MG on the Halifax (formerly Marina Grande on the Halifax) got a new owner. It is great news for the development. Finally there are people who take the fate of this development to heart, who are there not just to flip the units and walk away with money, but who have the vision, and who would see to it that the other 2 towers are built, and all the amenities as per initial plan are there. After all t he uncertainty, we now know that this beautiful complex will not be circumcised like so many other projects in Florida, that succumbed to the slower market. But how does it affect those 72 owners who already own units there? There are 414 unsold units for sale. The new prices start from $187,500. A few years ago this would have been a terrific price, and there would be a long line of people e... 03/18/2011

I wrote about the sale of 414 unsold units out of 486 total in two 25-story towers on the Intracoastal in Holly Hill (Is He a Genius or Just Lucky?). The new owners changed the name from Marina Grande on the Halifax to MG on the Halifax. I have no idea why they would change a great name to something that requires deciphering, but they did it, so it is now MG, love it or hate it. They bought the unsold units, as well as commercial space, garage… They also own land north of existing two towers, which were planned for the Towers, that have not been built, but initially planned. All that for cool $73 Million, according to one newspaper and $180 Mil according to another newspaper.  Developer is starting a $6 Mil project to build main 11,000 sf clubhouse and pool along with 32 boat slips (wit... 03/06/2011

I left for vacation in Dominican Republic on February 9. A couple of days before it I received a call from Derek Catron, staff writer for our News-Journal. He Googled  Marina Grande on the Halifax and saw a series of my blogs about this condo development in Holly Hill, Daytona Beach area. We chatted about Marina Grande and its chances to rebound considering the fact that there finally was a new owner, and that new owner was the one, who started this project years ago – Swerdlow Group. I knew that Swerdlow Group was doing due diligence. We were all anxious to know when it would become official. After the property was offered for sale, all unsold 414 units in two 25-story towers, plus vacant commercial/retail component, generated quite some interest.  There were at least 5 groups that sho... 02/16/2011

It is final. Marina Grande on the Halifax, a 972-unit condo development in a sleepy Holly Hill with two of four Towers already in place, has a new owner, Swerdlow Group. The closing was today Of all the groups bidding for this property, Swerdlow Group is the best for the future of Marina Grande on the Halifax, as they also own the land directly north of the existing two towers. This means that when the market gets warmer, and when they sell of 414 units, they will continue with two remaining towers. Swerdlow Group was involved in developing Marina Grande on the Halifax. Eventually they sold their part to Boca Developers, and did it at the height of the market. I was asked today whether Brett Dill, President of Swerdlow Group, was a genius or was just lucky. I do not know, but I think he... 02/08/2011

Marina Grande on the Halifax is a Cinderella of the Condo Market in Daytona Beach area waiting for Prince Charming. With only 54 units sold in South Tower, and 10 in North Tower, and only a few buyers actually living there, this half of the projected 972 units in 4 towers of which only 2 have been constructed (486 units) is a ghost place. Beautiful ghost place. If there was rating of ghost places, Marina Grande on the Halifax would undoubtedly be in the first 10 in the world. But do you want to buy a unit in the most prestigious ghost town? Now you might want to seriously consider in favor of buying a unit in Marina Grande on the Halifax… That's when they will open the sales. For Marina Grande on the Halifax, a massive condo development on the Intracoastal in sleepy Holly Hill, everythi... 01/12/2011

We have a listing in Marina Grande on the Halifax in Daytona Beach Area. It is a short sale. 2 bdr/2 baths unit on the 14th floor was bought in 2007 for $490K. The 25-story tower with 243 units in one and 486 condos in 2 out of 4 built. It’s been in the works for a long time and had its ups and downs. Already 2 BPOs and one appraisal have been done, case opened, closed, reopened… On Friday comes a phone call. The guy needs to do BPO and is asking about access to the property. No, no keys whatsoever. I have to be there and let him in. It is a policy thing. I want to know who I deal with and what is their level of competency or lack thereof. As usual I ask the guy how familiar he is with the area and the property. And for one minute I believe that he is familiar. But then he asked me in w... 01/10/2011

Yesterday I postedWhat We Can See Happening In Marina Grande On The Halifax in Daytona Beach Area. I ended it with a “Bang!” Something happened that nobody expected. And promised to continue… Historical part: The GC and a bunch of subcontractors that worked on Marina Grande on the Halifax were not paid, or were not fully paid. General Contractor – Yates & Sons Construction Company - was arguing with Chase for quite some time. They claimed that they were owed over $9 Mil. The Lender squared payments with subcontractors, and the final amount of the Claim of Lien is said to be just pennies over $5,506,000 (quoting from memory, so there are pennies left). There is a bitter dispute raging between the GC and Chase over the work done on Marina Grande on the Halifax. And while there were no sal... 11/22/2010

