1 Family Sole Occupants of 32-Story Tower
Residents of Florida Highrise Find Every Other Prospective Condo Owner Has Bailed, and Now Want Out
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Victor Vangelakos' Fort Myers, Fla. condominium has marble floors, a large pool overlooking a river and modern furnishings that speak of affluence and luxury. What his family doesn't have in the 32-story building: A single neighbor. (AP/Valerie Roche, News Press)
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Lonely Tenant In Highrise
"CBS News RAW": A 32-story luxury condo has gotten a little too lonely for one Ft. Myers, Florida family. They are the only occupants in the entire 300-unit Oasis Condo Tower building.
The New Jersey family of five purchased their unit four years ago, when Fort Myers was in the midst of a housing boom and any hints of an impending financial crisis were buried in lofty dreams of expansion and development. They made a $10,000 down payment and eagerly watched as builders transformed an empty lot into an opulent high rise, one that now symbolizes the foreclosure crisis.
"The future was going to be southwest Florida," said Victor Vangelakos, 45, a fire captain who planned to eventually retire and live permanently in the condo.
Most of the other tenants in the 200-unit condo didn't close on their contracts, and the few that did have transferred to an adjacent building owned by the same company because more people live there.
The Vangelakos' mortgage lender will not allow them to do the same.
That leaves them as the sole residents of the Oasis Tower One.
"It's a beautiful building," said their attorney, John Ewing, who is representing 27 others who made deposits on units. "The problem is, it's a very lonely building."
When the Vangelakos' travel from Weehawken, N.J., to spend a week or a few days in their Florida home, they have exclusive use of the pool, game room and gym, but they miss having a few tenants around.
"Being from the city, it's very eerie," Vangelakos said. "It's almost like a scary movie."
A large, circular fountain in front of the building is dry. The automatic glass doors that lead to the front lobby are locked. On the front desk is a guest sign-in sheet. The last entry: Feb. 13, 2009.
"It's like time froze here six months ago," Ewing said.
Vangelakos said they closed on the apartment in the fall, unaware the other tenants had failed to follow through. When they visited around Christmas, they didn't think much of the emptiness. They were just happy to be there.
"We wanted to believe," Cathy Vangelakos said. "We were looking for what we were offered."
On subsequent visits, however, the building grew more deserted.
The lights on the pool and palm trees were off. Their garbage shoot was sealed, a trash bin placed in front of their unit instead.
Despite the empty units, they faithfully parked in their assigned spot on the second story of the parking garage. Then those lights went off, too.
Then there were security concerns. One night, someone pounded on their door at 11 p.m. They called the front desk at the next door building, which contacted police. A search turned up no one, though a pool entrance was open.
Another morning they awoke to find lounge chairs in the pool.
The parents and their children sleep with their cell phones by their beds.
"I'm not a chicken, but this is a big building," Cathy Vangelakos said.
Betsy McCoy, vice president and associated general counsel with The Related Group, which sold the family their unit, said they have tried to help find a solution - even offering them a unit in the building next door, free of cost, while the situation is resolved.
"They haven't wanted to take us up on that," McCoy said Friday. "They frankly rejected every solution and offer and proposal that we've come up with."
McCoy said some of the interested buyers who put down deposits lost their jobs, others were unable to get mortgages and some were just nervous when the financial collapse came.
The Cape Coral-Fort Myers metropolitan area in Lee County has some of the worst economic stress - a combination of foreclosures, unemployment and bankruptcies - in the country, according to The Associated Press' monthly analysis of more than 3,100 U.S. counties.
The latest AP Economic Stress Index, which assigns each county a score from 1 to 100 with higher numbers reflecting the greatest stress from the recession, found Lee County had a score of more than 20. Anything above 11 is considered stressed.
Victor Vangelakos said they don't want to move to the tower next door because they would still be paying the mortgage and maintenance costs on the condo they own. They paid $430,000 for the unit and took out a $336,000 mortgage - essentially spending their life savings.
He'd like for The Related Group to buy them out.
"They want us to be refugees in Tower II," Victor Vangelakos said. "That's not how I expected us to live here."
The family's attorney said he has filed two lawsuits on behalf of would-be tenants because the building wasn't finished as promised. He said they expected a clubhouse, marina, private cinema and restaurants.
McCoy said those amenities could be developed, but were never promised.
On Friday evening, the pool area was dark, most of the doors locked. Cathy Vangelakos and her 19-year-old daughter, Amanda, stepped into an elevator to head up to their unit. "Going up," an automated voice chimed.
"Going up," Cathy Vangelakos said. "That's all we hear."
By Associated Press Writer Christine Armario
© MMIX The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
Bought a home on the 8th tee of a golf course in 2005. Moved here a year ago, the course closed and I stare at an overgrown lot and only dream. There is at least 10-12% foreclosures in this subdivision and nearly everybody is underwater except for those who bought in the first two phases.
I am just glad I did not buy in the last 2 phases, because I would be foreclosing or filing BK by now. I feel for all those people who have lost much and those in a untenable position and uncertainty. I guess we just have to hang in there and ride it out together.
Sign me: The greed of a few ruined it for many.
I think you are missing appreciation of what you have, wait until a developer levels it to build a shopping mall, then perhaps you will realize, albeit too late, just how good you have it.
The upside: I have seen so much of Florida's critters running through my backyard, which I probably would not have if the course was open.
The NEW American dream will have many of the same primary actors that participated in the last housing boom. Their returns just won't be as great. Buy Low , Sell High; isn't that their mantra?
