Iberiabank filed a lawsuit against Tuscan Villas of Lake Worth and managing member James Paisley, targeting 12 units at Tuscan Villas, a townhouse development that was completed in 2007. Tuscan Villas is located at 1001 North Federal Highway. Four units have been sold by the developer to investors. The $4.5 million mortgage was first granted in 2006 by Orion Bank, whose assets were acquired by Iberiabank in 2009.
On January 10, 2012 the property will finally foreclose with a default price tag of $3,874,362.51, No. 2011-CA-003380.
Like drug dealers hooking buyers to a habit (everyone wanted to buy and flip to make small fortunes),--the banks were the kingpins, the appraisers were corrupt side kicks, the Realtors were the street dealers and the consumer the addict, this developer/speculator built at the wrong time, in the wrong location with surrounding properties worth $25,000 to $50,000. Tuscany had asking prices close to 1/2 million.
Quick--tell the CRA.
ReplyDeleteDid this happen under the worst commission ever?
ReplyDeleteAnd the Wes Blackman P and Z said they were good kids, give em a chance.
ReplyDeleteAnd the Retha Lowe, Nadine Burns and , David Vespo Commission were the other "adult" enablers who ignored the community and created this hulking rental to add to our glut of double stacked townhouses.
It happened under the worst P&Z ever.
ReplyDeleteInsanity
ReplyDeleteDoing the same thing
expecting a different result
All this drops the value of our existing houses.
Now the banks are "Brainstorming" how to help the government rent these houses back to the people who lost them.
Why I do NOT like public private partnerships.
Maybe, just maybe if the rest of the city didn't look like a dump the builder might have been able to sell $1/2 million dollar townhouses where owners could walk to the beach, downtown, Bryant Park and the golf course. The blame lies with the code deptrtment and the city for neglecting code enforcement. If you neglect anything for too long there are going to be ramifications. usually large financial ramifications. Just like now.
ReplyDeleteThat is true--we do have an enormous slum and blight problem. But maybe, just maybe, it was the fact that we could not force these owners to do a thing with their properties. We had a reported $60 million in code fines that went unpaid. To get to that level, our code department was doing the job. We attracted slum lords to this city who rented out their properties. When the economy tanked, they stopped paying and walked away from mortgages, etc.
ReplyDeleteI am always looking out to Tuscany Villas for my self. Thanks
ReplyDeleteI would like to buy a unt therv^ even offered a lease option in 2007. I want Unit 10 on the second tier South side. CRA Is A Joke.
ReplyDelete