Tidelands Condo Owners Seeking Support for Lawsuit against Centex

Palm Coast, FL – Two parties who jointly own one of the condominiums in the Centex developed Tidelands are pursuing legal options. After receiving advice from two attorneys, they contacted other Tidelands property owners by letter to gain additional support. They hope to assemble a group to share expected legal costs.

Early this week, I was contacted by one of the individuals. He explained that their attorneys are optimistic that their claim has validity. Letters were sent to other Tidelands property owners to gain participation and financial support for their effort. If enough parties join them, they gain strength in numbers as well as spread the attorney’s retainer and future fees among participants. I was provided with a copy of the letter.

Tidelands sold out at pre-construction prices before commencement of construction. By the time buildings approached completion, the bottom had started to fall out of the market. Some buyers under contract contacted Centex with the hope of reducing the price of their contract while, at the same time, considering the option of simply walking away from their contracts and deposits. The potential plaintiffs contend that when they met with Centex, a bright picture was painted, including custom manufactured water taxis which would ferry property owners between the several Centex projects and amenities under development. These included the Palm Harbor Resort Marina and refurbished Palm Harbor Golf Course, Bulow Shores and a condominium project at Marineland.

Things did not turn out that way. The Tidelands project is on hold with some buildings not built. Only one condo tower is completed at the resort location. The resort condo/hotel wasn’t built and the golf course was closed and allowed to deteriorate. It has since been donated to the City of Palm Coast to be used as a municipal golf course. The Marineland condominiums, Bulow Shores and the custom water taxis never materialized. Bulow Shores was purchased by the Ginn Company. The Centex property at Marineland is for sale. The letter contends that the unfulfilled promises combined with the aggressively low prices Centex’s adopted in order to sell the remaining units damaged owners who purchased at original prices.

December 1, 2007 update - A Centex representative has informed me that my statement that Tidelands is "on hold" is incorrect. He writes, "That is not true, we are sold out of built product and are taking reservations on future buildout of the next 38 units."

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source: gotoby.com