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Lake Austin Properties Twelfth Update – Lake Austin Reserve Purchasers Secure Judgments

admin — Tue, 20 Dec 2011 15:37:24 +0000

By John L. Urban, Shareholder

Urban Thier Federer & Chinnery, P.A.

Urban Thier Federer & Chinnery, P.A. (“UTFC”), has now represented approximately 500 units at the Lake Austin Reserve development. Of those units, over 450 are now fully settled and/or at final Judgment. UTFC remains the only law firm to have ever recovered a purchaser’s entire deposit in the Lake Austin Reserve (Avalon, Grande Palisades, Magnolia Woods, or Palisades phases). To the best of our knowledge, UTFC is also the only law firm to have recovered not just the 10 percent of the purchase price being held in escrow but also the accumulated interest on that amount.

Former and current clients have made us aware of various individuals who are sending out misleading emails and blogs on the internet claiming that they have special access to lawyers who can collect more or claiming to have special financial data that will enable recovery of additional amounts. UTFC cautions and warns all Lake Austin Reserve purchasers to be very careful when dealing with these individuals as much of the information on the internet appears to be less than truthful or complete.

Urban Thier Federer & Chinnery Limited continues to work with The Affinity Partnership to educate purchasers on their legal rights and options. In early March 2011, John L. Urban traveled to the United Kingdom and met with 100s of Lake Austin Reserve purchasers in London, Birmingham, Darlington and Swindon. At the meetings, purchasers were informed of the status of the Lake Austin Reserve development, their legal rights and options, and were able to ask questions both in a group setting and a one-on-one basis. The vast majority of the Lake Austin Reserve purchasers who retained UTFC in March and April 2011 now have final Judgments from the federal United States District Court for the Middle District of Florida awarding them their entire deposits paid plus interest, attorney fees and court costs.

If you are still a party to an Agreement for Sale contract obligating you to purchase an Avalon, Grande Palisades, Magnolia Woods and/or Palisades unit at Lake Austin Properties I, Ltd.’s Lake Austin Reserve, we encourage you to contact our Orlando, Florida, office to explore and discuss your legal rights and options. UTFC is the only international law firm representing Lake Austin Reserve purchasers and has represented more purchasers than all other law firms combined. With offices in both Florida and Europe, including two offices in the United Kingdom, we are uniquely positioned to serve United Kingdom based and other international clients.

UTFC encourages all purchasers to do their own independent due diligence and research. You can also learn more about Lake Austin Properties I, Ltd.’s Lake Austin Reserve Grande Palisades, The Avalon and Magnolia Woods Resort phases via these previous articles:

Lake Austin Properties I, Ltd. Eleventh Update – Lake Austin Announces Deal With Malbec Investments – July 27, 2011

Lake Austin Properties I, Ltd. Eighth Update – Lake Austin Reserve Developer Visits United Kingdom to Propose REIT Concept – February 10, 2011

Lake Austin Properties I, Ltd. Seventh Update – The Importance of Understanding Your Chosen Law Firm’s Litigation Strategy and Your Own Litigation Priorities – February 9, 2011

Lake Austin Properties I, Ltd. Sixth Update – Lake Austin Joins Forces with IAP/IAP Global Veteran to Replace The Affinity Partnership, Ltd. – January 25, 2011

Lake Austin Properties I, Ltd. Fifth Update – The Grande Palisades and Lake Austin Properties I, Ltd. High Pressure Tactics – December 3, 2010

Lake Austin Properties I, Ltd. Fourth Update – The Future of the Grande Palisades and the Oversupply of Disney Area Condominium Hotels (Condo-Hotels) – November 12, 2010

Lake Austin Properties I, Ltd. Third Update – Fuel USA and Affiliated Attorneys and Solicitors – November 5, 2010

Lake Austin Properties I, Ltd. Second Update – The Affinity Partnership, Ltd. and Related Entities – July 30, 2010

Lake Austin Properties I, Ltd. Update – Status of Buyers’ Deposits – June 28, 2010

Lake Austin Properties I, Ltd. Grande Palisades, Avalon and Magnolia Woods – Status and Rights – January 30, 2010

We encourage all purchasers to interview any attorney that they may be contemplating to retain and to ask that attorney for their experience, record in this area of the law, number of cases taken to final judgment, number of cases affirmed on appeal, number of attorneys in the firm, firm staff, resources, etc. We sincerely believe that purchasers should not retain an attorney or law firm until they are confident that 1) the law firm has the experience and resources to represent their best interest and 2) they fully understand the law firm’s litigation strategy.

The Florida Bar, which regulates all attorneys who are licensed to practice law in the State of Florida, provides strict guidelines which prohibit us from referring to past successes or results obtained for other purchasers in this or other developments. However, we can provide you with this and other information in response to any inquiry. Accordingly, we encourage you to contact us via the “Contact Us” page and we will promptly respond with additional information.

With attorneys in Orlando, Florida, Munich, Germany, and Manchester and London, United Kingdom, Urban Thier Federer & Chinnery, P.A., Urban Thier Federer & Chinnery, Rechtsanwälte and Urban Thier Federer & Chinnery Limited continue to assist buyers throughout the United States and European Union countries who are seeking to terminate their pre-construction purchase agreements. Most cases can be handled on a contingency fee basis (client is responsible for costs).

We encourage you to explore our websites – www.urbanthier.com (United States office), www.urbanthier.de (German office) and www.urbanthier.co.uk (UK office) to learn more about Urban Thier Federer & Chinnery, P.A., Urban Thier Federer & Chinnery, Rechtsanwälte, Urban Thier Federer & Chinnery Limited (SRA Number 559959) and their attorneys and practice areas. Urban Thier Federer & Chinnery, P.A.’s representation of buyers includes litigation of cases in state court, federal court and arbitration proceedings. We encourage you to become informed of your rights and options. You should also ensure that any law firm you consult or retain to represent you has the experience, resources and ability to take your case through trial and appellate courts, if necessary.

