GoToby.com’s Property of the Week: 1-30-2015

Imagine – a 1,977 square foot Hammock Dunes Portofino oceanfront condo with a large balcony and easy access to a dune walkover and swimming pool. Completely furnished and under $500K.

Palm Coast, FL – January 30, 2015 – Would you like to hear the Atlantic Ocean surf “up close and personal?” GoToby.com’s featured Property of the Week offers a rare opportunity. Imagine a professionally furnished 1,977 square foot beachfront condominium in the private community of Hammock Dunes for less than $500,000. Enjoy beautiful sunrises from inside your first-floor unit or from your large private balcony with easy access to the dune walkover or oceanfront pool and spa.

Live in luxury in this Portofino condominium built in 2003. This 2 bedroom, 2 1/2 bath unit has volume ceilings, solid ten-foot doors, marble counter tops and finely crafted cabinetry. Portofino residents enjoy an oceanfront pool and spa, library, billiard and social room, theater, fitness center, guest suites, parking under the building and individual storage lockers.

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And here is something that doesn’t come with every condominium; financial well being. The Portofino at Hammock Dunes Condominium Association recently negotiated a lease agreement with a wireless carrier that included a $1,000,000 lump sum, non-refundable cash payment and a Net Profits agreement that will provide an annuity going forward. As a result:

• Portofino has not debt
• Asset replacement reserves are fully funded through
• No additional reserves required for at least six years
• No increase in monthly condo fees through 2018
• Building valued at $28,000,000, free and clear
• Recurring income from future cell tower leases (forty-year)

Social and golf memberships in the Hammock Dunes Club are available but not mandatory. The private, gated oceanfront country club is located just south of St. Augustine in beautiful Palm Coast, Florida. Recognized as one of America's top private clubs and a recipient of Platinum Club of America and Distinguished Emerald Club of the World recognition Hammock Dunes Club offers oceanfront golf on two outstanding championship golf courses and an array of Member activities designed for the discerning lifestyle. Located in a premier oceanfront golf and boating community, Hammock Dunes Club also offers two oceanfront croquet courts, five tennis courts, fine and casual oceanfront dining, heated pool, spa, fitness center, bocce courts and more.

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Unit 105 in Portofino at Hammock Dunes is listed at $489,900 by Jean Taylor and Diane Esposito of Coldwell Banker Residential Real Estate LLC. You can reach Jean at 386-986-9127 or email her at Jean.taylor@floridamoves.com . Diane can be reached at 386-569-4580 or diane.esposito@floridamoves.com .

Only $489,900. Why pay South Florida prices