As of July 1st, 2011, the following parcels in WVID remain unsold and the tax NOT PAID:
Fourth Quarter Properties still has 4 parcels with unpaid taxes that make up the 2850-acre area added to the district in 2008, lying outside the North Port City Limits, also know as the Gottfried Stewardship Village. Although a part of the WVID, this land lies entirely within unincorporated Sarasota County, and is NOT included in the current WVID budget as a unit of development.
Only 1 large parcel, lying within the current WVID development area still has taxes owning on it in the amount of $1.5 million dollars. The remaining large parcels in the WVID budget area had their 2010 taxes paid by about a half-dozen different investors that purchased the 2010 Tax Certificates on those parcels. It doesn't appear as though there is just one entity involved at this time in trying to acquire or control any Fourth Quarter Properties land.
Gran Paradiso I and II, LLC appears to NOT have had any Tax Certificates sold to date for any of their large acreage holdings. There are 14 parcels with $4 million in unpaid 2010 taxes still showing on the county's tax roll. Please recall that last year, there was just one entity that purchased most of the 2008 and 2009 Tax Certificates for the large acreage tracts in Gran Paradiso.
2 comments:
Hi Paul, what is your take on the fact the GP tax certificates have not sold this year? We have scheduled a homeowners meeting with Richard Rodgers on Monday- should be interesting to see what he says.
Why 2010 certificates haven't sold yet? My best guesses:
1. $4mm is a lot of money, 18% is nice yield, but only pays out when property is sold or current owner pays the taxes. THERE IS A RISK! Certificate value becomes ZERO (0) after 7 years (I think...might even be 5) if there is no sale of the property. Principle and interest are LOST; only option is to buy the property at Tax Sale in which case the principle would be applied to the purchase price.
2. There isn't a new developer anywhere in the foreseeable present or future for the property. Investors may think it will sit idel for many years to come, so a tax certificate purchase has now become a very risky investment.
3. The property is 2 years in arrears on taxes. Whether the 3rd year certificates sell or not, the property can be sold at a Tax Sale at anytime already. The buyer would be required to pay all back taxes due at the time of sale. Perhaps all the smart money people already know that a Tax Sale is eminent and have decided to put their capital to use elsewhere.
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