Bel Mare condo prices slashed after foreclosure

PALMETTO — A high-rise condominium in Palmetto that fell into foreclosure now has a new owner, who has slashed prices by hundreds of thousands of dollars. The new owners of Bel Mare at Riviera Dunes, near the southeast corner of U.S. 41 at Haben Boulevard, is offering condo units originally priced between $435,000 to $1.4 million for as little as $140,000.

Bel Mare had originally been planned as a three-building project, but only two were built, and one of the two towers went into foreclosure. But when the condos emerged from foreclosure, the new developers got such a good deal that those savings will be passed on to customers, said Tom Heatherman, spokesman for Michael Saunders & Company, the new Sarasota sales broker of the project.

“In this particular case, the buyer got such a terrific deal coming out of foreclosure they were able to offer these prices,” Heatherman said.

Huntington National Bank foreclosed on the project in October, winning a $27.5 million judgment against the original developer, Riviera Dunes Development Partners LLC.

The bank was the only bidder at the Nov. 24 foreclosure auction, taking the property with the minimum $100 bid, court records show.

Huntington later transferred title to CCS Bel Mare, a limited-liability company formed by Colorado and Santa Fe Real Estate, a realty firm based in Louisville, Colo., court records show.

Marcel Arsenault, Colorado and Santa Fe’s president, did not immediately return a telephone message Wednesday.

In turn, CCS quit-claimed 18 Riviera Dunes Marina boat slips to a company formed by Huntington Preferred Capital Inc., the bank’s investment arm. No one from the bank could be reached for comment after hours Wednesday.

Heatherman said the condos at reduced prices are in high demand already, and appointments are strongly recommended for prospective customers. To make an appointment, call Nell Leffel at (941) 721-6055.