Commodores Retreat

[Wekick]

Has anyone heard anymore about Commodore's Retreat? Were they able to resume renovations?

 

[Lynnie]

They got a loan, but I don't know the details. What is its present condition? Still the same?

 

[Lake View Too]

Nothing's been happening there for months. I heard that some of the owners could not raise the additional $50,000 per owner assessment fee it would take to finish it. ??

 

[Lynnie]

Nothing's been happening there for months. I heard that some of the owners could not raise the additional $50,000 per owner assessment fee it would take to finish it. ??

They were assessed $50K/unit. Some paid, some didn't, some paid partial and realized the lending situation, so tabled paying more.

What a mess! They have to pay their notes, dues, taxes, ins........and no place to rest their heads! I feel badly for them. Because they have condo docs, the foreclosures are really going to hurt if and when they do rebuild.

Three years ago, it would have been a prime situation for a developer to buy and demolish. Tough times out there!

 

[Lake View Too]

Is the situation that some of the owwners are solvent and some aren't? In seems that condo associations in general are going to get increasingly risky.

 

[Lynnie]

Is the situation that some of the owwners are solvent and some aren't? In seems that condo associations in general are going to get increasingly risky.

Well, I would guess this along with some holding back their funds due to the situation.

So, based upon the building and the owners, would you put up $50K if the building wasn't able to secure funding/rebuilding? Tough decisions for all of them, I'm certain.

And, the lenders - OMG! They don't want to own that......who's in first position? That would go by date of filing, but it's a colossal, ginormous mess. However, not all of them can own the dirt - isn't it four stories?

Bless their hearts! I really do wish I had a majic wand to fix this economy and edumacate some people, too! ;-)

 

[Lake View Too]

I live right near there. It's an eyesore that will never go away until some heavy hitter buys everybody out. Don't know how many units, but I think it is three stories above a parking area.

 

[Matt J]

The $50,000 would be an assessment against every owner. If they don't pay it the association can put a lean on their "property" and if unpaid they can be foreclosed and forced to auction.

This is one of the downsides of condo ownership.

 

[Lake View Too]

What good would it do the association to file lien? Nobody would win at all if it went to foreclosure.

 

[Lynnie]

The $50,000 would be an assessment against every owner. If they don't pay it the association can put a lean on their "property" and if unpaid they can be foreclosed and forced to auction.

This is one of the downsides of condo ownership.

This building is missing the entire south wall/facade. As LVT mentions, filing a lien is useless on this one. I think it was close to being condemned, but the owners got it out of that. What would have happened if it had been condemned? Would insurance have covered notes and everyone walked away?

What good would it do the association to file lien? Nobody would win at all if it went to foreclosure.

Funn parties there, though! Funn, funn, funn!