savanah32550

Does anyone know what is going on with the building on C-30A in Seacrest? I drove out to Rosemary Beach and noticed this "abandoned" looking building. What an eye sore on C30A!!

However, to my surprise I picked up a local magazine, The 30A Review and it had a full page article about the project opening this month.

Does anyone know what is really going on?

Minnie

We stayed in the cottages and I was told they started the project, had money issues, abandoned it and have started it again. I agree it is an eyesore, and actually a night kinda spooky. We saw some transient looking people coming out of the building late one night.

Then a few days later, there appeared to be some work being done on it.

elgordoboy

EEEK! Body snatchers! Vagabond ones at that.

__________________

Haters gonna hate, Ballers gonna ball

Minnie

it was kinda spooky, we were walking the dog and the place is all dark and boarded up and suddenly 2 men with backpacks just kinda stepped out from the dark, and went down to 30-A and started walking East.

Minnie

that is what I get for typing and answering the phone at the same time.

Thanks for pointing it out, it made me laugh. Which means people who can laugh at themselves, never lack for entertainment.

kurt

MRC and Prominence seem to have one guy out front working (not the same guy).

Ohio Girl

I'm not surprised. About 2 years ago, the pitch was that for approximately $200K (I can't remember the exact amount) you would get 8 - 10 weeks in one of the units. What a deal!

Smiling JOe

RiverWalk, in Freeport, has also recently lowered the chain across the driveway, to let in a worker or two.

__________________

Paula

Is this the big building being built in front of Magnolia Cottages. I think that's a beautiful little community and it would be too bad if this is in front of that community. I'll have to assume that if it is in front of Magnolia Cottages, it will in time get finished and will be lovely, though it's hard to wait and it's hard to be facing the unknown. If this is not the community, where is it?

__________________
Paula

Smiling JOe

That's the one, Paula.

__________________

Camp Creek Kid

The contractor walked off the job after not being paid and the project obviously stopped immediately.

__________________
If you are lucky enough to live by the sea, you are lucky enough.

InletBchDweller

I was just given word from a reliable source that the project should be in full swing soon. I so hope this is true!!!

__________________

Ohio Girl

Magnolia Cottages by the Sea is a very nice development but that monstrosity in front of it doesn't do it any justice. Pity the folks who live near the front that have to look at that all day long.

Smiling JOe

it should give the homeowners nice shade.

__________________

MaxxandMe

Also heard from good source should start work again soon.

CampCreekLou

Ditto. Another eyesore relic from the go-go days.

hnooe

Plus they have really done a number, damage wise, on the 30A roadway area right in front--hope the county makes them pay for it!

SWGB

__________________

Paula

Too bad it's in front of Magnolia Cottages. It really is a lovely small community. As long as they finish it and it looks nice at some point and gets people in it (I realize this will take time), people will get used to it. I agree it would have been better without it, but let's hope (and I think) something attractive (I realize that's a matter of taste) is going to be better than what's there now, especially if there's no going back. And some would also say the bigger buildings in Seaside town center are an eyesore as well, other people like them, and other people are simply getting used to them. If there's no going back, I say finish up the building, make it look good, and move on (or tear it down). What else can one do?

__________________
Paula

Smiling JOe

I kind of like the building with the big drive thru, but only as a finished product. Though, I'm wondering how bright it will be from the third floor looking down on the southern exposure of all of the metal roofs.

__________________

Minnie

The artist rendering of the finished product is very nice.

Attached Images

MAG_extrender2_lrg.jpg (129.9 KB, 145 views)

SWGB

They had advertised for a rental manager/CAM some time ago, but I guess that is another job put on hold.

__________________

elgordoboy

During summer season last year I watched a poor schmuck, who must have been staying behind there, negotiate a path around two lulls, a pile of debris, under scaffolding etc.. all while carrying the beach stuff for the 3 little girls trailing him.

__________________

Haters gonna hate, Ballers gonna ball

SWGB

It got pretty hairy over there, especially when they had one lane closed. The worst were the construction workers that would just blindly back out at the end of the work day.

__________________

Ohio Girl

Not sure if this is current, but I did find this ...

Magnolia Residence Club
We are proud to announce the newest release at Magnolia, the Private Residence Club.

Now you can own your share of paradise, right in the heart of Florida's enchanting Emerald Coast, along some of the world's most beautiful beaches. The Magnolia Private Residence Club offers fractionally-owned, luxury condominiums, uniquely planned to offer all the benefits of second home-ownership without the costs and inconveniences of whole ownership.

