Throwing Stones at Waterstone

by January 12, 2009 • 20 comments

Waterstone Resorts and Vacation Homes offer vacation rentals all over the state of Florida. On Panama City Beach they claim to manage properties from ten different resorts. The company’s website is full of glowing reviews and recommendations but if someone just scratches the Google search service a little, they will find numerous negative claims about Waterstone. If that is not enough a check of their status with the Better Business Bureau (BBB) finds a C- rating due to a series of unresolved complaints. On a Waterstone blog website there is evidence that the BBB has given them an unsatisfactory rating, but this has not been discovered in any BBB materials as of yet.

“Waterstone Sucks,” seems to be the ringing sentiment of many current and past clients of the company found on blog websites all over the internet.

Jim Pitts, an owner at Calypso Resorts and Towers that used Waterstone, stated that he inspected his unit three times last year and each time the unit was filthy.

“The carpet was so dirty it had to be replaced,” Pitts said. “There was filth everywhere. The walls were marked up, dust and dirt caked on baseboards, light bulbs and even the toaster was dirty.”

Pitts wrote a handwritten note and email to Waterstone stating that he no longer wanted them to manage his properties. His communications went ignored until he sent a certified letter sometime later demanding that tenants be removed from his property and that Waterstone cease any further management of his property.

Pitts also feels that the company is unethical and unfair in their fee structure and maintenance.

“They charge the owner for travel agent fees on top of their own (fees) and they charge the owner for ‘credit card’ use. They will charge the owner a minimum of $22.50 every time they so much as set foot in the unit to do anything,” Pitts said. “They rip the owners off with the keyless entry crap and owners of Calypso units need to understand that these people are absolutely ruining our investments. They need to be removed from the premises.”

Bill Harris, another individual who has had dealings with Waterstone, has set up numerous blog websites for angered property owners to vent their passions about Waterstone. These can be found at:,, and

Harris claims that Waterstone owns four units at Nautilus Cove Condominiums and that the company is currently past due on their condo’s quarterly assessments. There is also evidence that the State of Florida has already four outstanding liens against the company for over $118,000. If the Nautilus Cove past due amounts were not paid by the end of ’08 then Waterstone will be facing new liens.

Waterstone seems to find them self in a public relation nightmare. When a company ignores claims from concerned clients, there are avenues that these clients can take to attack the company’s reputation. As of right now, a Google search of “Waterstone Panama City” brings up typical listings for the company. The company should be aware that as these blog websites attract new participants there could be a day, not far off, that one of these blog websites could be ranked by a search engine right underneath the Waterstone website or even above it.

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1 Gregg January 12, 2009 at 9:11 pm

We stayed at the Calypso this Summer and certainly were not impressed with Waterstone. while we were in the office around 10:00pm AT NIGHT!! a family came in that had a unit booked for that day. When they went in, they were informed that their unit had not been cleaned as of yet and had no clue when it would be ready as they had only gotten to the 20th floor. There was no attempt to place them elsewhere, no apology, it was just a matter of fact. This was their attitude we experienced throughout our visit. In addition, the beach manager (or what ever) seemed to have an anger management problem. He was rude to the guests as well as insulting to the folks that worked for him. Quite honestly I did not hear or experience one good thing about Waterstone while we were there.
Our secondary purpose of visiting PCB was our interest in purchasing a condo. One of our requirements was a complex NOT handled by Waterstone. We since then we have purchased one, while at the time, a great price, maybe not so great in today’s market but we are happy with it and the rental company handling our unit. Sooner or later this has got to hurt the resale values in the complexes that they manage. This is a double whammy in today’s depressed market.
All I can comment on is our personal experience with them and their interaction with other guests.


2 Jim January 13, 2009 at 8:54 am

Please don’t let these negative comments form your opinion of Calypso. Most rental companies operate this way. I think you will find on the
‘Rentals by Owner’ sites many who take pride in caring for their own units. I think this would be the majority of the units at any of these resorts.

The developer still controls the board at Calypso, so he isn’t making any changes. In fact he had a vested interest in Waterstone at one time. Hopefully this will change next year and the owners’ board can discard Waterstone.


3 Chris January 13, 2009 at 9:16 am

Interesting to hear this, but not a surprise. My husband and I stayed at Waterstone’s Calypso for a week in September, the purpose of our visit was to purchase a Condo in PCB.

While at Calypso, the staff (if any could be found) were unfriendly. The one day we went to the beach we had to wake up the Waterstone chair attendant to ask for our beachchairs, the 5 minutes he was helping us, he did not even say hello or have a nice day.

The unit we stayed in had dirty carpeting, needed painting and was not cleaned thoroughly. There was writing on the wall in one of the bathrooms. We noticed that there were maintenance issues throughout the resort (cracked tiles in the elevator, etc.)

While in PCB, we looked at about a dozen Calypso units for sale. However, because of the general impression of neglect we decided to purchase our Condo elsewhere.


