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Million Dollar Loss and More?

www.sunsentinel.com

5/18/08….Bargain hunters swoop on condos…Paul Owers..

What we …who live in the condo world …already knew…

but seeing it in black and white…just pours salt in the wound…

What we…. who wanted  “structured” planned  development in LBTS ….knew would come…

now gives us no joy in saying…”we told you so…”….

A glut of condos…a loss of value…an ever growing weight hanging over the owners of condos …hoping to sell…

…..One of his clients listed a 3 bedroom condo in LBTS for $1.4 million…the owner turned down several offers…for 2 years…finally selling it for $1.05 million….another client…listed their LBTS condo for $795 thousand…2 years ago…recently sold for $550,000…

So the questions….raising the blood pressure of residents in town…

If this is happening to the glut of condos….up and down the coast..

what about the Oriana….and the million in escrow?….

We have all seen the ads…a while back in the Sun-Sentinel…. after hearing from representatives in the past …they were all sold….

We have all seen the red ‘for sale’ signs…that have appeared on real estate…. on El Mar Drive and A1A…

it is said these properties…might be those owned by people connected with the development… hearsay of course

So what happens to that million…if the condos do not sell?……or worse……

How will we return the road to 2 lanes on the east side?…….

Some cause for concern….with Minto….up the road….

How many years….will it really be?….

It’s mid May….almost Memorial Day….still no park….

still no parking….

last week the Manager reported …a loss of parking revenue….

the expectaion….$91 thousand…from the closed El Prado spaces….the reality…a paltry…$800 bucks!

A request to Minto to offer LBTS some refund on this loss was met with a “No”…due to the “streetscape” changes they will encounter to honor El Mar…remaining 2 lanes…

We have a chance now….

with a new commission…. to check out that million dollar deal…. make sure it’s coming our way….

to get on top of the Minto….to return our park…parking…..including some monetary return for the extended loss of quarters….

and hopefully….

a new Master Steering Committee…previous posts….that will be returned back to reflect what was the best of the previous Master Steering Committee…and what they had to offer…. to the future of this town…….

so that LBTS is ready…when the tide of this  real estate …economic downturn….changes….

with planned development…. planned construction….planned consequences….

An agenda item please…..

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