Real Estate Digest: Florida Housing News

New life for Nassau County development, Amelia Concourse. Atlanta’s Noble Investments is Potential New Owner of Amelia Island Plantation. Florida Condo HOAs Win Victory…

Real Estate News, Florida & Amelia Island
Real Estate News, Housing Market. Around Florida & Amelia.

REDEVELOPMENT OF AMELIA CONCOURSE COMMUNITY (Nassau, County, Florida)

There’s new life for an Amelia Island area subdivision. 121 lots have been bought by Jackson-Shaw Co. in Amelia Concourse, a neighborhood that sprang out of the ground at the wrong time. The community amenity center area and a few model homes were completed back in 2007 just after the housing market peaked, then quickly cooled down, like stepping from a hot Florida summer day into air conditioning. (For awhile the water flowed in the kid’s play area pool.  But eventually, as funding dried up, so did the water’s flow, and the development appeared to be abandoned).

The Texas-based real estate development company, Jackson-Shaw, reportedly seeks entreprenuerial opportunities and found this an attractive one in northeast Florida. No wonder, since they reportedly paid $1.25 million for 121 lots (50 acres), which equates to around $10,331 per building lot — sounds like a dirt cheap steal of a deal. See related article:  Jacksonville Business Journal, June 22, 2010.

ATLANTA FIRM, NOBLE INVESTMENTS, WANTS  AMELIA ISLAND PLANTATION

The “preferred” bidder and “potential new owner” of Amelia Island’s largest luxury resort, Amelia Island Plantation — an Atlanta firm, Noble Investments — reportedly is “cautiously optimistic” it will win the auction process. (Amelia Island Plantation has been operating under Chapter 11 since the fall of 2009.) Nobel, who reportedly had been interested in AIP before the bankruptcy filing, expects the resort to come out of the process and be successful. SOURCE: Florida Times-Union, June 8, 2010.

Wild dune flowers, Amelia Island Plantation Resort, Northeast Florida
Wild dune flowers, Amelia Island Plantation Resort.

Amelia Island Plantation has four golf courses and encompasses much of the southend, crossing this barrier island from its western river side to the Atlantic coast beachfront. Since it was developed starting back in the 1970s, Amelia Island Plantation has become one of the premiere northeast Florida golf, tennis & spa resorts and is a popular venue for corporate business meetings and functions.
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FLORIDA CRACKING DOWN ON MORTGAGE BROKERS, STIFFER LICENSING REQUIREMENTS

“After years of lax licensing requirements, all mortgage brokers in Florida — including those who may have just submitted an application — will have to reapply under more probing criteria later this year.” SOURCE: The Miami Herald, June 24, 2010.
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LAWMAKERS’ LACK OF ACTION DELAYS THOUSANDS OF REAL ESTATE CLOSINGS DAILY ACROSS THE NATION

FLOOD INSURANCE: Congress failed to reauthorize National Flood program (AGAIN), halting some real estate closings. While flood policy renewals continue, new policies are currently at a halt. “With 2,300 miles of tidal shoreline, Florida is more dramatically affected by the governmental lapse than any other state.” SOURCE: Herald Tribune.com, June 23, 2010.
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Florida Condo Associations Can Collect from Renters, if Owners are Deadbeats

Owners of condos in Florida, some collecting rent but not paying their mortgages or monthly maintenance fees to their condo association, take heed. There’s a new law on the books in June 2010 allowing condo boards to collect delinquent fees from those occupying the condo. Yes, the HOAs can collect the rent and/or association fees from the renters, or kick them out. Plus, if a bank forecloses on the condo, the bank is liable for a year’s worth of condo dues. A victory for  Florida condo associations, many suffering hardship with owners who have stopped paying.  SOURCE: Sunshine State News, June 2, 2010.
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WALKING AWAY FROM MORTGAGES, “STRATEGIC DEFAULTS” HAVE BEEN ON THE RISE

Thinking about a “strategic default?” Well, think again. FANNIE MAE is cracking down on those who are walking away from their mortgage obligations. With a tidal wave of homes worth less than the mortgage balance (i.e. “underwater”), “strategic defaults” have been on the rise in the housing market. Read related article. SOURCE: Wall Street Journal Developments blog, June 28, 2010.

WHEN IT RAINS, IT POURS…UNDERWATER, THEN SLIMED WITH OIL. GULF DISASTER’S REAL ESTATE RIPPLE EFFECT

Fitch Ratings suggests things will get worse in Florida for those folks in the Gulf Coast area who are homeowners. Already high mortgage delinquency rates in the state in the aftermath of the housing bust may get worse with the repercussions of the oil spill, a ripple effect. Florida Gulf Coast residents losing tourism and fishing income will have further hardship trying to pay their mortgages. (Cable news accounts indicate that BP is not cutting the checks fast enough. ) Read related article: Jacksonville Business Journal, June 28, 2010.

TOPIC: Real Estate News, Housing Market. Around Florida & Amelia Island