Orlando-area developer Kevin Azzouz b...

Orlando-area developer Kevin Azzouz battles bank over Veranda P...

There are 93 comments on the Orlando Sentinel story from Jul 1, 2008, titled Orlando-area developer Kevin Azzouz battles bank over Veranda P.... In it, Orlando Sentinel reports that:

Kevin Azzouz , the developer best known for trying to upgrade MetroWest with a $400million Italian-style village center called Veranda Park, is facing financial troubles over the project's condominiums.

Join the discussion below, or Read more at Orlando Sentinel.

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Pooh Bear

AOL

#1 Jul 1, 2008
There are larger implications here. Mr. Azzouz pays for the extra police security in MetroWest. If he cannot afford to pay for that security, our community will turn into Southern Pine Hills again. I applaude him for the work he's done to try to clean up MetroWest, but all that good work will shatter with half-built buildings sitting dormant in the heart of MetroWest.

By the way, anyone know what's happening with the Savona development on Apopka-Vineland Road? Looks like that development has stopped construction. Guess they couldn't find enough people who wanted to purchase homes priced "in the several millions" as the billboard advertised.

Nothing like half-built buildings (or in Savona's case, a half-built stone wall) to get you excited about your community.
after the gold rush

Lincoln, NE

#2 Jul 1, 2008
F**k the condo rush of 2004-2006. Ruined so many peoples lives.
bart

San Antonio, TX

#3 Jul 1, 2008
The association fees at these condos are way to expensive, add the taxes and insurance & your way up there before even paying one penny on the principal.

Ty, Bart
the bard

Winter Garden, FL

#5 Jul 2, 2008
Actually our security here in MetroWest is paid for by all property owners. Azzouz was smart enough to set up the security so it will probably never end. We all pay for it in our association dues but since there's so many of us in MetwoWest it only costs a few dollars a year. There was a presentation on the whole thing at the last National Night Out.
Cash Out

Winter Garden, FL

#6 Jul 2, 2008
If I were him I'd just quit while the quittins good. You can never win against banks. They take your home and some ass**** at the bank gets a bonus. they destroy lives.
VP Resident

Winter Garden, FL

#7 Jul 2, 2008
I live in Veranda Park at the Residences and they're really nice. Nice people and my condo is great. I applaud Mr. Azzouz for fighting Wachovia. All of us who've invested in Florida property need more people to fight for our property values. Wachovia will be gone soon anyway.

Since: May 08

Saint Petersburg, FL

#8 Jul 2, 2008
Profit above everything. That appears to be his attitude. Wachovia does not have to give away the store on loans and have a right to protect themselves and their stock holders.
Dawkins

Orlando, FL

#9 Jul 2, 2008
I've never met a developer more committed to his project and the community that he’s willing to go head-to-head with a big bank like Wachovia. Way to go Kevin!
jack of trades

Winter Garden, FL

#10 Jul 2, 2008
Azzouz has his work cut out for him on this one. Wachovia will probably be bought out by JP Morgan (the feds favorite dumping ground since Bear Stearns) I don't think any JP guy gives a cr*p about property values in Orlando. They'll just dump 'em.
Simon

Oviedo, FL

#11 Jul 2, 2008
Veranda Park is an amazing town center that will put MetroWest on the map as a premier community. Fortunately, there is a developer that actually cares about what happens to his project and the impact something like foreclosure might have on the community as a whole. Hats of to Mr. Azzouz for continuing to fight for what’s right.
profiteer

Winter Garden, FL

#12 Jul 2, 2008
MRFINDLEY wrote:
Profit above everything. That appears to be his attitude. Wachovia does not have to give away the store on loans and have a right to protect themselves and their stock holders.
Wow. You must be really really stupid. Profit is a great motivator and its singly responsible for raising the quality of our lives. You'd know if you'd ever made a profit. You probably work for someone who's trying to make a profit. You get that nice paycheck and really don't think about how the pursuit of profit gives you the roof over your head. I have to hear nonsense from people like you every day. You're so disconnected from reality.
Cigarz

Winter Garden, FL

#13 Jul 2, 2008
If you missed the Cigar & Scotch dinner last night at Veranda you should mourn. Tavern on the Lake's chef Patrick is Orlando's best chef. Congrats to Patrick!
Condo Crazed

Winter Garden, FL

#15 Jul 2, 2008
I love my condo and I knew going in that the condo market can be crazy. If they sell the Veranda condos at a discount I'd definitely be in line to buy another. Azzouz should get out of the way and let the discounts begin.
Out of Windermere

Orlando, FL

#16 Jul 2, 2008
Just keep him from ruining downtown Windermere. We don't need or want him here. In fact it would be great didn't live here and would move to MetroWest.

Thank you Wachovia! All banks should stop giving him money!
nuskoold

Merritt Island, FL

#17 Jul 2, 2008
"Experts will be watching to see whether Azzouz and other developers can weather the condo slump."

Of course they'll "weather the storm." They have no risk because they never use their own money. They use yours and the banks and when your tax money stops coming and the banks start saying no, you have a situation like this. That's why this d-bag can say something like this:

"The easiest thing for me to do is to put the keys [to the condos] in a box, give it to the bank and walk away, and we're done. But I don't want to do that to the community."

Awww...thanks, d-bag!

“American Against Fascism”

Since: Apr 08

Central Florida

#18 Jul 2, 2008
profiteer wrote:
<quoted text>
Wow. You must be really really stupid. Profit is a great motivator and its singly responsible for raising the quality of our lives. You'd know if you'd ever made a profit. You probably work for someone who's trying to make a profit. You get that nice paycheck and really don't think about how the pursuit of profit gives you the roof over your head. I have to hear nonsense from people like you every day. You're so disconnected from reality.
Wow. Name-calling and assumption-making based on no facts whatsoever.
Poor lil Developers

Lakeland, FL

#19 Jul 2, 2008
bart wrote:
<quoted text>
that's a great album :)
lol...

I'm not sure what good these stories do. Being unemployed in the structural field, it ticks me off to see every glorified developer gone bust being given notoriety.
The market crash was long expected by many as a matter of realistic economics, but the news still makes it a finger-pointing party.
Concerned citizen

Orlando, FL

#20 Jul 2, 2008
one by one the developers of the metro orlando area are dropping into financial ruin. Who's next?
pay up chump

Apopka, FL

#22 Jul 2, 2008
From the Sentinel bio...

He lives in a 40000 square ft house on Lake Butler... no matter what happens, he'll get to keep that.

Too bad he won't have to live in one of his own condos, while the bank eats it or the taxpayers pay to fix everything.

In 2007 he is dealing with the real estate slowdown in Central Florida and battling Windermere residents over his proposed developments in the heart of the small community, near where he now lives, in a 40,000-square-foot Tuscan-style mansion on Lake Butler.
King Whitee

Longwood, FL

#23 Jul 2, 2008
CONDOS SUCK!

This stupid scenario repeats itself every 20 years, when will people learn buying a square in the sky is sheer idiocy

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