You might as well kiss your money goodbye too if you bought a Tower View Villa. It must be a very old sign. The Corporation that built these abandoned villas was dissolved 9/26/2008. On the sign it says “Homebuyers Club provided by Miami-Dade Affordable Housing Foundation, Inc. and financing through Miami-Dade Housing Finance Authority.”
Out of the 26 built (there are 25 more subdivided lots) 2 1,500 sq. ft. (3/3) units have sold for $225,000 each (assessed now for $50,000 less). One is in foreclosure. Apparently Sun Trust is after the guy Corey and Metro Miami Action Plan too. Sun Trust gave Corey a mortgage for $160,500 and Miami Action Plan gave him $60,000 and a third balloon Mortgage for $13,500. So Corey got $234,000 in financing – more than it cost. That sucks. The other buyer got $148,250 from the bank and $83,500 from the county, however, this woman is NOT in foreclosure. So soon she will be the sole occupant of Tower View Villas. Poor lady could never sell her unit. Nice going Miami Dade County for your help in getting these two people tied up in this particular loser property. I would not want to live among the weeds in these abandoned villas. It was a mistake to "Kiss the Landlord Goodbye."
Delmar also owns a 4 acre plot next to this subdivision which was purchased for $2,976,000 in 2006. My suggestion, to all those holding liens, and there are a bunch of liens, go after this nice chunk of property.
Plenty of photos follow (Hit on all images to enlarge them):
6 comments:
Who in the county is responsible for what appears to be an insider deal with a developer for such a poor outcome with taxpayer dollars.
Yes, heads should roll but which heads?
You would think with all the people looking for housing...and that these are billed as "Affordable Housing" that some agreement could be reached to put people in these homes.
The Miami-Dade Housing Finance Authority was the non-profit psuedo government creature that was the focus of the House of Lies story in the Herald.
Where's Rundle with the indictments?
How long before taxpayers get a hint of justice?
I served on the MDHousing and Finance Authority Board in the 90s I see little has changed, I was many times the lonely nay in a sea of Yay$$$
Theirs more problems than just over priced "affordable" housing units but I don't see things changing anytime soo.
How is the city of miami responsible for "allowing someone to purchase unsellable units"? People are never satisfied with anything. I can tell you this much... if the economy was still booming as it was prior to 2007 and the value was still increasing, everyone would be trying to grab one themselves. It's not the counties fault that the economy fell into a rut. Whether you want to make the argument that the county should or should not be helping in the first place is a separate argument and perhaps a valid one at that but the fact that the values dropped county and countrywide is not the county's problem.
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