All Forum Posts by: Devon Garbus

Shoot me info to [email protected]

Hi @Jamie Parker

I apologize but my alerts weren't set up so I didn't see this response.

Within about 8 blocks of this property (which is the southern half of the island) there were 9 new homes built with 4 currently on the market and 5 sales.Not all of these are 'perfect' comps for reasons I can get in to over the phone. Short version- this circular street is the most exclusive part of this incredibly high end neighborhood.

On this particular street (which is actually on a small island off the main island) there are about 80 homes. 40 on the water and 40 on the inside. This lot is on the inside. The smallest house on the water side is about 3300 square feet and is worth roughly 1.5m. The smallest homes on the inside are worth 600-700 regardless of the house, it will be torn down value is based on lot size.

The most luxurious waterfront homes start at 5,000 square feet and sell in the 6m range.

On the interior there are sales and actives for 6,000 sq foot homes in the low 2m. It's *slightly* hard to comp out everything that is in the ground because most sales will be direct cash deals for tear downs/bought off mls as tear downs with custom homes being built (and therefore prices not on the MLS) and paid for after. However the cost from the brand name custom builders here is roughly 175-200/ft at this quality (hard costs start around 125/ft). So when someone buys a 600k lot and builds a 5000 sq ft home on it we can easily calculate the home cost 1.6m+

I do have 2-3 luxury spec builders that are interested, but want the lot at slightly under what owner is asking, I believe their offers ranged from 575-590. 640 should be doable on the MLS, but I can't make the owner understand the difference. Poor salesmanship from me I know.

In general there are 21 properties currently on the market for over 1m on Davis Island in general. 17 have sold in the last 6 months.

5 1m+ new construction/spec homes were sold in the last 6 months. Only 1 is currently on the market and the owner is attempting to 'pre sell' IMO construction needs to start before it sells.

On this street on the smaller island only 1 new construction home was available built to spec. It was one of the best waterfront lots. Sold price was 5.995m with 150 days on the market 7,600 sq feet.

When this one sold it hit the front page of the local papers.

Shoot me a PM with info please

What rates and terms are you guys offering?

Any chance of bringing your products to FLorida? And what are your products

Property is still being worked on and has no lockbox. We're less than 30 days from completion/move in date of tenants.

Owner pays

Water/trash. 159.00/mo

Exterior Lights. 78/mo.

2015 taxes were 7,000

Not in a flood zone (legal disclaimer this is florida it may behoove you to get some anyway) 

Sounds like a pretty decent deal. Unfortunately not in my part of florida. If by any chance you have something like this in Tampa Bay (Lutz to Sarasota) let me know

I got the property locked up and ready to close again. Thank you everyone fo ryour interest!

This 4 plex was ripped to the studs and all but rebuilt. When work is finished next month 4 tenants are all ready lined up at $2,100 per month.
Each unit is a 2/2 with laundry hook ups. Beautiful wood flooring and high end finishes are being installed as you are reading this.

This is (arguably) the most desirable neighborhood of the booming South Tampa market. It is walking distance to nightlife and restaurants and a quick hop in the car to major employment centers, 2 of the largest malls in the bay area, Tampa General Hospital, and Tampa international airport. This is not an area that will be hard to keep occupied.

Owner wants to keep this off market and low key for now. I expect a slight price increase when this hits MLS on project completion/tenants moving in.

To be blunt if I had it my way I'd just list this at $925. An investor familiar with the local market would probably grab it close to that price for appreciation (of both rents and property)/ prestige of owning a property in the area.

If you have serious interest I will obviously provide you with the property address and show you the property.

I love everything about this deal, from the quality of the property to the cap rate we are selling it at. Owner is obviously willing to sell after tenants have moved in/project is 100% completed. Currently less than 30 days out.

Cap rate break down:

Purchase price $825,000

8400/month %12.2 gross cap

Assuming 30% as costs  8.5% cap

With $200k down and 4,000/month in payments:

1880/month profit-> 11% return on cash

(Please feel free to correct my math!)

So...

You want something off market, you want ti fast, and you want it cheap? (i.e. above average cap WITH value add potential)
Your buyers are going to need to be more realistic. It's not 2010 anymore.