WorldQuest Condo Hotel Resort: Foreclosure Suit

For the developers of The World Quest condo hotel resort near Disney, 2009 is off to a poor start.

Following their failed auction last year, the owners have struggled with sales - as have most of the area’s condo hotels. Now, according to the Orlando Business Journal, Wachovia has filed a foreclosure suit for $31 million.

“The incredible nature of recent economic events made sales almost impossible to come by…” said Tony Ruben, president of the parent group of WorldQuest Resort.

The perfectly placed resort is nevertheless currently operational with guests despite having built only 7 of the 18 planned buildings – and the developers are still hopeful of finding a way out of their predicament.

The good news: Orlando hotel occupancy is up.

Visit our condo hotel page for more information on Orlando condo hotels. Investors interested in buying bulk condotel units should contact us for more information.

5 Comments

  1. Hi Marcus,

    Is the Real Estate Market Showing signs of life in your neck of the wood? How do you feel about 2009?

    Best!!!

    Key Yessaad – Real Estate Internet Strategist

  2. Hi Key – well it’s looking as bad as ever for sellers – which is of course great news for buyers – for whom things have never looked so good. 2009 will be the year of the foreclosure sell-off and I think anyone who’s truly serious about getting in on the action will make their move this year, since I believe we’ll be looking at a gradual recovery from 2010 on… and once the demand for the REOs kicks in, I imagine the banks will gradually raise their prices.

  3. For more infors about Condo Hotel Marketing you can visit this link: Condotel Marketing.

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  4. Hi Marcus,

    Who can I contact in case I want to buy foreclosed apartment in World Quest Condo ?

    Thank you.

    Tom.

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