Please note that Urban Thier Federer & Chinnery, P.A. does not represent you and cannot take any action on your behalf unless and until you enter into a formal written Legal Representation Agreement.

Lake Austin Properties I, Ltd. Eleventh Update – Lake Austin Announces Deal With Malbec Investments

admin — Wed, 27 Jul 2011 17:50:48 +0000

By John L. Urban, Shareholder Urban Thier Federer & Chinnery, P.A.

On July 26, 2011, Lake Austin Properties I, Ltd, via an email sent to owners by former IAP employee David James, who is now working for Lake Austin Properties (UK), announced that Malbec Investments received final agreed terms from OSM (the original lender for the Lake Austin Reserve development). The announcement goes on to state that final details of the buy-out may be confirmed by the following week and that individual closings may be scheduled in as little as 45 days. This announcement should be a call to action for purchasers who signed an Agreement for Sale with Lake Austin Properties I, Ltd., for the purchase of a Grande Palisades C1, C2 or C3, Avalon Resort or Magnolia Woods Resort unit at the Lake Austin Reserve.

Urban Thier Federer & Chinnery, P.A. (“UTFC”), has represented well over 450 units at the Lake Austin Reserve, of which approximately 350 are already fully resolved. As discussed in detail in prior www.urbanthier.com articles, Lake Austin Reserve unit purchasers should be aware of the following issues:

AGREEMENT FOR SALE PRICE VERSUS MARKET PRICE/VALUE:

The market prices/values of condominium-hotel units in the relevant West of Disney market area are a mere fraction of the Agreement for Sale contracted for Lake Austin Reserve unit prices. See the following article for details:

- The Future of the Grande Palisades and the Oversupply of Disney Area Condominium Hotels (Condo-Hotels)

http://www.urbanthier.com/real-estate/lake-austin-properties-i-ltd-fourth-update/

COMPLETION OF CONSTRUCTION MAY BE BAD NEWS FOR PURCHASERS:

The fact that the Grande Palisades units may soon be completed is good news for the developer. However, it also means that purchasers are that much closer to potentially being forced to close on a unit that is worth a mere fraction of the Agreement for Sale contracted for purchase price. Despite representations to the contrary by Lake Austin, UTFC is not aware of any purchasers receiving a voluntary refund of any portion of their deposit or any Agreement for Sale price reduction to bring the purchase price in line with market values. See the following article for details:

- Urban Thier Federer & Chinnery, P.A., Answers Lake Austin Reserve Purchasers’ Questions in Person in the United Kingdom and Provides Factual Information

http://www.urbanthier.com/real-estate/lake-austin-propertiers-i-ltd-tenth-update/

LAKE AUSTIN’S EMPTY REPRESENTATIONS:

UTFC is aware that Lake Austin Properties I, Ltd., has made many different proposals, representations, etc. However, the fact remains that Grande Palisades, Avalon Resort and Magnolia Woods Resort purchasers who signed an Agreement for Sale and who have not been legally and bindingly released from their Agreement for Sale are contractually obligated to pay another 70-75 percent of the purchase price for a Lake Austin Reserve unit. UTFC is not aware of any purchaser who has received a binding commitment from Lake Austin Properties I, Ltd., to reduce their purchase price, to pay a rental guarantee, to participate in a REIT, etc. See the following article for details:

- Lake Austin Reserve Developer Visits United Kingdom to Propose REIT Concept

http://www.urbanthier.com/real-estate-law/lake-austin-properties-i-ltd-eighth-update/

Urban Thier Federer & Chinnery, P.A., encourages all purchasers to do their own independent due diligence and research. You can also learn more about Lake Austin Properties I, Ltd.’s Lake Austin Reserve Grande Palisades, The Avalon and Magnolia Woods Resort phases via these previous articles:

Aqualea Residences, a Condominium

admin — Tue, 26 Jul 2011 20:35:29 +0000

a/k/a Hyatt Regency Clearwater Beach Resort, Clearwater, Florida

By John L. Urban, Shareholder – Urban Thier Federer & Chinnery, P.A.

Urban Thier Federer & Chinnery, P.A., is accepting cases to represent purchaser clients who have contracted with Crystal Beach Capital, LLC, a Florida limited liability company, to purchase a condominium unit in the Aqualea Residences (a/k/a Hyatt Regency Clearwater Beach Resort) development and who have not taken ownership (have not closed on the purchase) of their unit(s). The property consists of 250 condo-hotel suites, which all appear to have been completed after the Purchase Agreement’s estimated completion date.

As evidenced by the Florida state and federal court dockets/public records, Urban Thier Federer & Chinnery, P.A., is one of the most active law firms in this area of the law. The law firm has settled many cases and has taken many other cases to final judgment, securing final judgments in favor of its client purchasers and against various developers, for the deposits paid plus interest, attorney fees and costs. To date, Urban Thier Federer & Chinnery, P.A., has filed over 500 separate lawsuits throughout Central Florida on behalf of preconstruction contract purchaser clients seeking to terminate their contractual obligation to purchase a unit and to recover as much of their deposit money as possible. Most cases are handled on a contingency fee basis.

In a case that received national attention, Harvey v. Lake Buena Vista Resort, L.L.C., 568 F.Supp.2d 1354 (M.D.Fla. 2007) affirmed Harvey v. Lake Buena Vista Resort, L.L.C., 306 Fed.Appx. 471 (11th Cir. 2009 ), Urban Thier Federer & Chinnery, P.A., represented a husband and wife in the United States District Court for the Middle District of Florida and through appeal. By way of example only, in that case, this law firm filed a lawsuit on behalf of its purchaser clients in federal court for violations of the Interstate Land Sales Full Disclosure Act, Florida Statutes Chapter 718, Breach of Contract and other causes of action against the defendant developer, Lake Buena Vista Resort, LLC, and was able to secure and recover a six figure judgment, as it has done for many other preconstruction condominium unit purchasers throughout Central Florida.

