""Condo Terminators"":http://www.condoterminators.com, a specialty consulting group of ""Morningside Mortgage Corporation"":http://www.morningsidemortgage.com, in Bay Harbor Islands, Florida, has completed the filing process for what the company says is Florida's first mass short sale of a failed condominium conversion.
[IMAGE]The milestone was reached on Wednesday June 9th, and involves the 44-unit Sunset Lake Villas condominium complex in Margate, Florida.
The company says this project is expected to lead a wave of ""condominium terminations,"" resulting in mass short sales of failed condominiums and reversions to apartment buildings.
A 2007 Florida statute provides an orderly process to terminate failed condos and convert them into multifamily apartment dwellings with single owners. The
[COLUMN_BREAK]firm Condo Terminators says this method of resolution has the potential to produce positive outcomes for local governments and the Florida condo market as a whole.
The company explains that local governments there are facing eroding tax bases due to mass cascading failures within the Florida condo market, which is oversupplied with liquidation priced condo units. Removal of failing condos from the housing stock will ultimately speed the recovery process in the Florida condominium market, Condo Terminators says.
Sunset Lake Villas is majority owned by Anthony Galeotafiore, managing member of ""AJG Realty LLC"":http://www.ajgcapitalresources.com development group in Bethpage, New York.
Condo termination was ""the only way out,"" Galeotafiore said. ""After all of the units we sold fell into foreclosure, all of the unit owners moved away or rented units without paying HOA [Home Owners Association] dues. Nobody is financing condos, but apartment buildings are bankable.""
Condo Terminators provided specialty business advice to the developer and transactional advisory services to his council. The company accepts projects for these services throughout the state of Florida.
""Condo termination transactions are the only way to resolve Florida's real-estate slump and protect the rights of homeowners, banks, and the value of our tax base,"" said Condo Terminators President Grant Stern. ""The condo termination law is meant to cut through the tangle of lawsuits and provide fair resolution to the parties of interest, outside of court.""