Just steps from the emerald waters and famous, white sand beaches of South Walton, this property offers the ultimate in luxury, amenities, services and location. Magnolia PRC. A unique opportunity and a surprisingly attainable dream.


Limited Lots available! Reserve yours today!

Price Range: from 217k

SWGB

Funny how they used the term "Limited Lots available!".

__________________

SHELLY

That phrase is to investulators like a ringing bell is to Pavlov's pooch.

.

__________________
But hey...Top Ramen tastes a whole lot better when you eat it off of a Granite Countertop. (Mr & Mrs Too Much Homebuyer)

Florida State Flower

SWGB

*DING*

Now's the time to buy!

__________________

Sea Sothebys

I was looking for Magnolia Cottages today. I found them, and then I thought--- why does the sign say PRC (Private Residence Club)? And why is it called so many different names? Does anyone have expertise in this development that they wouldn't mind sharing? I see the prices are all over the place...
Mind you, I know all about PRC's but the owner I was talking to didn't refer to that at all- and neither do any of the current SFH listings... Is it only the building under construction that is doing the PRC?

Just need some insight...Thanks!

dunelover

I am not an expert by any means, but I have stayed in one of the cottages. I think the PRC is just the condo building toward the front (on 30A), the cottages are in the back. There is a member on the board that has a cottage there, dusque, I think.

I know when we rented there was group that was managing several cottages that sounded like they were all fractionals. Many different owners with a management company representing them.

SWGB

The PRC is only the building in the front. The homes can be owned by an individual or group of investors, but generally homes are not sold as time shares. Oh, and those were not originally sold as such.

__________________

MaxxandMe

The Cottages and the PRC are two different Home Owners Assoc, however the same developer. PRC was in a little trouble there for awhile, however I hear they are going to resume building. We will see.

Smiling JOe

The single family detached homes cannot be sold as time shares.

__________________

SWGB

True, I'm sorry I didn't clarify. I meant that the homes were not originally sold as timeshares and depending on the covenants/restrictions they most likely cannot be resold as time shares.

__________________

Smiling JOe

I think I must have misread your statement, thinking that you were referring specifically to the homes in Mag Cottages. My reply is intended only for the detached homes in Mag Cottage, though it applies in many other neighborhoods too. A detached home owner cannot just decide to make their unit a "time share" one day, and declare it done. More commonly, if they might create a corporation and sell shares/interest to the corporation, but that is a different type of ownership and the deed is held by one entity, the corporation. A person could not sell their portion of the home. They could only sell their portion of shares, which has nothing to do with a real estate sale. It would be a sale of securities.

__________________

SWGB

Okay, not arguing just trying to clarify, cause I think we are just restating the same thing differently.

The detached homes of Magnolia Cottages were never sold as time shares and in general detached homes are not sold as time shares. You are correct in the corporate holding entity not being a time share.

The condominium like structure in the front of the complex is a time share.

I think the confusing term here is fractional ownership. This is simply a marketing term to stay away from "time share". To my knowledge the State of Florida has never moved away from the term time share, it is just another way to say it.

__________________

Smiling JOe

Up until the last paragraph, I agree that we are on the same page. However, a time-share is not a fractional ownership. They are two different types of ownership. "Fractional ownership" is not just a fancy marketing term. "Private Residence Club," is, however. A time-share has no ownership of the underlying asset. Technically, that may be confusing for some people, and the limited usage in both cases may be similar enough to think that time shares are the same thing as fractional ownerships, but they are legally not the same.

__________________

dunelover

Sorry, I brought up that term. I just knew that the we were told that there were many owners of the same groups of cottages we were looking at. I don't really know how it was set up.

SWGB

Okay, I'm in the dark now, what is the difference?

__________________

Smiling JOe

Don't be sorry for bringing it up. Maybe someone else had the same question. What you were told seems to be a little confusing, but as gayboi noted, the actual cottages are single family detached homes, which include their own lot. Ownership would be individual.

__________________

tsutcli

Going by Magnolia this morning and saw several workers and trucks in front of building ( fractional ownership). Are things starting up again here?

__________________
BEACH LOCAL

gardening1970

I note some confusing terminology when reading this thread. Sorry for the long-winded response, but I touch and feel Florida timeshare law with great frequency and felt the need to chime in here.

