Tag Archives: investment

5-Unit Multifamily opportunity in Sarasota, FL

DJI_0063

CLICK HERE FOR Detailed Offering Memorandum

Price: $624,000
Number of Units: 5
Building Size: 4,025 SF
Property Type: Multi-Family
Lot Size: 25,543 SF
Year Built: 1983

 

  • Reasonable increases to market rent increases yield over 7%
  • Newly renovated units provide turn-key investment opportunity
  • SFR tenant pays all utilities; 4-plex tenants pay electric and cable
  • Property includes a 4-plex and a single family home
  • Close proximity to A-Rated Schools including Riverview High School and Phillippi Shores Elementary
  • Located near Publix, shopping, restaurants and most importantly, Siesta Key Beach!

Description

This is an opportunity to acquire five renovated apartments/rental units in the central submarket of Ridgewood Heights in Sarasota, FL. The property is an infill four-plex plus one adjacent single family home in a predominantly residential neighborhood.

The property’s proximity to top-rated schools, secondary schools, retail and employment bases make these units attractive rentals to a wide variety of potential future tenants. The current owner has handled most deferred maintenance including new roofs, painting, fencing and a new a/c for the SFR all within the past two years.

With rents near market, renovations performed and expenses stabilized, this is truly a turnkey opportunity and perfect for out-of-market investors and 1031 exchanges.

Location

Located just North of the intersection of Proctor and Swift, this property sits on the West side of Swift Road. The property’s tenants enjoy close proximity to numerous retail centers and A-rated schools. Its location affords ease of commute for employment via US 41 and I-75. The quiet, centrally-located neighborhood is ideal for both families and young professionals alike.

Contact

Sean Dreznin at sean@ian-black.com

or

George Kruse at george@ian-black.com

Really, really, really ridiculously good investment for sale in Sarasota, FL – Across from Southgate mall on the gateway to Siesta Key!

Under-Contract-Sign

IMG_7227

3 tenant retail center

Lease terms in place expire in 2019, 2022 & 2025

5% annual increases

All electrical updated

Plumbing & Drain lines were recently re-done

HVAC ages – One new in 2014 — Two new in 2015

Property NETS approx $55,000

Contact our office for a CA and detailed data

ian-black-logotype1

(941) 906-8688

srqcre@gmail.com

Really, really, really ridiculously good investment for sale in Sarasota, FL – Across from Southgate mall on the gateway to Siesta Key!

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Cash buyers still dominate housing market

By  via Herald Tribune. com

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Cash on the table remains the preferred method of payment for homebuyers in Southwest Florida.

Buyers paid cash for 54 percent of all residential real estate purchased in Sarasota and Manatee counties in May, real estate Researcher RealtyTrac said Wednesday.

The two-county region ranked second among major U.S. metropolitan areas for the highest share of cash buyers of single-family homes and condominiums.

Cash buyers have dominated the Sarasota-Manatee real estate market for several years, even leading the nation for the top share in April.

But no-loan buying has actually slowed down, as 58.1 percent of home sales were closed with cash in May 2014.

Nationwide, all-cash buying dropped to 24.6 percent in May, its lowest level since November 2009, RealtyTrac reported.

Locally, Realtors say smaller investors have become key players in home sales while large institutional investors — who commanded the market during its early rebound — have stepped back.

Retiring baby boomers who have sold homes up North also are paying cash for homes here.

“As housing transitions from an investor-driven, cash-is-king market to one more dependent on traditional buyers, sales volume has been increasing over the last few months and is on track in 2015 to hit the highest level we’ve seen since 2006,” said RealtyTrac vice president Daren Blomquist.

Institutional investors — those that buy at least 10 properties a year — accounted for just 1.7 percent of home and condo sales in Sarasota-Manatee in May, down from 4.8 percent one year earlier.

