Rooftops Next Year at the Ginn-developed Conservatory
The Conservatory is poised for new rooftops in 2011 with architectural and landscaping changes as banks unleash foreclosure sales. The Gardens will be re-planned too.
Palm Coast, FL – December 11, 2010 – The Conservatory, a residential golf course community in Palm Coast is poised for new rooftops, probably in 2011. The Property Owners Association (POA) has worked with the developer to downscale architectural and landscaping requirements to fit current market conditions. House/lot packages are now envisioned below $350,000, down from the original plans that would have put prices in the million dollars plus range.
At its 2005 sales launch, real estate developer Ginn-LA (Bobby Ginn and his financial partner Lubert Adler) sold 337 lots in The Conservatory at Hammock Beach for a total of about $142 million. Buyers anxiously anticipated news that they had been selected to purchase one (or more) lots in the golfing community surrounding a Tom Watson Signature golf course. Lot prices ranged from $329.9 thousand to $529.9 thousand. But the ballooned market folded immediately after the sale, leaving the (mostly) speculator buyers holding the bag.
There were no lot re-sales in the community for two years. Lenders began filing for foreclosure in late 2007. Few properties were sold as lenders held their position. During 2009, buyers finally emerged as prices plummeted to the teens to mid-twenties, driven originally by tax deed sales where lenders did not even bother to show up. Now, lenders are moving several properties to the final foreclosure step; the auction. January will see several Conservatory lots and a couple of Yacht Harbor Village lots (a Ginn-developed marina community) sold at foreclosure auctions.January 5
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135 Aspen Way
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272 Yacht Harbor Drive
January 11
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330 Yacht Harbor Village Point
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452 Sweetgum Lane
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263 Conservatory Drive
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679 Mahogany Run
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255 Conservatory Drive
The foreclosure paperwork mess is still apparent, evidenced by sale notices in today’s Flagler-Palm Coast News Tribune. In some cases, January foreclosure sales have been scheduled for properties already sold at short sales. 284 Yacht Harbor Drive is advertised to sell at a January 6th foreclosure sale although county property records registered an October 25, 2010 sale for $110,000.
Charles Rinek, one of the original approved builders for the Conservatory worked with the POA to develop alternative architectural plans. Here is one example, the Castile Plan. Tom Allhoff, representing the developer, says that the new plans cut nearly $100,000 off construction costs for the base level home.
Allhoff also says that the developer has completed reacquisition of the 14 lots sold at The Gardens at Hammock Beach and resolved a final legal action affecting one property in nearby Bulow Creek. Both properties are along John Anderson between Bulow Creek and the Intracoastal Waterway. The properties will be re-planned (including re-platting) to fit current market conditions. The original Fred Couples-designed golf course will give way to more passive and less expensive amenities. Lot sizes will be larger.
And the reality is…
Toby,
I know that this article is just an advertisement for Mr. Alhoff and his hired gun realtor but as a resident of the area, let me portray the reality rather than the fantasy, as I am one of the unfortunate ones who still own a lot there.
First of all, let’s be honest about one thing. Who in their right mind would invest in building a home in a community where the clubhouse and amenities are completely shut down, over 70% of the owners are not paying dues and the chance of being ‘assessed’ an enormous fee is the possibility.
Second, why on God’s green earth would anyone spend $3-4-500,000 to live in the middle of nowhere with not even a supermarket within 15 minutes and across from a high school when you can live in Ocean Hammock for the same price right near the ocean? That would be what we refer to as a bad investment.
Lastly, why would anyone trust Mr. Alhoff and his realtor on picking who the preferred builders should be? Of the last 4 they chose, 3 went belly up and robbed client funds and the one mentioned in the article just had to take on an investor to keep from doing the same. Maybe the residents should choose the builders, instead of Mr. Alhoff and his realtor who pick only based on who wants to give a kickback and rob the clients. This is how we got in trouble the last time.
I understand that bad investments are part of playing with the farm’s money and I am lucky enough to have survived it, but lets not try to entice others down the same road.
JD
Yacht Harbor, Conservatory????
I couldnt agree more than with JD!!! I have done my homework on this personally. The new company managing Hammock Beach, Reynolds, is also a home builder, "New Leaf Homes", check it out, just google, Reynolds Development and Management. Why in the world does any subdivison need a "featured builder" program????? I completely agree with an ARB (architectural review board) to keep the homes consistant, as to protect the entire community. BUT, why in the world, and as JD said, anyone want to, or should even be able to tell a land owner, WHO THEY HAVE TO USE TO BUILD THEIR OWN HOME!!!! It is crazy. Now, that lot prices are SO depreciated, here comes Reynolds, with New Leaf Homes, and is going to buy up the lots, at such a LOW price, and they will build it out, along with whoever they decide can enjoy the ride with them??? This is HORRIBLE. People who purchased there, have been beat up enough. Now in comes this HUGE company, to build out the community. They will control the market, put inferior homes up, and there is nothing a lot owner can do???? What is this world coming too???? Why shouldnt ANY lot owner, be able to pick a builder, or build it himself, submit drawings to the ARB, and as long as the home conforms, size wise, colors, landscape, etc., be given the FREEDOM to develop his OWN land? As I stated, ARB’s are great, but being able to only pick from a few builders, is a DICTATORSHIP, PERIOD!!!! Lets face it, its all about the money, and the NEW company, taking over for Ginn is going to be able to call the shots, and make a fortune off a lot of peoples losses. It will be great to see homes being built in these areas, but PLEASE, this is America, people should be able to pick who they want to build. Pete