Cedar Woods Homes is a 165-unit condominium community located in Homestead, Florida which entered Blanket Receivership with JKM in November 2010. Of the 165 units, approximately 70% were 60 or more days past due in making monthly Association payments. The total estimated delinquency for the community as a whole stood at approximately $500,000.00.
Since November 2010, JKM has pursued the collection of rents from leased units and initiated a renovation and lease-up program for abandoned units. As of July 2013, approximately 40 units have been renovated and leased out. JKM has remitted in excess of $400,000.00 to the Association for delinquent accounts. JKM’s monthly distributions currently account for 40% of total monthly collections with some months remitting up to 99% of monthly collections.
With JKM’s distributions, the Association has caught up on past-due bills, re-instated flood insurance coverages and completed deferred maintenance on landscaping, a fountain, security gates, and the clubhouse/pool area.