I know, this is a bit of a stretch for most of us in the REO game, as we're used to average sales prices being well below the multi-million-dollar range. However, I've got an upcoming REO that I've just begun the asset preservation on, and I'm thinking my best buyer pool is going to be an out-of-state cash buyer looking to either keep it as a vacation rental or to have as a vacation home for themselves and/or a retirement home for themselves.
The property in question is called the Periwinkle house and is located on Captiva Island here in Florida. If you want to check it out, google "16205 Captiva Drive, Captiva, FL". There's plenty of links, pics, etc. of the property as it was actually listed when I showed up to do the intake on the home. It was listed at $4.495 million. Of course I don't have a value from the bank yet, but I'm thinking it'll find a considerable price drop when brought back to the market as an REO.
The property has private deeded beach access, over 1.2 acres of prime island living, almost 10k total square feet, 4 beds, 5 baths, pool, spa, fireplace, private master suite w/office & sitting room, a large game room downstairs, and much more. Really quite a refreshing listing as an REO! It also generates $7,450 / week rental income during peak season!
So if anyone has a cash buyer looking for this type of property, I'd appreciate the referral, and gladly send you a 30% referral fee for the buyer's commissions received!
-Ira Joshua Parker, P.A.-
Madison Assets Group, LLC