Daytona Beach Shores Penthouse on Chopping Block

We are checking what is scheduled for next week for foreclosure auction, and here it comes. On Wednesday the penthouse condo unit in Bella Vista comes on the chopping block.

Built in 2007, this is part of the Costa Bella collection by Cook Development, and this is one of only few really luxury and well built oceanfront buildings in Daytona Beach Area.

What survived are the buildings in the Costa Bella collection. They are not exactly Miami super luxury, but they are a huge step up for Daytona Beach Shores. Interestingly it is not because of the act of the city, the opposite is true…

The unit in Bella Vista is currently under contract as a short sale. I spoke to the Listing agent, and he is confident that the Bank will cancel the sale. He says that he has a very strong cash offer.

However, the agent is not the one who is calling and trying to stop the sale, and people who do short sales and people who do foreclosures do not talk to each other.

In a nutshell, there is no guarantee that it would not be cancelled, nor that it would be.

This is one of the best buildings (one of 3-4) in the area of that class and ambience. The unit is on the south side with great view of the ocean and the peninsula all the way to the Lighthouse.

3 Bdr/3 baths unit is over 2,400 sf. It was bought for $770K a few years ago.

Judgment is for $445,104.09

Here is a list of For Sale (Active Listings on local MLS in this building:

And here are units sold in 2010.

If it goes to Auction Sale, chances are that the Lender can ask a bit over judgment (about $450K). There is a small chance that they discount, but we do not know that yet. Until 20 minutes to the start of the auction, which is on Wednesday at 11 A.M.