The Florida Bar, which regulates all attorneys who are licensed to practice law in the State of Florida, provides strict guidelines which limit our ability to refer to past successes or results obtained for other purchasers in this or other developments. However, we can provide you with this and other information in response to any inquiry. Accordingly, we encourage you to contact us via the “Contact Us” page and we will promptly respond with additional information.

Urban Thier Federer & Chinnery, P.A.’s representation of buyers includes litigation of cases in state court, federal court and arbitration proceedings. We encourage you to become informed of your rights and options. You should also ensure that any law firm you consult or retain to represent you has the experience, resources and ability to take your case through trial and appellate courts, if necessary.

Lake Austin Properties I, Ltd. – Tenth Update

admin — Fri, 01 Apr 2011 13:56:49 +0000

Urban Thier Federer & Chinnery, P.A., Answers Lake Austin Reserve Purchasers’ Questions in Person in the United Kingdom and Provides Factual Information

By John L. Urban, Shareholder – Urban Thier Federer & Chinnery, P.A.

Email John L. Urban

In early March 2011, John L. Urban traveled to the United Kingdom and, in cooperation with the UK law firm of Chinnery & Co Solicitors, which works with The Affinity Partnership, attended meetings with Lake Austin Reserve purchasers in London, Birmingham, Darlington and Swindon. At the meetings purchasers were informed of the status of the Lake Austin Reserve development, their legal rights and options, and were able to ask questions both in a group setting and on a one-on-one basis.

Unless they have already retained another law firm to represent them in this matter, Lake Austin Reserve purchasers in the Grande Palisades, Avalon or Magnolia Woods phases should feel free to contact this law firm and speak with Mr. Urban directly with any questions or concerns. We can also forward you written information about your legal rights and options upon request.

Urban Thier Federer & Chinnery, P.A., has learned from current clients and other sources that Lake Austin has posted “Developer Updates” on its website which include false information. Unlike Lake Austin Properties I, Ltd. (“Lake Austin”), Paul Oxley, David James, and others acting on Lake Austin’s behalf, Urban Thier Federer & Chinnery, P.A. and its attorneys are regulated by the Florida Bar and subject to disciplinary proceedings should anything we post or share with purchasers be false or inaccurate. Addressing just some of the false information being circulated by Lake Austin:

- As of the date of this article, neither John L. Urban nor Urban Thier Federer & Chinnery, P.A., are being investigated by the Florida Bar, or any other regulatory authority, in relation to the Lake Austin Reserve or any other development or matter whatsoever. Purchasers can contact the Florida Bar directly at www.floridabar.org to verify.

- Lake Austin Reserve purchasers are free to retain Urban Thier Federer & Chinnery, P.A., directly or in conjunction with Chinnery & Co Solicitors, regardless of whether or not they attended a The Affinity Partnership, Ltd., meeting. For Lake Austin Reserve purchasers who wish to pursue legal action to enforce their rights, Urban Thier Federer & Chinnery, P.A., believes strongly that they should hire whichever attorney or legal team they believe will ensure that they 1) are legally and bindingly released from the Agreement for Sale/legal obligation to purchase a Lake Austin Reserve unit and 2) will recover as much money as possible.

- It should be obvious to purchasers that Lake Austin, Paul Oxley, the bank(s), the hedge fund(s), and others associated with the Lake Austin Reserve wish to profit by having purchasers complete on their Agreement for Sale/contract. Their motives are their own self-interest, which are the same motives that should guide purchasers.

- The “Historical Terminations” were not, as implied by Lake Austin, a result of Lake Austin’s charity or goodwill. The proof is in the facts. This law firm alone has filed over 350 separate federal court lawsuits on behalf of its Lake Austin Reserve purchaser clients against Lake Austin. It is only via direct legal pressure that Lake Austin has settled cases.

Lake Austin Reserve purchasers should be aware that Paul Oxley and David James appear to be calling all purchasers who have retained Urban Thier Federer & Chinnery, P.A. Apparently they are asking purchasers not to continue with legal action and to trust them that Lake Austin will release them from their Agreement for Sale and return a portion of the 10 percent of their purchase price that is still in escrow. Tellingly, it appears that Lake Austin will essentially do, say or try anything to stop purchasers from pursuing their legal rights via Urban Thier Federer & Chinnery, P.A. In an apparent effort to further delay or stall purchasers from taking any formal legal action, Lake Austin is now encouraging purchasers to deal directly with Lake Austin and its attorneys to address their claims. Again, tellingly, Lake Austin insists that Lake Austin Reserve purchasers should not retain their own attorneys to represent them.

Other information that may be of interest to Lake Austin Reserve purchasers:

- As of the date of this article, Urban Thier Federer & Chinnery, P.A., has represented well over 400 Lake Austin Reserve units. Over 75 percent of those units are fully concluded and the rest are in active litigation. In contrast, less than 25 percent of the units represented by the other approximately 10 (mostly 1 and 2 attorney) law firms representing Lake Austin Reserve purchasers have been concluded and the vast majority continue to languish in state court.

- As of the date of this article, over half of all Lake Austin Reserve purchasers have already terminated, or are in the legal process of terminating, their Agreement for Sale/contractual obligation to purchase a Lake Austin Reserve unit. This is based upon a total of 1,588 Lake Austin Reserve units (890 Grande Palisades and 349 each Avalon and Magnolia Woods) with 400+ units represented by Urban Thier Federer & Chinnery, P.A., 200+ units terminated via The Affinity Partnership, Ltd., (while it was still working with Lake Austin), and nearly 200 units represented by the other approximately 10 law firms representing purchasers.

