The Polo Field Estates LLC, developer of Azura in Boca Raton, is now facing a lawsuit by Regions Bank after Gordon Homes was unable to pay back $36 million worth of mortgage. A big developer facing foreclosure?
The unfinished plan of Gordon Homes had mansions valued from $1.3 to $3 million each. From this only 7 out of the planned 92 homes were sold. To pay for the mortgage, the lender wants to foreclose Azura. To think that the Azura even wanted to offer luxurious features like concierge services, dry cleaning and even lawn-watering.
Hoping to earn something from the future foreclosure, Regions Bank asked for a receiver.
Receivers are common in the housing communities of Palm Beach County. They are appointed by the court to properly run the properties as the outgoing court battle between the lender and borrower continues.
In another case in Lake Worth, Bella Vista was sued by Fifteen BV LLC after failing to repay as much as $2.5 million worth of mortgage. Bella Vista planned to developed a 34-townhouse community called Villas Santorini valuing $200,000 per unit. But from this huge plan only 11 townhouses were actually built and only 6 were sold. Big, unfinished plans can really give heavy consequences.
Bella Vista is now handled by a receiver, Scott Brenner. His job is to form a condo association, have a fund to render good service. He then learned that the homeowners do not even have insurance.
Brenner admits that receivers are now in demand as more properties end up in foreclosure in Florida. They are already handling new foreclosure cases in a span of 4 months.
This huge drama of foreclosure would have been prevented if the developers actually finish their extravagant plans. Projects as big as these, must be well funded and well projected.
Author Resource:-
Leticia Carvalho has been educated in the finer points of the foreclosures market over 5 years. Read about the following article Foreclosures in Florida Even Hit the Upper Class by Leticia Carvalho.
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