Described as ?seductive luxury,? Eden Condominiums in Boca Raton, FL is pictured online as a luxurious five-story complex of four buildings centering around a palazzo pool, cabanas and spa. An 8,000 square foot club house boasts state-of-the-art fitness facilities, basketball, racquetball, billiards and meeting rooms. Residents have access to concierge service, private parking garage, climate-controlled wine storage, pre-wired high speed internet, and 24-hour security.
Priced from the mid $300?s to $500?s, homes boast amenities such as granite counters in kitchen and baths, imported Italian wood cabinetry, stainless steel appliances and Saturnia flooring.
Sounds wonderful, doesn?t it! Read a little further on this particular investment site, until you reach the part that says, ?Sales Suspended, the project has endured a variety of delays and litigation and we do not recommend this project to buyers.?
How does a downtown luxury condominium with investment potential, become a five-story paperweight and virtual eyesore? Out of 252 units, only 27 have been sold, forcing owners to sit by, with their finances tied up in an investment that remains unfinished after six years. Now finally, the city has taken action in a lawsuit filed by Florida Attorney General Bill McCollum against Ceebraid-Signal Corp., developers of Eden Condominium.
Claims in the lawsuit describe the developer as using ?deceptive and unfair? tactics to sell the condo units. Only two of the four buildings were completed and the pool, clubhouse and garden have never materialized. The suit seeks financial compensation for damages, fines and attorney fees. McCollum wants the project to be declared illegal and a subsequent $10,000 penalty assigned to every violation of the state?s Deceptive and Unfair Trade Practices Act.
Mark Bideau, attorney for Ceebraid-Signal Corp., claims the accusations are unfounded and were the result of conditions out of their control, that included a change in contractors, safety violations from the city and delayed bank approval for draws and permit extensions. The proposed penalties will only hamper the ability of the developer to reimburse the investors. Their plans are to buy out the 27 condo owners for the price they originally paid (nothing was said about interest charges), and then convert the building into a high-end rental. Currently, their biggest hurdle is obtaining financing in order to make this a reality. Ceebraid-Signal is also on the verge of foreclosing other Florida properties that include Holiday Isle Beach Resort and Marina in Islamorada, and Village Club Apartments in Palm Springs.
The developer has also sued the city, claiming their refusal to extend building permits was unlawful and not in accordance with state law. Currently, the developers have no legal building permit and can be fined $500 a day. In order to complete the project and buy out the investors, Ceebraid-Signal requires those permits to obtain financing. It?s a no win situation where the city is unwilling to back down due to a history of unpaid fees by the developer.
In the meantime, the original Eden Condominium investors, await a final decision, and watch while Ceebraid-Signal celebrates the grand opening of their $100 million Omphoy Ocean Resort in Palm Beach.
Source: http://realestatesunshinecoast.info/2011/09/eden-condominiums-trouble-in-paradise/
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