1981 to 1982

4417 El Mar Drive, Lauderdale-By-The-Sea

Time-Sharing Development

32-unit time-sharing project

Opportunity:  With the emerging time-sharing boom, the 32-unit 2-storey property was ideally sited across the ocean for such a conversion.  However, the property was in the midst of a complex legal turmoil between the landowner, the building leaseholder and the chattel mortgagor.  To gain the upper hand , the land alone was acquired from beneath the two other parties in late 1981.

Task:  Although the plans for the property were to renovate, improve and convert it into time-share condominiums, initially the first step required was to put the building leaseholder and the chattel mortgagor immediately in default of their agreements in order to foreclose on both situations.

Results:  While legal procedures were taken, the time-share market also started showing signs of weakness.  Within 6 months of its acquisition, matters were successfully settled and the land sold to another party acquiring all three positions.