Tax Bill-a Collina [Central Florida]

Tax Bill-a Collina [Central Florida]

When developer Bobby Ginn first shared plans for a new ultra-upscale community on the southwest shore of Lake Apopka, buyers flocked from around the world to pay a small fortune for a slice of his ambitious vision.

Bella Collina has quickly become one of Central Florida’s priciest developments, with neatly divided parcels fetching up to $2 million. But along with lofty dreams comes a bitter reality. Many investors who sought to profit from the skyrocketing land values are now facing hefty property-tax bills.

Taxes on nearly a quarter of the more than 800 properties in Bella Collina have gone unpaid this year. That amounts to almost $2.5 million — about 15 percent of all the unpaid property taxes in Lake County. The lots will be part of an Internet tax-certificate sale Friday to ensure the county gets all the money it is owed.

“This is an example of the fact that people were just paying too much — now they’re stuck,” Lake County Property Appraiser Ed Havill said.

Students attract investors

Students attract investors

Ram Realty Services can thank those babies of baby boomers for $4.5 million.

The Palm Beach Gardens, Fla., company sold the Ivy Chase student apartment complex at 3351 Cum Laude Court in West Raleigh to a group led by Julian LeCraw & Co. of Atlanta for $23.3 million — 24 percent more than what Ram paid in 2001 for the 262-unit, 546-bedroom complex just southwest of N.C State University.

Student housing has attracted investors who feel protected by ever-growing student bodies, fueled by the children of baby boomers.

Nationally, the median price per student housing unit was $117,482 in the year ending March 31, up 26 percent from the previous year, while the price of all other kinds of apartment units dropped 7 percent to $89,641 per unit, Real Capital Analytics data shows.

Waldemere Plaza deal back on track [South Florida]

Waldemere Plaza deal back on track [South Florida]

Sarasota Memorial Hospital expected in early 2006 to have the sale of its Waldemere Medical Plaza wrapped up before the calendar turned over.

Five months into this year, hospital officials are now hoping to complete a pending $25 million deal to sell the eight-story building to a team of doctor tenants and a Boston-based developer by the time 2007 ends.

But while the sale of the 1921 Waldemere St. medical building has taken longer than anticipated, hospital officials believe the outcome will justify the length of time the process has taken.

“I’m happy that the process is moving along,” said Michael Harrington, the hospital’s chief operating officer. “Remember, we’re not just trying to sell a building here. We’re trying to align with a long-term, master facility plan and meet the needs of our physician tenants at the same time.”

Commercial real estate still roars [Central Florida]

Commercial real estate still roars [Central Florida]

Rob Guthrie has been expecting demand to fall for the small industrial buildings he builds.

After all, a slowdown in industrial property usually follows a slowdown in the housing market, and right now, housing is in one doozy of a slowdown.

Instead, this year, Guthrie has sold out one Orange County project and is on the verge of selling out two others. The combined projects include 65 buildings worth $80 million.

“We were prepping for a slowdown,” said Guthrie, CEO of Guthrie Development Co., based in Costa Mesa. “Instead, we’re on pace to have our best year ever.”

Bankrupt condo – hotel reflects downturn

Bankrupt condo – hotel reflects downturn

Aug Funding lent the owners of the St. Augustine condo-hotel $5 million in late 2005 and hoped to be paid off with interest by now.

But its attempt to auction off the 24-room South Beach hotel failed, despite more than 100 inquiries.

”Nobody showed up,” said Phillip Hudson III, head of the Florida bankruptcy practice at Arnstein & Lehr and the St. Augustine developers’ lawyer. On Friday, the fund bought the hotel in bankruptcy proceedings.

The dud of a fire sale offers another measure of a once-hot corner of South Florida’s real estate market. When condominium sales were soaring, dozens of hotels offered their rooms for sale to individuals, who could then rent out their units for a share of the profits. But as the condominium market went cold — sales were down 35 percent in April across South Florida — the condo-hotel sector slowed down, too.

Champion for homeless now faces own housing woes

Champion for homeless now faces own housing woes

Westgate Tabernacle Pastor Alan Clapsaddle has fought for his church’s right to house the homeless and worked to find them a more permanent place to live, but he’s nearly lost that battle personally.

The home he and his wife, Kim Guzma, owned is no longer theirs and he is in a sea of debt that continues to grow.

During the past two years, the former chef with a talent for chocolate creme brulée was subject to two foreclosures and a $9,831 lien from the IRS.

Even after selling the home during the winter, Clapsaddle has outstanding debts exceeding $50,000, according to Palm Beach County court documents.