Palm Coast Real Estate News Clips: January 20, 2012

European Village, Farley’s Irish Pub, Seagate Homes, Grand Haven Golf Club

Palm Coast, FL – January 20, 2012 – Miscellaneous real estate news tidbits for Palm Coast and Flagler County.

European Village – two pieces of good news
It looks like this year will be a resurgent one for European Village. For reasons unknown, the original developers did not define the courtyard area of European Village as a "common element." Common elements are owned jointly by the unit owners for their mutual benefit with each sharing in the expenses. EV’s courtyard was defined as a condominium unit, owned by the developer.
For months, the commercial condo association’s owners helped maintain the area at their own expense, but now they own it too. The association purchased it at a tax deed sale earlier this month for $31,129.26. The association will be able to schedule events, landscape, decorate, etc. The city too is helping by scheduling events at EV.
Second, the former owner of The Meeting Place, Mort Duggan will soon be opening Farley’s Irish Pub in the space formerly occupied by The Red Sphere. Farley’s is named after Duggan’s late partner at The Meeting Place, Kevin Farley. Farley passed away in 2002.
Seagate Homes
Only two months after completing the 3,490-square-foot Florenza II luxury model home in the Wild Oaks estate community of Grand Haven, Bellagio Custom Homes (Seagate’s luxury home division) has sold the home with a leaseback and is making plans for a new luxury model in Palm Coast.  The company is currently planning the location of its next model and expects to break ground later this year.
Completed this summer at 212 Willow Oak Way, the four-bedroom, four-bath Florenza II – which recently sold for $742,000 – is situated on a nearly half-acre lakefront lot with a breathtaking pool and spa, according to Michael Sawdai, who serves as vice president for Bellagio.  The professionally decorated model is open for viewing and will be featured in the Flagler County Parade of Homes in March. 
The Grand Haven community, which includes a Jack Nicklaus signature golf course, borders a 4,000-square-foot nature preserve with walking and biking trails and the Intracoastal Waterway.
Grand Haven
And speaking of Grand Haven, county records indicate that the new owner of the Grand Haven Golf Club paid $1,500,000 for the real estate. Of course non-real estate assets included in the purchase are not reflected in the recorded price. The new owner is Escalante Grand Haven LLC.
The Grand Haven Golf Course was owned by Crescent Resources. Its Landmar subsidiary developed Grand Haven. Crescent recently emerged from bankruptcy and began disposing of Florida and Georgia assets. The sale of Crescent’s Grand Club, including three Palm Coast courses, closed in November. The sale price of the real estate component of The Grand Club was $2,000,000.
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