- As of the date of this article, Lake Austin is still a party to foreclosure lawsuits that have been filed against it in relation to the Lake Austin Reserve. More specifically, on October 9, 2009, the main mortgage holder filed a foreclosure lawsuit (Case No. 2009-CA-031936) in relation to the Lake Austin Reserve naming as defendants Lake Austin Properties I, Ltd., Maesbury Homes, Inc., Paul Oxley, and others, and seeking $151,712,218.79.

- On September 21, 2009, a Final Judgment (in Case No. 09-CA-001316) was entered against Paul Oxley, Lindsay Oxley, Maesbury Homes, Inc., and others, jointly and severally, in the amount of $10,943,376.22.

Rather than providing facts to counter the factual information provided by this law firm, The Affinity Partnership, Ltd., and others, Lake Austin has resorted to petty name calling and appears to have engaged in a deliberate campaign to downplay the dire status of the Lake Austin Reserve and the Central Florida condominium-hotel market in general. It appears that Lake Austin cannot or will not provide factual responses to Lake Austin Reserve unit valuation and cash flow concerns. Rather, Lake Austin appears to be stalling for even more time in desperate hopes of securing funding to complete the Grande Palisades phase of the Lake Austin Reserve and then force purchasers to complete on their Agreement for Sale/contractual obligations.

Lake Austin Reserve purchasers are encouraged to do their own due diligence by researching the current status of other “West of Disney,” Paul Oxley developments, such as Caleb’s Club, Caribe Cove, Bahama Bay I, and Bahama Bay II, which is the latest Maesbury Homes, Inc./Paul Oxley development, is in foreclosure, has been taken over by a Court appointed receiver, and will never be completed.

As set forth in previous articles, Urban Thier Federer & Chinnery, P.A., strongly believes that continuing with the purchase of a Lake Austin Reserve unit cannot be economically justified and that the priority for purchasers is to ensure that:

1) they are legally and bindingly released from their Agreement for Sale/terminate their contractual obligation to purchase a Lake Austin Reserve unit in their own Florida Bar licensed attorney’s opinion (not Lake Austin’s attorneys’ opinion),

2) are competently represented regardless of whether the case is contested or settled and

3) they recover as much money as possible.

In addition to performing their own due diligence, purchasers can also learn more about Lake Austin’s Lake Austin Reserve Grande Palisades, The Avalon and Magnolia Woods Resort phases via these previous articles and updates:

The Florida Bar, which regulates all attorneys who are licensed to practice law in the State of Florida, provides strict guidelines which prohibit us from referring to past successes or results obtained for other purchasers in this or other developments. However, we can provide you with this and other information in response to any inquiry. Accordingly, we encourage you to contact us via the Contact Us page and we will promptly respond with additional information.

With attorneys in Orlando, Florida, and Munich, Germany, Urban Thier Federer & Chinnery, P.A. and Urban Thier Federer & Chinnery, Rechtsanwälte continue to assist buyers throughout the United States and European Union countries who are seeking to terminate their pre-construction purchase agreements. Most cases can be handled on a contingency fee basis (client is responsible for costs).

We encourage you to explore our websites – www.urbanthier.com (United States office) and www.urbanthier.de (German office) to learn more about Urban Thier Federer & Chinnery, P.A., Urban Thier Federer & Chinnery, Rechtsanwälte, and their attorneys and practice areas. Urban Thier Federer & Chinnery, P.A.’s representation of buyers includes litigation of cases in state court, federal court and arbitration proceedings. We encourage you to become informed of your rights and options. You should also ensure that any law firm you consult or retain to represent you has the experience, resources and ability to take your case through trial and appellate courts, if necessary.

Lake Austin Properties I, Ltd. – Ninth Update

admin — Thu, 24 Feb 2011 21:54:47 +0000

Lake Austin Properties I, Ltd., Raises Bankruptcy and Other Issues to Encourage Grande Palisades, Avalon and Magnolia Woods Purchasers to Continue with an Economically Unjustifiable Purchase

By John L. Urban, Shareholder – Urban Thier Federer & Chinnery, P.A.

Email John L. Urban

Urban Thier Federer & Chinnery, P.A., has learned from current and former clients that via the February 11-13, 2011, in person meetings and the “Presenters Notes” sent out on February 22, 2011, Lake Austin Properties I, Ltd., and Paul Oxley are suggesting that if purchasers do not agree to continue with their Grande Palisades C1 and C2 unit purchase or, for those with a Grande Palisades C3, Avalon or Magnolia Woods unit, switch to a Grande Palisades C1 or C2 unit, that they could lose their entire deposit. More specifically, they are suggesting that if Lake Austin Properties I, Ltd., is forced into bankruptcy, then the mortgage holder and/or others will take purchasers’ deposits.

Just as Lake Austin has multiple attorneys working for its best interest, more than ever, it is important that purchasers who signed an Agreement for Sale for a Lake Austin Reserve unit not sign any other contract, amendments or other documents until they have consulted with an independent Florida licensed attorney of their own choosing. The fact is that purchasers do have legal rights, even in bankruptcy. Urban Thier Federer & Chinnery, P.A. has represented many purchasers in other developments that have gone into bankruptcy. It is by signing new documents giving up those rights that purchasers may be deemed by a bankruptcy court, or other court, to have knowingly waived or otherwise forfeited those rights.

Purchasers should not allow misplaced loyalty to Lake Austin Properties I, Ltd., to cloud their own business analysis as to whether it is in their own best interest to continue with the purchase of a Lake Austin Reserve unit. It is the purchasers who actually close on the purchase of a unit, not Lake Austin Properties I, Ltd., Paul Oxley, or their lawyers, who will be left to address the economic realities of a unit purchase and will lose significant legal rights once they take ownership of a unit. Purchasers can also learn more via this law firm’s previous articles addressing various aspects of the Lake Austin Reserve.

