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Owners Try Blocking CityPlace Foreclosure

WEST PALM BEACH, FL-Condo buyers are racing to stop the action in order to recover deposits.

By Polyana da Costa | Updated on August 31, 2009

(This story, in slightly different form, originally appeared in Incisive Media’s Daily Business Review.)

WEST PALM BEACH, FL-Buyers fighting with Related Group over deposits on units at the developer’s CityPlace South Tower failed to stop the foreclosure sale Monday. Lawyers representing the contract holders say their claims could be effectively wiped out.

The lawyers contend there would be little chance of collecting from the developer even if they are successful in their lawsuits to recover deposits on units at the failed project that Miami-based Related Group is turning over to lenders in a “friendly foreclosure.” The Bank of Nova Scotia was the only bidder in the $120-million foreclosure, taking 370 unsold units at the 420-unit CityPlace building with a minimum $100 bid.

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