Real Estate Developer Tarragon Files for Chapter 11
The 
Tarragon Corporation lost their bet on the South Florida condo market. Now they are in Chapter 11 bankruptcy after the credit markets dried up all possible refinancing.
The company based in New York is a prime developer of urban condominiums and homes. If they had stayed out of South Florida the company probably would still be solvent as they have a large base of rentals.
However the allure of fast easy money was too strong, as it was for many, and Tarragon collapsed under the strain of a weak South Florida market.
Tarragon’s bankruptcy filing followed a number of ill-timed real-estate deals, including a big bet on the south Florida condo market. The developer’s plans to buy rental apartments at high prices, and convert them to luxury condominiums flopped when buyers failed to materialize and renters fled.
Chief Executive William S. Friedman acknowledged that management had failed to exit the Florida condo market soon enough, but he blamed primarily the credit crunch for the company’s problems. The “real estate business is a little bit like an ocean liner and you cannot stop on a dime,” he said in an interview.
Tarragon, based in New York, owns 11,700 rental apartments and had been developing 3,800 urban condos and houses. The builder focused on high-density developments in urban areas in the Northeast, Texas, Tennessee and Florida, a market particularly hard-hit by the U.S. housing crisis. via WSJ.com.
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Comment by Christy Leavine on 13 January 2009:
I have a feeling that these types of cases are something we are going to start seeing and hearing about a lot in 2009. Everyone knows that 2008 was a bad year, but the bad part is just now starting to catch up with a lot of companies.
Several news sources are beginning to point at mid 2009 for the market/economy to start turning back around, unfortunately by then it is going to be to late for a lot of corporations.
Comment by Robert Unusual Loans on 14 January 2009:
The wave of commercial property that needs to be refinanced will make the housing situation look like disneyland. I am new to this site but I have to say the quality of post is great. Thank you