News about properties and real estate
Developer active in Florida has a cash crunch [South Florida] Even as the condo market flattened in 2006, Cay Clubs sold more than $300 million in condos in a portfolio stretching from Crested Butte, Colo., to Marathon. Last year’s profit: $46 million. Now the company says it’s in a cash crunch, without enough money to …
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Millions spent on Longboat resort [South Florida] When Longboat Key Club General Manager Michael Welly addresses the resort’s condo owners at the group’s Aug. 17 annual meeting, he will likely focus on the slew of upgrades that have been made in the recent past. It is both a good story for him to tell and …
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Bringing down the house [South Florida] Briefly this summer, a mansion in the estates section raised the question of what the town might do to protect a house that, while well-designed, is not old enough to be landmarked. With no procedures in place for the Architectural Review Commission to deny demolition of the 1993 home, …
Housing’s ills imperil condo deals Horacio and Patsy Parra cashed out two retirement accounts last year to buy an Orlando condominium they couldn’t afford. At the time, they weren’t worried. The developer, Cay Clubs Resorts & Marinas, agreed to lease back the $307,000 unit for 15 percent of the sales price — enough cash to …
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$510 million Briny Breezes deal collapses A dream of riches, a shimmering city by the sea, a final battle for Florida. The story is over. At least for now. Two years after a wealthy suitor came courting, eight months after $510 million became too good a deal to pass up, and 17 days after the …
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Statewide bankruptcy involves condo [South Florida] In Southwest Florida, Warren Hickernell was the king of condo conversions. But his $60 million in deals to convert motels rooms and apartments from Manasota Key to Anna Maria Island was child’s play compared with the more than $200 million in apartment building conversions that Hialeah businessman Juan Puig …
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