8% Real Estate Sales Tax Imbedded in ObamaCare is 'Mostly False'5 comments.
September 27, 2010 – GoToby.com has received a misleading email forwarded by several readers. The email says, ''Under the new healthcare bill, did you know that all real estate transactions are subject to a 3.8% 'Sales Tax'?'' The effect on the sale of a $400,000 home will be a $15,200 tax, it claims. The tax is supposedly hidden in the new Patient Protection Affordable Care Act (PPACA) and is set to kick off in 2013. The email is mostly false.

Forecast Update: NAHB Market Index, Housing Starts, Mortgage Applications, Existing and New Home Sales
September 24, 2010 – The National Association of Realtors® (NAR) Research staff now gives a weekly analysis of the economic data released during the past week, and how current economic conditions are affecting the real estate market.

U.S. Existing-Home Sales Move Up in August
September 23, 2010 – Existing-home sales rose in August following a big correction in July, according to the National Association of Realtors®.

B of A Foreclosure was a Mistake2 comments.
September 23, 2010 – When Jason Grodensky bought his modest Fort Lauderdale home in December, he paid cash. But seven months later, he was surprised to learn that Bank of America had foreclosed on the house, even though Grodensky did not have a mortgage.

Grand Haven Golf Club Under Sales Contract16 comments.
September 23, 2010 – After at least two years of rumors about the Grand Haven Golf Course in Palm Coast, FL being "For Sale," commercial real estate company CB Richard Ellis' website posted an "under contract" notice to the Grand Haven property listing this afternoon. The Jack Nicklaus-designed private course built by Lowe Enterprises had been owned for the last 10 years by Crescent Resources, the land development and real estate subsidiary of Duke Energy.

U.S. Monthly House Price Index Falls 0.5 Percent from June to July
September 22, 2010 – [WASHINGTON, DC] U.S. house prices fell 0.5 percent on a seasonally adjusted basis from June to July, according to the Federal Housing Finance Agency’s monthly House Price Index.

GMAC Halts Evictions and Foreclosure Sales Due to Questionable Documents
September 22, 2010 – Now referred to as a robo-signer, Jeffrey Stephan has admitted that he signed as many as 10,000 affidavits per month without verifying the documents associated with the cases. The disclosure prompted mortgage lender GMAC to halt evictions and sales of foreclosed properties in 23 states. GMAC is a unit of Ally Financial Inc., which is majority-owned by the U.S. Treasury Dept since the financial bale out. Ally processed foreclosures for several large banks as well as for Freddie Mac and Fannie Mae.

Bankruptcy Trustee Dillworth Files another Lawsuit against Ginn1 comment.
September 21, 2010 – Bankruptcy Trustee Drew Dillworth represents creditors in the combined Chapter 7 Bankruptcy of two Ginn-developed luxury golf course communities in south Florida. Last Friday Dillworth filed another lawsuit to recover assets on behalf of creditors in the bankruptcy; this time against Ginn Development Company. Dillworth previously sued Ginn and financial partner Lubert-Adler to recover millions the defendants are alleged to have fraudulently transferred from the proceeds of a $675M Credit Suisse loan.

JX Properties in Foreclosure on Planned Development Property behind New Walmart Location5 comments.
September 20, 2010 – Another developer with plans for Palm Coast is in trouble. Libertyville, Illinois based JX Properties' 507.8 acre tract behind the site of the planned new Walmart Supercenter is in foreclosure. A Lis Pendens was filed with the Flagler Clerk of Courts office on Sept. 2 by BankAtlantic, which holds a $7, 070,000 mortgage on the property.

Draft Lubert-Adler Memo Confirms Motives Behind $675M Ginn-LA Loan from Credit Suisse10 comments.
September 20, 2010 –There are at least three lawsuits sniffing into multi-million dollar loans made by Credit Suisse to luxury resort developers. Two of them involve CS's $675M loan to Ginn-LA (Bobby Ginn and financial partner Lubert-Adler). Recent court documents peel away more layers of the Ginn-LA/Credit Suisse $675M loan details. A draft memo from Lubert-Adler to investors reveals the motives behind the loan.

NAR: Bill Could Speed Up Short Sales1 comment.
Sept. 18, 2010 – Homeowners underwater on their mortgage may find relief through a bill strongly supported by the National Association of Realtors®. The bill, if passed by Congress and signed by President Obama, would force lenders to respond to a short sale request within 45 days.

Crescent Resources' Palm Coast Golf Properties Under Sales Contract6 comments.
September 18, 2010 – Crescent Resources LLC recently emerged from Chapter 11 bankruptcy. Now it's shedding assets, including several Florida and Georgia properties once owned by Crescent subsidiary LandMar Group LLC. Commercial broker CB Richard Ellis (CBRE) is representing Crescent. Recent updates to their website indicate The Grand Club in Palm Coast Florida, Osprey Cove, and Winding River in Georgia are "under contract." While not noted on the website, Grand Haven Golf Course, also in Palm Coast is reportedly under contract as well.

Flagler County Unemployment Up in August – Still Second in State1 comment.
September 17, 2010 – Florida's Agency for Workforce Innovation released state and local unemployment figures today. Flagler County's non-seasonally adjusted unemployment rate rose to 15.7% from 15.3% in July. The rate was 15.5% in July 2009. Flagler's unemployment rate remains second highest among Florida's counties. Hendry County led with 20.6%. Indian River's August rate was third at 16.2%.

Alico Gets Lee County Parcel Back from Ginn Following Default1 comment.
September 16, 2010 – Palm Coast real estate developer Ginn-LA (Bobby Ginn and financial partner Lubert-Adler) lost a valuable property in Lee County, Florida. The 4,157 acre parcel is located next to Florida Gulf Coast University. It has two approved Development Orders; a 336 unit residential community and a 27-hole golf course. The property was reclaimed at a public auction in Fort Myers by Alico, Inc., the land management company from which Ginn-LA Naples Ltd purchased it five years ago. Alico held $1.7 million in tax certificates and a $52.2 million mortgage on the property.

Flagler Tax Deed Sale Yields Bargain Conservatory Lots and an Expensive Boat Slip
Palm Coast, FL – September 14, 2010 – Flagler County held its monthly Tax Deed Sale yesterday. There were more attendees than usual but few bidders. Three lots from the Bobby Ginn-developed Conservatory crossed the auction block, each at $16 thousand or less. Yet a boat slip in The Landings at Marina Cove sold for $39,000.

City of Palm Coast to Open New Waterfront Park Sept. 25th1 comment.
September 13, 2010 – Fishing, biking/hiking, picnicking. Adding waterfront activities to leisure time is about to become a recognized component for Palm Coast residents. The City of Palm Coast will showcase its beautiful new Waterfront Park to the public on Saturday, September 25th.

Housing & Economic Indicators
September 13, 2010 – Housing & Economic Indicators - Useful research data from the National Association of Realtors®

Flagler's September Tax Deed Sale Schedule Includes 4 Conservatory Lots
September 12, 2010 – Flagler County holds its monthly Tax Deed sale this Tuesday, September 14. Several high-profile properties will be included, including lots in the Ginn-developed Conservatory golf course community. Also on the list are three European Village commercial condos and a 67.87 acre fully entitled parcel in Town Center.

Crescent Resources Creditors Seek $1.19 Billion from Duke Energy4 comments.
September 11, 2010 –Creditors of Charlotte-based real estate developer Crescent Resources LLC filed a lawsuit September 3rd against its former owner Duke Energy Corp. and several former Crescent executives.

Did You Know: National Negative Equity Rates Down in Second Qtr
September 9, 2010 – According to recently released CoreLogic data, 11 million, or 23 percent, of all residential properties with mortgages were in negative equity at the end of the second quarter of 2010, down from 11.2 million and 24 percent from the first quarter of 2010.

Almost 65,000 Floridians Claim Homebuyer Tax Credit
Sept. 7, 2010 – A report by the Government Accountability Office finds that Florida ranked third in the number of first-time buyers who qualified for one of the three IRS tax credits, with 64,879 buyers making the claim. The study includes all three credits authorized by Congress.

Fla. Population Grows Again
September 3, 2010 – After declining for the first time since the end of World War II, Florida’s population grew once again last year, a hopeful yet tentative sign that the worst of the recession may have passed, according to the latest preliminary population estimates from the University of Florida (UF). Between 2000 qand 2010, Flagler County had the highest growth rate.

Bankrate: Mortgage Rates Set New Low - Again2 comments.
September 2, 2010 – Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage rate hitting another record low of 4.53 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.42 discount and origination points.

Pending Home Sales Rise
September 2, 2010 – The Pending Home Sales Index,* a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1 percent below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Yellowstone Club Bankruptcy Ruling Leaves Credit Suisse, Ginn-LA, Other Developers Exposed4 comments.
September 1, 2010 ï¿½ Montana Judge Marc S. Kirchner's recent decision in the Yellowstone Club bankruptcy case found that Credit Suisse and club founder Tim Blixseth shared culpability for the club's spectacular bankruptcy. At the heart of the case was a $375 million syndicated loan arranged by Credit Suisse which allowed Blixseth to receive $209 million from the loan proceeds, leaving the club with massive debt and little ability to repay the loan.

Loan-Modification Marathon Draws Fewer than Expected
August 31, 2010 – About 8,200 households had sought help from the Neighborhood Assistance Corp. of America through Monday afternoon, fewer than the non-profit group had expected. NACA, which works with homeowners to get lower monthly mortgage payments through loan modifications, began 24-hour-a-day counseling sessions Friday morning at the Palm Beach County Convention Center.

Ocean Hammock Owners Petition POA to Add Rental Restrictions2 comments.
August 30, 2010 – Private single-family homes in Ocean Hammock can be rented on a nightly basis because there is no prohibition in the Master Documents. Some think it was an oversight on the part of real estate developer Bobby Ginn. Others think it was intentional. Bobby used the lack of prohibition to argue his case for nightly rentals in the Hammock Beach Resort. Residents have filed a petition with the Property Owners Association (POA) to amend the documents.

Ginn Reunion Property Owners Pay More Because Some aren't Paying at All – Guess Who's Not Paying?8 comments.
August 29, 2010 – Those who own property in the Ginn-developed Reunion Resort near Orlando are facing a problem common to many deed restricted communities. Not all property owners are paying their fair share of the costs to maintain the commonly owned facilities, leaving it to other owners to make up the difference. But the Reunion situation has a twist. One of the non-paying owners is the developer. Ginn Reunion Borrowers LLC and another real estate investment company, Fourth Quarter Properties LLC owe a combined total of nearly $11 million to Reunion's Community Development District CDD. Yet Ginn controls the CDD.

Beach Village Apartment Renters Can Begin Moving In2 comments.
August 28, 2010 – Beach Village Apartments received its Certificate of Occupancy August 27th. This means that renters who have already been signed and qualified can begin to move in. 89 of Beach Villages apartments are income restricted, designed for "workforce housing" at favorable rental rates. In return for this set aside, the developer and investors receive a substantial tax credit. Hence, the term "tax credit community."

Flagler Co., FL Real Estate Foreclosure Sales Scheduled for September
August 26, 2010 – Several Flagler County properties are scheduled to be sold at foreclosure sales in September. As in recent months, few properties (only 3) are homesteaded, implying that most foreclosures are second homes or investment properties. Most were purchased at the height of the real estate bubble.

Toll Brothers Reports FY 2010 3rd Qtr and 9 Month Results
August 26, 2010 – Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, today announced results for earnings, revenues, contracts and backlog for its third quarter and nine months ended July 31, 2010.

Long-Term Mortgage Rates Fall for the Ninth Week Out of Ten1 comment.
August 26, 2010 -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), and for yet another week, fixed-rate mortgages reached record lows, while the 5-year adjustable rate remained tied at its low for this survey. (The 30-year fixed-rate survey began in 1971, the 15-year began in 1991, and the 5-year adjustable in 2005.)

Residential New Home Sales In July 2010
August 25, 2010 – Sales of new single-family houses in July 2010 were at a seasonally adjusted annual rate of 276,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

Florida's Existing Condo Sales Rise in July 2010
August 24, 2010 – Sales of existing condominiums in Florida rose 11 percent in July, with a total of 5,557 condos sold statewide compared to 4,991 units sold in July 2009, according to the latest housing data released by Florida Realtors®.

Nationally, July Existing-Home Sales Fall as Expected but Prices Rise
August 24, 2010 – Existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of Realtors®.

Buy Owner Service is in Liquidation
August 23, 2010 – The Buy Owner broker-free real estate firm, known for its familiar "Thanks, Buy Owner" advertisements, has filed for liquidation as the housing market continues to struggle.

Building Permit Issued for New CVS Pharmacy in Palm Coast1 comment.
August 20, 2010 – The City of Palm Coast issued a building permit yesterday for the construction of the new CVS Pharmacy. The new pharmacy will have drive through service. It will be constructed at the southeast corner of Palm Coast Pkwy and Old Kings Road. The site was formerly occupied by the iconic Blue Roof real estate sales building which was recently demolished.

Florida's July Unemployment Figures Released
August 20, 2010 – Florida's Agency for Workforce Innovation today released July unemployment figures. The state's seasonally adjusted unemployment rate for July is 11,5 percent, up marginally by 0.1 percentage point over the previous month. The U.S. unemployment rate remained steady at 9,5 percent.

U.S. Census Bureau Releases Detailed Information on Nation’s Housing1 comment.
August 19, 2010 – The United States Census Bureau and Department of Housing and Urban Development released today the results of their 2009 American Housing Survey.

List of Lubert-Adler Investors Revealed in Dillworth v. Ginn Lawsuit 3 comments.
August 19, 2010 – A bankruptcy trustee's dogged efforts to recover funds he alleges were fraudulently transferred to Bobby Ginn, Lubert-Adler, and Lubert-Adler investors continues to reveal more details about Ginn-LA (Bobby Ginn and financial partner Lubert-Adler). The most recent layer peeled from the onion disclosed the names of over 360 individuals and organizations invested in Lubert-Adler Funds III & IV.

Listen to Toby Tobin on WNZF News Radio Tomorrow Aug. 191 comment.
August 18, 2010 – Toby Tobin will be a repeat guest on Dave Ayers Open Line at Nine show on WNZF News Radio Thursday August 19th following the 9:00 a.m. news and stock market report.

Project Bluegrass: New Company Brings Promise of More Jobs to Flagler County5 comments.
August 17, 2010 – The Flagler Board of County Commissioners approved an 18-month lease of the former CAPT building at the airport to MH Operations, LLC. The ultimate goal of the company is to construct a permanent facility in the county within the next two years. The company will manufacture hoses for both commercial and residential use.

Palm Coast Plantation Homeowners Association Files Lawsuit against City of Palm Coast4 comments.
August 14, 2010 – Attorneys representing Palm Coast Plantation Homeowner’s Association, Inc. filed a Petition/Complaint against the City of Palm Coast yeaterday in Flagler County Circuit Court. The Association asserts that the City of Palm Coast is in violation of a Court approved Settlement Agreement the City entered into in 2007 by requiring that Palm Coast Plantation property owners sign annexation agreements in order to receive water and waste water services

30-Year, 15-Year Fixed-Rate Mortgages Drop Again2 comments.
August 13, 2010 – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), and again, the fixed-rate mortgages reaching, along with the 5-year adjustable rate, set record lows for this survey. (The 30-year fixed-rate survey began in 1971, the 15-year began in 1991, and the 5-year adjustable in 2005.)

Infrastructure Debt Crushes SW Fla. Developments3 comments.
August 12, 2010 – The debt piled up by real estate developers to finance roads, sewers and golf courses in Southwest Florida is coming back to haunt new communities.

Florida’s existing home, condo sales up in 2Q 2010
August 11, 2010 – Sales of existing single-family homes in Florida rose 21 percent in second quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 51,564 existing homes sold statewide in 2Q 2010; during the same period the year before, a total of 42,604 existing homes sold. It marks the eighth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Blue Roof Razed – Olive Garden/Red Lobster Building Permit Issued1 comment.
August 10, 2010 –A few years ago witnessed the demolition of the Palm Coast Resort, home of Henry's; one of the best bars I've patronized in my lifetime. Today, another Palm Coast icon bites the dust. The Palm Coast Real Estate Sales Center, long known as "The Blue Roof" was razed today to make room for a CVS Pharmacy.

August Foreclosure Sales Scheduled for Flagler Co., FL Properties1 comment.
August 7, 2010 – Several Flagler County properties are scheduled to be sold at foreclosure sales in August. As in recent months, few properties are homesteaded, implying that most foreclosures are second homes or investment properties. Most were purchased at the height of the real estate bubble.

Reynolds' Downsized Plans for Former Ginn Development in N.C. Signal Changes for Conservatory and Gardens in Palm Coast3 comments.
August 6, 2010 – Scaled down plans for Reynolds Blue Ridge in N.C. signal possible changes at Bobby Ginn's Conservatory and Gardens in Palm Coast, FL

30-Year Fixed Loans Below 4.5%2 comments.
August 6, 2010 – Freddie Mac reported that the interest rate on 30-year fixed loans hit a record low of 4.49 percent last week. The rate was 5.22% a year ago.

Palm Coast and Flagler's Foreclosure Future Not so Bleak1 comment.
August 5, 2010 – The number of Palm Coast and Flagler County foreclosure filings is on the decline while the number of foreclosure sales is on the increase – both good signs. There are fewer homes entering the process and more coming out the other end.

Rumored Hammock Beach Resort/RCI Timeshare Connection Not True2 comments.
August 4, 2010 – If rumors about Bobby Ginn and Ginn-LA had calories, I'd weigh more than 300 pounds. A few words here or a phrase there and pretty soon someone jumps to a conclusion. Like Superman, a leap of logic can take you anywhere. We all do it. One Ginn-related rumor started over last weekend with a phone call - "RCI timeshares was coming soon to the Hammock Beach Resort." I decided to make a few phone calls before posting that juicy tidbit.

Flagler County Commission Sets Rate to Lower Property Taxes
August 3, 2010 – The Flagler County Commission approved a tentative tax rate at Monday’s regular meeting that will bring in $2.7 million in tax dollars less that received in the current year. The rate, $5.5905 per thousand will mean a reduction in property taxes for most residents in Flagler County on the county portion of the tax bill.

Pending Home Sales Ease in Post-Tax Credit Market
August 3, 2010 – Pending home sales edged down with near-term sales expected to be notably lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, according to the National Association of Realtors®.

Meet Toby Tobin Wednesday Night and Support Christmas Come True at the Same Time2 comments.
August 2, 2010 – Toby Tobin will be the Celebrity Bartender at the Black Cloud Saloon Wednesday evening, August 4th in support of Christmas Come True. Meet and talk with Toby and donate tips to a worthy cause at the same time. Toby's official hours are 6 P.M. to 7 P.M., but some "overtime" is expected.

Intracoastal Bank is Awarded 4 Stars in Bankrate.com’s Safe & Sound® Ratings Service for Q1 2010
July 30, 2010– Intracoastal Bank has been awarded 4 stars in Bankrate.com’s Safe & Sound® Ratings Service for the quarter ended March 31, 2010. A 4-star rating is defined as “Sound” in terms of relative financial strength and stability. For over 13 years, Bankrate.com's Safe & Sound® service has given consumers information on the relative financial strength and stability of U.S. commercial banks, savings institutions and credit unions.

University of Central Florida Forecast Predicts Slow but Steady Growth
July 30, 2010 – Florida is winning the slow race towards economic recovery according to the July Florida Forecast published by the Institute for Economic Competiveness, College of Business Administration, University of Central Florida.

Long after Ginn-LA (Tesoro) Bankruptcy, Property Owners are Hounded for Delinquent Club Dues3 comments.
July 28, 2010 - In the aftermath of real estate developer Ginn-LA's (Bobby Ginn and financial partner Lubert-Adler) bankruptcy of the Tesoro and Quail West projects, property owners are still trying to pick up the pieces. Sarasota-based The Monticello Group, LLC (TMG) is not making that process any easier. They purchased Ginn/Tesoro assets including delinquent club payments. Now they are trying to collect.

Local Election Forums Will Include Candidates for School Board, County Commission, and Circuit Court Judges
July 27, 2010 – The Flagler HBA, the Flagler County Chamber of Commerce, and the Flagler County Association of Realtors will host two candidate forums to give Flagler County residents an opportunity to learn more about candidates and their platforms in a nonpartisan environment.

The Decline: The Geography of a Recession1 comment.
July 26, 2010 – The U.S. housing market and unemployment are closely linked in this Great Recession. Now you can see the growth pattern of unemployment county by county in this dramatic interactive graphic.

Grand Haven Golf Club Gets Second Look by Interested Buyer2 comments.
July 25, 2010 – A potential buyer for the Grand Haven Golf Club in Palm Coast, FL reportedly made a second visit to the Palm Coast facility last week. Course maintenance experts were reportedly included in the visiting group. A helicopter was also present for an aerial inspection. One club member tells me that he thought the visitor might have been Club Corp.

Viral Email Raises Real Estate Tax Fears 3 comments.
July 26, 2010 – A viral email claiming a 3.8% real estate taxes that keeps circulating seems to die out but then returns with a vengeance.

Lee County, FL - 4,157 Acres Owned by Ginn-LA Naples Ltd. LLLP Headed to Public Auction6 comments.
July 25, 2010 – A Lee County judge has issued a final foreclosure judgment on 4,157 acres of land owned by Bobby Ginn and Lubert-Adler affiliate Ginn-LA Ltd. LLLP.

Mediation Now Required for Florida Homesteaded Foreclosures 3 comments.
July 22, 2010 – Beginning July 19, all new foreclosures of homesteaded residences in Flagler, Putnam, St. John's, and Volusia counties in Florida will be referred to mediation. These counties comprise Florida's Seventh Judicial Circuit. The new program resulted from a Florida Supreme Court Order last year for courts to implement residential mortgage foreclosure mediation programs to help deal with Florida's foreclosure crisis.

U.S. Existing-Home Sales Slow in June but Remain Above Year-Ago Levels
July 22, 2010 – With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors®.

Florida’s Existing Home, Condo Sales Rise in June 2010
July 22, 2010 – Sales of existing homes in Florida rose 15 percent in June, marking 22 consecutive months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

Property Flipper Charged with 23 Felony Counts
July 20, 2010 – Mark Brivik, one of Southwest Florida's most notorious property flippers, was arrested Monday on 23 felony counts related to a scheme that allegedly defrauded investors out of more than $4.1 million.

Mortgage Fraud Not Big in Attorney General Race1 comment.
July 19, 2010 – Rampant mortgage fraud during the housing boom played a major role in Florida's real estate collapse. Yet for the five candidates running to be the state's next attorney general, the issue has not been on the radar.

GoToby.com Property Search Includes Pictures of Properties Again3 comments.
July 19, 2010 – The Search Listings tab of GoToby.com again supports pictures of listed properties.

Florida Receives Number One Workforce Ranking From CNBC
July 16, 2010 – Florida Governor Charlie Crist yesterday announced that Florida has been ranked number one in the nation for its workforce by CNBC.

Homeowners Associations: The New Foreclosure
July 15, 2010 – Florida is one of thirty-four states that allow for judicial foreclosures by HOAs.

Florida National Guard Briefs Palm Coast City Council on New Reserve Center 7 comments.
July 13, 2010 – In a workshop this morning, a Florida National Guard Colonel briefed Palm Coast City Councilors on upcoming plans for a National Guard facility to be erected on County-owned land adjacent to the Flagler County Airport. Since the facility will be adjacent to city residents, the Guard and the City are planning community meetings to ensure public support for the project.

Some HOAs Sue or Foreclose to Collect Dues2 comments.
July 12, 2010 – When Helen Burgess fell behind on her bills after being diagnosed with cancer, she was able to work out payment plans on her mortgage, car note, credit card and tax obligations to the Internal Revenue Service.

Battle Mountain Proposal Shrinks – Developers Remove Golf Course and Hotel
July 9, 2010 – Florida developer Bobby Ginn bowed out of the Minturn project last year. Crave Real Estate, which is tied to Philadelphia-based investment company Lubert-Adler, took control of the project.

Borrowers Beware: Firms Profit Off Mortgage Defaults3 comments.
July 9, 2010 – In Florida, a deficiency judgment must be filed within five years, but the lender has up to 20 years to collect.

Another Ginn Lawsuit Tossed – Were Plaintiffs Properly Represented?2 comments.
July 7, 2010 – Another lawsuit against real estate developer Bobby Ginn's companies has been dismissed. Judge Mary Scriven's Order to Dismiss leads GoToby.com to wonder about the quality of the plaintiffs' representation. In Feliciano v. Ginn et al, 128 Plaintiffs were represented by Lake Mary law firm Chase Freeman.

County Road 305 to Reopens at 5 P.M. Today East of Volusia County Line
July 8, 2010 -- The Bridge over Little Haw Creek on County Road 305 will reopen to through traffic at 5 p.m. Thursday July 8. The roadway is a key connection for west county residents to S.R. 11 and S.R. 100 in Flagler County.

International Interest in U.S. Homeownership Increases, Realtors® Report
July 8, 2010 – Florida, California, Arizona and Texas account for 53 percent of international home purchases. Florida and California remain the top two destinations according to a National Association of Realtors® report.

Wal-mart Closes on Purchase of Old Kings Road Parcel in Palm Coast
July 5, 2010 – A deed recorded June 30, 2010 in Flagler County, FL documents Wal-mart Stores' completed purchase of a 31-acre parcel on Old Kings Road on which a new Walmart Supercenter is planned. The transaction valued at nearly $5.9 million had "closed in escrow" February 9, 2010.

Florida Mortgage Brokers and Attorneys Indicted in Multi-Million Dollar Fraud9 comments.
July 2, 2010 – Florida Mortgage Brokers and Attorneys are Indicted in Multi-Million Dollar Fraud. The total dollar amount of the loans secured under the scheme was in excess of $16,000,000 dollars.

July 4th Fireworks at Palm Coast's Town Center1 comment.
July 2, 2010 – The Rotary Club of Flagler County has organized a July 4th fireworks celebration in Central Park – Town Center.

July Foreclosure Sales Scheduled for Flagler Co., FL Properties
July 1, 2010 – Several Flagler County properties are scheduled to be sold at foreclosure sales in July. As in recent months, most properties are not homesteaded. More than half were purchased in either 2005 or 2006 at the height of the real estate bubble.

Home Buyers Get Tax Credit Closing and Flood Insurance Extensions Without Lapse in Coverage; Bills Now Headed for the President
July 01, 2010 – The National Association of Realtors® today commended Congress for timely passage of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both bills, strongly supported by NAR, had cleared the House earlier and were passed by the Senate last night. They now head to the president for his signature.

Amended Lawsuit against Ginn-LA adds Lubert-Adler Investors as Defendants7 comments.
June 30, 2010 – A lawsuit against Bobby Ginn and financial partner Lubert-Adler to recover the alleged fraudulent transfer of over $328 million from a Credit Suisse loan was amended to add high-profile Lubert-Adler investors as defendants. The defendant list now includes the President and Fellows of Harvard College, the University of Michigan, the Catherine T. MacArthur Foundation, the Maryland State Retirement and Pension System, the Ohio Police and Fire Pension Fund, the Pennsylvania Public School Employees' Retirement System, and the Pennsylvania State Employees' Retirement System.

1 in 5 Choosing to Default on Mortgages Though They Can Pay1 comment.
June 29, 2010 – Nearly one in five delinquent mortgages through the first half of 2009 was owned by someone who could afford to pay, but decided defaulting was a smarter financial play.

Glenn Straub and Palm Beach Polo Holdings Indicted for Violating Clean Water Act
June 29, 2010 – June 22, a grand jury indicted Glenn Straub and his company Palm Beach Polo Holdings with two counts of unlawful discharge into United States waters. Straub is charged with dumping fill into Peacock Pond and another wetland area in June 2005.

Three Crescent Resources Properties Revert to Seller/Lender2 comments.
June 26, 2010 – In accordance with its Chapter 11 Bankruptcy reorganization plan, Crescent Resources gave up title to three large development properties in Palm Coast and Flagler County, FL. Prior to its 2009 bankruptcy filing, Crescent was the Palm Coast area's second largest real estate developer.

Epic Theatres Opens 14-screen Movie Complex in Palm Coast's Town Center Today3 comments.
June 25, 2010 – Epic Theatre opens it 14-screen movie theater complex in Town Center today. Not since the arrival of Target and Kohl's have Palm Coast residents been so excited about a new business opening locally. Today's public opening was preceded by a Wednesday evening reception and special screening for local leaders.

All Rates But 1-Year ARM Hit Record Lows In Freddie Mac Weekly Survey
June 25, 2010 – The 15-year FRM this week averaged 4.13 percent with an average 0.6 point, down from last week when it averaged 4.20 percent.

Mortgage Broker Licensing Rules to Get Tougher2 comments.
June 24, 2010 – New rules for mortgage license applications take effect later this year that require annual criminal background and credit report checks.

