JX Properties Land behind Future Walmart Site Will Sell at Foreclosure Auction
The 507.8-acre tract was purchased in 2003 for $7 million. BankAtlantic foreclosed last September. The foreclosure auction is scheduled for August 3rd.
Palm Coast, FL – July 10, 2011 – [UPDATED] JX Properties’ 507.8-acre DRI (Development of Regional Impact) tract located behind the future Walmart on Old Kings Road is scheduled to be sold at a foreclosure auction August 3rd. A Lis Pendens was filed with the Flagler Clerk of Courts office on Sept. 2, 2010 by BankAtlantic, which holds a $7, 070,000 mortgage on the property.
The lender took posession of the property at the August 3, 2011 foreclosure sale.
JX Properties paid Wisne Land LLC $7,000,000 for the three contiguous parcels that make up the tract in December 2003. Subsequently, a Development of Regional Impact (DRI) and a Development Order were approved for a mixed-use neo-traditional neighborhood community. The tract fronts SR 100, running north behind the planned new Walmart location. As planned, a four lane spine road would dissect the development, running from SR 100 to Old Kings Road where it will align with Town Center Blvd. adjacent to the Lehigh Trail. There is a large lake on the property easily visible from SR 100. The property lies within the boundary of the SR100 CRA, which also includes Town Center and property along Old Kings Road.
View JX Properties DRI in a larger map
JX Properties is not BankAtlantic’s only high-value foreclosure sale this year in Palm Coast. The bank initiated foreclosure proceedings against Whitehall Homes at Grand Haven in May 2010. BankAtlantic loaned Whitehall $6,400,000 in 2004 to develop a 96-unit condominium project adjacent to the Grand Haven Golf Course and clubhouse. Whitehall completed development of Phase I of the Riverview Condominiums; four buildings with 12 units each. Construction began in 2007 on two of four units in Phase II, but Whitehall soon abandoned the project, leaving two partially completed buildings on the site. The unfinished project was purchased at a foreclosure sale in April by Ft. Lauderdale-based Heartwood Partners 3 LLC.
Other Scheduled Foreclosure Sales of Interest
July 12
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24 Medford Drive – Sea Colony
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Unit 1214 Canopy Walk
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73 Hammock Beach Circle – Ocean Hammock
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12 Chinier Street – Grand Haven
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165 Heron Drive – Palm Coast Plantation
July 13
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302 South Riverwalk Drive – Palm Coast Plantation
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20 Grandview Drive – Grand Haven
July 14
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590 Shearwood Drive – Flagler Beach
July 19
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Unit 1612 – Tidelands
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20 Hammock Beach Parkway – Ocean Hammock
July 20
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37 Kingfisher Lane – Ocean Hammock
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183 Willow Oak Way – Grand Haven
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107 Willow Oak Way – Grand Haven
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106 Marsh Elder Square – Conservatory
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424 Bourganville Drive – Conservatory
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Unit 1302 – Casa Bella – Hammock Dunes
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25 Riverwalk Drive N – Palm Coast Plantation
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110 Heron Drive – Palm Coast Plantation
July 21
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25 Treetop Circle – Plantation Bay
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Unit 716 – Tidelands
August 2
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Unit 213 – Surf Club III
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Unit 1621 – Tidelands
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32 Kingfisher Lane – Ocean Hammock
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99 Bay Lake Drive – Plantation Bay
August 3
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Unit 59 – Marina Cove
August 4
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420 Bourganville Drive – Conservatory
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70 Malibu Cv – Shelter Cove
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6 Blue Oak Lane – Grand Haven
August 9
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63 Island Estates Pkwy – Hammock Dunes
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Units C-106, C-113, C-114, C-115, C-117, C-208, C-209, C-210, C211, C-212, C-213 – City Walk Condominium
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Units D-101, D-110, D-116, D-117, D-204, D-205, D-206, D-207, D-209, D-214, D-215, D-216 – City Walk Condominium
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Unit 404 – West Point Plaza Condominium
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30 Gail Lane – Plantation Bay
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Unit 49 – Marina Cove
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Unit 1901 – Casa Bella – Hammock Dunes
September 6
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14 Cinnamon Beach Way – Ocean Hammock
And You Think Things Are Getting Better?????
