Smiling JOe
SoWal Expert
Seems like the higher value would be commercial, but we'll know soon enough as to what will be built.
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Nature Walk
- Thread starter Babyblue
- Start date
TooFarTampa
SoWal Insider
Sorry about the carwash, but I'm really wondering about NatureWalk. The mind reels at the possibilities & implications if it has gone back to the bank. Are there lots/units on the MLS that are active, and if so, would this mean anything?
scooterbug44
SoWal Expert
Has anyone heard that Nature Walk has gone back to the bank? There are a lot of rumors floating around about just about everything but I went by there today and the sales office was locked up.
Don't want to be happy about another's possible misfortune, but if they go under does that mean the Ginormous Beach club is a no-go and Seagrove Villas stays?
Smiling JOe
SoWal Expert
There are too many unknowns to be able to say. If the owner of the property cannot sell lots and homes in NatureWalk, it seems to me that they would want to take in at least a little cash, and that it would be in their best interest to keep the Seagrove Villas in operation. I have not heard that NatureWalk went back to the bank. I haven't heard anything about NatureWalk, other than a local cross-country team were allowed to run on the roads there for their meets. I like the lay of the land of NatureWalk, but they kind of ruined it for me with their idea of having a private beach club for the development which is in a residential neighborhood. I'm still perplexed how the County ever approved of such a development, without having the public beach transportation or beach parking in place to handle all of the people who would be using the beach at max build-out.
Babyblue
Beach Fanatic
I went to a sales presentation at NatureWalk about 6 months ago and out of 600 home sites they had only 2 reservations. There are 4 homes being built but it looks like construction has stopped?
TooFarTampa
SoWal Insider
I think Miss Kitty said it best.
The main portion of NatureWalk was purchased at least 5-6 years ago, wasn't it? And it was a fraction of the cost of the $16 million for the Villas, if I remember correctly. It seems hard to believe the income from the Villas is covering that mortgage plus all the expenses.
In hindsight, the former Villas owners did very well for themselves. Timing is everything.
Smiling JOe
SoWal Expert
I think Nature Walk would be better off, financially speaking, trying to sell off the four residential lots upon which Seagrove Villas is built. Even if they took a hit, selling them at $2 Million each, they would have half of the note for that property paid for.
According to the Walton County Comp Plan, they will never be able to legally do what they say they have planned for that Beach Front property. Once the value of the buildings (not the lot) are diminished by 50% or more, for any reason, be it storm, fire, or tearing it down with a track hoe, the property will revert back to residential zoning. There is no way they can tear down those buildings as planned and rebuild new buildings, according to the Comp Plan. It is simply not allowed. However, if they do ditch the plans for the beach club, and they buildout and sell all of the homes in there, the owners and guests won't have a decent public beach access, where they can park and use the restrooms. A few could drive down to Bramble Grove access, but it is usually busy in the summer, and there are more potential users for it, closer to that area, when lots get built out. I really think they didn't do their homework when considering the Seagrove Villas property, or either they received terrible advice from someone. If they hadn't spent $16 Million, on that property, they would be better off financially, and still might be able to sell some lots and or homes. Hindsight is 20:20. Buying that beach property, they increased their cost basis for the land by more than $30,000 per lot, which probably doubled the basis.
According to the Walton County Comp Plan, they will never be able to legally do what they say they have planned for that Beach Front property. Once the value of the buildings (not the lot) are diminished by 50% or more, for any reason, be it storm, fire, or tearing it down with a track hoe, the property will revert back to residential zoning. There is no way they can tear down those buildings as planned and rebuild new buildings, according to the Comp Plan. It is simply not allowed. However, if they do ditch the plans for the beach club, and they buildout and sell all of the homes in there, the owners and guests won't have a decent public beach access, where they can park and use the restrooms. A few could drive down to Bramble Grove access, but it is usually busy in the summer, and there are more potential users for it, closer to that area, when lots get built out. I really think they didn't do their homework when considering the Seagrove Villas property, or either they received terrible advice from someone. If they hadn't spent $16 Million, on that property, they would be better off financially, and still might be able to sell some lots and or homes. Hindsight is 20:20. Buying that beach property, they increased their cost basis for the land by more than $30,000 per lot, which probably doubled the basis.
Babyblue
Beach Fanatic
4 spec. homes is what I have been told. That is insane!