Marina Grande On The Halifax stands as a monument to unfortunate poor timing, coming to the market a little too late. Have they done it a year earlier, this would be a busy place, as once purchased, the units would be either owner, or tenant occupied.

Not now. People who did not agree to close, and instead reached the settlement and got their Earnest Money deposits back, or what was left after they paid their attorneys, So, as far as I heard, 89 people will not close as a result of settlement. Which leaves us with 55 people who bought units in the South Tower, and 11 people in the North Tower (according to Volusia County public records), Not that much out of 486 units.

The salespeople still donot sell there, and all they can say is that the transition between the Boca Developers and The Momentis Property Group has not been finalized. Meanwhile, inspired by the legal victory of 89 would-be owners, existing Owners are trying to weigh their chances to get some reprieve from the developer/new owner, and new owner may not want to get entangled in legal war, which may hamper their ability to sell units in the condo towers.

It is not yet clear whether the new owners have paid off the liens left by the initial developer, and if not, how that may affect the sales there. If what I heard is right, there were not sales in 2 years, and agents, who have listings on MLS can't answer if they actually can make sure the sale can even happen.

I do not know  the financial strength of the new owner. Their employees sound upbeat and optimistic, but it really doesn't mean much, as they first time told me that the sales would start in a month, then, after I came back in a month, they told me that in another month, and when I called last week, they told me that in another 6 to 8 weeks.

It is a very expensive proposition to own 2 nearly empty (and not even half of those who closed actually live there) condo buildings with quite sizable commercial space, sitting empty now. It might cost millions a year just to maintain the property, and without the sales the chances of it to be sustainable are very unlikely. But even when they go with sales, in today's market and with today's inventory they might find it very difficult to sell even at half the original price.

Last Wdnesdaythe least expensive unit on MLS, a gorgeous 2/2 condo unit went into foreclosure. It was listed for just under $190K and even at this unbelievable price it did not fetch an offer. Not a good indicator for future sales.

I will keep you posted on the progress in that beautiful condominium project, which only fault was the timing.

Disclaimer:There is practically no information from either the new owners, or anything in the paper, so all information used here is from talking to  employees, those who bought, and those who sued and walked away. The opinions expressed here are mine, and they are only opinions, nothing more.