Flagler Tax Deed Sale Yields Bargain Conservatory Lots and an Expensive Boat Slip

Buyer beware – three Bobby Ginn-developed Conservatory lots each sell for $12K to $16K while a Marina Cove boat slip sells for $39K. Did the boat slip bidders think it was a residential condo?

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.

Conservatory Lots

  • 122 Marsh Elder Square – purchased in 2005 for $329,900 – No bid. The tax certificate holder is awarded title.
  • 173 Aspen Way – purchased in 2005 for $449,900 – Only one bidder at the opening bid price estimated at $12,006.93.
  • 812 Loblolly Court – purchased in 2005 for $505,900 was bid up to $16,000.

Marina Cove Boat Slip

Only minutes after the Conservatory lots sold, two bidders contested for what was listed as a "….condominium parcel known as Unit No. 3B of The Landings at Marina Cove…" The estimated opening bid was $2,843.28. Two bidders contested, raising the bid price in $1.000 increments. The winning bid was $39K. But the property was in reality only a boat slip. Did the bidders know? I didn’t ask them. Here’s a link to the Property Appraisers website for the parcel in question: [boat slip link]
The sales record shows it was sold for $390,000 in 2005, but the sale is listed as "nonqualified," which implies it was sold along with a condominium dwelling with only the total purchase is listed. I found a condominium dwelling unit with an identical sales transaction which confirms my assumption. [Residential condo link] However the parcel sold at the tax deed sale was only the boat slip.
A condominium boat slip is governed by the condominium documents which typically place certain restrictions on its use. For instance use may be restricted to residential condominium unit owners. Another common restriction prohibits renting boat slips.
Tax deed sales carry risks, most of which can be avoided with thorough due diligence. But always keep in mind, "Buyer beware."

Other transactions

27 Old Oak Drive in the Sanctuary, last purchased in 2004 for $145,000 was auctioned for $25,000.
Several properties were redeemed prior to the sale, including three European Village Commercial Condominiums. One Conservatory lot was rescheduled. A large parcel of fully entitled land in Town Center was pulled from the September sale. No reason was provided.
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