David Alvarado moved into his new home this fall.
I love it. I love it, said the retiree, who moved to Port St. Lucie from Utah.
But the home comes with what Alvarado calls, a heavy price.
In 2023, Alvarado said Port St. Lucie Properties and its owner, Mark Montalto, stopped work. All he had was an empty lot. A landscaping company claimed Montalto failed to pay for clearing the lot. It placed a $19,000 lien on the property.
Alvarado had to pay off the lien or risk losing his property to foreclosure.
Its been traumatic, to say the least, said Alvarado, who estimates the cost of paying off liens, getting a new builder to finish the house, legal fees, and renting a house for his family until he could move in, cost him an extra $150,000.
He now struggles to pay monthly bills.
Its just gut wrenching, said Alvarado. I know people know what Im referring to when you feel that pit in your stomach. Its just hollow.
Alvarado took his case to court in St. Lucie County.
When I dug through county court records, I found Alvarado one of 19 suing Montalto.
In 10 cases, including Alvarados, a judge awarded property owners a total of more than a $1million from Montalto.
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In six other cases, court records show a judge declared bankruptcy suggestion.
That means they should file a claim against Montalto in federal bankruptcy court, as Montalto filed chapter seven bankruptcy last month.
Three other cases, including Dorothy Calixtes are still active.
Yeah, were struggling, said Calixte, who with her husband, had to pay off $90,000 in liens or risk losing their house.
Then she had to get a new mortgage at a higher interest rate after hiring another builder to finish the job.
After this situation happened, I had to get two jobs, said Calixte. You shouldnt have to live like that, and you dont even have time to enjoy the dream home that you wanted.
Alex Hess thought his dream home would be built by Port St. Lucie Properties, when he signed a contract with Montalto in 2023.
Mark never finished the job, said Hess, who with his newlywed wife learned three sub-contractors placed almost $55,000 worth of liens on their new house.
He too, had to get another builder to finish the work.
It put my wife and I in a difficult position to try and afford and double-pay for everything that was already completed, said Hess.
The arrest of the 61-year-old Montalto means he potentially faces more than 100 years in prison, if convicted.
Oh, thank God! exclaimed Calixte, after learning of Montaltos arrest. Thats all I ask for. At this point, I need justice.
Calixte admits justice wont come easy.
Port St. Lucie Properties is no longer in business.Â
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I dug into Montaltos bankruptcy filing. I found Montalto claiming he has $656 in assets, and more than $8 million in liabilities.
Thats why Alvarado isnt celebrating Montaltos arrest.
He basically doesnt have anything to go after now, said Alvarado, who last month was awarded a judgement of $100,000 against Montalto.
I asked him how much of that hed receive.
Nothing, he answered.
Montalto has not commented since we first reported the story in 2023.
His attorney has not returned our calls.
Montalto sits in the St. Lucie County jail facing 46 criminal charges including grand theft, and racketeering.
Several homeowners claiming to be victims of Montaltos hope to get some of their money back through the Florida Real Estate Recovery Fund, which awards homebuyers victimized by a builders fraud or negligence.
But the maximum award is $50,000 and most people who claim to be victims of Montalto and Port St. Lucie Properties say theyve lost a lot more than that.
WPTV Investigative Reporter Dave Bohman’s previous coverage on Port St. Lucie Properties:
The post Homeowners who lost money to Port St. Lucie Properties fear they may not recover full investment appeared first on World Online.
