The Real Deal Miami

Luxury projects falling into foreclosure

December 01, 2008 12:01PM

The Palm Beach Post looks at some of the high-end and mid-range
developments that have fallen into foreclosure in South Florida recently. Polo
Field Estates’ Azura community in Boca Raton includes mansions
ranging from $1.3 million to over $3 million. A foreclosure lawsuit against
Bella Vista Development, developer of Villas Santorini in Lake Worth, alleges that
the developer failed to repay more than $2.5 million in loans. Units in the
townhouse community sold for prices in the mid-$200,000s.