FT. LAUDERDALE, Fla. (August 2010)—Adache Real Estate, LLC, a prominent broker of bulk real estate in South Florida, has merged its Project Sales and Marketing Division with its Bulk Real Estate division in order to facilitate quick transactions on stagnant bulk deals. This temporary merger is designed to facilitate the sale of large amounts of inventory by offering a one-stop solution that includes aggressive marketing and management. In the current economic climate, a significant number of offers are being rejected by the banks and, as a result, bulk inventory has remained stagnant.

“There are numerous bulk properties out there yet many of them are not getting sold,” stated Adam Adache, president of Adache Real Estate. “While banks certainly would prefer to move properties, the trend has been to place unrealistic valuations on bulk sales. Property can no longer be appraised in a retail market context if they are being sold in a wholesale format.”

In response, Adache Real Estate is offering to alleviate the lenders’ and developers’ precarious position by presenting a holistic approach to selling. Adache is even capable of committing capital to effectuate upgrades to projects in scenarios where property owners are cash strapped.

Adache’s modified business strategy has already proven successful: the company sold 62 of 122 total units at Village at Town Center, in Davenport, Florida in just three months. More than 40 of these units have already closed.

The company maintains a vast international network of buyers and brokers in many countries including the United States, United Kingdom, Canada, Sweden, Switzerland, Colombia, Venezuela, and South Africa, among others. The company utilizes proprietary inventory management software to manage a high volume of sales and contracts that are originating from these markets.

“We have the platform and network in place to duplicate this success over and over again,” stated Adache. “The days of order-taking in real estate are gone. You have to actually go out and get sales, which is exactly what we do.”

“Any project that does not have an adequate sales organization representing it nor an aggressive marketing campaign will continue to suffer in this market,” explained Adache. “We look at each project with a very critical eye to determine what it needs to be marketable and then if we like it, commit the necessary capital to improve it and get it sold.”

To further its commitment to the deployment of more comprehensive marketing to banks Adache has hired Jay Robins as Director of Business Development to identify banks and other sellers that may require Adache’s unique set of services, and Adolfo Salgueiro, who previously held that position, was promoted to VP of Operations.

About Adache Real Estate, LLC

Headquartered in Fort Lauderdale, Adache Real Estate is a technology driven sales and marketing firm that specializes in residential and commercial real estate. The firm also operates sales offices throughout the world where it maintains relationships with broker partners and affiliates. Visit AdacheRE.com or call 954-566-7400 for more information.

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By Ian Wolinsky
iwolinsky@adachere.com
(786) 277-8594

It’s been a while since my last posting as still lots of goings on in the wild and weird world concerning Chinese tainted drywall.  Since the first court ruling last month, awarding 7 affected families with a multi-million dollar judgment-  a few major battles have been won and some lost as the government and the business sector are still coming to terms with what the realities are, (which I have been writing about for nearly 2 years now).

The positives include Fanny and Freddie ensuing lending rules and mortgage forbearance for those affected to the signing of law from Governor Charlie Christ mandating property county appraisers to re-evaluate the taxes for these properties affected to $0, with the owners only responsible for their land valuations.

To the monumental award for Armin and Lisa Seifart, the Coconut Grove homeowners in the nation’s first jury trial over defective Chinese drywall, who have been awarded $2.5 million in damages from a Miami-Dade County Circuit Court jury.

The damages were apportioned among several defendants, including 55 percent of the damages assessed to Miami-based Banner Supply, 35 percent to Knauf Plasterboard Tianjin and 5 percent to each of the importers and exporters. The damages include $100,000 per month of the nearly three years when the Seifarts’ could not live at home. Attorney Ervin Gonzalez had asked the jury for $4.4 million for his clients, and while the judgment fell short of his expectations it has already sent tidal-waves into the community.

The Miami jury’s award — and now the settlement of the bellwether case in New Orleans — has legal ramifications for thousands of similar cases across the nation.

New Orleans Louisiana, in what was to start the next wave of jury based trials seems to have seen the waves become ripples as the defendants and their representatives are “settling” with the victims and avoiding trial.

The settlement — confirmed late Friday by the Herald-Tribune — marks yet another win for consumers fighting with the tainted drywall’s manufacturers, and came the same day as a jury in Miami awarded about $2.5 million to a Florida couple who fled their dream home because of the material.

While these are all positive strides there still seems to be some legal questioning regarding the law that Christ signed.  According to legal pundits the law as stated only is in effect for single-family homes, and does not cover the valuations of condos, townhomes or villas.  Leaving thousands of affected owners out in the cold as this is debated in the next session of the Florida Congress.

Lastly, and probably most problematic, is in the recent finding that Bacteria Pervasively Contaminating Chinese Drywall Conclusively Identified  which now shows the chemical contamination emitted from the drywall.

Ian Wolinsky is a licensed agent with Adache Real estate LLC in Ft. Lauderdale specializing in distressed Real property and has been working with families affected with this epidemic since it was first documented in 2008.  If you think your home or property is affected, its best to get an inspection performed to be certain, which will determine your next step in the action plan.  If you have any questions he can be reached at his free information website at www.chinesedrywall-solutions.com or by phone at (786) 277-8594.

For a list of all available foreclosures in South Florida, please visit www.adacheREO.com. For commercial real estate opportunities, and real estate bulk sales in Florida, visit us at www.AdacheREO.com/bulk.

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