Looks like they're stuck in their situation for at least a couple of years.
I would be taking the trash out with my gun. What a ****** feeling. Wait, I do that now in my neighborhood.
I don't get it. The building owners never heard of renting? Maybe that would only amount to chump-change and tons of hassles. I must be missing something.
Cathy Vangelakos and her 19-year-old daughter, Amanda, stepped into an elevator to head up to their unit. "Going up," an automated voice chimed.
"Going up," Cathy Vangelakos said. "That's all we hear.""
So long as the Vangelakos' family can afford to pay-off their mortgage - $336,000 -in the end, they'll stay up - otherwise, they will be "Going down".
Personally I wouldn't make this kind of "extreme investment".
I don't believe "live life to the fullest", I'd like to live within my means and save some for rainy days - just in case!
No joke. After Bush's deregulation and tax breaks destroyed our economy, the Republicans are saying the solution to this and the health insurance crisis is less regulation and more tax breaks.
The Republican solution - give everything to the wealthy and corporations.
These days when someone says they are a Republican I classify them as idiots.
Obama's popularity is dropping because America sees him as another GW Bush in the pocket of the wealthy.
I haven't given up on our President but if he keeps looking the other way as the wealthy rob and steal our country I will vote him out next election just like the Republicans.
Mr. President, wake the heck up!
Zonkilla, the democrats really did a snow job on you! It's the democrats that take and take.
Actually fervan, it is you who are fooled! Over the last 100 years, power has switched hands between dems and reps just long enough to shirk blame. One party takes the helm, robs the people, then the other party blames the 1st, takes power, robs the country, repeat. What a freakin' charade!
You ask where is the government?
Don't forget, when the bailouts occurred, the common sense, and free market approach would have been "since we now own a majority of the shares, it is our right to determine the direction of the company vis-a-vis upper management pay, etc.
Would have been, except for the loud whining of the neos, who scream "socialism" in chorus. They thought it was OK to give the money, because after all "trickle down" is their "Lord's prayer". But they but drew the line at our right to control what our money should have allowed us to control,
The politicians were afraid of being branded "socialist", as that might have impaired their chance of re-election, and they would have missed out on the kickbacks, and so they backed off.
As for the family, why not squat the units on either side, not only increase their quarters, but also I bet that will move the owners to find some tenants PDQ.
I have been saying this for over a week, even have a petition to do EXACTLY that.
However, it seems either people are content to sit by and let this government do what it wishes or they are afraid to take the action needed to stop it.
I think we need to take back our government.
http://www.thepetitionsite.com/1/are-we-confident-our-government-is-working-for-us
The problem with your position is that the result may be even worse. Imagine the extreme right wing having a say in the form of new government?
No, I think the best way is to hit the source, the large corporations that bribe and otherwise corrupt the government, and those who are in the pockeds of the bribers.
Boycotts, demonstrations, boycotts of any media accepting advertising from them, boycotts of other companies that do business with them, find out where the upper management of these companies live as well as the politicians that take bribery from them, and demonstrate continually outside their homes, make it so they cannot even go to the grocery store without having to face protesters.
Same for the politicians who are on the take.
Target one or more of the more egregious offenders until their company's bottom line is very red, then move on to other targets.
As difficult to catalyze, organize, and commit as this sounds, it is still preferable to taking the risk of removing government, only to replace it with something worse, as always happens.
Boycotts, demonstrations, boycotts of any media accepting advertising from them, boycotts of other companies that do business with them, find out where the upper management of these companies live as well as the politicians that take bribery from them, and demonstrate continually outside their homes, make it so they cannot even go to the grocery store without having to face protesters.
You left out public humiliation stocks (very effective and not deadly. Plus they'rechiropractor approved!!!), tar and feathering, caning, flogging, hog tying, and other less-than-lethal punishments that are fun, and suitable for the whole family.
But wait!
If you order your CEO public humiliation kit in the next 18 minutes, we'll send you a torch & pitchfork, for your next mob party, free!
You get the Stocks, Tar & feathers, Rope, Shackles, Cattle Nine Tails, and a genuine Singapore Cane, all for the low LOW price of $29.95. We'll even pick up the shipping charges!
Act Now! And publicly humiliate a CEO in your town NOW!!!!
For the family, when the place is teeming with people, they will wish it were empty. They will get their wish...
I don't understand what these people are crying about. I'd kill to have that building to myself like that.
What exactly is a garbage "shoot"? Whatever happened to journalists that could spell, and news outlets that proofread their copy? The word is "chute."
Oh I forgot, the George Bush "banks too big to fail" bailout probably funded the bank that made the construction loan, which likely has turned around and allowed the realty company to suspend payments on it for an indefinite amount of time!!! Sure nice when the big guys get all the freebie perks and the little guys like this mortgage holder get reamed!!!
I would be taking the trash out with my gun.
by Slrman August 1, 2009 5:10 PM EDT
Whomever wrote this story, it's garbage "chute" not "shoot".
Maybe it really is a "Garbage Shoot" Nothin' else to do "The Good Earth" Tower. Or is it Langoliers' Tower?
As long as brain dead idiots keep voting for the Democrats OR the Republicans,,,,Americans can expect to be robbed by the white collar suit and tie terrorists of Wall street. BOTH parties are in conspiracy with corporate America to destroy the middle class,,,and they are doing a bang up job of it right now. There are only two ways to handle this,,,,either vote them ALL out and start over,,,,,or A Revolution.
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Absolutely Agree
100% correct.
I could not have said it better.