4 Gregg January 13, 2009 at 10:51 am

Jim you are correct, the condo we stayed in was individually managed by the owner who uses VRBO, it was clean, well maintained, and certainly we went away with a feeling that the owner had pride in his unit. The Calypso is a beautiful building and has many things to offer.
I also have to agree with Chris, the Waterstone staff was unfriendly and less than helpful to their guests. In speaking to the owner of the unit we stayed in, he told us that Developer/Waterstone controlled the HOA and some of the problems the owners were experiencing; it made up our mind that we would not consider a unit that they had anything to do with.


5 karen smith January 13, 2009 at 11:05 am

Wow!!! How sad for those folks to have that kind of impression when they come to our beach. I am very impatient when people are not kind. I do want them to be competent but at the very least always make people feel welcome and be of service to them. Those of us that love the beach are grateful that there is a format for people to come to and find what works here and what does not. As always Jason thanks for being the EAGLE eye in our community.
Now I have an idea I want us all including the management companies to live by my slogan, “The only people we have to get even with are those that have helped us”
Enjoy your day and help someone enjoy theres too.


6 Jim January 13, 2009 at 6:02 pm

Any resort, whether it be Calypso or any of the many other nice places, is only as good as its’ Board of Directors. The Board typically is made up of concerned owners who dedicate their free time to making the resort better. When this resort is finally handed over to the owners, per Florida Law, it will become a premier resort.

For those of you that decided to buy at another resort, please check out their Condo Documents carefully, to see what the developer will control and for how long. Developers are in the business of making money, not spending money.


7 jamnolfin January 14, 2009 at 8:05 pm

We are one of the original owners of Calypso and know well of Waterstone. We are counting the days til 2010 and they are gone. We keep our unit in top notch shape, Im here painting and sprucing up right now. Check it out.


8 Bob January 14, 2009 at 9:35 pm

When I purchased my condo waterstone was already renting the unit. They were not my company of choice and I changed after a few months and the rentals were fininshed. They would never remove their lock on my door- I had to get a separate company. Plus I never got back my damage deposit of $300 after dozens of calls. I had no choice but just to give up. I would rather leave my unit empty than use those thieves.


9 Jeff Phillips November 25, 2009 at 7:46 am


You should just have Destin Locksmithing re-program your lock and have a smaller company manage it for you. Waterstone doesn’t have to remove the Kaba Lock, you just have to re-program it and take control of it. It’s what we did for ours and a few others that we manage.


10 Georgia January 17, 2009 at 1:40 pm

Obviously this company has a lot of unhappy customers but what surprised me was that they can ‘owe’ $118,000 to the State for unpaid taxes that they had already collected from customers. If I owed any government body $100 they would probably tap my bank account for it, guess the best way to owe the State money is to owe a lot of it.


11 Concerned Owner February 22, 2009 at 9:17 am

Waterstone Resort Realty, LLC owns 4 units at Nautilus Cove in PCB and as well as being behind on their quarterly assessments on all four a foreclosure has filed on their unit 710 on 2/20/09 by Compass Bank in Birmingham.

At Nautilus Cove 46 units are behind on their quarterly assessments, 10 by minor amounts, 12 by signifigant amounts.

Liens are filed on 6 units and 7 are being foreclosed on.

No condos have been sold this year and only three last year. 60 unsold remain in the hands of the developer (who is renting them out where he can) with 108 having been sold.


12 Concerned Owner March 1, 2009 at 7:42 am

Update FYI
1) Waterstone Resort Realty, LLC filed on 2/16/09 with an ‘amendment’ to their Articles of Organization to change the name of their LLC to: NCPCB Investments, LLC this is found at

2) The 4 condos that ‘were’ owned by Waterstone at Nautilus Cove Condo are in foreclosure. In regard to 712, the last payment to Compass Bank was made in July 2008. They are also behind in their quarterly assessments at the condo complex.

These cases can be found at:


13 Concerned Owner March 26, 2009 at 4:17 pm

March Mini Newsletter – Nautilus Cove Condos, 13700 PCB Parkway, PCB, FL 32407

According to public records this year there were no sales at NCC to date.

Last year there were 3 sales and one in family transfer of a condo. The prior year there were 70. Total sales to date are 108 with 60 units still unsold and the developer is renting them out to whoever he can.

So what we really have here is a rental complex. In fact Concord Management is advertising it as Nautilus Cove Apartments.

I did some online research and between those condos the developer is renting out and the others that I know are available for rental, there are at minimum 73 units out of 168 available to rent. Only 29 of the condos have homestead exemptions so very few unit owners actually live there year around. Anyone in the business knows that when condo complexes are over 20 percent rental they suffer and that is the case here.

We also suffer from being under the uncaring thumb of the developer who has 2 of the 3 BOD seats and of course the BOD elected the 3 officers, who are also developers. So 5 out of 6 assn. positions belong to the developer and will until at least July 2010 when the 2nd BOD position should be filled by an owner.