Urban Thier Federer & Chinnery, P.A., believes that proceeding with the purchase of a Lake Austin Reserve unit cannot be economically justified. This is based upon the valuation of the Lake Austin Reserve units based on comparable units in the same condominium-hotel market and other Paul Oxley developments as well as the prospective net revenue a unit can generate versus the carrying costs. See previous article for more details Lake Austin Properties I, Ltd. Fourth Update – The Future of the Grande Palisades and the Oversupply of Disney Area Condominium Hotels (Condo-Hotels). Again, we encourage you to read this law firm’s Lake Austin Reserve articles, consult with an independent Florida Bar licensed attorney, and, most importantly, do your own independent research and due diligence. You can also learn more about Lake Austin Properties I, Ltd.’s Lake Austin Reserve Grande Palisades, The Avalon and Magnolia Woods Resort phases via these previous articles and updates:

Current Update:
Lake Austin Properties I, Ltd. Tenth Update – Urban Thier Federer & Chinnery, P.A. Answers Lake Austin reserve Purchasers’ Questions in Person in the United Kingdom and Provides Factual Information-

With attorneys in Orlando, Florida, and Munich, Germany, Urban Thier Federer & Chinnery, P.A. continues to assist buyers throughout the United States and European Union countries who are seeking to terminate their pre-construction purchase agreements. Most cases can be handled on a contingency fee basis (client is responsible for costs).

We encourage you to explore our website – www.urbanthier.com to learn more about Urban Thier Federer & Chinnery, P.A., its attorneys and practice areas. Urban Thier Federer & Chinnery, P.A.’s representation of buyers includes litigation of cases in state court, federal court and arbitration proceedings. We encourage you to become informed of your rights and options. You should also ensure that any law firm you consult or retain to represent you has the experience, resources and ability to take your case through trial and appellate courts, if necessary.

Please note that Urban Thier Federer & Chinnery, P.A. does not represent you and cannot take any action on your behalf unless and until you enter into a formal written Legal Representation Agreement.

Lake Austin Properties I, Ltd. – Fifth Update

admin — Fri, 03 Dec 2010 21:58:02 +0000

The Grande Palisades and Lake Austin Properties I, Ltd.’s High Pressure Tactics

By John L. Urban, Shareholder – Urban Thier Federer & Chinnery, P.A.

Email John L. Urban

Urban Thier Federer & Chinnery, P.A. has learned from a number of sources that Lake Austin Properties I, Ltd. is engaging in high pressure tactics and other methods to manipulate purchasers into either proceeding with an economically unjustifiable purchase or allowing it to retain even more of their escrow funds (see for example the “Grande Palisades – REALISE your investment or LOSE your investment” emails sent out on behalf of Lake Austin Properties I, Ltd.) Lake Austin Properties I, Ltd. has attempted to paint a picture of the lawyers and solicitors versus Lake Austin, with Lake Austin Properties I, Ltd., and Paul Oxley portrayed as the victims of lawyers, bankers and the economy.

Paul Oxley, Lake Austin Properties I, Ltd., and the bankers, or other financing sources that they are working with to secure financing to complete The Grande Palisades, are fully aware that the Disney area condo-hotel market is already oversupplied and other Disney area condo-hotel developments are already in bankruptcy. The current market price for comparable condo-hotel units in the same geographical area (the West of Disney condo-hotel market) in fully operational and revenue generating resorts, is in the $60,000.00 range and continues to trend lower. See previous article The Future of the Grande Palisades and the Oversupply of Disney Area Condominium Hotels (Condo-Hotels) for details.

Even with a discount, I strongly believe that the Lake Austin Reserve’s The Grande Palisades units (which have not been completed, which will increase the existing oversupply of condominium hotels once completed, and which have absolutely no revenue generation history) have a market value that is a mere fraction of the Agreement for Sale purchase price. I believe that the information and market data contained in the above referenced article should assist buyers to better understand the economic realities and why Lake Austin Properties I, Ltd. is pressuring purchasers to stay in their contracts/Agreements for Sale and to close on the purchase of a Grande Palisades unit.

Urban Thier Federer & Chinnery, P.A. has represented to full and final conclusion 317 units (and represents or has represented well over 400 units) of the 1,588 Lake Austin Reserve units that make up the Grande Palisades (890 total units, with 304 in C1 and 293 each in C2 and C3), Avalon Resort (349 planned units) and Magnolia Woods (349 planned units) phases of the Lake Austin Reserve development. Urban Thier Federer & Chinnery, P.A. encourages all purchasers to do their own independent due diligence and research. You can also learn more about Lake Austin Properties I, Ltd.’s Lake Austin Reserve Grande Palisades, The Avalon, and Magnolia Woods Resort phases via these previous articles and updates:

Current Updates:
Lake Austin Properties I, Ltd. Tenth Update – Urban Thier Federer & Chinnery, P.A. Answers Lake Austin reserve Purchasers’ Questions in Person in the United Kingdom and Provides Factual Information
Lake Austin Properties I, Ltd. Ninth Update – Lake Austin Properties I, Ltd., Raises Bankruptcy and Other Issues to Encourage Grande Palisades, Avalon and Magnolia Woods Purchasers to Continue with an Economically Unjustifiable Purchase.
Lake Austin Properties I, Ltd. Eighth Update – Lake Austin Reserve Developer Visits United Kingdom to Propose REIT Concept
Lake Austin Properties I, Ltd. Seventh Update – The Importance of Understanding Your Chosen Law Firm’s Litigation Strategy and Your Own Litigation Priorities
Lake Austin Properties I, Ltd. Sixth Update – Lake Austin Joins Forces with IAP/IAP Global Veteran to Replace The Affinity Partnership, Ltd.

