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NatureWalk Development For Sale
- Thread starter Camp Creek Kid
- Start date
SHELLY
SoWal Insider
Only 10 lots sold in Seagrove's NatureWalk Andy Meinen
Tuesday February 5th, 2008
SEAGROVE BEACH ? NatureWalk at Seagrove has seen better days.
According to Walton County property records, only 10 lots have been sold in the 155-acre development on County Road 395.
More than 500 homes were planned for the project, as well as a private beach club on County Road 30A, said Tim Brown, senior planner for Walton County.
But construction has only started on six homes, and last week the site for the planned beach club to be called Russ? Hammock was put up for sale.
Seagrove Villas and Motel were to be razed to make way for Russ? Hammock, which was to include 18 condominiums, underground parking and the private club, Brown said.
NatureWalk developer Olson and Associates of NW Florida Inc. was never issued a development order for the beach club because it did not have all its permits, Brown said.
Repeated calls and messages left last week and Monday and Tuesday at Olson and Associates were not returned.
According to the property records, Olson and Associates bought the Seagrove Villas and Motel in 2006 for $16 million.
A large H2O Properties sign now stands in front of the vintage villas just east of the intersection of CR 30A and CR 395. The real estate company is listing the beachfront property for $21 million. :funn:
Local residents were initially upset with Russ? Hammock, Brown said.
?From day one the biggest concern was parking,? he said.
Locals feared that NatureWalk?s homeowners and guests would clog the streets, driveways and road shoulders with their vehicles, Brown said.
?Olson was really trying to make it work,? Brown said.
The company planned to use a shuttle to ferry people from NatureWalk to the beach to cut down on the parking worries, Brown said.
He added that the developers were still trying to get a development order for the beach club as little as six weeks ago.
So what is next for NatureWalk and the Seagrove Villas and Motel? Brown doesn?t know, but Jon Ervin, director of public relations and marketing for the Cottage Rental Agency in Seaside, said the villas and motel are open for business. The agency will accept reservations through the summer, but Ervin said he doesn?t know what the plans are after that.
Development at Olson and Associates? other projects also is unclear. The company?s Web site, along with Web sites for NatureWalk and seven other developments were down Monday and Tuesday.
A quick drive through NatureWalk on Monday afternoon revealed six homes in various stages of construction. There were no work crews present.
Most of NatureWalk?s infrastructure is in place, including dark elegant street lamps stood and paved streets. However, the main road abruptly turns to gravel about halfway through the development. Lumber and blue-green piping are stacked on the sides of the road.
Having large developments gathering dust during a down market will have an effect on ?spinoff? jobs such as carpenters, electricians and plumbers, said Rick Harper, director of the HAAS Center for Business Research and Economic Development at the University of West Florida.
Harper said Walton County will recover quicker than most areas of Florida because of the area?s traditionally high population growth. He added that the window for retirement for baby boomers has just started to open, and Florida will be able to capitalize on that.
?The real estate market will recover, but 2008 will not be pretty,? he said.
Tuesday February 5th, 2008
SEAGROVE BEACH ? NatureWalk at Seagrove has seen better days.
According to Walton County property records, only 10 lots have been sold in the 155-acre development on County Road 395.
More than 500 homes were planned for the project, as well as a private beach club on County Road 30A, said Tim Brown, senior planner for Walton County.
But construction has only started on six homes, and last week the site for the planned beach club to be called Russ? Hammock was put up for sale.
Seagrove Villas and Motel were to be razed to make way for Russ? Hammock, which was to include 18 condominiums, underground parking and the private club, Brown said.
NatureWalk developer Olson and Associates of NW Florida Inc. was never issued a development order for the beach club because it did not have all its permits, Brown said.
Repeated calls and messages left last week and Monday and Tuesday at Olson and Associates were not returned.
According to the property records, Olson and Associates bought the Seagrove Villas and Motel in 2006 for $16 million.
A large H2O Properties sign now stands in front of the vintage villas just east of the intersection of CR 30A and CR 395. The real estate company is listing the beachfront property for $21 million. :funn:
Local residents were initially upset with Russ? Hammock, Brown said.
?From day one the biggest concern was parking,? he said.
Locals feared that NatureWalk?s homeowners and guests would clog the streets, driveways and road shoulders with their vehicles, Brown said.
