Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DAYTONA BEACH, FL-While the economy is heading south, luxury condominium sales are streaking northward at Harbour Village Golf & Yacht Club, a planned 808-unit community and marina in Ponce Inlet, FL, a Daytona Beach suburb on the Intracoastal Waterway, 50 miles north of Downtown Orlando.

The developer, American Safety Insurance Group of Hamilton, Bermuda is closing on $100 million of pre-sold units in the first 294-unit phase which includes 248 mid-rise condo units and 46 courtyard homes.

The sales include an undisclosed number of boat slips. The condos are selling for an average $300,000 per unit.

The developer received a Volusia County certificate of occupancy this week for the first building, a four-story, 32-unit structure which is sold out. Presales on the second, 376-unit phase are under way. The project is expected to be completed in three to five years.

American Safety Insurance Group was trading today on the New York Stock Exchange at $8.93 per share, unchanged from yesterday. The stock’s 52-week high-low is $10.35 and $3.25. The stock’s price/earnings ratio is 19.41. The company has 4.8 million shares outstanding and a market capitalization of $42.86 million.

American Safety is a specialty insurance and financial services holding company that is directly involved with the payment of claims from the Sept. 11 terrorist attacks in New York, Washington, DC and Pennsylvania.

In a prepared statement today, Lloyd A. Fox, the company’s president/CEO, assures stockholders that “based on a preliminary analysis of its exposure, American Safety believes the financial effect of the claims, both on a gross basis and net of reinsurance, and other related losses of the company should be minimal, and should not have an impact on the financial strength of the company or its operations.”

Fox says, “Although certain of the company’s reinsurers have announced that they will incur liability as a result of the terrorist attacks, no material adverse impact on the company’s ability to collect reinsurance recoverables from its reinsurers on various lines of insurance business is anticipated at this time.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.