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By Bill | Both Buyer and Seller in Florida

Waterstone Resort Realty, LLC

Waterstone Resort Realty, LLC owns four condos at Nautilus Cove, 13700 Panama City Beach Parkway, PCB, Fla 32407.  They have always been a bad neighbor but it seems that finally we will be rid of this firm as Compass Bank of Birmingham AL has now filed foreclosures on all 4 condos for Waterstone not paying them since their July 2008 payment. 

This firm is also behind on their quarterly association dues at NCC.  One other item FYI, Waterstone Resort Realty, LLC has now officially changed their name to NCPCB Investments, LLC. 

You might ask why the name change so late in the game?  I suspect that when they go bankrupt they don't want this showing up under the Waterstone name as they have a total of 9 'core' LLC firms 7 (now 6) of them with the Waterstone label in the firm name.
So in a few months we can finally bid "Goodby to bad rubbish" with Waterstone/NCPCB finally being only a bad memory.

A new Editorial regarding Nautilus Cove and Waterstone/NCPCB Investments has been added to:

Other blogs FYI can be found at:


By Bill,  Fri Mar 27 2009, 15:06
2009 Annual Owners’ Meeting - Unapproved Minutes

Lenny DiGiacomo called the meeting to order at 10:10am December 6, 2008. He stated that there were not enough owners present to obtain a quorum so the meeting will be recessed until December 20, 2008.

After recessing the Owners meeting, Lenny DiGiacomo and the Owners present held an informal discussion. Lenny DiGiacomo stated the Board directed Management to have all items exhibited on the exterior of the buildings removed as stated in the condominium documents. This was done because of the amount of items being exhibited on the exterior of the buildings and the complaints voiced at the previous Owners meeting about this. Mr. Harris in 708 stated the he feels it should be ok to have plants outside. Joan Morgan in 608 stated that many people do not take care of the plants. Mrs. Jones in 104 asked if the Board could approve a chair to be kept on the exterior. Ms. Casiano in 302 stated that it looked with all the items on the exterior noting that there were coolers, grills, and even a boat chair kept outside some of the entrance doors. Lenny DiGiacomo stated that the Board would consider adopting a particular type of chair that could be left outside the entrance doors.

The Owner of 104 asked if the Board and Management could look into ways to improve the dumpster area and people leaving furniture and garbage outside of the compactor. The Owners of 302 (Casiano) and 608 (Morgan) commented on the amount of dog feces that is not being picked up and a better schedule for emptying the common area trash receptacles. Lenny DiGiacomo stated that Management is already working on that and added that there is a problem with people putting their household garbage in these cans instead of taking it to the compactor and that lids on the cans were going to be locked to the cans in an attempt to stop this from happening.

Mr. Harris, owner of 708, asked what Concord Management’s requirements are for those people wishing to lease from them. Kay Dobbins stated that there is a minimum house income they must meet and that a criminal background check, a credit check, a rental reference check, and an employment verification done on each applicant. Ms. Casiano (302) stated that the Owner’s renters are the worst. Mr. Harris asked if the Board could require owners to hold their leases to the same standard as Concord.
It was asked if the security cameras and the recording equipment form them are working properly. Yes, they are.

Kay Dobbins provided an update on the status of the cable television contract. She stated that MDU Communications has agreed to sell the contact to another cable service provider. Kay has met with Knology and is scheduled to meet with Comcast to discuss the possibility of either buying out the contract. There is no timeline for this happening yet but Management is working very hard to get this done as quickly as possible.

Mr. Harris in 708 asked Lenny DiGiacomo about the level of cooperation he is getting from the developer board members. Lenny stated that they are good to respond and they ask for his input and recommendations to issues that come before the Board. He added that they work well together.
Lenny DiGiacomo explained the proper procedure for anyone having a complaint is to first submit any issues in writing to the Management. The Management will bring to the Board all items that need that have been submitted.

It was asked how many of the condos have been sold. 108 of the 168 condos have been sold.
2009 Annual Owners’ Meeting Reconvened
Unapproved Minutes

December 20, 2008

Call to Order
The Owners meeting was reconvened and called to order at 9:00am by Norman Knight.

Appointment of Chairman
Lenny DiGiacomo nominated Norman Knight as Chairman of the meeting. There were no other nominations.

Election of Directors
Norman Knight stated there was not an election as Lenny DiGiacomo was the only Owner that submitted a letter of intent to run for the Board.

Proof of Notice
Norman Knight stated that notice of the meeting was sent to all Owners as required.

Reading & Approval of Minutes
Lenny made a motion to approve minutes from the 2007 Owners’ Meeting as presented. Joan Morgan of 608 second the motion. The motion carried unanimously.