Florida’s existing home, condo sales rise in May
Sales of existing homes in Florida rose 18 percent in May, marking 21 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

Squatters Take Over Homes Under Archaic Law3 comments.
June 23, 2010 – Squatters misusing adverse possession to take over Florida homes.

$2.46 Million Awarded in First Chinese Drywall Jury Trial
June 21, 2010 – A Florida family has been awarded $2.46 million in the first Chinese drywall lawsuit to be heard by a jury. The decision was seen by some as a “bellwether” case, which could forecast how other juries may respond to similar evidence that will be presented in other trials over Chinese drywall that has caused problems for homeowners throughout the United States.

Crescent Resources LLC Repositions Ownership of Grand Haven Golf Club4 comments.
June 21, 2010 – After emerging from Chapter 11 bankruptcy, Crescent Resources LLC has begun repositioning its assets to fit its restructured business plan.

86 South Florida Residents Charged With $76 Million Mortgage Fraud in "Operation Stolen Dreams"
June 19, 2010 – Operation Stolen Dreams resulted in the indictments of 86 individuals in South Florida for their participation in a series of mortgage fraud schemes that resulted in more than $76 million in fraudulent loans. Mortgage fraud is a virus that continues to plague the mortgage industry and has gone on to infect the rest of our economy.

Tax Credit Extension Delayed
June 18, 2010 – News services yesterday erroneously reported an extension to the home buyer tax credit deadline to close already signed contracts. What actually happened is that the Senate voted to attach an amendment to an existing bill. The bill also contains an amendment that will extend the expired National Flood Insurance Program (NFIP).

Intracoastal Bank Celebrated its Second Anniversary on Wednesday.
June 18, 2010 – Wednesday, Intracoastal Bank, Flagler County's only locally owned and operated financial institution, celebrated its second anniversary. The community has welcomed the Bank as evidenced by the Bank’s rapid growth.

Senate Extends Closing Deadline for Home Buyer Tax Credit
June 17, 2010 – Realtors, home buyers and sellers are all pleased with the U.S. Senate's passage of an amendment to HR 4213 that will extend the deadline for closing for home buyers under contract by April 30, 2010.

California Voters Reject Amendment 4-Style Measure
June, 17, 2010 – California voters in Mission Viejo last week rejected a "Vote on Everything" measure that would have required referenda on "major developments," reports the Orange County Business Journal. A more extreme version of that measure is slated to appear on Florida ballots this November as Amendment 4.

FHFA Directs Delisting of Fannie Mae and Freddie Mac Stock from New York Stock Exchange
June 16, 2010 – The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac (the Enterprises), operating in conservatorship, to delist their common and preferred stock from the New York Stock Exchange and any other national securities exchange. Once the delisting is completed, each Enterprise’s common and preferred stock is expected to be quoted on the Over–the-Counter Bulletin Board.

Mortgage Interest Rates at Lowest Level of the Year 2 comments.
June 11, 2010 – Freddie Mac reports that the average interest rate for a 30-year fixed rate mortgage has dropped to 4.72%, the lowest rate of the year. The all-time low is 4.71% set last December.

Ginn-LA Lawsuits Update
June 11, 2010 – GoToby.com receives frequent requests for information about the progress of various lawsuits involving Ginn-LA (real estate developer Bobby Ginn and Ginn's financial partner, Lubert-Adler). Two lawsuits saw action within the past few weeks.

Foreclosures Go Wrong as Lenders, Cleanup Crews Cut Legal Corners
June 10, 2010 – Some Michigan residents have returned home to find their windows broken, houses ransacked and valuables missing. Not from burglars, but overzealous mortgage lenders and their trash-out teams: unlicensed crews hired to clean out and secure property during foreclosures. Lawsuits filed across Michigan and the nation paint an ugly picture of impersonal foreclosures bent on speed that cut legal corners without concern for homeowners who have paid up.

Crescent Resources Selling Southern Hills and River Hall Golf Communities2 comments.
June 9, 2010 – As Crescent Resources nears its exit from Chapter 11 bankruptcy, the bankruptcy court will consider at a June 11 hearing a motion to sell the Southern Hills and River Hall projects to Greenpointe Communities LLC. The hearing a procedural step. The purchase contracts are already signed. The buyer for both properties is GreenPointe Communities LLC, a development company recently formed by Ed Burr, founder and former CEO of LandMar Group.

Governor Crist Signs Distressed Condominium Relief Act2 comments.
June 7, 2010 – Florida Governor Charlie Crist signed into law last Tuesday the Distressed Condominium Relief Act. The act takes effect July 1, 2010. It is designed to facilitate sales of the large inventory of distressed condominiums in the state, especially South Florida.

Chinese Drywall Problems were Kept Secret2 comments.
June 7, 2010 – Miami-based Banner Supply Co. agreed in 2006 to keep quiet about a smell produced by imported Chinese drywall that has now ruined electrical wiring, air conditioners and caused millions in other damages in homes throughout Florida and the Southeast.

Palm Coast on Fortune List of 5 Great Places to Retire14 comments.
June 6, 2010 – In its June 12 issue, Fortune Magazine's CNN Money.com lists 5 great places to retire. Not surprising to those who have already found it, Palm Coast makes the list.

No Penalties for Mortgage Company with Worst Loan Mod Backlog
June 4, 2010 – Last week, the government released data showing that there’s a big problem at Saxon Mortgage, a subsidiary of Morgan Stanley. Of all the mortgage companies participating in the administration’s mortgage modification program, Saxon has the largest proportion of homeowners caught in modification limbo.

2010 Flagler County Estimated Property Tax Roll Down Over 19% Countywide from 20093 comments.
June 3, 2010 – Just as it seems like real estate selling prices are stabilizing, Flagler County's Property Appraiser Jay Gardner issues the estimated 2010 property tax roll which is down about 19% countywide. Actually, the drop was expected. 2010 assessments are based on sales that happened in 2009.

Flagler County 2009 Tax Certificate Sale Completed - Newly Liened Properties Include Bobby Ginn's Island Estates Home 6 comments.
June 2, 2010 – Flagler County wrapped up its on-line 2009 Tax Certificate auction yesterday. This year's sale brought in over $8 million to local taxing districts. The total receipts include $49,991.58 paid for a tax certificate for Bobby Ginn's Island Estates home. There were over 25,000 bids for that certificate.

Pending Home Sales Surge Continuing1 comment.
June 02, 2010 – Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the National Association of Realtors®.

Tainted Chinese Drywall Concerns Went Unreported for Two Years3 comments.
June 1, 2010 – A leading East Coast homebuilder learned four years ago that the Chinese-manufactured drywall it had installed in several Florida homes was emitting foul odors, according to documents obtained by ProPublica and the Sarasota Herald-Tribune. The company, WCI Communities, was so concerned that it started planning to tear out the material and rebuild the houses. But it never disclosed the problem to the bulk of its customers or to government authorities.

June Foreclosure Sales in Flagler Co., FL7 comments.
May 29, 2010 – Fifty-two Flagler County properties are scheduled to be sold at foreclosure sales in June. As in recent months, most properties are not homesteaded. More than half were purchased in either 2005 or 2006 at the height of the real estate bubble.

Ginn-LA Fights Flagler's Ruling that Denied More Development at Hammock Beach Resort7 comments.
May 27, 2010 – In a Petition submitted yesterday to the Florida Land and Water Adjudicatory Commission, Ginn-LA Marina, LLP ( one of several legal entities created by Bobby Ginn and financial partner Lubert Adler) requested an Appeal of a recent Development Order decision. The Flagler Board of County Commissioners had denied a request by the developer to reallocate 541 residential units into a 12-acre cluster within the Ocean Hammock Golf Course plat sited between Hammock Beach Resort's south towers and the Atlantic Ocean beach.

Coastline Population Trends in the United States: 1960 to 2008
May 26, 2010 – The U.S. Census Bureau issued a report today documenting the country's Coastline Population Trends from 1960 to 2008. Twelve Florida counties made the top-20 list of coastal counties with the greatest percentage of population growth. Flagler County, FL was the second fastest growing coastal county, growing by 1,898.4 percent. Flagler was topped only by Collier County, FL on the Gulf of Mexico.

CPSC Identifies Manufacturers of Problem Drywall Made in China
May 26, 2010 – The U.S. Consumer Product Safety Commission (CPSC) is releasing the names of drywall manufacturers whose drywall emitted high levels of hydrogen sulfide in testing conducted for the agency by Lawrence Berkeley National Laboratory (LBNL). While CPSC does not say these companies are solely responsible for toxic drywall, there is a strong association between hydrogen sulfide and metal corrosion.

Existing-Home Sales Continue to Improve in April
May 24, 2010 – Existing-home sales rose again in April with buyers motivated by the tax credit, improving consumer confidence and favorable affordability conditions, according to the National Association of Realtors®.

Crescent Resources to Exit Chapter 11 in June1 comment.
May 24, 2010 – Today, a Federal bankruptcy court in Austin TX approved Crescent Resource's plan for reorganization that will allow the company to exit chapter 11 bankruptcy in early June. Crescent was once the darling real estate development arm of Duke Energy. Crescent owned and developed extensively in Northeast Florida, primarily through its LandMar Group subsidiary.

Flagler County Unemployment Rate Drops to 15.4%
May 21, 2010 – Florida's Agency for Workforce Innovation today reported April unemployment figures for the state. Flagler County's unemployment dropped from 16.6% in March 2010 to 15.4%. In spite of the drop, Flagler repeats its position having the highest unemployment rate in the state.

Jacksonville Taxpayers to Pay Shipyard Back Taxes -- Plus $86,000 in Interest
May 20, 2010 – The city of Jacksonville, FL will likely pay the back taxes and $86,000 interest that has accrued on Tax Certificates related to a failed downtown real estate development know as Shipyard. Two investors bought the certificates when Landmar Group LLC, a division of Crescent Resources LLC, failed to pay 2008 property taxes due on a prime development parcel in downtown Jacksonville.

Bobby Ginn and Lubert-Adler Face Yet another Lawsuit5 comments.
May 19, 2010 – Bobby Ginn and his financial partner Lubert-Adler are hit with the second lawsuit in a week.

Crescent Bankruptcy Reorganization Plan Revised – Disposition of Golf Courses now Unclear
May 18, 2010 – Crescent Resources issues Third Amendment to Bankruptcy Reorganization Plan. Some contracts with Hampton Golf have been removed from the list of contracts to be assumed by the reorganized Crescent.

Flagler County, FL Property Tax Delinquencies Down 26.35% from Last Year1 comment.
May 14, 2010 – Flagler County, FL's 2009 Property Tax delinquencies are 26.35% lower than last year's. In spite of the abundance of distressed properties (lender-owned via foreclosure or deed in lieu and short sales) and the state's highest unemployment rate, Flagler property owners are still paying their property taxes.

Crescent Resources Bankruptcy Update – Expected Effect on Local Golf Courses5 comments.
May 13, 20 – Crescent Resources LLC is expected to emerge from Chapter 11 bankruptcy soon. Of particular concern to local residents has been the uncertain fate of the four golf courses owned (in whole or in part) by Crescent – the three courses comprising The Grand Club (Cypress, Pines, and the closed Matanzas course) and Grand Haven Golf Club.

New Ginn-LA Lawsuit Alleges Fraudulent Transfers – Also Names Lubert-Adler Investors Including Harvard, Princeton, and Yale12 comments.
May 11, 2010 – Drew Dillworth, Chapter 7 Trustee for the consolidated Ginn-LA Tesoro and Quail West bankruptcies filed a complaint yesterday alleging fraudulent transfers in the distribution of proceeds from a $675 million Credit Suisse loan. Ginn, Luber-Adler, and Lubert-Adler investors are defendants.

John Paulson Sees Housing Rebound Starting This Year7 comments.
May 10, 2010 – Hedge fund manager John Paulson today forecast a rebound in the housing market during a 1 hour and 20 minute conference call with investors.

The ABCs of How Not to Erect a Sign5 comments.
May 7, 2010 – A GoToby.com reader is more alert than a sign company employee. Chuck Durkee noticed the sign company's mistake as he drove by the ABC Liquor Store construction site at the northeast corner of Palm Coast Pkwy and Old Kings Road. The company had just completed erecting two signs announcing "Coming Soon - CVS Pharmacy – America's #1 Pharmacy." Unfortunately the CVS will be built across the road on the southeast corner currently occupied by the "Blue Roof" (Palm Coast Real Estate office).

Rayonier Reports First Quarter Profit Up 120%
May 6, 2010 – Jacksonville, FL-based Rayonier reported it first quarter financial results today. Net income was $57 million, or 71 cents per share , beating analysts' forecasts by 13 cents.

Amended Bonita Bay Complaint Cites Fraudulent Fund Transfers1 comment.
May 5, 2010 – A revised complaint by the Florida Attorney General's Office alleges that Bonita Bay Group officials drained the coffers of the company's communities - leaving members unable to get $250 million in refundable club deposits back.

Pending Homes Sales on the Upswing
May 4, 2010 – Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of Realtors®.

Home sales and Foreclosure Sales - Both Rising in Palm Coast/Flagler
May 4, 2010 – A shift is underway in the Palm Coast and Flagler County real estate market. The number of single-family homes sold in April was the highest for any month since July 2006. And while the number of foreclosure filings continues its downward trend, the number of properties reaching the final stage or foreclosure, the Foreclosure Sale itself, is rising quickly. High-end properties continue to hold a larger share of foreclosure filings, a trend that began about 6 months ago.

Palm Coast, FL: Commercial Site Development Permit Issued to ABC Liquors Inc1 comment.
May 3, 2010 – ABC Liquors Inc. will be building a new store on the northeast corner of Palm Coast Pkwy and Old Kings Rd, between Bank of America and Wachovia Bank. Development plans for this parcel have had to deal with drainage and access issues. Access must be from the plaza side, not directly from either of the two thoroughfares.

NEW Old Kings Road Opens to Traffic3 comments.
May 1, 2010 – An improved and realigned 1.6 miles of Old Kings Road between State Rd 100 and Town Center Pkwy reopened last night without fanfare. The one-year project improved the deteriorating two-lane rural road to a four-lane divided urban highway complete with a landscaped median, curbs & gutters, sidewalk, and bike lane.

Who Owns Your Mortgage? What Happens if They Can't Prove it?5 comments.
April 29, 2010 – What happens when foreclosing lenders can't prove they own the mortgage and note*? One Tampa law firm allegedly solved the problem by fabricating documents. Florida's Attorney General's office is looking into the matter.

Tiger Woods Checks on Progress at His Cliffs at High Carolina Course
April 28, 2010 – Tiger Woods stops at Cliffs at High Carolina mear Asheville to check on construction progress at his new golf course there, his first course design in the U.S.

Mortgage Fraud Continues to Climb According to LexisNexis(R) Mortgage Asset Research Institute1 comment.
April 27, 2010 – Florida, New York and California Top List of States with Highest Mortgage Fraud and Misrepresentation Rates.lncidents of Mortgage Fraud Increase 7 Percent from 2008 to 2009.

Jacksonville Sting Nabs Unlicensed Home Improvement Contractors
April 27, 2010 – The Florida Department of Business and Professional Regulation (DBPR) has arrested thirty-one people, one a minor, who placed ads for regulated home repair services on Craig's List. The problem is that they were not licensed. Warrants have been issued for eight more.

Upcoming Foreclosure Sales in Palm Coast and Flagler County6 comments.
April 26, 2010 – The Flagler County Clerks of Courts office will be busy during the next two weeks. About 75 are scheduled to be sold as a result of foreclosure Final Judgments. A search of public records disclosed that most of the affected properties, only 30%, are Homesteaded.

Credit Default Swaps and Goldman Sachs Arise in Credit Suisse - Yellowstone Club Lawsuit9 comments.
April 24, 2010 – GoToby.com is captivated by the $24 Billion Credit Suisse lawsuit, in part because Palm Coast's Ginn Company is involved, but mostly because it's so massively incredible. You can't make these things up. Now, just days after the SEC charges against Goldman Sachs & Co., a court filing in the CS case hints that Goldman Sachs' Credit Default Swaps (CDSs) strategy was employed by CS. The revelation comes from an Affidavit filed April 20, by Yellowstone Club founder Tim Blixseth.

Credit Ratings Failed to See Rising Risk in Mortgage Products
April 23, 2010 – Although the credit rating agencies were aware of increased levels of mortgage fraud and lax underwriting, they did not factor that credit risk into their models.

New-home Sales Rise Fastest in 47 Years2 comments.
April 23, 2010 – New home sales improved in March at the fastest single-month rate in 47 years, according to a government report released Friday, as buyers snatched up properties ahead of the tax credit that's set to expire.

Existing-Home Sales Rise on Home Buyer Tax Credit and Favorable Market Conditions
April 22, 2010 -- Buyers responding to the homebuyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the National Association of Realtors®.

Florida Realtors® Research Study on Foreclosures: Project Hopes to Help Florida Families, Reduce Foreclosures
April 22, 2010 – Florida Realtors® has announced the findings of its unique Face of Foreclosure research project, designed to study the impact of foreclosures on both the Florida housing market and on individual Florida homeowners facing foreclosure. The project’s goal was to develop in-depth information on the causes of foreclosures in Florida, which in turn will help lawmakers as they work on crafting legislation on this complex issue.

Florida’s Existing Home, Condo Sales Rise in March 2010
April 22, 2010 – Florida’s existing home sales rose in March, which means that sales activity has increased in the year-to-year comparison for 19 months, according to the latest housing data released by Florida Realtors®.

Bobby Ginn's Foray into NASCAR Still Costing Him Money5 comments.
April 21, 2010 – The Sheriff of Eagle County, Colorado will sell condominium unit #222 in The Seasons at Avon owned by Edward R. (Bobby) Ginn III on May 14, 2010. The sale is a result of a $1,725,000 judgment against Bobby arising from his departure from NASCAR.

Single Jacksonville Mom Faces Foreclosure Despite 5 Offers8 comments.
April 20, 2010 – A single working mom trying to sell her home as a short sale wound up in foreclosure, despite what agents say were five viable offers on her house.

Ginn Development Company Gives Up Lease on Corporate Hanger at Flagler County Airport1 comment.
April 20, 2010 – Last night, the Flagler County Board of County Commissioners reached a Settlement Agreement over a lawsuit with Ginn Development Company LLC. At issue was Ginn's non-payment of rent due the county from Ginn's lease of a county owned hanger facility at the airport.

Cliffs Communities Gets Help from Members in Unusual $62M Bond Deal
April 19, 2010 – Cliffs developer Jim Anthony puts together a creative bond deal with members of his eight developments in the Carolinas. Members will get 12% interest on the bonds. The funds will be utilized to complete amenities including the Tiger Woods designed course at Cliffs at High Carolina.

Flagler Home Builders Association Presents the 16th Annual Parade of Homes
April 17, 2010 – Today kicks off the Flagler Home Builders Associations 17th annual Parade of Homes. Fifteen homes by our area's finest builders will be on display from April 17 through May 2. The homes will be open Monday – Saturday from 10 a.m. to 5 p.m. and Sundays from noon till 5 p.m.

Creditors' Committee Contends Breach of Duty in Crescent Resources LLC Chapter 11 Bankruptcy
April 14, 2010 – The Creditors Committee in the Crescent Resources LLC chapter 11 bankruptcy raises questions of impropriety regarding the complex transaction that created the Duke Energy and Morgan Stanley joint venture that owns Crescent Resources.

Washington Mutual Ignored Subprime Mortgage Risks, Former Insiders Tell Senate Panel1 comment.
April 14, 2010 – Washington Mutual, with more than $300 billion in assets, was the nation's largest thrift before it was seized by the government and sold to JPMorgan Chase & Co. in 2008.

More Homeowners Keep Up with Their Mortgage2 comments.
April 14, 2010 – The share of homeowners behind on their mortgages fell in the first quarter, the first drop in four years and a possible sign that the foreclosure crisis has peaked.

More Scam Artists Posing as Landlords2 comments.
April 13, 2010 – The glut of vacant foreclosed homes has inspired con artists to concoct a new scam: posing as landlords to swindle prospective tenants out of rent and deposit money.

Housing Affordability Index – How Does Flagler County Stack Up?1 comment.
April 12, 2010 – Flagler County continues to grow although slowly. GoToby.com attributes the growth in part to the area's attractive Housing Affordability Index (HAI). The HAI shows the relationship between an area's median home selling price, median household income, and mortgage interest rate. Along with its great weather, proximity to beaches, trail system, and good schools, Flagler's housing is very affordable.

WCI Puts Seven Golf Courses on the Market2 comments.
April 12, 2010 – The portfolio includes all of the golf courses, club amenities, maintenance equipment and facilities.

Colbert Lane and State Road 100 Real Estate Activity1 comment.
April 9, 2010 – Although the commercial real estate market is at a low ebb, things are happening along SR 100 and the south end of Colbert Lane. Two separate projects are affected; an apartment complex next to Publix in Beach Village and a land sale along the west side of south Colbert Lane. And Palm Coast City Manager Jim Landon announced that Old Kings Rd north from SR 100 will reopen May 1st. The road has been closed a year for widening and reallignment.

Judge Awards $2.6 Million in Chinese Drywall Suit1 comment.
April 8, 2010 – A federal judge in New Orleans ruled that a Chinese company that made defective drywall must pay $2.6 million to fix seven Virginia homes.

Flagler Council Rules Against Ginn-LA's Proposed Development Order Amendments at a Special Session5 comments.
April 6, 2010 – Scores of spectators, most of them Hammock Beach property owners, packed the chamber as the Flagler County Board of Commissioners dealt with a proposed land use change at a special meeting last night. When the 4-hour plus meeting ended, Ginn-LA Marina, LTD, LLLP, had been denied a request to amend the existing development order so that up to 561 rooms could be built between the existing Hammock Beach Resort and the shore.

Pending Home Sales Show Healthy Gain, Hint at Spring Surge3 comments.
April 5, 2010 – Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors® (NAR) in a report released today.

Annual Rotary Golf Tourney at Hammock Beach Followed by 'Taste of Flagler' at the Conservatory – Both May 3rd
April 4, 2010 – Both the Flagler County Rotary Club's Annual Golf Tournament and Flagler Chamber of Commerce "Taste of Flagler" will be held this year on the same day – May 3rd. From out of town? No problem. This is a great opportunity to visit the Palm Coast area and enjoy two of our traditional events on the same day. Bring your team with you.

Round One to Ginn in ILSA Lawsuit against Ginn-LA West End, Limited3 comments.
April 3, 2010 – In a March 31, 2010 ruling, Florida Middle District Federal Judge Marcia Howard dismissed on venue the Liles v. Ginn-LA West End, Limited lawsuit charging Ginn and others with violating the Interstate Land Sales Full Disclosure Act (ILSA). She granted defendants Ginn-LA West End, Limited, Ginn Financial Services, Stewart Title Guaranty Company, Simon L. Conway, Picket Fence Realty, Robert F. Masters II, and Edward R. (Bobby) Ginn III's Motion to Dismiss. The complaint, she says, should be filed in the Bahamas.

Flagler County Commission Special Land Use Hearing will Consider Ocean Hammock NOPC
April 2, 2010 – The Flagler County Board of Supervisors will hold a special quasi-judicial hearing April 5, 2010 at 5 P.M. The hearing will consider the Ginn Company's request to relocate previously entitled but unused residential units within the Hammock Dunes DRI (Development of Regional Impact). Ginn, specifically Ginn-LA Marina, LTD, LLLP) has filed a Notice of Potential Change (NOPC) requesting the commission's approval of the change without further outside review. The commission will decide Monday whether or not the NOPC is of such significance as to require state level review and approval.

HUD AND CPSC Issue Guidance on Repairing Homes With Problem Drywall
April 2, 2010 – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Consumer Product Safety Commission (CPSC) today issued interim remediation guidance to help homeowners struggling to rid their properties of problem drywall linked to corrosion of metal in their homes such as electrical components.

Economic Development Team Hopes 'Project Vision' Locates Manufacturing Plant in Flagler County5 comments.
April 1, 2010 – Struggling with Florida's highest unemployment rate, Palm Coast and Flagler County are desperately seeking new employers. Economic development leaders and commercial realtors, although under a strict non-disclosure agreement, have leaked to GoToby.com details of a current effort to entice a manufacturer of special writing instruments to locate here. The unnamed company is referred to in confidential documents as "Project Vision." Project Vision manufactures Large Print pens and pencils.

Freddie Mac Eases Condo Borrowing Restrictions3 comments.
April 1, 2010 – Government guaranteed loans have been hard to find for potential condominium buyers. Condominium complexes with too many foreclosures, vacancies, or delinquent association dues have not qualified for federal backing, even when the buyer has excellent credit. Freddie Mac has announced an easing of lending rules that allows them to back buyer loans as long as the seller's loan is already owned or securitized by the mortgage finance company.

Federal Housing Finance Agency Reports Mortgage Interest Rates
March 30, 2010 – The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less increased 3 basis points to 5.13 percent in February.

Palm Beach County Focus of Resale Probe: Time Shares Replace Mortgage Fraud as #1 Complaint in State5 comments.
March 30, 2010 – Ten of 17 time-share companies subpoenaed by the attorney general's office this month are based in Palm Beach County, and the office has pending litigation in two West Palm Beach cases.

Bank Frustrates Borrower's Attempts to Find a Solution
March 29, 2010 – Borrowers who are in trouble with upside down mortgages often find their lenders unwilling or unable to work out a solution. In one case involving a Palm Coast resident the lender's actions were like a keystone cops segment except it wasn't at all funny.

Job Numbers Rise in Top Three Foreclosure States1 comment.
March 28, 2010 – The three US states with the highest foreclosure rates saw job numbers rise last month, a sign of a potential turnaround in their troubled housing markets. Arizona, Florida, and Nevada all saw their payrolls jump, according to data released Friday by the US Department of Labor. For Florida, it was the first rise in employment in 26 months.

New Owner of W Union Square Hotel Files Chapter 11 Bankruptcy to Forestall Foreclosure Sale4 comments.
March 25, 2010 – Hotels Union Square Mezz 1, an entity created by Lubert Adler affiliate LEM Mezzanine, filed for bankruptcy Tuesday to forestall a foreclosure sale of New York's trendy W Union Square Hotel scheduled for Wednesday. LEM foreclosed on the previous owner, a unit of Dubai World barely 3 months ago. Philadelphia-based real estate investment company Lubert Adler is the financial partner of Palm Coast real estate developer Bobby Ginn.

Wings Over Flagler Air Show Coming March 27-28
March 25, 2010 – Warbird Fly-in, an air show of vintage wartime aircraft, will fly in to the Flagler County Airport the weekend of March 27 for a show entitled “Wings Over Flagler.”

Wall Street's Bailout Hustle2 comments.
March 24, 2010 – A Rolling Stones article takes Wall Street apart, comparing its behavior to classic cons of history.

February Existing-Home Sales Ease with Mixed Conditions Around the Country
March 24, 2010 – Existing-home sales declined slightly in February, with modest gains in the Northeast and Midwest offset by softer sales in the South and West, according to the National Association of Realtors®.

Flagler County, FL Ranks Fourth in Population Growth Over Ten Year Period2 comments.
March 23, 2010 – The U.S. Census Bureau released today its estimate of population growth from 2000 to 2009. Flagler County, FL ranked 4th on the list of the country's 100 fastest growing counties.

Positive Signs at European Village in Palm Coast6 comments.
March 22, 2010 – Palm Coast's European Village has new tenants. Foreclosures and tax deed sales next month will put new ownership in place at the condo hotel.

CNN Money Predictions of Metro Real Estate Prices Changes Over the Next Year Includes Palm Coast4 comments.
March 21, 2010 – Palm Coast is included in CNNMoney.com's forecast of real estate price changes (both up and down) over the next year for U.S. cities.

Attorney General Files Suit Against Developer Bonita Bay Group1 comment.
March 19, 2010 – Attorney General Bill McCollum in Tallahassee, FL today announced that his office has filed a lawsuit against the Bonita Bay Group, Inc. over allegations the company took hundreds of thousands of dollars in “membership fees” to country clubs, marinas and other social establishments, but failed to provide the promised refunds.

Building Housing Imagine School at Town Center Sold for $9.93 Million1 comment.
March 19, 2010 – The owner of the building housing the Imagine School at Town Center sold it to Inland PPDa Charter Palm Coast LLC, of Oak Brook, IL. The seller is Schoolhouse Finance LLC of Arlington, VA. The building has 38,480 square feet of which 26,408 are finished area. It was completed in 2008 and was assessed for 2009 taxes at $5,287,549. The transaction closed February 11th.

Hammock Sotheby's International Realty Owner Winding Down Its Involvement1 comment.
March 18, 2010 – HD Associates, developer of Hammock Dunes and owner of Hammock Sotheby's International Realty has decided to wind down its involvement in the brokerage business in Palm Coast, FL. Sellers with existing listing contracts with Hammock Sotheby's were notified by email yesterday.

