Pulte Homes Sued Over Foreclosures Linked to Centex Mortgages

”Unlike most foreclosure cases, this one is not filed by a homeowner facing foreclosure, but by a homeowner who says an influx of foreclosures in the neighborhood killed his property’s value.”

Palm Coast, FL – May 16, 2011 – A lawsuit against Pulte Homes, who acquired Centex in 2009, claims that its lax lending standards led to high foreclosure rates in the plaintiff’s California neighborhood. Declining prices were the end result. The plaintiff seeks compensation for his loss of value.

Palm Harbor Golf Course in Palm Coast, FL 8th hole

Centex had a large presence in Palm Coast’s housing and condominium market during the housing bubble. Although Centex built many fine projects in Palm Coast, including the one in which I live (Tidelands), it is most remembered for pulling out of the market, but not before demolishing the Palm Coast Resort, cutting down large oak trees on the property, and closing the Palm Harbor Golf Course. The course was eventually gifted to the City of Palm Coast. Palm Coast spent over $5 million to rehabilitate the municipal facility (pictured here).

Full Story >>>> HousingWire [May 13]

George Edward Chuddy says:

May 17, 2011 at 4:06 am

Ancient Oak Trees , gifting, renting, etc.

For the newer arrivals to Palm Coast to share some Heritage and History and how this Palm Coast Resort, etc., came into being…first as pledged Amenities and later confirmed within Federal ‘Compliance Report’ as REDRESS for us –

( Dear Sir:
The following is in response to the reporting requirement set forth in the unnumbered paragraph on Page 16 of the Decision and Order . )

‘…Recreation has always been an important ingredient of Palm Coast lifestyle. CDC has constructed three 18 hole Championship Golf Courses and the foruth Championship golf course is currently under construction. The Palm Coast Players Club, opened in 1096, is a 18 court tennis complex that is one of the few in the nation with hard court, clay, and grass tennis playing surfaces. The Club earned the distinction of "1987 Court of the Year’ from Tennis Industry Magazine and the American Society of Landscape Architects. The Belle Terre Swim and Racquet Club is a complete fitness facility with a 25 meter heated pool, four tennis courts and comprehensive Nautilus Room. The Palm Coast Marina, recognized as one of the finest harbors between Hilton head and Fort Lauderdale, opened in 1979 and serves boaters with 80 slips and comprehensive services, including a ship’s store for the supplies and gifts. The Marina is now part of a Resort setting on the Intracoastal Waterway that includes CDC’s 154 Room Waterfront Sheraton and the Harbor Club Vacation Resort. Exhibit B attached to this letter provides a more indepth description of the Recreational facilities in Palm Coast…’

…PALM HARBOR GOLF CLUB – Bud Burkley, PGA head Professional
Palm Harbor Drive

18 Hole Championship Course
6,572 Yards, Par 72
19th Hole Snack Bar and Lounge
Practice Range and Putting Green
Locker Facilities
Pro Shop 445 -0845 7 a.m – 6 p.m. Daily
Club rentals and repair, lessons , clothing, shoes, golf equipment, gifts and starting times. Proper golf attire required
19th Hole 445-08447 See "Eating Establishments"

FR:
December 1, 1989

Federal Trade Commission
Atlanta Regional Office
Room 1000
1718 Peachtree St., N.W.
Atlanta, GA 30367

RE: Federal Trade Commission Decision and Order issued December 10, 1976 ( Decision and Order ) – In The Matter of International Telephone and Telegraph Corporation, ITT Community Development Corporation and Palm Coast, Inc.
pp. 2, 3, and Exhibits B

PALM HARBOR GOLF CLUB

The home course of LPGA tourning pro Nancy Lopez
18 -hole championship course complete with Driving Range and Pro Shop
Open seven days a week for Public Play.

Hotel Accomodations available at the nearby Sheraton Palm Coast

Take I 95 to Palm Coast exit (halfway between Daytona Beach and St. Augustine) go east and follow signs to the Club

Palm Coast (SM) Phone (904) 445-3431
In Daytona , call 253-0508
***************************************

The Sheraton Palm Coast
If we have used the word beautiful too many time, forgive us. But with regards to the new Sheraton Palm Coast Resort – 154 rooms overlooking the Intracoastal Waterway, its forested shore and the Palm Coast Marina – we have little choice but to use it again. Here is a hotel that reflects the high standards of the community around it. Nature played an integral role in its design;

virtually all trees on the site were preserved ;

the lobby literally was built around oaks and palms –

rising through the roof inside a glass-enclosed courtyards.

The waterfront view seen from every room are the kind for which you stand several minutes and admire. The service is pure Sheraton, the atmosphere vintage Palm Coast. We walk inside through a decor of early Florida elegance, and see meeting and banquet rooms for up to 400 people…visiting conferences or local clubs, the perfect setting for either. We make plans to meet after our tour, for local seafood, steaks, or fowl at Flagler’s Restaurant; for a bit of relaxation later in Henry’s Good Spirits. The pool out back looks inviting; the scenery, both beside the pool and beyond it, makes us wish we had packed your swimsuits. All the while we are treated like royalty, just another word for guest in the Sheraton tradition of hospitality. Of course the tradition continues off the hotel grounds…at Palm Coast Golf courses, the Players Club, other amenities and around town. In fact, between the scenery and the friendly atmosphere, a few days at the new Sheraton Palm Coast Resort might be described as….hmmmm….yes…the perfect word…..Beautiful…

The finest restaurants follow a simple formula," says Chef Fritz, executive chef at Flagler’s Restaurant in the new Sheraton Palm Coast Resort. "Create a relaxing and elegant atmosphere; prepare dishes that look and taste superb; serve them promptly and with style; and know your customers as if they were guests in your own home."
The first three rules of fine dining are in place. Chef Fritz, otherwise known as Frederic Benjamin Schultz III brings to his art a degre from the Culinary Institute of America and experience at some of the Southeast’s finest restaurants; 103 West and the Peachtree Plaza Hotel in Atlanta, Sawgrass Beach Club near Jacksonville, and Sheraton hotels since 1984. The atmosphere inside Flagler’s is in keeping with Sheraton style; exceptional. And the restaurant staff, on the floor and in Chef Fritz’s kitchen, believe customers deserve only their best.
Regarding Rule Number Four, however, chef Fritz and Resident Manager Brian Bree respectfully request your opinions Simply complete and mail this questionnaire to : Brian Bree, Sheraton Palm Coast Resort, 300 Clubhouse Drive, Palm Coast, Florida 32037.
When you arrive at Flagler’s —table for two? — be assured that the experience will be delightful and delicious, all that you deserve.
Thank you.

The Palm Coaster, Spring 1987, p. 10 and Insert.