Private seller has a package of 15 Condos in Naples, FL available at 45% LTV!
Here’s one last good opportunity for 2008 to close out the year with a bang.
Everyone knows our market took a hit, and condos in Florida especially. Anyone familiar with the Naples area also knows it to be one of the nicest areas in Florida and a mecca for retirees flocking to sun and sand.
Here’s an opportunity to immediately capitalize on great discounts from current market price, which has already been depressed. We have recent appraisals consistent with the market price quoted below, and are discounting 55% off that price on these units.
These condos were just acquired from the bank, and are offered by a private seller as a package. Built in 2001, units are currently vacant but management is on site that can help with the rental process. Rents range from $1500 – $1600 for the 3 bedroom and $1200 – $1300 for 2 bedroom units. Built in 2001 with all the amenities you would expect for a newer, modern development, HOA fees are $735/quarter which includes building insurance and access to all amenities.
Price quoted includes all fees on sell side, brokers would need to add their fees onto prices below. Interested in cash buyers only that can close in 2008.
9 – 3 bedroom / 2 bath units
Market Value $360,000 ea.
Sell Price $162,000 ea. (45% LTV)
6 – 2 bedroom / 2 bath units
Market Value $320,000 ea.
Sell Price $144,000 ea. (45% LTV)
Total for 15 units: Market Value $5,160,000
Sell Price $2,322,000
Pictures and copies of appraisals available.
Please contact me at bobbaumandeals @ gmail.com if you are interested in this package.
Filed under: condos, florida, real estate | Tagged: condos, florida, naples, retirees
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