Market Conditions in 33432>Question Details

Dominique, Home Buyer in Boca Raton, FL

Hello:I am still living in my home in Eden in Boca Raton. As I mentioned in a previous posting, my unit

Asked by Dominique, Boca Raton, FL Sat Aug 23, 2008

is a 2 story (4th and 5th fl) PH unit with 2200 sq ft interior space and 2 terraces each about 110 sq ft. We have an interior elevator in our unit, marble, granite, all upgrades possible, 2 BR 3 full ba and a den.
We put nearly $100k in capital improvements and lived here in this mess for 2 years now waiting for the developer to be accountable and the city to hold him so.

He is now threatenting to terminate the condo using 718.117 and made buy back contracts with some unit owners- who were mostly flippers- almost a yr ago and keeps delaying their closings for any reason possible.
I read somwhere that termination doesn't necessarilly mean he can just get an apprasial ( which may be low ball based on his own fault of not finishing the project) go to court and pay us what he appraises it for?
I heard that the termination may just effect the condominium as the form of property but that we can still own our unit, is this true?


thank you!
Dominique

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Answers

5
Hi Dominique:

A 3 bedroom, 3 bath Townsend Place unit with 2383 sq ft living space and balcony sold on 6-10-07 for $1,000,000. Take off maybe 15% as that was over a year ago and the market has gone down, though less in the more upscale ranges. Two units sold this year in Palmetto Place that were 3 bedrooms, 2 baths, both 1500 sq ft living space. One with wide out golf view sold for $470,000 and the other with city view sold for $459,000. No solds on MLS for 200 East, but a 2 bedroom+den/2 1/2 bath unit of 2251 sq ft is on the market for $1,225,000. EVERYTHING is negotiable. I checked Boca Grand and Mizner Court, and those list prices are far less, but only 2 bedroom, 2 bath units available. I hope this is helpful. Perhaps you would like to look on A1A in one of the older buildings. Let me know if I can be of further help. Regards, Marilyn Farber Jacobs, 561-988-0070 (marilynfjacobs@gmail.com)
1 vote Thank Flag Link Sat Aug 23, 2008
Dominique, you need to talk to a real estate attorney about this. So sorry you got caught up in this mess. When the "dust clears," and you know things will be settled and you will be out of there, I'll be happy to help you find a new home. There are some wonderful buys out there now. In the meantime, check out my two websites: http://www.MarilynJacobs.com and http://wwwFLWaterfrontCondos.com. MARILYN FARBER JACOBS, Realtor - Keller Williams Realty Services; Mortgage Broker-Iberia Mortgage Corp.
1 vote Thank Flag Link Sat Aug 23, 2008
Hello:

I am now looking to rent our apt starting Dec 1.
As I mentioned previuos, it is a 2 story PH unit with its own interior elevator. 2 full BR, den, 3 Full bath and we put EVERYTHING into it, frameless showers, marblr, granite, large WI california closets,all slide out kitchen drawers, Robb &Stucky wallpaper, carpet, lighting, design, 2 terraces total sq ft as sold to us is 2430sq ft, 2200 interior.
What do you feel we could lease this for- I will be happy to email you photo's.
As you may have heard, the developer is now finishing this developement as a premier 1st class rental project.
Thank you!
0 votes Thank Flag Link Thu Oct 2, 2008
Thank you for your reply, I appreciate it greatly.
If it were possible to somehow take my Apartment and put it in Townsend Place, Palmetto Place or 200 East, today, what would it be worth per sq ft?
I know this would be a guesstimate, but just curious what your opinion is.

Thank you, again!
0 votes Thank Flag Link Sat Aug 23, 2008
Hi Dominique!
I'm so sorry for the stress and aggravation you've been going through. Eden certainly didn't live up to what it was supposed to be and it had so much promise. I believe the Florida Attorney General's office as well as the DBPR is investigating the developer,etc.
If you haven't done so already you really should contact a real estate attorney to seek their counsel. You have so much invested both in time and money. There are several very well-respected attorneys in Boca that I could recommend to you. Please send me an email and I'll be glad to pass on to you their contact information.
0 votes Thank Flag Link Sat Aug 23, 2008
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