Suncoast Real Estate on the Gulf Coast of Florida
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Following the housing crisis, SWFL still has an abundance of homes in foreclosure
BY NANCI THEORET
HOME FORECLOSURE CASES IN SOUTHWEST Florida have taken a roller coaster ride since the crisis hit the area full steam in 2009. In Charlotte and Collier counties, the track resembles the more gentle ups and downs toward the end of the ride. Lee County’s ride started with a rapid climb up the largest hill and teetered on the precipice for few years before taking a big plunge.
Experts predict the bumpy ride is mostly over throughout Southwest Florida.
Once the poster child for the country’s foreclosure crisis, Lee County has emerged from 2009’s record high of 57,136 foreclosure actions — and the national spotlight — to last year’s 8,622, according to Daren Blomquist, vice president of RealtyTrac, an online marketplace of foreclosure properties.
“Lee County behaved differently than many other Florida counties,” he says. “It just seemed there wasn’t much of a delay in filing foreclosures. In other counties we saw a rollercoaster pattern. Foreclosure started to go down then bounced back higher in 2012 and 2013.”
Such was the case in Charlotte and Collier counties. Charlotte County foreclosures in 2012 were up nearly 150 percent from 2011 — 2,100 vs. 1,407, according to clerk of court records. Collier, which peaked at 8,203 foreclosure filings in 2009, increased 127 percent between 2011 and 2012.
Foreclosures dropped in all three counties in 2013 with Lee County showing the greatest decline — a 30 percent decrease from 2012. Charlotte County’s foreclosure rate dropped nearly 15 percent; Collier’s nearly 9 percent. The reduction, according to a RealtyTrac report, was “much greater than for Florida as a whole. Charlotte County ranked 22nd in the state, Lee County 30th and Collier 52nd.
Since 2008 foreclosure cases have been filed against 120,525 underwater homeowners in the three-county region and Florida in 2013 continued to lead the country in foreclosure proceedings.
“Florida is still three times higher than the national average and that’s because Florida was harder hit to begin with,” says Mr. Blomquist. “Secondly there were delays in processing foreclosures.”
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NAI Tampa Bay Closes 200 Unit Hidden Oaks Apartments
The Multi-Family team of John Burpee and Sean Lance are proud to announce the sale of the 200 unit Hidden Oaks Apartments located at 1121 Druid street Clearwater; Fl. NAI Tampa Bay represented the seller of the asset to a buyer for $8,500,000 or $42,500 per unit. The Buyer is California investment firm and plans a major rehab to the property over the next several months.
This transaction puts NAI Tampa Bay’s multifamily team over $200 million in closings year to date with an additional $124 million under contract that are expected to close by the end of the year. John Burpee, NAI Tampa Bay’s CEO and lead multifamily broker stated” This closing represents a true statement to the strength of the multifamily market and the appetite of investors for well positioned deals. All of our clients are asking us to present more deals and the market is flush with capital chasing value add as well as stabilized cash flowing assets”.”
John Burpee, President of NAI Tampa Bay, stated that this sale is a testament of the power of NAI’s Global network capability and how our firm is helping lenders dispose of REO assets. Our firm was able to provide the special servicers an opinion of value, advise them on receivership services, management of the asset and ultimately sell the asset to a client in our local database prior to the lender taking title.
NAI Tampa Bay is part of NAI Global, the world’s largest managed commercial brokerage network with more than 375 offices and 8,000 associates in 55 countries. To learn more, visit http://www.NAITampaBay.com
– See more at: http://www.tampabaynewswire.com/2013/11/04/nai-tampa-bay-closes-200-unit-hidden-oaks-apartments-16783#sthash.DgIXl1Pt.dpuf
Sarasota multimillionaire sailing on to Belize; Selling Investment Portfolio in Sarasota & Manatee
By Michael Pollick
Published: Wednesday, November 6, 2013 at 1:00 a.m.
Harvey Vengroff, a self-made multimillionaire who moved to Southwest Florida 23 years ago so he could go sailing every day, is sailing on — to Belize.
Vengroff, the 72-year-old founder of one of the world’s largest collection agencies, plans to sell a $75 million Southwest Florida property portfolio that he amassed after arriving in 1990. He has hired NAI Tampa Bay and Sean Dreznin, Phil Ginexi & Kyle Keelan & Andrew Haddad of Keller Williams to sell the portfolio investments. He is also making it possible for his real estate employees to acquire another $20 million worth of apartments on favorable terms.
Since he got here, Vengroff has been a colorful character who prefers casual clothes, rails against government bureaucrats and tends to do things his own way.
Vengroff renamed the collection agency that is still in the family as Vengroff Williams Inc.
That company, which employs more than 100 in this region, maintains larger offices in Long Island, N.Y.; Chicago and Orange County, Calif., collecting on commercial delinquent accounts for a large number of clients, including General Electric Co., Microsoft Corp. and Google Inc.
“We are not moving anybody out of Sarasota,” Vengroff told the Herald-Tribune. “We are just going to add new people in Belize, that’s all.”
One of them will be Harvey Vengroff.
On a more personal level, Vengroff said he has been disappointed in the reception he has gotten from the City of Sarasota when he has asked for higher density rights on properties so that he could build rental apartments. Specifically, he has sought permission to build high-rise rental buildings at 2211 Fruitville Road, the close-in, 8-acre site now on the market for $8 million.
“If you want to build luxury condos you can get 200 per acre,” Vengroff said. “If you want to build affordable housing, you cannot get 50 per acre.”
Vengroff says he has empowered three agents to liquidate the roughly $75 million in real estate, most of it affordable housing.
These agents are Sean Dreznin, Kyle Keelan and Phil Ginexi from NAI Tampa Bay.
“I don’t think there was anybody who ever dedicated themselves more to affordable housing for the work force than Harvey,” said Kerry Kirschner, executive director of Argus Foundation, who in a former political life helped recruit Vengroff to Southwest Florida.