Does anyone know the financial condition of the west bay club condo's in Estero ?

Asked by Jack Hawkins, Indianapolis, IN Tue Jan 18, 2011

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7
Sarah Garrett, Agent, Fort Myers, FL
Tue Jan 18, 2011
Hello,
Just keep in mind if you are financing, there must be at least 10% of the annual expenses kept in reserves and no more than 10% of the units in that particular HOA can be deliquent. However, I do have a lender that will finance with deliquency up to 15% in an HOA. Let me know if you need further assistance in this matter. Happy to help.

Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2010" By Gulfshore Life Magazine
Cell: 239-464-8620
Email: sarahgarrett@argfl.com
Link to FL Gulf Coast MLS:
0 votes
Mark Washburn, Agent, Cape Coral, FL
Tue Jan 18, 2011
West Bay Club was formerly an asset in the now defunct Lehman Brothers real estate portfolio. At the time of the Lehman implosion, West Bay was running a $2.5M annual deficit.

As part of the Lehman bankruptcy proceedings, workout specialist Norm Radow of Radco Development was brought in to re-align and adjust expectations at West Bay with projected operating income. Radow cut expenses at West Bay including closing some money losing restaurants and opened the golf course up to guest from hotels like the Naples Ritz-Carleton. Radow also slashed the prices for West Bay Jasmine Bay high-rises and now all but about 25 have been sold.

With the belt tightening and strong condo sales bringing in significant new HOA revenue, West Bay is well positioned to move forward. Here is a resource to view active West Bay Club MLS listings: http://www.greaterftmyers.com/west-bay-club.php

Good luck with your search!
0 votes
Peggy Wagner-…, Agent, Bonita Springs, FL
Tue Jan 18, 2011
I apologize, there's a typo in my original answer. Should have said funded for the next TWO years, not FEW. And, yes they still have debt. Please call me directly if you'd like to discuss, as this is rather sensitive information.

Peggy Wagner
Broker/Owner
Perfect Place Realty, LLC
239-405-4300
0 votes
Marc Comisar, Agent, Bonita Springs, FL
Tue Jan 18, 2011
I do not think there is any debt on the property other than the high rises which have been selling. The community is incredible and I have family that lives in there. Let me know if you want any additional info.


jessemcgreevy@gmail.com
239-898-5329
http://www.Bonita-Estero-RealEstate.com
0 votes
Peggy Wagner-…, Agent, Bonita Springs, FL
Tue Jan 18, 2011
As i understand it, there are only about 20 units left to sell in the high rises. They have money in escrow, have reserves and are funded for the next few years. Please call if you would like to discuss further. 239-405-4300
0 votes
Scott Riddle, Agent, Naples, FL
Tue Jan 18, 2011
My best friend and life long friend is the number 1 agent in West Bay wig about 30 listings. I have great knowledge of the community and would be more than happy to go over any and all of your concerns.

Scott Riddle
239 289 1849
0 votes
Debra McAlis…, Agent, Naples, FL
Tue Jan 18, 2011
If you would like to review the financials pleaswe contact me at 239-898-9933

http://djmsellsswfl.listingbook.com

Thank you,

Debra McAlister-Brown, Realtor
0 votes
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