Struggling SW Florida Condominium Association Seeks Blanket Receivership Appointment In Effort To Stay Afloat

In Naples, Florida, the Naples Daily News reports:

• Some renters and foreclosed-on squatters at South Bay Plantation in East Naples may soon find red stickers on their front doors, warning that a receiver has been appointed for the struggling property and they have 48 hours to call. If they don’t, their locks will be changed. It’s a tactic the struggling 240-unit community’s new manager, S3 Association Management LLC of Davie, plans on using if Collier Circuit Judge Cynthia Pivacek grants South Bay Plantation Condominium Association’s emergency motion to appoint a receiver.

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• South Bay Plantation’s motion details a dire situation: Of the 240 units, only 110 sold and now only 35 diligent homeowners continue to pay monthly HOA fees. [...] The development’s monthly operating costs and expenses total about $34,039, but the association is collecting only $17,000 and is owed roughly $158,000 in delinquent assessments. “The increased burden on those unit owners who have been sharing the financial burden could result in a domino effect, forcing unit owners who have been making timely payments to potentially become delinquent and also face foreclosure proceedings,” the motion says.

For more, see South Bay Plantation residents may get locked out of homes.