Florida short sale first

Condo Terminators, a specialty consulting group of Bay Harbor, Fla.-based Morningside Mortgage Corp., has completed the filing process for what it describes as Florida's first mass short sale of a failed condominium conversion. The property in question is the Sunset Lake Villas Condominium in Margate, Fla. Condo Terminators expects the project to lead a wave of short sales of failed condo... [more]

Condo Terminators, a specialty consulting group of Bay Harbor, Fla.-based Morningside Mortgage Corp., has completed the filing process for what it describes as Florida's first mass short sale of a failed condominium conversion. The property in question is the Sunset Lake Villas Condominium in Margate, Fla. Condo Terminators expects the project to lead a wave of short sales of failed condo conversions and, in turn, reversion to apartment buildings. "After all of the units we sold fell into foreclosure, all of the unit owners moved away or rented units without paying [homeowners' association] dues," says Anthony Galeotafiore, managing member of AJG Realty LLC and majority owner of Sunset Lake Villas. "Nobody is financing condos, but apartment buildings are bankable." Condo Terminators provided business advice to the developer and transactional advisory services to his counsel. [less]