Rumor – WCI Stopped Paying Bills at Hammock Dunes is FALSE

Fact: WCI’s 2007 property taxes, totaling over $257,000, remain unpaid.

February 3, 2008 – Palm Coast, FL – A Hammock Dunes source relayed some issues that have apparently come up regarding WCI and unpaid condominium association bills.  WCI, the developer of  Hammock Dunes’ tower condominiums, is still in control of the condo association , Porto Mar, that encompasses the common areas of Portofino and Savona.  WCI is due to turn over this board to the condo homeowners due to Le Jardin closing.

February 4, 2008 update – The portion of the story regarding unpaid bills is FALSE. I thank residents and the property manager for providing me with correct information.

The problem surfaced this past week when property owners turned on their fireplaces.  There was no propane in the main tank.  Apparently, WCI quit paying for propane back in October.  The condo association is asking the property manager why the owners were not notified.  It was suggested that other bills, perhaps totaling as much as $50,000 remain unpaid.

Watch for some good values for these properties in the near future.

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WCI has been in the news a lot lately.  Most recently, facing potential bankruptcy, they succeeded in obtaining an extension of their credit facility to June 2009.  While removing the immediate financial pressure, the extension does not change the core problems of bloated inventory and cancelled contracts.

Public records indicate that WCI still owns twenty-five units in Casa Bella, four in Tuscany, and fifteen in Le Jardin. Nine Le Jardin units (August through November), all for prices ranging between $2.1 and $3.18 million.

The unpaid property taxes relate to undeveloped land and unsold Casa Bella and Tuscany units.  Property taxes are mailed each fall.  Discounted payments may be made as early as November.  Taxes are not considered over due until April 1, 2008.  Some Casa Bella and Le Jardin units are not listed on the 2007 certified tax roll.

Rumor: (noun) A current story or statement without confirmation or certainty as to facts