Comments on: Bank Says Laketown Wharf will be ‘taken care of’

By: Wanda Allen

Wanda Allen — Tue, 08 Sep 2009 19:42:10 +0000

Bob, Please give us a call and we will be happy to give you information on Laketown Wharf Long Term Rentals. Wanda at 850-628-1491 or Joe at 850-628-1490. Thanks, we look forward to hearing from you.

By: Bob

Bob — Sat, 05 Sep 2009 15:35:06 +0000

who would I contact to “rent” one of the units at laketown?

By: makstreet

makstreet — Mon, 10 Aug 2009 06:25:41 +0000

Save Bookmark

By: gail stangeland

gail stangeland — Tue, 03 Feb 2009 23:28:52 +0000

laketown buyer if have a deal for you the penthouse or one of them overlooking pinapple willys..and on the top floor.. for cheap email me at gailcasablanca@yahoo.com

By: Laketown Buyer

Laketown Buyer — Thu, 06 Nov 2008 23:15:36 +0000

Hey William, If i do buy into laketown (which should be in the $210 sq ft range according to bankruptcy documents and currently 90$a sq ft cheaper than most new downtown condo units in my town and that are not as near as nice and not by an ocean)I would think it would be a great idea to pitch to the association to use the beach access, but how about adding free Drink coupons to offset the charge for all our headaches we have over the last few years. A win win for everyone.

By: Dghii

Dghii — Tue, 04 Nov 2008 22:38:49 +0000

I remember looking at Laketown Warf prior to their planned lottery for unit selection years ago. I could not understand how come perspective buyers were willing to pay gulf front pricing for, at best, gulf view properties.

Fast forward to the present…
There are 1 br gulf front units in new and old developments at price points currently in the $190-200K range. How could the remaining units at Laketown Warf be valued anywhere close to $200K?

The Laketown units without a gulf view would be hard pressed to sell around $100K, a price at which the unit would not cashflow for an owner with an 80%LTV mortgage.

A casino would be great for the project but would take several years to come to fruition.

In the mean time, Laketown Warf will always be across the street from the gulf (but within walking distance to the adult novelty store).

By: William Buskell, Owner of Pineapple Willy's

William Buskell, Owner of Pineapple Willy's — Tue, 04 Nov 2008 15:59:12 +0000

To give you more information on Lake Town. When we built the Pier Bar at Pineapple Willy’s, we built a walk-way to the beach from the street. We have it open free to the public now because we are eager to have business from Lake Town. We also have our own beach service. In the future we plan to approach the home owners association of Lake Town for a small yearly assessment per year on their fees for use of the walk way. It will, at that time, be controlled entry.

We do not see any reason that Lake Town will not have access to the beach, Lake Town will be a beneficial asset to all concerned.

By: Corus Property Watcher

Corus Property Watcher — Sun, 02 Nov 2008 17:40:20 +0000

Laketown Warf ~ By the Numbers

65 units listed as sold (at least one sold to Laketown Warf LLC which MAY have ended up with Corus).
I believe units closed were $282K to $435K
700 units left to sell.
$146.3m original committment by Corus to developer.
$96.5m on Corus books; $30.2m charged off; $15m to be invested = $141.7m for Corus to recover

$141.7m/700 units
=
$202,429 average per unit to recover for breakeven.

Corus currently has the capital resources to sell off Laketown Warf a unit at a time. If their project failure rate rises beyond recent projections, Corus may be forced to sell Laketown Warf in bulk.

Time will tell what the results will be on Corus balance sheet. Jason may be able to forecast the projected sales prices for the floorplans available at Laketown. I would be interested in hearing estimates from any PCBDaily.com readers.

Jason ~ Thanks for your great work.

By: jamnolfin

jamnolfin — Sun, 02 Nov 2008 02:55:29 +0000

The only hope for this property is to make it a casino. Buy Signal Hill golf course and combine the properties and numerous issues are solved. I have heard rumors that Wyndham might take it over.