GoToby.com Story Helps Palm Coast Resident Reduce Flood Insurance Premium2 comments.
March 17, 2010 – GoToby.com's March 16th story "Palm Coast Homeowners Eligible for Reduced Flood Insurance Premiums" helped at least one reader. He called his long-time insurance company when he read the article. It turns out, the company was not aware of Palm Coast's new rating. After confirming the facts in the story, they reduced the reader's annual premium by $88.00. He also got a refund for the previous year.

Trump International Hotel in Fort Lauderdale Faces Foreclosure2 comments.
March 16, 2010 – Even The Donald’s name couldn’t save the Trump International Hotel and Tower – Fort Lauderdale from foreclosure.

Ginn Sur Mer Lawsuits Continue to Move Forward4 comments.
March 15, 2010 – Ginn senior vice president Al Jones was interviewed by The Freeport News last week (read story). With carefully worded responses, he managed to put a positive spin on Ginn's progress at Ginn sur Mer, the $4.9 million mega yacht marina and casino project on Grand Bahama, implying that the project is unaffected by a series of lawsuits. An examination of the Second Amended Complaint and the Plaintiffs' Motion for Partial Summary Judgment will lead you to disagree with Mr. Jones.

Change to Daylight Savings Time Changes Palm Coast Watering Restrictions1 comment.
March 15, 2010 – Daylight saving time is here and days are getting longer. Along with changing your clocks you should also make sure your sprinkler system is set in accordance with changed Palm Coast irrigation restrictions.

Flagler County Foreclosures Lower Than RealtyTrac Report on Florida
March 11, 2010 – Flagler County's February foreclosure filings were down 7% from the previous month and up 6.4% from the prior year period. Flagler had 2,595 foreclosure filings in 2009 and 2.775 in 2008. There are month-to-month fluctuations, but the trend line is pretty stable.

Florida Attorney General Focuses Consumer Protection Initiative on Timeshare Resale Industry1 comment.
March 11, 2010 – The Florida Attorney General also unveiled ongoing investigations into at least 17 timeshare companies and their affiliates throughout the state for deceptive trade practices.

Banks Under Pressure to Ease Terms on Second Lien Home Loans2 comments.
March 8, 2010 – Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo are the targets of a March 5th letter from Barney Frank, Chairman of the U.S. House of Representatives Committee on Financial Services. The letter addresses the unwillingness of second lien holders to write down their mortgages.

Reverse Foreclosures and Blanket Receiverships Help Keep Associations Out of Financial Trouble
March 8, 2010 – When property owners in deed restricted communities find themselves upside down with their lender, they often stop paying association fees, figuring the house or condo is going back to the bank anyway. While the property owners don't pay, the banks put off foreclosing. But the associations still need to keep the water running and the lawns mowed. Reverse foreclosures and blanket receiverships help keep associations out of financial trouble.

How Do I Know if the Price is Reasonable Without Hiring an Appraiser?8 comments.
March 5, 2010 – What is a house or condominium worth in today's real estate market? If selling, what price should I reasonable expect? If buying, what price should get the sellers attention without being too high? One of my consulting clients suggested a method to me that makes a lot of sense.

City of Palm Coast Schedules Public Hearing for Palm Coast Parkway 6-Laning5 comments.
March 5, 2010 – The City of Palm Coast, in cooperation with the Florida Department of Transportation District #5, has scheduled a public hearing regarding the proposed improvements to Palm Coast Parkway from Cypress Point Parkway/Boulder Rock Drive to Florida Park Drive, a distance of approximately 1.23 miles.

California Warns Homeowners Against Foreclosure Audit Scam
March 4, 2010 – California's Attorney General issues a warning to homeowners about the growing foreclosure audit gambit. California often leads the nation in new trends. This time, they are among the first states to warn against one of the newest ways to scam troubled homeowners out of whatever money they have left.

Pending Home Sales Down; Severe Weather Impacting Market
March 4, 2010 -- Pending home sales are down and additional declines are expected from abnormal weather conditions, according to the National Association of Realtors®.

Florida Expected to Start Adding Residents Again After Population Decline1 comment.
March 3, 2010 – A University of Florida Bureau of Economic and Business Research report on population growth issued yesterday predicts, "In terms of percentage increases, the biggest leaders over the next quarter century are Sumter and Flagler counties, projected to grow by 111 percent and 109 percent, respectively."

Sawgrass Resort Linked to Tiger Woods Apology Files Bankruptcy4 comments.
March 2, 2010 – Owners of Florida’s Sawgrass Marriott Resort, the site of the U.S. PGA Tour’s Tournament Players Championship, sought bankruptcy protection from creditors including Goldman Sachs Group Inc.

Creditors: No bonuses at Crescent Resources2 comments.
March 2, 2010 – Crescnet Resources LLC, the parent of LandMar Group, Palm Coast, Florida's second largest real estate developer, has asked for the approval of $4 million for employee bonuses while under bankruptcy protection. The creditors' committee objects.

Toby Asks for Your Help5 comments.
March 1, 2010 - Toby Tobin asks for your help in the fight against Cystic Fibrosis (CF). Cystic Fibrosis (CF) is a genetic condition affecting, to varying degrees, lungs (breathing) and /or the pancreas (digestion). Our eight-year old granddaughter, Faith, suffers severe involvement of both lungs and pancreas. In the long term, the only hope for those with CF is a cure.

Slow Recovery May Be Leading to Serious Housing Shortages1 comment.
March 1, 2010 ï¿½ Even as foreclosures continue to flood some of the worst-hit housing markets in the country, economists are beginning to sound the warning that todayï¿½s extremely low levels of new residential production could lead to significant housing shortages, especially among market-rate rental apartments, as household formation rates return to normal.

Reunion Resort (Formerly Ginn Reunion Resort) Affiliates with Wyndham Hotels and Resorts15 comments.
February 27, 2010 – Persistent rumors often turn out to be pre-released truths. It's official. Ginn's Reunion Resort which shed the Ginn brand a year ago is being re-branded. The resort near Orlando and Disney World has affiliated with Wyndham Hotels and Resorts. The announcement was made yesterday via a communications to members

Existing-Home Sales Down in January but Higher than a Year Ago; Prices Steady
February 26, 2010 – Existing-home sales fell in January but are above year-ago levels, according to the National Association of Realtors®. Total housing inventory at the end of January fell 0.5 percent to 3.27 million existing homes available for sale, which represents a 7.8-month supply

Suits: Banks Didn't Keep Loan Promise4 comments.
February 26, 2010 – More frustrated homeowners filed lawsuits in federal court this week for help with their mortgages, saying Bank of America and Wells Fargo failed to provide promised payment modifications.

Toll Brothers Reports 1st Qtr 2010 Results
February 25, 2010 – The Company reported a FY 2010 first-quarter net loss of $40.8 million, or $0.25 per share diluted, compared to FY 2009's first-quarter net loss of $88.9 million, or $0.55 per share diluted.

Former Timber Baron Tim Blixseth Goes on Trial, Accused of Looting $286M from Yellowstone Club3 comments.
February 23, 2010 – Credit Suisse loan to Blixseth, Ginn, and other luxury resort developers allowed them to take large profit distributions from the proceeds of multi-million dollar loans.

NAR's HouseLogic: The Logical Source for Today's Homeowners
February 23, 2010 – The free Website from NAR helps homeowners plan and organize their home projects and provides timely articles and news; home improvement advice and how-to’s; and information about taxes, home finances and insurance.

Cliffs Communities Faces Up to Bad Economy and Ties to Tiger Woods2 comments.
February 22, 2010 – Cliffs Communities founder Jim Anthony's plan to raise $60,000,000 to $100,000,000 from members received support from the community's financial advisory board. Meanwhile, Anthony exhibited his ongoing support for Tiger Woods by attending Woods' public apology Friday. Tiger's golf course design company is building his first U.S. golf course to anchor Anthony's latest community, Cliffs at High Carolina.

Developer Assets of Ginn's Tesoro Preserve Sold to ValueRich Subsidiary3 comments.
February 19, 2010 – VR Preserve Development LLC becomes the Declarant of Tesoro Preserve Development. Commits to build amenities.

Real Estate Developer Hawk McMillan is Out of the Country12 comments.
February 18, 2010 – Well known Palm Coast real estate broker and developer Robert E. (Hawk) McMillan III is "out of the country," according to his attorney, Kevin Donaghy. Donaghy declined to provide information about McMillan's location or future plans stating, "We have no comment." He leaves behind a trail of debts and worried investors.

Florida Issues Cease and Desist Orders to Three Home Warranty Companies
February 17, 2010 – Florida Insurance Commissioner Kevin McCarty yesterday announced the Florida Office of Insurance Regulation (Office) has issued cease and desist orders to three entities, including their subsidiaries, for the unauthorized sale of warranty products and service agreements.

Palm Coast Homeowners Eligible for Reduced Flood Insurance Premiums3 comments.
February 16, 2010 – Palm Coast, FL homeowners will be able to save up to 20% on flood insurance since the City's Community Rating System (CRS) was increased by FEMA.

State Supreme Court Makes it Tougher for Lenders to Foreclose1 comment.
February 15, 2010 – The Florida Supreme Court says lenders are now required to verify they own loans before they file a foreclosure lawsuit. And, according to the court order, lenders can no longer charge the homeowner for that investigation.

Fourth Quarter Existing-Home Sales Surge in Most States, Prices Up in More Areas
Palm Coast, FL – February 12, 2010 – Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors® .

Are Foreclosures Up or Down? It Depends on Who's Counting3 comments.
February 11, 2010 – RealtyTrac says that Flagler County's foreclosures grew by 51% in January. The County Clerk's Office indicates no growth. Why the difference?

Hammock Beach Developer Submits Revised Notice of Potential Change1 comment.
February 11, 2010 – Ginn-LA resubmits a Notice of Potential Change to the Hammock Dunes DRI. Reynolds Plantation has worked with Property Owners Associations to minimize their objections to an unpopular NOPC application submitted last year.

Are You Mad at the Big Banks and Wall Street Yet? You Should Be.2 comments.
February 11, 2010 – Great video exposes what the Wall Street bail out and the FDIC are doing with our money.

Palm Coast Observer Delivery to Grand Haven Suspended7 comments.
February 9, 2010 – The Palm Coast Observer, Flagler County's newest newspaper, published their inaugural issue last Thursday. Starved for local print news coverage the 20 page issue was welcomed by most area residents. Unfortunately the paper's free delivery driveway delivery to all areas served rubs up against Grand Haven's CCRs (codicils, conditions and restrictions). Most private communities are likewise restrictive. Basically, only subscription deliveries are allowed.

Suit Over Secondhand Smoke Targets Real Estate Broker4 comments.
Palm Coast, FL – February 9, 2010 – There must be too many unemployed lawyers. Boston resident says she was smoked out of her new $405,000 condominium. Wants her real estate broker to pay.

Bonita Bay Group Signs Agreement to Sell the Golf Club in its Flagship to Members
February 9, 2010 -- To join the new Naples area club, members will have to waive any right they may have to deposits they paid to the developer.

FBI Builds its Case in Flipping Schemes
February 8, 2010 – Informant has laid bare at least $200 million in fraudulent property deals, incriminated more than 30 of his former business partners

Palm Coast Plantation Property Owners Fear Annexation – Object to Palm Coast's Strong Arm Tactics3 comments.
February 6, 2010 – Property owners in the private Palm Coast Plantation community adjacent to the City of Palm Coast, FL fear annexation by the city. They are required to have a water and sewer connection agreement with the city before they can get a building permit from Flagler County. But the City will only allow a hookup if the property owner signs a pre-annexation agreement, consenting to any possible future annexation. Owners do not want to be annexed and object to the City's strong arm tactics. Annexation sill increase taxes while adding no new services.

Digging deep: Cliffs Communities asks owners for $60M2 comments.
February 5, 2010 – The fallout from a bad economy that is wreaking havoc on the high end of the leisure residential market, as well as an unfortunate bet on Tiger Woods, may have caught up with upscale Cliffs Communities in North and South Carolina. According to a Cliffs property owner, developer Jim Anthony is testing residents' and club members’ appetite to commit $60 million in debt financing, or about 40% of what The Cliffs has reportedly invested in its High Carolina community, including land and Woods’ alleged $20 million design fee.

Flagler County Tax Exemption for Granny Flat Probably Not for You
February 5, 2010 – There is a lot of buzz about Flagler County's new Granny Flat property tax exemption. In reality, the qualifying standards are very limiting. Most will not pass the test.

Singer Island Resort’s Drained Investors Claim Deceit
February 4, 2010 –An excellent article recently published in the Palm Beach Post does an excellent job of revealing flaws that have become apparent in the condo/hotel business model. It tells what happened at Singer Island in south Florida.

Pending Home Sales Stabilize, Remain Above Year-Ago Levels
February 3, 2010 – The National Association of Realtors' monthly home sales index was released in Washington yesterday. Pending home sales have leveled from a market swing driven by response to the home buyer tax credit, according to the National Association of Realtors®.

Housing Red Flags Ignored by Fed
February 2, 2010 – One of the nation’s biggest mortgage industry players repeatedly warned the Federal Reserve, the Federal Deposit Insurance Corp. and other bank regulators during the housing bubble that the U.S. faced an imminent housing crash

Amended Filing of $24 Billion Lawsuit against Credit Suisse Reveals More14 comments.
February 1, 2010 – Plaintiff's attorneys in a $24 Billion lawsuit against Credit Suisse Bank filed an amended complaint January 25, 2010. The amended complaint provides more details of the "Loan to Own" scheme Credit Suisse allegedly used to gain control of four luxury ski and golf resorts; Yellowstone Club, Tamarack, Lake Las Vegas, and Ginn sur Mer.

Crescent Resources Files Plan of Reorganization and Expects to Emerge from Bankruptcy in Second Quarter 2010 1 comment.
February 1, 2010 – The parent company of Palm Coast area developer LandMar Group has filed a plan for reorganization under chapter 11 bankruptcy. Crescent Resources and certain of its subsidiaries plan to emerge from bankruptcy during the second quarter of 2010.

U.S. Housing Market at Inflection Point: The “Old Normal” Will Not Be Part of Recovery, Says New Research From the Urban Land Institute 2 comments.
January 29, 2010 -- Report Cites Trends in Demographics, Consumer Behavior as Drivers of New Markets

Lenders Pursue Mortgage Payoffs Long After Homeowners Default3 comments.
January 28, 2010 -- Lenders pursue mortgage payoffs long after homeowners default. In Florida, lenders have 5 years to seek a deficiency judgment and twenty years to collect.

Toby Tobin Returns as a Guest on WNZF News Radio on Friday at 9:00
January 27, 2010 – GoToby.com publisher Toby Tobin will be the guest on WNZF's "Free for All Fridays" show hosted by Patrick Kelly.

Desalinated Water Plant for Region One Step Closer
January 25, 2010 – The first phase of work on the Coquina Coast Seawater Desalination Project has concluded with a recommendation that local governments continue evaluating a land-based seawater desalination facility.

December Existing-Home Sales Down but Prices Rise; 2009 Sales Up
January 25, 2010 – After a rising surge from September through November, existing-home sales fell as expected in December after first-time buyers rushed to complete sales before the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009, according to the National Association of Realtors®.

Bonita Bay Group in News Again Selling Golf Assets5 comments.
January 24, 2010 – GoToby.com has covered the changing landscape facing developers of high-end golf and country club communities. I've concluded that the Great Recession exposed a fundamental flaw in the business plan underlying these developments. This belief is fortified by a continuing string of articles from other sources.

Florida and Flagler County December Unemployment Rate Rises
January 22, 2010 – Again, Flagler County leads Florida as the county with the highest rate of unemployment. December's unemployment rate in the county was 16.9%, up from 16.8% in November and 11.8% in December 2008.

Hammock Decides Against Incorporation1 comment.
January 22, 2010 – A fact finding committee has been studying the pros and cons of Dunes Community Development District incorporation (becoming a city). A recent communication to DCDD residents discloses that the committee's recommendation to the DCDD Board is to not proceed with incorporation.

Correction: Adams Homes Added to 2009 Builder List
January 20, 2010 – Correction: Yesterday's article about 2009 building permits, inadvertently left Adams Homes ("the Brick Home Builder") off the list of builders. Adams was the second most active builder with 23 permits.

Flagler County 2009 New Home Construction Report5 comments.
January 19, 2010 – 2009 marked a dismal year for local homebuilders, across the country and here at home in Palm Coast/Flagler County, FL., builders faced competition from distressed properties selling for about $80 per square foot. Lenders were not returning their calls. With few exceptions, the term "spec house" has become an anachronism. Though national builders abandoned our market when sales dried up, an independent source reports that 157 new homes were permitted in Flagler County by 37 different builders who are gutting it out.

Shadow Wood, Brooks members buy clubs from Bonita Bay Group
January 18, 2010 – The Bonita Bay Group continued selling off its amenities and staving off bankruptcy Friday, closing a deal to sell residents of Shadow Wood and The Commons at The Brooks their clubs.

Big Banks Accused of Short Sale Fraud
January 15, 2010 – Some large banks are flouting the law by demanding cash payments to release second liens before a short sale can go through. The payments are made outside the settlement documents and without the knowledge of the first lien holder according to a report by CNBC's real estate reporter, Diana Olick.

Former Ginn Sales Team Out – Another former Ginn Executive in at Cliffs Communities11 comments.
January 14, 2010 – The Cliffs Communities apparently has an affinity for former Ginn Company sales executives. All formerly associated with Ginn, the team of Wilson Greene, Jim Matoska, Craig Wheeler, John Pinter, Jennifer Kelly, and Sean Barrett were brought on by Cliff's owner Jim Anthony to manage sales at his Communities. I'm told that association has ended. At the same time, former Ginn VP, Jeff Davis has joined Cliff's Communities.

Fannie Mae Jolts Florida's Condo Market2 comments.
Palm Coast, FL – January 12, 2010 – Federal mortgage backer Fannie Mae lending eases rules on Florida condo complexes that may not have met previous lending standards.

Ginn Sur Mer – Credit Suisse Foreclosure Settled6 comments.
January 8, 2010 – The New York Supreme Court has approved the settlement of Credit Suisse's foreclosure action against the Ginn-LA (Bobby Ginn and financial partner Lubert Adler) $4.9 billion mixed-use development on West End, Grand Bahama. The settlement ends the saga of events begun with Ginn-LA's June 2008 default on a $675 million loan from an aggregation of lenders brokered by Credit Suisse.

Credit Suisse Hit with $24 Billion Fraud Lawsuit1 comment.
January 6, 2010 – Credit Suisse Bank and real estate service firm Cushman & Wakefield defrauded developers and property owners at four luxury resorts; Ginn sur Mer (Grand Bahama Island in the Bahamas), Lake Las Vegas, TamaracK (Tamarac/Donnelly, Idaho), and Yellowstone Club (Montana), according to a lawsuit filed in the U.S. District Court for the District of Idaho.

Pending Home Sales Down from Surge but Higher than a Year Ago
January 05, 2010 – Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®.

Most Mortgage Fraud Will Go Unpunished4 comments.
January 4 – GoToby has been reporting on mortgage fraud for nearly three years as the evidence that mortgage fraud was a major contributor in the excessive price run up of the real estate boom during the first half of the decade. Now, an article in the St. Petersburg Times hints that most of the fraudsters will go unpunished. Why?

Tesoro and Quail West Doing Well Without Ginn5 comments.
December 31, 2009 – Two golf course communities once owned by Ginn-LA (Bobby Ginn and financial partner Lubert Adler) were sold at a bankruptcy auction this year. The developer owned assets of the two communities, along with those of two other Ginn communities, had been pledged as collateral for a $675 million non-recourse loan brokered by Credit Suisse. Ginn-LA defaulted on the loan leading to a Chapter 7 bankruptcy at Tesoro, in Port St. Lucie and Quail West, near Naples. Both communities seem to be better off as a result.

Census Bureau Projects U.S. Population of 308.4 Million on New Year’s Day5 comments.
December 29, 2009 – The U.S. Census Bureau in Washington DC projects that on Jan. 1, 2010 — three months out from Census Day — the total U.S. population will be 308,400,408.

Failed Ski Resorts Weren’t Designed for Skiing
December 25, 2009 – Ski resort developers suffer from reliance on real estate sales revenue to support expensive operations

Crescent Resources Sues Flagler Property Appraiser Over Grand Haven Assessment2 comments.
December 24, 2009 – Crescent Resources, the parent company of real estate developer LandMar Group has filed a lawsuit against Jay Gardner, Flagler County Property Appraiser over the assessed value of the Grand Haven golf course and clubhouse.

Palm Coast Golf Courses Battle for Cash Flow5 comments.
December 24, 2009 – GoToby.com started reporting months ago about the cash flow difficulties faced by golf courses around the country. At least two local golf courses are reacting. Both the Bobby Ginn-founded Hammock Beach Club and Crescent Resources' Grand Haven Club have opened up their membership to those who live outside the gates.

Peoples First Closed by Office of Thrift Supervision
December 22, 2009 – Bank regulators shut down Panama City-based Peoples First Community Bank on Friday. Of five northeast Florida branches, one was in Flagler County; located in the Palm Harbor Shopping Center.

National Association of Realtors® Reports November Rise in Existing-home Sales
December 22, 2009 – Existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors®.

Title Challenge to Ginn's Multi-Billion Bahamas Project Defeated4 comments.
December 21, 2009 – Bahamian Wilbert Bootle and his family had challenged the Certificate of Title granted to Ginn sur Mer site in Grand Bahama's West End.

Lubert Adler Affiliate Buys the W New York Union Square at Foreclosure Auction2 comments.
December 18, 2009 – LEM Mezzanine, an affiliate of Lubert Adler Partners, purchased the trendy W New York Union Square at a foreclosure auction for $2 million. LEM must also bring current an additional $97 million in secured debt. Lubert Adler is Palm Coast real estate developer Bobby Ginn's financial partner.

City Centré in Palm Coast's Town Center Has Its First Occupants5 comments.
December 18, 2009 – Yesterday, the first occupants of the new 51,793 square foot City Centré in Town Center showed off their new surroundings to about 40 to 50 invited guest, including Palm Coast and Flagler County politicians.

State Farm Reaches Deal to Stay in Florida1 comment.
December 16, 2009 – State Farm will remain in Florida and has been granted a 14.8 percent rate increase for all homeowners and condominium policies, according to a consent order announced today by insurance officials.

Toby Guests on WNZF Tomorrow at 9:00 A.M.
December 14, 2009 – Toby Tobin, real estate consultant and publisher of real estate news website, GoToby.com will be a guest on local news radio WNZF's Open Line at 9 show Tuesday, December 15th. The show is hosted by David Ayres. This will be Tobin's third appearance on the show.

Palm Coast, Florida Celebrates Its Tenth Birthday2 comments.
December 11, 2009 – Palm Coast, FL is ten years old tomorrow. The entire community will be treated to some of the best musical entertainment in town, all free of charge.

Property Owners Associations Face Additional Problem; Failure to Get a Quorum1 comment.
December 20, 2009 – In a predicament probably echoed throughout Florida, two Property Owners Associations near Palm Coast failed in their first attempt to hold a state mandated annual meeting. Both the Ocean Hammock and Palm Coast Plantation POAs fell far short of the required quorum, thus were unable to elect officers to their respective Boards of Directors.

Will Tiger's Name Still Drive Sales at Cliffs at High Carolina?11 comments.
December 9, 2009 – Cliffs Communities decision to engage Tiger Woods to design his first U.S. golf course at the new Cliffs at High Carolina project seemed to be a coup at the time. Was it a costly blunder given Tiger's recent behavior?

Another Conservatory Lot and a Ginn-Developed Hammock Beach Condo Sold at December Tax Deed Sale4 comments.
December 9, 2009 – For the second time in two months, properties in Ginn-developed communities were sold at a Flagler County tax deed sale.

Palm Coast Metro Area Unemployment Rate Down but Still Leads State1 comment.
December 5, 2009 – The U.S. Bureau of Labor Statistics reported October unemployment numbers. The Palm Coast metropolitan area unemployment rate was the state's highest. It dropped slightly from 16.2% in September to 16.1%. The State of Florida rate rose slightly from 11.1% to 11.2% during the same period.

Banks Take Losses on Short Sales as Foreclosures Soar5 comments.
December 4, 2009 – Short sales are less expensive and some banks are getting better at handling them.

Bonita Bay Club Members May Force Developer's Hand
December 2, 2009 – Struggling golf courses, especially those tied to real estate development, continue to struggle. Bonita Bay in Naples is just an example.

Former Levitt & Sons Property Near Myrtle Beach Gets New Life1 comment.
December 2, 2009 – A retirement community in Murrells Inlet near Myrtle Beach was left partially completed when real estate developer Levitt & Sons went bankrupt in November '07. Dock Street Communities, a Myrtle Beach developer, bought the property at a bankruptcy sale for $11.6 million. Within weeks of closing on the deal, Dock Street started to spend money revitalizing the project.

Nine Consecutive Gains for Pending Home Sales1 comment.
December 1, 2009 – Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.

Flagler Rotary's Annual Holiday Fantasy Lights Begins Dec 1st1 comment.
November 30, 2009 – The Rotary Club of Flagler County and sponsors, The City of Palm Coast and Palm Coast Holdings, invite everyone to attend the fourth annual Holiday Fantasy Lights event. The free event will be available for viewing every night from 6:30 to 9:00 between December 1st and December 30th. As last year, the event will be staged at Town Center.

Golf Courses Suffer as Recession Deals a Bogey8 comments.
November 25, 2009 – An excellent article found in the Los Angeles Times hits the nail on the head. The health of the golf industry is tied to the health of the real estate industry.

New Owner of Palm Coast's Palm Harbor Plaza Improving Property
November 23, 2009 – Palm Coast's Palm Harbor Plaza has a new owner; Chicago-based Inland Group.

Existing-Home Sales Record Another Big Gain, Inventories Continue to Shrink
November 23, 2009 – Driven by the first-time buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, while inventories continue to decline, according to the National Association of Realtors®.

Chinese Drywall Linked to Metal Corrosion
November 23, 2009 – Press Statement on Corrosion in Homes and Connections to Chinese Drywall from U.S. Consumer Product Safety Commission

Phantom Equity Created by Alleged Fraud Helped Real Estate Prices Soar 5 comments.
November 20, 2009 – Evidence of alleged real estate fraud in class action lawsuit against Ginn, Lubert Adler, Suntrust, Wachovia, and Fifth Third Banks is compelling.

Crescent Resources LLC CEO Sees Positive Signs
November 20, 2009 – Several GoToby.com readers contacted me about a Wall Street Journal story announcing that Morgan Stanley had given back Crescent Properties to lender Barclays. They thought the story was about Crescent Resources, parent company of LandMar, one of Palm Coast and Flagler Counties major real estate developers.

Court of Appeals Upholds Real Estate Tax Breaks for Florida Homeowners
November 18, 2009 – Tuesday Florida's 1st District Court of Appeal upheld both the Save Our Homes amendment and the amendment's portability provision.

Lawsuit Alleges Deception on Landslide Risk2 comments.
November 17, 2009 – Spanish Peaks Lawsuit Alleges Deception on Landslide Risk. A developer email unearthed during the discovery phase of the trial instructs staff to deal with customer inquiries on the subject to "“baffle them with BS rather than provide the actual reports.”

The War for Yellowstone Club
November 16, 2009 – Montana's lavish Yellowstone Club fell prey to a bad loan, a tanking economy and owners who couldn't play nice. A year after going bust, the club is trying to exorcise its past and make amends with the community.

Flagler County Council Expected to Approve National Guard Lease Tonight6 comments.
November 16, 2009 – There's more news on the Flagler County economic development front. A lease agreement has been reached, pending Flagler County Council's approval tonight, with the Florida Department of Military Affairs on behalf of the Florida Army National Guard for the construction of an 80,000+ square foot Armed Forces Reserve Center on county-owned land near the airport. Council's approval is expected.

2010 Home Sales to Rise 15 Percent
November 13, 2009 -- National Association of Realtors' Chief Economist Lawrence Yun predicts 2010 home sales to total 5.7 million units.

Developer Tries to Quell Fears at Former Ginn Project Near Vail
November 13, 2009 -- The new developers of a proposed private ski resort at Battle Mountain vowed Thursday to complete the project. But a few things need to happen first, and that's going to take some time.

Amelia Island Co. in Chapter 11 Bankruptcy1 comment.
November 13, 2009 – Amelia Island Co. has filed for reorganization under Chapter 11 bankruptcy proceedings. There will be “business as usual” at the Amelia Island Plantation resort while the company reorganizes and firms up its finances.

Toll Brothers Reports Preliminary 4th Qtr and FY 2009 Results
November 12, 2009 – Toll Brothers preliminary fourth quarter and year end fiscal '09 results show improved unit sales and dollar volume from last year.

