New Life for Eagle Lakes Development Rumored
Heard on the street: There may be a new buyer for the Eagle Lakes development on Old Kings Road South
Palm Coast, FL – February 2, 2010 – The developer of Eagle Lakes, like so many other developers, faced financial problems, unable to pay back loans to its original lender, Colonial Bank, then Colonial’s successor, BB&T. Nobody likes to see a developing community in limbo. I’ve been told that a new developer may be buying Eagle Lakes in what amounts to a short sale. If true, the transaction should close within a few months.
Phase one of the development was platted for 111 homesites. A handful of homes have been constructed. Lots were originally introduced at prices starting in the $110 thousands. Once the new developer comes in, lots are expected to sell in the $30 thousand to $65 thousand dollar range.
New Life for Eagle Lakes
It does not thrill me that there will be new life for Eagle Lakes which such cheap prices. What about the five houses that have been sitting here for over 2 years among weeds and dirt and absolutely no upkeep. It took a call to channel 9 to get them to put the street lights on as it was a terrible danger at night time way back here where we live with my husband having a bad heart and no way for paramedics to find us.We paid $700,000.00 all tll for what was supposed to be our dream retirement home in a subdivision nicer that Sugar Mill. This is what we were sold and we have the paper work to back it up. So here we sit amongst the weeds that no one will clean up or take care of any of the property. I have contacted the county on many occassions and I get the same reply. "It is Private Property" and we can do nothing about it. Can’t sell our house becaue of the surrounding mess and instead of having an enjoyable retirement in a beautifuly community. I would gladly sell this house for 500,000, way less than we paid or trade houses with the bank as they knew what we were getting into when we got our mortgage. The idea of being of perhaps being surrounded by cheap homes if it ever comes to pass is devastating. IF ANYONE IS INTERESTED IN BUYING A BEAUTIFUL LARGE HOUSE WITH POOL, ETC. AND LIKES LIVING ALONE BACK HERE, I’LL SELL IT TO THEM.
Well…
Well Joyce, I am sorry you have such a pessimistic attitude about your husband and your retirement. However, i don’t think it’s very responsible for you to blame everybody else for your decisions. I doubt any one feels bad for you about your decision to purchase a $700,000 home in an empty neighborhood at a really bad time. It is not the bank or city’s fault or any one else that you didn’t do your homework before you bought. The reason there are no other houses around is because smart people realized how obviously overpriced the subdivision was. So considering no one will ever buy your house for such an expensive price, you will likely end up with your snobby self and either be "devastated" by being surrounded by new homes occupied by normal hard working people with homes in the 200’s to maybe 350’s or you will be in a "ghost subdivision" But either way, it seems that you will be unhappy with your $700,000 home with the glass half full. I’m sure everyone feels so bad for you and want to buy your house after you made it seem like such a great buy lol. Have fun being unhappy and irresponsible.
Convenient Store
Hi Toby:
Can you tell me what kind of convenient store will be built on US1 and Matanzas Road.
Also when will they break ground?
thanks.
LC
same position
i moved from new jeresy to florida and bought in the high end also. me and my friend built our own homes and had problems with the bank. peoples first- STAY AWAY. they approved us for a loan and then continuied to reduce the loan amount after construction started because the market was downturning. Not fair, illeagel???? anyway, you still have a home, i lost everything!!!!! I have no job and can’t find work for almost 2 years. I’m a working man and feel your pain about the house, but a $700,000. retirement home, you still have something, i don’t know were i will sleep next week with my family. The builder lied and he should be in jail, along with alot of other business in palm coast. appraisers, banks, and realtors are among somemore.
New Life for Eagle Lakes Development Rumored
Alex:
Your comments to me do not make sense. If you read my comments correctly there was nothing in it that was pessimestic about my husband. I mentioned that my husband had a bad heart and with no lights there would be no way for paramedics to find us. What is pessimistic about that?So I suggest you read my comments more thorougly and try to get it straight. You don’t even know me and can not assume I am snobby. I never said I would sell my house for 700,000 in my comemnts. I just mentioned what I bought it for and you have no idea WHAT WE were SOLD ON. You have no idea what the appraisal was nor what the bank deemed was a fair price. We were new to the area and sold a bill of goods as were all the other people who have bought lots that are sold in here but could not build because of the economic turn down.Are they also all irresponsible and snobby? You sound like a bitter individual that is not capable of reading what I really said and making false assumptions that are not true. I may be unhappy with the situation (most people in my situation would be) but am far from irresonaible. Beside sounding like a bitter person, your comments to me to have fun being unhappy and irresponsible makes you a bitter busy body. So I suggest unless you know the entire situation KEEP YOUR BITTER COMMENTS TO YOURSELF.
