Speculative sales?

The housing/land market reached its peak it mid-2005 before starting its decline. The resounding crash of the market was felt by all, including home buyers that experienced rapid declines in home values; land sales also experienced a decline.

Before the crash, sales reported on the Santa Rosa County Property Appraiser's site indicate that land was bought and sold in a very short period of time to different individuals. One such sale took place between partners former Florida Sen. Charles Clary III and William McKelvy, and Vic's of Navarre, Florida Limited Liability Company created in July 2004.

Between 2005 and 2006, the Santa Rosa County property appraiser's office lists 18 sales within a one-mile area on State Road 87 near the I-10 interchange (04-1N-7). The listed sales prices ranged between $10,800 and $500,000, and recorded the sale of 16.31 acres to Clary and McKelvy for a total of $1.39 million. This same land was later recorded as a Quit Claim Deed to include 202 additional acres with document stamps indicating a sale of $4.3 million.

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For more on this story, see the Nov. 3 issue of Navarre Press or subscribe online.