This announcement is welcomed by Grand Haven. Two partially built buildings have been an eyesore in the community for over six years.
Palm Coast, FL – April 17, 2014 – Frank Sockman, of Palm West Home Realty made a presentation to the Board of Commissioners of the Grand Haven Community Development District (CDD) revealing plans to restart construction on two unfinished 3-story, 12-unit condominium buildings located between Grand Haven’s 18th green and golf clubhouse. Work is expected to begin in July with work to be completed by the end of the year.
Construction on the units was suspended in November 2007 by then-developer Whitehall Homes after the real estate market collapsed. Whitehall had earlier completed phase I of the condominium project with four 12-unit buildings abutting the golf practice facility. Nearly all of these 48 units were sold in 2006 when construction was completed. Selling prices ranged from $300,000 to $521,900. Four unsold units were lost by Whitehall through foreclosure in 2009. They were subsequently resold for $127,500, $125,000, $144,900 and $140,000 respectively in 2011 at the bottom of the market.
When the four buildings of phase II were announced for pre-construction sale, the third floor units of the Intracoastal building were optimistically marketed on the plus side of $1 million each, but only a few buyers signed contracts. Construction commenced on only the two buildings nearest the ICW. The real estate market continued to deteriorate and the project was abandoned by Whitehall in November 2007.
After months of pressure by Grand Haven, the construction site was cleaned up and nominally maintained by the lender. As a result of foreclosure, title finally passed to Ft. Lauderdale-based Heartwood Partners 3 LLC in April 2011. Heartwood subsequently sold the property to Lavaya Properties II LLC, of Jacksonville in March 2013. Sockman had brokered the deal on behalf of the buyer.
No new condominium construction has begun in Palm Coast in years due to low selling prices (below replacement cost) resulting from the Great Recession.