Joyce
Same Position
Chris:
I really feel for you and can empathize with you. Yes we have a home. But we put our life savings into it and we cannot get anywhere near what we put into it. Thusly we are not having a fun retirment like we had counted on. I agree with you that many builders, banks, apprraisers and others lied and caused a lot of harm to a lot of people such as yourself and there is no legal recourse. I hope it works out for you.. Joyce
Joyce has a valad point
And I would like to formally apologize to you for my rude and irresponsible comment about your husband. I truly sympathize for your situation and agree with you that the the lighting should be fixed and you and your husband are in my prayers and wish the best for you both. I just hate to see people complaining about decisions that they made. When you say things like "This is what we were sold" it seems to me that your not blaming the seller for selling the home to you when you bought it, it takes two to tangle. What apparently struck a cord with me was your closing. "the bank as they knew what we were getting into when we got our mortgage. The idea of being of perhaps being surrounded by cheap homes if it ever comes to pass is devastating"
I mean, I doubt homes will get below the 250 range, and those will likely be normal hard working Americans. The rich neighborhoods have more scum (drug lords) and rich people that were born rich and are narrow minded. Also, as I previously stated, if you did your homework and read the documentation of your mortgage, you signed it, so it’s not the banks fault or any ones, and you viewing that as their fault and being "devastated" by being surrounded by "cheap homes" is where I found you being a bit pessimistic. Also, it is a huge risk buying in an undeveloped neighborhood to start, so either way you would have annoying construction and inconveniences anyways, and anyone would have access to the gate. So look at the bright side… You seem to be well off in a beautiful home and have a whole neighborhood to yourself so no bad neighbors. I honestly did not mean to say "pessimistic attitude about your husband and your retirement" I should not have brought your husband into it and don’t know what I was thinking. I would understand if you don’t accept my apology, it just struck a cord when you made comments about "cheaper houses" as my 250,000 home has taken me a lifetime to work hard labor for my whole life. Again, your husband and yourself are in my prayers and i honestly wish the best for you 2 and hope the economy improves and everyone will be alright. So I AM SORRY and feel terrible about making that comment about your husband, it was not my intended cause.
-Alex
NEW LIFE FOR EAGLE LAKES
Alex:
I do not know you nor your me, so I do accept your apology. It is what it is. And we are no more than hard working people ourselves. My husband is retired from the Army and servied in Viet Nam and everything that we have ever had we have had to work hard for. I have nothing against hard working people being able to get their homes.I just feel that I am stuck between a rock and a hard spot and all we ever wanted when we built in here was to enjoy our last few years in a nice neighborhood surrounded by nice houses and landscaping. I am unhappy about being surrounded by weeds and dirt and no one taking care of it. Let’s face it, if we were rich and had money we could move, but what money we did have we put into this house and the value has dropped and we can’t do anything about that. We live on a fixed retirement income and pay our mortgage and taxes and insurance and don’t look for handouts from the govt and keep our property up. So that is who we really are. Not some rich snobs.
Have a blessed Holiday. Joyce
New Life for Eagle Lakes
Joyce,
Why don’t you try sending in a Home owners Association due so that Eagle Lakes can be kept up?
It costs money to keep up a subdivision. As of right now the developer does what he can to keep the subdivision as it is. Did you ever think that he put his whole live savings and even his own retirement into the property? He is hurting and heart broken over what has happened with Eagle Lakes.
And…it wasn’t your phone call to channel 9 that had the lights fixed. It was the developer who went out of his way and spend his own money to have them fixed. Here again is another example of what you’re HOA monies could be paying for. Each month the developer pays an electric bill to have the lights kept on. Instead of bashing the developer you should due your part and PAY YOUR HOA’S so that you can help the situation instead of making it worse.
