Management is very pleased to report the Association has received the proceeds from the sale of Unit 12c.
Following the court agreeing to the judgement of foreclosure and scheduling the Unit to be sold at auction, the final step was for approval of the sale by the court. That was received and a check was cut for $157,353.62. This will cover the past due assessments, legal fees and court costs and other fines and fees charged to the account.
Below, the Association’s bookkeeper Yvonne is getting ready to apply the funds to the account and process the deposit. The final act in several years worth of effort to resolve this situation.
Perhaps most importantly, our neighbors in the mall with Lettuce Entertain You now officially own the Unit!
PREVIOUS POST April 20th:
Last year, the Board of Directors sought and secured permission from the PTCA Ownership to buy and subsequently sell Unit 12c. This permission was needed to secure the authority necessary to foreclose on a significant sum of past due assessments gone unpaid by the Unit owner. At the time, Lettuce Entertain You, who already occupy multiple units in the mall, indicated their interest in the process and willingness to purchase the unit once the foreclosure was resolved. With almost unanimous support from about 78% of the ownership, the Board pressed forward with the foreclosure last fall.
Once the court involved in the process approved the foreclosure in February, the judgement and ancillary fees and court costs totaled approximately $157,000. A Judicial Sale was scheduled for April 16th, at which an entity associated with Lettuce Entertain You was the only and successful bidder for approximately $158,000.
We expect the court to sign off on the sale within the next 30 to 45 days, after which the Association will receive the proceeds. This will obviously be a good thing for PTCA’s operating fund balance, having recovered a large delinquency instead of writing it off or potentially asking the balance of the ownership to make up the difference through assessments. With the only other options being to own the unit and use it for a common purpose, or selling it to a 3rd party – potentially at a loss – with 12c in the hands of a long time Unit Owner and reliable occupant and neighbor of the mall, this result is a big win for the community and Association collectively.
This effort started over a year ago, and is a fine example of how an Association’s Board and Unit Owners can work together to successfully solve a complicated administrative and financial problem, to help keep the business of the condominium operating as healthy as possible.