Tag Archives: foreclosures

Florida 15-year-old buys second house.

The fame from her first purchase may land her a reality show. In the meantime, she hopes to buy 10 investment homes by the time she’s 18.

Remember that Florida 14-year-old who bought a foreclosed home for $13,000 back in March?

Now 15, Willow Tufano has closed on a second property and set a goal for herself of owning 10 homes by the time she is 18 and legally old enough to take title.

Not only that, but she also has put together a “sizzle reel” and may end up the subject of a reality show.

Willow buys the homes in partnership with her mother, Shannon Moore, who runs a real-estate brokerage with Willow’s grandmother, Roxanne Moore. Willow developed her interest in real estate from looking at property with her mother and raised the money to buy her investment homes by selling stuff she salvaged from foreclosed homes.

Willow’s second property cost $17,500 and is in Port Charlotte, Fla., where she bought her first home. It was a short sale for which they submitted an offer last spring.

Since the story of the teen real-estate would-be mogul hit the news circuits last March, Willow’s life has changed dramatically. She was interviewed by National Public Radio and ABC News and appeared on “The Ellen DeGeneres Show.” DeGeneres gave her $10,000 to spend at Ace Hardware and a new dryer. Willow was also invited to speak to 200 people at a college in Alabama.

If you’d like to see how she fixed up the first house she bought, The Huffington Post has a before-and-after slide show.

Willow has already learned a little about the realities of being a landlord: According to NPR, her first tenants skipped out in the middle of the night without paying their rent.

Willow likes the idea of a reality show, but notes that it will include her mother, her grandmother and her younger sister, Iris, all of whom have worked with her on her homes.

“I don’t want to be fake,” Willow, who attends an online high school, told NPR. “I’m going to be one of those people that loves their fans. If I have any.” Continue reading

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Filed under Florida Real Estate

Investors Reselling Condo Units Bought During Housing Collapse

posted by Alex Ferreras
(Source: Paul Owers Sun Sentinel, Fort Lauderdale, Fla. (MCT) — Bulk buyers have resold more than 60 percent of the coastal condominiums snapped up during the housing bust, according to a recent report.

The investment groups have unloaded roughly 3,200 of the 5,100 units that were in or near foreclosure, said CondoVultures.com, a Bal Harbour-based real estate consulting firm.

Many of the bulk sales occurred in Miami-Dade County. But as available properties there became scarce, the investors found deals in Broward and Palm Beach counties.

The supply of available condos is shrinking quickly, prompting developers to plan thousands of new units in South Florida over the next few years.

Bulk buyers started by renting the condos but are reselling them for modest profits now that values are increasing, Zalewski said. He added that the groups are likely to keep renting some units, expecting prices to rise even more in the months ahead.

Some of the larger bulk sales involved Trump Hollywood, Las Olas by the River in Fort Lauderdale and 2700 N. Ocean Drive on Singer Island in Riviera Beach.

The 200-unit Trump Hollywood is sold out, Miami-based BH3 announced last month. The group took control of the development in late 2010 after developer Jorge Perez handed the 41-story tower back to the lender. Donald Trump still licenses his name to the building.

Lionheart Capital said last week that 2700 N. Ocean, now known as Ritz-Carlton Residences, has surpassed $100 million in sales.

Lionheart, a Miami-based private equity firm, bought 146 of the 242 oceanfront units in 2010. Prices range from the $700,000s to more than $10 million.

Sales are picking up, and buyers are discovering that they can’t wait indefinitely to decide, said Carolyn Block Ellert, a sales executive at the Ritz-Carlton Residences.

With less than a third of the units still available, “we’re well ahead of our projections,” said Ophir Sternberg, president of Lionheart.

Read full story here: http://www.loansafe.org/investors-reselling-condo-units-bought-during-housing-collapse

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Filed under Condominiums, Miami Real Estate