Added to this about your concern with paramedics being able to find your home, we have a local fireman/paramedic that lives right across the subdivision from you. I think he will know how to get to you. And the developer gave all the fire stations a copy of the platted out subdivision map. Therefore, you can rest assure that your husband will be found, should he have a heart emergency.
Please let me know if you need me to clear up anything else for you.
Sincerely,
Common Sense Citizen.
new look
joyce, thank you for your comments. i am returning to florida after i left 1 year ago to find work in jersey. not better here, and not good in flagler county 17% unemployment. my kids want florida and really want palm coast. it’s very affordable but no work, i am returning to do anything to put a roof over there head and hope it gets better for everyone. i onl;y hope your developtment starts building again so your house price goes up and work comes to the area. the sad thing is your house won’t go up because cheaper houses have to be built because of the realestate values in the area. criminal charges should go against everyone involved but they would rather pass the blame to someone else.
good luck
chris
New Life For eagle Lakes
Common Sense Citizen:
Regarding your comments to me regarding HOA for Eagle Lakes. There is no HOA.
The contractor may have lost his life savings on Eagle Lakes, but I did not cause that situation. Understand that the contractor is still young enough to go forward in time, but we put our entire retirement into this mess and we don’t have that luxury. BOTTOM LINE THIS IS NOT WHAT WE WERE SOLD and have to pay the price. I don’t know who might live across the street. I just know that our future has been destroyed
by this situation and hopefully one day one way or another we can get out of here and into a decent community like we believed we were getting into here. No further explaination is needed.
Joyce
New Life For Eagle Lakes
Common Sense Citizen:
In regard to your comments I would like to add a post script to my reply of yesterday. I see no common sense in your comments. It appears that somehow you know the builder by your comments and are trying to justify the mess in here by trying to put the blame on us for the unkempt condition of Eagle Lakes. We are not responsible in any way, shape or form and trying to divert the blame to us makes NO COMMON SENSE AT ALL.The only thing that we are responsible for is putting our retirement savings into FALSE PROMISES
and not being able to enjoy the final years of our life. It is a shame that as an elderly couple we were led to belive that we would have a lovely community to enjoy our retirement in. And shame on you for trying to blame us for this mess in here. We spend good money to keep our property up and then you try to tell us to pay an non existant HOA and the place would be kept up. Furthermore having no lights was a hazard that needed to be taken care of. We have paid for too much already and continue to pay the price for the builder’s folly. If you are such a COMMON SENSE CITIZEN how about you cleaning up this mess.
Joyce
Common Sense
Joyce,
There is an HOA due, the developer has been nice and not sent out a bill due to the situation. And this economic down is not your fault or the developers. It’s the DUMB American people.
So just too clear things up, there is an HOA and if you would like Eagle Lakes to be mowed you can send your payment to the developer. I know for a fact you know how to contact him since you constantly send him harassing emails.
Now there’s some common sense lady.
NEW LIFE FOR EAGLE LAKES
COMMON SENSE
Why don’t you use your real name as I do. I am not afraid to speak my mind and not hide my name. I could have used any name to make my complaints. You state that I send harrassing e-mails to the builder. WHAT DO YOU CONSIDER HARRASSING????????????????
I have sent e-mails to the builder complaning about the condition of Eagle Lakes and that we needed those lights on at nights. I DO NOT CONSIDER THIS HARRASSING. Furthermore it appears that you are pretty tight with the builder or maybe you are him. You keep harping that there is a HOA. I know for a fact that there is no legally recorded HOA. If there is, let me know where it is recordedd so I can review it. The payments are not being made on Eagle Lakes plus the taxes are not paid, so who would be legally responsible for sending out HOA statements and collecting such monies. Furthermore I do not see anyone that owns vacant lots in here doing anything to clean up their lots especially the one on the side of me that we have to continually chop down the weeds that grow up over our fence. LET ME KNOW WHATEVER COMMON SENSE IDEAS YOU HAVE OTHER THAN THE NON-EXISTANT HOA.
oyce
Eagle Lakes
Joyce,
I am not the builder. But you’re right I do know him very well. As I have stated before, you are right the development needs some TLC. But it takes money to up keep things. That is all that I want to get across to you. The fireman that lives in Eagle Lakes has helped Eric (the developer’s son) mow when he can. Eric mows when he can to help his parents. No one gets paid to do these things. They are doing the best that they can considering everything that has gone on.