It is very discouraging to live here and of the owners I have spoken to NONE say that they would have bought here if they knew how much BS there would be. The association dues are up again, now they are at $575 quarterly. 46 of the 168 units are behind on their payments, 12 by serious amounts (up to $4000) and another 10 are pretty minor, the rest in between. Liens have been placed on 6 condos for non-payment and 9 are now in foreclosure, including 4 from Waterstone Resort Realty, LLC (they just changed their name to NCPCB Investments, LLC).

The NCC BOD meeting and the Annual General Meeting were held on Dec 20, 2008 and the minutes of these meetings are STILL not available more than 3 months after those meetings!

Waterstone Resort Realty, LLC, the owner of 4 condos in the 7 building, has changed its LLC registration name to NCPCB Investments, LLC. Compass Bank in Birmingham is now foreclosing on all 4 units.

I opine that the change of name is to avoid having a bankruptcy under the generic Waterstone name. Waterstone is keen on getting LLC’s on any possible combination of Waterstone this or Waterstone that with LLCs (9) and DBAs (4). I believe that at least one and possibly 2 of the LLCs will be out of business before the end of this summer.


14 Shoe October 18, 2009 at 11:02 am

While I am not particularly fond of Waterstone, I have been on their rental program since the beginning and have not had much trouble with them. Please do not let these posts about Waterstone taint your view of Calypso. It is a beautiful development and the best location on the beach.


15 Richard Williams November 24, 2009 at 10:21 am

After reading over this blog I can see that many of you are unaware of What Waterstone does. Though I cant explain the fees I can tell you that the condition of the rooms depends on the actions of the personal owners. As for the deffects throughout the common areas and elevators it is not Waterstones place to fix these. I personaly have been im nearly every unit that they manage and yes some of the owners let their units go and when a work request is submitted We have to wait for the owner to approve these requests. It would seen to make more sense to make a complaint o the owner and stop the trash talking


16 Jeff Phillips November 25, 2009 at 7:43 am

I own at Calypso (2-1502) and we had Waterstone manage our condo for about 1 year. Here is my assessment of that year;

1. Housekeeping was very good.
2. Common area upkeep was very good.
3. Staff was not very helpful to owners.
4. Management fees were high.
5. Miscellaneous charges and fees were nickel and diming me to death.

Connie at Waterstone is great. She seems to be very sharp. In summary, great housekeeping but not much else we liked. That’s why we started managing our own and others. I believe the board at Calypso is working with Waterstone to either turn them around at Calypso, or turn them out on their ear. I hate to see the negative publicity about Calypso and Waterstone because it tarnishes their reputation and damages what Calypso could be to so many vacationers. I own at Calypso so I am not going to trash talk it. I also own at Aqua and I have to say that right now, I stay at Aqua versus Waterstone.


17 B. Harris November 29, 2009 at 10:47 pm

Nov 29 2009
Waterstone Resort Realty, LLC, which in 09 changed its name to NCPCB Investments, LLC is now gone from Nautilus Cove Condo in PCB. The 4 condos they owned are now property of Compass Bank of Birmingham, AL and are for sale at $124,900 each. Alan O’Neal is the only listed ‘Managing Member’ of this LLC. Ben Edwards and M. ‘Chad’ Gilliland had already had their names removed as managing members. The Waterstone/NCPCB group left owing 9 months worth of assn. dues to the condo. The virtually defunct Waterstone/NCPCB is still engaged in a 17 month civil action filed by me for their abuse of renting out their condos during their tenure at Nautilus Cove. It is unlikely that any resulting judgement will be collectable as their ‘assets’ are nonexistant. On another interesting note, another Waterstone LLC is suing me for publishing how poor the 16 or so Waterstone LLC/DBAs are. That case continues to linger. The legal theory there seems to be: ‘you sue us, we will sue you’.


18 samanta February 23, 2011 at 9:39 am

good writing


19 B. Harris July 23, 2011 at 10:04 pm

As to Waterstone Resort Realty LLC later NCPCB Investments, they are just a memory at Nautilus Cove Condo, the 4 condos they owned there are foreclosed on and all were resold to new owners at about half price.

I ‘settled’ with Waterstone over a year ago, since their corporate filing with the State of Florida has not been renewed so they are effectively out of business but I see that Compass Bank still has pending suits against them, but you can’t get blood out of a stone, that is why LLC’s are so popular.

The Waterstone brand in the panhandle seems to have run its course and further Waterstone activity has moved south to coastal Florida around Tampa. They did not invite me to their going away party.

The 2 part suit I had against Waterstone/Nautilus Cove was settled as to the condo in June 2011 with the condo agreeing to pay me $7,000 for my legal expenses, there was no agreement as to confidentially to the condo half of the suit so the info is not off limits as are many such results. I can’t claim that I ‘won’ but consider that they settled 2 weeks prior to the trial and paid my legal expenses (I never asked for any damages) I think a reasonable person might agree that it was a win.


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