High-end Aqua condo development in North Naples Closes

Aqua Naples Fl Bulk sale.

Aqua Pelican Isle Yacht Club Naples Florida Real Estate

Aqua, the super luxurious High Rise in North Naples fl, closes last month in excess of $34.5M for 35 units and 130,000 sq ft remining and 25 deepwater slips plus 5 acre parcel to construct tower 2 and 35 more Bay-waterfront, oceanview units, a Class AAA Diamond. 3 of my own buyers made offers on the asset to Regions bank from 27M to 38M in 2009 prior to its releases on the open market in 2010.


The project ended up in the hands of its lenders after the project’s developer, EcoVenture Wiggins Pass Ltd., filed for Chapter 11 bankruptcy to reorganize in June 2008. The bankruptcy case is ongoing.

Others purchased condos before the first building was completed, but later walked away from their contracts because of market conditions and the developer’s financial troubles.

The first building, completed in December 2008, has 48 units/ 28 slips and 5 cabanas. At one time about half of them were under contract. There are no contracts pending, but interest has been growing, Kendall said.

In January, Stratea, a consulting group, was hired by Regions Bank, the lead lender on the project, to handle the sale of the building and its condos.
Five condos were sold at Aqua, generating more than $20 million in sales in 2009 as one off sales.

Buyers include Brad Anderson, the former CEO and vice chairman of electronics giant Best Buy, who purchased two penthouses for $11.75 million in the name of a trust. The penthouses were combined into one condominium stretching about 12,000 square feet.

At the higher end, another sale was made for nearly $4.9 million in March 2009, according to Collier County property records.

The comparable salea at the time of this closing (2010/2011) in my underwriting and analysis of the asset looks like this.

Avg 314 per foot / Bulk sale close at 270 per foot.

Not much off a discount for a class AAA property, if you look at it with one way, vulture glasses but it is a rare find and should exceed mid 20% ROI when tower 2 is built or the land asset is sold off.

Total Contract Price	Sold Price Per Sq Ft
$1,045,000	$291
$1,569,000	$396
$1,359,000	$343
$1,044,000	$297
$1,495,000	$327
$1,350,000	$384
$266,400	$600
$1,675,000	$477
$1,250,000	$315
	$314 avg

Call Mike Rivera for other off market opportunities. I deal with investors from Canada to Germany and south America and of course local US hedge funds and other investment vehicles.
many of these assets proir too are debt sales and requre the buyer to pay my broker fee. if you do not agree or understand this concept and how it saves you money by provide net offer to the seller and access to the asset. This type of deal is probably not for you.
if you do understand how this works please provide your brochure on your company it's structure, how it is financed and maybe an example of recent closings. which shows performance.

Contact Mike Rivera for more information on the above assets. or other Naples fl condo bulk sales.

Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl

954-957-3134 Office
239-770-6257

Mike Rivera, Ferrer & Associates,LLC

Apartment and Bulk sales Rise 70% in 2010

a recent report on second-quarter transactions released late last week by Real Capital Analytics (RCA), a New York-based commercial real estate research firm. On the surface, the quarter’s numbers looked good compared to the listless 2009. Sales rose to $5 billion in the second quarter, putting the total at $9.6 billion for the first half of the year. That’s an impressive 69.6 percent jump in transactions over the first half of 2009. But dig deeper, and the numbers don’t look quite as impressive. In the first quarter, 534 properties of $5 million or greater sold. That’s only a 16.8 percent increase from a year ago. So what’s with the jump in prices? Basically, more trophy properties are selling. “I think that points further to the weight the larger transactions in primary markets are having on the market as a whole,” says Ben Thypin, senior market analyst at RCA, noting that most of the uptick in transactions came from the Northeast and Mid-Atlantic, while the West only saw slight gains in volume and pricing. (The Midwest was, once again, quiet.) The Big and Small Sell If they were properly located, both garden-style apartments and high-rises saw strong pricing and demand. RCA, in fact, says garden properties hit a turning point in the second quarter with property sales growing to $3 billion (192 properties) from $2.3 billion (144 properties) the previous year. “There were a fair amount of sub-6 percent cap rates for garden properties,” Thypin says. “The assets in quality markets are trading at low caps regardless of whether they’re garden or high-rise.” Overall, high-rises posted sales of $4.3 billion (198 properties) in the first half of the year, a whopping 192 percent increase over a year earlier. In the second quarter, volume fell slightly from the previous quarter to $2 billion, but the number of properties selling rose to 110 from 88. The reason for this—RCA said high-rises in the second quarter sold in markets other than high-priced Meccas such as New York and Washington, D.C. Distress Still a Dribble Meanwhile, distressed sales made up about 30 percent of all sales in the first half of the year, but only about half of distressed resolutions were via sales. The others were restructured or refinanced.

