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Bob

SoWal Insider
Nov 16, 2004
10,468
1,346
O'Wal
I guess that is why it is in default- one of the astronomical defaults.
Nice to know every SoWal owner is a A paper borrower!
In Orlando 3 of 4 borrowers are subprime, because of the service industry demographic. I'm guessing at the beach, the numbers are reversed. I'll bet the SoWal numbers are even higher. Hard equity is a niche market.
 

Babyblue

Beach Fanatic
Mar 1, 2006
528
6
Seagrove Beach
So if another entity loaned money to a developer based on the fact that he held an asset he claimed was worth, say, $79 million, and later found that the value was arrived at by the use of smoke and mirrors, the claimant could say he 1. "reasonably relied " 2. "on a misrepresentation" 3. "to their detriment"....no?

Shelly, who would lend based on what the borrower claimed their property was worth? :shock:
 

SHELLY

SoWal Insider
Jun 13, 2005
5,775
802
Shelly, who would lend based on what the borrower claimed their property was worth? :shock:

Let me guess......Probably the same guy who would lend based on what the borrower "claimed" they made in income?? :dunno:


.
 

PalmBeach

Beach Lover
Feb 21, 2007
111
10
2. Is there a misrepresentation? The lender got their own appraiser from the best appraiser in Sowal- he said the land was worth $79 million dollars!

The best appraisal firm in Sowal is Gary Scott's Coastal Property Consultants and they didn't do the appraisal. Just wanted to clear that up.
 

BigEats

Beach Crab
Feb 22, 2007
1
0
Very interesting thread.

Zahouri owns a big interest in RE/MAX of Atlanta, which I was informed today has been shut down in the last week or so.

Agents have not received their commission checks, as they have been told that the bank has frozen the escrow account that holds the funds.

The building that one of the offices is in is heading to the court house steps in foreclosure.

The saga continues...
 

TooFarTampa

SoWal Insider
Very interesting thread.

Zahouri owns a big interest in RE/MAX of Atlanta, which I was informed today has been shut down in the last week or so.

Agents have not received their commission checks, as they have been told that the bank has frozen the escrow account that holds the funds.

The building that one of the offices is in is heading to the court house steps in foreclosure.

The saga continues...

:eek:
 

mf

Banned
May 14, 2006
208
0
i'm so grateful for this bust!! it couldn't have happened to a better region :)

this place was becoming a haven for criminals, morally bankrupt "business people" and corrupt local officials who do not require investors to abide by state development laws.

the beauty of the bust is hopefully that it will stop this irresponsible development and criminal business behavior. hopefully people will understand that progress and development require infrastructure and community instead of condo after condo after condo. no more "give me your money and shut up". people who invest here will HAVE to make it a safe, happy and worthwhile place to live or they will know what REAL bad times are. HURRAH!
 
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