Report of Officers and Committees
No were no reports of Officers or Committees. Lenny DiGiacomo added that a fining committee has been established and to date no fines have been issued.

Unfinished Business
There is no unfinished business.

New Business
Joan Morgan in 608 asked about approving a chair for the exterior of the condos. Lenny DiGiacomo stated this would be done at the board Meeting.

Kay Dobbins explained the status of the cable contract. She has met with Knology and is meeting with Comcast to discuss the possibility of either of them buying out the contract from MDU Communications.

Lenny DiGiacomo made a motion to adjourn. The motion was seconded by Mr. Jones, owner of 104. Motion carried unanimously.
By Bill,  Fri Mar 27 2009, 15:08
Board of Directors Organizational and Budget Meeting

Unapproved Minutes

Call to Order
The meeting was called to order by Norman Knight at 9:25am.

Appointment of Chairman
Norman Knight was elected to Chair the Meeting.

Election of Officers
Lenny DiGiacomo made a motion to elect the officers as follows: Norman Knight, President; Lenny DiGiacomo, Vice President; Paul Missigman, Secretary/Treasurer. Paul Missigman seconded the motion and it carried unanimously.

Proof of Notice
Norman Knight stated that the notice of the meeting was posted onsite and mailed to each Owner as required.

Approval of Minutes
Norman Knight asked for a motion to defer this till the next meeting. Lenny made motion as requested. The motion was seconded by Paul Missigman and approved unanimously.

Committee and Officer Reports
Lenny DiGiacomo stated the Fining Committee was established in July. Thus far no fines have been issued and there is nothing to report.

Dean Price and Jay Brock resigned from the Board in the summer. Norman Knight and Paul Missigman were appointed to fill the vacancies respectively.

Due to no Owners other then Lenny DiGiacomo running for the Owner’s Representative vacancy there was not an election.

Approval of 2009 Budget
Norman Knight stated the Board further reviewed the budget after it was mailed out and proposed increasing the pool maintenance, grounds supplies and clean up, and insurance line items. Norman also explain that water and sewer was billed individually but would now be included in dues. Norman explained that the insurance is in bulk with other properties insurance so the Association could take advantage of lower rates. The Association’s policy is property specific and individual but because of buying so many properties together there is a reduced bulk rate that the Association is able to benefit from. Norman Knight recommended incrementally increasing the insurance line item each year to prepare owners for the large insurance increase at turnover.

The following questions were directed to the Board and Management by the Owners.

Will the management fees will increase. Norman replied that they are likely not to increase.

Explain the large increase in electric and phone expense. Norman stated that this is due to both bad budgeting and the Developer paying portion of expenses during 1st part of year due to the sales efforts.
Why isn’t the sales office paying rent? Why are they using the Association’s space and phones for no charge. Paul Missigman stated that the Management would make sure they are paying their own costs, for example advertising, phone, etc. Paul Missigman also stated that they would investigate what the Association using of Pelicans versus what they are using of the Association.

How is managers time spent between HOA and leasing? It averages half on Association and half on Leasing.

Who is Global and Concord? Global is the development company and Concord is the management company.

Why is the water now included in the association fees? This change is due to requirements in the Florida Statutes.

How many units are past due and what is the procedure for collecting the past due amounts. There are two units in the foreclosure process and five other units placed with the Attorney for collections and now have liens placed against them. When a unit is behind a past due notice is sent. If payment is still not received it is placed with the attorney who sends out a collection notice. If the account remains unpaid a lien is filed against the unit that could turn into foreclosure.

Lenny DiGiacomo made a motion to approve the 2009 budget as amended with quarterly assessments of $675.00 per unit. Paul Missigman se3conded the motion and it carried unanimously.

Unfinished Business
There was no unfinished business to discuss.

New Business
Chairs – Norman Knight explained the concerns regarding exterior items and unsightly occurrences. The Board agreed to continue to enforce the condominium documents. You may have a chair out while using it but it must be brought in when not using it.

Pets – There was a brief discussion about the size of the dogs in some of the units. Lenny made a motion to grandfather in the large dogs that were previously allowed but, from today forward, enforce 36 lb weight limit. Paul Missigman seconded the motion and it carried unanimously.

There was additional discussion about chairs being allowed at the unit entrance. It was asked if the Board would consider approving a standard chair to be left out. Norman Knight recommended speaking with Owners to establish the approved standard. Lenny agreed to speak with Owners about having an approved chair to be left outside and what type of chair they would recommend. He will send the recommendation to the other Board members for consideration and approval.

Lenny DiGiacomo made a motion to adjourn. The motion was seconded by Paul Missigman and carried unanimously.
By Bill,  Sat Apr 11 2009, 06:45
After considerable back and forth and needless delays by the defendants, the case of William Harris v. Nautilus Cove Condominium Assn, Inc and Waterstone Resort Realty, LLC has been set for non-binding arbitration.

