Commodores Retreat

Does anyone know hat happened at Commodores Retreat? I live across the street from it and have watch the remodeling of the building. New decks, new exterior etc. Well today all of the construction equipment was removed and the building stands empty wrapped in tyvek.

Which one is that? I keep track of them by the contractor.

On the beach below ResortQuest. Near Leeward Condos

Wow, that does not sound good. I was over there a week ago and they were still working.

I thinks I know.

I know a few people who own there.....it's a mess and very unfortunate!

Large assessments after multiple hurricanes causing discreet damage, evidently. Bldg. needed a loan to complete repairs, market (lending) tanked and can't get financing. It's an awful situation! There are some rumblings of foreclosures from individual owners there as well. This will domino for that building.

I stayed there with Sweet Pea when I was down looking for my cottage and it's a great place (location, etc.). I hope they can get back on their feet soon. Babyblue, I've been emailed pics and it's an eyesore, definitely. I hope all of you on that charming street are fairing well! ;-)

Cheers and hang in there~~~~~~

Thanks for the info. Do you know who the contractor was? I just notice that when they were taking the equipment out they tore up my curb in front of my house.

Thanks for the info. Do you know who the contractor was? I just notice that when they were taking the equipment out they tore up my curb in front of my house.

Yikes, no I don't know. But, check with the permit office. Good luck!! ;-)

Thanks for the info. Do you know who the contractor was? I just notice that when they were taking the equipment out they tore up my curb in front of my house.

Here's the NOC

Here's the NOC

Wow, that was fast. GC has metro Atlanta tel. exchange. Just FYI!

Here's the NOC

Thanks for the help. I just got off the phone with them. Nice folks. Sounds like C/R is sunk.

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

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

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. ??

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!

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.

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! ;-)

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.

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.

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

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!

I didn't says the lien/foreclosure process would work, just the way it's done in these situations. If someone can pick up a "unit" on the cheap and come up with $50,000 then that process works.

Lynnie, I've heard of associations just taking the settlement and walking away or selling the property. The thing is that most condo docs require them to rebuild. It would take a 2/3rd's majority to walk away with the money.

The other thing to consider is when the condo was built. I forget the actual date, but prior to the current Florida condo laws the entire unit was insured by the association. In other words in the event of total loss the association had to put the condo back to the original state minus personal belongings and furnishings. Current law requires they only return the condo to it's original state up to the dry wall. Finishes, cabinets, and fixtures are the responsibility of the condo owner.

That's a shame. I hope they can get it all fixed.

I'm not following this . What settlement are you speaking of? My understanding, albeit, just talk (I'm not sure where I heard it) is that the owners were assessed $50,000 each for reroofing and rebuilding of all decks (for the second time). It looks like doors and windows were being replaced.I have no knowledge of insurance money being involved, but that could be true.

I'm not following this . What settlement are you speaking of? My understanding, albeit, just talk (I'm not sure where I heard it) is that the owners were assessed $50,000 each for reroofing and rebuilding of all decks (for the second time). It looks like doors and windows were being replaced.I have no knowledge of insurance money being involved, but that could be true.

Ah, I thought this was repair of hurricane damage which would fall under insurance. I assumed the assessment was the deductible.

I'm not following this . What settlement are you speaking of? My understanding, albeit, just talk (I'm not sure where I heard it) is that the owners were assessed $50,000 each for reroofing and rebuilding of all decks (for the second time). It looks like doors and windows were being replaced.I have no knowledge of insurance money being involved, but that could be true.

Ah, I thought this was repair of hurricane damage which would fall under insurance. I assumed the assessment was the deductible.

Not sure either, but there was damage from one hurricane and this evidently didn't appear for several months. This did have something to do with the south facing doors. I think the assessments were a separate issue.

But, $50K/unit on that bldg.? Seems steep to me and it might have been assessed due to decline on insurance paying out, being under insured or not filing the claim timely.

It's a mess!

Lynnie, can you tell me more about the loan that Commodore's HOA received, and when? I talked with a lawyer friend of mine today and he said that when a bank forecloses on a condo, they get clear tiltle on it regardless of any liens by the HOA. The bank's lien is superior, and the HOA is left holding worthless paper. This was his assessment of that particular situation, but again, may not be written in stone.