Blue Spring Lake Lawsuit Filed – Appraisers and Banks Included
November 11, 2009 – A lawsuit was filed yesterday by twenty-six foreign nationals, all British citizens, who purchased property in the Blue Spring Lake development in Lake County near Orlando, Florida. Similar to the Ginn - Lubert Adler complaint filed in May '09, this suit targets a real estate developer, appraisers, and a bank. It shares several named parties with the Ginn-LA lawsuit, the most high-profile being Fifth Third Bank.

Existing-Home Sales Surge in Many States in Third Quarter, Metro Prices Moderating
November 11, 2009 – National Association of Realtors® report issued yesterday indicates rising existing-home sales.

Palm Coast's Palm Harbor Golf Course Opens3 comments.
November 10, 2009 – The November 7-8 weekend marked the long anticipated reopening of the Palm Harbor Golf Course. Saturday was marked by a ribbon cutting ceremony and a tournament for special guests and media. Public play began on Sunday.

Real Estate and Mortgage Fraud was Massive, Rampant16 comments.
November 12, 2009 – Real estate fraud ran rampant in states such as Florida where the real estate boom overwhelmed the systems' safeguards. Real estate transactions cross too many jurisdictional boundaries; both state and federal. The result; no single agency takes responsibility for the entire transaction. There simply are not enough safeguards or enough watchers.

Are Gas-Passing Microbes the Chinese Drywall Problem?
November 9, 2009 – First, it was global warming caused by flatulent cows. Could the Chinese toxic drywall problem be as simple as microbes passing gas after a tasty meal of gypsum?

High-flying Big Sky humbled by bankruptcy, lawsuits
November 8, 2009 – Over hyped, over leveraged luxury second home communities continue to show signs of financial stress. The experiences of Lake Las Vegas, Yellowstone Club, Telluride, are repeated in more and more high-end developments. Yellowstone Club neighbors' financial problems are featured in a Bozeman Daily Chronicle article.

Obama Signs Extended Tax Credit into Law4 comments.
November 6, 2009 – President Obama signed today a bipartisan bill that extends the first-time buyer tax credit to April 30, 2010. Transactions must close by June 30, 2010.

Senate Extends and Expands Homebuyer Tax Credit6 comments.
November 5, 2009 – In a 98-0 vote, the U. S. Senate approved a bill to extend and expand the homebuyer tax credit.

More Borrowers Walk Away from Homes, Mortgages3 comments.
November 4, 2009 – Many borrowers are defaulting voluntarily, even though they can afford their mortgage payments.

Mortgage Fraud Surge Investigation Nets More Than 100 Individuals Throughout Middle Florida3 comments.
November 4, 2009 – United States Attorney A. Brian Albritton today announced the results of a nine-month-long Mortgage Fraud Surge investigation that has resulted in charges against more than 100 defendants and involves allegations concerning more than $400 million in loans procured by fraud and more than 700 properties.

Pending Home Sales Rise for Record Eight Straight Months
November 3, 2009 – Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors®.

Bonita Bay Correction
November 3, 2009 – In a PR Web press release yesterday, GoToby.com incorrectly included Bonita Bay Group in a list of high profile private community developers hit by bankruptcy.

Realtors Question Sale of Luxury Forclosed Home2 comments.
November 3, 2009 – A foreclosed home in a luxury California community sells in 13 minutes to the son of an assistant manager of the foreclosing bank. The selling price is reportedly $200,000 below market value according to some local real estate professionals.

Flagler County November Foreclosure Sale Schedule1 comment.
October 31, 2009 – The list of Palm Coast and Flagler County properties scheduled to be sold at foreclosure sales during November illustrate how much the low end of the market is dominated by distressed properties.

Palm Coast Tightens Watering Restrictions9 comments.
October 30, 2009 – The Palm Coast City Council has adopted the new landscape irrigation policy for Eastern Standard Time.

PGA Cuts Ticket Prices for Next Year's Players Championship1 comment.
October 30, 2009 – The 2010 PGA Players Championship tickets go on sale Sunday. They will be cheaper than '09 tickets.

Wonder What Happens When You Don't Pay Your Mortgage?2 comments.
October 29, 2009 – Find out from credit reporting company sources.

Tax refugees staging escape from New York - Florida, NJ Benefit Most3 comments.
October 28, 2009 – New Yorkers are fleeing the state and city in alarming numbers -- and costing a fortune in lost tax dollars, a new study shows. Florida was a beneficiary.

Hammock Dunes Makes List of Top Places to Retire on a $1 million to $3 million Budget4 comments.
October 28, 2009 – Oceanfront Hammock Dunes was among four Florida locations selected to be among the top-30 best places to retire on a $1 million to $3 million budget by BestRetirementDestinations.com, the independent authority on where you should retire.

Homebuyer Tax Credit Appears Close to Extension1 comment.
October 28, 2009 – An extension of the $8,000 federal tax credit for first-time homebuyers could be coming on the back of an unemployment-benefits measure.

CNN Features Palm Coast's Floating Doctors - Watch Video2 comments.
Palm Coast, FL – October 27, 2009 – A team of volunteer doctors, support staff and a documentary crew along with tons of medical supplies is about to leave Palm Coast, FL on a 76 ft sailboat for a 12-month medical relief voyage to Central America and the Eastern Pacific. Their goal: to provide free acute and preventative medical care. Their months-long effort to rehabilitate their boat and raise funds has attracted lots of attention, including a recent segment on CNN.

Home Prices Continue Rebound Says Case Shiller Index
October 27, 2009 – Standard and Poor's Case-Schiller Index signals the national housing market continues to stabilize.

Capmark Files for Bankruptcy With $21 Billion in Debt1 comment.
Palm Coast, FL – October 26, 2009 – Capmark, one of the largest finance companies in the commercial real estate market filed for Chapter 11 bankruptcy.

Crescent Resources in OK Shape. No Push to Sell Assets at Fire Sale Prices1 comment.
October 26, 2009 – The parent of LandMar Group, one of Palm Coast and Flagler County's largest real estate developers, has put out positive news of progress toward emerging from bankruptcy.

Bank Loans $436,989 then Stands Aside as Liened Property Sells at Tax Deed Sale for $15,185.7 comments.
October 25, 2009 – It would normally be unthinkable for a lender to let a liened property sell at a tax deed sale for a small fraction of the mortgage amount; in this case, 3.47%. Yet that is exactly what one lender did recently.

Cliffs' Jim Anthony not deterred by sluggish economy
October 24, 2009 – Jim Anthony faces a tough market but remains positive about Cliffs at High Carolina and its Tiger Woods designed golf course.

Listen to Toby Tobin on WNZF at 10:00 a.m. Saturday Morning
October 23, 2009 – Toby Tobin, Publisher of real estate news website GoToby.com will be the second of two guests on the Chamber Chat segment of WNZF News' 10:00 a.m. Saturday broadcast.

Big Rebound in Existing-Home Sales Shows First-Time Buyer Momentum
October 23, 2009 – Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®.

Conservatory Lot Sells at Tax Deed Sale for $15,18515 comments.
October 20, 2009 – A lot in Bobby Ginn's Conservatory in Palm Coast sells for back taxes. The lot owner originally paid $425,900 in 2005.

Amended Complaint in Ginn Lawsuit Reveals More3 comments.
October 18, 2009 – Bobby Ginn loses NASCAR related lawsuit. Amended complaint filed in lawsuit against Ginn and major banks over real estate dealings.

Insurance Companies Hanging Chinese Drywall Homeowners Out to Dry2 comments.
October 16, 2009 – Chinese Drywall has caused severe damage to hundreds of homes in south Florida and along the Gulf coast. Affected homeowners who thought things could not get worse are finding out that they can get worse; much worse. Now their insurance companies are refusing to renew their policies or cancelling them altogether.

Flagler Second in Florida Unemployment Stats for September4 comments.
October 16, 2009 – The future health of the Palm Coast and Flagler County housing market is tied to economic development and job creation. The State of Florida Agency for Workforce Innovation's employment report is out. It shows Flagler County with the second highest unemployment rate of all Florida's counties – 16,2%. Hendry came in first at 16.8%. Volusia County's unemployment rate stands at 11.7. The national unemployment rate is 9.5%.

Foreclosures Move Up-market
October 14, 2009 – Dropping prices in the more expensive home market are leaving more people with mortgages greater than the value of their homes. According to the American Bankers Association, prime loans accounted for 58% of foreclosure filings in the second quarter, up fro 44% last year. The percentage of foreclosures attributed to subprime mortgages dropped from one half to one third over the same periods.

The Next Wave of Fraud - the Loan Audit1 comment.
October 12, 2009 – First, liar loans, then foreclosure rescue and mortgage modification companies. Is loan audit the next wave of fraud?

Time Running Out for First-time Home Buyer Tax Credit
October 9, 2009 – The $8,000 tax credit for first-time home buyers expires on December 1, 2009. The National Association of Realtors® estimates that the program has been responsible for between 355,000 and 400,000 additional home sales. Support is growing in Congress to extend or even expand the program.

Palm Harbor Golf Course Opening Set2 comments.
October 9, 2009 – Palm Coast golfers have been waiting anxiously to hear when the city's new municipal golf course would open. An email to members of "Friends of Golf" tonight makes the announcement. Ribbon cutting is scheduled for 11-7. The first rounds of play will be on 11-8.

Dunes CDD Contemplates Incorporation – Town Hall Meeting Scheduled5 comments.
October 8, 2009 – Should the Hammock become a city? An October 28th Town Hall Meeting will let Ocean Hammock Property Owners Association members hear the recommendations of a study committee and consultants regarding the possible incorporation of the Hammock Community Development District (CDD).

Hotel & 3 Restaurants Planned for Cobblestone Village - New CVS Approved4 comments.
October 7, 2009 – The Palm Coast City Council voted to approve two commercial projects in the city. They approved upon second reading, re-zoning of the southeast corner of Palm Coast Parkway and Old Kings Road. CVS is planning a new pharmacy there. The other action leads the way for a hotel and three restaurants in Cobblestone Village which is already anchored by Belks and Lowe's. Both votes were unanimous.

Where would Americans Choose to Live? Florida comes in Second1 comment.
October 6, 2009 – For the sixth year in a row, California tops the list of states that Americans would choose to live in if they did not live in the states where they are now. Florida, which was the most popular state in 2001, retains second place on the list and Hawaii is number three.

He Ate the HOLE Thing – Another Dunkin' Donuts for Palm Coast2 comments.
October 5, 2009 – Dunkin' Donuts is planning a third outlet in Palm Coast, FL.

Record Streak Continues for Pending Home Sales1 comment.
October 4, 2009 –Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to a report issued Thursday by the National Association of Realtors®.

Never Before has the Health of the Golf Industry been so Closely Tied to the Real Estate Market.4 comments.
September 30, 2009 – Although previously thought to be so, the golf industry is not recession proof. Perhaps the change is due to real estate developers' twenty-year love affair with golf communities. Over the past two decades, nearly two thirds of all new golf course construction was tied to real estate development. The number of rounds played is declining and new course construction is practically at a standstill. According to an industry insider, there are only seven U.S. courses actively under construction.

Foreclosure Defense Takes Hold – Trouble for Banks4 comments.
September 29, 2009 – The ability of lenders to foreclose on nearly 60 million mortgages will likely be affected by a recent Kansas Supreme Court ruling.

Ginn's Laurelmor has New Name – Reynolds Blue Ridge1 comment.
September 26, 2009 – On the heels of a repositioning of Hammock Beach condominium prices, the Reynolds Plantation subsidiary that purchased the unfinished Laurelmor community near Blowing Rock, NC announces a name change. The community, which Reynolds acquired as a result of Ginn-LA's Credit Suisse loan default, will now be called Reynolds Blue Ridge.

Changes Coming to Hammock Beach and Hammock Dunes3 comments.
September 25, 2009 – Palm Coast/Flagler real estate developers re-tuning their strategies to fit today's market.

Bonita Bay Battles Members over $245 Million in Refundable Golf Membership Fees3 comments.
September 24, 2009 – One of Naples, Florida's leading real estate developers, Bonita Bay Group, built 7 luxury golf communities; luxury homes surrounding signature golf courses. Now the developer faces at least 15 lawsuits brought by members after Bonita Bay refused to refund golf club membership deposit fees.

Palm Harbor Golf Course Opening Set for Early November3 comments.
September 23, 2009 – The City of Palm Coast's municipal golf course is becoming a reality. The staff has been hired and the triple-wide clubhouse is scheduled for installation next week. The course opening is scheduled for early November.

“Saving Hearts in Flagler County” Week! Thru September 252 comments.
September 23, 2009 – You can support Florida Hospital Flagler's fundraising efforts for its planned heart intervention facility and enjoy great dining at the same time. Eat at one of the following local restaurants through Sep. 25 and they will donate a portion of their proceeds to the hospital.

IRS Says 1.4 Million Taxpayers Have Used First-Time Buyer Tax Credit3 comments.
September 21, 2009 – The IRS reports that about 1.4 million taxpayers have filed (or amended) their 2008 income tax returns claiming the $8000 first-time homebuyer tax credit.

Credit Suisse Executives Receive Subpoenas9 comments.
September 15, 2009 -- Thirty one senior officials of Credit Suisse, Switzerland's second-largest bank, received subpoenas today demanding that they turn over internal documents that explain why they engaged in what a federal judge called "predatory lending practices" involving the exclusive Yellowstone Club resort in Montana.

Palm Coast Citizens Invited to Give City Planning Input
September 15, 2009 – The City of Palm Coast has scheduled a city-wide meeting on Monday, September 21st to offer all citizens an opportunity to guide staff regarding their opinions about a variety of community issues.

Tidelands Owners Can Now Have Boat Docks on the Intracoastal Waterway, Cimmaron Canal3 comments.
September 12, 2009 – The Tidelands Home Owners Association (HOA) reached an agreement with Centex / Pulte Homes this week for the return of common property in dispute and for additional funds totaling $45,000 to complete a pathway along the Intracoastal Waterway and a gazebo/ fishing pier on the North Point in off Longview Way.

Coquina Coast Desalination Project Participants to Host Public Meeting Sept 231 comment.
September 11, 2009 – The community is invited to learn more about the Coquina Coast Seawater Desalination Project at a public meeting on Wednesday, Sept. 23, 2009, at Whitney Laboratory at Marineland, 9505 Ocean Shore Blvd.

National Association of Realtors® Forecast: Imports & Exports, Wholesale Prices, Consumer Sentiment
September 11, 2009 – The National Association of Realtors® research department provides periodic forecasts of economic activity. Todays report covers Imports & Exports, Wholesale Prices, Consumer Sentiment.

Bobby Ginn is Out of Luxury Ski & Golf Resort Project near Vail2 comments.
September 10, 2009 – Lubert Adler, Bobby Ginn's financial partner for the past decade continues to increase the distance between the two parties. Bobby Ginn has been replaced by Crave Real Estate at a luxury ski and golf resort project financed by Lubert Adler near Minturn (locally referred to as GINNturn) near Vail, CO.

Palm Harbor Golf Club Website Goes Live1 comment.
September 9, 2009 – Palm Coast's soon to be opened municipal golf course has initiated its new website.

Flagler GREEN EXPO this Saturday in Town Center
September 9, 2009 – The inaugural Flagler Green Expo will be held at Central Park in Palm Coast Town Center on September 12, 2009 from 9 am to 3 pm. The free event is for the whole family with exhibitors of green products and services, food, seminars, workshops and eco-friendly kids' activities.

Flagler County School District Final Enrollment Numbers up 3.0%
September 8, 2009 – Today's release of Flagler County School Districts entering enrollment brings a little light into a dark room. The total current enrollment of 13,249 is 3% above the number ending the last school year. One result will be increased state funding for the district.

Ginn Michigan Lawsuit Faltering Following Recent Ruling2 comments.
September 8, 2009 – Plaintiffs in the "Michigan lawsuit" against the Ginn Company do not fare well in recent Florida ruling.

Former Dallas Cowboys Football Player Charged in $20.5 Million Mortgage Fraud Scheme
September 6, 2009 – In a scene that will likely be echoed throughout Florida and other areas struck by the real estate boom and bust cycle, the United States Attorney for the Northern District of Texas issued a press release Thursday announcing the indictment of former Dallas Cowboys football player Eugene Lockhart and eight others on charges related to an alleged mortgage scheme involving 54 properties and $20.5 million in fraudulent loans.

Taylor Bean and FDIC Battle Over Escrow Funds Held in Colonial Accounts
September 3, 2009 – The collapses of Taylor Bean & Whitaker Mortgage Corp. and Colonial BancGroup continue to have repercussions on homeowners holding mortgages serviced by bankrupt Taylor Bean. The FDIC is fighting with Taylor Bean for control of $1.9 billion held in more than 100 Colonial accounts.

Hammock Beach Club Announces Changes Aimed at Cutting Costs and Enhancing Revenue5 comments.
September 3, 2009 – In a move to respond to member concerns and to the poor economic climate, Reynolds Management and Development Group and Noble Investment Group notified Hammock Beach Club members of changes to the club membership program. The changes were effective August 31.

Epic Theatre Breaks Ground – Olive Garden Deal Near1 comment.
September 2, 2009 – Blanketed by the overpowering aroma of popcorn, local dignitaries and Epic Theatre officials broke ground today in the Palm Coast Town Center. An Olive Garden Restaurant will probably join Epic in Town Center.

Pending Home Sales on a Record Roll
September 01, 2009 – Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors® in a report issued yesterday.

Tax Notices Sent Out, Most Receive Good News3 comments.
August 28, 2009 – Palm Coast and Flagler County, Florida residents will receive their TRIM (Truth in Millage) notices in the mail this week. The notices inform residents of the taxable value of their home and the proposed tax rates of each of the taxing authorities that affect the property and how much the total tax bill on the property would be if all the rates are approved as proposed.

Epic Theatres Groundbreaking September 2nd in Town Center
August 27, 2009 – Epic Theatres has scheduled a ground breaking ceremony for its new 14-theater complex at Palm Coast Town Center for 11 A.M. September 2.

Toll Brothers Reports FY 2009 3rd Qtr Results
Aug. 27, 2009 - Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, today reported final results for its third quarter ended July 31, 2009.

NOAA Downgrades 2009 Hurricane Forecast1 comment.
August 26, 2009 – Northeast Florida does not have a history of intense hurricanes. Nonetheless, residents listen up when NOAA talks. NOAA (National Oceanic and Atmospheric Administration) operates the National Weather Service's National Hurricane Center which recently lowered their 2009 hurricane outlook.

Case-Shiller U.S.National Home Price Index Rises
August 25, 2009 – Miami and Tampa are the only Florida cities in Standard & Poor's Case-Shiller U.S. National Home Price Index. They joined 16 other cities showing a rising index for the second quarter of '09. This is the first quarter-to-quarter rise in three years. Detroit and Las Vegas were the only two cities showing a quarterly decline.

Surveying Stakes Appear at Epic Theater Site in Town Center1 comment.
August 21, 2009 – Palm Coast and Flagler County residents will be glad to hear that the new Epic movie theater in Town Center is another step closer to reality. Survey stakes can be seen at the construction site. Additionally, two other commercial projects are showing progress; a new CVS Pharmacy and office building and an ABC Liquor Store, all located at Palm Coast Pkwy and Old Kings Road.

NAR Report: Strong Gain in Existing-Home Sales Maintains Uptrend
August 21, 2009 – For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.

New Rules Cover Tenants in Foreclosed Homes1 comment.
Aug. 19, 2009 – On May 20, 2009, the “Helping Families Save Their Homes Act of 2009,” P.L. 111-22, was signed into law. Title VII of the law, the “Protecting Tenants at Foreclosure Act,” included provisions to protect to tenants faced with eviction if their rented property goes through foreclosure. The provisions took effect May 20, 2009, and expire on Dec. 30, 2012.

Intracoastal Bank Adds New Business Development Officer
August 20, 2009 – Bruce Page, President and Chief Executive Officer, recently announced the addition of C. Lloyd Collins to the Intracoastal Bank team as Vice President/Business Development Officer. Intracoastal Bank is located at 1290 Palm Coast Parkway, NW, Palm Coast

New York Company Touts Possible Chinese Drywall Cure
August 19, 2009 – Sabre Technical Services says its Chlorine Dioxide treatment neutralizes the harmful properties of toxic Chinese drywall.

Pulte Homes Purchase of Centex Homes Approved by Shareholders
August 19, 2009 – Yesterday, shareholders of Centex Homes and Pulte Homes voted their approval of Pulte's $3.1 billion purchase of Centex. The new Pulte supplants D.R. Horton as the largest homebuilder in the U.S.

Flagler County 2009 Preliminary Property Assessments Posted On-line2 comments.
August 18, 2009 – The Flagler County Property Appraiser's office has posted the 2009 property assessment data on its website www.flaglerpa.com. Some will see assessments rise although value declined.

Air Traffic Control Tower Dedication Monday
August 15, 2009 – Formal control of air traffic in and around the Flagler County Airport takes a step forward on Monday with the dedication of its new Air Traffic Control Tower.

FDIC Seized Colonial Bank Branches and Deposits Going to BB&T
August 14, 2009 – BB&T, a Winston-Salem-based regional bank (Branch Banking and Trust) will reportedly purchase Colonial BancGroup's deposits and 355 branches under an agreement with the Federal Deposit Insurance Corp. Colonial has about $25 billion in assets and branches in Florida, Alabama, Georgia, Nevada, and Texas.

GoToby Commentary Predicted Taylor Bean Mortgage Style Collapse
August 14, 2009 – A December '08 GoToby.com commentary Real Estate – the Fallacy of Government Oversight cited an excellent BusinessWeek piece entitled "FHA-Backed Loans: The New Subprime." It prophesied the problem loans that lead to the recent collapse of Taylor Bean & Whitaker which, at least in part, triggered today's failure of Colonial Bank. Colonial funded many of Taylor Bean's loans.

Toll Brothers Reports Preliminary FY 2009 3rd Qtr Results for Contracts, Backlog and Home Building Revenues
August 13, 2009 - Toll Brothers announces preliminary fiscal 2009 quarterly results.

Notice of Pilot Drainage Study Inspections in Palm Harbor and Indian Trails Sections of Palm Coast3 comments.
August 12, 2009 – The City of Palm Coast has contracted to perform a pilot drainage study for areas of the Palm Harbor and Indian Trail sections in the City.

Ginn's Minturn Project May have Merger Partner and Name Change1 comment.
August 12, 2009 (updated) – Bobby Ginn's company recently lost its bid to secure water rights for its planned private golf and ski resort near Minturn CO. Now, a potential merger with a nearby golfing community and a possible name change may be in the works. The Colorado Independent reports today that residential golf community Cordillera has notified its property owners that it is in talks with Ginn.

Federal Probe Blocks Major Florida Mortgage Lender2 comments.
August 7, 2009 – The third largest originator of FHA mortgages has been shut down. In a statement sent to mortgage brokers and regulators, Ocala-based Taylor, Bean & Whitaker announced that it was suspending mortgage-lending operations. Federal agencies had suspended the company from selling and servicing loans by the Department of Housing and Urban Development, Freddie Mac and Ginnie Mae.

Uptrend Continues in National Pending Home Sales Index
August 6, 2009 – Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.

Golf Channel Segment on Ginn Real Estate Bust Teased but Did Not Satisfy5 comments.
August 4, 2009 – Golf Channel's 'Golf in America' segment examined what went wrong and promised to explore how the world of golf was affected. The real estate bust magnified by alleged fraud is what happened. But we are left pondering the question of the bust's affect on the world of golf.

D.R. Horton, Pulte, and Centex Report Quarterly Earnings
August 4, 2009 – A Bloomberg.com report [full story] reveals quarterly earnings for the nation's largest residential builders; D.R. Horton, Pulte, and Centex. Outlook remains difficult.

Bankruptcy Court Filings Reveal Crescent Resources' Executive Pay2 comments.
August 2, 2009 – Crescent Resources, parent of Palm Coast's second largest real estate developer LandMar Group, paid 17 top executives a total of $9.2 million in the 12 months preceding its June 10 Chapter 11 bankruptcy filing according to an article in yesterday's Charlotte Observer entitled "Court filings detail firm's executive pay."

Tuesday Golf Channel Segment Examines Ginn Real Estate Bust7 comments.
August 1, 2009 – Golf Channel segment examines affect of Ginn real estate bust on the golfing community, exposing possible fraud.

Epic Theatres will Begin Construction at Palm Coast Town Center within 90 Days4 comments.
August 1, 2009 – Epic Theatres will begin construction of 14-theater complex at Palm Coast Town Center within 90 Days.

Reynolds Restarts Infrastructure Construction at Laurelmor
August 1, 2009 – The Wilkes Journal-Patriot reports that construction at Laurelmor is again underway. Formerly a Bobby Ginn development, Laurelmor was purchased by Reynolds Signature Communities last December.

Palm Coast's Palm Harbor Golf Course on Track for Fall Opening3 comments.
July 31, 2009 – The Friends of Golf Steering Committee reports on their Wednesday meeting with Kemper Sports. In a nutshell, progress is on schedule for the Palm Harbor Golf Course (Palm Coast's new municipal golf course) to open this fall.

Flagler County Records its First Chinese Drywall Cases4 comments.
July 30, 2009 – Flagler County, Florida has registered its first two cases of toxic Chinese drywall.

Federal Housing Finance Agency Reports Mortgage Interest Rates
July 28, 2009 – The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less increased 24 basis points to 5.12 percent in June.

Crescent Resources Receives Final Court Approval for $110 Million DIP Facility2 comments.
July 25, 2009 (BUSINESS WIRE) – Crescent Resources announced Wednesday that the U.S. Bankruptcy Court in the Western District of Texas has granted final approval of the company’s $110 million debtor-in-possession (DIP) credit financing.

Toby Tobin Guest on WNZF News Radio2 comments.
July 24, 2009 – Toby Tobin, publisher of real estate news website GoToby.com, made his third appearance on WNZF news radio yesterday as a guest on Dave Ayers "Open Line at 9:00" show. Toby and Dave talked about current real estate market conditions in Palm Coast and Flagler County and answered questions called in by listeners. The wide-ranging discussion included Sam's Club and Costco rumors, the Epic movie theater, the new Walmart, Bobby Ginn, Publix plans for Matanzas Crossings, and high-end foreclosures.

Woman Accused in Florida Murder Not a Realtor®1 comment.
July 23, 2009 – Several news outlets have and continue to incorrectly report that a women arrested in connection with the high profile murder of a Florida Panhandle couple is a Realtor®.

Lender-owned Real Estate Market is Hot in Palm Coast and Flagler County
July 21, 2009 – Reminiscent of real estate market euphoria only few years ago, Palm Coast/Flagler's lender-owned niche within the real estate market has become really hot. Since the beginning of 2009, lender-owned (via foreclosure) home sales have outperformed all other sectors in the otherwise sluggish Palm Coast/Flagler real estate market. Lender-owned sales are hot.

AG McCollum Files Lawsuit against 4 South Florida Companies for Foreclosure Rescue Fraud1 comment.
July 2, 2009 – Attorney General Bill McCollum today announced that his office has filed a lawsuit against four related South Florida companies that allegedly charge up-front fees for loan modification services to homeowners facing foreclosure.

City of Palm Coast Schedules Neighborhood Meetings to get Community Input
July 20, 2009 – The City of Palm Coast is looking for feedback from residents in your neighborhood. As part of a State mandate to update the City’s Comprehensive Plan, staff is organizing seven individual neighborhood meetings this summer to pull together community input regarding various community issues.

Census Bureau Reports on Global Aging
July 20, 2009 – Whenever news about aging comes up, Floridians take notice. Historically, Florida's growth has been driven largely by the in-migration of retirees from other states and increasingly from other countries as well. That's why Floridians should take a good look at the U.S. Census Bureau's latest report on global aging. See what you know about worldwide population aging in the early twenty-first century. First take the quiz, then read the report highlights.

Crescent Bankruptcy Documents Reveal Grand Haven Golf Club Ownership4 comments.
July 18, 2009 – Ownership of the Grand Haven Golf Course in Palm Coast, FL is clarified in documents filed as part of the Crescent Resources LLC bandruptcy filing.

Home Buyers Fair Offered July 18th
July 16, 2009 – Palm Coast, FL – How can you qualify to purchase a home? Come to the Flagler County Home Buyers Fair 10 a.m. Saturday July 18.

Attorney Hosts Chinese Drywall Town Meeting in Palm Coast3 comments.
July 14, 2009 – David Durkee, a Coral Gables attorney, immersed in the Chinese drywall issue in South Florida will host a 7 P.M. town meeting on the subject July 23rd at the Hilton Garden Inn on State Road 100 (corner of Town Center Pkwy). So far no Chinese drywall has been discovered in Flagler County, but based on the known ports of entry and the extensive amount of building in the area, Durkee suspects there are probably some undiscovered cases.

Local Builder Invites Public to Watch Green Construction July 142 comments.
July 13, 2009 – A local homebuilder is inviting the public to witness a fascinating, state-of- the-art process used in the building of energy-efficient, hurricane resistant green homes. Tuesday, July 14, “our crew is going to be pouring concrete into Insulating Concrete Forms, the final step in wall construction for a new home we’re building in Palm Coast,“ says Jeff Vasilevskiy, President of Florida Green Homes, LLC. The public is invited to watch.