I have not written anything about Marina Grande on the Halifax in Holly Hill, a small town in Daytona Beach area, and not because there was no drama there. There was and is plenty of drama there. It is like a huge iceberg, where we see a tiny piece of it. It is not what you see, it is what you do not see, that kills you. But first let’s talk about what we see: For a long time there were no sales. And there were 3 sales at Marina Grande on the  Halifax, all REOs, and all went for unbelievably low price. I was happy, because it proved that we can sell there. This was a huge question, as there were lawsuits, and settlements, so it was a mess. However, when the bank went and foreclosed it, all the liens were wiped out. Well, it was still not the case with short sales. So, by now there were ... 11/21/2010

To my faithful readers. This blog is for business people in Russia. It is my attempt to foray into Russian business world, hence the blog is in Russian. Sorry for the inconvenience. MARINA GRANDE ON THE HALIFAX Из запланированных четырех-этажных башен в Дайтоне Бич, девелопер - Boca Developers, крупнейший девелопер кондоминиумов во Флориде 4-5 лет назад, построил две башни, гараж, торговые и оффисные площади и бассейн. Комплекс элитного класса расположен на Halifax River, или, как ее здесь называют – Atlantic Intracoastal Waterway. С любого кондоминиума есть отличный вид на Intracoastal. C 6-7 этажа и выше открывается вид на Атлантический Океан. Девелопер попал в кризис, не смог продать кондоминиумы, и отдал проект банкирам. Те, в свою очередь были вынуждены потратить два года на решени... 09/02/2010

I have been writing about this Cinderella of the Condo Market in Holly Hill (Daytona Beach area) for close to 3 years. I was there last time 3 days ago. I was showing a 3 bdr/3 bath direct riverfront unit to my customer. He is looking to rent while he is pursuing his Master’s. What an absolutely gorgeous unit. I took some photos and put them in the slideshow, but the unit and the scenery is so much better than the slides… Last couple of months showed the activity in sales in Marina Grande on the Halifax. Finally the first unit (2 bdr/2 bath) in the South Tower changed hands at a nice price of $131,250 for a unit which was just under $500K from the developer at then advantageous pre-construction prices. Two other units are pending, and I was told that unit 2008 is closing next week. This... 08/31/2010

I paid my regular visit to Marina Grande on the Halifax to hear same answers to my question “What is happening in Marina Grande on the Halifax”. And the answer was still “We do not know” Well, no bad news is good news. However, watching these two gorgeous modern 25-story condo towers staying virtually empty is not what easy to accept. I again made an attempt to talk to the association manager (and these are the only people on the property since they fired the sales force in February after practically 2 years of inactivity, because they could not fix all the legal and financial problems). I have difficult time why the company did not attempt to rent 422 out of 486 units that have not been sold. Anyway, looks like there still are some changes there. All the subs are paid off, and there is... 08/09/2010

                                Holly Hill Florida - Houses and Condos for Sale or Lease It's that time of year again. It's the time of year when the weather in Central Florida is sunny and beautiful. It's also perfect for anyone who would like to buy a house or condo in the beautiful town of Holly Hill. We also have leasing options available in Holly Hill. Below is a chart of the active real estate listings that are currently on the market in the Daytona Beach Area Association of REALTORS® and Multiple Listings Service (MLS) for the city of Holly Hill. If you're interested in buying, leasing or selling a house or condo in Holly Hill, don't wait! Make a Smart Choice and contact Lisa Hill for all your real estate needs. Lisa Hill is a Daytona Beach area native with experience selling AL... 06/19/2010

Marina Grande on the Halifax, this magnificent project with 2 completed 25-story towers is still pretty  much a ghost place with very few owners (64 in two) and a few rentals… The Lender is still trying to clear the legal mess, so that they can start selling the units and start bringing owners who would pay the Association dues. I think it is already 2 years since Boca Developers returned the property for Lenders. Initially they had several people sales force on the property and no sales. Then they reduced the sales force to two agents and no sales. Now there are no sales people left on the property. In a weird Marina Grande logic it could mean that the sales will start soon. Meanwhile, the ghost development with a slew of liens and lawsuits is not a target for end user buyers or invest... 05/19/2010

