Eight Ginn-Developed Lots Sell for a Total of $96,000

A Ft. Lauderdale-based investor bought eight foreclosed Conservatory and Yacht Harbor Village lots from BB&T. These lots once sold for a total of $3,334,300.

Palm Coast, FL – 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.
The Conservatory and Yacht Harbor Village, in Palm Coast, FL., were developed by Bobby Ginn as components of the Hammock Beach Club. Timing is everything. Hammock Beach is located on the Atlantic Ocean and sports an oceanside Jack Nicklaus golf course. It was developed early in the real estate boom cycle and is doing well. Distressed properties exist but are not common.
The Conservatory and Yacht Harbor Village were launched at the bubble’s peak and have experienced several short sales and foreclosures. Most lot transactions in the Conservatory have been in the $15,000 to $25,000 range. In Yacht Harbor Village, the range has been higher ($50,000 to $90,000).
The numbers for this transaction:
  • Number of lots sold – 8
  • Average price paid per lot – $12,000
  • Total price foreclosed owners paid – $3,334,300
  • Total of foreclosed mortgages – $2,959,500
  • Total present assessed value – $167,000

3 replies
  1. DT
    DT says:

    97.12% drop in value

    That is stunning! Even recognizing this is a bulk sale of foreclosed lots, it’s hard to fathom a 97.12% discount to purchase on lots on a signature Tom Watson course. Adds credibility to the plaintiffs’ claims in the 2nd Amended Lawrie v. Ginn case.

  2. Bill
    Bill says:

    Due Dilligence

    I have lived in PC since ’95 and in the area since ’85. I watched the rapid rise in home and land pricing of a few years ago, including my own homes value rising to over 750K, but I never thought for even one second that it was really worth that much; it equated to over 300% within 10 years. Then I watched as what I considered "very uninformed buyers" bought up the very overpriced Ginn Conservatory lots like sharks at a feeding frenzy. All this confirmed in my mind that very old saying "there is a sucker born every minute".

    GENE HOLLAND says:

    Where have you been

    Hi Toby.

    Have not received any email from Go Toby in a very long time.
    Please note my correct address.

    I miss you Toby and it is always a pleasure to read your informative comments.

    Hope you are well.


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