Rumored sales contract on Bella Collina
Buyer of Ginn-developed community is said to be a former NFL player and current real estate developer.
Palm Coast, FL – November 8, 2010 – The rumor mill is humming about a sales contract on the Bobby Ginn-developed Bella Collina luxury golf community near Orlando. The buyer is said to be Syd Kitson, former NFL star and Chairman/CEO of Kitson Partners. According to the company website, Kitson Partners is a Florida-based real estate company headquartered in Palm Beach Gardens; specializing in the creation, development and management of master-planned communities, commercial properties, resort properties and golf courses. The contract is reportedly in the due diligence phase.Bella Collina was planned and developed as a luxury lakeside golf community of over 900 residences. Following its opening, properties sold for multi-millions. With only a handful of homes completed, many in foreclosure, the development is struggling. Promised docks, an equestrian center, and sports complex were never forthcoming. The golf course and magnificent clubhouse are complete but sparsely used.
Rumor: (noun) a current story or statement without confirmation or certainty as to facts
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WHY
what are they buying and how will that change things
Good
Maybe they figured out a way to buy up everything that the banks either own or have in process of foreclosure. That is the only way to figure out this mess and start selling properties again.
It’s a Flea Flicker
Former Ginn execs are working for Kitson’s organization, so nothing new here.
BELLA COLLINA
Any new info on sale of Bella Collina
Hopeful
I have heard from inside sources that a buyer is for real. The word is that this deal should close sometime in 2011. The problem with Bella Collina is not the community, but the old membership rules that are still in affect. If the new buyer is smart they would buy up all the REO/Short Sale lots, adjust the membership rules and resell them at a higher price. Currently, there are around 70+ lots listed for sale on MLS and together the price would be just north of $2M for all. The problem why many REO lots are not selling for as little as $1,300 is the membership problem. When a bank repos the lot the membership stays with the old buyer. The new buyer has to do 1 of 2 things; 1.) payout full membership deposit ($40k), which was given free to original buyers or 2.) contact the upset previous owner and work out a deal to transfer. Either way this costs a lot out of pocket to the new buyer. If Bella Collina would just simply have a rule stating if you are foreclosed on via bank or tax reasons, then you loose the membership and the membership would be waiting for the new buyer. The community would rebound over night.