Down payment, Closing Costs Still Greatest Obstacles to Homeownership, NAR Survey Shows
Washington, July 09, 2009 – Most Americans still consider having enough money for down payment and closing costs to be the biggest obstacles to buying a home. That’s according to the 2009 National Housing Pulse Survey, an annual survey released today by the National Association of Realtors®.

Bankrupt Levitt & Sons Flagler Property Auction Set for July 22
July 9, 2009 – Levitt & Sons and 37 subsidiaries filed for bankruptcy in November 2007. On July 22, Levitt-owned real estate in four Florida counties (Flagler, Lee, Lake, and Seminole) will be auctioned pursuant to a Final Summary Judgment of Foreclosure. Bank of America initiated the foreclosure.

Flagler County's Preliminary Taxable Property Values Down 15.2%1 comment.
July 8, 2009 – When real estate values drop, Florida's Save Our Homes amendment is like the screen door that hits you in the behind when you leave. Owners of homesteaded property who benefited from the cap on assessment during boom times now face a serious threat of higher property taxes even as the value of their homes declines. A preliminary report shows the 2009 taxable value of Flagler County property declined 15.2% from a year ago.

Hammock Dunes DRI Change Proposal Postponed Indefinitely
July 2, 2009 – A hearing on a proposed Development of Regional Impact (DRI) Notice of Potential Change (NOPC) for Hammock Dunes has been requested to be postponed indefinitely by the developer and the phase one Hammock Beach Condo association. The Hammock Dunes DRI constitutes the areas comprising the luxury and resort communities know as Hammock Dunes, Ocean Hammock, and Hammock Beach near Palm Coast.

National Pending Home Sales Record Fourth Straight Monthly Gain
July 01, 2009 – Nationally, pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®. At the same time, pending sales in Palm Coast/Flagler County are on the increase. The number of pending or contingent sales contracts for existing single-family homes in the area is 570, a nearly 100% increase in six months.

Two Crescent Resource Golf Communities Wonder What Will Happen Next1 comment.
July 1, 2009 – According to Crescent Resources contacts, the four Palm Coast, FL golf courses affiliated with Crescent are not part of the bankruptcy of Crescent and 120 of its subsidiaries. Unfortunately, two Crescent golf communities in Payson, Arizona are not so lucky. Both Rim Golf Club and Chaparral Pines, face uncertain futures according to a Monday post on Payson Roundup.

Palm Harbor Golf Course Reconstruction Moves Forward1 comment.
June 28, 2009 – Palm Coast municipal golf course construction nears completion. Meanwhile private golf coursed in the area struggle under weight of bad economy.

Crescent/LandMar Bankruptcy Exposes Corporate Shell Game13 comments.
June 25, 2009 – The recent Crescent Resources LLC bankruptcy included 120 separate but related legal entities or subsidiaries. Several, including Landmar Group, the areas second largest real estate developer, are associated with properties in the Palm Coast area. The Grand Haven Golf Course as well as The Grand Club's three courses (Pines, Cypress, and Matanzas) were long thought to be part of the Crescent/Landmar umbrella. Yet Crescent claims the golf properties are not part of the bankruptcy.

May Existing-Home Sales Continue Rising Trend1 comment.
June 24, 2009 – Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to a National Association of Realtors® yesterday. May’s increase was the first back-to-back monthly gain since September 2005. Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate1 of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.

Palm Coast Waterfront Park Plans and Construction Schedule1 comment.
June 23, 2009 – Construction bids will go out within the next few weeks for Palm Coast, Florida's next park. The Palm Coast Waterfront Park which will be located along the Intracoastal Waterway north of Grand Haven should be completed next spring.

FDLE Arrests Nine Individuals Involved in Mortgage Fraud Scheme
June 21, 2009 – The Florida Department of Law Enforcement (FDLE) Commissioner Gerald Bailey and Attorney General Bill McCollum’s Office of Statewide Prosecution announced on June 9, 2009 the arrest of nine individuals for their involvement in a mortgage fraud scheme that ran throughout six counties in Florida.

Ginn Sur Mer Hit with another Lawsuit as Construction Activity Continues
June 18, 2009 – In a recent NY Times business news article, Bobby Ginn said he faced thirty lawsuits. Add another to the list. A suit was filed June 9th in the U.S. District Court for the Middle District of Florida alleging a scheme to generate false loan applications and to create false and artificial appraised values for Versailles Sur Mer (Ginn Sur Mer) lots. Meanwhile, Ginn's multi-billion dollar Bahamas project is the only Ginn-LA property showing significant construction progress.

Palm Coast Building Dept Fee Reduction will Spur Construction 7 comments.
June 16, 2009 – The Palm Coast City Council approved a resolution today that will reduce the city's building department fees for plan review and inspection by 90% until January 1, 2012.

Palm Coast Commercial Construction Update1 comment.
June 15, 2009 – There's some commercial development activity in Palm Coast, FL lately. Here's the latest on the status of some projects that have been publicized and some that have not.

Hammock Beach NOPC Pulled from June 15th Flagler County Council Agenda2 comments.
June 11, 2009 – Flagler County Commissioners will have another 3 weeks before facing a contentious decision about Hammock Beach DRI.

State of Florida Cashing in on Foreclosures2 comments.
June 10, 2009 – Florida's foreclosure filing fee jumps from a fixed $295 to $395 for claims less than $50 thousand, to $900 for claims between $50 thousand and $250 thousand, and to $1,900 for claims over $250,000.

LandMar Parent Crescent Resources Chapter 11 Bankruptcy Filing6 comments.
June 10, 2009 – (Updated 6/20/08) Crescent Resources filed for protection from creditors today under Chapter 11 of the U.S. Bankruptcy code. Crescent is the parent of Palm Coast's second largest real estate developer, LandMar Group.

Palm Coast Waits and Waits for Epic Theatres7 comments.
June 9, 2009 – The 14-screen movie theater and retail complex planned for Town Center in Palm Coast, FL is not coming anytime soon.

WCI Communities Files Plan for Reorganization
June 8, 2009 – WCI Communities, the developer of tower condominiums at Hammock Dunes, the private Oceanside golfing community near Palm Coast, Florida, filed today a plan to emerge from Chapter 11 bankruptcy for itself and approximately 130 of its wholly owned subsidiaries.

Flagler County Gets FEMA Declaration for Repairs of Damage Caused by Heavy Rain1 comment.
June 4, 2009 – Flagler County has received a declaration from the FEMA to be reimbursed for damage to roadways, ditches and bridges for the May storm event that dropped more than 28 inches of rain.

Pending Home Sales Up for Three Months in a Row
June 3, 2009 – Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors® in a report issued yesterday.

HUD Makes $8,000 1st-time Homebuyer Tax Credit Available at the Closing Table for FHA Loans2 comments.
June 1, 2009 – Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan Friday announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.

Palm Coast's Unique Stormwater Management System Proves Itself Again6 comments.
May 31, 2009 – Recent torrential rains inundated the area for days. Between 16 and 27 inches of rain fell on a concentrated area within only a few days, surpassing any previously recorded rain event. The nearby cities of Daytona Beach, Holly Hill, and Ormond Beach experienced areas of severe flooding. Bunnell, North Daytona, and Western Flagler County suffered too, but not Palm Coast.

Publix Opened Its New Flagler Beach Store Today1 comment.
May 30, 2009 – Publix opened its latest Flagler County grocery store today in Flagler Beach's new Beach Village plaza.

Existing-Home Sales Rise in April
May 29, 2009 – NAR report echoes local home sales trend.

Flagler Foreclosure Workshop Offered1 comment.
May 29, 2009 – A free foreclosure workshop is being put on by Florida Department of Financial Services and Flagler County from 3 to 7 p.m. Wednesday June 3 at the Flagler County Emergency Operations Center 1769 East Moody Blvd. (S.R.100), Bunnell.

Flagler County Reschedules Action on Ginn-LA DRI Notification of Proposed Change
May 28, 2009 – Flagler County Commissioners will delay consideration of a volatile issue involving Ginn-LA Marina and Hammock Beach/Ocean Hammock residents. The county must decide whether or not the developer's Notification of Proposed Change (NOPC) is a Substantial Deviation from the existing and approved Development of Regional Impact (DRI).

Flagler Beach Publix Opens May 30th1 comment.
May 25, 2009 – A Publix employee confirmed the hand written sign at the door. Publix will open its fifth Flagler County grocery store in Flagler Beach on Saturday, May 30th at 8:00 A.M.

NY Times Article Features Bobby Ginn5 comments.
May 23, 2009 – For the second time - A New York Times article chronicles the second down fall of real estate developer, Bobby Ginn. His first failure was the topic of a 1987 article in the same paper.

Latest Ginn Lawsuit Includes Charges against Fifth Third , Wachovia, and SunTrust Banks20 comments.
May 22, 2009 – The most broad reaching lawsuit against the Ginn Company to date was filed in the U.S, District Court for the Middle District of Florida on Tuesday. The proposed class action suit charges the Ginn Company (and subsidiaries), its financial partner, Lubert-Adler, as well as Fifth Third Bank, SunTrust Mortgage, and Wachovia Bank.

Credit Suisse Loses Bid for Yellowstone Club
May 19, 2009 – The Yellowstone Club, a millionaires only private ski and golf community near Big Sky, Montana now belongs to Boston-based CrossHarbor. CrossHarbor had provided debtor in possession financing for the club when the default on a $375 million Credit Suisse loan forced the exclusive club into bankruptcy. In a strongly worded ruling, the bankruptcy judge recently ruled the Credit Suisse loan was "predatory" and that they "shocked the conscience of the court."

Uniform Process for Short Sales Will Help Struggling Homeowners3 comments.
Palm Coast, Florida – May 18, 2009 – Help is on the way for many homeowners who are facing foreclosure, thanks to new details under the Making Home Affordable Program announced today by the U.S. Treasury and the U.S. Department of Housing and Urban Development.

Single-Family Homes for Sale in Flagler MLS Falls Below 1,5001 comment.
Palm Coast, Florida – May 17, 2009 – Two key real estate market indicators continue to provide hope for the Palm Coast/Flagler housing market. The inventory of homes for sale through Flagler's MLS continues to drop, falling below 1,500 for the first time in years. Meanwhile, the number of signed pending and contingent sales contracts grows, up 39.8% from 12 weeks ago and over 75% since the first of the year.

More Crescent Resources and LandMar Financial Problems Surface1 comment.
Palm Coast, Florida – May 15, 2009 – The recent announcement by Duke Energy that its real estate joint venture may file for bankruptcy raised eyebrows in Palm Coast, Florida where Crescent and its local subsidiary Landmar combine as the area's second largest developer. Crescent affiliates own four golf courses and multiple development properties in the area. The company is presently saddled with $1.4 billion in debt. News from Jacksonville, FL and Franklin, TN indicate Crescent's problems may have a broader base.

Judge Rules Credit Suisse $375 Million Loan Similar to Ginn Loan as Predatory2 comments.
May 14, 2009 – US Bankruptcy judge presiding over the Yellowstone Club case ruled Tuesday that Credit Suisse would have to step behind other creditors, characterizing the loan as "predatory." The $375 million loan to the exclusive 13,600-acre Montana ski and golf resort is similar to Credit Suisse loans to other luxury resort developers, including a $675 million loan to the Florida-based Ginn Company.

Landmar Parent and Affiliates Delinquent on $1 Million in Flagler Real Estate Taxes
May 13, 2009 – Flagler County real estate taxes are billed in November, due on January 1 and become delinquent on April 1. Tax certificates will be auctioned on June 1 for all real estate taxes that remain unpaid by that date. Companies affiliated with Crescent Resources, parent of Landmar Group, are prominent on the list published today, owing the Flagler County Tax Collector collectively about $1 million; surprising because in years past, they paid their taxes in November or December. Crescent's most visable holdings are the Grand Haven Golf Club, and the three-course Grand Club (Cypress, Pines, and Matanzas).

Reynolds Mgt Group reaches out to Hammock Beach Club Members.2 comments.
May 11, 2009 – Hammock Beach members received a May 8th communication from Reynolds Management Group. Reynolds was recently engaged to provide consulting services for both Hammock Beach and Reunion Resorts, owned by Ginn-LA (Bobby Ginn and financial partner, Lubert-Adler). At a time when any communication is welcome, the Reynolds message hints that long overdue changes will be coming.

Friends of Golf Reports on Palm Harbor Golf Course Renovation2 comments.
May 9, 2009 – A meeting was held on Thursday, May 7, between Kemper Sports representatives, the City Manager, the City Project Manager for Palm Harbor, and members of the Friends of Golf Steering Committee.

Bankruptcy Possible for LandMar Parent Company - Crescent Resources1 comment.
May 6, 2009 – The Charlotte Observer reports today that bankruptcy is a possibility for Crescent Resources, the joint venture of Duke Energy and the Morgan Stanley Real Estate Fund. In its first quarter earning call Tuesday, Duke Energy disclosed it took a $33 million charge for Crescent debt it had guaranteed.

Flagler P.A.L. Baseball Field in Running for Frosted Flakes $15,000 Grant - Your vote needed1 comment.
May 3, 2009 – The Flagler County P.A.L. Baseball Newsletter announces that their local baseball field made the cut. It was selected as one of the top 100 semi-finalists in the Kellogg's Frosted Flakes contest.

Ginn-LA Riles Hammock Beach and Ocean Hammock Residents with Condo Hotel Plans17 comments.
April 30, 2009 – Real estate developer, Ginn-LA (Ginn plus financial partner Lubert Adler) has riled Ocean Hammock and Hammock Beach residents with its petition to change the existing development order in order to shift currently unused but previously approved residential density to a newly created cluster currently occupied, in part, by golf course property.

County Clerk and Realtors® Association Schedule Mortgage Fraud Seminar
April 29, 2009 – This Friday, the FBI and the Property Records Educational Partners (PREP) are conducting a mortgage fraud seminar for those involved in real estate transactions; Recorders, Title Companies, Real Estate Agents/Brokers, Escrow Agents, and Lenders. Special guests will be Vanessa Stelly, Jacksonville FBI Office and Angela Stewart, Special Agent, HUD Office of Inspector General.

Community Chat with Flagler County Commission Chair Planned Tonight
April 28, 2009 – Milissa Holland, Flagler County Commission Chair, has scheduled a Community Chat at the Palm Coast Community Center 7 p.m. Tuesday April 28.

Palm Coast Data Completes Purchase of City Hall Building1 comment.
April 27, 2009 – City Manager Jim Landon announced today that a Palm Coast Data real estate affiliate exercised their option to purchase the facility from the City for use by Palm Coast Data.

Ginn Brings in New Management Company for Burke Mountain4 comments.
April 27, 2009 – A Montreal-based management and development firm with expertise in running ski resorts has been brought on to run Burke Mountain and continue to charter its planned expansion of housing, ski opportunities and amenities, the Ginn Companies announced Tuesday.

Con Artists Taking Advantage of Chinese Drywall Concerns3 comments.
April 24, 2009 – Attorney General Bill McCollum today issued a consumer advisory to Florida homeowners affected by Chinese drywall, encouraging them to avoid scams related to the situation.

Another New Flagler County Radio Station On the Air
April 25, 2009 – Palm Coast and the rest of Flagler County, Florida have a brand new radio station. WBHQ -Beach 92.7fm was purchased by Flagler County Broadcasting LLC and licensed to the city of Beverly Beach. The station went live yesterday.

Ginn Companies Default on Land Purchase Contract
April 23, 2009 – Alico, Inc., (NASDAQ: ALCO) a land management company, announced today that the Ginn Companies has defaulted on its contract with the Company’s subsidiary, Alico-Agri Ltd, related to the purchase of property in Lee County, Florida.

U.S Monthly House Price Index Rises
April 22, 2009 – U.S. home prices rose 0.7 percent on a seasonally-adjusted basis from January to February, according to the Federal Housing Finance Agency’s monthly House Price Index.

Bankruptcy Changes Tesoro Club Membership Program1 comment.
April 19, 2009 – West Coast Investors LLC recently acquired the assets of The Tesoro Club from the Ginn Bankruptcy. A recent communication to members lays out the new owner's plans to change the membership documents. The impact of the new changes on present members is significant and underscores the extent to which bankruptcy can alter the playing field.

The Cliffs at High Carolina and Tiger Woods – What's the Prognosis?4 comments.
April 17, 2009 – The Cliffs Communities in the Western Carolinas offer luxury living and quality amenities throughout their list of communities. At an elevation of 4,000 feet and boasting lot prices up to $3 million, their latest venture, The Cliffs at High Carolina, may be over the top. A recent Condé Nast article on the subject by Paul Sullivan is entitled "The Long Shot." It questions the timing of the venture amid a downturn in both golfing and real estate.

State Audit Cites Flagler County Justice Center Construction Problems2 comments.
April 15 - The State Auditor General’s audit of construction funding requested by the Flagler County Commission confirmed that the Kim Hammond Justice Center was overspent by approximately $5 million dollars without the County Commission’s approval.

14th Annual Flagler County Rotary Golf Tournament at Hammock Beach1 comment.
April 14, 2009 – The Rotary Club of Flagler County invites you, your friends, and your business associates to a round of golf at the exclusive, private Jack Nicklaus designed course at Hammock Beach.

Ginn Hammock Beach Club Invitational Membership Details5 comments.
April 12, 2009 – Ginn Resorts has initiated invitational memberships for those who do not live in Ginn communities. The memberships, recallable in four years, are intended to supplement cash flow until the real estate market improves and club rosters fill.

Quick Take: Jobless Claims, Mortgage Rates, and International Trade
Palm Coast, Florida – April 9, 2009 – The economic news out today shows a glimmer of hope that we might now be approaching a bottom of this recession according to economic researchers at the National Association of Realtors®.

Palm Coast Gets Silver Certification from the Florida Green Building Coalition
April 8, 2009 – The designation is based on how City facilities, regulations, and operations meet the criteria of the Green Local Government Standard.

Intracoastal Bank Holds First Shareholder Meeting
April 8, 2009 – Intracoastal Bank, held its first annual meeting of shareholders on March 31, 2009 at the Hammock Dunes Country Club. Intracoastal Bank, headquartered in Palm Coast, is Flagler County’s only locally owned and operated financial institution.

Robert Gidel Resigns as President and CEO of Ginn Companies, LLC
April 7, 2009 – The Ginn Companies, LLC announced the resignation of President and CEO Robert Gidel effective yesterday. Gidel was brought in as President two years ago after Bobby Ginn's financial partner Lubert Adler became concerned about lavish spending in the face of declining real estate sales.

Delinquent Taxes and Foreclosures Will Spur Conservatory Lot Sales This Year4 comments.
April 7, 2009 – 2009 will be a painful year for original owners of lots in the Conservatory, a private golfing community in Palm Coast, Florida. Many lots will change hands this year at a fraction of their original acquisition price. The cumulative weight of a lousy real estate market, particularly for high value properties, the appearance of bank-owned (foreclosed) properties for sale, and short sales will now be joined with the potential for tax deed sales.

Federal and State Agencies Crack Down on Mortgage Modification and Foreclosure Rescue Scams
April 6, 2009 – The Federal Trade Commission today announced a crackdown on fraud and deception by mortgage modification and home foreclosure rescue companies. The FTC is seeking to halt the proliferation of these mortgage relief scams – which target distressed and vulnerable consumers who are delinquent or facing foreclosure – through increased law enforcement, consumer outreach, and close coordination with federal, state, and non-profit partners.

Flagler Beach SR 100 Food Lion Closing3 comments.
April 2, 2009 - Flagler Beach Food Lion store set to close while a new Publix is about to open across the street.

Economic Development Efforts Grind to Halt Nationwide5 comments.
April 1, 2009 – Economic Development efforts throughout the country have ground to a halt. April Fools story.

Strong Refinance Activity Continues Unabated in Latest MBA Weekly Survey
April 1, 2009 - The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 27, 2009.

Ginn's Tesoro Club Chapter 7 Bankruptcy Sale Closes
March 31, 2009 – Tesoro Club manager J.R. Congdon informed Tesoro Club members today that the chapter 7 (liquidation) bankruptcy sale of Ginn-LA assets closed today.

2008 Second-Home Sales Decline; More Buyers Pay Cash
March 30, 2009 - The combination of vacation and investment home sales slipped to 30 percent of all existing and new home transactions in 2008, according to the National Association of Realtors®.

N.C. Judge Blocks Wachovia Shopping Center Foreclosure2 comments.
March 29, 2009 - North Carolina Judge Blocks Wachovia Foreclosure in Lawsuit Involving Derivative Interest Rate Swap and Alleging Extortion, Fraud, Unfair and Deceptive Trade Practices.

National Association of Realtors® warns of Rental Scam
March 28, 2009 - The National Association of Realtors® name is being used as part of a property rental scam

City to Consider Annexing 5,216 Acres along Old Brick Road4 comments.
March 27, 2009 – Jacksonville Beach developer Paul Fletcher will petition the City of Palm Coast to annex 5,216 acres of land at the headwaters of Pellicer Creek at Flagler County's north end.

City of Palm Coast Receives 'A' Bond Rating3 comments.
March 26, 2009 – Palm Coast, Florida's utility bonds receive an 'A' rating.

Ginn Sur Mer Lawsuit Filed14 comments.
March 23, 2009 – Real estate developer Bobby Ginn and his financial partner, Lubert Adler continue to adjust The Ginn Company to the harsh realities of today's market. Ginn sur Mer, their $4.9 billion project in the Bahamas is no exception. A lawsuit was recently filed by 7 Ginn sur Mer property owners and sales have been suspended, but construction of the infrastructure continues. Meanwhile, Ginn sur Mer remains the only unresolved issue of the $675 million Credit Suisse loan default. The purported joint venture between the developer and lenders has not been finalized.

Two Ginn Resorts Bring in Outside Management Companies7 comments.
March 20, 2009 – Ginn Resorts announced to club members and employees today that two outside firms will take over day-to-day management of Ginn's Reunion and Hammock Beach Resorts effective April 6th. Ownership will remain with the current Ginn-LA (Bobby Ginn and financial partner Lubert Adler) entities. Other Ginn properties remain unaffected by the announcement.

U.S. Census Stats Show Palm Coast 4th Fastest Growing City
March 20, 2009 - U.S. Census Bureau announced '07 to '08 growth rates for Palm Coast and Flagler County.

Town Meeting on Smart Growth, Monday 3/231 comment.
March 20, 2009 – Flagler County Commission Chair Milissa Holland invites you to participate in a very important project regarding the future growth of Flagler County and its municipalities.

Ginn's Quail West Assets Sold. Tesoro Offer Withdrawn4 comments.
March 19, 2009 – The Chapter 7 bankruptcy of Ginn-LA owned properties in Tesoro and Quail West resulted yesterday in the sale of the Ginn-LA assets at Quail West, including unsold lots, the golf course and clubhouse.

City of Palm Coast Manhandles another Developer16 comments.
March 18, 2009 – The results of yesterday's marathon hearing over whether or not Palm Coast "drop lots" are included in the city's storm water management system should worry all Palm Coast property owners. It was a clear case of abuse of power by the city staff, abetted by four council members who were either co-conspirators or clueless and inept.

Irish-American Heritage Month (March) and St. Patrick’s Day (March 17): 20091 comment.
March 16, 2009 – Interesting data on Irish demographics in the U.S. for St. Patrick's Day.

City Council Will Review Refuse Hauler Franchise Fee2 comments.
March 14, 2009 – Palm Coast City Council will reconsider the 10% franchise fee on commercial refuse haulers. A follow up on a GoToby.com commentary reminding council of their December 2nd promise.

City Selects Management Company for Palm Harbor Golf Course2 comments.
March 13, 2009 – City of Palm Coast selects Kemper Sports to manage the city's Palm Harbor Golf Club.

GoToby.com Readership Broadens3 comments.
March 9, 2009 – Where are they?

Consumer Alert – Insurance Company Used Unlicensed Agents
March 9, 2009 – Some Floridians are finding that their present insurance company is going to cease doing business in Florida. Others are finding out that their present carrier has elected to not renew their present policy. Faced with an immediate need to find replacement coverage, they are vulnerable to illicit propositions.

Credit Suisse - Ginn and Other Luxury Resort Loans Default4 comments.
March 6, 2009 – Credit Suisse loans to luxury resort defaulting across the country.

Florida AG Warns of Mortgage Rescue Fraud1 comment.
March 4, 2009 – Attorney General Bill McCollum yesterday issued a consumer advisory as part of National Consumer Protection Week on foreclosure “rescue” services and loan modification offers, the most frequent subject of complaints to the Attorney General’s Office during 2008.

Ginn Resort Executive Updates Club Members4 comments.
March 3, 2009 – In a refreshing, and hopefully continuing, move to communicate company policies and positions to club members, Ginn Clubs and Resorts yesterday sent members an update letter. The letter acknowledges the severity of the financial climate and its effects. It further acknowledges closing the real estate sales and marketing business, the cancellation of any further PGA and LPGA Golf tournaments, and the phasing out of Ginn Security.

BriarRose, Former Ginn Community, Under New Leadership1 comment.
March 2, 2009 – Months after Lubert-Adler (Ginn-LA BriarRose Holdings Ltd., LLLP) turned over operation to an affiliate of Atlanta-based PM Communities (Patrick Malloy), a formal communication was finally sent to property owners. The letter to property owners acknowledges the delay in communications. It also reveals some of the headaches inherent in taking over from developers who have left unfulfilled promises in their wake.

Textron Financial No Longer Offers Golf Mortgage Financing1 comment.
February 27, 2009 – Textron Financial Corp. has long been a leader in the golf mortgage financing business. Citing "unprecedented and turbulent changes in the global financial markets, " the company announced that it will no longer originate new golf course mortgage loans.

GoToby.com Gives Birth to GoToby.com Realty2 comments.
February 27, 2009 – GoToby.com announces it is extending its recognized brand to its "Referral Only" real estate and consulting business. GoToby.com Realty will focus on matching potential buyers and sellers with skilled and knowledgeable agents and brokers.

Epic Movie Theater Building Permit Issued7 comments.
February 26, 2009 – Coast, Florida will finally get its long awaited multi-theater movie complex. One day before the expiration date, Epic Theaters picked up their building permit.

Builders Launch Tax Credit Website2 comments.
February 18, 2009 – Nationl Association of Home Builders website details first-time home purchase tax credit.

Economic Development – Project Sprint Gets OK from Flagler County
February 17, 2009 – Last night, Flagler County Commissioners approved an $80,000 incentive package for National Direct Response LLC. The incentive will preserve 40 existing Flagler jobs and add 60 more by June 2010.

Deadline for Filing Florida Homestead Exemption Nears
February 17, 2009 – New Florida homeowner residents or those who have moved within the last year need to file for homestead exemptions before March 1st.

Palm Coast to Pursue Federal Funds for Neighborhood Stabilization Program2 comments.
February 16, 2009 – The State of Florida has targeted the City of Palm Coast for $2.6 million of federal grant funding through the Neighborhood Stabilization Program. The City intends to apply for the funding and, if awarded, will purchase and renovate targeted homes throughout Flagler County that have been foreclosed and are bank-owned. Once rehabilitated, the homes will be made available to individuals and families who meet income requirements.

Bankrupt Yellowstone Club Creditors Seek Suit against Credit Suisse4 comments.
February 15, 2009 – Creditors and members of the bankrupt Yellowstone Club are seeking to file a lawsuit against Credit Suisse, claiming the $375 million loan that forced the club's bankruptcy was "fraudulent." Most of the money, they claim, went into the pockets of Tim and Edra Blixseth and should be repaid by them, not the club.

Florida Hospital Campuses Announce No Wait Emergency Rooms1 comment.
February 11, 2009 – Emergency rooms at five Florida Hospital campuses (DeLand, Fish Memorial, Flagler, Oceanside and Ormond Memorial) are reinventing the way they provide medical treatment. When you walk through the door, your emergency care will begin within five minutes. That’s the concept behind the “No-Wait ER”

Toll Brothers Issues Preliminary 1st Qtr FY2009 Report
Feb. 11, 2009 (GLOBE NEWSWIRE) -- Toll Brothers Reports Preliminary FY 2009 1st Qtr Totals for Home Building Revenues, Backlog and Contracts

Business News: Jim Manfre Joins Bunnell Law Firm
February 6, 2009 – Former Flagler County Sheriff has joined the law office of Sid Nowell.

Ginn Bankruptcy Update – Amended Filing2 comments.
February 5, 2009 – Facts continue to emerge from the Ginn-LA (real estate developer Bobby Ginn and financial partner Lubert-Adler) chapter 7 bankruptcy filings affecting Tesoro in Port St. Lucie and Quail West in Naples.

Palm Coast Opens New Main Firestation
February 3, 2009 – The City of Palm Coast, Florida opened a brand new Main Fire Station to the public on Monday, February 2nd.

