We are a company directly in touch with FDIC, local banks, builders and other Debt/ OREO sellers. To include 1st position senior debt, Pre- foreclosure sales from the Court steps to the bank direct to you. we broker these opportunistic deals direct to you. This blog announcement is to give SEC qualified type of buyers a notice and opportunity for qualified buyers to acquire a substantial portfolios of discounted Notes/REO properties at one time or commercial assets as debt or OREO. High end Luxury Jumbo loans/ REO homes or condos on the beach as well.
Bank OREO Bulk sale of 6 NEW VILLA UNITS Naples FL next to Marco Island GATED PUD coach home Large Beautiful 3 bedroom plus den, 3 baths with spacious 1st floor coach home. 2902 sq ft Two car garage, custom cabinets, Monogram appliances, granite counter tops and impact glass. Beautiful lake view & community pool. Decorator ready Needs flooring paint custom extras if desired.
Financial:
No Income Gross income Estimated at 129,600.00 exp 30% 38,880.00 NOI 91,000.00
COMPS: (Per sq ft)
Total sqft 17,412 interior x avg Mean value 140 = 2,437,680 Total sqft 17,412 interior x avg low value 125 = 2,176,500 Total sqft 17,412 interior x avg High value 170= 2,977,452
Mike Rivera, Former , CIB Investment Real Estate Analyst Naples Fl
The Apartments is located in Fort Myers, Florida spread across approximately 4.5 acres. The property was built in 1987. The unit mix consists of 40 two bedroom, one bath units with 725 square feet. All units have central heat and air. This asset provides an investor with a value-add opportunity. The current in-place rents are at the bottom of the market providing for the ability to increase rents after occupancy has been stabilized. The property is current operated by an out-of-state owner which makes it very difficult to effectively manage a deal of this size. In our opinion, once the property is stabilized, an investor can expect an increase in Net Operating Income in the short-run while realizing capital appreciation in the long-run.Core location convenient for the location, a close walk to Lowes, Wallmart, Denny's, 3 Gas Stations, burger king Sweetbay. 5 minutes to Ft Myers Beach 2 minutes to Lee memorial health system. excellent workforce housing location.
In Q1, overall sales in South West Florida decreased 38% compared to the prior year. Over the last 12 months, the price per square foot for office property is down 33%, multifamily is down 30%, industrial is down 63% and retail is down 31%.
Data from LoopNet's Q1 2010 Investment Market Reports
Mike Rivera 239-770-6257 Mike Rivera Ferrer and Associates
The Increase in SW FL vulture funds and private equity groups hovering for distressed assets is way up. Real estate firms with access to capital and significant experience, expertise and development capacity are well-positioned to take advantage of the opportunities that these distressed assets and debt present. They are able to buy properties with a variety of financial structures, cash and both senior debt holds, and create value through repositioning the assets.
1 43 Units EsteroFL FGCU AREA
Just SOLD 4/2/2010
Mid Two million Range Median Market Value 80k per unit. MLS Listed low 90K as of 3/28/2010
I was personally involved in the inspection and due diligence, and under contract 2 times with 2 different buyers. One of the best Bulk sale opportunity on the west cost of Fl.
Price was $47K per unit or just about $2MM for the 43 units.
This is the 3rd bulk condo sale to close in the Southwest Florida market.
South west Florida is Naples (Collier county) Fort Myers( Lee county) and Charlotte county and Sarasota county.
I have access to these assets such as the recently closed
2. Jamie May may strikes again.
A resort-style pool is one of the amenities at Bermuda Island Apartments.
Jamie May of the JBM multifamily capital brokered the sale of Bermuda Island Apartments, a 360-unit, luxury multifamily community located in Naples. The community is situated on approximately 23 acres on Vanderbilt Beach Road, across from the Ritz-Carlton Golf Resort Hotel and Tiburon Golf Course. It consists of 12 three-story buildings with a combination of one-, two- and three-bedroom residences, with units averaging 1,046 square feet in size.
Amenities at the community include a grand plantation-style clubhouse that features a formal dining hall, a business center, a 2,000-square-foot fitness center and a screened outdoor lanai with ceiling fans and built-in grills. A resort-style swimming pool overlooks a 3-acre lake. The property was initially planned as a condominium conversion but now operates as an apartment community. Occupancy at the community was 90 percent at the time of the sale.
