The Greens Community
Basic Property Information:
Nr 4938, 5526 PGA BLVD ORLANDO 32839
Original Price: $432,000 (12/17/2007)
Offer Price: $59,900
Monthly Rent: $850
Property I.D. Number: 042201
This 3rd floor condo is situated in The Greens, Orlando just off the John Young Pky. The Greens is
close to all the very best shopping venues in Orlando. Literally minutes from the exclusive Mall at
Millenia, and 2 miles from the famous Prime Outlets and Florida Mall. You can find great dining
and entertainment at Downtown Orlando and International Drive both of which are only minutes
from your doorstep.
THE GREENS AMENITIES: Property Details:
¨ Limited Access Gates and Security. ¨ 3 Spacious Bedrooms
¨ Detached Garages Available. BBQ Area with Grills. ¨ 2 Bathrooms
¨ Swimming Pool. ¨ 1,206 Sq Ft
¨ Landscaped Grounds. ¨ Built 2000
¨ 24 Hour Emergency Maintenance. ¨ Minutes to shopping, major roads,
¨ New , Dedicated Management Team. dining and schools
The Greens– Background Information.
The development began construction in 2000. It was originally part of nearby community, Bonita Fountains. Bonita
Fountains is a development that consists of only apartments. There are no condos, therefore no individual owners.
The Greens is the section of the development that was sold to individual owners, of which many are still resident.
When the market crashed the owners of Bonita Fountains filed for bankruptcy. The lender foreclosed on Bonita
Fountains and then sold it at auction. Most of the properties in The Greens also went into foreclosure, as owners
had paid huge prices at the height of the market. As The Greens was financed by many different lenders, due to
many different property owners, it was decided to segregate the developments with a separate entrance being
formed to cater for The Greens.
2008 and 2009 were difficult years for the community as many properties went into foreclosure. Few funds were
available to the HOA to maintain the community. However the development over the last 6 months has turned a
corner as investors have come in and purchased the foreclosed properties, hence paying their HOA fees.
Landscaping has resumed, as has the new entrance and the opening of a new pool.
The Greens consists of 336 units ranging from 1 Bed to 3 Bed condos and is in an excellent location. It has a very
active HOA which consists of original owners that live on the development and have not foreclosed. It is a
community than will now be made up of individually owned condos and therefore has a lot of vested interest to
Photographs of the new community entrance:
New entrance to the community:
One of the lending institutions that is heavily involved in this condo community has
invested capital to create a new entrance to the community in order to separate the
condo development from the luxury apartments next door. This has cause the REO
prices to climb and we believe it will help increase the value of the assets we own here.
Note: Because of where we are in the real estate cycle, it is
very difficult to show retail comps. The numbers you will
see below are numbers from REO transactions in need of
serious tenant improvements. We spoke to several
appraisers who told us that the After Repair Value of these
condos range from $89k - $125k. However, all of the
investors buying these assets are holding them for 3 to 5
years in order to maximize their returns.
REO Properties for Sale Type Price Need Rehab
5526 Apt 4932 2bed/2bath $36,000 YES
5513 Apt 4835 2bed/2bath $69,900 YES
5550 Apt 5123 3bed/2bath $69,000 YES
5501 Apt 4173 3bed/2bath $89,900 YES
3737 Castle Pines Apt 4412 3bed/2bath $79,000 YES
REO Properties Recently Sold
5526 Apt 4832 (sold 05/06/10 ) 2bed/2bath $32,995 YES
5501 Apt 4722 (sold late 2009) 3bed/2bath $48,500 YES
Because we purchase in bulk, we are able to provide investors with assets at or
below REO Prices. But we take it to the next level by completing the needed
tenant improvements and occupy the property with a qualified tenant by the
date of closing. It is this turnkey system that creates a win win for everyone
Photos of REO Comp Interiors
Note: These are the interior photos of some of
the available REO Comps. Many are missing
appliances, have mold, broken windows and
more. Some of our contractors quoted us over
$30k to renovate some of these listed
The following are the two fixed costs associated with ownership.
Taxes : $2,151.17 (Approx) Yearly HOA required Monthly: $223.00.
About our Onsite Managers:
After purchase, the investor/owner will then directly connect with Raffordia regarding the long term lease
agreements etc. Raffordia specialize in long term and short term rental. We only purchase bank owned
properties with the intention of renting to long term tenants. We have found through experience, short term
rental is a difficult model to sustain over a long period of time. As all our properties were bank owned, and
are now being bought at a fraction of the original price, we feel the long term rentals give great sustainable
yields with less inconvenience to the owner.
We purchase, renovate and rent all of our properties to long term tenants before selling them to other
investors. Therefore the investor receives a Turnkey fully let property every time.
The rental market has also dropped since the property crash. Rentals are expected to go back to $1/sq. ft
/month during the recovery. Many places, where there are fewer foreclosures and therefore less rental
supply, are getting over $1/sq. ft even in today's market.
To take advantage of our Turnkey Investing Solution, follow the Next 3 Steps
STEP 1 • Complete reviewing this Property MEMO
• Email our Director the “Standard Letter of Intent”
STEP 2 • Sign Purchase Contract your Director sends to you
• Send your deposit to Escrow Agent as instructed
• Complete your Due-Diligence on the property
STEP 3 • Close on the Income Producing Asset
• We recommend you Hold for 2-5 Years