Jim Cullis Departs Real Estate Developer LandMar Group
February 2, 2009 – Jim Cullis, Central Florida Regional Manager for LandMar Group left the company effective Friday. Jim's position has been eliminated. LandMar is owned by Crescent Resources, which is a joint venture of Duke Energy and the Morgan Stanley Real Estate Fund. Crescent Resources is a real estate development and land management company with projects in the southeastern and southwestern United States.

Ginn Exits Golf Tournament Sponsorship – PGA Sues10 comments.
January 31, 2009 – On Wednesday, real estate developer Bobby Ginn's company has pulled its sponsorship of the upcoming Ginn Championship, a PGA Champions Tour event in Palm Coast, and the Ginn Open, an LPGA Tour event in Orlando. The announcement follows earlier pullbacks from an LPGA tournament in Charleston, SC and a PGA Fall Tour tournament most recently held in Palm Coast.

City of Palm Coast Settles Ryans Landing Dispute with SeaGate Homes2 comments.
January 26, 2009 – SeaGate Homes, Palm Coast's largest home grown real estate builder/developer has prevailed in its battle with the City of Palm Coast, FL. A settlement agreement indicates that the city overstepped its authority when it denied SeaGate's original plans for Ryan's Landing, a 27.8-acre residential community near Rymfire Drive.

Florida and U.S. Housing Sales Follow Palm Coast Lead1 comment.
January 26, 2009 – GoToby.com has made note in the past that the Palm Coast, Flagler County, and Florida residential housing markets lead market trends elsewhere. Recent reports from the Flagler Association of Realtors® (FAR) and the National Association of Realtors® (NAR) support this claim.

Ginn's Bella Collina Club Offers Invitational Memberships3 comments.
January 25, 2009 – Ginn-LA offers recallable golf and social memberships to non-property owners to stem cash flow problems.

Ginn Company Shuts Down Entire Real Estate Sales Group10 comments.
January 23, 2009 – The Ginn Company (Bobby Ginn and Lubert-Adler) closed down Ginn Real Estate yesterday. Ginn Real Estate was responsible for sales of both developer inventory and resales at Reunion, Bella Collina, Ginn sur Mer, and Hammock Beach.

City of Palm Coast Announces Feb Start Date for Widening Old Kings Road2 comments.
January 22, 2009 – Work will begin February 9th to expand and reroute Old Kings Road between SR 100 and Old Kings Rd and Town Center Blvd. to four lanes.

Tesoro Property Owners and Members Raise Serious Issues6 comments.
January 19, 2009 – Most of the assets of Tesoro, a luxury private golfing community developed by Ginn-LA (real estate developer Bobby Ginn and his financial partner, Lubert-Adler) in Port St. Lucie, Florida came under a Chapter 7 bankruptcy (liquidation) filing just before Christmas. The process has brought to light several unresolved issues between Ginn-LA and Tesoro property owner/members, including a reported member deposit escrow account that is missing an estimated $20 million.

Florida Hospital Flagler Announces New Board of Directors5 comments.
January 16, 2009 – Palm Coast's Florida Hospital Flagler has revised its board of directors to include more community members.

City Manager Floats Economic Development Concept at Palm Coast City Council Workshop2 comments.
January 13, 2009 - Retention of Sea Ray Boats and a 21 acre business/industrial park to attract new businesses are the motives behind Jim Landon's plan. The City of Palm Coast would annex property worth $7 million.

Austin Outdoor Merges with Yellowstone Landscape Group3 comments.
January 10, 2009 – Austin Outdoor, Flagler County, Florida's largest landscaping company, expands through a merger with Dallas, Texas based Yellowstone Landscape Group.

B of A Forecloses on 334 Acres Owned by Levitt & Sons in Flagler Co6 comments.
January 7, 2009 – Public records show a 12/31/2008 foreclosure filing by Bank of America against Levitt and Sons. The filing covers 4 parcels totaling 334 acres fronting Seminole Woods Pkwy near US 1, south of the Flagler County Airport, near Palm Coast, FL.

FAR releases latest report on Florida home buyers and sellers
Jan. 6, 2009 – What did the typical Florida homebuyer look like in 2008? The answer lies within the pages of the 2008 Profile of Home Buyers and Sellers Florida Report released by FAR and compiled by NAR

Brunswick to Reduce Production Rates of Sea Ray Boats4 comments.
January 6, 2009 – Sea Ray Plants in Tennessee and Florida will furlough workers one week per month through June but some production from a closed Tenn. plant will move to Palm Coast.

Developer of Reynolds Plantation Acquires Ginn's Laurelmor Project in N.C.10 comments.
December 30, 2008 – Reynolds Plantation acquires Laurelmor development from Ginn Company as a result of debt settlement agreement between Ginn-LA and Credit Suisse.

Ginn-LA Bankruptcy Part of Larger Restructuring Agreement with Lenders6 comments.
December 29, 2008 – More details of Ginn Chapter 7 Bankruptcy and restructuring agreement reached with Credit Suisse.

Ginn Sur Mer PGA Fall Tour Ends after Two Years
December 24, 2008 – Regrettable but not unexpected - two years into a five-year contract, the 2009 PGA Tour schedule does not include the Palm Coast, Florida Ginn sur Mer Classic. Ginn Resorts financial problems force cutback.

Bankruptcy Filings for Some Ginn Company Entities in Florida5 comments.
December 24, 2008 – Five Ginn Company related entities file under Chapter 7 of the US Bankruptcy law. The filings affect Tesoro and Quail West, both in Florida.

Existing Home Sales Decline Nationally but not in Palm Coast2 comments.
December 23, 2008 – A report released this morning in Washington, DC by the National Association of Realtors® (NAR) announced "Existing-Home Sales Decline in Economic Uncertainty." The Wall Street Journal's take on the NAR report, can be found under the WSJ's juiced up title "Existing, New Home Sales Plunge." Neither title applies to the Palm Coast/Flagler County market.

Palm Coast Pkwy Widening to be discussed at Public Meeting1 comment.
December 22, 2008 – Palm Coast will begin the process widening Palm Coast Parkway from Cypress Point Pkwy/Boulder Rock Drive to Florida Park Drive with a public meeting on Wednesday, January 7, 2009.

Palm Coast New Stores Update3 comments.
December 19, 2008 – Downturn in overall economic conditions had delayed Palm Coast commercial projects.

Beginning Jan 1, Condo Sellers are Required to Provide New Form to Prospective Buyers
December 19, 2008 – Beginning Jan. 1, 2009, condo sellers (who are not developers) must provide prospective buyers a disclosure from the Florida Department of Business and Professional Regulation (DBPR) which details the rights and responsibilities of condominium boards and unit owners, voting rights, meeting notices and other governance matters.

Palm Harbor Golf Course Construction Update6 comments.
December 18, 2008 - Construction has begun on the Palm Harbor Golf Course. The City's new municipal course should be open by Labor Day '09.

Pending Home Sales Holding In Stable Range
December 12, 2008 – National Association of Realtors® leading indicator shows South performing better than other housing markets.

Palm Coast Park Mixed-Use Development Progress2 comments.
December 11, 2008 – GoToby.com reader questions about construction along US 1 in Flagler County are answered by article about Palm Coast Park development progress.

Toll Brothers Reports 4th Qtr and FY 2008 Results
December 5, 2007 - Toll Brothers press release announces FY 2008 fourth quarter net loss of $78.8 million and a loss of $297.8 million for the year.

Lenders Suspend Florida Foreclosure Activity Over Holidays1 comment.
Palm Coast, Florida – December 4, 2008 – With encouragement from Florida Governor Charlie Crist, the banking and lending industry has announced a 45-day voluntary suspension of mortgage foreclosures for homesteaded properties.

Club Dues Reduced at Ginn's Tesoro Club
December 3, 2008 – Members of the Tesoro Club, a Ginn developed amenity rich golfing community in Port St. Lucie, FL, recently received a notice that club dues had been reduced "to help ease the economic crunch that many are feeling and also align dues with current services and amenities." The reduction was made retroactive to October.

Palm Coast Builder Marv Howell Retires5 comments.
December 1, 2008 – Marv Howell, one of Flagler County's most respected builders has retired. Howell Homes, Inc. has been assumed by Charles Rinek Construction.

Economic Slowdown Affecting Commercial Construction Schedule
November 25, 2008 – Turmoil in the financial markets is having an effect on commercial real estate development in Palm Coast, Florida.

NAR Says Fed's Buying of Fannie, Freddie Debt Will Drive Down Interest Rates and Help to Stabilize Housing
November 25, 2008 - National Association of Realtors supports FED plan to buy mortgage- backed securities from Fannie Mae and Freddie Mac.

Flagler County Bed Tax Receipts Up this Year4 comments.
November 20, 2008 – There's more positive news for Flagler County. Flagler County Chamber of Commerce V.P. of Tourism Development, Peggy Heiser reports YTD Bed Tax receipts for the county are up 4.18% over last year's comparable period. Bed Tax revenues for neighboring counties is down this year.

Bobby Ginn Still Moving Forward in The Bahamas12 comments.
November 19, 2008 – Sales offices are shut down at four of Bobby Ginn's projects, as these properties are tied up by liens under a defaulted credit facility with Credit Suisse. Amid all, Bobby recently signed a contract with Grand Bahama Power Company to jointly fund a $12 million, 22 mile power line intended to serve Ginn ser Mer.

Letter to Members of Ginn Tesoro Club Sheds Light on Credit Suisse Related Problems1 comment.
November 13, 2008 – Issues of Tesoro club members are addressed by a letter from the Club Advisory Board.

City of Palm Coast Offices will Open at City Walk Tuesday
November 12, 2008 – City of Palm Coast, FL moves its offices to City Walk.

FHFA Announces Program to Prevent Foreclosures
November 11, 2008 – The Chairman of the Federal Housing Finance Agency (FHFA) announced today a program that may significantly reduce the number of future home foreclosures. I reproduce the entire announcement below for those who want all the detail. I've bolded the most significant parts for those in more of a hurry.

Changes Reported at Ginn's Cobblestone Park
November 10, 2008 – Recent changes at Cobblestone Park, a gated golfing community in Blythewood, near Columbia SC may be a harbinger of things to come at other Ginn communities as Bobby Ginn struggles with financial problems.

Not a Good Day for Ginn Property Owners Looking to Sell Now5 comments.
November 8, 2008 – Auction of homes in three Ginn developed communities yields disappointing results.

Ginn Sur Mer PGA Tournament Highlights Palm Coast8 comments.
November 3, 2008 –Though small my most standards, the Ginn Sur Mer PGA Fall Tour event was a success for Palm Coast, Florida.

Toby Tobin on WNZF Radio for Election Night Coverage1 comment.
November 3, 2008 – Toby Tobin, publisher of the GoToby.com real estate news website will join host Dave Ayers on the WNZF Radio election night coverage.

City of Palm Coast offers online building permit applications
November 1, 2008 – City of Palm Coast, Florida institutes online system for permitting functions.

HUD Modernizes Online Guide for Avoiding Foreclosure
October 31, 2008 – Educates individuals on the many ways HUD can assist them through these trying times and help them hold onto their homes.

Ginn Sponsors PGA Fall Tour and Ft. Lauderdale Boat Show on Same Weekend3 comments.
October 30, 2008 – Never again!! Or should that be never aGINN. This weekend, Bobby Ginn's company sponsors two major events. The PGA Fall Tour Gin sur Mer Classic starts today and runs through Sunday. Ginn sur Mer is also the title sponsor of the 49th Ft. Lauderdale International Boat Show. Yet, sales activities at Ginn sur Mer have been temporarily suspended.

Palm Coast's New Fire Station #21 Opens for Business
October 27, 2008 – New Palm Coast fire station opens on Corporate Drive, paid for by developer of the new Kohl's site, not taxpayers.

Ginn Executive Vice President Departs Company9 comments.
October 24, 2008 – First, the "Executive Team" page disappears from the Ginn Resorts website. Now one of Ginn's top executives and fellow South Carolinian also departs. Property owners are still in the dark.

Ginn Employees Off Conservatory Property Owners Association1 comment.
October 23, 2008 – Ginn employees off Conservatory POA. Were all the rules for relinquishing control followed?

LandMar Puts Matanzas Golf Course Renovation on Hold18 comments.
October 21, 2008 – Matanzas, one of the four original Palm Coast Resort golf courses will remain closed for at least another year.

Flagler County Commissioner Candidates Debate Tonight
Palm Coast, Florida – October 16, 2008 – Candidates for the Flagler County Board of Commissioners debate tonight.

Building Permit for Publix at Roberts Road is Issued
October 15, 2008 – Flagler County, which handles the building permitting process for Flagler Beach has issued a building permit to NAP Beach Village LLC for a shopping center on the northwest corner of Roberts Road at State Rd 100. The center will be anchored by a Publix (store# 1257) grocery store flanked on either side by 7 commercial spaces.

Bobby Ginn's Cobblestone Park Operations Taken over by Linger Longer4 comments.
October 14, 2008 – Ginn's Cobblestone Park operations taken over by Linger Longer, developer of Reynold Plantation. Cobblestone Park is located near Columbia, S.C.

City of Palm Coast Offices Move to City Walk7 comments.
October 14, 2008 – The City of Palm Coast, Florida has signed a lease for 21,000 square feet of space in City Walk, a new but under-occupied commercial development on Cypress Point Pkwy. They plan to relocate 150 city employees from the present city office location at 2 Commerce Blvd.

Publix Will Begin Construction of Roberts Road Store Soon
October 13, 2008 – Construction will begin on the new Publix complex at Roberts Road within a few days.

Project Continental – Palm Coast Data Stays in Palm Coast1 comment.
October 10, 2008 – Palm Coast Data (Project Continental) will remain in Palm Coast, FL preserving 1,000 jobs and adding 700 more.

Flagler County Sea Ray Plant Not Included in Announced Closures2 comments.
October 10, 2008 – Sea Ray Boats announces four plant closings. Flagler County plant in not on the list.

Flagler County Sheriff Candidates Debate Tonight - Public Welcome
October 9, 2008 – The Flagler Chamber of Commerce and Affiliates join the Flagler Home Builders Association and the Flagler County Association of Realtors® to host a live debate featuring three candidates for Flagler County Sheriff.

Ginn/Credit Suisse Laurelmor Loan Also Modified
October 8, 2008 – Credit Suisse agrees to advance Ginn another $1.1 million for Laurelmor development in NC.

Convicted Criminal Charged in $1 Million Mortgage Fraud Scheme
October 8, 2008 – Attorney General Bill McCollum today announced that his office has filed criminal charges against an active mortgage fraud ring in South Florida.

Ginn and Credit Suisse Modify First Lien Mortgage4 comments.
October 7, 2008 – A document dated September 8, 2008 and filed September 26, 2008 in Collier County, Florida reveals that the $675 million Credit Suisse credit facility had been modified to allow Ginn affiliated entities to borrow an additional $979,500. The modification was limited to Ginn's Tesoro and Quail West properties.

S&P Report of Ginn Chapter 11 Filling an Error. Report Revised.1 comment.
October 6, 2008 – S&P Report of Ginn Chapter 11 Filling an Error. Report revised after GoToby.com brings error to S&P's attention.

$8.6 Billion Bank of America Settlement over Countrywide Loans
October 6, 2008 – B of A settlement with 11 State Attorneys General, including Florida, will offer mortgage payment options for those who with sub-prime or adjustable rate mortgages from Countrywide.

Ginn Credit Suisse Negotiations Apparently Not Successful9 comments.
October 1, 2008 – A flood of emails and phone calls today signal big happenings in the GINNdom

Palm Coast Builder Capitalizes on Low Lot Prices3 comments.
September 26, 2008 – Palm Coast home builder SeaGate Homes recently closed on the purchase of 55 Palm Coast lots from Holiday Builders, Inc. of Florida LLC. The purchase signals confidence in Palm Coast's long term housing market.

ICI Homes' Mori Hosseini Buys Partner's Holdings
September 24, 2008 – ICI Homes Chairman and CEO, Mori Hosseini, has announced that his company just completed a transaction with his longtime partner and friend, L. Gale Lemerand, to acquire Lemerand’s ownership shares in two of their major partnership holdings.

10 Companies, 15 Individuals Sued for Mortgage Fraud in Central Florida3 comments.
September 24, 2008 – Florida State Attorney General brings mortgage fraud charges against 10 companies and 15 individuals

Palm Coast Schedules Neighborhood Meeting for Palm Harbor Golf Course Discussion2 comments.
September 21, 2008 – Palm Coast will hold a neighborhood meeting discuss the new development plans for the Palm Harbor Golf Course.

Cinnamon Beach Condo Tax Assessments Adjusted Downward 4 comments.
September 19, 2008 – Rental property manager leads successful assessment appeal after condo board votes not to appeal on behalf of association members.

Stirling Sotheby’s to host live Worldwide Auction of Ginn Resort properties1 comment.
September 19, 2008 – Orlando-based Stirling Sotheby's International has announced that it will conduct a worldwide auction of luxury homes and properties in the renowned Ginn Resorts; Reunion, Bella Collina, and Hammock Beach.

City Keeps Transportation Impact Fee in Check5 comments.
September 18, 2008 – Indexing would have raised cost of a new home in Palm Coast by $480

Ginn Company Faces another Lawsuit7 comments.
September 17, 2008 – Already facing lawsuits, cash flow problems, and a credit facility default, the GINNdom faces another attack.

Palm Coast Approves Project Continental Incentive Package Unanimously12 comments.
September 16, 2008 – Those who've read GoToby.com for any length of time know my position on our area's critical need for quality economic development. Past efforts toward a cohesive recruiting strategy have not been successful. In many cases, egos got in the way. In others, elected or appointed officials were simply ill equipped to grasp the need for sustained development. When the Palm Coast City Council approved the incentive package for Project Continental, it signaled a new era of cooperation had begun, and not too soon.

Flagler County Headed up while Volusia goes in the Opposite Direction1 comment.
September 15, 2008 – Even with its unemployment rate ranked second highest in the state, Flagler County continues to buck trends seen in other Florida counties. Looking at student enrollment growth and the tourism related resort bed tax revenue, Flagler County outperforms Volusia County, its neighbor to the south.

Who is Project Continental? All Signs Point to Palm Coast Data6 comments.
September 11, 2008 – Palm Coast City Manager Jim Landon briefed the press today on Project Continental, the phantom company that might bring 700 new jobs to our area. He spoke of the number of jobs, the economic impact, and incentives offered, but he did not reveal the name of the company, claiming a continuing non-disclosure agreement. Palm Coast is not a big city. Put the pieces together and do a little homework and Project Continental has to be the parent company of Palm Coast Data.

Toby Guests on WNZF News-Talk Radio1 comment.
September 2, 2008 – Flagler County's first full service radio station WNZF is on the air (1550 AM). Toby guests on Flagler Forum show.

Epic's Plans for Palm Coast Movie Theater Unchanged6 comments.
September 2, 2008 – Epic still committed to Town Center multi-plex movie theater.

July Traffic Way Up at Realtor.com Website1 comment.
August 28, 2008 – A possible sign of a market turnaround - July traffic on Realtor.com was way up in July.

Results of Absolute Auction in Tesoro Preserve3 comments.
August 27, 2008 – The results of an absolute aucion of a lot in Ginn's Tesoro are reported.

GoToby.com Expands Real Estate Sales Reports
August 26, 2008 – GoToby.com has expanded its "Recent Sales" real estate reports.

VA Raises Cap on Loans to $729,0002 comments.
August 25, 2005 – The Department of Veterans Affairs (VA) announced in Washington that it is raising ceilings on its no-down payment home loans from the current $417,000 to as much as $729,000.

Palm Harbor Golf Course Gets Final Permit Ruling2 comments.
August 22, 2008 – Palm Coast Friends of Golf reported to their members today that construction bids for the course renovation will go out shortly.

WCI Bounces $85,000 Check to Hammock Dunes Condo Association
August 21, 2008 – WCI Communities passed control of the Savona condominium to condo owners, as required by Florida law. On July 30, 2008, after much delay, WCI wrote an $85,000 check to the association pursuant to a Settlement Agreement. Four days later, WCI filed for Chapter 11 bankruptcy protection. The check was returned unpaid. WCI says it will not issue a replacement

Karaoke Night at European Village this Thursday
August 19, 2008 – Continuing his efforts to revitalize Palm Coast, Florida's European Village, Mezzaluna Pizzeria owner, Mike DiBitetto, presents another night of live entertainment.

Florida Real Estate Firm Joins Sotheby’s International Realty® Network
August 19, 2008 – Sotheby’s International Realty Affiliates LLC today announced that Hammock Dunes Real Estate Company in Palm Coast, Fla., has joined its luxury real estate network.

Lot in Ginn's Tesoro Preserve to be Sold at Absolute Auction Tomorrow2 comments.
August 18, 2008 – Owners of a lot in Tesoro Preserve, a Ginn Company development in Port St. Lucie, Florida have decided to get out of their investment.

Commercial Alliance Group Pays Investors Ahead of Schedule2 comments.
August 13, 2008 – The company that purchased the remaining completed condominiums in the Palm Coast Resort project from Centex announced some good news in a press release from their Sanford-based headquarters.

Toll Brothers Reports Preliminary 3rd Qtr FY 2008 Totals for Home Building Revenues, Backlog and Contracts
Aug. 13, 2008 (PRIME NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, today reported that, for the third quarter ended July 31, 2008, home building revenues were approximately $796.5 million, backlog was approximately $1.75 billion and net signed contracts were approximately $469.7 million. These totals represented declines of 34%, 52% and 35%, respectively, in dollars, and 31%, 48% and 27%, respectively, in units, compared to FY 2007's third-quarter results.

Florida's Top Financial Regulator Stepping Down Under Pressure2 comments.
August 12, 2008 – Don Saxon, scheduled to meet with Gov. Charlie Crist and Cabinet to propose new regulations for the state's mortgage industry emerges instead with a retirement announcement.

Flagler County School Board Candidates Debate Tonight
August 6, 2008 – Because of the importance of this year’s Flagler County School Board primary election race, the Flagler Homebuilders Association, the Flagler County Chamber of Commerce & Affiliates, and the Flagler County Association of REALTORS® will hold a debate for five candidates competing for two seats.

WCI Receives Approval on Package of Relief that Assures Continued, Uninterrupted Operations1 comment.
August 6, 2008 – A US Bankruptcy Court approved a relief package for Bonita Springs-based developer, WCI Communities according to a statement released by the company.

Wal-Mart Gets Final Site Plan Approval, Epic Theater Permit Ready3 comments.
August 5, 2008 – Palm Coast City Council gives final approval to Wal-Mart sit plan. City Manager also announces Epic Theater building permit.

Florida Real Estate Developer WCI Communities Files for Chapter 11 Bankruptcy Protection1 comment.
August 4, 2008 – After turning down a tender offer of $22 per share only 15 months ago, Florida real estate developer WCI Communities filed today for Chapter 11 bankruptcy protection to prevent lenders from immediately seizing the company's assets.

Palm Coast Landing at Town Center Resembled a Mall During Christmas Week6 comments.
August 4, 2008 – The giant sucking sound of sales tax dollars being pulled back into Flagler County was evident yesterday as another "big box" retailer opened its doors in Palm Coast Landing, the retail power center of Town Center at Palm Coast. TJ Maxx followed earlier openings by Michaels, PetsMart, Target, and Books A Million.

Bankruptcy Looks Imminent for Florida Builder WCI Communities
August 1, 2008 – What a difference a year makes. Last year, WCI Communities turned down a tender offer of $22 per share for the company. The company recently reported a net loss of $100.2 million for the quarter ended June 30. Further, it reports that it is in default of several loan agreements. WCI shares closed yesterday at $1.18.

DJ Oldies Featured at European Village this Saturday1 comment.
August 1, 2008 – In a continuing effort to enliven the European Village atmosphere, Mezzaluna Pizzeria is sponsoring a DJ-Oldies night tomorrow night, Saturday, August 2nd.

Florida Real Estate Developer Ginn Continues Efforts to Restructure Credit Suisse Credit Facility3 comments.
August 1, 2008 – Two Ginn Company affiliated entities failed to make payment on both principal and interest payments on first and second-lien debt due June 30, 2008. (see story) The lender granted a 30-day forbearance which expired yesterday. Both parties continue to negotiate a solution.

Bobby Ginn Conference Call with Hammock Beach Club Members10 comments.
July 30, 2008 – Amid a two front war battling credit issues and lawsuits, Bobby Ginn, chairman and CEO of Ginn Clubs and Resorts, went on a member relations offensive when he hosted a Wednesday conference call with members of his Palm Coast, Florida Hammock Beach Club.

Up to 700 New Jobs if Unnamed Company Picks Palm Coast
July 30, 2008 – In a special meeting yesterday, Palm Coast City Council voted on a resolution that revealed that a large company is considering a move to the area bringing 700 well paying jobs to the Palm Coast, Flagler County area.

Palm Coast European Village Entertainment to Resume Thursday Evening7 comments.
July 28, 2008 – Palm Coast European Village restaurant and shop owners have joined forces to market their business and increase cusotmer traffic by offering free entertainment.

Second Bank-Owned Lot in Ginn's Conservatory at Hammock Beach sells for Less Than $100,0001 comment.
July 25, 2008 – For the second time in weeks, a lot in The Conservatory at Hammock Beach in Palm Coast, Florida sells for under $100,000. Both lots were recently listed under "Toby's Picks" on the GoToby.com website. No lots sold in that community in the previous two years.

REMINDER – Politics in the Park is Tomorrow
July 25, 2008 – Politics in the Park is scheduled for tomorrow, July 26. Meet and hear candidates for local and state races.

Florida Welcomes Felons aboard the Mortgage Fraud Gravy Train1 comment.
July 24, 2008 – A 2006 law requires Florida to screen all applicants for a Mortgage Broker license for federal crimes. They didn't screen until March 2008, allowing thousands of convicted felons to become mortgage brokers.

Target, PetsMart, and McDonalds Now Open in Town Center at Palm Coast
July 22, 2008 – The official Grand Opening for Palm Coast Landing in the new Town Center will be August 9th, but some of the stores are already open. PetsMart opened yesterday.

Press Release Announcing WCI Communities Buyout Offer was a Hoax1 comment.
July 21, 2008 – Over the weekend several media offices in Southwest Florida received a faxed press release purportedly from WCI Communities, one of Florida's largest builders of luxury homes and tower condominiums. The story announced a buyout deal for the financially troubled builder. At least one news department accepted the story as fact and ran with it.

Flagler County Candidates to Debate during Online “Town Hall”2 comments.
July 18, 2008 – Palm Coast candidates offered opportunity to answer citizen's questions and debate each other in a unique on-line forum.

Palm Coast and Flagler County Host Growing Greener Workshop
July 18, 2008 – Higher energy costs and increased environmental awareness have combined to spur "green" development, building, and landscaping practices. The City of Palm Coast and Flagler County, in cooperation with the Flagler County Association for Responsible Development (FCARD) are co-hosting a Growing Greener" workshop.

Palm Coast not on the Starbucks List of 616 Stores Slated to Close
July 18, 2008 – List of 616 Starbucks stores slated to close does not include Palm Coast, Florida.

Palm Coast Florida Planning Board Approves Final Site Plan for Wal-Mart Supercenter7 comments.
July 16, 2008 – The Palm Coast, Florida Planning and Land Development Regulation Board (PLDRB)approved the final site plan for the Wal-Mart SuperCenter to be built on Old Kings Road.

Important Notice: Error in GoToby.com Reader Comment Input Discovered and Fixed
July 14, 2008 – If you tried unsuccessfully to comment on a recent post, please return to the article and try again.

First Lot Sale in Nearly Two Years Recorded at Ginn's Conservatory at Hammock Beach
July 11, 2008 – First sale of a lot in The Conservatory at Hammock Beach in two years.

Update on City of Palm Coast's Makeover of Palm Harbor Golf Course5 comments.
July 12, 2008 – The City of Palm Coast conversion of Palm Harbor Golf Course is taking longer than originally projected. The opening is now planned for October 2009.

First Store in Palm Coast, Florida's City Walk Plaza Opening July 12
July 11, 2008 – Bonkers, a hi-tech arcade, opens Saturday, July 12th, the first store to open in the new City Walk Plaza in Palm Coast, Florida. Bonkers is operated by a family with close ties to the NYPD, Coney Island, and first responders everywhere.

Target Store in Palm Coast's Town Center will Open July 27th1 comment.
July 10, 2008 – The new SuperTarget at Town Center will open at the end of July. A "soft opening" for friends and family is scheduled for Wednesday, July 23rd, followed by the official opening Sunday July 27th. Unlike the traditional Target format, SuperTargets include a full grocery department.

WCI Communities Offers to Exchange Secured Debt for Convertible Notes to Avoid Financial Crisis
July 9, 2008 – Florida real estate developer WCI Communities faces a debt crisis on August 5th when $125 million in convertible notes are due to be repaid. Industry sources say that the company does not have that much cash. It was announced today that WCI has offered to exchange secured debt, due in 2013, for the convertible notes.

