Village at Town Center, Orlando

By Adam Adache
adam@adachere.com
954-566-7400

After a stagnant two years in Florida’s condo and housing market, inventory is starting to move again as record low prices attract home buyers and once again lure investors and buyers from all over the world. Among the most stagnant has been newly constructed condo projects throughout the state where developers had their hands tied due to projects being linked to exorbitant purchase prices on land mirrored by high mortgage amounts that were prohibiting developers from discounting units. As banks and other lending institutions continue to file foreclosure actions on these projects in record numbers, bulk buyers with “new development money” are buying these once distressed properties for pennies on the dollar and passing the savings along to the public at “foreclosure-style” prices.

Both the bulk buyers combined with lender discounts to developers’ existing mortgages are bringing recently built development projects back in the forefront. Adache Real Estate, through its bulk sales division is working with several buying groups and is helping these groups with both the project acquisition process as well as reselling the units individually for the new owner after the projects are acquired. We currently have offers in to purchase projects in various cities including Miami, Fort Lauderdale, West Palm Beach and Orlando.

What is interesting is the speed the individual units are being sold after a project is bought out. Some projects are actually experiencing buying frenzies that have not been seen in Florida for quite some time.  The truth is that if it’s the right project at the right price it will sell quickly.

Failed projects all over Florida are being revived by new ownership and the ability to sell at steep discounts. One example of this is the Village at Town Center in the Orlando area, 20 minutes south of Disney (www.VTChome.com). The project consists of 240 condominium units that were originally selling between $200-250,000 per unit during the hot market. Prior to the real estate market downturn the old developer sold nearly half of the project before sales came to a halt. Last February Ultimate Holdings, a British developer and investment company, bought all of the remaining 122 units at the project and are selling the units to the public for an average price of $75,000 per unit. This equates to a 70% discount from where prices once were.

“We are excited about the opportunities that the Florida real estate market has to offer at this time,” stated James Black, a managing partner for Ultimate Holdings. “We have made Florida our main investment focus and are happy to offer quality product at great prices to the public. We believe that the current market offers a time to purchase real estate that we may never see again in our life time.”

Over 40 contracts for Village at Town Center have been written within the first month of sales, mostly from International buyers looking to take advantage of the steep discounts. Most of the units on sale are already rented which guarantees income from the very first day.

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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