It has been over 2 years since Wachovia Bank (now Wells Fargo Bank) filed the civil lawsuit against the owners of the Ocean Breeze country Club property. The last item on the court docket was in January which was 9/30/11 accounting report by the receiver. Why hasn't the bank been more active in filing motions to move this foreclosure along?
The receiver, an affiliate of the Arnold Palmer golf management company reported that over 47,000 rounds of golf were played during the first 9 months of 2011. This is very impressive considering that they did not takeover until mid-January and the owners had let the course condition deteriorate significantly during their financial decline.
The course has improved significantly since the Arnold Palmer group has taken control, but the fairways still need a lot of work and the clubhouse needs to renovated or completely rebuilt. It appears that the receiver is maintaining the course sufficiently to attract 300-350 players "per day" during the season, but these numbers would be expected to decline by approx. 50% during the off-season soon approaching.
Showing posts with label Foreclosure. Show all posts
Showing posts with label Foreclosure. Show all posts
Saturday, March 31, 2012
Saturday, January 28, 2012
Ocean Breeze Golf Course Update - Over 47,000 Rounds in 9 Months
According to the court appointed receivers 9 month report there were 47,461 rounds of golf played during the first 9 months at the Ocean Breeze golf course. This golf course is the only championship level public golf course located within the city limits of Boca Raton.
This 27-hole golf course property & hotel has been in foreclosure by Wachovia/Wells Fargo bank since March 2010 as a result of MCZ Centrum failing to make payments on their $7 million mortgage and failing to pay real estate property taxes for over 2 years. There have been no recent filings on the foreclosure by Wells Fargo (acquired Wachovia) so they appear content to allow Arnold Palmer golf management company to continue operating this property as the appointed receiver since Jan. 2011.
Arnold Palmer golf management company was the first professional golf course manager in this property's over 40 year history and they have done a great job in only 1 year in rehabilitating the quality of the golf course. This golf course was operated as a private country club for the first 35+ years and only become open to the public in recent years. As shown by the over 47,000 rounds of golf played in only 9 months this is a valuable recreation resource to the Boca Raton community.
What is the future of this property after the foreclsoure? Is Wells Fargo willing to accept a short-sale offer to a buyer who is interested in preserving this community recreational amenity?
This 27-hole golf course property & hotel has been in foreclosure by Wachovia/Wells Fargo bank since March 2010 as a result of MCZ Centrum failing to make payments on their $7 million mortgage and failing to pay real estate property taxes for over 2 years. There have been no recent filings on the foreclosure by Wells Fargo (acquired Wachovia) so they appear content to allow Arnold Palmer golf management company to continue operating this property as the appointed receiver since Jan. 2011.
Arnold Palmer golf management company was the first professional golf course manager in this property's over 40 year history and they have done a great job in only 1 year in rehabilitating the quality of the golf course. This golf course was operated as a private country club for the first 35+ years and only become open to the public in recent years. As shown by the over 47,000 rounds of golf played in only 9 months this is a valuable recreation resource to the Boca Raton community.
What is the future of this property after the foreclsoure? Is Wells Fargo willing to accept a short-sale offer to a buyer who is interested in preserving this community recreational amenity?
Friday, July 29, 2011
Boca Teeca Golf Course Foreclosure Update
The owner of the property, MCZ Centrum and the loan guarantors have retained new legal counsel in the foreclosure case by Wells Fargo bank (formerly Wachovia bank). The receiver continues to operate the property under the management of their affiliated company, Arnold Palmer Golf Course Management Co.
The golf course (d/b/a Ocean Breeze Country Club) is open daily to the public and remains the only championship level golf course within the city that is open to the public. The condition of the golf course has improved steadily since the receiver took control in February 2011 and the number of golf patrons appears to be at the highest level in many years as a result of the improved conditions and the promotional rates. Area golfers should call the golf course to make a tee time and to learn about the current promotional rates: 561-994-0400
The environmental consulting firm retained by the receiver has conducted testing on the portion of the golf course that was determined to be incompatible for residential or industrial use according to the EPA & FL DEP report issued in August 2010. The FL DEP is awaiting the analysis by the private environmental consulting firm in order to determine the size of the impacted area and the possible solution to cleaning-up this problem. It should be noted that there are several area golf courses that have had similar environmental problems that have been monitored for several years, but these other golf courses retained their use and was not proposed for other development uses. Adjacent property owners are obviously concerned that the hazardous chemicals may have migrated to their property or ground water and are of course watching this issue closely.
The golf course (d/b/a Ocean Breeze Country Club) is open daily to the public and remains the only championship level golf course within the city that is open to the public. The condition of the golf course has improved steadily since the receiver took control in February 2011 and the number of golf patrons appears to be at the highest level in many years as a result of the improved conditions and the promotional rates. Area golfers should call the golf course to make a tee time and to learn about the current promotional rates: 561-994-0400
The environmental consulting firm retained by the receiver has conducted testing on the portion of the golf course that was determined to be incompatible for residential or industrial use according to the EPA & FL DEP report issued in August 2010. The FL DEP is awaiting the analysis by the private environmental consulting firm in order to determine the size of the impacted area and the possible solution to cleaning-up this problem. It should be noted that there are several area golf courses that have had similar environmental problems that have been monitored for several years, but these other golf courses retained their use and was not proposed for other development uses. Adjacent property owners are obviously concerned that the hazardous chemicals may have migrated to their property or ground water and are of course watching this issue closely.