Cap Rate compression is back and in full effect.

While cap-rate centric institutional buyers mindful of market fundamentals are balking at cap rate compression, opportunistic private investors and opportunity funds with aggressive yield expectations and the underwriting to match are standing 20 and 30 bidders deep to pay what the market demands on a price-per-unit and price-per-square-foot basis. “Today’s buyer feels comfortable where the pricing is per-unit and is willing to buy on the prospect of upside with market recovery,” explains Cindy Cook, senior vice president in the Phoenix office of apartment brokerage firm Colliers International, which recently brokered the sale of two 300-unit, Class B multifamily properties for $61.23 and $67.02 per square foot. “That’s why cap rates have been sidelined. It’s not a stable market, so it doesn’t make sense to value properties strictly on cap rates today. Today’s winning bidder is typically a guy that can walk in and pay all cash without a loan contingency. They’re not looking for a discount; they are looking to pay market price, and they have the cash to pick it up, and we are seeing it particularly with private guys, family trusts, and the opportunity funds that were set up over the past couple of years.

Southwest Florida Coast Broker Sales

Sale Date 02/2010 No. of Units 312 Sale Price $8.2mm

Sale Date 03/2010 No. of Units 360 Sale Price $29.5mm

Sale Date 05/2010 No. of Units 408 Sale Price $25.4mm

Sale Date 07/2010 No. of Units 360 Sale Price $29.5mm

Sale Date 07/2010 No. of Units 180 Sale Price $13.6mm

If you would like exclusive access to some of these off market opportunities. Feel Free to contact Mike Rivera Direct at 239-770-6257

What we are looking for:

Partners such as Private SEC registered Investors,Fund Mangers, family trusts, and the opportunity funds of private equity and hedge fund groups. We provide due diligence,Access to the asset before it hits open market, and asset management and property management as an operating partner.

FHA Approves Many New Florida Condos For 98% Financing In 2010

(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. SOLD
550 BED STUDENT HOUSING, SOLD
43 UNIT, ESTERO FL, SOLD
48 UNIT NORTH NAPLES, SOLD

AVG 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

Providing asset management and turnaround for Hotel owners

Hospitality Owner operators.
Providing asset management and turnaround for Hotel owners - For potential sellers. I want to get your hotels NOI stable for a potential sale. I have two new hospitality programs for hotel ownership with the former CEO of Stafford Hospitality. Expense Management for hotel and restaurant Industry.

NO COST, RISK-FREE ANALYSIS of your existing buying practices. 5% REDUCTION IN OPERATING COSTS HAS THE SAME P&L IMPACT AS A 30% INCREASE IN SALES.

Increase & add stabilization too your inline NOI for a potential sale in 2010/2011

2.

Sales & Marketing Boot Camps:

Grand Bay Hospitality Group is ready to take your property to the next level with our Sales & Marketing Boot Camp. We will talior our full program to your hotel as we cover Everything from Grass Root Sales to Internet, Web & Social Marketing. This program covers a five day span with a review on Friday of all activity and includes a 30/60/90 day follow up program.

Naples foreclosure High Rise beachfront Ocean view REO

List Price:$599,900
Address: VANDERBILT DR
BAY CLUB OF NAPLES
Living Area: 2,770
Total Area:3,000 3bedrooms +Den 4bathroom
Year Built:1992
Carport 2 Private Pool
Waterfront:Gulf View / Boat Access:Bay, Landscaped Area, Parking Lot / Marina

E mail Starcapitalgrp@yahoo.com

Bayfront Ocean view Biscayne High Rise debt sale

Biscayne high Rise

346 units in the building
square footage saleable is 605,056, square
footage under contract now is 377,132.
HOA cost per foot is $.53 (HOA budget
updated in June and covers all of the common area space).
Commercial space is approximately 35,000 feet located along Biscayne Blvd ,
First floor of the detached east pool deck building and within the building first floor below the
Gym/Spa.
$300 per sq ft asking.

NCND required with a 500k pre-open escrow along with a letter of Intent and proof of funds.
E mail only starcapitalgrp@yahoo.com