"All the things I could do"

"If I had a little money" Money money money ABBA

Picture is of the complex behind Florida Seafood that we talked about a couple of posts ago. This is the complex that was built as condos and didn't sell, they then marketed them as shared ownership and still didn't sell. They were then put on the market as unfinished units at very distressed prices. A block of units were bought and are being finished and are already back on the market. I knew this was going to happen since there is a lot of room to walk away with a lot of profit.

They are not skimping on finishing the units with Italian marble throughout, Kraftmaid cabinets and stainless steel. The complex features pool, exercise room and boat dock.

To give you an idea of what has happened, unit 306 was purchased for $170,000. The unit has 3 bedrooms 2 baths and 2084 square feet. It is now on the market for $295,000. After getting a discount with multiple units being finished at the same time, I would think $100,000 profit is on the table. Not too shabby! The penthouse is on the market for $629,000, the unit has 4 bedrooms 4 baths and 4299 square feet.

Good move by someone, you may say I am a dreamer!

Jim Bagwell

What a ride!!

Picture is of Windward East & The Diplomat from the biplane. My partner and I took the beach tour and it was a blast. If you get a chance try it.

Several interesting listings have came on the market.

The Diplomat
A 1st floor unit that appears to have been renovated to some degree with the kitchen having been opened up and new appliances and oak cabinets. Priced at $114,900, that may be a little high but it is a popular complex for rentals.

Windrush
2 side units have come on the market.

The first one is on 5th floor with 2 bedrooms 2 baths and 1271 sq. ft. New hurricane sliders and priced at $230,000.

The 2nd unit is on the 4th floor with 2 bedrooms 2 baths and sand dollar floor plan with 1517 sq. ft. Unit features updated kitchen,newer hurricane sliders. Priced at $234,900.

Another side unit on the 2nd floor has been reduced to $169,000. This unit is also a sand dollar plan with 1517 sq. ft. Unit has several upgrades and if the 2nd floor is good for you then this is a good buy.

Windrush allows monthly rentals and the association fees are $390 monthly.

Thanks
Jim Bagwell

"A cloudy day, or a little shushine,"

"have as great an influence on many constitutions as the most real blessings or misfortunes" Joseph Addison

Still not much new in our complexes, The Diplomat that is a short sale has been reduced to $90,000. When there is a broker price opinion completed after a contract is received it should be very close to this price, which means if the offer is close to list price then the lender will most likely approve.

So far in Sep there have been 6 sales of true ocean front condos. These have ranged in price from $185,000 to $325,000 ,this one has almost 2000 sq. ft. The average sale price would be $157 per sq. ft.

Two new listings of interest are a Siesta del Mar foreclosure listed at $139,900 and an Almar with 2713 sq. ft., 4 bedrooms 3 ½ baths and priced at $465,000.

List prices are starting to reflect sale prices which is good for the recovery.

Jim Bagwell