261 + apartment complex on 331

[Bobby J]

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.

Not sure about the flip part but create some sort of value. The property as it currently sits really has no value. I doubt anyone would break ground any time soon but the process would have to begin somewhere and sometime. Developers develop and builder build. Just because the market is flat does not mean the above do not prepare for the next phase. This market will change and probably sooner then we all think.

 

[SHELLY]

This market will change and probably sooner then we all think.

...and how soon do you think, Bobby J--and "change" into what?

.

 

[Bobby J]

...and how soon do you think, Bobby J--and "change" into what?

.

Not walking into that one Shelly. The reason I love Real Estate is because it always changes. Garner and I closed 30 properties last year and are looking to blow that away this year. Jan. and Feb. closings are looking very strong if that really means anything. Please understand, me doing well does not mean the market is strong. I do well in an up market and a down market. I know for sure we are somewhere near a bottom. It may be 6 months to two years. My crystal ball is broken.
Stable markets scare me(j/k)! I will probably move to Costa Rico when that happens. You will be able to check me out here www.surfingnosara.com
I guess I did just walk into that one!

 

[Sandcastle]

If someone pays the tax, gains a certificate and enforces it by sale who can jump in front of that person?

You can?t just pay someone?s tax and gain a certificate. Tax certificates are sold at a tax certificate sale held once a year by the county (in the spring). The buyer of the certificate needs to have the winning bid at the sale. This means bidding a lower interest rate than anyone else. The owner of the certificate must hold the certificate for a minimum of two years before he or she can apply for a tax deed. The property then goes up for sale on the courthouse steps and the person bidding the most gets the real estate. The holder of the tax certificate gets his money back plus the interest that he bid. If there are no bids for the property the certificate holder gets the deed. Of course, he must pay off all of the other tax certificates sold on the property as well.

The only time that I acquired a property at a tax deed sale was when no one bid and I got the thing for the value of the tax certificate that I bought two years earlier ? plus the amount someone paid for the certificate in the subsequent year. There was a reason why no one else bid. It turned out to be a crack house that I had to pay to have torn down. I donated the land to FAMU. When you?re bidding on tax certificates in the heat of an auction it?s easy to make a mistake.

 

[GoodWitch58]

funny story...we've all been there in one way or another. thanks for sharing

 

[Matt J]

traderx has a very good point, anyone ventured over to the long term rentals forum lately? Rental property prices (long term) are dropping pretty good. When we first moved here we looked and looked for something in our price range and wound up in a 2/2 dump in Topsail Village. According to the long term rentals we can now rent canal frontage and almost twice the square footage for the same price.

Despite people stating that apartments wouldn't work here, there are many factors to consider. If you enjoy living here full time and want to rent, but not be surrounded by vacationers in the summer. I know that in our previous place if someone in any of the 3 buildings around us was having a party we could hear it. During the summer this was a real pain if you had to work the next day.

There is a whole new wave of foreclosures coming (ARM's) and those people are going to still need housing. There is a very savy business man in the adjacent county who has made billions over the years. One of his primary investments is building apartment complexes. Apparently he is currently in a building boom as his existing properties all have waiting lists.

I will admit that the owner did screw up a little. If they had done this just 6 months ago they could have worked in the buzz words "affordable" "economical" "workforce housing" and any number of candidates would have happily helped to get the votes.

[Insert smiling candidate on poster touting "affordable and economical workforce housing" champion of the people]

 

[AAbsolute]

You can?t just pay someone?s tax and gain a certificate. Tax certificates are sold at a tax certificate sale held once a year by the county (in the spring). The buyer of the certificate needs to have the winning bid at the sale. This means bidding a lower interest rate than anyone else. The owner of the certificate must hold the certificate for a minimum of two years before he or she can apply for a tax deed. The property then goes up for sale on the courthouse steps and the person bidding the most gets the real estate. The holder of the tax certificate gets his money back plus the interest that he bid. If there are no bids for the property the certificate holder gets the deed. Of course, he must pay off all of the other tax certificates sold on the property as well.

The only time that I acquired a property at a tax deed sale was when no one bid and I got the thing for the value of the tax certificate that I bought two years earlier ? plus the amount someone paid for the certificate in the subsequent year. There was a reason why no one else bid. It turned out to be a crack house that I had to pay to have torn down. I donated the land to FAMU. When you?re bidding on tax certificates in the heat of an auction it?s easy to make a mistake.

So,
If someone pays the tax, gains a certificate and enforces it by sale who can jump in front of that person?

 

[wrobert]

If they are in violation of Code, that might prevent the Planning Comm from listening to the case at that time. However, with only a report of Code violation, Planning Comm won't likely stop anything.

That would make sense but not what I was told.

 

[Sandcastle]

So,
If someone pays the tax, gains a certificate and enforces it by sale who can jump in front of that person?

The property owner if he pays the taxes and interest before the tax deed sale, or the person who is the highest bidder on the courthouse steps.

 

[AAbsolute]

The property owner if he pays the taxes and interest before the tax deed sale, or the person who is the highest bidder on the courthouse steps.

Sounds like the safest investment vehicle in America as of tonight. Don't they start the bidding at 18% interest in Walton County and bid it backwards to the party willing to accept the least rate of return?