CONDO FORECLOSURES/SEAWALL UPDATE

You may have seen the Wall Street Journal article on condominium foreclosures(May 13 2008).

The national foreclosure rate is up from 2% to 5%, putting stress on the remaining owners and the condo associations.  Local rates are often higher.  South Florida is mentioned as an area with more than usual delinquent fees.

 

Banks are refusing to pay fees saying they are temporary trustees and not owners. Lawsuits to collect fees have been expensive and relatively ineffective.  One advisers suggests larger than usual reserves. 

 

The attached three photos, also courtesy of Pete, show the current dock and seawall situation.

Update on the seawall --it's for the birds

Courtesy of Pete Schmidt  we have the above photos of the seawall.  Pete notes that a pair of Ospreys nested in the crane over the weekend.   The later photos show detail of the actual reinforced seawall.  Pete will be on site for a few more days and give us more updates.

It's Quiet, too Quiet



This is the shuffleboard at 11 am , the tennis court at 9 am and the swimming pool at 2 pm. It is like a private club. We will be leaving this weekend. Any last minute research need to be done?

Welcome to an informal and unofficial blog related to the Southseas North Condominiums. The first post is a few photos of the work beginning on the docks and seawalls.

The first few photos show the work progressing on the south end. The walk way and old pilings are being removed in front of East. Boats have moved to the north side. The work barge near the tennis house aids in the transfer of pilings.

The top photo is the access road between A building and the tennis courts.

From the Garden side it has been relatively quiet, though those on the south of A building may not agree.