The arbitration is scheduled on May 12, 2009 at 9:30 a.m., at the law office of Hutto and Bodiford. Their address is 620 McKenzie Avenue, Panama City, Florida.

FYI: Waterstone Resort Realty, LLC has changed its name to NCPCB Investments, LLC.
By Wm,  Tue Oct 13 2009, 13:53
Oct 13, 2009
The Waterstone Resort Realty LLC, aka: NCPCB Investments LLC has now lost all 4 condos at Nautilus Cove Condo, all having been sold 'on the courthouse steps' and purchased by Compass Bank of Birmingham, AL who was the mortgage holder on them. 710 has now come back on the market with Re/Max reping for Compass with an asking price of $124,900 'as is', and it is anticipated that the other 3 condos in the 7 building will also shortly be marketed at a similar price.

Waterstone leaves behind 4 liens for unpaid quarterly assessments which were due to the condo assn. and one civil suit where the owner (me) of a condo in the 7 building sued them for allowing renters of their condos to use them as dorms for foreign workers employeed by a labor contractor to work at the Mariott Resort in PCB. This suit has dragged on for 17 months and shows no signs of ever being finished due to countless delays by both Waterstone and the Condo Assn who are also part of the suit. A seperate civil suit was filed by another of the Waterstone LLC's against the owner for blogging about the matter and that remains in Bay County court also. see: http://nautiluscovesuit2008.blogspot.com, http://waterstoneresortsllc.blogspot.com, http://calypsoresorttowers.blogspot.com
By Wm,  Sun Nov 29 2009, 17:55
Nov. 28, 2009
Compass Bank of Birmingham has now gotten possession of the 4 former Waterstone units and they are available for sale at 124,900 each. No takers so far but not real surprising as these are 3/2's and a 4/3 has just sold for 110,000 (#1401). There is a stong rumor that the developer is selling in bulk their remaining 57 units to as yet unifentified buyer.

By Wm,  Thu Aug 5 2010, 12:23
Aug 5 2010
3 of the 4 foreclosed Waterstone/Compass Bank condos have been sold, only 716 remains. Sale prices have been about 60% of the original sale price in 2007 when Waterstone purchased them

The civil suit against Waterstone/NCPCB Investments was settled and the suit continues agains the NCC BOD. Elections had been set for July 25, 2010, this date established by Concord Management, provided to the Condo Board Investigator in Tallahassee 10 months ago and reaffirmed several times since then. Unfortunately this date was disclaimed at the last minute by Norman Knight, also of Concord and BOD Member so despite Concords setting the date the election never happened and the Condo remains under control of the Developers.

This is a totally worthless Board of Directors and when the owners finally take control I hope that Concord Management is tossed out immediately, they are also useless.
By Wm,  Thu Aug 5 2010, 12:29
Concord and the BOD Continues To Ignore Inquiries About Misapplication of Association Funds:

Concord has ignored my inquiry for 4 weeks. Any owner is entitled to put forward one question every 30 days and it must be answered. You have to do it via Certified Mail and they have 30 days to reply. If they do not reply then a complaint can be filed with the DBPR in Tallahassee and they will be required to answer. This is what I did when I got nowhere asking about the date for the 2nd BOD member. They did reply to the DBPR but it turned out the information was incorrect. So here is my 3rd inquiry in 3+ years, I will advise you when they respond.

August 02, 2010

Nautilus Cove Condo Assn BOD
c/o Concord Management
13700 Panama City Beach Pky
Panama City Bch, FL 32407

RE: Misapplication of Nautilus Cove Condo Assn Funds


As you know I have repeatedly raised this issue in emails to both Concord and to the BOD. No reply having been received I now formally ask for a response to the below within 30 days and this inquiry is sent via Certified Mail w/return receipt #7010 0290 0002 5148 7695.

Background: My quarterly dues check was returned to me indicating that the $675 was deposited into the account of Nautilus Development Partners #0077458400. Melissa Melvin, a secretary for Concord informed me that the office has 2 accounts for the deposit on incoming checks. She was unable to provide information as to whether or not checks intended for the condo Association went into the correct account. I was told ‘someone’ would contact me with the information. No one has done so in the past 4 weeks and the matter remains unresolved.

1) Has Concord Management misapplied incoming checks intended for our non profit Nautilus Cove Condominium Association and put them into the Developers Nautilus Development Partners checking account?
2) If so, then how many checks were deposited in error to the Developers account and what is the total amount of said misapplied funds?
3) If errors were made in such deposits, has this situation now been corrected and if so have any misapplied funds now been put into the correct account?

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