For complete article and others, CLICK  HERE <——-

List of current Condo Developments in Sarasota, FL getting started in 2014-2015

List of current Condo Developments in Sarasota, FL getting started in 2014-2015

Rendering of Aqua 280 from www.aqua280.com, via Sean Dreznin's Blog

Rendering of Aqua 280 from http://www.aqua280.com, via Sean Dreznin’s Blog

The Queue in Downtown Sarasota
Click here for access to The Q home page

The Jewel
Bayfront Sarasota Luxury Condominiums
Click here for more information

The SanSara
Downtown Sarasota with limited views of Bayfront
Click here to view the designer’s website

One88 on Golden Gate Point
Coastal Condominium Residences
Click here to pre-register on developers site

Aqua280
Located on Golden Gate Point, this luxurious complex looks out at the Bay and Ringling bridge
Click Here to view page

Rendering of the Vue at Gulfstream and US 41 in Sarasota, FL from the website of the Kolter Group, via Sean Dreznin's Blog

Rendering of the Vue at Gulfstream and US 41 in Sarasota, FL from the website of the Kolter Group, via Sean Dreznin’s Blog

The Vue
On Sarasota Bayfront
Currently in a pickle about additional traffic impact with the Ritz and others.
Click here to visit the website

Other developments forthcoming…

Florida Gulf Coast Premier Property Management

List of current Condo Developments in Sarasota, FL getting started in 2014-2015

Rendering of Aqua 280 from www.aqua280.com, via Sean Dreznin's Blog Rendering of Aqua 280 from http://www.aqua280.com, via Sean Dreznin’s Blog

The Queue in Downtown Sarasota
Click here for access to The Q home page

The Jewel
Bayfront Sarasota Luxury Condominiums
Click here for more information

One88 on Golden Gate Point
Coastal Condominium Residences
Click here to pre-register on developers site

Aqua280
Located on Golden Gate Point, this luxurious complex looks out at the Bay and Ringling bridge
Click Here to view page

Rendering of the Vue at Gulfstream and US 41 in Sarasota, FL from the website of the Kolter Group, via Sean Dreznin's Blog Rendering of the Vue at Gulfstream and US 41 in Sarasota, FL from the website of the Kolter Group, via Sean Dreznin’s Blog

The Vue
On Sarasota Bayfront
Currently in a pickle about additional traffic impact with the Ritz and others.
Click here to visit the website

Other developments forthcoming…

View original post

Sarasota is No. 1 midsized-market destination for movers

Sarasota is No. 1 midsized-market destination for movers

By Harold Bubil, Herald-Tribune

 Sarasota is #1

Sarasota is #1

Sarasota ranks No. 10 in the nation among U.S. moving destinations, according to a just-released report by Penske Truck Rental.

The other nine metropolitan areas are major cities, such as Atlanta, Chicago, Dallas, Seattle, Orlando and Charlotte, N.C.

North Port-Bradenton-Sarasota is the 73rd largest metropolitan statistical area in the U.S. with more than 709,000 inhabitants in 2011, according to the Census Bureau. Orlando is No. 26 with nearly 2.2 million; Charlotte, N.C., is No. 33 at 1.7 million.

Penske, a global transportation services provider, said the list is compiled through online consumer truck rental reservations and through Penske Truck Rental call centers. Only one-way moves in 2012 were considered.

2012 Top 10 Moving Destinations:

Previous year’s ranking is noted in parentheses

1. Atlanta (unchanged)

2. Dallas/Fort Worth (4)

3. Phoenix (2)

4. Orlando (3)

5. Chicago (unchanged)

6. Houston (unchanged)

7. Denver (unchanged)

8. Seattle (unchanged)

9. Charlotte, N.C. (10)

10. Sarasota (9)

CLICK HERE <——======== for full article

Park View renters shocked by foreclosure notices via Herald Tribune

Park View renters shocked by foreclosure notices via Herald Tribune

By Michael Braga, Herald-Tribune / Thursday, June 28, 2012

Park view Condo – sarasota, fl

Two renters in Sarasota’s Park View condo complex have gotten a rude surprise over the past few weeks.

They discovered their landlord — Michael Kell of Canton, Ohio — does not have firm title to the units he has been renting them since September.

Kell bought the units from the Park View Condo Association, which had foreclosed on the former owners because they had not paid their association dues. And Kell made the purchases knowing that the bank that provided loans for the former owners would some day foreclose and take possession of the units.

But Kell did not say anything about a pending foreclosure to the tenants. So when they received foreclosure papers in the mail, both Theresa Royal and Lucia Reid freaked out.

“This guy came came to my door in April and said my unit was in foreclosure and I was the unknown tenant and he needed to serve me,” Royal said. “I tried to call Michael and say: ‘Hey what’s up.’ He always returned my previous calls, but it took weeks to get a hold of him this time.”