We encourage you to explore our website – www.urbanthier.com to learn more about Urban Thier Federer & Chinnery, P.A., their attorneys and practice areas. Urban Thier Federer & Chinnery, P.A.’s representation of buyers includes litigation of cases in state court, federal court and arbitration proceedings. We encourage you to become informed of your rights and options. You should also ensure that any law firm you consult or retain to represent you has the experience, resources and ability to take your case through trial and appellate courts, if necessary.

Foreclosure Defense in Florida – Defenses

admin — Tue, 23 Nov 2010 21:43:11 +0000

Defenses to Florida Foreclosure Lawsuit

By John L. Urban, Shareholder – Urban Thier Federer & Chinnery, P.A.

If you have been sued in a foreclosure action (meaning you have been served with a summons and foreclosure complaint), or are threatened with a foreclosure lawsuit, Urban Thier Federer & Chinnery, P.A. can represent and defend you and your rights. From the filing of the foreclosure lawsuit complaint to the time that the foreclosure case reaches the final judgment stage can take up to one or two years and, in some cases, even longer. During that time you can usually remain in your home while the lawsuit is pending.

As part of this law firm’s foreclosure defense legal services, we will review your specific mortgage documents and your particular circumstances. We will raise, as we deem appropriate for your case, various defenses to the foreclosure action. Such defenses may include, but are not limited to:

the plaintiff’s lack of standing, the plaintiff’s failure to post a non-resident cost bond, the plaintiff’s failure to attach to the foreclosure lawsuit complaint required mortgage and/or promissory note documents, the lender’s failure to provide required disclosures at the time you closed on your real estate purchase, and the lender’s and/or plaintiff’s failure to comply with various other state and federal laws including the Fair Debt Collection Practices Act, the Truth In Lending Act (TILA), and other laws enacted to protect purchasers of real property.

No Standing:
Many foreclosure cases are filed naming as the plaintiff a business or other entity that is not the lender or mortgagor of the property described on the mortgage. If you fail to raise this issue to the Court, then you could end up being liable to the named plaintiff and the bank, or other entity (the “real party in interest”), that lent you the money and is named in your mortgage. Many plaintiffs do not have the required paperwork because of careless record keeping, robo-signing and/or the fact that they are the second, third or even later owner of the mortgage. The burden rests on the plaintiff to prove that it is the legal holder of your mortgage.

Failure to post a Non-Resident Cost Bond:
Most lenders and foreclosure lawsuit plaintiffs are not based in the State of Florida. Pursuant to Florida law, such plaintiffs must post a bond with the Court or the case may be dismissed. Because a large portion of foreclosure lawsuits are never properly challenged, out-of-state plaintiffs often file their foreclosure actions without posting the required bond in the hopes that the deficiency will go unchallenged because the defendant homeowner/mortgagee is in defaulted, the defendant homeowner does not know to raise the issue to the court, or an inexperienced attorney does not notice it.

Lack of Required Documents:
If the plaintiff or lender cannot provide the required documents, you may be able to have the Court dismiss the foreclosure lawsuit or declare the mortgage and/or promissory note unenforceable. For example, pursuant to Florida law, documents such as a mortgage, which involve the transfer of a right in real property, must be signed before two separate witnesses in order to be enforceable. If the required document cannot be found or is not enforceable, the plaintiff may not be able to prove its case. Accordingly, the required documents may be attached to the complaint but, absent the defendant or defendant homeowner’s attorney raising it to the Court, the documents may result in the plaintiff prevailing.

Truth in Lending Act (TILA) 12 U.S.C. § 1601 et seq.
TILA requires lenders to make certain disclosures to borrowers including, but not limited to, as the annual percentage rate, finance charges, amount financed, total payments, payment schedule, and other matters. Where applicable, TILA can be used as a defense to the foreclosure action and/or as a recoupment/setoff claim against the amount being claimed by the plaintiff lender. Pursuant to 12 C.F.R. § 226.23(d), also known as “Regulation Z” if rescission under TILA is proper, the security instrument/mortgage giving rise to the rescission becomes void and the borrower may be held not liable for any amounts including finance charges. There are strict time limits for asserting TILA rights which range from three (3) days to three (3) years after the loan transaction is consummated.

The above are just some of the possible foreclosure defenses and there are many other defenses that may be applicable to a specific case. Given the overwhelming number of foreclosure cases working their way through the Florida Courts, cases where the homeowner does not defend the foreclosure action can quickly move through the system via the Florida Courts’ foreclosure “rocket docket” where cases are disposed of in favor of the plaintiff with as little as just a few minutes of actual judicial review of the papers prepared by the attorney and/or possibly robo-signing employees of the plaintiff.

The Florida Bar, which regulates all attorneys who are licensed to practice law in the State of Florida, provides strict guidelines which prohibit us from referring to past successes or results obtained for other clients. However, we can provide you with this and other information in response to any inquiry. Accordingly, we encourage you to contact us via the “Contact Us” page and we will promptly respond with additional information.

Foreclosure Defense in Florida – Basics

admin — Fri, 19 Nov 2010 21:59:03 +0000

Defending Homeowners in Foreclosure Lawsuits Throughout Central Florida

By John L. Urban, Shareholder – Urban Thier Federer & Chinnery, P.A.

If you have been served with a foreclosure lawsuit or have otherwise been made aware that a foreclosure lawsuit has been filed against you, Urban Thier Federer & Chinnery, P.A. can defend you and your property. Urban Thier Federer & Chinnery, P.A. has represented hundreds of purchasers in Central Florida courts to enforce their legal rights as they relate to real estate matters. As publicized by the media, homeowners who fail to defend themselves against foreclosure lawsuits may be subject to the Florida court’s “rocket-docket” and “robo-judges” who enter foreclosure judgments in favor of banks by default at the rate of up to 30 judgments per hour based, in some cases, upon documents created by “robo-signing” bank employees. For example, see these video clips Florida rocket docket and Robo-Signing.

