Foreclosures are continuing throughout South Florida; not only in the residential market but also amongst commercial real estate.
The Cabana Bay condominium project in Fort Lauderdale is one of the latest to receive a foreclosure complaint from Bank of America. Construction commenced on the six story 18 unit project in March 2007 and continued for a mere two months thereafter. The mortgage with Bank of America exceeds $5 million.
Wachovia Bank recently filed an $11.8 foreclosure action against Shear Construction and Development, a Miami-based company, regarding several residential properties in the Miami, Dade County area.
Shear Construction is no stranger to Wachovia foreclosure complaints. They are presently a defendant in two other pending foreclosure actions involving Ponce de Leon Condominiums in Coral Gables, a $13 million project, and a $2 million mortgage for Flamingo Ranch Estates, a residential development.
Tags: Commercial, Condominiums, Foreclosure, Real Estate, Residential
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