Marina Grande On The Halifax (Holly Hill, FL)
By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
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...
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By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
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...
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By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
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...
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By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
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...
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By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
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...
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By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
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...
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By Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices
(Daytona Condo Realty, 386-405-4408)
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...
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