Palm Coast Landing Grand Opening TARGETed for August 9th
July 8, 2008 – The long anticipated Grand Opening of Palm Coast Landing has been set for August 9th. Palm Coast Landing is the "big box" retail plaza for Town Center, located on the north side of SR 100 just east of Belle Terre Pkwy.

Florida Real Estate Developer, Ginn Clubs and Resorts, Misses Principal and Interest Payment12 comments.
July 2, 2008 – Signaling cash flow woes, Ginn Clubs and Resorts missed principal and interest payments on its first- and second-lien debt.

Real Estate Developer Bobby Ginn Introduces the Ginn One Club to Members9 comments.
July 1, 2008 – Real Estate developer Bobby Ginn rolled out the long awaited Ginn One Club with a special announcement to members. The new plan gives Ginn Club members in good standing (dues paying) reciprocal privileges at other Ginn facilities, both in the U.S. and the Caribbean.

Insurer Proposes Wind and Flood Insurance Combined into One Policy1 comment.
June 26, 2008 – Nationwide Insurance wants to offer both wind and flood insurance under one policy.

More Palm Coast Town Center Commercial Construction begins
June 25, 2008 – Two more projects are commencing construction within Town Center at Palm Coast. The two projects, City Centré and Imagine School combined will account for nearly $15 million in construction.

Real Estate Lawsuit Score: SeaGate Homes 2, Palm Coast 0
June 24, 2008 – Another decision in the legal dispute between local real estate developer, SeaGate Homes and the City of Palm Coast favors SeaGate. The lawsuit is the result of an unfavorable land use decision by the city where they denied SeaGate's plans for its Ryan's Landing development because the developer refused to cave into extortion demands by the city to build a city park.

Palm Coast Real Estate Developer WCI in Transaction Talks with Icahn
June 23, 2008 – WCI Communities, Bonita Springs based real estate developer with condominiums in the Palm Coast luxury oceanfront community of Hammock Dunes, is reported to be in discussions with chairman and major stockholder, Carl Icahn.

Florida Included in FBI Real Estate Fraud Investigation1 comment.
June 20, 2008 – FBI real estate fraud investigation includes Florida.

Palm Coast, Florida Warehouse Condo Real Estate Auction Results
June 20, 2008 – Palm Coast, Flagler County, FL witnessed its first successful multiple unit real estate auction Thursday. On the auction block were 30 commercial/light industrial warehouse condominiums in the Palm Coast Commercial Center, located off Hargrove Grade west of US Rt1.

Flagler County Commission Approves Airport Air Traffic Control Tower2 comments.
June 18, 2008 – A press release issued yesterday announces the approval for construction of an airport Air Traffic Control tower at Flagler County Airport, recognized by the FAA as one of the busiest general aviation airports in the nation.

Prices Reduced by 50% at Ginn’s Hammock Beach Tower Condominiums1 comment.
June 17, 2008 – To stimulate buyers amid the dearth of condominium sales, The Ginn Company reduced the average price for a unit on one of the first two floors of the Ocean Towers condominiums at Hammock Beach by 50%.

Open House Signs will NOT be allowed on Rights-of-way in Palm Coast5 comments.
June 17, 2008 – Against the wishes of the real estate community, including those trying to sell their own homes, Palm Coast City Council today voted to return to a rigid enforcement of the city code that prohibits signs in any city right-of-way. Unauthorized signs will be picked up and destroyed.

30 Commercial Light Industrial Warehouses to be Auctioned at Palm Coast Commercial and Industrial Center
June 11, 2008 – Stirling Sothby's International Realty Auction Services will auction 30 units of the Palm Commercial and Industrial Center, located off Hargrove Grade, east of US Rt1.

Publix Buys Palm Coast Albertson's5 comments.
June 9, 2008 – Palm Coast store one of 49 of Albertson's Florida stores being acquired by Publix.

European Village Saga Continues11 comments.
June 7, 2008 – Another chapter in the European Resort saga begins as Integrated Resorts, the company hired by developer Peter Roehr to manage the resort condo/hotel, winds down their involvement with residential unit owners by releasing them from their rental contracts.

News from the Flagler County Tax Collector's Office4 comments.
June 6, 2008 – The Flagler County Tax Collector's office says their on-line tax certificate sale was successful. Also, they said the vessel fees were increasing July 1st.

Delinquencies and Foreclosures Increase in Latest Mortgage Bankers Association National Delinquency Survey
June 5, 2008 – The Mortgage Bankers Association (MBA) released their quarterly report on mortgage delinquencies and foreclosures. Once again this quarter, the rate of foreclosure starts and the percent of loans in the process of foreclosure are the highest recorded since 1979.

Old Kings Road Widening and Planned New Wal-Mart Move Forward, as does Harbor View Marina on Colbert Lane4 comments.
June 4, 2008 – Two local projects moved forward this week in separate actions by the Palm Coast City Council and Flagler County Board of Commissioners.

Palm Coast, Flagler County, and Flagler Beach Taxable Property Values Down from 20071 comment.
June 2, 2008 – Preliminary tax rolls show significant decline in taxable property values in Flagler County, Palm Coast, and Flagler Beach from 2007.

WCI Communities Sells Tuscany Reserve near Naples to a Foreign Investment Group
May 29, 2008 – WCI Communities, the developer of Hammock Dunes condominiums has trimmed its assets with the sale of its North Naples development, Tuscany Reserve, to a foreign investment firm, AB Naples LLC for $65 million.

Attorney General McCollum Applauds Signing of Foreclosure Rescue Fraud Prevention Act into Law
May 29, 2008 – Florida passes Foreclosure Rescue Fraud Prevention Act of 2008.

Palm Coast Bonefish Postponed2 comments.
May 25, 2008 – Bonefish Restaurant has decided to delay any new store decisions until 2009. Palm Coast will have to wait.

Commercial Radio Station Coming to Palm Coast and Flagler County3 comments.
May 24, 2008 - Palm Coast and Flagler County will get their first full-time commercial radio station.

Residential Project on Colbert Lane Restarted by New Owner
May 23, 2008 – Former Masterpiece Homes project on Colbert Lane in Palm Coast, FL is restarted by new Orlando-based owner, Waterford Investments.

Bobby Ginn Wins Support for Ski Resort from Minturn, Colorado Residents while Facing Mounting Challenges at Existing Developments1 comment.
May 21, 2008 – Battle Mountain Ski Resort, near Vail, Colorado gains local support. Meanwhile other Ginn communities suffer increased foreclosures, property tax delinquencies and legal challenges.

Wal-Mart and Old Kings Road Widening Update1 comment.
May 20, 2008 - Another delay in the planned widening of Old Kings Road will likely delay construction of the new Wal-Mart SuperCenter in Palm Coast.

Target Schedules Job Fair and Golden Coral is Hiring
May 15, 2008 – Golden Coral Restaurant and Target are both hiring for upcoming openings.

Public Records Provide Details of Centex Sale of Remaining Palm Coast Resort Condos
May 15, 2008 – Deed filing reveals details of the purchase of the 30 remaining Palm Coast Resort condominiums from Centex.

One Buyer Picks Up Remaining Palm Coast Resort Condominiums from Centex1 comment.
May 12, 2008 – Centex finally sells out its last Palm Coast condominium inventory. A single buyer takes the last 30 units.

On-line Delinquent Property Tax Advertising and Tax Certificate Auction Begin Today
May 9, 2008 – Flagler County begins its first year using an on-line system to advertise delinquent property taxes and sell tax certificates today. Traditional newspaper advertising will begin on May 14th.

Two Wall Street Journal Articles Indicate Housing Market May have Hit Bottom1 comment.
May 8, 2008 – Concurring with GoToby.com's analysis, writers of two separate articles in today's Wall Street Journal support the belief that the U.S. housing market may have reached bottom.

WCI Communities Reports Results of First Quarter 2008
May 7, 2008 – WCI Communities, the developer of the Hammock Dunes tower condominiums releases its first quarter 2008 financial results. This quarter's loss was $84.1 million compared to a loss of $15.8 million for the first quarter of 2007.

Florida Legislators Finish Session. How do New Measures Affect Real Estate?
May 3, 2008 – Legislative session ends with significant issues affecting real estate addressed.

More Tenants Join SuperTarget at Palm Coast Landing at Town Center2 comments.
May 3, 2008 – New tenants for SuperTarget anchored retail complex revealed in brochure found on developer's website.

Florida Senate Sends Tougher Mortgage Fraud Bill to Governor Charlie Crist
April 30, 2008 – New law will increase the penalties for mortgage fraud in Florida, but the state needs to beef up its enforcement resources too.

U.S. Foreclosure Activity Increases 23 Percent In First Quarter
April 29, 2008 - Foreclosure activity Up 112 percent from Q1 2007. California and Florida cities account for 13 of top 20 metro areas.

Former Players Club Locked and Quiet2 comments.
April 28, 2008 – I started receiving emails on Friday asking if it was true that European Village had been sold. The fitness center which occupied the former Players Club clubhouse reportedly had been told to vacate the premises and the swimming pool had been padlocked.

Flagler County: By all Indications, Now is the Time to Invest
April 25, 2008 -Chicago area realty company touts Flagler County market.

Rayonier and Cousins Properties Plan a New Project in Western Flagler County, Florida (updated 5-3-08)
April 24, 2008 – (Updated May 3, 2008) Jacksonville based timber and real estate company, Rayonier, Inc. and Cousins Properties, an Atlanta based development company announced a strategic alliance to master plan and entitle approximately 6,300 acres in Flagler County, Florida. The property is located west of Palm Coast astride the Old Brick Road, north of Espanola. The picturesque unused Old Brick Road was once part of the Dixie Highway, once the main road connecting Miami and Michigan.

Local Realtor® Faces Arrest2 comments.
April 23, 2008 - Toby Tobin goes to jail to support Muscular Dystrophy Association Lock-up fund raiser. Your help is required to secure his release.

City Walk Nears Completion
April 23, 2008 – 160,000 square feet of additional retail, office, and restaurant space will soon be available in Palm Coast as City Walk nears completion.

New U.S. Monthly House Price Index Estimates 0.6 Percent Price Increase Between January and February
April 22, 2008 – U.S. home prices rose approximately 0.6 percent on a seasonally adjusted basis between January and February, according to Office of Federal Housing Enterprise Oversight's (OFHEO) new monthly House Price Index. For the 12 months ending in February, U.S. prices fell 2.4 percent. Since its peak in April 2007, the index is down 3.1 percent.

Poll: Most Americans Think it's a Good Time to Buy a Home1 comment.
April 18, 2008 - Reuters/Zogby Index: Mood of Americans improves. More than 50% think it's a good time to buy a home.

Palm Coast Holdings Updates Commercial Realtors® on Town Center Status
April 17, 2008 – After years of anticipation, Town Center is finally becoming a reality. This will be a big year for new construction.

April Update on Palm Harbor Golf Course from Frienda of Golf
April 17, 2008 - Palm Harbor golf course renovation is moving forward but delays are being caused by the permitting bureaucracy.

Florida's March Foreclosure Activity Down from February while National Activity Rises
April 15, 2008 - Florida ranks second in overall foreclosure filings and third among states in percentage of households receiving a foreclosure filing. But Florida's rate was down from February while the national rates increased.

Free Foreclosure Prevention Workshop Scheduled for Palm Coast Area Residents
April 14, 2008 – Community Legal Services of Mid-Florida will host a free Foreclosure Prevention Workshop at the Palm Coast Community Center May 13th from 6:30 to 8:30 p.m. The center is located at 305 Palm Coast Parkway.

Kohl's to Start Site Development Work for New Palm Coast Store Monday, April 14th
April 13, 2008 – Site development work for a new Palm Coast, FL Kohl's department store to begin tomorrow.

Brookhaven – Town Center's First Residential Units Open to Public Saturday1 comment.
April 4, 2008 – Purported to be the center of gravity for future Palm Coast, Florida activity, Town Center reaches a new milestone with the opening of the first of its several planned residential offerings – Brookhaven at Town Center.

Young People Aging Much Faster than Their Parents – Is Mankind Doomed?
April 1, 2008 -- An extreme look example of how numbers can be twisted to make a point (as the media often does).

City of Palm Coast Fastest Growing City in U.S. – Full Story1 comment.
March 31, 2008 – The U. S. Census Bureau released their annual estimate of metropolitan growth. Palm Coast, Florida ranked number one in percentage population growth for the period July 1, 2006 to July 1, 2007 (7.2%). More impressively, it also ranked number one for the 2000 – 2007 period with a growth rate of 77.4%. With charts and graphs.

Ginn Sells Two Tower Condos at the Ginn Tournament and has Contracts out for Signatures on Two More
March 29, 2008 – Cloudless skies, a refreshing sea breeze, and great golf at The Ocean Course at Hammock Beach. It was another day like those we have grown to expect on a regular basis in Palm Coast, Florida. It was also the second day of the Ginn Championship on the PGA Champions Tour.

Flagler County Tax Collector Offers Public Training for On-Line Tax Certificate Sale
March 29, 2008 - Unpaid 2007 property taxes will become delinquent April 1. If unpaid by the end of March, Tax Certificates will be sold. Learn how to participate at a training class being held by the Flagler County Tax Collector.

Real Estate Update from the Ginn Championship at Hammock Beach1 comment.
March 28, 2008 – The Champions Tour players like the Hammock Beach venue of the 2008 Ginn Championship. Yesterday Gary Player called the Ocean Course "one of the best courses we play."

Good Real Estate News coming out of the Ginn Championship Tournament at Hammock Beach in Palm Coast, FL2 comments.
March 26, 2008 – Report from the Ginn Tournament from a real estate marketing perspecitve.

CVS Restarts Stalled Construction of New Store Near Flagler Beach1 comment.
March 25, 2008 – The on and off story of a new CVS Pharmacy at the corner of SR100 and John Anderson is back on.

GoToby.com Covering Ginn Championship at Hammock Beach Ocean Course from Real Estate Marketing Perspective
March 24, 2008 – The second annual Ginn Championship Tournament of the PGA Champions Tour will be hosted this week by Ginn Resorts featuring The Ocean Course at Hammock Beach. This is one of the richest events on the Champions Tour and will sport all the top 30 money winners for the first time in three years.

Flagler County Chamber of Commerce Reports that Someone is Falsely Using Their Name to Solicit Ads
March 21, 2008 – Palm Coast, Florida – An email was sent by the Flagler County Chamber of Commerce to its members today. It warns of deceptive selling practices by someone falsely representing themselves as Chamber representatives.

Miami Business Owner Indicted in $132 Million Scheme to Defraud Clients of 1031 Exchange Funds Allegedly Held in Trust
March 20, 2008 - Miami businessman, Edward Okun, was charged with defrauding several real estate investors out of $132 million through 1031 exchange funds his company administered.

Pending Home Sales Rising in Much of Florida
March 20, 2008 – Sales activity reported by MLS for single-family homes in Palm Coast and the rest of Flagler County has picked up decidedly since the end of '07. The number of pending sales is currently 252, up from barely 100 at the beginning of the year. Well, Palm Coast and Flagler County are not alone. Several other local Realtor® Associations report similar trends.

Flagler County Still Makes Top Ten List of Fastest Growing Counties in the U.S. According to the U.S. Census Bureau
March 20, 2008 – Today, the U.S. Census Bureau released its annual estimate of population growth for counties and parishes in the U.S. In the two years from July 2003 to July 2005, Flagler County was the fastest growing county in the U.S. From July 2005 to 2006, it had dropped to fifth place. The data released today puts Flagler County in the number six position. For the 7-year period from 2000 to 2007, Flagler holds the second place spot.

Kohl's Passes Final Permitting Hurdle – A Spring 2009 Opening Planned
March 19, 2008 – The Kohl's retail development, which will be constructed across Belle Terre from Albertson's, is one step closer to reality. After a delay caused when the Army Corps of Engineers stepped into the middle of the permitting process, the project is now back on track.

Nesting Pair of Bald Eagles Raising Family in Palm Coast, Florida Gated Community
March 17, 2008 - LandMar's Grand Haven community hosts a nesting pair of bald eagles.

City of Palm Coast, Florida, Issues 2007 Annual Report on Growth and Development Trends
March 12, 2008 – Reports details 2007 growth and projects future growth. Population to more than double in next twelve years. Slowdown only temporary.

Seagate Homes Wins another Round in Lawsuit against Palm Coast City Council over Ryan's Landing1 comment.
March 12, 2008 - Seagate Homes wins another round in its lawsuit against Palm Coast City Council over Ryan's Landing development.

City of Palm Coast Issues Building Permit to Golden Corral Restaurant4 comments.
March 6, 2008 – Palm Coast, FL – Golden Corral gets building permit for new restaurant in Cobblestone Village.

WCI Communities Provides Preliminary Fourth Quarter Data and Fourth Quarter Earnings Release Date
March 5, 2007 -- "WCI generated approximately $160 to $170 million of cash flow from operating and investing activities in the fourth quarter and $220 to $230 million for the full year. Our earnings for the quarter and full year will reflect the very poor operating conditions that persist in our markets and will also include significant write downs," said Jerry Starkey, President and CEO of WCI Communities.

Palm Coast, Florida Housing Market May have Reached Bottom2 comments.
March 3, 2008 – The Palm Coast housing market may have reached bottom. February stats continue a trend first noticed in January 2008. In each month, the number of homes available for sale on MLS declined and the number of signed sale contracts increased.

Battle Mountain, Bobby Ginn's Billion Dollar Ski Resort Project near Vail is One Step Closer
February 29, 2008 – Former railroad town of Minturn, Colorado agreed to annex 4300 acres of land for a private ski resort on top of Battle Mountain as Ginn pledged $180 million for improvements to the town's services and amenities.

Town Center at Palm Coast Update – Some facts and some rumors4 comments.
February 28, 2008 – I've been getting a lot of emails about Town Center and the Super Target anchored retail "power center." Here are some facts and some rumors.

Toll Brothers Reports 1st Quarter 2008 Results
Feb. 27, 2008 (PRIME NEWSWIRE) -- Toll Brothers, Inc. the nation's leading builder of luxury homes, today reported final results for its first quarter ended January 31, 2008.

March 3rd Deadline for Homestead Exemption and Tax Portability Looms
February 26, 2008 – Friday, March 3, is the deadline for resident homeowners to apply for their homestead exemption. It's also the deadline for those who bought homes in 2007 to apply for property tax portability.

Hammock Dunes Developer, Terry Pendleton, Passes Suddenly at Age 61
February 25, 2008 – Hammock Dunes, the luxury oceanfront golfing community in Palm Coast, FL, owes much of its success to Terry Pendleton. Terry passed away suddenly on Saturday, February 16, 2008 in Dallas, TX at the age of 61.

LandMar COO Leaves Five Months after CEO's Departure
February 24, 2008 – LandMar Group LLC loses second executive in five months.

Trademark Properties Liquidates America's Real Estate Crisis with a Series of Fortunate Events
February 21, 2008 - Charleston, SC based Trademark Properties combines local physical auction with a real time simulcast to internet buyers who have cash and are looking to place it in real estate. Trademark founder, Richard C. Davis, also created "Flip This House."

Model Home in Ginn's Conservatory Sells for $1.5 Million1 comment.
February 21, 2008 - One of four builder model homes in The Conservatory at Hammock Beach sells. Clarification 2/23/08.

Moody's Economy.com Research Forecasts Palm Coast Gross Metropolitan Product (GMP) Growing 28.1% from 2007 to 20121 comment.
February 12, 2008 – A recent Forbes article listed the top ten large and small U.S. metropolitan areas ranked by projected growth in Gross Metropolitan Product (GMP). The lists were the result of a research forecast by Moody's Economy.com. Florida placed three entries on each of the top ten lists. Palm Coast ranked third among small areas (with populations over 50,000 but less than 528,000).

Mortgage Holders may not be able to Foreclose Without Proof they Own the Note and Mortgage
February 11, 2008 - Mortgage companies facing bankruptcy may make decisions that are not in the best interest of investors who bought the mortgage and note.

Conservatory Lot Sales Ready to Bust Loose2 comments.
February 5, 2008 – A few weeks ago, the news that a lot in Ginn’s Conservatory at Hammock Beach was listed for $99,000 shook up the market. Since, a lake/golf course lot has been listed at $199,900. Another lot is offered at $205,000. Now, a bank owned lot which was unsold at $209,900 has been reduced to $169,900.

Centex Exiting Northeast Florida -- No More Buildings in Tidelands5 comments.
February 3, 2008 – Jolted by a larger quarterly loss than expected, Centex notified local employees Friday morning that they were closing shop in Northeast Florida.

Palm Harbor Golf Course may be Open this Fall5 comments.
January 31, 2008 – In the interest of keeping as many people as possible up to date on the status of the Palm Harbor Golf Course conversion to a Palm Coast municipal facility, the Friends of Golf have graciously kept me abreast with frequent emails. Here is their latest communiqué.

Ginn Company’s Tesoro Development in Port St. Lucie Hosts Live Bald Eagle Webcam
January 28, 2008 – Bobby Ginn’s Tesoro development in Port St. Lucie, had to be redesigned because a pair of protected bald eagles had a nest on the property. The eagles faced challenges too. One year, a hurricane destroyed their nest. Another year, eggs did not hatch. But this year, at least two hatchlings were recently spotted by an Audubon of Florida Eagle Watch Coordinator. And you can keep an eye on them too via a Webcam.

Exposing Misleading Anti–Amendment 1 Propaganda Mailers1 comment.
January 26, 2008 – Negative political ads have come to the Amendment 1 question. Misinformation mailers began arriving at local homes over the past few days leaving little time before Election Day to refute their grossly misleading claims, claims aimed at scaring voters to cast their ballots against the Amendment 1. Two of the offending organizations are Citizens for Home Rule and Florida is Our Home, Inc. There are intelligent and rational people on both sides of the Amendment 1 issue. If you have yet to decide which way to vote, you can see the facts here. Don’t be swayed by the emotion laden rhetoric found in the recent mailings.

Residential Condominium Association Election Signals Changes at European Village
January 25, 2008 – European Village was conceived by developer, Peter Roehr, as a three story resort condo hotel above a collection of restaurants and shops. It has been a tumultuous few years with accusations of misrepresentation by the developer and mismanagement by two consecutive management companies hired by Roehr. Today’s election of all new people to the three-member residential condominium association board of directors may promise a brighter future for property owners.

Benton Village Adult Care Community Hosts Open House
January 24, 2008 – Palm Coast, FL – Today marked the opening of Benton Village, Palm Coast’s newest adult care community. The ribbon cutting ceremony was attended by Palm Coast Mayor, John Netts, County Councilman, Bob Abbott, and Chamber of Commerce President, Doug Baxter as well as an overflow crowd of interested residents.

Filing Deadline for Property Tax Exemptions is March 3, 20081 comment.
January 19, 2008 – The deadline for most property tax exemptions (i.e. Homestead, Senior, etc.) is March 3, 2008. For information on any exemptions to which you may be entitled, go to the County Appraiser’s website or call their office at 386-313-4150. Office hours are 8:00 a.m. to 5:00 p.m. Monday through Friday.

Conservatory Lot Market Tested with $99,000 Listing (updated Jan 20)
January 18, 2008 – There have been no sales of lots in Ginn’s Conservatory at Hammock Beach in over 16 months. In early December, SunTrust Bank dropped the price of a foreclosure lot to $209.9 thousand. The parcel, now assessed for $295 thousand, was purchased by the original owner for $404.9 thousand in April ’05. Yet it remains unsold. In a dramatic move yesterday, the owners of another Conservatory lot listed their property at $99 thousand, $250.9 thousand less than they paid in April ’05. The lot is assessed currently at $295 thousand.

Credit Renegotiations Successful for Hammock Dunes Condo Developer, WCI Communities
January 17, 2008 – Less than one year ago, WCI Communities, developer of the tower condominiums at Hammock Dunes in Palm Coast, Florida, turned down Carl Icahn’s bid of $22 per share for all outstanding shares of the company. Since, WCI shares dropped as low as $1.35 per share as it failed to comply with covenants of its credit facility. It was granted three short-term extensions by lenders. The most recent extension of only nine days expired yesterday. Failure to reach a deal for a long term solution to the credit issues may have forced WCI into bankruptcy. At the last minute, a deal was reached according to a press release issued by the company late yesterday.

Jay Gardner Outlines Property Tax Amendment to Packed Town Meeting3 comments.
January 15, 2008 – Flagler County Property Appraiser, Jay Gardner, spoke to an overflow crowd at the community center last night. The main topic was the upcoming vote on a constitutional amendment to change property tax exemptions. Gardner also floated his proposal for a shift of school taxes to a sales tax.

WCI Communities Obtains Another Brief Extension of Bank Covenant Waiver
January 11, 2008 – WCI Communities, developer of tower condominiums in Hammock Dunes, Palm Coast, Florida, gets a very short time to restructure its credit facility. After two successive 30-day extensions, banks give only 9 days this time.

Grand Reserve Golf Course (formerly Oak Branch) opened Jan 5th – I played it Today - My Report5 comments.
January 9, 2008 – The Grand Reserve Golf Course, formerly known as Oak Branch, opened in Bunnell last Saturday. I had a chance to play there today. Owned and operated by Capstone Golf, Grand Reserve is Flagler County’s first new public course in a long time. It makes affordable public golfing available for the first time since developers bought Palm Coast’s original Pine Lakes, Palm Harbor, Matanzas Woods, and Cypress Knolls courses. I played it today. Here is my report.

Palm Coast Building Department Surplus of more than $6.2 million at Odds with Florida Statues. Audit Recommendation to Correct Problem Ignored for a Year.3 comments.
January 4, 2008 – The Palm Coat Building Department is unique. It pays for itself by collecting permitting fees and fines for code violations. This should be good news to local taxpayers but the law is very specific about how these funds are to be used and controlled. By accumulating a $6.2 million surplus, by failing to account for earned interest, and by neglecting the city auditor’s recommendation to tighten oversight of funds, the city demonstrates either a lack of understanding of the statute or a willful intent to ignore it.

Former National Hurricane Director Questions Recent Tropical Storm Counts
January 2, 2008 – Neil Frank was director of the National Hurricane Center between 1974 and 1987. Frank, currently chief meteorologist for KHOU-TV in Houston, takes issue with the way the center classifies tropical storms. According to a story today in the South Florida Sun-Sentinel, Frank believes that six of the 15 systems in 2007 may have been too weak to deserve tropical storm status. Storm data is used by the insurance industry to set rates. So if Frank is right, we are probably paying too much for property insurance.

New Law Gives Tax Relief to People Hit by Foreclosure
December 21, 2007 – Amount of loan forgiven in mortgage foreclosure or refinancing will no longer be taxed as income.

Harbor View Marina Project on Colbert Lane Moving Forward
December 19, 2007 – The Harbor View PUD Agreement was approved by the Board of County Commissioners in July 2006. Now, seventeen months later, the owners of the property, Great Star InvestorsVIII, have taken the next step in the approval process by bringing the preliminary plat and site plan before the Flagler County Technical Review Committee.

Door Opens for Refinancing as FHA Loan Expansion Heads for Senate Vote
December 15, 2007 – The Senate is set to approve a measure expanding the FHA program that provides low down payment, low interest loans to low and moderate income home buyers. The program will offer some the option to refinance existing ARM loans that have adjusted to rates the home owners cannot pay.

Ginn has Submitted Plans for Upscale Development near Charleston, SC
December 13, 2007 – The Ginn Company submitted plans for a new development near Charleston, SC. If approved, it will be sold to investors and be developed by a group headed by golf ledend Gary Palyer.

Hammock Dunes Tower Condominium Developer, WCI, Facing Hard Times
December 10, 2007 - Hammock Dunes condo builder, WCI Communities, reports steep third quarter losses and uncertainty of continuing credit facilities.

Palm Harbor and Oak Branch Golf Courses - An Update on Public Golf in Flagler County, FL
December 9, 2007 - Palm Coast, FL - Palm Harbor golf course renovation is under way. Oak Branch golf course will open in January under a new name, the Grand Reserve Golf Course.

Judge Dismisses Foreclosures because Banks couldn’t Prove They Owned the Mortgage1 comment.
December 8, 2007 – Investors holding mortgage backed securities increasingly face losses due to foreclosures. Now they face a new problem. An Ohio federal judge dismissed 14 foreclosure cases because the mortgage investors were unable to prove that they owned the mortgages underlying the foreclosed properties.

Toll Brothers' Losses are Less than Expected and Mortgage Rates Drop to Two-year Low
December 7, 2007 – Yesterday, Toll Brothers, one of the country’s largest builders of upscale homes, announced a loss of $81.8 million for the fourth quarter ended October 31. This compares with a profit of $173.8 million, or $1.07 per share one year ago. The loss was the company’s first in its 21 years as a public company.

