Canadian Investment Group Lofton Island Holdings, LLLP has acquired 224 developer-owned units in the Oasis Tower II
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The much anticipated First Street Village mixed-use project in the Downtown Fort Myers River District is now moving forward. The team developing this project is original developer Camaratta Properties along with Real Capital Solutions, a Denver-based real estate investment company.
First Street Village brings true urbanism to Southwest Florida with 200 new condos joining the existing boutique retail on the site. This downtown location, covering a block between West First Street and historic McGregor Boulevard, offers walking access to shopping, dining, entertainment, and many office buildings.
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The most expensive home to sell in Lee County, Florida during October 2010 was a Captiva waterfront home located in Captiva Landings. The home is located on Roosevelt Channel and includes deeded beach access across the street. This 2,704 SF home located at 16465 Captiva Drive, Captiva Florida features 4 BR / 3.5 BA. The home was on the market for 62 days. The selling price was $1.5M / $555 SF, which was 64% of the asking price.
Congratulation to selling Realtor Chuck Bergstrom of RE/MAX of the Islands for closing the most expensive residential property in October 2010.
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The Fort Myers real estate community is buzzing with anticipation due to the upcoming auction of 125 condos at the Oasis high-rise development. Forty of the condos will be sold on an absolute basis with no minimum price. The Oasis owners have brought in the big guns from Washington, DC…..McWilliams | Ballard to market this property. McWilliams | Ballard is known in the Mid-Atlantic region for manufacturing a buzz for developers as they bring new product to market.
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The Fort Myers City Council approved $4.3M to extend the Caloosahatchee River two blocks south to Bay Street in Fort Myers. This river expansion will create a new waterfront basin on space currently used as a parking lot. When completed in late 2011, this expansion is estimated to have an annual economic impact of $76M.
[more] →Cameratta Properties, the developer of High Point Place in downtown Fort Myers has sold the remaining 76 units in the project to Denver-based Real Capital Solutions. Cameratta’s planned First Street Village and 511-acre Preserve at Corkscrew were also acquired by Real Capital Solutions.
This transaction, which provides an infusion of professional capital, bodes well for the highly-regarded High Point Place high-rise development. Real Capital is acquiring the 76 units for $13.1M or about $172,000 per condo. From a valuation standpoint, it looks like Real Capitol was able to get a 47% discount on this bulk purchase. Over the past year, 17 units that have sold at High Point Place at a median price of $325,000.
[more] →The minnpost.com has a story about a recent speech given by housing researcher John Mcllwain titled, “The Suburban Century is Over.” Mcllwain predicts a shift in American housing and lifestyle preference away from the white picket fence suburbia towards a more urban lifestyle. In TV terms the wonderful suburban neighborhoods of Leave It To Beaver, The Brady Bunch and Bewitched are fading and the urban lifestyles of the Odd Couple, Mary Tyler Moore and Frazier are coming of age.
[more] →Southwest Florida condo buyers are taking notice of the significant price reductions at the Fort Myers River District high-rise developments. Over the last 12 months $11.4M in Downtown Fort Myers High-rise condos have sold. On a dollars per square foot basis, recent sales have been at about 50% of the price that these condos originally sold for as new construction.
[more] →Bank of America has foreclosed on the Related Group’s Oasis Condominium development in the Fort Myers River District. The $157M filing ranks as the second largest ever in Lee County. Jorge Perez and the team at Related Group had ambitious plans to bring a slice of South Beach to Fort Myers, but missed badly on the Oasis project.
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