Bulk Real Estate Florida - Builder Closeouts

BULK UNITS BUILDER CLOSEOUTS - FLORIDA

Orlando Condo Conversion \| LTV 52 \| $27.6Mil Purchase Price \| February 2008 200 Units \| Condo Conv\|LTV 52+2 \| $137k Avg Price \| Minutes to I-Drive, Universal, SeaWorld, Convention Center Great location Orlando Condo Conversion located near a country club and minutes to downtown Orlando. Builder is forced to liquidate under acquisition cost. This does not include the money spent on upgrades. OR-CC-MA (1/ 08) Protocol: We are direct to Developer Sales, will get you on phone with Developer immediately. Serious Buyers Only.
Kissimmee Florida (near Orlando) \| Brand New Condos \| LTV 65 \| $35.5m \| Posted: Feb 2008 226 Condos, a development in Kissimmee Florida . Of the 226 units, 7 are sold, 3 units are currently in use as models, the balance are vacant, brand new, never occupied. Seller is a national home builder and they have offered the units for purchase at 35,500,000. This price is 155,000 (+/-) per unit, they retail for between 210,000 and 250,000 or approximately 65% of current retail average. (Code: KI-NC-RY) Protocol: We are one away to Developer Sales
Clearwater, FL \| LTV 70 \| 33 Units \| Townhomes / Villas \| $117k Avg Price \| Jan 2008 The remaining inventory consists of 33 units (21 Townhomes and 12 Villas). 20 of the units have been fully renovated with granite, stainless appliances, tile, etc. The non renovated units are being offered in “move in” condition with new paint, carpet, etc. 30% discount on current retail prices with recent sale comps to support market value. Factoring the discount, the average price per unit is approximately $117,000 which equates to approximately $101 psf. CW-TH-AK (12/07) Protocol: We are direct to Developer Sales
Tampa Bay, FL \| LTV 75 \| 230 Units \| Condos \| $21 million neg. \| Jan 2008 $28 million value, 264 total units, 34 closed, 230 units available, 1 and 2 bedrooms 85% occupied and still renting, $2 million in renovations to the property (TB-CC-DR) Protocol: We are one away to Developer

Ref#		Units	Price	Relationship	LTV
	Miami - Biscayne Bay High End	40-45	$350 psf neg.	Direct to Builder	70 LTV	Waterfront units in Miami on Biscayne Bay with gorgeous bay views, builder opened at $400 psf, closed units at $450 psf, offered at $350 psf from developer.
	Cape Coral	106	$16.5 mil	56 LTV	56	73 Single Family Homes, 33 Town Homes, all finished, 10% escrow (code:PZ)
	Orlando	500	$265k/unit	$170k	67	Ten projects. 2nd largest converter in Orlando. Around 50 units left in each.
	Boca Raton	55	$10.54 mil	$5.32	55-60	Property is in a great location in Boca. The property consists of 254 apartments and town homes. 200+ sold.
	Orlando	200	$52 mil	60 - 65	60 - 65	Quality development in Metrowest
	Palm Coast/Flagler	378	$46 mil	55	55	Builder Buyout. under construction. 72 complete, 306 proposed (condos). 12.67 acres plus existing 120 slips marina. Private seller. Offer 55 min.
	Naples	66	$23.6 mil	$15.1 mil	64
	Tampa Bay	35	$25 mil	$15.75 mil	63	Builder Buyout. Price includes 3 points. Townhomes. Yacht club community go to wci comunities, tampa, westshore yacht club.
	Tampa Bay	200	TBD	50 + 3	50	50+3 if you take more than 50 units. Renters waiting to rent
	Florida Keys	144	$341k/unit	$180.6k	53	LOI in place. Waterfront resort with boat slips available in the Florida Keys, this property is being sold in units and Wet Slips which are in high demand (Fire Sale)
	Sarasota	219	$227k/unit	$136k	59	LOI in place. Waterfront resort with boat slips available in Sarasota, combination of units, wet slips, dry slips,The Tiki Bar, Restaurant, Boardwalk and Marina offices will be included as a bonus (91% occupied)
	Clearwater, Key Largo, Marathon	80	$770k - $2.2m	65 - 69	65-69	Waterfront resort with boat slips available, get 20% additional cash back at close, 20% cash back reflected in ltv

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