Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
North Beach Planation is proceeding with cash closings this week. I was on site last week and everything looks great. My investigation revealed that most of the 85% sells that occurred in 2006 were investors looking to make a quick profit (Flippers). Too bad, they are locked into iron clade contracts according to the originals I have seen.
It appears the original developer is being held in place in name only! The investment banks (11 total) are now in control of the complex and are calling all shots. My understanding is that the developers only involvement now is to keep the banks from assumming direct liability.
My wife and I are in the process of purschasing one of the larger units as our primary residence for a comfortable retirement. It is wonderful that we are getting a great retirement home at a 40% discount. This was made possible through the reassignment of an original contract. That is right, one of the original contract holders is assigning us their contract at the new price which will get them their original deposit back and allow us to take the unit in their place.
I would suggest that for those of you getting ready to loose your 10% deposit, you may want to consider this. Ours was an inside deal, so I would recommend getting to those on the inside, who can make it happen for you.
NBT---During your investigaton, did you determine how many of the investors have walked away? I am interested in the total units that will close. When I signed the contract, or should I say during these past 3 years, I have been told that over 90% were sold; when I was there last October for the event, the message was that there were only 13 left to sell. I can't believe that is the case now.
I would agree with the concerns about developer follow through on the rest of the development and that there be sufficient funds to staff and care for the various amenities. I have no inside information on this project, but I am an owner in the Ocean Creek Tower directly south of North Beach Plantation. North Beach Plantation looks very attractive, but if you are planning on renting or everything being built out and staffed as described be very cautious. The economy if very tough and our income is off about 40% this season and I remember the first few years of Ocean Creek Resort and there were many issues that came up that were unplanned.
We are viewing this as a great deal. The price is comparable with that of other buildings at Kingston but they aren't as nice. If you are looking to flip, it won't work but in 2-5 years, we will be ahead of the curve. If you are planning on renting, think of Atlantis - who doesn't want to stay there when in the islands? If people are walking away from earnest money, they probably can't get financing. What units are these... might be able to pick them up?
Shout out to all buyers.... Great News Bank of America can even finance.... HUD project or something- said it's the only one around! YEAHHHHHHHHHH!!!!!!! SEe you at the swim-up bar....
I signed a contract to purchase a unit in september 2006. As the condo market took a down turn i was worred about my investment, but after the price reduction i am looking forward to closing. I think the new price is a bargain even in todays market.
With the financial market the way it is today this will be the last big condo complex built for a long time as developers will be unable to obtain financing. With this said i think these units will hold their value.
All the amenities i was told about are in place at this time, pools, spa, and restaurants. It may be a while before there will be enough people to operate the restaurants and bar.
What other amenities are there?
This is a joint project with the winchester group building the towers and the scalise group building the houses and everything across the bridge.
I feel sorry for the people that may lose their deposit but the flippers are the ones that drove the prices out of sight anyway by taking chances. Flipping is just like the stock market you win sometimes and but you better be ready for the loses.
I purchases a condo unit several years ago from the winchester group, david stradinger and bob edelman did everything they promised and more. They don't just get the money and run leaving you to hold the bag. I am sure they will do the same for the buyers of the condos at north beach towers.
I am not a real estate sales person or have any connection with the developer other than buying a condo.
Don't think we could say it any better than 2DBEACH. We put our deposit down in April 2007 knowing we could use the funds we've saved for the past 20 years to be able to buy this wonderful vacation condo should we not be able to get financing. We can't wait to close next week!
reading these posts has made my day. very humorous to say the least. It is also sad to see how "in the dark" most buyers are with this project at this stage of the game.
mblocal, you can't just say that and walk away....
....help, information please!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Economic impact
