TS Eliot said April is the cruelest month. Well, March can be pretty harsh also. Those who received assessments for Bay Creek properties can certainly attest to that. One example (see below) showed the value of the lots fell on average from $75,000 (Tax assessed Value) to $15,000.00. This has of course been the trend, as in 2013 lots fell to $35,000 – $40,000 – $50,000.
At Auction on May 31, 2014, the 22 lots in Marina Village Estates (MVE) went for as little as $2,500. Overall the lots were auctioned at less than 4.9% of value. The County’s reassessment in 2013 we believe assumed MVE to be a completed development as did Wingate in 2008 when the reassessment valued the MVE subdivision similar to Heron Point. The bank that held the mortgage on the 22 lots received an appraisal before the auction setting the value of the 22 lots in total for $180,000.00 or average $8,182/lot. In 2008 Wingate reassessed those same lots at an average of $170,400.00. The proceeds from the auction came in at $179,617.50. or $8,164 per lot.
Things are also bad in the County – The Landings development was reassessed in 2013 at $15,000 tax assessed values regardless of the acreage size which runs from a low of more than an acre up to 1.90+ an acre. The lukewarm resale value of The Landings is at issue; also, it should be noted that Dickie Foster abandoned the MVE subdivision in order to build the Fairways Condominiums and move assets around before Sinclair made the move in March 2008 to purchase what, at this point can only be described as ‘a pig in a poke’, especially given they are still saddled with the yet to be settled aspects of the 1993 Annexation Agreement.