Wednesday, July 14, 2010
MCZ Centrum Foreclosure Update
An extension of time has been granted by the court based upon a request by MCZ Centrum. The next hearing is scheduled for Aug. 24th at 8:45am.
These foreclosure proceedings normally take several months and considering the current large number of foreclosures in Palm Beach County it would be expected for this process to take up to 2 years.
Residents often inquire about the outcome of the foreclosure and what will eventually happen to the Boca Teeca/Ocean Breeze golf course. It is our expectation that another investment group will buy the property and operate it as a golf course--similar to what happen to the Boca Greens golf course in Dec. 2009. An investment group has contacted members of the Save Boca Raton Green Space organization in order to access their interest in supporting an effort to purchase the golf course after the foreclosure process is complete versus MCZ Centrum.
These foreclosure proceedings normally take several months and considering the current large number of foreclosures in Palm Beach County it would be expected for this process to take up to 2 years.
Residents often inquire about the outcome of the foreclosure and what will eventually happen to the Boca Teeca/Ocean Breeze golf course. It is our expectation that another investment group will buy the property and operate it as a golf course--similar to what happen to the Boca Greens golf course in Dec. 2009. An investment group has contacted members of the Save Boca Raton Green Space organization in order to access their interest in supporting an effort to purchase the golf course after the foreclosure process is complete versus MCZ Centrum.
Tuesday, May 18, 2010
Ocean Breeze Developer Dennis Taback in Personal Foreclosure
Boca Teeca's Ocean Breeze golf course principal, Joshua Dennis Taback, is listed in foreclosure on his personal residence in Estancia. Mr. Taback has stated in the SunSentinel that he intends to fight the foreclosure on the golf course owned by his partners in MCZ Centrum, yet his personal residence is also in foreclosure.
What do you make of the chances that Mr. Taback will win these foreclosure actions and uphold the agreements with Boca Teeca residents?
Saturday, September 26, 2009
Foreclosures in Delray Beach
Bank United seeks foreclosure on Latitude Delray condos
Wednesday, September 16, 2009 Modified: Friday, September 18, 2009
South Florida Business Journal - by Brian Bandell
The Latitude Delray Beach Condominium is facing foreclosure.
Coral Gables-based BankUnited filed the foreclosure lawsuit Monday against Savion Holdings and managing members Isack Merenfeld, Jacques Abbo, Mayer Abbo and Jaime Weis, according to Palm Beach County Circuit Court records. BankUnited FSB, which regulators shut down in May, had given Savion Holdings a $23.3 million mortgage in 2005. A year later, the bank boosted the loan to $34.8 million for the project on the north side of Avenue L between South Dixie Highway and Southeast Sixth Avenue in Delray Beach.
According to the condominium documents, Latitude’s four buildings totaled 84 residential units and 68 storage units. Merenfeld said 58 units were completed. The developer sold nine units – all in 2008 – for prices ranging from $286,500 to $575,000. Merenfeld said he has not seen a copy of the complaint against him yet, so he's not sure whether he will contest it or not. He said he asked the bank to let him sell the units for less, but BankUnited has not agreed to it.
Once the Federal Deposit Insurance Corp. stepped in and signed a loss-sharing agreement with the new bank, negotiating his loan became more difficult, Merenfeld said. The losses on that project would be felt mostly by the FDIC.
“We believe the arrangement between the FDIC and the bank may not be the best solution for the taxpayer, or the best alternative to get the most money out of this project,” Merenfeld said.
Fort Lauderdale attorney Arthur H. Rice, who represents BankUnited, said the lawsuit seeks the full $34.8 million outstanding under the mortgage. He has not been in contact with the developer's lawyer.
Wednesday, September 16, 2009 Modified: Friday, September 18, 2009
South Florida Business Journal - by Brian Bandell
The Latitude Delray Beach Condominium is facing foreclosure.
Coral Gables-based BankUnited filed the foreclosure lawsuit Monday against Savion Holdings and managing members Isack Merenfeld, Jacques Abbo, Mayer Abbo and Jaime Weis, according to Palm Beach County Circuit Court records. BankUnited FSB, which regulators shut down in May, had given Savion Holdings a $23.3 million mortgage in 2005. A year later, the bank boosted the loan to $34.8 million for the project on the north side of Avenue L between South Dixie Highway and Southeast Sixth Avenue in Delray Beach.
According to the condominium documents, Latitude’s four buildings totaled 84 residential units and 68 storage units. Merenfeld said 58 units were completed. The developer sold nine units – all in 2008 – for prices ranging from $286,500 to $575,000. Merenfeld said he has not seen a copy of the complaint against him yet, so he's not sure whether he will contest it or not. He said he asked the bank to let him sell the units for less, but BankUnited has not agreed to it.
Once the Federal Deposit Insurance Corp. stepped in and signed a loss-sharing agreement with the new bank, negotiating his loan became more difficult, Merenfeld said. The losses on that project would be felt mostly by the FDIC.
“We believe the arrangement between the FDIC and the bank may not be the best solution for the taxpayer, or the best alternative to get the most money out of this project,” Merenfeld said.
Fort Lauderdale attorney Arthur H. Rice, who represents BankUnited, said the lawsuit seeks the full $34.8 million outstanding under the mortgage. He has not been in contact with the developer's lawyer.
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