Grand Haven Unfinished Condos Sold – Will be Developed
The new buyer plans to move forward to complete the entitled density of 48 residential units.
Palm Coast, FL – March 11, 2013 – The unfinished and long dormant Grand Haven condominium project is back on track. Jacksonville-based Lavaya Properties LLC closed today on the 3.51-acre tract adjacent to the Grand Haven Golf Club clubhouse. The top floor units of the uncompleted Intracoastal Waterway-facing unit were originally priced at more than $1,000,000 each during the height of the real housing bubble. Developer Whitehall Homes abandoned the project in late 2007 when sales failed to materialize.
The new owner talked with the City of Palm Coast during the due diligence period and apparently received a positive response. They reportedly plan to proceed with the project at this time. The prospect of a future without the blighted concrete shells is great news for several hundred residential owners of Grand Haven, a 1,900 unit gated residential community surrounding a Jack Nicklaus signature golf course. Grand Haven has 48 completed condominiums abutting a section of townhomes. The rest of the community is comprised of single-family residential homes. During the last 14 months, 79 Grand Haven homes have traded hands for prices ranging between $135,000 and $675,000. The median sale price has been $300,000.
The parcel contains two unfinished buildings of 12 units each and approved density for two additional 12-unit buildings. Over the past year plus, a handful of contracts were written on the uncompleted condominium parcel, but in each case, except the present one, due diligence tripped up the deals. Clearly, the local real estate market has moved into a more confident phase.
Frank Sockman, of Palm West Realty represented the buyers. The seller, Heartwood Partners 3 LLC, was represented by Danny Green of Watson Realty.. The selling price was $950,000. Heartwood Partners ended up with the property in 2011 long after the original developer, Whitehall Homes at Grand Haven, defaulted on a $6,400,000 loan from Bankatlantic. The current appraised value is $162,950. It was appraised in 2006 for $754,650.
Fact Correction
Toby, there are actually 48 completed units in the Riverview Condos. 4 buildings, 3 floors each with 4 units per floor. I believe all are sold, except 1 that is in default to the bank and has never (or close to never) paid the HOA’s as the owner never stepped up to his legal and moral obligations and apparently believes a deal that he made doesn’t have to be kept. I know there is a lot of talk about "walking away" from your obligations when the don’t suit you economically, but I don’t think that’s what made us a great country. I still think a bargain made is a bargain to be kept.
Reply to Greg
Thank you for the correction. I used to live in Grand Haven and knew the correct number is 48. I just missed the error during proofing.