Ginn Company buying key Centex properties, including the Ocean Hammock Golf Club
Centex Destination Properties sells most of its local holdings.
October 26, 2006 – Palm Coast, Florida – This showed up on this site a few days ago on the rumor pages. Details are still murky and no official announcement has occurred, but I’ve received sufficient confirmation that the underlying story is no longer a rumor to move it to the News category. Here is what I’ve heard:
The Ginn Company is buying the Ocean Hammock Golf Course, a Jack Nicklaus Signature course, along with the Inn at Ocean Hammock. The Inn contains the golf pro shop, locker rooms, a fine restaurant, and meeting and accommodations rooms. He is also buying the yet to be developed Bulow Plantation project, a site near Ginn’s The Gardens at Hammock Beach, a private golfing community being developed along the Intracoastal Waterway on John Anderson. Also part of the deal is the Palm Coast Resort and Condominiums currently under construction, with its existing Palm Harbor Golf Course. The Resort is being built at the site of the original Palm Coast Resort on the west side of the Intracoastal Waterway and across from Ginn’s Yacht Harbor Village and Admirals Cove Condominium. In addition, Ginn will be buying The Tidelands, an Intracoastal single family home and condominium project just north of the Palm Coast Resort. Centex had purchased this property from the original developer, River City Homes a few years ago. The last piece of the purchase is the oceanfront condominium project in Marineland, in the north end of the County on Rt A1a
Ginn will have doubled his stake in Flagler County. Look for the two parties to frame this as a “partnership” because Centex will stay involved in the construction phase. But make no mistake, Bobby Ginn is the clear winner here. And only a few months ago, some folks thought Ginn had fumbled when Centex beat them out with a successful bid for the Ocean Hammock Golf Course and Inn. Congratulations, Bobby.
I understand that the closing for the Ocean Hammock Golf Club and the Palm Coast Resort is scheduled for December 8th. The other properties are in the due diligence phase. Until the dust settles on this transaction, there will be several questions with few answers. One, in particular – How will this effect the property owners in Cinnamon Beach? They face the prospect of being orphans-by-the-sea, surrounded by an amenity rich Ginn resort to which they do not belong. The same for owners of The Villas at Hammock Beach? This Centex complex in the shadow of the Ginn resort allowed owners to affiliate with the Hammock Beach Club as long as Ginn managed the rentals. Some did. Others did not, opting to be associated with Centex amenities and Centex rental program. Owners of Canopy Walk that are in the Centex rental program are likewise wondering.
By: Toby Tobin
Ginn news
It is suggested Ginn is purchasing all of CDP – Hawaii to east coast, not just the Palm Coast properties.
Ginn
Any truth to the purchase of all of CDP?
Naples (The Quarry)
Centex has recently added The Quarry in Naples and The Plantation to its list of CDP properties. Will these properties be a part of this transaction or part of a future transaction? If so, When?
Cinnamon Beach
Cinnamon Beach owners will be offered the opportunity to join the Hammock Beach Club as well. No worries there.
Cinnamon Beach is actually in the best position…..they have the private amenities of their own community as well as the opportunity to utilize Hammock Beach. Nobody else has such choices.
The Quarry
I do not believe at this time the Quarry is in the transaction. The Quarry is not an official CDP property. I believe if Ginn had the opportunity to see the Quarry it would definitely be a property high up on his priority list for the CDP purchase, due to the natural amenities that are already here. The Quarry would be the #1 resort community in Southwest Florida if purchased by Ginn without a doubt.
Ginn buys CDP
Ginn has purchased all of Centex destination properties for a little less than 800,000,000. Sale to close before Dec. 31 this month. There were two additional properties in the CDP organization that Ginn didn\\’t know about and were not included in the sale. They were the only two remaining Destination Properties in Florida. Centex Destination properties is now gone.
Ginn rumor
I continue to be amazed at the nonsense and half truths I am reading on your website. Ginn has not purchased Centex Destination Properties. Could it happen? Sure, anything is possible. But as of now, it is my understanding from very reliable sources that there is NO DEAL between the two parties, just talks. Rather than spreading rumors why don’t you just wait until you have facts? Being a realtor myself, it makes no sense to me that you seem to thrive on rumors, or worse, use them to drive traffic to your website. Is YOUR real estate business that bad? You should take this off your news page, because it is not news. It is simply a rumor…kind of like the absurd rumor that Yacht Harbor Village is sinking that you are claiming was started by a competitor. As a licensed realtor you should be more responsible with the information you are putting out there. Do everyone a favor and go sell some real estate and quit spreading rumors.
Where’s it stand?
Which of the above comments come from valid sources? Where does all this stand? Someone willing to comment?
Which article is most accurate?
Your home page talked about Ginn purchasing the majority of CPD in one article and a second article on the same home page titled \”Ginn Company Backs Away from Most of Centex Deal\”. Which one is most accurate? Any updated information?
Thanks
Terry
Ginn buying key Centex properties
Toby-
I really enjoy reading your thoughts and the area rumors. I have invested with both Ginn and with Centex for years. I personally think this will continue to be a \”win win\” for everyone concerned. I just think that Ginn is doing his due diligence and will be picking up piece by piece the majority of Centex properties in the next few month- which in total could be around
$800 million. Please contact me toll free 888 438 9455 and lets talk
information
Dear Toby,
My wife has just introduced me to your web page. I find it facinating. Great job! Please add me to your list.
Thanks,
Jerry Garnett
Reply to Bill
Bill, I believe this is correct. Of course the parties are in the due diligence process, but unless something highly unusual is discovered, I expect the transaction to be completed. The Ginn Company is in the enviable position of sitting on the sidelines with cash during a market downturn. I wouldn’t be surprised to see them make additional acquisitions soon. – Toby