Monday, Sep 01, 2014
Local News

Majestic Cove condominium sold


Published:

SEBRING -Majestic Cove, Sebring's mega-unit condominium that had been forced into receivership the beginning of 2013, is under new ownership.

Partners Naples-based Patten Companies and Colorado-based Real Capital Solutions purchased the property in December and plan to sell all the unsold units at "discounted" prices, said Patten Sales Manager Jon Riley.

The 69-unit condominium overlooking Lake Jackson, which bills itself as a "high-end resort" on its web site, was sold for $7.98 million.

Highlands County Property Appraiser's Office has assessed the property at $9.68 million.

"We have acquired and sold 40 fractured condominium properties over the last three years," Riley said.

Riley said they buy properties "in bulk" and sell them at "highly discounted rates." He was still working out the price details but said they could be offering discounts up to 60 percent.

Only about eight or 10 of Majestic Cove's condo units have been sold. There are 59 unsold units the new owners will start marketing the end of January.

There are six different floor plans, with units ranging from 1,400 square feet to 2,000 square feet, Riley said.

"They are mostly complete," Riley said. "We will be doing some light construction in the next couple of weeks."

Sebring City Administrator Scott Noethlich, who had not heard of the sale Tuesday, said he would "ideally like to see the condos sold and, ideally, to full-time residents living there...those who contribute to the economy on a year-round basis."

That feeling was echoed by City Councilman John Griffin.

"That's super," he said of the sale. "It's good for everybody. It's a great place."

A couple of years ago, the Sebring City Council had expressed unhappiness that the condominium building had been offering short-term rentals.

Riley said they are hoping to target "in-users," either full--time residents or those looking for second homes.

Prospective buyers could be either from within the state or snowbirds.

"The nice thing about Sebring is it is so centrally located," he said. "We are extremely excited about the area."

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