Some law firms offering foreclosure defense are mostly one or two attorney law firms that essentially seek to stall the inevitable loss of your home and some also offer to handle your bankruptcy at the end of the foreclosure. Such law firms may not have the experience or resources to see your foreclosure defense case through to conclusion.

As a first step, Urban Thier Federer & Chinnery, P.A. can represent and defend you and your rights in the foreclosure action. You can remain in your home while the foreclosure lawsuit is pending and the fee for this law firm’s services is based upon a monthly flat fee with the client being responsible for costs.

As part of the foreclosure defense, we will review your specific mortgage documents and circumstances and raise, as we deem applicable to your circumstances, various defenses to the foreclosure lawsuit. Such defenses may include, but are not limited to, the plaintiff’s lack of standing, the plaintiff’s failure to post a non-resident cost bond, the plaintiff’s failure to attach to the foreclosure lawsuit complaint required mortgage and/or promissory note documents, the lender’s failure to provide required disclosures at the time you closed on your real estate purchase, and the lender’s and/or plaintiff’s failure to comply with various other state and federal laws including the Fair Debt Collection Practices Act, the Truth In Lending Act (TILA), and other laws enacted to protect purchasers of real property.

As a second step, we will review your specific mortgage documents and circumstances and assert, as we deem appropriate for your specific case, various counterclaims to be raised within the foreclosure lawsuit. The aim of the counterclaims is to attempt to have your mortgage completely, or partially, declared invalid or unenforceable. This approach, where applicable, can also provide you with leverage during mediation if you wish to attempt to have your mortgage balance and/or terms renegotiated.

The Florida Bar, which regulates all attorneys who are licensed to practice law in the State of Florida, provides strict guidelines which prohibit us from referring to past successes or results obtained for other clients. However, we can provide you with this and other information in response to any inquiry. Accordingly, we encourage you to contact us via the “Contact Us” page and we will promptly respond with additional information.

Lake Austin Properties I, Ltd. – Fourth Update

admin — Fri, 12 Nov 2010 15:04:07 +0000

The Future of the Grande Palisades and the Oversupply of Disney Area Condominium Hotels (Condo-Hotels)

By John L. Urban, Shareholder – Urban Thier Federer & Chinnery, P.A.

Email John L. Urban

On November 10, 2010 and April 25, 2011 Lake Austin Properties I, Ltd. announced that OSM and the investment groups Merchant Equity and SCS have agreed to a loan which will bring the Lake Austin Reserve out of foreclosure and allow it to be completed. This is positive news for Paul Oxley and those who stand to profit, or at least salvage their own economic interests, as a result of the completion of the Grande Palisades. However, it does not change the economic realities for purchasers who are still contractually obligated via their Agreement for Sale/contract to purchase a Grande Palisades (or other) unit.

The fact that the Grande Palisades (or The Avalon or Magnolia Woods Resort) may be completed, does not change the economic analysis and business decision for those who have contracted to purchase a unit in the Lake Austin Reserve. The fact remains that the value of the units, assuming they are completed and Lake Austin Reserve is operational (meaning the amenities and ability to generate rental income are in place), appears to be a mere fraction of their contracted for price. Equally important to valuation, purchasers must consider the net rental income (actual rental rate times the occupancy rate less management fees), home owners association (HOA) fees, property taxes, property insurance, maintenance/upkeep and, if financed, principal and interest payments.

A directly on point example is the completed 99 unit The Palisades Resort phase of the Lake Austin Reserve development by Lake Austin Properties I, Ltd. (which is located in the same development as the Grande Palisades, Avalon and Magnolia Woods Resorts). The Palisades phase was completed in 2008. However, only about half of the units have been sold. The fact that The Palisades phase of the Lake Austin Reserve is still not sold out, after being fully completed for over two years, should be a strong indicator of the economic viability of the Grande Palisades phase of the Lake Austin Reserve, or lack thereof. For photographs and actual video footage of the Lake Austin Reserve as of May 10, 2011 follow the links below:

Grande Palisades

Lake Austin & Bahama Bay

Grande Palisades & Palisades

Grande Palisades

Fly Over Video

Another directly on point example is the completed 200+ unit Caribe Cove Resort development by Maesbury Homes, Inc. (another IAP marketed Paul Oxley led condominium hotel development). In the Caribe Cove Resort the rental guarantees have not been honored and units, many of which were purchased primarily by United Kingdom based investors for over $300,000.00 each, are now selling in the $60,000.00 range. This is a real world example and involves a fully operational resort. It is also important to note that the Caribe Cove Resort is located approximately two miles south of the Lake Austin Reserve and the units are approximately the same average size as Grande Palisades Resort units.

Another directly on point example is the completed 400+ unit Bahama Bay Resort development by Maesbury Homes, Inc. (another IAP marketed Paul Oxley led condominium hotel development). In the Bahama Bay Resort the rental guarantees have not been honored and units, many of which were purchased primarily by United Kingdom based investors for over $200,000.00 each, are now also selling in the $60,000.00 range. This is another real world example that involves a fully operational resort. It is important to note that the Bahama Bay Resort is also located a few miles south/southwest of the Lake Austin Reserve and the units are approximately the same average size as Grande Palisades Resort units.

