Fla. highrise has 32 stories, but just 1 tenant

[davidpdx]

This is a sad story, from Yahoo news:

By CHRISTINE ARMARIO, Associated Press Writer Christine Armario, Associated Press Writer – Sat Aug 1, 3:37 pm ET
FORT MYERS, Fla. – The Vangelakos' southwest Florida condominium has marble floors, a large pool overlooking a river and modern furnishings that speak of affluence and luxury. What they don't have in the 32-story building is a single neighbor.

The New Jersey family of five purchased their unit four years ago, when Fort Myers was in the midst of a housing boom and any hints of an impending financial crisis were buried in lofty dreams of expansion and development. They made a $10,000 down payment and eagerly watched as builders transformed an empty lot into an opulent high rise, one that now symbolizes the foreclosure crisis.

"The future was going to be southwest Florida," said Victor Vangelakos, 45, a fire captain who planned to eventually retire and live permanently in the condo.

Most of the other tenants in the 200-unit condo didn't close on their contracts, and the few that did have transferred to an adjacent building owned by the same company because more people live there.

The Vangelakos' mortgage lender will not allow them to do the same.

That leaves them as the sole residents of the Oasis Tower One.

Read the rest here:

http://news.yahoo.com/s/ap/20090801/ap_on_re_us/us_lonely_highrise

[billyoc]

1. Eminent domain, condemn it and make it affordable housing.

There are five empty houses in the U.S. for every homeless person.

[JeffR]

4. Bravo.

Can't be said often enough. America's affordable housing situation is an utter obscenity.

[ColbertWatcher]

6. "There are five empty houses in the U.S. for every homeless person." QFT. n/t

[shadowknows69]

24. Eminent domain something for the people? Communisim you say!!!

But if someone wants to build a strip mall then the people have to go.

[Fire1]

28. Great idea! n/t

[anigbrowl]

29. Why would you condemn it when you could just move people into it?

Dumbest thing I've heard all day.

[billyoc]

30. You're joking, of course. You know that condemnation is a legal term for confiscating property

under eminent domain, right?

[anigbrowl]

31. Thought you meant the construction meaning, having already mentioned eminent domain

I read it the wrong way, assuming you would not make a tautological statement.

[billyoc]

35. Right.

[ContinentalOp]

2. That is so wild.

What do you want to bet the person pounding on the door was put up to it by the developers to try to scare them out?

[Tangerine LaBamba]

3. Nice proofreading -

the garbage "shoot" has been sealed.

But why won't they take up the offer of a free unit in the occupied building while their situation is being resolved? I don't understand that.

Of all the weird stories I've heard concerning the real estate crash, this has to be one of the weirdest...................

[LisaL]

5. The owner says it's because he'd still have to pay mortgage

and condo fees for the unit he owns.

[Tangerine LaBamba]

7. Yes, that's right -

I read that.

But he'd be living in a much more livable and safe environment.

I don't get it.........................

[ContinentalOp]

9. It's a vacation home for them. And I guess they want to fight the legal battle. -nt-

[davidpdx]

10. It's not just a vacation home, it's an investment as well

They can't be expected to flush their money down the toilet because everyone else bailed and the property management didn't bother to let them know that.

[ContinentalOp]

13. Oh no, I agree. I was just saying that it doesn't sound like they're living there full time.

In fact it kind of sounds like they only went 2 or 3 times.

[Tangerine LaBamba]

18. Yeah, I read it as them planning eventually

to retire there, but, for now, they're hardly ever there........................

[Tangerine LaBamba]

17. Where are they "flushing their money down the toilet"?

There is absolutely no risk to them of losing their investment.

It's just a good faith gesture to make them more comfortable while the matter is resolved.

Their apartment is at no risk, none at all, and they have no advantage in staying there until some agreement is reached.

In the meantime, they could be in a much more pleasant environment.

And, by the way, as an investment - I trust you're assuming they're holding it out as a rental? - that's a joke, given the condition of the building........................

[Tangerine LaBamba]

11. The battle will go on,

regardless of where they stay when they're in Florida.

Refusing an offer of a comparable apartment - for free - is just dumb.

Or else there's something I don't understand, but, honestly, if that's the case, it's not in the article.

It sounds to me like they're digging in and it's now a case of "I'm not leaving this place until I get what I want." Biting off their noses to spite their faces, they'd be doing what a lot of people do, and I've seen it time and again, but I've never understood.

Why not be comfortable while the matter is worked through? The offer strikes me as one of profound good will..............................................

[LisaL]

14. But he'd still owe the one he doesn't live in.

We are talking about a lot of money here.