?Olson was really trying to make it work,? Brown said.
The company planned to use a shuttle to ferry people from NatureWalk to the beach to cut down on the parking worries, Brown said.
He added that the developers were still trying to get a development order for the beach club as little as six weeks ago.
So what is next for NatureWalk and the Seagrove Villas and Motel? Brown doesn?t know, but Jon Ervin, director of public relations and marketing for the Cottage Rental Agency in Seaside, said the villas and motel are open for business. The agency will accept reservations through the summer, but Ervin said he doesn?t know what the plans are after that.
Development at Olson and Associates? other projects also is unclear. The company?s Web site, along with Web sites for NatureWalk and seven other developments were down Monday and Tuesday.
A quick drive through NatureWalk on Monday afternoon revealed six homes in various stages of construction. There were no work crews present.
Most of NatureWalk?s infrastructure is in place, including dark elegant street lamps stood and paved streets. However, the main road abruptly turns to gravel about halfway through the development. Lumber and blue-green piping are stacked on the sides of the road.
Having large developments gathering dust during a down market will have an effect on ?spinoff? jobs such as carpenters, electricians and plumbers, said Rick Harper, director of the HAAS Center for Business Research and Economic Development at the University of West Florida.
Harper said Walton County will recover quicker than most areas of Florida because of the area?s traditionally high population growth. He added that the window for retirement for baby boomers has just started to open, and Florida will be able to capitalize on that.
?The real estate market will recover, but 2008 will not be pretty,? he said.
Snapper Grabber
Beach Comber
The Beach Club never seemed to be the right project for the Seagrove Villas property. Sometimes things have a way of working out.
TooFarTampa
SoWal Insider
Hey Darlene- make those reservations now!!!
I wonder if they have the money to keep the place up.
Underground parking
Smiling JOe
SoWal Expert
Andy Meinen needs to do a follow up story and begin asking how NatureWalk planned to destroy the existing building and construct new buildings. If they do so, according to the Land Use Code, the property loses it's Commercial use and has to revert back to four single family lots. Had anyone in the gov't or NatureWalk actually read the Land Use Code, they would see that the plans for building a new beach club is not allowed on that property. Where the heck are the reporters who have the guts to ask the right question?
TooFarTampa
SoWal Insider
I agree with you SJ -- though "guts" is not necessarily the issue, it's getting a return phone call. I would be interested to see what the county has to say about the property and the land use code, however.
Here's another question. What is the justification for the asking price? How is it being marketed? It seems that the ultra-high end of the market has been holding up pretty well, based on a handful of very pricey sales. Is there a market for, say, some really wealthy people to turn the lots into two single family "compounds"? Would there be enough privacy? One thing that 30-A is missing is large very private gulf front lots. But if it is an area not known for privacy, then would someone who wants privacy ever purchase there?
Maybe it would be easier in this market to sell it as one giant or two ultra large lots, instead of trying to chop it up into a bazillion units and park Hummers under it.
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TooFarTampa
SoWal Insider
P.S. thanks for all the info on the infrastructure of the main property. The plans always looked pretty thoughtfully done, at least to me.
Smiling JOe
SoWal Expert
Price justification --
$16 million original sales price
Plus closing cost
plus attorney costs
plus beach club engineering and architectural plans, and additional legal costs
plus brokerage fee on new sale
plus room to negotiate
_______________
new price = $21million
$16 million original sales price
Plus closing cost
plus attorney costs
plus beach club engineering and architectural plans, and additional legal costs
plus brokerage fee on new sale
plus room to negotiate
_______________
new price = $21million
SHELLY
SoWal Insider
Lower price justification--
$16 million original sales price
Plus closing cost
plus attorney costs
plus beach club engineering and architectural plans, and additional legal costs
plus brokerage fee on new sale
plus room to negotiate
= $21 million
minus carrying costs
declining market
minus carrying costs
declining market
minus carrying costs
declining market
minus carrying costs
declining market
minus carrying costs
declining market
minus carrying costs
declining market
minus carrying costs
declining market
minus carrying costs
declining market
minus carrying costs
declining market
minus carrying costs
declining market
minus carrying costs
declining market
minus carrying costs
New Price = First offer within a million or two of original sales price
(Interest on a $16M note would run 60-80K per month)
.
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