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

Southwest Florida (Naples) Commercial real estate snapshot

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

2 Sales Naples and Estero Market! Multi family & Bulk builder close out Estero fl, Naples FL

2 Sales Naples and Estero Market!

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 Estero FL 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 Miami Bayfront Biscayne bay 350,000 sq ft at 300 per SQ ft

60 Venice waterfront Charlotte Harbor SOLD

46 3/3 Condos N Naples 7MM + 2% fee

83 Units Naples FL Potential Chinese drywall TBD take an assignment of contract

15 Naples Gulf 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

http://www.Naples-Foreclosure.com

South Fl Naples,Miami,Sarasota Condo sales way up, Bulk sales Increase

South Fl Naples,Miami,Sarasota Condo sales way up, Bulk sales Increase by Mike Rivera

Ft Myers and Naples Fl Beachfront REO homes penthouse sales

www.BEACH-FRONT.US

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.

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