Home Buying in Longboat Key>Question Details

Shnndoah, Home Buyer in Longboat Key, FL

Would it be a terrible idea to consider purchasing a unit in the Colony complex on Longboat Key? It seems to be in the middle of a lot of uncertainty

Asked by Shnndoah, Longboat Key, FL Sat May 7, 2011

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5
No Matter how you look at it: The Colony is still facing bankcruptcy and has not settled any disputes. Entering into a situation with a lot of uncertain terms may not leave you with confidence in how the complex will be maintained and what to expect in the future if you were a homeowner.
There are a multitude of great deals in the Sarasota area in this price range that have a resort style feel to the community with loads of amenities. Give us a call, We would love to share all we know about other options that are available to you.

LaRosa Team
Stacey (941)539-1596
Millicent (941)809-3310
LaRosaTeam@gmail.com

Atchley International Realty
9040 Town Center Pkwy
Lakewood ranch, Fl 34202
0 votes Thank Flag Link Wed May 18, 2011
Dear Shnndoah:

You are correct, the Colony complex on Longboat Key is in the middle of a lot of uncertainty. As you have learned from my colleagues, the Colony is in bankruptcy and owners are in dispute with the general partner. This needs to be disclosed but it may not be a terrible idea, based on what you are intending to do with the proeprty and what your overall objectives are. It might be the opportuity of a lifetime. More info. would be needed to conclude.

My best,
Terri

Teresa M. Fellows
Broker/Associate
Waterside Realty LLC
941-350-4297
tmf4257@mac.com
http://www.floridawestproperties.com
0 votes Thank Flag Link Mon May 9, 2011
Professional code of ethics would prevent any Realtor to render an opinion

Recommend to speak with local residents, Google search for published articles , Police website , school ISD

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun May 8, 2011
hi Shnndoah:
With the owner's and general partners at odds over bankruptcy, the easy and perhaps best answer is stay far away from this one. On the other hand, this stressful situation may be the buying opportunity of a lifetime. It is a hard roll of the dice, as they say...and you should know most lenders will treat this as a hot potato, and either pass it on or drop it fast.
If you are risk adverse, find another great deal out there!
Jim, 703 615 4675. Feel free to give me a call if I might be any assistance.
0 votes Thank Flag Link Sun May 8, 2011
Shnndoah,

You would be well advised to wait this one out.........according to information posted on one of the two properties on the MLS, Colony Beach & Tennis Club is now under bankruptcy with owners in dispute with the general partner.

There are presently 2 one bedroom condos available for $60,000 and $65,000. At this point, there is no telling what the future will bring for The Colony but it's most certain that it will eventually have one....in one form or another.

Best regards,

Bill Eckler

Michael Saunders & Company

billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Sat May 7, 2011
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