Fractured Condominium Asset Management & SaleNaples, FL
- Following foreclosure, a bank found itself the owner of a complex fractured condominium asset. Only 36 of 300 permitted units had been completed with another 36 units partially complete. In addition, the bank owned the adjoining land planned for the remaining 228 units and a 58-car garage.
- As asset manager, Roseview improved the asset’s marketability by lowering total operating expenses for the HOA to reflect the status of improvements; previously, unit owners had been billed as if it were a fully completed 300-unit development.
- Facilitated new leadership for the homeowners association.
- Engaged a local broker and managed the disposition process, generating seven well-capitalized offers and closing at a price that exceeded the client’s expectations.