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

Licensed & Insured Realtor
Licensed & Insured Notary Public
Cell/ 727-455-7734
Fax/ 813-925-4335
"For I can do everything through Christ, who gives me strength." -Philippians 4:13




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  • I love Sanibel Island and Captiva!  I try to spend a week a year out there.  I would love to have a nice beach house out there if I were a gazillionaire, but haven't made it there yet!  If you ever need anyone to check up on it (or perform live in detailed inspections periodically), keep me in mind!
    • Haha, sure will Mike! 


      Yeah, it's pretty nice out there.  I wasn't too impressed with the "Lazy Flamingo" though; we had stopped in for dinner there - and it left more to be desired, unfortunately.

      • Hi Ira,

        For my investment partners, I would like to know the average days on market for a home like this when priced correctly? Have you done your BPO on it and what is your estimated market Value? Which bank is it? It there another 1.5 +/- acre parcel behind yours that seems to have a dock on the Bayou? Does the home need work or repair?


        • Hi John,


          BPO has not yet been completed, as the property is currently rented out as a fully furnished vacation rental location, so we've got to decide to either a.) leave it as a rental for the bank and try to generate income, all while still working towards facilitating a sale, or b.) prepare and execute a personal property eviction for the furnishings that remain in the home, and then sell it as-is.


          This particular property had been on the market (over-priced at $4.495mm) on & off for just over 1,200 days (yikes).  I'm not 110% sure on average DOM in the area, as the Island has its own MLS system which I've just registered for today.  So I'll know more as soon as I can gain access to their MLS.


          The home does need a small amount of work, nothing major at this point.  The property has private deeded beach access across the street on the gulf, then it has an easement on the neighbor's dock (blue dock from aerial view).  The neighbor would like to buy the easement rights, as the subject property cannot add/modify the dock, but merely bring a fishing pole on "our side" of the dock! LOL

          • I can tell you this much from experience, it is likely extremely overpriced.   That area of Florida is literally one of the most depressed areas in the country for real estate.  30-35 cents on the dollar in most parts.  That being said, I highly doubt that was a 10-15 million dollar property at the peak.  From some of the prices I've seen when I was out there around six months ago, it is likely a 2.5-3 Mil. range.  1200 days on the market says alot also.


            If you are out there again, check out The Bubble Room.  One of my favorite resturants.  Best bread there is in the country!  Seriously.  They opened one in St. Augustine near me recently but unfortunately it closed down quickly and never took off.

            • Yes, Mike, I agree with it having been extremely over-priced.  As such, I'm just assuming it's going to be something in the $2.5-$3.0 mm range, but again, waiting on the bank to order its appraisal & BPO from me. 


              I'll definitely look up The Bubble Room! :-)

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