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Finisterra Condominiums in Shalimar, Florida

Instead of boring the world with a long story (with many bunny trails that meander off from the main subject), I will give you a short version of the travesty of justice going on in Shalimar, Florida.

Finisterra Condominiums were built in the 1970's. The property is prime, I mean really prime, near the Shalimar Yacht Basin. The property has three sides to the water.

Finisterra

In a nutshell, over 140 owners (many retired and on a fixed income) are about to be thrown out of their own condos due to nonpayment of construction liens. Finisterra was hit hard by Hurricane Ivan a couple of years ago. Finisterra's insurance company paid Finisterra for the damages, but the money never reached the contractor. All of the unit owners have been assessed a payment of over $20,000 due by September 4^th, or foreclosure proceedings will begin. I won't go into the details of pending lawsuits and theft and mismanagement of funds but all of these items play into this scenario.

QUESTION: Are any ActiveRainers familiar with what is going on at Finisterra? I am interested in speaking with REALTORS® , inspectors, mortgage experts, and attorneys.

Time is truly of the essence! Feel free to call me at (813) 787-2923 or email me at PeggyEdwards@msn.com. Anything you tell me will remain confidential unless you give me permission otherwise. Thank you!

Posted by Peggy Edwards, ~REALTOR®~Citrus Park & Westchase, FL on 08/04/2007 07:51 PM

Comments (5)

finisterra, shalimar, hurricane assessment, assessment, foreclosure

This post has been included in Florida Information Okaloosa County, FL Information Shalimar, FL Information

5 Comments on Finisterra Condominiums in Shalimar, Florida

Peggy - This is horrible! How good of you to support these homeowners with any available means you can muster. Good Luck!

08/04/2007 10:03 PM

by Indianapolis Real Estate | Paula Henry (ReMax Excel)

Peggy - this type of thing is why I got out of my condo in Westwinds. We bought it at pre-construction stage, spec'd it out, etc. All got built, time to move in, everything is nice. Then when the construction started to show a true lack of quality the builder was nowhere to be found. When he was found he was bankrupt and the warranties offered with new construction were null and void. Even the warranties on the appliances were no good since he didn't file them properly. Construction issues in Florida are pretty prevalent - and hurricanes don't make it any easier.

08/04/2007 11:17 PM

by Carol Smith, ReMax Preferred, REALTOR®, Toledo, OH (www.calltoledohome.com)

Paula and Carol, thanks for stopping by and reading this post. The situation in Shalimar just makes me sick. My sister owns a condo here and it is such a mess. Board of Directors resigned, mismanagement of funds, the property alone is worth $45 million but unless every one of the owners pays $20,000 each in the next month, they are out on the street. It's truly a sin. Makes you wonder who the big player is that apparently wants this land.

08/05/2007 03:31 AM

by Peggy Edwards, ~REALTOR®~Citrus Park & Westchase, FL (Coldwell Banker)

So what happened to the money the insurance company sent? Was it not enough to cover the damage?

08/30/2007 06:13 PM

by Johnny Appleseed

Johnny, that's the kicker. Insurance company DID pay Finisterra but THAT MONEY WAS NOT USED TO PAY THE CONTRACTORS WHO REPAIRED THE DAMAGE. Did you ever hear of such a thing?

08/30/2007 07:01 PM

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