A developer who began buying condominiums at Cape Coral’s Sunset Towers in the wake of Hurricane Charley is still trying to do so

A developer who began buying condominiums at Cape Coral’s Sunset Towers in the wake of Hurricane Charley is still trying to do so.But condo owners who threw up roadblocks to keep him out say they’re not budging on selling, even if work to repair damage from the 2004 hurricane is going slowly.Vincent Kuttemperoor of VK Development said about 25 condo owners at the twin eight-story buildings on Cape Coral Parkway might be disappointed enough to sell, though.“I had several calls from people who expressed frustration with the length of time it is taking to rebuild,” Kuttemperoor said. “I am sure we can work out a happy conclusion for everyone.” Kuttemperoor declined to name the people.Owners of the condos have not been home since Hurricane Charley took off the roof and caused significant water damage in August 2004.Most of the owners have had to rent other homes even as they deal with insurance issues and rising building costs. Most are on fixed incomes.“I’ve just run out of hope,” said condominium owner Maria Youngs, 65. “I don’t know if we’ll all live long enough to get back in our homes."
Still, Youngs said she has no plans to sell to VK Development or anyone else. Six other condominium owners also had no plans to sell.When Kuttemperoor tried to buy the buildings immediately after Charley, the owners adopted a rule that requires owners to live there for an undefined period of time. This was to prevent speculators and corporations from buying into the complex, owners said.If the condominium owners were to change the rule blocking him from buying into the buildings, Kuttemperoor would be happy to discuss a fair price, he said.Just after the hurricane hit, the developer offered $200,000 for each condominium. Kuttemperoor would not discuss how much he would be willing to offer now.To arrive at a price, owners would have to find out how much they are owed by insurance and stop their $1.5 million Small Business Administration loan, he said. The loan was taken out to cover skyrocketing costs of the buildings’ reconstruction.Owners initially thought they would be able to return to their homes last year, but there have been delays in repairing water damage, removing asbestos and bringing the buildings up to construction codes.Move-in dates have been postponed at least three times. Now, it may be June.Bills have mounted for the owners. Besides rent, they have paid storage fees and still must pay condominium fees. At least eight owners have sold their property.“I hear many stories from people. I hear that construction has stopped and at this point people may want to take a look at the price it is costing to rebuild the place,” Kuttemperoor said. “I feel sorry for them, but sometimes it is just best to cut losses and run.”Contractors suspended construction on the 56-condominium complex recently because holes made when the plumbing was brought to code have to be cemented and caulked, said Tony Lucibello, 61, condominium association president. Work could be complete in three weeks.No one on the association’s new board said he was interested in selling. Nor had anyoneheard of others interested in selling to VK Development."It is my understanding that no one can be forced out of the building when they move back in," said board member Jay Rodriguez.Condominium owners elected Lucibello, Rodriguez, Virginia Blair, Ed Suero, Jim Shaw, and Bonnie Coker to the board in January.
Previous association president Dorothy Rea said, at last estimate, the first floor was to have been completed by Wednesday, but that won't happen. The rest of the building was to be completed by June."I'm looking forward to throwing a big party in August at Sunset Towers with all my neighbors," Lucibello said.
Sunset Towers sits next to other VK Development-owned land. It could enlarge the area where the developer plans to build condominiums, offices, retail shops and parking buildings.After Charley, VK Development bought five condominiums before residents rebelled.The company sold two condominiums and continues to list three condominiums for sale, said Laura Ruffier, a real estate agent with Century 21 Sunbelt.
Ten condominiums were for sale Monday, listing for $200,000 to $299,999 depending on the view of the Bimini Basin, Ruffier said."The people who bought (recently) are baby boomers looking to retire," Ruffier said.