COMMENT OF THE DAY: ENDEAVOUR RESCUE PLAN “Original asking prices for the 80 unit tower ranged from $425k to $2.5 million. After all the hype about sales, it looks like the developer was only able to sell 36 units. Now Regions has unloaded 44 units for an average price of $216k plus back taxes and interest. OUCH! And what can we read between the lines of this comment? ‘The group also said it would pay normally budgeted homeowner assessments for 2010 for any condo owner current on their assessments for 2009.’ It sounds to me like MANY of the 36 original buyers are behind on their maintenance fees. Wonmore is trying to incentivize them [to] get current by offering to pay all their fees for 2010??? That sounds like an awfully big incentive? Are they trying to solve an awfully big problem? When condo associations go broke, look out below. . . .” [Bernard, commenting on Wonmore in Bankrupt Endeavour]
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And just for good measure, here are couple of other tidbits…
A quick look at the owner names according to HCAD shows that the units acquired by Wonmore represent a pretty good cross section of floor plans and unit levels, and also include 3 of the 4 penthouses. The HCAD appraised value of these units is over $33 million.
It also looks like four of the units sold by the developer have already been foreclosed on:
Unit 4SW – Countrywide Bank FSB
Unit 9SE – Fannie Mae
Unit 11E – CitiMortgage
Unit 12SW – CitiMortgage
That makes a total of 48 out of 80 units that are were taken back by lenders.