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Bon Secour Village for sale
By Kathy Jumper
March 21, 2010, 6:25AM
.... Mobile Press Register

The bank-owned Bon Secour Village on the Intracoastal Waterway in Gulf Shores is back on the market for sale.

Most of the 1,000 acres off Baldwin County 4 will be pitched to developers who can pay cash, while 32 single-family lots will be available to individuals as well as developers, according to NBG -- NAI Brannen Goddard -- in Atlanta.

NBG has listed the property for primary owners Wachovia Bank, First National Bank of Florida and the Federal Deposit Insurance Corp.

The lots, which once sold in the $150s to $300s, are now averaging $52,188, according to David Milstead of Milstead & Associates in Gulf Shores, who is handling the lot sales.

There are five occupied houses and a 3,500-square-foot sales office in the development.

Bon Secour was designed as a traditional neighborhood development with condominiums, upscale neighborhoods, retail shops and marinas. The project went bust more than two years ago.

In February 2009, Wachovia won a $20.4 million judgment against the project's developers. In September, the bank took ownership of an estimated 900 acres after a courthouse auction failed to solicit a single bid. Wachovia then entered a $10 million credit bid for the property, according to attorneys.

The banks involved had been going in different directions, making it difficult for potential buyers to look at the deal, said Heath Milligan of NBG, who is marketing the property along with Linda Keefe.

"Now that we represent all of the sellers, everybody has a much better understanding of who owns what," plus the status of a 60-slip marina that is about 50 percent completed, Milligan said.

The acreage has not been priced.

Ernie Williams of NBG said potential buyers can due their homework and check public records to find what banks loaned owners and the resulting foreclosure prices.

For more information, go to www.naibg.com or www.milsteadassociates.com.

"We want to blanket the entire South and Southeast, and areas outside those two markets, to people have who capital and are looking for land for future or immediate development," Williams said. "We are looking for parties that are capable of buying and paying cash."

The residential lot prices reflect the current market, according to Milligan. "The banks have gotten realistic about trying to price it to what it's selling for," he said. "The more people living in there and taking ownership of those lots, the better it is for everybody."

 

 

   
 

Click here to see photos taken on February 8, 2007

Coastal Living Idea House

July 29, 2005 Newspaper Report on Sales.

 

 
   

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