Azura was being touted as one of the premier developments in Boca Raton. With only a few communities in Boca Raton less then 5 years old, Azura was going to be a staple of Boca Raton. The only problem is that Gordon Homes, the builder, went bankrupt, and now Regions Banks has called the note due on the entire project. There are about 10 homes built and only 3 occupied out of the 92 homes expected to be built. The loan that is due is apporximately 57 million dollars. If you have customers looking for Azura it may be pretty tough getting into purchase a home in Azura as Gordon Homes, and their sales offices have closed. There phone numbers have been disconnected as well. Hopefully someone purchases the entire project, and builds the rest of the 92 homes.
David Serle
Vice President/Managing Broker
RE/MAX Services
561-912-3500 Office
561-912-3502 Direct
561-756-3104 Mobile
this is really sad news. Especially if some folks are already in there. We see this in communities here and those in it have no way out of it
What a pity! Gordon built some very nice properties and was a fixture in Boca Raton real estate. Their sales team was always very professional and did everything to help make transactions easy. This is never good news in our business.
David, We are hearing more and more stories like this. I hate hearing things like this. Oh the poor three homeowners in that community right now.