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(Photo courtesy Oasis Fort Myers Condo)

When Victor Vangelakos, a 45-year-old firefighter from Weehawken, NJ, bought a $430,000 condo for his family in Fort Myers, FL, last November, he planned to use it as a getaway from the hubbub of life near the city and it would be his eventual retirement home. New York City is just a Lincoln Tunnel drive away from Weehawken.

However, Fort Myers just happens to be one of the hardest hit real estate communities in the nation, showing a 22.6% year-over-year drop in the Zillow Home Value Index.

Which is one of the reasons why the Vangelakos family finds itself all alone in a 32-floor condo development in downtown Fort Myers called “Oasis I.”

According to the Fort Myers News-Press,

Only a handful of those who put down deposits on the tower’s units actually closed on the deal. Those who did have swapped their Oasis I units for condos in Oasis II next door.

Vangelakos didn’t, because he was unable to convince his lender to agree to the swap, said Betsy Lu McCoy, vice president and associate corporate counsel for the Miami-based The Related Group.

So now the Vangelakos family has the Oasis I all to itself, which is creepy and sometimes dangerous. Vangelakos reports he hears intruders on the grounds, using the pool at night and then vandalizing it.

All Vangelakos wants is to transfer his mortgage to a unit in Oasis II, which is more populated, but the conflict seems to be stuck between the developer and the lender.

(Photo of Victor Vangelakos courtesy Fort Myers News-Press)

  • http://mportlandhomes.com M Realty

    Though I can see the disadvantage of living in a massive building all by yourself, I would also like to focus on the advantages that you might never think of. How many places could you have bike races with your kid up and down the hallways of a massive tower?

    -Tyler

  • http://www.100-mortgage.com 100% Mortgage

    Oh my word, that isn’t at all what you’d expect when you bought it, but hey, least there is no noise from the neighbors.

  • http://www.100-mortgage.com 100% Mortgage

    You could make as much noise as you like yourself though…is he a musician?

  • http://www.allisonables.com Gainesville Real Estate

    I can’t find any units in this building in the MLS. For how “bad” they make the market out to be, developers or banks don’t seem to be in a hurry to off-load the units at auction.

  • abe vigoda

    Why is this fool paying his mortgage. The place is a den of squatters, homeless people, and crack heads.

    How long until the utilities stop working and the building is deemed a safety hazard?

  • http://www.release-equity.org.uk Les@ Release Equity

    He should object under those grounds, that wasn’t what he agreed to pay for when he got the mortgage.

  • http://www.greathomestexas.com Owner Financed Homes Round Rock

    Recent post linked back to this and all i can say is…wow. Thats crazy! I wonder what the outcome of this is. Is he still living there?!

  • http://www.zillow.com/profile/dianetuman/ Diane Tuman

    Owner Financed: I just checked and it looks like there are new owners of the complex. They purchased it in a foreclosure auction and now they are putting 125 units up in an auction on Nov. 20, with 40 units being an “absolute” auction. Wow — pretty crazy. Here’s more info:
    http://www.news-press.com/apps/pbcs.dll/article?AID=20109230343

  • http://www.homesinpasadena.org/ Homes In Pasadena

    I’m following the links to this story and I find this story … I don’t even know how to respond. I hope that the auction brings in some good occupants or this situation could get worse for the Vangelakos family.

    Thank you for the story – Steven

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