Foreclosures Lashing The Beaches Enforcing Shutdowns

Posted in Foreclosure Homes, September 5th, 2008 |

Foreclosures are lashing the beaches and enforcing thriving business to shut down. Beach business is badly affected by the reigning foreclosure crisis.

One instance is the collapsing of an important contract targeting business prospects in Fort Myers Beach. It did not materialize when the developer succumbed to foreclosure. The owners of the beach business are now left to salvage through the mess that has been left behind. What is going to happen to Seafarer’s Village and its satellite area nobody knows. The Fifth Third Bank is suing the developer of a default of $21.5 million loan. This has cancelled a jumbo plan of redeveloping the area south of Times Square.

Nick Dakos the owner of Beach Liquors said that the sensed ahead that the managing partner was not doing anything to give a push to the plaza that would be beneficial to the tenants also. The manager put up an appearance of everything being hunky dory but actually that was not so. He added, “We knew something was going on.”

For the time being others like Dakos running local business can only wait, watch and hope. Dakos’ shop is in the middle of vacant units. In the building there are only two other shops open – one selling T-shirts and another a clinic. Dakos comments that a refurbishing move would definitely have given business a push. There are many who feel that if once the facelift is completed business will roll in. But even if they started doing it from today it would still take a long time to see results.

Local taxi driver, Floyd Thomas, echoes similar sentiments. A looming unoccupied building does not look good. It does not bode well for the season just about to begin. He shakes his head and says, “It’s not a good thing.”

The owner of the property Dave Meyers could not be contacted. The manager at the site also declined to cooperate and make any statement. The tenants at Seafarer’s Plaza are now making their rent payments of Fifth Third Bank.

The inaction is making Dakos uneasy. He says that he might have to move on to greener pastures. But where? Many like him live off the beach with one business linked to another. Foreclosures are ubiquitous and all pervading. The only solid reality is the golden beach. Waves come and waves retreat. Foreclosures too will go away one day leaving behind the sparkling sands.