This article is just the tip of the ICEBURG of what else is out there for future foreclosures. Anyone who thinks that the real estate market is getting better here or anywhere is sorely mistaken!!!!
Foreclosure Auctions
So, how does one get information on the auctions such as how to register, bid, etc.? Specifically, the August 2nd auction?
Reply to Bob Z
Sale Information
Additional information & sample forms regarding the judicial sales procedure can be found in chapter 45.031 of the Florida Statutes. Refer to web links or click here for Florida Statutes. Everyone participating in a foreclosure sale proceeding should be aware of the Florida law.
1. Foreclosure sales are held at 11:00 A.M. at:
Clerk of Circuit and County Court
Kim C. Hammond Justice Center
1769 E. Moody Blvd., Bldg. 1
Civil/Criminal Department 2ND Floor
2. Foreclosure court files are located in the Civil/Criminal Department on the 2nd floor of the Justice Center. As a courtesy to the Clerk’s Office, we request you do not ask to view foreclosure files the day of the sale.
3. All interested parties are responsible for obtaining any information they might need regarding the location, description, value and/or quality of title prior to attending the sale. The Clerk does not make any representations regarding the quality of title or the existence of liens.
4. All interested bidders should be prepared to provide name, address and phone number. Interested bidders will be asked to present a 5 % nonrefundable deposit, in the form of cash or certified/cashier’s check before the sale commences. (See#5) In order to meet the requirements of the sale, individuals bidding on the property should have made financial arrangements prior to the sale.
5. The successful high bidder must pay a deposit equal to at least 5% of the final bid at the time of the sale. The deposit must be in the form of cash or certified/cashier’s check per Florida Statutes 45.031. The deposit will be applied to the sale price at the time of payment.
6. The balance of the bid amount, along with the Clerk’s fees must be paid before 4:00 p.m., the same day. There are no exceptions. Payments may be made in the form of cash, certified/cashier’s check or wire transfer. All checks should be made payable to the Flagler County Clerk of Court. If final payment is not received by 4:00 p.m., the same day as the sale, the Clerk of Court will re-advertise the sale and pay all cost of the sale from the deposit. Any remaining funds shall be applied toward the judgment. Please note: Doc Stamps are to be paid by a separate payment. (See #7)
7. Registry of Court:
All final bid amounts are deposited into the registry of the Court. Registry fees are assessed per Florida Statute 28.24 in addition to the bid price. The registry fee is 3% of the first $500.00, 1.5% of the balance of the total bid. Clerk’s registry fees will not be refunded.
8. Documentary Stamps:
Documentary Stamps are required to record the Certificate of Title. They are $.70 on every $100.00 rounded to the next $100.00. They are paid the day of sale in the form of a certified or cashier’s check ONLY. This must be a separate check and should be made payable to the Flagler County Clerk of Court.
9. The Clerk can issue a Certificate of Title after a 10-day waiting period if no objection to the sale is filed. In order to have the property transferred into your name, you must be able to complete & provide all documents necessary to accomplish this. You or your attorney are responsible for preparing a Certificate of Sale and Certificate of Title to be filed with the Clerk. The Clerk’s office does not prepare or complete any missing information on these forms.
10. If an objection to the sale is filed within 10 days of the sale, the Court will determine the validity of the objection and direct the Clerk regarding the issuance of the Certificate of Title. The buyer may incur expenses and some time may elapse before the Title can be issued or the sale vacated. In the case of a sale being vacated, the bid amount and/or Doc Stamps will be refunded only by Court order.