Chapter 721 of Florida Statutes regulates "Timeshare Plans" whether physically located in or just marketed in Florida. A "Timeshare Interest" under Florida law can be a "timeshare estate" in which the purchaser is deeded a 1/51 interest (or any fraction) in the real estate, or a "timeshare license" which grants only use rights for a specific number of months/years. Florida is one of a few states which also regulates personal property timeshare plans, which covers use rights sold in cruise ships, RVs, houseboats, etc.

My main point here is that Florida statute does not separately define fractional ownership as a legally distinct product. This is a marketing term typically used to describe a larger timeshare estate interest, such as a quarter-share. Fractionals are generally more expensive because (i) they are typically higher end than traditional weekly timeshares, and (ii) the fraction of property sold is usually larger.

It is entirely possible to timeshare a single family home if zoning and underlying covenants permit (that's a big IF). SJ is correct that the more common way to accomplish the same goal is to sell shares or memberships in a corp or LLC which owns the house.

If you want to create a timeshare or fractional regime - or share use of a property owned by a single entity for this purpose - consult a lawyer who does this stuff on a regular basis. Even the best general practitioner may not know the pitfalls and nuances involved in structuring different types of regimes and regulations for use.

Thanks for indulging my dry and boring distinctions.

Minnie

That is the rumor. They were doing some clean up around the site in Feb. when we were there.

__________________
"A man is but the product of his thoughts what he thinks, he becomes." Gandhi

Georgia Girl

I heard that the developers of the Private Residence Club (the part of the development that is nearest Highway 30-A where construction has been abandoned) are in serious financial trouble and the contractor pulled off the project because they were not being paid. I also heard there are a lot of local suppliers who have not been paid. The Magnolia PRC sign has been covered up with a tarp. Does anyone know the real story?

Paula

I hope the problem gets resolved with that big building (and over time I believe it will, the question is how soon) because I think that's a very nice community. I like the style of the homes, the paved road (reminds me of the yellow brick road), and the layout of the streets. It's in a good location and it's very near a public beach access (I think - they may have a deeded beach access). I definitely wish the cottage owners the best and hope it gets straightened out soon. Personally, I wouldn't have built that big building, but people will get used to it and maybe it will bring something good. Shade from the sun in August when walking back from the beach? Coffee shop or other interesting food place on the first floor? Don't really need more of those because we have good ones already, but if the space is there and someone can make a nice business/living out of it and serve the people around it, I'd support it.

__________________
Paula

DD

Paula, you're always so positive.

__________________
I love Jesus, but I drink a little. ~Gladys




DD, I toad you it was pucking hot.~~Kitty

iknowkevin

I believe they have just about finished the Magnolia Private Residence Club. It should be interesting to see how the sales go. They are offering Fractional Ownership, not time share, on the condominium building. The main difference is that Time share gives the owner the right to time, Fractional Ownership gives you a deeded interest in the property. Most Private Residence Clubs are much nicer, offer more time, and offer more services than time share. From the documentation I have read, they have the potential of having a very nicely run property if it is managed correctly.
The cottages in the back were purchased by individual owners. The two other Private Residence Clubs along 30-A appear to have happy owners. There should be no reason this one doesn’t follow there lead.

gardening1970

Just to clarify - Florida statute does not recognize a difference between timeshare estate and fractional ownership. Both are regulated under Chapter 721 as "timeshare". While it is true that some timeshare developers offer contractual use rights only, many (if not most) developers convey deeded interests to the intervals sold, often 1/51 or 1/52nd interest in a condo unit together with a percentage interest in common areas. A fractional offering is simply the conveyance of a larger fraction, which equates to more days of use per year.

No disrespect intended. Looks like a lovely property. I received a nice mailer from the developer - I think it was something like a 1/6 interest starting at $160,000. Best wishes for a successful season!

iknowkevin

I wasn’t sensing any disrespect. You are 100% correct that Florida law makes no differentiation between the two. There is good reason for having them both covered in the same chapter.
There are some projects that advertise as Fractional Ownership that appear to be nothing more than a dressed up time share property. On the other hand, when you look at the Private Residence Clubs on 30-A, the management, the interest offered (1/6, 1/8, excreta); surely you can see a difference in the Fractional Ownership properties that have been offered on 30-A to date and a time share.

gardening1970

I do not disagree. A 1/8 interest in a private residence club on 30A certainly feels like a different animal than a 1/52 interest at a typical Orlando timeshare property. Marketing will have a different feel also, even if regulation is the same.