[Tangerine LaBamba]

16. But the other apartment

is being offered to him FOR FREE.

He keeps paying on the one he bought, no matter what..............

[LisaL]

12. He put all his savings into it.

So I presume he doesn't just want to move out while still owning it.

[Tangerine LaBamba]

15. Yes, I read that -

but it makes no sense. He's not surrendering the apartment or giving it up or letting it lapse into foreclosure or anything like that. All his obligations and elements of ownership remain.

He's been offered a free apartment for the duration. That's a very nice, good faith gesture.

Yes, he has to keep paying on the first apartment, but why not be safe and comfortable in an inhabited building while the matter is being handled?

He has nothing to lose. Sounds just plain dumb to me.................

[ContinentalOp]

20. Legally I wonder if there isn't some drawback to accepting that good faith gesture.

Kind of gives them less leverage to get the developer to buy back their mortgage. If the developer can go in court and say "well we provided them this other option as a gesture of good faith and they accepted it and are down here visiting every weekend" then it might undercut their argument that the developer didn't deliver what was promised.

[Tangerine LaBamba]

27. "For free" means "for free,"

and you cannot make that argument - it won't hold. The other apartment doesn't change, it remains uninhabitable, and if they suddenly started visiting every weekend, it would only mean that they were finally able to enjoy some of what they are paying for - although not in their own apartment.

Naw, there's no legal rationale to this one, no rabbit in a hat. The developer DIDN'T deliver what was promised - a reasonable deal. One apartment in an otherwise-unoccupied building is NOT a reasonable deal.

A bad deal is a bad deal, and, while a good-faith attempt to mitigate damages might be a reduction in the price, or a swap of some kind for a like apartment, transferring ownership, this offer of a free apartment doesn't change anything...........

[davidpdx]

8. Some people can't read

[Tangerine LaBamba]

19. You're right -

what did you think? That all mortgage payments would be suspended while the matter is litigated?

That's fairly thick.

Some people don't even know the basics of finance..........................

[csziggy]

33. To pressure the lender, could they legally put their mortgage payments in escrow?

I've heard of renters doing that when there is a conflict, but haven't for mortgagees.

[Tangerine LaBamba]

37. Not without a court order -

they're obligated to make their mortgage payments - which are to a lender, not the builder, I assume - so as to avoid foreclosure.

Their lender isn't at fault here, and isn't a party to the dispute - I am assuming this. It's a loan that they are still obligated to repay.....................

[csziggy]

39. OK, just wondered. Thanks!

[Tangerine LaBamba]

40. Off topic, but

I thought of you earlier tonight - WGN showed two episodes of "WKRP," and, for the first time, I noticed the Band-Aids on Les Nessman...............

:hi:

[csziggy]

42. LOL! I catch it some nights on WGN when there's nothing else to watch

I'm always surprised at how great it still holds up.

[Tangerine LaBamba]

43. Tonight,

Dr. Johnny Fever believing he was hearing God's voice talking to him.

Brilliant damn writing. Excellent acting.

It holds up, for sure, much as M*A*S*H does.................

[csziggy]

44. Oh, I love that episode! Oh well, it will be on again.

[dsc]

36. I wonder if the amenities are the same in the other building

toward the end of the article they mention a suit over amenities.

[newfie11]

21. That would be a spooky building to live in n/t

[Liberal_in_LA]

23. agreed!

:scared:

[rollingrock]

22. A high-rise is a terrible place to raise a family

kids need plenty of sunshine and fresh air, outdoor activity and exercise, but the nature of such residential buildings makes that very hard for them to do if not impossible. with no yard area to play in, kids who grow up in these places don't get much physical exercise, so they tend to sit in front of the TV or computer all day long. they end up having a lot of health problems later in life.

[Vinca]

25. The fees to the homeowner's association must be a bitch -

one family footing the bill for an entire building.

[ccharles000]

26. k/r

[carpetbagger]

32. Spooky. I see that thing from a relative's house across the river.

Now I'm going to look at it and it'll remind me of "Do Androids Dream of Electric Sheep"

[woo me with science]

34. Creepy.

I wonder what floor they're on, and if their little boy roams the halls on a Big Wheel, talking to his index finger.

[gmoney]

38. Wasn't the kicker that she was wanted for embezzelment back in NJ

...and got spotted when she appeared in the paper?

http://www.tallahassee.com/article/A4/20090730/BUSINESS/90730073/1003

[Tangerine LaBamba]

41. Ouch!

Unrelated, but, oh, my goodness...............

[NecklyTyler]

45. Kick