The Real Deal Miami

La Preserve faces foreclosure

December 08, 2008 10:45AM

Upscale Fort Lauderdale development La Preserve is facing a foreclosure
lawsuit from Wachovia Bank. The Glenn Wright Homes-developed project
near Southwest 21st Street and Southwest 15th Avenue includes 67 homes
ranging in price from $700,000 to over $1 million. The developer bought
the property for $7.5 million in 2003 and owed Wachovia $13.8 million
when the mortgage was last modified in August 2007. Closings at the
project began in 2006 but only one home has been sold this year.
Thirty-three single-family homes and home sites in the development
remain unsold.