Posts Tagged ‘VRBooker’
Bridgeford Crossing – A Community In Foreclosure.
August 3rd, 2009
As VRBooker, I have been promoting a beautiful house at Bridgeford Crossing. It is big, lakeside, beautifully furnished and had all the community facilities you could ask for. A clubhouse with gym, games room and cinema. A large community pool with sunbathing area and tennis courts.
The community is about 1/3 complete and during the boom times homes sold like hot cakes. Unfortunately, as is the situation with other communities, many contracts never completed and due to the nose dive in property values some owners just abandoned their homes or never even took occupancy.
As a result of this the whole community has gone bankrupt and is about to go into foreclosure.
Therefore:
- There is no electricity for the streetlights. At night it is dark, very dark.
- The community entrance gates are permanently open.
- The clubhouse is closed.
- The pool is green and unusable.
- The tennis courts have weeds.
- The landscaping is just being handed back to nature.
- No care is being taken of each individual house’s yards.
Here are some pictures to give some idea:
Having spoken to the lady dealing with the foreclosure it looks like the bank will get possession in about three months. During that time no remedial work will be undertaken. After that it is entirely up to the bank what action they take so it could be 6, 9 or even 12 months going forward.
Obviously I have had to tell the owner of the home that I can no longer promote it to guests and he has decided that his only chance of gaining any revenue from it is to get a long term tenant. I hope he succeeds but with the glut of rentals on the market and the chance that the condition of the community is going to get worse before it gets better, it will be difficult.
What this situation does to the value of the homes on this community is frightening. I would estimate about 50 homes are completed that were sold for an average of approximately $350,000. So my high school math tells that $17,500,000 worth of homes are now worth, at best, $5,000,000. That is a $12,500,000 loss on a tiny community out in the countryside of Davenport.
Sometimes my tiny little brain cannot comprehend the scale of the losses incurred on property here in Central Florida.
