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Some important facts about your investment at Laketown Wharf in Panama City Beach, Florida.
Are you closing on Laketown Wharf? Not so fast, you may not have to.....did you know that your original January 2005 Laketown Wharf condo documents/prospectus that you received were not valid per the State of Florida. Just ask your attorney...or maybe call John Dowd, Thomas Blackburn or Rodney Bell - of course they will miss lead you and tell you different. However, the real truth is that the condo docs were not approved by the state until July 2005. The condo docs you received in November of 2007 were actually not yours because you never received and signed for the original approved copy.
Another fact at Laketown Wharf is that less than 34 units have closed since November 2007. At that pace it would take 137 months or 11.5 years to finish all the closings...no one can hold on that long!! You can only guess at what the assessments will be for those few owners.
Check it out at Bay County COUNTY RECORDS VERIFIED THROUGH Friday, Apr 04, 2008. LAST CFN = 2008019795
Type in Laketown and choose either all records and deeds only. Deeds only will get to the closings. By the way you don't have to close if you signed your contract before July 8, 2005. If you want to know more just reply back. Laketown has a real problem for those that signed before that date....not everyone knows the real truth.
I hope this will help you in making a more informed decision.
I have been trying to find something in the Florida administrative code where it states that if the "condo docs" (public offering document?) were not approved by the state and received by the purchaser at the time the contract was signed that the contract would be invalid - and if there is a time period by which the purchaser would have to cancel the contract. I've looked under Dept of Business and Professional Regulation, 61B Division of Florida Land Sales Condominiums and Mobile and read through a number of the sections. On the Purchase Agreement and Deposit Receipt we received, it states at the bottom of the page in all caps: " IF YOU DID NOT RECEIVE A PROPERTY REPORT PREPARED PURSUANT TO THE RULES AND REGULATIONS OF THE OFFICE OF THE INTERSTATE LAND SALES REGISTRATION, U.S.S DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, IN ADVANCE OF YOUR SIGNING THE CONTRACT OR AGREEMENT, THE CONTRACT OR AGREEMENT OF SALE MAY BE CANCELED AT YOUR OPTION FOR TWO YEARS FROM THE DATE OF SIGNING." The two years were up last year. (Unfortunately, I assumed that the property report was properly prepared since Corus Bank and Starwood Capital had loaned LTW, LLC almost $200 million. Wouldn't they have verified that all was in order with the contracts and condo docs before they started writing checks?) However, the document doesn't say anything about being prepared pursuant to Florida rules and regs. Also, we received a document that states in big red letters "READ THIS PROPERTY REPORT BEFORE SIGNING ANYTHING", and the date of the report is left blank, so if anyone filled in that date, we have a blank version and proof of when we read and received it, for what that's worth. I just set up an email account: kauaisoul@live.com where I might be reached directly if anyone wants to discuss this mess privately. I am not an attorney, but probably should have used one. Thanks.
Some important facts about your investment at Laketown Wharf in Panama City Beach, Florida.
Are you closing on Laketown Wharf? Not so fast, you may not have to.....did you know that your original January 2005 Laketown Wharf condo documents/prospectus that you received were not valid per the State of Florida. Just ask your attorney...or maybe call John Dowd, Thomas Blackburn or Rodney Bell - of course they will miss lead you and tell you different. However, the real truth is that the condo docs were not approved by the state until July 2005. The condo docs you received in November of 2007 were actually not yours because you never received and signed for the original approved copy.
Another fact at Laketown Wharf is that less than 34 units have closed since November 2007. At that pace it would take 137 months or 11.5 years to finish all the closings...no one can hold on that long!! You can only guess at what the assessments will be for those few owners.
Check it out at Bay County COUNTY RECORDS VERIFIED THROUGH Friday, Apr 04, 2008. LAST CFN = 2008019795
Type in Laketown and choose either all records and deeds only. Deeds only will get to the closings. By the way you don't have to close if you signed your contract before July 8, 2005. If you want to know more just reply back. Laketown has a real problem for those that signed before that date....not everyone knows the real truth.
I hope this will help you in making a more informed decision.
Good Luck
I would be very interested in any info that you have on this matter since I have a pre-construction contract that I'm disputing.
I have a unit under contract at Laketown Wharf. I will not be closing for a number of reasons. One reason is that the market is down the other is that Corus Bank has chosen to sponsor Rodney Bell of Gulf Coast Hospitality for the completion/overseeing of things for the Developer not to mention the HOA. I find this extremely concerning giving the circumstances behind Wallace Town USA. As we all are aware, Rodney Bell and Darren Zuppardo concocted an elaborate plan to sale acreage to naive individuals for a profit. They promised everything under the sun except for one thing….the return of your escrow money at the time they walked away from the development. To date there are at least some 55-60 individuals who have not been refunded their deposits. The non-return of deposit has spurred several named lawsuits in LA. If Rodney Bell is anywhere near Laketown Wharf, I and anyone else I know will certainly drop out.
One big concern I have is that Corus Bank is hanging their hat on Gulf Coast Hospitality and Rodney Bell to oversee this project along with the HOA which from what I can see may be run by Thomas Blackburn of which neither Mr. Bell nor Mr. Blackburn have any previous experience in the field of condo development and HOA, is Corus going to continue to let a group with no prior experience to control the largest condo on the Gulf? Scary!! I don't think I want to rely on that group to manage my affairs. I am also told that Rodney Bell was without a drivers licence and was unable to apply for his Florida Real Estate License. Does he have a felony? Anyone know?
The Laketown counter tops should have been 2" granite; however, they are 1" granite because of inferior cabinet material! My unit did not have a door in the master bathroom toilet room, the plans show a door. It is my knowledge that the development has lost the alleged lease of the beach access, why would I close when I know I can't cross to the beach?
Did you know that even if you forfeited your deposit at Laketown you can pick up a unit across the street on the beach at Shores of Panama for less. Wow it's true.
To my knowledge Laketown still does not have beach access although they say they do...Many buyers have asked for documentation but received none. You would think that if you had beach access you would share the proof with the buyers....the biggest problem is that only 44 out of 776 units have closed, not a good ratio...that makes on average 6 units per month for the last 7 months. At that pace it would take 10.7 years to complete all the closings.
Got a question? Does anyone know if Thomas Blackburn closed on his unit. He has a deposit under US Holdings. What about John Dowd, did he close on his....I think he has two units. Did they get thier deposits back? I am pretty sure that they have not closed and I wonder why. Why would they be pushing others to close when in fact they have not closed on their own units.
Gee, ya think there might be an agenda by the OP? Either a serious issue with Corus (shorting the stock maybe???) or the developer?
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LTW Follow Up
Either a serious issue with Corus (shorting the stock maybe???) or the developer?
