Would like to obtain info on the Future of Turquoise Place condominium in Orange Beach . I have attached two articles that were published in The Atlanta Journal Constituition and On YAHOO on the internet. Could this be the next Florida condo ghost town ?
http://news.yahoo.com/s/ap/20090801/ap_on_re_us/us_lonely_highrise http://www.ajc.com/news/nation
-world/florida-highrise-has-32-106022.html?cxntlid=homepage_tab_newstab
I am curious as to how many units have closed in Phase one of Turquoise Place. My understanding is that only approximately 45 out of approximately 173 have closed. Out of that 45 , approximately 25 were real buyers and the others were business or family.friends to the developer. The rest of the units are either in lawsuit or unsold. Originally prospective buyers were told Phase 1 was sold out. Phase two is to begin scheduled closings within in the next month. Original contracts were on average for $ 1.3 million. The developer has seen the lack of closures in Phase one and is offering contract holders a 25 % discount on prices if they close by September 1st. Even with the 25 % discount that still places prices in the $ 900,000. On average the current market price is $ 200 a square foot. That places the market price of Turquoise Place at around $ 500,000. So do you think people are going to close and then lose an additional $ 400,000 ? Rumor also has it that the developer has assigned unsold units to Yates Construction because of construction loans due. Supposedly these condos were sold to Yates for approximately $ 5000,000 to $ 550,000. What do you think the owners in Phase one who closed for $ 1.2 million have to say about that? Do you think they will let their units go into foreclosure ? And for those that stay and decide to buy, who is going to pay for the costs of up keep , electrical bills to common areas, pools etc ? It would either be the developer or the owners would be assessed for the short fall ? Could you imagine being the only person living in a 32 story high rise ?