What I want you to see is that, as much of a hardship as this is on you, it is on others as well. I would just like you to see the other side. I am sorry how things have turned out in Eagle Lakes. It’s sad and heart breaking.
As far as the taxes being unpaid, the first two years the developer got a mortgage on his paid off home to pay them. But the last two years they have not been able to. Had they been able to they would have. I think you know that about the developer.
I like to add that the bank that initially held the mortgage on the property has gone bankrupt. So now a new bank owns the note and they are not allowing any lots to be released. If the banks would allow the developer to sell lots to buyers that would mean income for the development and then at that point there could be up keep on the common areas. The developer has tried and tried to work something out with the bank, but at this point the new bank doesn’t even know what projects it owns and what it doesn’t. As you can see there are many factors that go into what is going on with Eagle Lakes that you do not see or understand. But I can promise you this, things will get better.
Mrs. Grimes, please stop saying such bad things about the developer. He is a man who has worked hard his entire life and has lost everything. He’s hurting just as much as you, maybe more.
And…Eric will be mowing this weekend.
EAGLE LAKES
COMMON SENSE OR WHOEVER YOU ARE (MAYBE ERIC)
I understand that the development needs a lot of TLC and as frustrating as it is to the builder, it is to me as I am stuck here and we lost our retirement money that we have put in this house but we still make our payments and pay our taxes and insurance even though it kills me to do so as we are throwing good money after bad and at our age and always living in a development like Sugar Mill, this is the worst thing that could happen to us when we do not have that many years left to enjoy our retirement. I unerstand that the contractor worked hard all his life, but so did we and we finally are old enough and have our retirement money and we leave our family back in Arizona to come here to enjoy our final years.
I know the situation with Colonial Bank going bust and BBT taking them over and I also know that are many lots sold in here that the bank has no jurisdiction over and if those people chose to build in here they could but it is quite evident they don’t want to live in these conditions. So I understand far more than you know.
You say that I am saying bad things about the developer. That is a misconception. I complain about the upkeep of Eagle Lakes and my unability to accept that we are stuck here and if we had the means we would buy another house and be out of here. I keep looking for a decent foreclosure house in a decent subdivision so I can get out of here, but thst is easier said than done. What is finally going to happen is we will find another home and we will be forced into taking whatever we can out of this house that we paid to put in and than giving the house to the bank and having our good credit ruined in these last years of our life.
Enough is enough of my story, but you never provided me with the information about the so called HOA.
Joyce
Some one becamse rich while the American public go
Banks should have gotten jail time for the run up in housing prices. The American public are not appraisers. Banks hired and helped bid up appraisals so that they could set up themselves for higher and higher returns on their money. And because of firms like Goldman Sachs started trading mortgages like stocks, they made tons of money while not facing the consequences. Just look at the profits they are making and the bonuses that their executives are making on the backs of hardworking Americans. What value does this investment bank at to the welfare of ordinary Americans. Write to your Congressmen and complain, otherwise we all deserve what we get.
in the buying mode
looking at 9 eagle lakes dr. it is depressing to see a failed subdivision. would like to hear from those who live there. realize that the few residents there are a victim of declining home values. want to hear about the quality of life in the area, do you feel safe, etc.
Darlene on 9 Eagle Lakes
To answer your question about the quality of life in Eagle Lakes. You can see the mess that it has become and for those that live there it is a shame that some of them put their life savings into their homes and have lost everything as what happened to us.We finally bit the bullet and was able to scrape enough money up to buy another home in a decent neighborhood and get out of there but the whole situation was so stressful that I had a stroke and was in rehab for seven weeks because of the consequences of the stroke. We are now in our other home and we lost everything on 7 Eagleview Place and it is now up as a short sale and because of this our credit is ruined, but it is worth it to get out of there and did we feel safe there. I NEVER DID.
None
I’ll buy it for $300k