(FHA) Fannie Mae just approved a Slew of Florida condos for FHA financing in the first 1/2 of 2010, New condo project approvals for financing in 2010 have already risen by more than 50 percent compared to 09 when 80 or so FL projects were deemed acceptable for Fannie Mae standard mortgages . No new Florida condos were approved for financing in 08 after 27 projects were approved in 2007, according to the FHA report.
This presents new and greater opportunity for the Condo Investor/ Bulk Condo Buyer, looking to resell down the line with end user 98% financing in place.
Prior too these FHA approvals, a lack of available financing typically means a potential slow death to the condo development, association, seller and Investors as lower prices for the Re sellers remain distressed, as the only would-be buyers have all cash and demand deep (vulture fund) discounts to transact almost 100% of deals.Many mainstream conventional banks also Follow FHA standards on underwriting, which means conventional bank lenders/ borrowers were also staying away from Non Fannie Mae approved Condominium's.
Some of the newly approved developments are:
Marbella Lakes Condominium, , Naples fl
Hammock Bay Condominium, , Naples fl
Lakeside at the Isles
Ironstone at the Quarry, , Naples fl
Jasmine Bay South Entire Project/ ESTERO FL
DI NAPOLI, Naples fl
ANDROS AT TORTUGA / FORT MYERS
ANTIGUA ONE AT SOMERSET CONDOMINIUM
Barbados I at Somerset
Coach Homes II at Heritage Bay Other/BUILDING 63, 68 and a couple of more
North Star Yacht Club
For a full list of available FHA approved Condos. Call Me Direct at 239-770-6257.
As you Know, we are looking to PARTNER WITH CASH Buyer Investors of Condo Bulk Sales units and Individual Fl Distressed condos and single family homes. The long term investment goal is a 7 to 10 year hold with Income in place with an Modified IRR of 11% to 20%.
We have now been Involved with sold or consulted on 7 condo Bulk sales in the South west florida markets to Include, Naples, Ft Myers, Punta Gorda, Port Charlotte, Venice and Sarasota, Bradenton. We are working on Apartment units that are now available in Naples, Tampa, West Palm Beach, Palm Beach with a core concentration on Multi Family apartments and Broken Condo developments, 2nd Retail Grocery Anchored, 3rd Hospitality.
We attempt to work with Buyers under an Exclusive buyer broker agreement as to not waste our time and out investors, and form an LLC in which we remain as an operating partner here in fl.
Some availabilities:
60 Units bulk sale
21 Unit bulk sale Ocean view
400 unit + Hotel / Mixed use High Rise Riverfront
33 Unit Ocean front, Naples Fl
28 Unit Luxury waterfront with Boat slips
117 Key Flagged West Coast Marriott.
227 Unit Apartment distressed debt Sarasota
100,000 sq ft Collier County Fl Flea Market, warehouse and RV Park with 150 pads, distressed debt, SUPER DISCOUNTED ASSET.
127,000 Sq Ft Anchored Publix Plaza.
SOLD550 BED STUDENT HOUSING,
SOLD43 UNIT, ESTERO FL,
SOLD48 UNIT NORTH NAPLES,
SOLDAVG CLASS B AND C UNITS SOLD- 50K PER UNIT. OR 48 PER SQ FT
Call Mike Rivera.
Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl
1 239-770-6257
Mike Rivera, Ferrer & Associates,LLC Fl Brokerage
