Bulk Condo Purchasing Business Started In 2009

by San Antonio Attorney

The court records reveal that the smart money had purchased bulks of condo in the year 2009.

Real Property Holding Palmetto, an Orlando based company overseen by Timothy Brown, bought 50 units for $3.5 m in the Laguna last July 2009. 36 of the condo units have been sold already for about $6.6 m.

Vintage Grand Associates, a company based in Miami which is manage by Miguel Poyastro, acquired 195 unsold units for $6.7 m in Vintage Grand condominium complex. 83 of the units have been sold already for about $7.5 m.

Both of the companies have clearly regained their investments and have already started to accumulate profits.

Large sums of money have also been spent on luxury projects recently.

NorthStar Realty Corp, which is a real estate investment trust or REIT based in New York, assumed debt of at least $50 m and paid out $32 m to buy the 44 units of Hyatt Siesta Key Beach.  On the other hand, investors in Sarasota paid $9.5 m for the 14 units in Grand Mariner.

However, the investment firm which made the most number of investments in Sarasota in 2011 is National Land Partners (NLP).

The firm acquired 36 units in the Preserve. After that it paid $2.175 m for 8 units in Kanaya condominiums and then it purchased 199 townhouses at the Landings for $2.6 m.

Steven Guy, head of NLP operations in Florida, said that there were units that needed work to complete. Some had to be painted and needed cabinetry. Guy is responsible for searching purchase targets in Florida.

Besides Florida, the NLP is making bulk purchases of condominiums in 7 different southern states, which includes Texas, Kentucky, and North Carolina said Guy.

NLP is expected to continue making bulk purchases while foreclosures are being completed by banks.

If you purchased a condo with a home loan, and are looking to file bankruptcy, you may want to speaking with a San Antonio bankruptcy attorney on how to protect your assets from creditors.

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