Real Estate Blog of Schecter Law, PA » Condominiums http://schecterlaw.com/realestateblog Your Big Firm Alternative Wed, 17 Aug 2011 14:17:24 +0000 en hourly 1 http://wordpress.org/?v=3.1.2 Foreclosures in South Florida http://schecterlaw.com/realestateblog/foreclosures-in-south-florida/ http://schecterlaw.com/realestateblog/foreclosures-in-south-florida/#comments Sat, 18 Jul 2009 02:10:25 +0000 Mark Schecter http://www.schecterlaw.com/realestateblog/?p=116 foreclosure-mdForeclosures 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.

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