Road News – Town Center Pkwy Opens, SR 100 at I95 Should be done by Jan 311 comment.
December 4, 2007 – With the installation of traffic lights completed at the intersection of Seminole Woods Parkway and SR 100, the first road through Town Center at Palm Coast has opened. You can now enter Town Center there and travel north on Town Center Parkway, then east under I95 to Old Kings Road at the old railroad and canal crossing.

Ginn’s BriarRose Development in Georgia Has Successful Release2 comments.
December 3, 2007 – In August, the Ginn Company purchased BriarRose, a country club and estate community in the Oconee River Valley near White Plains, GA. Last weekend, the purchase was celebrated with a release event, which I attended, featuring 23 newly released cottage lots. All 23 lots, priced from the low $200s to the mid $300s were snapped up, many from foreign buyers taking advantage of the weak dollar.

Tidelands Condo Owners Seeking Support for Lawsuit against Centex13 comments.
November 30, 2007 – Two parties who jointly own one of the condominiums in the Centex developed Tidelands are pursuing legal options. After receiving advice from two attorneys, they contacted other Tidelands property owners by letter to gain additional support. They hope to assemble a group to share expected legal costs.

Bankrupt Levitt and Sons' Major Creditors Get Properties Back
November 29, 2007 – From post WWII Levittown in Long Island, NY to Chapter 11 in FL on November 9, some 60 years later, Levitt and Sons built over 200,000 homes. All projects were halted in October. Moving proceedings forward, the bankruptcy judge gave permission for Levitt and Sons to abandon more than 1000 unfinished lots in The Seasons at Tradition in southeast Florida.

Whitehall Suspends Work on Grand Haven Condominiums while it Works to Restructure its Debt1 comment.
November 26, 2007 – Sarasota based Whitehall Quality Homes has suspended construction on phase II of the Riverview Condominiums in Grand Haven while it negotiates with its lender to restructure its debt Construction will recommence if negotiations were successful. Public records show five construction liens totaling $479,940 have been filed against the Riverview Phase II real property by unpaid contractors within the past three months.

Centex Homes Deals with Public Relations Fumble in Denver
November 20, 2007 – Here’s some good news for those who feel that Centex got off too lightly after pulling back from their Palm Harbor golf club and resort project. Perhaps the vicarious thrill you will experience from reading this article will help make things right.

Florida Homebuilder Levitt & Sons LLC and 37 of its Subsidiaries File for Chapter 11 Bankruptcy – Levitt & Sons of Flagler County LLC Owns over 334 Acres near the Flagler Airport
November 12, 2007 – Levitt & Sons LLC, one of Florida’s largest homebuilders, along with 37 of its subsidiaries filed voluntary petitions for chapter 11 bankruptcies. This action does not effect the parent, Levitt Corporation, or its other principal subsidiary, Core Communities. Levitt owns property south of the Flagler County Airport.

Conservatory Property Owners Association Annual Meeting - Bobby Ginn Addresses Owners Concerns1 comment.
November 10, 2007 – The annual meeting of the Conservatory Home Owners Association (HOA) was held on Wednesday, November 7th. Property owners have recently expressed concern over the state of the real estate market and its effect on their investment in the Conservatory as well as a feeling that the Ginn Company has not done enough to help. Property owners concerns were aired and addressed by Ginn executives and the nearly completed clubhouse was showcased. The result appears to be a lessening of rhetoric and reduction in angst.

Ginn Restructures Agreement to Buy 5,609 Acres in Lee County near Fort Myers, Florida
November 9, 2007 - A Prime Newswire release by Alico, Inc. details a land purchase deal with Ginn Development Companies for the purchase of land near Fort Myers near Florida's gulf coast. Since Ginn plays a major roll in real estate development in Palm Coast and Flagler County, the release is reproduced here. The restructuring is likely an early indicator of the direction in which Ginn's new president, Robert Gidel will be taking the company. It extends the payment schedule but keeps the underlying contracts in place, reaffirming the validity of the original development concept.

Palm Coast Adds More Residents than Miami over the Last Seven Years
November 8, 2007 – Florida’s population growth has slowed considerably, but remains relatively strong, according to the University of Florida (UF). The study also predicts that Florida’s population growth will remain relatively strong for the next few years. After a four years annual population growth of about 400,000, Florida’s population growth dipped to 331,000 additional residents between April 2006 and April 2007.

Four Lawsuits against Real Estate Developer Bobby Ginn Dismissed
November 7, 2007 – Flagler County’s most prominent real estate developer, Bobby Ginn, climbs further out of the hole he dug when he ventured into the world of NASCAR racing last year as four lawsuits are dismissed. After failing to secure sponsors for two of his three cars and after spending millions of dollars, Bobby Ginn merged the remnants of his Ginn Racing team into Dale Earnhardt Inc. In the process, drivers Joe Nemechek and Sterling Martin and two crew chiefs lost their jobs. They all sued, charging that Ginn failed to pay them their salaries.

Japanese Steak House Coming to Cobblestone Village in Palm Coast4 comments.
November 3, 2007 – Yesterday, the City of Palm Issued a building permit valued at $82,000 to Florida Sun Constructers Inc. of Longwood, FL. The permit applies to 260 Cypress Point Dr, units A-13 and A-14, located in Cobblestone Village, adjacent to Lowe’s and Belks. The new occupant will be Botan Japanese Steak House.

Ginn Announces 2,750 Acre Conservation Agreement at Laurelmor Project in NC1 comment.
November 1, 2007 - North Carolina - Despite a somewhat rocky start with local conservationists, the Ginn Company’s Laurelmor construction project announced intentions to dedicate the first phase of its conservation easement to the Blue Ridge Rural Land Trust.

Pizza, Nails, and a New Deli, but no Pier 1 Imports.5 comments.
October 31, 2007 – A few smaller businesses have made commitments to be in Palm Coast and Flagler County.

Florida Legislature Passes Property Tax Relief Plan2 comments.
October 30, 2007 - Tallahassee, FL - After intense wrangling, the Florida Legislature passed a $12 billion property tax relief plan late Monday night that lawmakers say will gain public support and help jumpstart the state's economy. Lawmakers set aside their nearly week-long standoff to pass a less ambitious tax relief plan.

Publix Moving Forward at Roberts Road and SR100 Location
October 25, 2007 – It was recently disclosed that North American Properties closed September 19, 2007 on the property at the northwest corner of SR100 and Roberts Road, west of Flagler Beach. The land was purchased from Palm Coast Holdings. North American Properties is also the developer for the Publix shopping center at the west entrance to Town Center, off Belle Terre. Site clearing is already underway.

Planning & Land Development Regulation Board Moves Three Projects Forward
October 19, 2007 – Tuesday evening, the Palm Coast Planning & Land Development Regulation Board, following city staff recommendations, voted unanimously to approve three significant building plans. One is a gated townhouse condominium project. The second is a mixed-use development with commercial, single family homes, and condominiums. The third is a 12.9 acre commercial site located at Belle Terre and SR100.

The Conservatory at Hammock Beach Selected to Host 2008 Ginn Sur Mer Classic, a PGA Fall Tour Event2 comments.
October 18, 2007 - The Conservatory at Hammock Beach will host the Ginn sur Mer Classic, a PGA Fall Tour event in 2008. The Ocean Course at Hammock Beach will again serve as the venue for the spring Ginn Classic, an event on the PGA Champions Tour.

Happy Birthday - GoToby.com Reaches One-Year Milestone8 comments.
October 16, 2007 – One year ago, GoToby.com went live as Palm Coast and Flagler County’s first website dedicated to real estate news, information, analysis, and commentary. That day, there were 14 visits to the site (family and close friends). A year later, things have changed.

Public Invited - Property Tax Reform Education Session Hosted by Flagler County Association of REALTORS®
October 7, 2007 – As a public service, the Flagler County Association of REALTORS® will host an educational session for its members and the general public. Florida Association of REALTORS® Vice President of Public Policy, John Sebree, will speak regarding the recent tax reforms passed by the state legislature during the special session. John will also discuss the constitutional amendment that will be on the January 29, 2008 ballot that would create a Super Homestead exemption.

Houligans Irish Sports Pub Coming Soon to Palm Coast5 comments.
October 4, 2007 – Several people have told me that Houligans Irish Sports Pub had pulled out of their deal to go into the Home Depot Plaza. In fact, they are committed and delighted to be coming here. Their building permit was finalized yesterday.

Palm Harbor Municipal Golf Course Moves One Step Closer to Reality3 comments.
October 3, 2007 - As expected, there was a large turnout for the Palm Coast City Council meeting last night at the Community Center. The agenda included consideration of two PUD amendments proposed jointly by the city and Centex to pave the way for transfer of the golf course to the city.

Palm Coast Tops Nation’s Cities in 2005 GDP Growth
September 27, 2007 – Yesterday, the Bureau of Economic Analysis issued the first prototype of a new measurement designed to indicate if an area’s economy is growing or shrinking. Among the smallest cities included in the study, Palm Coast’s gross domestic product grew 19.4%. The majority of the growth was attributed to the financial activities industry.

New Feature on GoToby.com – Website Introduces a Directory Service1 comment.
September 21, 2007 – GoToby.com now offers a new feature for its growing list of website visitors. From the beginning, I planned to offer sponsored directory listings. But it’s hard to convince prospective sponsors when only a handful of people know about the site. So I decided I’d wait for the market to tell me when “it was time.” Well, over the past few months, I’ve been getting calls from businesses that want to be seen on GoToby.com. So here we go.

Bobby Ginn Updates Property Owners and Members4 comments.
September 24, 2007 – Is Ginn in financial trouble? Has Bobby Ginn been forced out of the company? Of the questions I’m asked, these are among the most frequent. After all, Ginn is a very high profile outfit. And they haven't been saying much. I responded in a recent “Dear Toby” piece.

The four remaining candidates for the two Palm Coast City Council spots will be on the spot next Thursday, Sept. 27th, at the Flagler County Government Services Building in Bunnell
September 22, 2007 – Palm Coast, Florida - The candidates contending for the two remaining seats on the Palm Coast City Council will meet in a well organized and structured debate organized by the Flagler County Chamber of Commerce, the Flagler Homebuilders Association, and The Flagler County Board of Realtors®. The debate will be held Thursday, September 27th at the new Flagler County Government Services Building on SR100 in Bunnell starting at 5:30 p.m. Citizens are urged to attend since these seats may well represent the swing votes in upcoming council decisions.

New Palm Coast Stores, Restaurants and an Update of Past Rumors5 comments.
September 21, 2007 - Palm Coast will be seeing several new stores and restaurants in the next year or so. Here's who they are. Also some updates on past rumors.

Flagler Beach Code Enforcement Board Flexing Muscle over Rental Property Owners8 comments.
September 18, 2007 – The Flagler Beach Code Enforcement Board, apparently acting under the direction of Flagler Beach officials, cited three property owners for rental property code violations. They were directed to cease all short term rentals of their properties and to remove any advertisements for such rentals from their websites.

Two Clearwater, Florida Based Foreclosure Rescue Firms Charged with Scam
September 17, 2007 – Several Midwest newspapers report that Attorneys General from Illinois and Texas have charged two Florida based mortgage rescue firms with deceiving customers.

Ed Burr, LandMar Founder and CEO Resigns1 comment.
September 14, 2007 – LandMar CEO, Ed Burr, was unsuccessful in a recent attempt to negotiate his purchase of Crescent Resources’ controlling interest in the company he founded in 1987, so he has decided to leave. Burr will be replaced by Dan Kohlhepp, president of Crescent Resources’ commercial division.

Suit Filed Against Flagler County Property Appraiser Offers Window into How Land is Valued
September 11, 2007 – A civil suit was recently filed against Flagler County’s Property Appraiser, James Gardner, Jr., for removing the “tree farm” agricultural exemption from lots in Flagler Estates owned by Lawrence V. Tilton. In effect, this raised the annual property tax on each of the several one acre plus lots owned by Tilton from about $3.00 to about $113.00.

Upcoming Flagler County Foreclosure and Tax Deed Sales Include the Old Players Club Tennis Complex4 comments.
September 10, 2007 - The Players Club tennis complex, together with the now dormant Palm Harbor Golf Club once represented the core of Palm Coast recreation. In its prime, The Players Club attracted top notch players and hosted several tournaments. Now its future is uncertain. It will be sold to the highest and best bidder on the steps of the Flagler County courthouse on at 11:00 a.m. on September 13.

City of Palm Coast Approves Contingent Agreement to Acquire Palm Harbor Golf Course from Centex2 comments.
September 5, 2007 – Last night Palm Coast City Council unanimously approved an agreement to accept Centex’s contingent donation of the Palm Harbor golf course. As disclosed in earlier articles, Centex desires to amend the existing Development Orders (DO) for the Harborside Inn and Marina to enhance the property’s marketability.

Palm Coast Acquisition of Palm Harbor Golf Course from Centex - Update from Friends of Golf1 comment.
August 30, 2007 - Palm Coast is close to getting its municipal golf course. The Friends of Golf sent the following message to its members. Since I wholeheartedly support this project and because I worry that it might be sidetracked by the outcries of the CAVE people, I’m providing the email in its entirety to my readers. Please join the Friends of Golf in supporting the city’s acquisition of the Palm Harbor Golf Course.

City Approves Several Town Center Projects, Including a Boutique Hotel and an Exclusive Mixed-use Condominium Project3 comments.
August 27, 2007 - Several Town Center projects are passing city review steps towards construction, including a boutique hotel, a McDonalds, a bank, a luxury condo/commercial complex, and a Hilton.

CVS Places New John Anderson @ SR100 Store on Hold
August 24, 2007 – The new CVS store planned for the southwest corner of John Anderson is on hold. The site selection was driven by several anticipated residential developments along the Colbert Lane – John Anderson corridor but work has slowed or stopped at two major projects.

European Village Status - Report of Sale Incorrect1 comment.
August 18, 2007 – Last week, another media reported that European Village had been sold to Integrated Resorts, the new resort operator. Two of the Integrated Resorts partners, Garrett Spitzer and Mark Misti, tell me that story was incorrect. Integrated Resorts continues operating the resort hotel side of European Village under a management contract with property owner, Peter Roehr. European Village restaurant and shop owners operate independently.

Ginn Resorts Enters Georgia Real Estate Market With Acquisition of BriarRose Community1 comment.
August 16, 2007 - Ginn Resorts projects within Flagler County include Hammock Beach, The Conservatory, Yacht Harbor Village, The Gardens, and Bulow Shores. The Celebration, Florida based resort and real estate developer announced yesterday that it has acquired the real estate holdings of Atlanta based developer, BriarRose Land Company.

Leading Flagler County Commercial Brokers Plan Merger
August 14, 2007 – Two major players in the Palm Coast and Flagler County commercial real estate market, Prudential CRES - PC and Prism Group, have signed an “agreement in principle” to merge their two companies. The merged parties will likely operate under the Prudential CRES – PC name.

Kohl's No Longer a Rumor
August 1, 2007 – Kohl’s is coming to Palm Coast. It’s not just a rumor any more. The development, named Palm Coast Parkway Plaza, will be bounded by Palm Coast Parkway and Belle Terre (across from Albertsons). The project received both preliminary plat and site plan approval from the Palm Coast Development Review Committee on July 27, 2007.

Property Owners at Ginn’s Conservatory Banding Together4 comments.
July 30, 2007 – Palm Coast, Florida – Many who invested in The Conservatory have been unhappy with the results of their investment. Most would agree that their timing could not have been worse. Their 2005 purchases were at the peak of the real estate market. But in a down market many think the Ginn Company should be doing more to help them sell their properties. As individual property owners, their concerns apparently fell on deaf ears at Ginn, so they started talking among themselves and found that there is strength in numbers. Ginn did listen.

Press Release: ALLETE Properties Closes on First Phase of Poperty Sale to Lowe1 comment.
July 25, 2007 - $13 million sale represents first phase of Sawmill Creek, an upscale golf course community.

Auction of Lots in Ginn Developments Yields Disappointing Results2 comments.
July 23, 20007 – The ingredients for a successful sale were there. The auction company was highly respected Sheldon Good, the largest real estate auction company in the country. The properties were desirable, all in private communities developed by Bobby Ginn, rich with amenities packages. The seller was flexible, understanding that the market had changed from the time $2.5 million was paid for the lots two years ago. The sale venue was the Palm Coast Yacht Club. But the buyers were missing.

The Ginn Company has a New President1 comment.
July 17, 2007 – Robert H. Gidel, formerly a Managing Director of Liberty Partners, LP, has joined The Ginn Company as President. Bobby Ginn will continue his role as Chairman and CEO. An internal announcement is being developed and a press release is forthcoming. Mr. Gidel is already residing in Orlando.

Ginn Company Purchases Bulow Shores – Once a Centex Project
July 13, 2007 – In April, I heard that Bobby Ginn purchased the Bulow Shores development from Centex Destination Properties (CDP). I contacted a Ginn spokesperson to confirm the story. He said he would check it out and get back to me. He never did, so I posted it as a rumor. Well, now it’s news.

Several Road Projects in the SR100 at Old Kings Rd Area will be Consolidated
July 12, 2007 - The new bridge at I95 and SR100, nearing completion, is not the end of road projects in that area. There are several more. But the projects will be consolidated. Reducing cost, shortening construction time, and reducing traffic interruptions are the goals.

Auction of Five Lots in Ginn Hammock Beach Resorts Scheduled for July 22nd
July 3, 2007 - Another investor has realized that investing in lots in gated communities is not a sure thing, even with a premier developer. The added costs of HOA fees and club dues mount quickly, cutting into potential profits in a rising market or increasing losses when the market goes south.

Ginn Sports Lands Another 2007 PGA Tour Event for Florida
June 22, 2007 - Palm Coast already hosts a PGA Champions Tour event and may be picked for a future PGA Tour event.

CVS Building New Store at SR 100 and John Anderson
May 29, 2007 - A new CVS Pharmacy is being built on the southwest corner of SR 100 and John Anderson.

Ginn Championship Donates $250,000 to Area Charities; $95,000 to the Florida Hospital Foundation, Suart F. Meyer Hospice House
May 25, 2007 - Ginn Resorts and the Ginn Championship demonstrate good corporate citizenship by donating $250,000 to northeast Florida charities. May 25, 2007

House Speaker Proposes Tiered, Percentage Based Property Tax Reform8 comments.
May 12, 2007 - Property tax reform takes on a new look. A proposal detailed by Florida House Speaker Mario Rubio consists of three tiers of exemption based on the home's value. Affordable homes would have a larger proportion exempted than more expensive homes.

Palm Harbor Residents Angry About Decline in Property Values – Blame Centex2 comments.
April 24, 2007 - Palm Coast City Manager, Jim Landon, held another neighborhood meeting last night to bring residents up to date on the City’s progress with Centex negotiations. Palm Harbor Resort and golf course negotiations are on track but residents voiced serious concerns about declining property value and salability of their homes. One resident asked the Landon “When will I be able to advertise my house as having golf course frontage?”

Palm Coast City Manager Jim Landon will Meet Again with City Residents to Discuss the Palm Harbor Golf Course and Palm Coast Resort2 comments.
April 12, 2007 - As promised at the last neighborhood meeting, Jim Landon will hold another session on Monday, April 23rd, at 6:00 p.m. at the Palm Coast Community Center to update residents on progress in resolving the resort and golf club issues with Centex. Landon expects to clarify some issues as well. For instance, the fact that Centex had budgeted money for the golf course renovation does not mean that money is available to the City.

Duke Energy Divests Part of Crescent Resources, Parent of LandMar
April 6, 2007 - This is not new news, but the story had gone largely unreported locally. LandMar Group, one of Palm Coast and Flagler County's largest developers is a subsidiary of Crescent Resources, founded as Duke's real estate subsidiary. The growing portion of Duke's revenue coming from Crescent's success threatened the SEC classification of Duke as an energy company. To solve the situation, Duke spun off enough of Crescent to Morgan Stanley Real Estate Fund (MSREF) to leave it with a 49% stake. With less than controlling interest in Crescent, Crescent's earnings no longer have to appear on Duke's income statement. Duke will still receive a profit distribution from Crescent.

Centex Will Donate Palm Harbor Golf Course to the City of Palm Coast (Updated 4/11)4 comments.
April 4, 2007 - In an unexpected announcement at last night’s City Council Meeting, City Manager Jim Landon revealed that Centex Destination Properties (CDP) had informed the city just before the meeting that it planned to donate the Palm Harbor Golf Course to the City of Palm Coast to be used an a public golf course. In return, Centex expects to gain a time extension for the Palm Harbor Resort PUD.

Flagler County, FL Slips to Fifth Place in Year-Over-Year Population Growth but Maintains a Five Year Lead Among Nation’s 3,141 Counties.6 comments.
March 22, 2007 - Each year, the US Census Bureau publishes county population figures. The numbers reflect estimates based on data gathered by the Census Bureau since the 2000 census, finalized in April of that year. The new figures released today are for the period spanning July 1, 2005 to July 1, 2006. They show that Flagler County ranked 5th among all counties in the United States and 1st among Florida counties. Only one other Florida county (Sumter ranking 10th) made the top ten.

Long term Bulow Plantation Residents May be Forced to Move6 comments.
March 13, 2007 - Flagler County Planning Board members now realize what it feels like to be a Christian Scientist with appendicitis. They were faced last night with a no win situation when the owners of Bulow Plantation filed for an amendment to the Bulow Plantation PUD. The request was simple enough – amend the PUD language to bring it clearly into conformance with Florida statute and Flagler County code language. But as the layers of the factual onion were peeled away exposing years of alleged deceit by successive Bulow Plantation owners, regulatory neglect by the County, and code ignorance by residents, a situation as odorous as the onion itself was revealed.

Palm Coast Increases Residential Impact Fees3 comments.
Builders were notified by Palm Coast officials that some impact fees for new single family residential homes will increase on April 1, 2007.

Centex Takes Heat from Irate Residents Over Palm Harbor Golf Course and Resort3 comments.
March 9, 2007 – New City Manager, Jim Landon, hosted a town meeting at 6 p.m. last night at the Civic Center. Residents of the Palm Harbor neighborhood have become increasingly vocal about the state of the Palm Harbor Golf Course and the status of the Palm Coast Resort construction site.

City of Palm Coast Approves SuperTarget, Carrabba's Restaurant and Fairfield Inn1 comment.
February 28, 2007 - Today, the city approved the final plans for the SuperTarget Store planned for the retail super center portion of the Town Center at Palm Coast. This parcel is located east of Belle Terre on SR 100. At the same meeting, the city gave plan approval for a Marriott Fairfield Inn just south of the Microtel on Old Kings Road. The Fairfield Inn will include a Carrabba's Restaurant.

Mayor Canfield feels that Centex deceived him and abused the City and City Council6 comments.
Palm Coast, FL - February 14, 2007 - The City of Palm Coast made building height concessions to the developer of the new Palm Coast Resort in return for anticipated new jobs and increased tax revenue. Now, the future of the new resort hotel, some of the condominiums, and the Palm Harbor Golf Course are in limbo.

Town Centre East, a New 49.55 Acre Commercial Center Coming Soon on Old Kings Rd
Developer plans to market the entitled property when the final plat approval is granted.

Ginn Champion Tour Moving from the Conservatory to Ocean Hammock Golf Club
The Ginn Tournament, second richest tournament on the Champions Tour will be played at Ocean Hammock

Centex Destination Properties Pulls Back Permit for Palm Coast Resort Condo Hotel and Announces Sale of Commercial Construction Div.5 comments.
February 1, 2007 - In surprise dual announcements, Centex Destination Properties, a division of Centex, withdrew its permit for the fourth and largest building in the new Palm Coast Resort project, the condo hotel. Meanwhile, Centex announced the sale of its commercial construction division to Balfouor - Beatty, a British company. This is the same division that is handling construction at the resort site.

Ginn and Centex Destination Properties Issue Press Release1 comment.
The press release issued by Ginn and Centex aims to curb speculation of purchases beyond the Ocean Hammock Club. But then, it doesn't deny such purchases are underway either.

Ginn Company Backs Away from Most of Centex Deal1 comment.
The only Centex Destination Properties (CDP) assets acquired by the Ginn Company are the Ocean Hammock Golf Club and the Inn at Ocean Hammock, both in Flagler County, Florida.

ALLETE Properties Receives Development Order for Its Largest Real Estate Project, Ormond Crossings1 comment.
ALLETE Properties Receives Development Order for Its Largest Real Estate Project, Ormond Crossings

A SuperTarget is coming to Palm Coast20 comments.
One of Palm Coast's favorite rumors has moved out of the rumor category. Target Stores will build a SuperTarget along SR 100, west of the high school.

Update - Ginn Company purchase of Centex Destination Properties (CDP)
December 19, 2006 - Update - The Ginn Company's purchase of the Centex Destination Properties (CDP) assets continues to be a story of interest, not only in Palm Coast, Flagler County, but anywhere either Bobby Ginn or CDP have properties.

Optimism rising in the housing market
A growing number of analysts are beginning to hint that the country’s housing slump may be over, pointing to a rebound in home builder stocks and declining mortgage rates as proof.

Walmart Supercenter coming to Palm Coast2 comments.
Wal-Mart has contracted for a parcel on Old Kings Road just north of SR 100 in Palm Coast, Flagler County, FL. They plan a very large Supercenter for the site. Still in the rumor category is the possibility of a Sam's Club as well.

Palm Coast Data agrees to be purchased by New Jersey company1 comment.
November 18, 2006 - Big news for one of Palm Coast and Flagler County's largest employers. PRINCETON AMREP Corp. (NYSE: AXR) in Princeton has agreed to acquire Palm Coast Data through its Kable Media Services subsidiary for $92 million. AMREP operates in two different industries. The company is a real estate developer and landholder in New Mexico through its AMREP Southwest subsidiary. Its Kable Media Services arm provides magazine-fulfillment services. Palm Coast Data in Palm Coast, Fla., is a provider of product-fulfillment services to magazine publishers. The deal is expected to be financed through Kable’s internal funds and borrowings. AMREP expects the deal to close in early 2007.

New Publix to open on December 7th
Publix plans a Grand Opening of its new supermarket at the Belle Terre entrance to Town Center.

Worst of the housing market slump is likely past says Alan Greenspan
In a question and answer session at the annual Charles Schwab Impact conference in Washington on November 6th, Alan Greenspan, former Federal Reserve Chairman said "The economy is obviously going through a significant slowing period, which as best I can tell is more than likely temporary."

City of Palm Coast contemplating use of eminent domain for public golf course
With golf courses going "private," the public is running out of local golfing options. Both the City of Palm Coast and Flagler County are exploring options for public golf.

Ginn Company buying key Centex properties, including the Ocean Hammock Golf Club9 comments.
October 26, 2006The Ginn Company raises their ante in Flagler County by buying most of the holdings of Centex Destination Properties.

Commercial growth up while residential building slows.
October 22, 2006 - 28 residential permits were issued by the City of Palm Coast in September, down from 283 the same month a year ago. Meanwhile, commercial permits issued continue to hold at a steady pace. Commercial growth includes a 15,000 SF addition to Woodlands Commons, located on Old Kings Rd at Utility Drive.

Flagler County Government Services Building nears completion.
September 30, 2006 - Carl Laundrie, county communications manager says the Government Services Building is on track for a December move-in. The Justice Center is expected to open in August 2007. The two buildings are the centerpieces of a 78 acre Government Center, funded, in part, by two bond sales totaling $65M.

Northeast Florida not among most vulnerable to hurricane strike.
International Hurrican Research Center lists the top ten areas most vulnerable to hurricane strikes. Only four are in Florida. Northeast Florida does not make the list.

Existing-Home Sales Holding at a Sustainable Pace
September 26, 2006 - Total existing-home sales – including single-family, townhomes, condominiums and co-ops – slipped 0.5 percent to a seasonally adjusted annual rate of 6.30 million units in August from a level of 6.33 million Ju1y, and were 12.6 percent lower than the 7.21 million-unit pace in August 2005, which was the second highest on record.

Builders respond to increasing inventories by cutting construction starts.
The increasing inventory of unsold homes has caught the attention of builders. They are responding by decreasing the number of new homes started.

What do single women want? A home and a mortgage
August 31, 2006 - These days more than one in five homebuyers is a single woman.

Existing home sales drop by 4.1%
The National Association of Realtors reports that the sales of existing homes in the U.S. dropped for the fourth month in a row. Unsold home inventory rose to a record 3.86 million.

Flagler County, Fla., Remains National Leader
August 22, 2006 - For the second year in a row, Flagler County, Fla., had the highest rate of growth in the number of housing units of any county in the nation, according to U.S. Census Bureau estimates released today.

It's the law

Existing Home Sales Post Decline
National Association of Realtors reports revised April numbers.

Sales down but prices up (but not as much)
The median price of Florida's existing homes is rising but the number of transactions is down 31%

Landmar marina project at old cement factory rezoning request moving forward slowly.
Minor environmental issues blown out of proportion. Huge benefits of converting the abandoned cement plant into a viable tax generation, job creating, pollution reducing project overpowered by perceived voter concerns over contaminants.