There have been several extensions granted to MCZ Centrum in the foreclosure that was filed by Wachovia Bank on March 19, 2010. The docket for this court case shows a court order on March 26th "TO SHOW CAUSE WHY FINAL JUDGMENT OF FORECLOSURE SHOULD NOT BE ENTERED AND TO SHOW CAUSE WHY AN ORDER TO MAKE PAYMENTS DURING FORECLOSURE SHOULD NOT BE ENTERED - HEARING APRIL 29, 2010 AT 8:45 A.M. SEE ORDER DTD MARCH 26, 2010 PER JUDGE"
On April 29th an extension of time was granted with subsequent extensions also granted on 5/6. 5/20, 5/28 & 6/1. The next hearing is scheduled for 6/14/10 at 8:45am with Judge Sasser. As shown by the numerous extensions granted MCZ Centrum, the foreclosure process is often lengthy. So, unless the principals of MCZ Centrum are able to find a buyer of the property for an amount agreeable to Wachovia, it would appear that this foreclosure will drag-on for several months.
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Foreclosure - Couldn't happen fast enough!
ReplyDeleteEventually the Boca Teeca golf course will look like the hidden valley course---weeds and dilapidated buildings. Then what happens?
ReplyDeleteVirtually no-money-down on this development. Shame on Wachovia! They deserve to lose money if this is how they operate.
ReplyDeleteWachovia, can I borrow $7 million with less than a $200,000 downpayment?
ReplyDeleteThis golf course was headed to bankruptcy for mismanagement long before MCZ Centrum bought it. Members were too cheap to properly maintain it and they didn't want public golfers when they owned it.
ReplyDeleteMCZ Centrum pulled the wool over the eyes of Wachovia bankers, condo leaders and the city officials. How did this happen?--behind the scenes work of developers and their attorneys--this is how the city operates.
ReplyDeleteOnly one city council member remains from this development approval. Four down and one to go!
ReplyDeleteBuild another 1,000 condos in Boca Teeca so the gridlock will force Costco customers to take another route.
ReplyDeleteMCZ Centrum is heard to be trying to sell the golf course. What smart investor would buy from them when they can wait and buy at a bargin price from the bank after foreclosure?
ReplyDeleteJust another foreclosed commercial property. Commercial foreclosures are catching-up with residential in Boca Raton.
ReplyDeleteWhy is the bank agreeing to extensions?
ReplyDeleteThis golf course is open to the public and is offering golfers 18 holes for only $25. This is a relection of the poor condition of the course.
ReplyDeleteHow did the city ever approve a development on this golf course? Shame on city leaders!
ReplyDeleteForeclosure was in the cards for this low-end golf course if the "members" kept it until the condo fee contract ran out on 12/31/09. But, they could have sold the golf course to a golf operator and the nearby residents would not be dealing with this mess now. If it had been sold to an experienced golf course operator in 2005, then the improved clubhouse & golf course could have already been an enhancement to the Boca Teeca area by now.
ReplyDeleteThis could take 2 years for the foreclosure to be completed. Owners are pocketing revenue from the business while waiting for the sherrif to evict them (after delaying process as long as possible).
ReplyDeleteFor a city that is known for its golf courses and country clubs it is a sad statement that the only championship level golf course within the city limits is now in foreclosure.
ReplyDeleteWhere is the security in Boca Teeca that MCZ Centrum reps promised?
ReplyDeleteWonder why MCZ Centrum never applied for a construction loan with Wachovia? Looks like they were never interesting in building anything, just trying to FLIP the property for a profit.
ReplyDeleteWhat happens next? The golf course & country club is expected to look like the hidden valley property---like a ghetto.
ReplyDeleteNo promises were kept by this developer to the residents of Boca Teeca--Good Riddens!
ReplyDeleteWhat are Boca Teeca leadcers doing now to save the golf course? Of course Boca Raton can support a well-run championship level public golf course within the city, so stop supporting developers that do not fulfill promises.
ReplyDeleteThese developers misled residents repeatedly regarding this development project. "What comes around, goes around" certainly applies here.
ReplyDeleteBait and Switch developers deserve foreclosure. More traffic would destroy Boca Teeca's residential environment.
ReplyDeleteGood riddens to this developer!
ReplyDeleteJust say no to this development. We have enough vacant & foreclosed homes in Boca Raton.
ReplyDeleteMCZ Centrum should return to Chicago
ReplyDeleteThe golf course is not in bad shapre and they are only charging $25pp to play. It looks like they are going to try to milk this foreclosure as along as possible in an effort to sell to a big developer.
ReplyDeleteThank you Mr. Developer for not abandoning the property while it is in foreclosure.
ReplyDeleteShame on the city of Boca Raton for allowing a developer to destroy 30 acres of open space.
ReplyDeleteVote FOR Amendment 4 in Nov. and these types of detrimental developments will never be approved without voter approval. Amendment 4 brings accountability to the development process within cities and counties.
ReplyDeleteThe golf course is "playable" but it is not in good shape. How long before the owner abandons the property which is normal for foreclosures?
ReplyDeleteWachovia was lending money to anyone-regardless of equity in the deal and they deserve to take the loss on this losing development project.
ReplyDeleteWhy hasn't the developer abandoned the proerty and closed the golf course? They obvisouly have an end-game, otherwise they would be long-gone.
ReplyDeleteAnother example of excesses during the real estate construction bubble and the subsequent fall. Bankers and elected leaders share the blame for the glut of foreclosures and vacant properties throughout the area.
ReplyDeleteTeeca residents are fortunate they don't have an abandoned half-built clubhouse in the middle of their community. This is often the result of poorly financed developers who run out of money.
ReplyDeleteThis development would have never been approved if a voter referendum would have been required to change the land use. Vote FOR AMENDMENT 4 on Nov. 2nd and bring back control of land use changes to the voters--prevent more glutted development.
ReplyDelete