I still can't believe that this happened. If someone told me in 2005-2006 that it would be possible to buy a 2 bedroom 2 bath unit in super modern luxurious riverfront Marina Grande on the Halifax in Daytona Beach area for $125,000, I would have openly laughed in their face. Actually I would laugh even if someone suggested $250K, or even $375K... But it happened, a unit on the 20th floor of the South Tower is for sale now at $125K. This is REO. It was sold in December 2007 for $490,000. Imagine financing it now if the bank asked for 25% down payment of $490K. You would have to put $122,500 down. Hey, you can now buy a unit for down payment only. Bring the down payment and forget about the mortgage. You do not need one.Just wow... Look at the last column, price per square foot. You simpl... 05/05/2010

Here is the update on Marina Grande On the Halifax. Initially Swerdlow Group and Boca Developers bought 12 acres with a Shopping Plaza after Publix moved to Ridgewood Ave (US-1) in Holly Hill. They have also purchased the land to the north, so that they could put Towers 3 and 4 there. Actually, it was not just land. There is an garden style apartment complex there. April 9 I was at the County Court house at the Foreclosure Auction. I knew that the apartment Complex was scheduled for foreclosure sale and the judgment amount was just a bit over $31 Million. I did not really expect a bidding war, but I was curious how it would all happen. On my scale a $31 Million foreclosure is definitely a big event. When they got to this property, the plaintiff, represented by a tall young slim girl, bi... 04/11/2010

Marina Grande On the Halifax. Small Risk... Big Gain. This is the continuation of Part I Marina Grande On The Halifax in Daytona Beach Area.  There are liens from contractors but the rumor has it that they are working on that now. It may be that we are getting closer to the moment when they start selling those 422 units. It is costing the owner a lot of money as it is, and holding the property is expensive. Even with the taxes slashed 50% for 2009 compared to 2008, the owner faces about $2 Mil a year in property taxes, plus all the expenses to maintain the property. The problem is that Boca Developers owed about $192 Mil, which translates to $455K per unit on average. Considering closing costs and commissions, average price per unit should be about $500K. How realistic is it in today's ... 04/04/2010

Marina Grande On The Halifax in Daytona Beach Area. I have written a few blogs about Marina Grande on the Halifax in Holly Hill, a small town in greater Daytona area, in the last couple of years, and looks like Ione of only few people who is following this condominium project. I think this is because there is practically no information from anybody. So, here is part one. A Little Bit of History The plan was to built four 25-storey towers with 972 units on the Intracoastal in Holly Hill close to Seabreeze Bridge. All units with the view of the Intracoastal, and units from 8th floor and up with the view of the ocean. Swerdlow Group form Miami and Boca Developers from Boca Raton joined forces. Later they split and Swerdlow Group left it to Boca Developers. Today 2 of 4 towers have been com... 04/04/2010

It's been awhile since I last wrote about Marina Grande on the Halifax, a failed development by people with great vision, but who, as the rest of us, did not have the crystal ball. The towers are still there, and the sales are still not there. The legal issues have not been resolved. There are several construction liens, and they have named not only the Association, but every owner as defendants, making it tricky to sell. There is also an ongoing lawsuit brought by the owners trying to get out with some of their deposits back. One group, the largest, has settled with the developer, and thus created the precedent for the others. Of course, there is no shortage of these lawsuits around the country. We are the nation of winners. Invest - make money... And if we do not win, then we start sc... 03/03/2010

                          Holly Hill Real Estate - Listings - Sales - Foreclosure Report for 2009 As a follow-up to my recent post titled "Holly Hill Real Estate Listings and Sales 2000-2009 Market Report", I decided to write this post, which shows just how many of the 2009 sales were foreclosures and short sales. Once again, I've included a bar graph. And for statistical purposes I've also posted the actual numbers of how many of these real estate sales were along the lines of foreclosures, pre-foreclosures and short sales. As you can see by the sales numbers, a significant number of the 2009 real estate sales for the city of Holly Hill were NOT traditional seller-to-buyer sales. Read my previous post in the link at the beginning of this post to see all the data on the real estate lis... 02/12/2010

                       Holly Hill Real Estate Market Reports - Listings and Sales 2000-2009 Holly Hill real estate sellers: I believe you'll appreciate this compilation of real estate data, which can help you see the big picture when it comes to selling your Hilly Hill house, condo, townhouse, vacant land, or any type of investment property. It's not just about how much your neighbors are asking for their house. It's not even about the last 6 months of comparable real estate sales. In recent months, many lenders have wanted to see only 3 months of recent sales data. And while sales have been improving, the improvement has been in small increments, and many of the sales have been foreclosures. In case you're wondering, your buyer's appraiser WILL include the foreclosures when they appra... 01/30/2010