Discretionary Purchasers Running Out of Discretionary Money.
Several high-end properties are among Palm Coast, Flagler’s scheduled foreclosure sales.
Palm Coast, FL – 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.
Most lenders have curtailed their foreclosure activities while they iron out problems with questionable loan documents. Still, the number of high-end (at least high-end a few years ago) properties hitting the foreclosure sale auction block is substantial. These are not homesteaded properties. They typically represent pure investments or vacation condos purchased with discretionary funds. The owners have run out of discretionary money.
The following properties are scheduled for foreclosure sales in January 2011. Key: The first number is the case number. You will need this if you want to make any inquiries at the Flagler Clerk of Courts office. Next is the location/address of the property, followed by the most recent price paid/current assessed market value.
January 6
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2009-CA-002735 – Conservatory lot 266 – 201 Aspen Way – $546,000/$200,600
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2009-CA-00256 – Lot – 37 Northshore Ave. – $401,000/$135,000
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2009-CA-002841 – Conservatory lot 293 – 450 Sweetgum Lane – $489,900/$25,000
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2010-CA-000095 – European Village Residential Condominium – Unit 220-B – $293,100/$95,900
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2009-CA-002722 – Hammock Beach – one bedroom condominium – Unit 904-N – $419,900/$212,300
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2009-CA-000282 – Yacht Harbor Village Condominium – Unit 469-C – $549,000/$243,100
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2009-CA-002314 – Yacht Harbor Village lot – 280 Yacht Harbor Dr. – $414,900/$84,000
January 12
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2020-CA-001050 – Tidelands Condominium – Unit 712 – $318,200/$122,500
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2008-CA-000424 – Tidelands Condominium – Unit 322 – $434,900/$118,400
January 13
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2009-CA-002801 – Conservatory lot 47 – 667 Mahogany Run – $369,900/$25,000
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2008-CA-000592 – Hammock Beach – one bedroom condominium – Unit 801-S – $546,000/$200,600
January 18
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2009-CA-002131 – Villages at Palm Coast lot 129 – 46 Longview Way N – $185,000/$73,500
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2009-CA-002476 – Villages at Palm Coast lot 128 – 48 Longview Way N$185,000/$73,500
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2009-CA-002123 – Conservatory lot 35 – 627 Mahogany Run – $369,900/$25,000
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2009-CA-002628 – Lot – 31 Cinnamon Grove Lane – $328,000/$55,000
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2008-CA-000726 – Villas at Hammock Beach – Unit 711 – $665,000/$338,300
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20089-CA-001977 – Lot 17 Andalusia Bay – $525,000/$130,475
January 26
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2008-CA-002732 – Yacht Harbor Village Condominium – Unit 166-B – $489,000/$192,900
All foreclosure sales are held at the Flagler County Courthouse, 1769 Moody Blvd. (SR100) in Bunnell at 11:00 A.M. In most cases, the property is purchased by the lender, although buyers can find occasional bargains. Don’t plan on participating until you have read the disclosures on the Clerk of Courts website and sought legal advice.
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