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Corus valued its one repossessedr condo inSouth Florida, the Tao in at $73.2 million on Marchg 31, down from $80.9 million at year-end. It has sold nine of the 369 unitds there, according to the company’s SEC filing. Corus said it was in the processd of seeking foreclosure against three Soutjh Florida projectswith $164.9 millionj in loans and 569 units as of Marchn 31. The bank has since filed a foreclosure lawsuitin Miami-Dadwe County Circuit Court against the developer of the 118-unit Onyx on the Bay which has 41 unsold The original loan was for $44.1 million.
Van Doorh said there would be a lot of vulture investor interesftin Corus’ South Florida condo loans becauswe of the high quality of the but they probably won’t be discountes enough for buyers unless the bank fallss into federal receivership. “I don’t see how Corus will get out of he said.
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