- Bahama Bay II Condominium/Resort – Update
- Bahama Bay II Condominium/ Resort – Foreclosure Update
Urban Thier & Federer, P.A., continues to accept and represent clients seeking representation against Maesbury Homes, Inc., in the Bahama Bay II development (Bahama Bay, a Condominium, also known as Bahama Bay Resort). The firm is representing purchasers who signed an Agreement for Sale with Maesbury Homes, Inc., for the purchase of a condominium unit in the Bahama Bay II development and who have NOT yet taken ownership of their contract for the unit.
The firm is not representing purchasers in the Maesbury Homes, Inc., Bahama Bay I development. Many of the causes of action/claims have strict statutes of limitation/time limits which start as early as the date that the purchaser signs the purchase agreement. Developers, such as Maesbury Homes, Inc., and their attorneys are acutely aware of these time limits – time is on the side of the developers and not the purchasers. Bahama Bay II is a 406 unit condominium development consisting of phases/buildings 39 through 69. Phases/buildings 39 through 46 have been completed, and certificates of occupancy were issued starting in December 2007. No certificates of occupancy have been issued for any of the Bahama Bay II phases/buildings since June 17, 2008. Phases/buildings 47 through 69 have not been completed, and no certificates of occupancy have been issued. The status of each phase/building is:
PHASE/BUILDING-NUMBER // DATE OF COMPLETION (CERTIFICATE OF OCCUPANCY)
Phase/Building 39 // 04/10/2008
Phase/Building 40 // 06/17/2008
Phase/Building 41 // 12/06/2007
Phase/Building 42 // 01/10/2008
Phase/Building 43 // 01/07/2008
Phase/Building 44 // 12/20/2007
Phase/Building 45 // 12/20/2007
Phase/Building 46 // 01/07/2008
Phase/Building 47 // not complete
Phase/Building 48 // not complete
Phase/Building 50 // not complete
Phase/Building 51 // not complete
Phase/Building 52 // not complete
Phase/Building 53 // not complete
Phase/Building 54 // not complete
Phase/Building 55 // not complete
Phase/Building 56 // not complete
Phase/Building 57 // not complete
Phase/Building 58 // not complete
Phase/Building 59 // not complete
Phase/Building 60 // not complete
Phase/Building 61 // not complete
Phase/Building 62 // not complete
Phase/Building 63 // not complete
Phase/Building 64 // not complete
Phase/Building 65 // not complete
Phase/Building 66 // not complete
Phase/Building 67 // not complete
Phase/Building 68 // not complete
Phase/Building 69 // not complete
Most of the Bahama Bay II purchasers signed the Agreement for Sale in the 2004 through 2007 timeframe. As a result, many causes of action may be time-barred. However, other causes of action are viable, and it is essential that purchasers take prompt action to protect their legal rights. For example, section 3 of the Bahama Bay II Agreement for Sale expressly provides that once the purchaser is in default, the seller/Maesbury Homes, Inc., is entitled to retain the purchaser’s deposits. Accordingly, purchasers who wish to enforce their rights should take prompt action to protect their legal rights and interests.
Bahama Bay II purchasers paid a deposit consisting of 20 percent of the Agreement for the Sale purchase price. Under Florida law (Florida Condominium Act, Florida Statutes § 718.202), a minimum of ten percent of the purchase price must be held by an independent escrow agent in a separate escrow account.
However, any deposit amount paid more than ten percent of the purchase price can be released to the developer/Maesbury Homes, Inc., once construction has begun. With attorneys in Orlando, Florida, and Munich, Germany, Urban Thier & Federer, 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, P.A. their attorneys and practice areas. Urban Thier & Federer, 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 we do not represent you and cannot take any action on your behalf unless and until we enter into a formal written Legal Representation Agreement and any cost deposit or retainer has been cleared into the firm’s attorney trust account.
by John L. Urban, Shareholder