Central Florida Students To Get Boot As Sarasota Home Used As College Residence Faces Foreclosure Sale

In Sarasota, Florida, the Sarasota Herald Tribune reports:

• Despite its lack of central air conditioning and the unfortunate ratio of seven bedrooms to two bathrooms, a two-story house on a shaded corner of 47th Street has maintained a certain allure, even as the city around it modernized. "The 47th Street House," as it is known, was built in north Sarasota by a New College student for New College students with a minimalist joie de vivre. But today, the place where scores of New College students and alumni have lived communally for more than 15 years is scheduled to be sold in a public auction, after the landlord defaulted on the mortgage.

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• Current owner Carmen Palomino says she could not afford the mortgage after her homeowners' insurance went up. Palomino bought the house from [the original owner, a former New College student who built the place in the early 1990's] in 2006 for $190,000, according to property records.

For more, see Tradition goes to highest bidder.

For story update, see:

• Renters at popular college hangout to be evicted,
• 47th Street House sells for $100 ("The buyer was HSBC Bank USA, which held the mortgage that the home’s owner failed to pay. The tenants at “The 47th Street House,” as it is called, vowed to again attempt to purchase the home, even as they were told they have ten days to move out.").