I see you are listing condos at NCC. You might want to advise any potential buyers that:
1) The developer is renting out units monthly because he has no buyers for the overpriced units, &
2) Within a week a civil suit will be filed against the NCC BOD and Waterstone Resort Realty.
3) The condo management firm (Seagrove on the Beach) will not enforce the condo documents.
I believe you have a duty to fully inform any potential buyers of the above items.
Further details may be found at:
I am suing the condo BOD and Waterstone Realty for a condo rental usage that violates three sections of our condo documents. This was filed June 10 and summons issued that day for 4 parties. The matter may reach an actual court appearance in the fall.
In the meantime there are other odd developments at the complex. I would bring to your attention that there is some odd things going on with the 'management' firms who get 48k a year to run the complex. When I purchased about 1 year ago the firm was Seagrove on the Beach Realty then it changed with the BOD dropping them and appointing Concord Management. Concord lasted about 7 weeks and after an 'Emergency BOD Meeting' they were ousted and Seagrove was back. They lasted perhaps another 2 months and as of July 1st they were back after another BOD meeting.
I have tired many times to find out the reason from the BOD, and both management companies. Generally there is no reply but the one reply from Seagrove was that they were not required to give the info. To me this smells.
Keep in mind that the BOD the unit owners elected early in the year resigned from the BOD. She was replaced by the unit owner that came in 2nd in the election. Don't know the reason for the resignation but it came shortly after the June 10th action was filed.
Also the BOD is composed of 2 of the developers of the complex, so really there is no say at all on how things are run by the actual owners. Sure we have 1 'elected' member but 1 person on a 3 person BOD can't accomplish anything if the other 2 are developers of the complex.
There is a considerable problem with unpaid quarterly assessments which some units are far behind and only last month did Seagrove finally file liens on 2 units who had missed 5 & 6 quarterly payments, that is up to 1 1/2 years of unpaid assessments and it was let go far to long before Seagrove finally got off their rear ends and did what they should have done after the 2nd missed quarterly payment. I have written asking to know how many other units are 2 or more payment behind and have received NO reply.
No one who now works there or has worked there has ever come up with information, there is something seriously wrong with the running of the complex when owners can't even get a reply to basic questions.
B Harris Unit 708
Further details may be found at:
Nautilus Cove has been a successful venture but I understand lately have some serious issue that a buyer would need to pursue further. If you have never been to Panama City Beach, I encourage you to visit here in order to experience the "perfect" place to live, work, retire or invest. After living and seeing many parts of the world, I truly believe the Emerald Coast of Florida is the best!
Whether or not Nautilus Cove would work for you depends on your needs. It is a nice newer complex. I have shown units in there to buyers several times. Like all things it has its pluses and minuses. The plus side is its location and nice amenities. Not far to the beach and close to Pier Park. See park link below. On the minus side not much privacy... kind of cramped feeling. Comments from buyers...not much room, too close together... But you know Robert what one person dislikes another may like. ;-)
Let me know if you have any questions or concerns.
Problems continue at Nautilus Cove in PCB
The sands of time are running on both Concord Management and the developer controlled Board of Directors. Whether Concord is tossed under the bus by the BOD Monday for another stooge management company or they leave after we control the Board in December, it is clear that Concord will not be managing the complex much longer. Whether or not they continue to rent out the developers 57 units remains to be seen. I know those renting there hope Concord will be gone as complaints about the lack of maintance by Concord continue.
The end run the developer controled BOD is making with what they initially assumed to be a stealth BOD meeting isn't going as planned with 2 continuances so far, the meeting is now set (for the 3rd time) for Monday Oct 4th at 4:30.
More owners are now aware of the planned meeting and the BODs plans to put through a series of changes and ban any participation by Owners at the meeting is now in jeapordy. Per recent Florida law (see below) Owners may speak on all issued at such meetings. This dosen't mean any previously decided changes will not be 'approved', it just means that the minutes of the meeting will have to reflect the opposition of the Owners and the 2 stooge developer members will get an earfull from pissed off owners. Bring those tape recorders folks it might be a noisy meeting after all!
This year there were no sales to date. Last year there were 3 sales and one in family transfer of a condo. The prior year there were 70. Total sales to date are 108 with 60 units still unsold and the developer is renting them out to whoever he can. So what we really have here is a rental complex. In fact Concord Management is advertising it as Nautilus Cove Apartments.
I did some online research and between those condos the developer is renting out and the others that I know are available for rental, there are at minimum 73 units out of 168 available to rent. Only 29 of the condos have homestead exemptions so very few unit owners actually live there year around. Anyone in the business knows that when condo complexes are over 20 percent rental they suffer and that is the case here.
We also suffer from being under the uncaring thumb of the developer who has 2 of the 3 BOD seats and of course the BOD elected the 3 officers, who are also developers. So 5 out of 6 assn. positions belong to the developer and will until at least July 2010 when the 2nd BOD position should be filled by an owner.
It is very discouraging to live here and of the owners I have spoken to NONE say that they would have bought here if they knew how much BS there would be. The association dues are up again, now they are at $575 quarterly. 46 of the 168 units are behind on their payments, 12 by serious amounts (up to $4000) and another 10 are pretty minor, the rest in between. Liens have been placed on 6 condos for non-payment and 9 are now in foreclosure, including 4 from Waterstone Resort Realty, LLC (they just changed their name to NCPCB Investments, LLC).
In doing some research with regard to Nautilus Cove I found that it seems they may be experiencing some issues recently. To fully inform yourself you may want to read the post noted below and contact the management of the complex.
Have a GREAT day!
Mike and Vivian Foate-REALTORSÂ®
Prudential Shimmering Sands Realty, Inc.
400 S. Hwy 79
Panama City Beach, FL 32413
Please let me know how I can assist you further as I am an experienced buyer's agent.
Kirsten McAndrew, Realtor
Keller Williams Success Realty