What hot for Multi family & bulk sale opportunities?
Potential to take down Class A 504-bed student housing facility in Estero, FL, (Ft Myers) across Florida Gulf Coast University. The loan was transferred to special servicing in June 2008. The borrower replaced the onsite manager in the spring 2008 and was running an aggressive leasing campaign with deep concessions to increase occupancy for the 2008-2009 school year. The property is currently 80% leased as of Sept. 4, which does not support the debt service and the borrower is unwilling to support the property.
West Coast of Fl Bulk sale - 43 Units High Rise Oceanfront (Gulf) Boat docks, Builder close out Bank held
Guesstimate asking $50M
Recent Comp sales- 1.6MM to 5.8MM 0-3 months old
Cal me for an NCND
and a quick tour will go fast.
Beachfront High Rise 23 units remain 50% of listed price close out. Bonita, Ft Myers beach, Florida sub market.
Smaller opportunities:
90 Units High Rise riverfront luxury units TBD
300 unit High rise MiamiBayfront Biscayne bay 350,000 sq ft at 300 per SQ ft
60 Venice waterfront CharlotteHarborSOLD
46 3/3 Condos N Naples 7MM + 2% fee
83 Units Naples FL Potential Chinese drywall TBD take an assignment of contract
15NaplesGulf access Bayfront Townhomes Olde Naples 980k per unit
Want more? I have it Bank direct or Private equity held.
Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl
1 239-770-6257
Fax 1 239-775-2066
Mike Rivera Ferre & Associates,LLC
.
http://www.naplesassetsales.blogspot.com
Ultimate 2nd homes destinations in Southwest Florida. Bonita Springs and Naples attracts visitors and new residents from around the world having emerged as one of Florida's most dynamic coastal communities. Known as the "Gateway to the Gulf" - Bonita Springs encompasses the world renowned Barefoot Beach, Bonita Beach, Estero Bay, Black and Hickory barrier islands, and Lover’s Key state park.Naples Beach areas Included Vanderbilt Beach, Seagate, Coquina Sands, Pelican Bay,Olde Naples,Bay colony, Royal Harbor,Marco Island.
Most of theses deals are short sales Bank OREO or it could be a debt sale.
Welcome to Star Capital Group OREO & debt sale offerings
BULK REO POOL SALE DETAILS
Dear Investors,
We are a company directly in touch with FDIC, local banks, builders and other Debt/ OREO sellers. To include 1st position senior debt, Pre- foreclosure sales from the Court steps to the bank direct to you.
This blog announcement is to give SEC qualified type of buyers a notice and opportunity for qualified buyers to acquire a substantial portfolios of discounted REO properties at one time or commercial assets as debt or OREO. High end Luxury Jumbo loans/ REO homes or condos on the beach as well.
Registration In order to streamline the registration process and to establish the appropriate business relationships for this opportunity, the following minimum requirements must be met to be considered a potential buyer:
1) Buyer NDA and Letter of Intent (LOI) with final name in which title will be held and the amount of your preliminary bid. If the purchaser is a corporation, you must include sufficient evidence that the corporation is in good standing with the Secretary of State in the state in which the corporation was formed.
2) Buyer Proof of Funds (POF) currently on deposit with wire capability in the amount of the bid.
3) Deposit Escrow must be opened of $100,000 held by the bank (on FDIC BIDS). $10,000 per 100k must be open on smaller debt sales or local bank deals for pre foreclose offers.
4) Buyer must pass Department of Treasury OFAC check and additional checks.
5) The name on the Letter of Intent, Proof of Funds, and contract must all match. No replacements or substitutions will be allowed once the buyer is registered and the purchase contract may not be assigned. 6. Buyers must enter into an exclusise buyers broker agreement with our brokerage firm or take a direct assignment of contract from Star Capital group Investments, mike rivera or one of our attorneys.
(Detailed information and instructions on registering, submitting your bid, and providing your deposit will be provided with the bid package.)
As an added benefit, those who successfully register and submit a bid will be considered for notification of future bulk sale opportunities.
Thanks you,
Mike Rivera, Investment Real Estate Analyst Star Capital Group Naples Fl 239-770-6257 Please e-mail StarCapitalGRP@yahoo.com Ferrer & associates