Royal responded by withholding her May rent check and demanded that Kell prove he was the owner. Kell wasted no time in filing an eviction notes. In June, a Sheriff’s deputy showed up at Royal’s door and told her she needed to move within 24 hours.

“I have no family here,” Royal said. “I was hysterical. I asked that he just give me my money back, but he wouldn’t do that.”

Kell did not return two calls from the Herald-Tribune.

FOR FULL ARTICLE, CLICK HERE <–

Court records show that Kell has owned a condo in Park View since the height of the real estate boom. He paid $179,900 for a unit in September 2005 and bought another unit at 1350 Main for $481,800 in April 2007.

Thanks to the downturn, those units are now worth less than what Kell paid. But instead of selling at a loss, Kell has doubled down.

He bought a second unit at 1350 Main for $200,000 in January 2009 and a second unit at Park View for $52,900 in July 2010. He then resold the Park View unit at a $3,600 profit four months later.

In March 2011, he bought a third Park View unit for $38,000 and a fourth in May of that year for $47,000.

In between those two deals, he took title of a unit that had been foreclosed on by the Park View Condominium Association by paying that association $3,400.

He picked up another unit in the same way in August and has been renting one of those apartments to Royal for $850 per month and the other to Reid for $750 per month.

Both tenants also paid him security deposits and last month rent when they moved in.

“He’s been raking it in ever since,” Reid said.

Changes coming to Siesta Key Beach

The plans call for more than 300 more parking spaces, most of them unpaved; landscaped parking-lot islands; landscaped circular entryway; new concession building; new restrooms; park-wide walkway; elimination of the public safety building at the beach entrance; nature trails; and paver walkways from the parking lot to the beach.

For the full article, click here —–> http://www.yourobserver.com/news/sarasota/Front-Page/051020106100/Siesta-Key-Beach-changes-coming

Contact Robin Roy at rroy@yourobserver.com.

AIG agrees to sell 2 NYC buildings

The embattled insurer American International Group Inc. is selling its headquarters building in New York and a nearby building in a deal expected to close at the end of this summer, a person familiar with the matter said Wednesday.

But the person said that AIG is not disclosing the price or who the buyer is. The person asked for anonymity because the sale has not been made public yet.

The building sales are the latest move by AIG, which has received $182.5 billion in financial support from the government since September, to shed assets to repay the loan package.

The buildings are at 70 Pine Street and the adjacent 72 Wall Street in lower Manhattan.

Why do I have the feeling that the reason AIG is keeping this quiet and confidential is they are making a substantial profit on the sale and somehow are going to circumvent delivering those profits to the shareholders (The taxpayers!!!) and instead keep them for themselves.

You wait and see, I believe that will be the case.

Commercial Real Estate and the Hovering Crisis

The Looming Crisis in Commercial Real Estate
By MICHAEL WEISSKOPF

The bailout may be coming to your local mall.

Dixie_Square_Mall
Picture by Brian Ulrich ~ Check out his website by clicking here

The credit crunch has thus far focused on the residential mortgage mess.
But with $1.3 trillion in loans to shopping centers and other commercial properties coming due between now and 2013, another time bomb is ticking. In a report scheduled for release on Wednesday, Deutsche Bank estimates that at least half the loans — and two-thirds of those packaged and resold as securities — will not qualify for refinancing. As a result, many borrowers will likely default, leading to losses on securitized mortgages of $50 billion or more and losses of at least $200 billion on commercial real estate loans overall, according to Deutsche analyst Richard Parkus, who authored the report. “People are only now beginning to realize there is a looming crisis,” Parkus told TIME. (See pictures of retailers which have gone out of business.)

Financial analysts believe government incentives to banks to extend existing commercial real estate loans will be necessary to limit the damage. The Federal Reserve and Treasury Department are considering a number of options. The alternative is last week’s bankruptcy of General Growth Properties, the nation’s second largest shopping-center group, which could not refinance, even though many of its properties have positive cash flow.

Most mortgages for commercial real estate — office and apartment buildings, hotels, industrial warehouses and shopping malls — are structured as 5-to-10-year loans. After that, the loan is normally refinanced. But the recession has eroded the fundamentals of even good refinancing candidates.
Property values have plummeted, with sale prices down as much as 45% from the peak in 2007, Deutsche Bank reports. And vacancies are up — expected by year’s end to reach 13.5% for retail and 17% for office buildings — cutting potential income that commercial properties need to make their mortgage payments. Some areas will be even worse. Vacancy rates in midtown Manhattan, already at 12.7%, are expected to reach 19% by year’s end, real estate experts say.

