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261 + apartment complex on 331
- Thread starter xtrafun07
- Start date
Smiling JOe
SoWal Expert
I wonder if it helps that the property owner also owns a mortgage company.
GoodWitch58
Beach Fanatic
what is so frustrating to me is does the county government not have any responsibility for Planned Development ala the Florida Growth Management Act?"
Where is the responsibility to avoid more half finished developments? Every time I drive past the decaying, half finished houses in Inlet Beach, I think why doesn't someone in authority do something about this blight on the community?
Why are developers not required to do Market Reseach before they throw up houses/apartment complexes, condos? It is madness and it apparently is going to continue until we have completely destroyed what makes this area so attractive both for full time residents and vacationers.
If Market Research had been done prior to the authorization of Development Orders for much of the building that took place in the Blue Mt area, I am sure no lenders in their right mind would have loaned money on those huge condo communities--which are, for the most part, sitting empty now, and the owners are in foreclosure...or maybe not, maybe neither the lenders nor the developers of first order really cared. They got their money and moved on--it is those of us who call this place home who are left with the results of their irresponsibility.!
Where is the responsibility to avoid more half finished developments? Every time I drive past the decaying, half finished houses in Inlet Beach, I think why doesn't someone in authority do something about this blight on the community?
Why are developers not required to do Market Reseach before they throw up houses/apartment complexes, condos? It is madness and it apparently is going to continue until we have completely destroyed what makes this area so attractive both for full time residents and vacationers.
If Market Research had been done prior to the authorization of Development Orders for much of the building that took place in the Blue Mt area, I am sure no lenders in their right mind would have loaned money on those huge condo communities--which are, for the most part, sitting empty now, and the owners are in foreclosure...or maybe not, maybe neither the lenders nor the developers of first order really cared. They got their money and moved on--it is those of us who call this place home who are left with the results of their irresponsibility.!
traderx
Beach Fanatic
As for financing, doesn't it make sense that the developer would not go to the trouble of a public hearing unless it was believed that financing was in place?
Maybe there is a market for apartments. When I look at rental properties, my evaluation consists of comparing the monthly rent to the after-tax cost of buying. It seems that the rental market is currently overpriced. Maybe the apartments will address the need for many renters already in the local market?
Maybe there is a market for apartments. When I look at rental properties, my evaluation consists of comparing the monthly rent to the after-tax cost of buying. It seems that the rental market is currently overpriced. Maybe the apartments will address the need for many renters already in the local market?
GoodWitch58
Beach Fanatic
I agree that the current rental market is probably overpriced, but units continue to be rented, so who knows?
Compared to a few years ago, there are "tons" of rentals on the market and I expect that there will continue to be as people who can not "flip" an investment until will opt to rent it instead.
There just does not seem to be a market for much of anything right now...we have so much standing empty.
Compared to a few years ago, there are "tons" of rentals on the market and I expect that there will continue to be as people who can not "flip" an investment until will opt to rent it instead.
There just does not seem to be a market for much of anything right now...we have so much standing empty.
Bobby J
Beach Fanatic
Owned a mortgage company.
Bobby J
Beach Fanatic
As for financing, doesn't it make sense that the developer would not go to the trouble of a public hearing unless it was believed that financing was in place?
I don't think so. I think the developer is trying to create a value for the land.
traderx
Beach Fanatic
Do you mean that the developer is trying to get the site approved for multi-family and then flip it based on increased density/value? That makes sense.
Smiling JOe
SoWal Expert
I didn't know that. She sent me an email a month or two ago, asking me to update my information for her mail outs. Did she sell the biz?
Bobby J
Beach Fanatic
She is now with Whitney bank. The giant building in Destin.