NatureWalk Development For Sale

[Camp Creek Kid]

NatureWalk only one part of Olson holdings for sale
February 01, 2008 Joyce Owen

It’s official, NatureWalk at Seagrove is for sale.

Not as in one lot at a time as part of the NatureWalk community, but the entire project has been put on the market.

On Jan. 26, a sign in front of the Seagrove Villas motel, was replaced with a for sale sign.

On Monday, the sign was removed, but the property had not sold. Instead, H2O Properties Realtor Hunter Roquemore, the listing agent, said there was indecision about how the sign at that location looked, but after discussions with the owner, the original sign was going back up.

“We have that property (listed) for $21 million,” Roquemore said.

The NatureWalk at Seagrove developer planned to demolish the motel on County Road 30A and build Russ’s Hammock, a private beach club for NatureWalk homeowners and guests, on the 298-foot gulf-front property.

The demolition was delayed on at least two occasions as Olson waited out the real estate slump. Originally the motel was to close after Labor Day 2007 and later announcements kept the property open until Jan. 31, 2008.

Whether there will be a beach club, what will happen to the million-dollar-welcome and sales center on County Road 395 and the rest of the development depends on the buyer or buyers.

“I have listed the Olson portfolio with $150 million in real estate listings,” Roquemore said.

Phone calls for comment from Olson’s Chief Operating Officer Brad Foster on the future of the company were not returned.

[Smiling JOe]

Maybe they made a mistake and mean that the $21 million is the asking price for the entire NatureWalk property, PLUS the Seagrove Villas.

[FLSunChaser]

Maybe they made a mistake and mean that the $21 million is the asking price for the entire NatureWalk property, PLUS the Seagrove Villas.

I think you're right JOe. I bet Bill Abbott laughed all the way to the bank when Rick Olson bought that property to do the beach club. Another developer bites the dust!

[Yellow Hammer]

There is a 25 million dollar offer on the table for the whole thing....rumor has it. Just 30 or so less than what is in it.

[TooFarTampa]

I wonder if the original property is technically undeveloped land? I wonder if it would fall under the new tax proposal that would suspend property tax payments on large parcels until they are developed? Do a welcome center and bridge to nowhere count as development?

It seems it might not be a bad move for someone with extremely deep pockets to purchase the whole shebang at far less than asking, and just sit on it for a couple of years, especially if there are no property taxes.

[Camp Creek Kid]

I wonder if the original property is technically undeveloped land? I wonder if it would fall under the new tax proposal that would suspend property tax payments on large parcels until they are developed? Do a welcome center and bridge to nowhere count as development?

It seems it might not be a bad move for someone with extremely deep pockets to purchase the whole shebang at far less than asking, and just sit on it for a couple of years, especially if there are no property taxes.

If there are roads and utilities, it is developed.

[Buckhead Rick]

and there are several spec homes being built.

[SWGB]

It is paved through out, along with light posts, landscaping, and utilities.

[John R]

I took a ride through there the other day. There is infrastructure in a good bit of it, but not all of it. there are also three of four models that need to be finished. further toward the back, the future roads have been graded, but that's about it. the office was locked up, but lights were on. there were a couple of vehicles out fron of the sales office this afternoon.

does anyone know if the bridge at the front of the property was to get a roof?

[Smiling JOe]

The bridge is WYSIWYG.

[SHELLY]

the office was locked up, but lights were on.

The lights are on but nobody's home...


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[SHELLY]

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.

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.

[Jdarg]

Hey Darlene- make those reservations now!!!

[Snapper Grabber]

The Beach Club never seemed to be the right project for the Seagrove Villas property. Sometimes things have a way of working out.

[TooFarTampa]

Hey Darlene- make those reservations now!!!

I wonder if they have the money to keep the place up.

The Beach Club never seemed to be the right project for the Seagrove Villas property. Sometimes things have a way of working out.

Underground parking

[Smiling JOe]

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]

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?

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.

[TooFarTampa]

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]

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

[SHELLY]

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

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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[FLSunChaser]

[QUOTE=SHELLY;356911]Lower price justification--

New Price = First offer within a million or two of original sales price


Minus the liens for rendered services just recorded in county records

[SHELLY]

New Price = First offer within a million or two of original sales price

Minus the liens for rendered services just recorded in county records

Rut-Row.

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