Another directly on point example is the partially completed 400+ unit Bahama Bay II Resort development by Maesbury Homes, Inc. (another IAP marketed Paul Oxley led condominium hotel development). The Bahama Bay II Resort is also just a few miles south of the Lake Austin Reserve and the units are also approximately the same average size as the Grande Palisades Resort units. The Bahama Bay II development is in foreclosure, will never be fully completed, and a court appointed receiver has been appointed to take control of the development from Maesbury Homes, Inc. You can read more about the Bahama Bay II Resort development via these previous articles:

Bahama Bay II Condominium/Resort by Maesbury Homes, Inc. ; Foreclosure Update – Thursday, August 26th, 2010
Bahama Bay II Condominium/Resort ; Update – Monday, August 2nd, 2010
Bahama Bay II Condominium/Resort by Maesbury Homes, Inc. – Wednesday, March 17th, 2010

The economic reality is that the contemplated 890 Grande Palisades Resort C1, C2 and C3 units will be in direct competition with The Palisades, Caribe Cove, Bahama Bay and Bahama Bay II Resort units. In addition to the above referenced Lake Austin Properties I, Ltd. and Maesbury Homes, Inc. Paul Oxley condominium hotel developments, a number of other developments are further competition to the glut of units within the same west side of Disney area (not to mention the 1,000s of established units on the east side of Disney that are already struggling to remain economically viable given relatively low occupancy and rental rates).

As an example, the Liki Tiki Village development’s 650+ units are located a mere quarter mile south of the Lake Austin Reserve. As another example, the Orange Lake Country Club and Resort development’s 2,300+ condo-hotel units are located approximately one mile east of the Lake Austin Reserve and approximately one and a half miles from Disney’s west gate. As yet another example, the Westgate Resorts’ Westgate Vacation Villas & Town Center’s 2,500+ condo-hotel fractional ownership/timeshare condo-hotel units are located just one mile from Disney’s west gate.

The current and growing oversupply of condominium hotel units has already caused developments to go into bankruptcy protection as a result of occupancy and rental rates that are too low to sustain economic viability of the development (for example, the IAP marketed Lake Eve and the Mona Lisa at Celebration condominium hotel developments have already gone into bankruptcy protection).

Urban Thier Federer & Chinnery, P.A. encourages all purchasers to do their own independent due diligence and research. You can also learn more about Lake Austin Properties I, Ltd.’s Lake Austin Reserve Grande Palisades, The Avalon and Magnolia Woods Resort phases via these previous articles and updates:

Previous Updates:
Lake Austin Properties I, Ltd. Third Update – Fuel USA and Affiliated Attorneys and Solicitors
Lake Austin Properties I, Ltd. Second Update – The Affinity Partnership, Ltd. and Related Entities
Lake Austin Properties I, Ltd. Update – Status of Buyers’ Deposits
Lake Austin Properties I, Ltd. – Grande Palisades, Magnolia Woods, Avalon, and Twin Lakes – Status and Rights

Lake Austin Properties I, Ltd. – Third Update

admin — Fri, 05 Nov 2010 16:04:22 +0000

Fuel USA/Fuel Wealth Management and Affiliated Attorneys and Solicitors

By John L. Urban, Shareholder – Urban Thier Federer & Chinnery, P.A.

Email John L. Urban

Lake Austin Reserve purchasers (in Grande Palisades, Avalon and Magnolia Woods) continue to receive emails from Fuel USA/Fuel Wealth Management Limited seeking to solicit clients for US solicitors and/or UK solicitors. As most Lake Austin Reserve purchasers are aware, Fuel USA worked directly with IAP/IAP Global and Lake Austin Properties I, Ltd., in an effort to profit from the mortgage business associated with the Lake Austin Reserve development. It appears that the Jim Moore related Inside Track entity, which is now in liquidation/bankruptcy, was a parent company for, or affiliate of, Fuel/Fuel USA and IAP/IAP Global.

Lake Austin Reserve purchasers can rest assured that other than with The Affinity Partnership, Ltd., Urban Thier Federer & Chinnery, P.A., has absolutely no connection whatsoever, and has never had any contact with, Fuel USA, Fuel Wealth Management Limited, Leighton Hall Properties, LLC, Inside Track, Instant Access Properties/IAP, IAP Global, or International Progressions, or any of their officers or affiliates. Furthermore, Lake Austin Reserve purchasers who wish to exercise or learn of their legal rights and options should ensure that they are in contact with an attorney/U.S. solicitor who is truly independent and not affiliated with Lake Austin Properties I, Ltd., or with any entity associated with Lake Austin Properties I, Ltd. Urban Thier Federer & Chinnery, P.A., has now represented well over 300 units (over 200 in Grande Palisades and over 100 in Avalon and Magnolia Woods) and has already fully and finally resolved 317 units.

Increasingly, Lake Austin Reserve purchasers are contacting Urban Thier Federer & Chinnery, P.A., to inquire whether they can still enforce their legal rights under their respective Agreement for Sale/contract once they have signed the Lake Austin Properties I, Ltd./Leighton Hall Properties, LLC, Reaffirmation Agreement. This issue is partially addressed in one of our previous posts. In further answer, although signing the Reaffirmation Agreement certainly is not helpful to purchasers’ legal rights and may be argued by Lake Austin Properties I, Ltd., and/or Leighton Hall Properties, LLC, to constitute a waiver of certain rights, Urban Thier Federer & Chinnery, P.A., is confident that it can assist most Lake Austin Reserve purchasers (in Grande Palisades, Avalon and Magnolia Woods) who signed the Reaffirmation Agreement. However, it is important to take prompt legal action in order to prevent the further loss (or potential loss) of legal rights due to the passage of time/expiration of the applicable statutes of limitations.

Previous Updates:
Lake Austin Properties I, Ltd. Second Update – The Affinity Partnership, Ltd. and Related Entities
Lake Austin Properties I, Ltd. Update – Status of Buyers’ Deposits
Lake Austin Properties I, Ltd. – Grande Palisades, Magnolia Woods, Avalon, and Twin Lakes – Status and Rights