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| Along with 34 units at Palermo, the developer's office at 3415 Enterprise Way was posted with a Notice of Trustee's Sale in Nov. 9. |
As reported, the scheduled Nov. 30 group auction of the 34 unsold "developer" condos at Palermo Palm Springs was cancelled. For background, you can read the numerous past postings here about the lawsuits and loan default by the Enterprise Cos. of Chicago, the developer of Palermo. The company owes about $13 million on its Palermo loan. The 34 units once controlled by the developer are being rented out by Village Property Management and may be sold together in a "unified" auction. Many of the units have long-term rental leases so it appears unlikely that they would be on the for-sale market soon. Michael Heath of Village Property Management on Nov 30 reported:
"Trustees Sale set for today at 1pm 11/30/10 for the sale of developer interest in Palermo was postponed until December 13th. This is to make time for a settlement conference the parties are organizing. I received notice of this postponement today from the lawyers." Miss Penny Lane says: Will there be an auction or some type of resolution today?
6 comments:
I'm a renter of one of these units and worried about all this. When will we all have an answer.
Did the sale/auction go threw? Do we get to stay in our rental?
Any news?
My guess is that again nothing happened.
No news is good news (for us renters)?
The auction has not happened. Awaiting word on next steps. Bank and developer still in negotiations. Bank has expressed to me that they are interested in the status quo - all units rented. If you are currently in a month-to-month rental agreement I will be contacting you shortly to discuss your options for a new lease term. Please email me with any questions at mheath@vpmrents.com
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