“I doubt too many banks will want to own a lot of commercial properties that are empty,” said George Raitu, an economist for the National Association of Realtors.

At the same time, underwriting standards have significantly tightened since the boom years of 2005 and 2006, when banks granted loans of up to 95% of a property’s appraised value. Today loan-to-value ratios have dropped as low as 60%, so a “very large percentage of outstanding loans simply will not qualify to refinance,” said Parkus. (25 people to blame for the Financial Crisis)

Click here for Full Article at Time.com <—–

The Making of a Landlord

I saw the story’s title and was instantly drawn to it. A wonderful, realistic read. I hope you enjoy as much as I do.

Image004 “The Landlord of the Shadows”

written By Christopher Palmeri s a senior correspondent in BusinessWeek’s Los Angeles bureau.

I was chased by a wild dog.

I saw a home so stripped someone had even taken the front door. I attended a foreclosed-home auction that featured cheerleaders yelling in my ear. Finally, in March, I closed on a home I’m now renting out as an investment property.

I paid $125,000; it had sold for $345,000 four years ago.
In my one-year search, I came to expect surprises and to realize that even a good credit score doesn’t get you far.

One thing I learned: Avoid foreclosure auctions. The homes need lots of work, and most buyers don’t have time to do proper inspections. Ditto for “short sales,” where an owner tries to sell a home for less than what he owes the bank. There are too many decision-makers involved. I made an offer on a short sale. Nine months later it’s still on the market.

boston-foreclosure

I began my search in my Los Angeles neighborhood, but even with a big down payment, prices hadn’t fallen enough to produce positive cash flow for a rental property. So I searched Realtor.com for homes in suburbs a train ride away that seemed likely to have job growth. I found a two-bedroom, one-bath Spanish-style bungalow listed for $129,000 in Ontario, Calif. I offered $123,000; we settled on $125,000.

I figured getting a loan would be easy. I have good credit, no debt, cash in the bank, and a job. I was pre-approved for hundreds of thousands of dollars. Bank of the West wanted to charge me five points — a $5,000 fee to borrow $100,000. Says a bank spokesman: “Higher points for an investment property reflect the higher risk on that mortgage.” A rep at a major national bank said it wasn’t “competitive at loans under $100,000.” LendingTree.com promised to find me five offers in 48 hours. Two days later it said it couldn’t help.

Ultimately, an independent broker, Los Angeles’ Legend Mortgage, found me a loan with an institution I had never heard of, Burlingame (Calif.)-based Provident Funding Associates. I had to put down more than planned: 25%. And I’m paying 6.2% and one point in fees, more than the 5%, without points, I would have paid if the house were to be owner-occupied.

Provident put me through the wringer. Bank statements, tax returns, notarized interspousal escrow instructions. At one point, I was scraping and painting a house I didn’t own because the lender wanted damage repaired. I was out about $1,000 for inspections and other work before I was even sure I was going to get the loan.

The bank that owned the property wasn’t much fun, either. With such properties, banks offer a tight window for you to cancel your purchase based on inspections — seven days, in my case. And the bank wanted me to pay $100 a day if I didn’t close on the agreed day. This led to stress — and requests for waivers — on my end. On the bright side, bank-owned properties commonly sell “as is,” but with mine the bank paid more than $5,000 for a new sewer line, termite abatement, and other repairs.

Then it was time to rent it. I checked similar properties on Craigslist, then underpriced the rent at $1,100 a month to get a tenant fast. I had 16 interested parties in a few days. Some of the stories were heartbreaking — families living in cramped apartments and on food stamps just wanting a house for their kids. I showed it to two people and took an application from one, verifying employment and paying $30 to MySmartMove.com to check his credit.

In the end, my total cash investment was $47,000. Payments — taxes, insurance, everything — will be $750 a month (plus any repairs). If my tenant pays me for a year, I’ll get a 9% return, not including tax advantages or price appreciation.

If being a landlord is a hassle, the hope of a 9% return will ease the pain.

We wish you the best of luck Mr. Palmieri, the best of luck!