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Tidelands Condo Community Settlement May Underscore Turnaround for Palm Coast

| March 25, 2013

It's sunny again at Tidelands. (Tidelands)

It’s sunny again at Tidelands. (Tidelands)

March 22 marked three milestones in the evolution of Tidelands, a private Intracoastal Waterway community in Palm Coast of some 172 single-family home sites and 252 condominiums that suffered severely from the housing bust. The milestones, along with other indicators, suggest that even some of the housing communities hardest hit by the bust are moving more steadily toward recovery.

First, the Tidelands Homeowners Association and Tidelands Condominium Association signed off on a settlement agreement ending a protracted lawsuit dating back several years. The amicable settlement between the two associations was negotiated by the respective boards, pre-empting a trial. The suit was an outgrowth of a past dispute between Phase I and Pulte/Centex.

“Our board has been working closely with the Board members from Phase-II for some time now, and the result is starting to show,” Tidelands Homeowners Association President John Laudermilk said. “We are becoming much more in-tune with each other, where we have the same objectives of moving our Tidelands community forward in a direction good for all of our member residents.”

Toby Tobin

Toby Tobin

Second, Phases I and II, along with Pulte (which absorbed developer Centex in 2009) signed an amendment to the Cost Share Agreement which redefines the respective obligations of the parties to manage and fund the maintenance of joint use areas. The original agreement was broad, including walking paths, storm water retention ponds (residents prefer to call them lakes), streets, street lights and both community entrances. The amendment greatly reduced the scope of the Cost Share Committee’s maintenance responsibilities. Each association will be responsible for its own walking paths and storm water system. The amendment affects only maintenance. All joint use areas (such as the walking paths) are still available to all residents of the Tidelands community.

Third, the Tidelands Condominium Association and Pulte also completed a settlement agreement. Pulte has conveyed to TCA the Club facilities (clubhouse, two pools and two tennis courts) and Phase II Intracoastal Waterway shoreline property. The Settlement Agreement resolves all financial claims between the Pulte and TCA and commits Pulte to make roofing and wing wall repairs to Tidelands condominium buildings. Further, Pulte pays TCA roughly $400,000. TCA will allocate the money to fund a reserve account for the Club facilities, to complete a coquina shoreline stabilization with observation piers and complete additional building repairs. Pulte will retain the right to develop the additional 134 condominium units that have been entitled to the property.

“This huge step completes a lengthy and complex turnover process and gives the Tidelands Condominium Board the freedom to move forward with beneficial enhancements to its Club amenities and Intracoastal Waterway shoreline,” said TCA Board President Toby Tobin, who summarized the essence of the settlements in a news release.

In further signs of health, Tobin said that if some 90 units’ owners were failing to pay their normal dues two and a half years ago, that number is down to about 30 today. Sale prices have picked up, too, with one recent sale at about half the value of the unit at the height of the boom–an improvement over sale prices that had plummeted to around a fifth of the value at the depth of the crisis. Tidelands, in Tobin’s view, may be emblematic if a larger turnaround.

“Just like the local market is having its turns,” Tobin said, “Tidelands at one point had over 60 units on the market, all short sales, it’s down to eight or nine nits on the market, with only three or four of them being short sales.”

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8 Responses for “Tidelands Condo Community Settlement May Underscore Turnaround for Palm Coast”

  1. Reality Check says:

    This is the problem with any place that has a board (condo, HOA, or community development) they get so caught up in their titles that they cannot come to a simple solution that is good for the home owners. The rules and regulations put forward can become ludicrous, it is a good idea to have these associations as long as they are regulated by home owners not 5 people on a power trip to set unrealistic rules that do nothing but cause misery to the abundance that live there. I moved out of an area with an HOA due to the power struggles over of all things holiday decorations and dog walking, I am sure some are great but in my experience it is more of a control issue for the few in charge.

  2. IMO says:

    I/M/O the problem of “Mold” in the apartments can never be solved. We called a real estate office regarding an apartment in the Tideland development and the agent advised that he had to disclose to us that their was “Mold” throughout the apartment.

    When we asked if their was another apartment or townhouse available without mold issues we were told every apartment has a mold issue.

    If you are purchasing there make sure you have an complete inspection for mold.

  3. This One says:

    This one was the worst of all condos I have ever stayed at. The rules and regulations are horrible. Pools and gym closed at 5. The HOA is outrageous for the ammenities that nobody uses. Not to mention the insect problems inside the units. They are the strictest of the strictest. Not to mention the lack of parking. Each unit is only allowed 2 parking places, one of which includes the garage if you’re lucky. Good luck parking there…

  4. Since 1987 says:

    HOA rules are crazy over there. We left after several issues, one being that a certain elderly female at one of the pools would call their pool ‘police’ whenever someone walked in the pool area with a plastic water bottle. My elderly mother who is on oxygen 24/7 went down to the pool with us and had a bottle of water to keep her mouth moist was this lady’s target one time. I sat and watched her (the only other person at the pool) eyeball us then jump up to use the call box phone at the pool. Within in minutes the pool ‘police’ showed up and asked us to leave or throw out the bottle of water. Only a matter of time before someone slaps their own lawsuit against this ‘kingdom.’

  5. This 0ne says:

    Oh yeah I forgot it had mold too. And I hope you like waking up to the sound of lawn mowers and blowers and weed eaters right when the sun comes up 4x a week…..

  6. Happy As Can Be says:

    We purchased a condo in Tidelands a little more than a year ago and could not be happier with our new home. People are friendly and the entire complex is kept in very good condition. The grounds are kept in very good condition however, unlike a previous comment, the grass is not cut four times a week. I understand that a couple of units have mold (after being vacant for several years with no electricity or air conditioning) but are now being cleaned up by their bank owners. If you are looking for a place to rent for the weekend or week and bring your entire family (of say 16), in four cars, and plan to drink and party all night at the pool or clubhouse then Tidelands most definitely is NOT for you.

  7. LegalBeagle says:

    Perhaps there were problems after the fiscal collapse in 2008 that affected Tidelands like other communities. But having lived here since 2014, the place is immaculate; constantly updating is being done; there is a sense of community and people do care about their homes and the future. There is excellent leadership and fiscal accountability in Tidelands which perhaps doesn’t suit some who prefer to think that I bought so I can do what I want. That truly is not an operative way of thinking as Tidelands has moved strongly from a rental property to permanent and quasi permanent owners who have decided to live in Palm Coast. The TCA and the HOA rules are intended to preserve the upscale intentions of the original master plan.

    Yes, there are problems in some areas as not everyone has a garage and yes, some people do have more than two vehicles which creates problems for parking. Currently there is a solution as the areas nearest the tennis courts have plenty of parking where a third vehicle or a guest vehicle could be parked and yet within a few minutes of pleasant walking.

    There always will be those who are unhappy and nothing ever has pleased everyone but know that Tidelands is no longer a “resort destination” but now strongly a residential community that seeks good governance and care for the properties and the residents.

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