RISMEDIA, June 29, 2009-The Foreclosure Response Team (FRT), has announced the Short Sale closing of over 1.5 acres in Poinciana Park, consisting of nine properties including single family homes, duplexes and triplexes. The parcel is located between Andrews Ave. and Federal Hwy. on SE 22nd St. through SE 23rd St. and SE 4th Ave. in Fort Lauderdale. The seller is Coloney Ventures-Apex Capital LLC with Managing Members Scott Coloney and Jeff Hanft acting as the representatives. The buyer entity is Poinciana Group 22 LLC with Marcello Caducci acting as the representative. The closing took place on February 27, 2009 and took under 20 days for approval when a typical approval period is approx. 90 days. The owner has plans to build affordable townhomes that will be sold 50% less than the seller had originally projected.
Fifth Third Bank is the Short Sale lender that approved the sale. The cost of the property was $1.15 million; the original purchase price in 2006 was $4.7 million; the outstanding loan with Fifth Third Bank is $3 million. The bank has waived the deficiency judgment against the seller for $2M loss. Peter Lopez, P.A was the legal counsel for the buyer. Foreclosure Response Team affiliates George Coloney of Fort Lauderdale-based The Coloney Group of RE/MAX and Francesco Mutti of Fort Lauderdale-based Mutti Realty were the Realtors.
“As a small developer in Broward County, we were devastated when the construction industry evaporated nearly overnight,” said Scott Coloney, president of the Foreclosure Response Team. “When trying to sell Poinciana Park, I didn’t feel that it was appropriate to work with a Realtor who was inexperienced and had minimal training in Short Sales. This situation led me to create the Foreclosure Response Team which was developed to provide proper support to developers across the country with processors with over 15 years experience in the loss mitigation industry,” he added.
“The zoning on the group of properties sold at short sale was multifamily 25 units to the acre. The prices set in this closing will make this parcel one of the most sought-after, affordable multifamily development sites in recent history.” said Francesco Mutti. “The Short Sale of the property has provided the opportunity for affordable development in a great location within the city of Fort Lauderdale. Because the buyer was able to purchase the Poinciana Park at such a reasonable price, new construction units can be sold much more affordable, making the acquisition extremely beneficial to the bank, seller, buyer and community,” he added.
“The sale of nine assembled multiple family lots in the Poinciana Park neighborhood in Fort Lauderdale is very typical where previous projects with very large and expensive units are going back to the drawing board,” said Architect and Planner P.A. Gustavo Carbonell who had designed the original development which is no longer feasible, as well as arranged a new buyer for the property. “We now have more time to create better designed projects that are more realistic to the true market with open space, amenities, curb appeal and parking for the end user who plans on living at the community, instead of flipping,” he added.
Initially launched in Florida in May 2008, an innovative concept serving as a consumer advocate, the Foreclosure Response Team is a national sales, marketing and technology company that provides loss mitigation services and expedites the sale of residential and commercial properties facing foreclosure, with a specialization in Short Sale transactions. The Foreclosure Response Team is made up of a coalition of veteran real estate professionals in the areas of financial services, real estate law, credit consultation, sales & marketing and serves as an invaluable third-party resource for property owners, buyers and real estate agents alike.
For more information call Scott D. Coloney at 954-760-4888 or visit www.ForeclosureResponseTeam.com.