Gregg Fous Perspectives in Real Estate

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Oasis Condominiums of Fort Myers Bulk Sale

Oasis Condominiums of Fort Myers Bulk Sale

 Bank of America is attempting to get offers, through a listing with Colliers Arnold, for the notes due to them for the Oasis Condominium project in Fort Myers.

Market America Realty and Investments has reviewed this opportunity and believes that this is a worthwhile opportunity and properly structured can return up to twenty percent per year.

To get a full package you will need to sign a CDA agreement.  What follows is a summary based on knowledge gained outside the offering.

From the Related Group Web site: 

Oasis of Fort Myers, Florida is  a17-acre tropical development on prime waterfront property in the downtown historic area of Ft. Myers, residents find true resort living with all the advantages of an elite, private club. The two- and three-bedroom residences, which range from 1,000 to 1,850 square feet, feature floor-to-ceiling windows with glass railing balconies, marble and granite countertops, walk-in closets, stainless steel or wood-paneled top-of-the-line appliances, state-of-the-art designer finishes, imported Italian cabinetry and high-speed Internet service. A unique, private sanctuary, Oasis will feature access to the river via a marina with wet slips, a boat ramp, kayak and canoe storage, five infinity edge swimming pools, a tennis center with pro shop, and a boardwalk along the waterfront area. The community will embrace a private club lifestyle consisting of a poolside "river club" overlooking the Caloosahatchee with alfresco dining; an elegant 15,000-square-foot multi-level clubhouse, health club and spa, billiards room, private movie theater and tropically landscaped picnic point with barbecue facilities.

The Opportunity

The project consists of 440 condominiums in two towers. Approximately 15 have sold and closed.  Approximately 60 are rented. Rental rates are about $.85/sf/month. The condos are complete with appliances and flooring.

 The acquisitor will buy the note and negotiate with the owner for "a deed in a box". 

There is no minimum price set by Bank of America although it is my opinion that it will sell for  a price between 35 and 60 million.

 Carrying cost, without taxes, is about $80,000 per month. Total rentable or sellable square footage is about 600,000 sf.

 Ay empty condo tower may have problems with moisture, plumbing, and mold. The acquisitor must allow sufficient due diligence time and money for full unit by unit inspections of all homes, mechanicals, elevators, windows, and common areas. Code issues, fire inspections issues, and electric need full attention.

 We have developed an exit strategy for Oasis, and are interesting in working with potential buyers interested in local experienced professional  guidance on the development issues, the sales and marketing issues, and the management issues.

 

We recommend a three year hold program.

 

For Further information, please contact Gregg Fous, Broker/Owner, Market America Realty and Investments, inc.. .We do not represent the seller or the bank in this opportunity but will represent the buyer.

 

GFous@marketamericarealty.com

Gregg Fous  239 - 851.5464

Comment balloon 0 commentsGregg Fous • February 02 2010 09:21PM

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