NAR: Library: Power Tools: Power Tools for Property Managers: Florida Condo Community Ousts Property Managment Company, Sage Residential

Last week, Jacksonville, Florida condo community, Montreux at Deerwood Lake, voted to replace Sage Residential, a division of Tarragon Corporation. According to theStreet.com, "a resident and board member at thte community had threatened legal action against Tarragon over alleged self-dealing." Instead of facing a lawsuit, the corporation agreed to discontinue Sage's management contract at Montreux. In recent months, Tarragon's stock has been under pressure "from short-sellers who say the company is facing a liquidity crunch." In a recent SEC filing, the corporation disclosed that "it was not in compliance with a debt-service coverage ration covenant pertaining to its $125 million of outstanding unsecured bonds."

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Florida Condo Community Ousts Property Managment Company, Sage Residential

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