Another Bulk sale down for waterfront sold at 80% of current value.
Prices up in swfl 25% since 1st 1/4 of 2010
Canadian Investment Group Lofton Island , LLLP has acquired 224 developer-owned units in the Oasis Tower II condo project from Oasis Associates, LLC. The purchase price for the 224 units was $36.7M ($163K/unit). Lofton Island plans to continue the leasing program in this tower.
Based on currentprices in River District high-rise projects, this average cost per unit of $163K is a bit closer to retail than I was anticipating for a bulk transaction at 80%. Shifting this block of 224 units out of unsold inventory and into a rental portfolio is a very positive event for the Fort Myers high-rise market. Buyers will have more comfort purchasing the remaining units in Oasis Tower I without the huge unsold inventory of Tower II hanging over the project like a black cloud.
Bulk sales available
415 Unit High Rise 24 story Riverfront Hotel Dark at Yaht Club needs 10/15M in renovations.
( prime location like Oasis. Reposition opportunity to acquisition 500,000 sq ft of riverfront high assets.1 full city block of land hard corner at the bridge. Im direct to owner and they are motivated to sell this asset.
21 Unit High Rise Ocean view Class AAA
Olde Naples(port Royal sub market) High affluent market Units
10 New construction never lived in units, Market rate 305 perm sw ft, purchase 207 a sq ft.
68 unit available In Naples Fl as well. 60,000 per unit Conversion all 100% owned..
55 Unit off davis blvd In Naples fl Broken conversion.
320 unit Class B apts Naples, Fl (listed by other broker)
a quick note
always looks bigger going than coming.
For many procrastinating real estate buyers Bye, bye! The above proves this ponit.
Let em update you with my real estate appraiser hat.
1. The bottom of the market was reached sometime in end of 2009 1st 1/2 2010.
2. If you would have purchased a condo or a town home in Estero 6 months ago you would have a 30k to 50k equity position in your property today this is almost across the board in 33928.
3. If you would have purchased the same type of highly distressed product in Olde Naples by end of 2009 thru summer of 2010. You would have close to a 45 dollar per sq ft equity yield on your holding. x the sq ft of your acquisition.
I love been a real estate appraiser and Broker it is with this knowledge that i track sub markets in SWFL as they decline or appreciate. and real estate is truly valued up or down by mere neighborhood characteristics, in small pockets or puds only. Nonetheless it is good news for you sellers out there.
Buyers get off of the wall, its time to dance and Im playing your song..... and BTW the song is 1/2 way over.
Contact Mike Rivera for more information on the above assets. or other Naples fl condo bulk sales.
Investment Real Estate Analyst
Star Capital Group