Tag Archives: apartments for sale

Multifamily community sells for $6.6M

May 11, 2017

TAMPA — Investors Alan Soroory and Bobby Soroory sold Montierra Apartment Homes in Tampa for $6.6 million or $68,750 per unit.

Montierra Apartment Homes is a 96-unit, garden-style apartment community near University of South Florida. The property was built in 1970 and sits on over five acres of land. It has over 81,000 rentable square feet.

According to a press release, they invested over $1 million since acquisition of the property for repositioning.

“We acquired the asset at the bottom of the cycle in 2009,” says Bobby Soroory in a statement. “At the time, the asset was more than 50% vacant and required significant capital expenditures throughout the property. Our repositioning program was able to bring the asset’s performance back to it’s full potential and subsequently create significant cash flows through our hands-on management approach.”

For information on Multi-family / Apartments and investing, click here <——

Condominium Ownership Is Becoming the American Nightmare

Condominium Ownership Is Becoming the American Nightmare

Another storm brewing in the Condo market?

Another storm brewing in the Condo market?

By Amanda Alix

Many homeowners who have bought into the American dream by purchasing a condominium are now regretting that decision, as some find themselves unable to sell or rent their units, while others face court battles with investors trying to force them out of their homes.

Condo boom gone bust
Like other types of housing, condos experienced buyer popularity during the housing boom. But the housing crash put an end to that party, too, and numerous condominium owners are still being negatively affected by the housing crisis. Many are finding themselves stuck as stringent lending regulations make selling nearly impossible – even as condo rules stop them from renting their homes as a stopgap measure.

Part of the problem concerns changes made by the Federal Housing Administration over the past few years. In an effort to protect taxpayers from risk, the FHA has tightened condo lending rules to the point where obtaining a mortgage for such a purchase is almost impossible.

Because the FHA rules apply to the entire development, even buyers who would qualify for such a loan won’t be able to get one. FHA loans are often used by first-time homebuyers, a group particularly apt to buy less-expensive condo units as a starter home. Though other types of credit are available, these potential buyers may not qualify.

Some owners try to salvage their soured investment by renting their home, but often run afoul of condo board rules on the subject. Many developments only allow a certain percentage of units to be non-owner occupied, often because financing options will be much more restrictive for buyers if too many apartments are rented. But, that rule can backfire, essentially dampening prices in the entire complex when prospective buyers realize that they won’t be able to rent their unit if the need arises. In addition, condo prices can be depressed if desperate owners need to sell the unit at fire-sale prices, just to be free of the problem.

Investors give owners the boot
In Florida, some condominium owners are suing a large group of investors who bought their condo building, and now want the individual unit owners out.

Madison Oaks was originally an apartment complex, but was turned into condos in the mid-2000s by developers looking to cash in on the southern Florida condo craze. Fewer than 20% of the units sold before the crash, while the rest became rentals. Now, an investor group has purchased the complex, and wants to turn it back into leased apartments.

To read complete article, CLICK HERE <—–=========

To sell apartment building, find specialist agent – article from Beacon Journal

To sell apartment building, find specialist agent – article from Beacon Journal.

If you needed heart surgery, would you call a podiatrist?

If you needed a wedding cake done, would you call a baker or someone who specifically does wedding cakes?

Just because the the title has the word ‘Broker’ in it does not mean they are a good real estate broker/agent.

Business Brokers
Stock Brokers
Bail Bond Brokers

Florida predicted to be No. 1 market in 2014

Florida predicted to be No. 1 market in 2014

By Josh Salman
Published: Friday, October 25, 2013 at 1:00 a.m.

Follow the sun ~ pic via Sean Dreznin

Follow the sun ~ pic via Sean Dreznin

Housing analysts predict Florida’s real estate market will be the one to watch in 2014 — again.

The Home Buying Institute predicts the Sunshine State will surpass housing markets in California, Las Vegas and Phoenix to retake the national spotlight next year, edging out other recovering markets, according to a new report.

The institute’s prediction comes as housing supply is waning in some of Florida’s most popular areas, including Sarasota and Manatee counties.

At the same time, demand to purchase real estate is rising statewide, from a combination of retiree growth, job gains and other economic improvements.

For those reasons, the institute says Florida will be the top market to watch in 2014.

The institute’s forecast also predicts mortgage interest rates will top 5 percent next year.

That could spell minor trouble for some housing markets around the country, but the impacts will likely be less significant in Florida, where an overwhelming number of homebuyers are now using cash for their purchases, according to the report.

300 days of sunshine ~ Pic Via Sean Dreznin

300 days of sunshine ~ Pic Via Sean Dreznin

Overall, the institute sees Florida in 2014 experiencing a housing market that continues to favor sellers over buyers, and that the economic trends in the state could influence the nation as a whole.

“Florida is once again going to be a very good indicator,” McCabe said.

For complete article, CLICK HERE <——=====