People interested in owning a unit in the mixed-use complex Paramount at Lake Eola in downtown Orlando can wait until the foreclosure process on the property is completed, as the unit price may reflect a discount as a distressed property for sale.
The remaining unsold units and commercial spaces of the 313-unit complex have been hit with a pre-foreclosure lawsuit by Wells Fargo in May after the developers failed to pay their $85.9 million loan owed to Wells Fargo, National City Bank and Regions Bank, in addition to interest costs and $9.9 million in additional loans.
Wells Fargo hired Eastdil Secured to sell the mortgage note to institutional multifamily investors that will eventually take title to the unsold units through foreclosure.
Despite the pre foreclosure action and possible association to a distressed property for sale, residents and commercial tenants of the mixed-use property, like Trustco Bank and Publix, will continue to carry out normal operations and are expected not to be affected by the pre foreclosure filing.
Buying foreclosed homes and commercial properties in Orlando and other parts of Florida has been among the prime activities of real estate investors because of the record numbers of distressed properties that can be purchased at prices below normal levels.
In May, Florida still ranked third in house foreclosures by state as its foreclosure pace again surged over the month after slowing down in April. Nearly 51,000 Florida homes entered foreclosure, marking a 4.9-percent jump from total filings in April.
Of this number, nearly 11,000 or 22 percent were already purchased back by banks through the public auctions. As perennial foreclosure rate top placer Nevada slowed down in May, those states that posted decreases in April showed month-over-month resurgence in May, and these included Florida, California and Arizona.
In metro Orlando, determined owner occupant buyers and investors can find the distressed property for sale they are looking for because of the still high number of residents in financial distress.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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