Nautilus Cove Condo, Panama City Beach, Florida
Nautilus Cove Condos, is located at 13700 PCB Parkway, PCB, FL 32407 and is managed by Concord Management. There are 168 condos and they vary from 2/2's to 4/3's with prices in the mid 150,000 (not that anyone seems interested in buying any).
3+ months after the 2008 meetings the minutes of the BOD meeting and the Annual General Meeting are finally available on the below referenced blog site.
According to public records this year there were no sales at NCC to date.
Last year there were 3 sales and also 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. This is not a 'beach condo' with a view and such a high rate of renter to owner is unusual and unfortunate as owners really expected a different enviroment.
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, 2 who are also developers. So 4 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 $675 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 .
Waterstone Resort Realty, LLC, the owner of 4 condos in the 7 building, has changed its LLC registration name to NCPCB Investments, LLC. Compass Bank in Birmingham is now foreclosing on all 4 units.
As of today, the 2 renters arrested for running a meth lab last year in the 15 building remain in Bay County Jail on many charges, including 5 charges of Child Endangerment each. The developer owned condo is now back in the developers hands and available to rent. Had any minor internet check of Bay County public records been done it would have revealed their criminal records and also that Ms. Dunkley had a prior eviction from another rental property the year before.
see also:
http://nautiluscondosrules.blogspot.com/
Nautilus Cove Condos, is located at 13700 PCB Parkway, PCB, FL 32407 and is managed by Concord Management. There are 168 condos and they vary from 2/2's to 4/3's with prices in the mid 150,000 (not that anyone seems interested in buying any).
3+ months after the 2008 meetings the minutes of the BOD meeting and the Annual General Meeting are finally available on the below referenced blog site.
According to public records this year there were no sales at NCC to date.
Last year there were 3 sales and also 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. This is not a 'beach condo' with a view and such a high rate of renter to owner is unusual and unfortunate as owners really expected a different enviroment.
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, 2 who are also developers. So 4 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 $675 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 .
Waterstone Resort Realty, LLC, the owner of 4 condos in the 7 building, has changed its LLC registration name to NCPCB Investments, LLC. Compass Bank in Birmingham is now foreclosing on all 4 units.
As of today, the 2 renters arrested for running a meth lab last year in the 15 building remain in Bay County Jail on many charges, including 5 charges of Child Endangerment each. The developer owned condo is now back in the developers hands and available to rent. Had any minor internet check of Bay County public records been done it would have revealed their criminal records and also that Ms. Dunkley had a prior eviction from another rental property the year before.
see also:
http://nautiluscondosrules.blogspot.com/
