Saturday, February 4, 2012

Pssst - Wanna buy 56 slightly used condos

. . . for $6,720,000?  Suitable for rentals as 'low income housing'.
The Developer is again trying to unload his 56 unsaleable units with a bulk sale, this is what is being advertised to unload them.

"Description: 56 beautiful condos in the Nautilus Cove community. These are new construction (not condo conversion) condos with granite counter tops and stainless steel appliances. The mix is 33 four bedroom, three bathroom; 10 three bedroom, two bathroom; and 13 two bedroom, two bathroom."

Highlights
1) Great Drive By Traffic for Rentals Huge
2) Potential for Selling as Condos when Market Recovers

Financial Summary 2011
Scheduled Gross Income $489,003
Effective Gross Income $520,834
Operating Expenses $364,614
Net Operating Income $156,220
Pre-Tax Cash Flow $156,220
Price: $6,720,000
No. Units: 56
Price/Unit: $120,000
Property Type: Multifamily
Property Sub-type: Garden/Low-Rise
Property Use Type: Investment
Commission Split: 1.5%
Occupancy: 86%
(see:  http://tinyurl.com/893bdu2) 

My Comments:  Overpriced and unsaleable, even at a lower price considering this economy.
Developer Owned Condos at NCC:

Q. Which of the 168 condo units are still owned by the developer NAUTILUS DEVELOPMENT PARTNERS, L.L.L.P (AKA: Gulf Boulevard Partners, Ltd)?
      
A. They own all of the condos in buildings 12 and 13. In buildings 10, 11, 14 and 15, they own almost all of them with only 8 being sold and individually owned. The other 8 developer owned condos are in buildings 6, 8 and 9. 

The developer owned units are being rented out by Concord Management as low income housing and plugged as 'affordable housing' at: http://www.concordrents.com/?CFID=4110310&CFTOKEN=28972099.