Stigliano Closes $1.1 Million Land Sale

Reese Stigliano represented the seller, Indigo Land Riverside Landings LLC, in the sale of a 2.5 acre residential land parcel located in Fort Lauderdale, FL.  The seller obtained the property through foreclosure. The waterfront property is situated west of the downtown on the North Fork of the New River. It was approved and subdivided into 11 residential lots- 8 single home lots and 3 duplex lots. The site has over 520 feet of dock space on the New River with direct access to the Atlantic Ocean.  The buyer is Lavish Holdings Corp.

The property, which was purchased by the previous owners in 2005, was designed as a residential waterfront gated community. A majority of the infrastructure and site work was completed prior to the foreclosure. The seller foreclosed and obtained possession of the property in February 2011.The final judgment amount of the foreclosure was $9 million. The property was sold on May 31st for $1.1 million.

“In the last three months, we had a lot of activity and interest in the site by small regional home builders, who are now starting to get comfortable with the economy again.” said Mr. Stigliano.  “At this pricing level, the purchaser is buying the improvements and infrastructure of the site and getting the land for free.”

According to Stigliano, “The original project was designed with million dollar homes, and then the housing market collapsed.  The big decision to be made by the new owner  is what product will sell in this location? At a $1.1 million acquisition price for the site, the next developer can build $300,000 to $500,000 waterfront homes and make this a successful project.”

Reese Stigliano is a broker with Berger Commercial Realty Corp. Steve Hyatt was the co-listing agent on this property.