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Premier Auction - March 10, 2007
- Thread starter P.A.G.
- Start date
Smiling JOe
SoWal Expert
Actually, two others sold in WaterColor yesterday, one at $544.44 per sq ft and the other at $677.60 per sq ft., that is $1,225,000 and $2,850,000, respectively.
SHELLY
SoWal Insider
The $1.2 million house was on the park in Rose Garden Mews and was about $100k below asking price. This was a very low price for such a good location. The other was $600k below asking price and was a very low price for a house on 30A with a view of the gulf from the tower.
Smiling JOe
SoWal Expert
They were 7.5% and 18.1% below asking prices, respectively.
SHELLY
SoWal Insider
This upcoming auction on Feb 15th down in South Florida should be interesting to watch:
Tringali's property auction to test waters
By MICHAEL BRAGA
SOUTHERN MANATEE COUNTY -- It is no surprise that Michael Tringali is being forced to sell homes, home sites and land at public auction.
The former partner of Neil Mohamad Husani became considerably over-leveraged during the real estate boom.
When the market turned, he was unable to generate enough income from his home building and real estate investment activities to cover his nearly $87 million in bank debt.
Now a group of Tringali's banks, which includes Bank of America and Bradenton's Coast Bank, are forcing Tringali to hold a public sale on Feb. 15 at the Sarasota Bradenton International Convention Center.
For sale are four luxury homes and 12 home sites in Tringali's Portofino on the Bay development off Vamo Road in Sarasota County; 14 newly constructed, middle-class homes in Golden Verna Estates near Myakka City; and 253 acres in the same area of Eastern Manatee County.
Just 18 months ago, Tringali's luxury homes were selling for $850,000 and up, while the middle-class houses were changing hands at about $400,000 and land near Myakka City was fetching more than $12,000 an acre.
Barbara Anson, a veteran real estate agent with Wagner Realty in Myakka City, said she is especially interested to see what will happen.
She said Tringali has been trying to sell houses at Golden Verna Estates for $400,000 to $500,000, which she believes is much too high.
At the same time, Anson predicts that Tringali's 253-acre spread in East Manatee will fetch no more than $1.5 million, or $6,000 per acre.
That is in spite of the fact that Husani paid $3.04 million, or $12,000 per acre, for the property in August 2005, and quickly sold it to Tringali in a cashless transaction valued $7.6 million, or $30,000 per acre
.
It is Coast Bank that is now on the hook for the property. The troubled Bradenton bank loaned Tringali $4.94 million in August 2005, and Tringali stopped paying late last year.
For the bank to recoup its losses, Anson believes the property will have to be sold for $19,525 per acre. But that is impossible, she said.
"It is agricultural land. Nothing has been done down at the county to subdivide it."
Buyers will pay no more than $6,000 per acre, Anson said. That means the bank will have to take a $12,500 per acre loss on the property -- a total hit of $3.1 million -- if it wants to sell on auction day.
Tringali's property auction to test waters
By MICHAEL BRAGA
SOUTHERN MANATEE COUNTY -- It is no surprise that Michael Tringali is being forced to sell homes, home sites and land at public auction.
The former partner of Neil Mohamad Husani became considerably over-leveraged during the real estate boom.
When the market turned, he was unable to generate enough income from his home building and real estate investment activities to cover his nearly $87 million in bank debt.
Now a group of Tringali's banks, which includes Bank of America and Bradenton's Coast Bank, are forcing Tringali to hold a public sale on Feb. 15 at the Sarasota Bradenton International Convention Center.
For sale are four luxury homes and 12 home sites in Tringali's Portofino on the Bay development off Vamo Road in Sarasota County; 14 newly constructed, middle-class homes in Golden Verna Estates near Myakka City; and 253 acres in the same area of Eastern Manatee County.
Just 18 months ago, Tringali's luxury homes were selling for $850,000 and up, while the middle-class houses were changing hands at about $400,000 and land near Myakka City was fetching more than $12,000 an acre.
Barbara Anson, a veteran real estate agent with Wagner Realty in Myakka City, said she is especially interested to see what will happen.
She said Tringali has been trying to sell houses at Golden Verna Estates for $400,000 to $500,000, which she believes is much too high.
At the same time, Anson predicts that Tringali's 253-acre spread in East Manatee will fetch no more than $1.5 million, or $6,000 per acre.
That is in spite of the fact that Husani paid $3.04 million, or $12,000 per acre, for the property in August 2005, and quickly sold it to Tringali in a cashless transaction valued $7.6 million, or $30,000 per acre
.It is Coast Bank that is now on the hook for the property. The troubled Bradenton bank loaned Tringali $4.94 million in August 2005, and Tringali stopped paying late last year.
For the bank to recoup its losses, Anson believes the property will have to be sold for $19,525 per acre. But that is impossible, she said.
"It is agricultural land. Nothing has been done down at the county to subdivide it."
Buyers will pay no more than $6,000 per acre, Anson said. That means the bank will have to take a $12,500 per acre loss on the property -- a total hit of $3.1 million -- if it wants to sell on auction day.
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SHELLY
SoWal Insider
UPDATE ON THE ABOVE AUCTION:
Bids low at Tringali auction
Offers on investor's foreclosed property come in at a fraction of their original prices
By MICHAEL BRAGA
MANATEE COUNTY -- Martin Higgenbotham did everything he could to get people bidding on Michael Tringali's high-end Sarasota and rural Manatee County properties.
The auctioneer joked, pleaded, cajoled and berated the standing-room-only crowd of 150 real estate agents, developers, bankers, ranchers and homeowners that filled an anteroom of the Sarasota Bradenton Convention Center.
But everybody on Thursday night seemed to be waiting for someone else to raise a hand or shout out a price.
In the end, high bids on properties came in at a half or a third of what the real estate sold for at the height of Southwest Florida's phenomenal boom.
The 253-acre tract that Tringali's partner, Neil Mohamad Husani, bought in August 2005 for $3.04 million, or $12,000 per acre, went for just $1.6 million -- $6,500 per acre.
The high bid for a 3,300-square-foot luxury home in Tringali's Portofino on the Bay subdivision off Vamo Road in Sarasota, that might have commanded more than $1 million in the boom, was just $500,000. Bids for undeveloped lots in the same subdivision that sold for $325,000 and up in 2005, came in at $170,000 or less.
And finished homes in the Golden Verna Estates subdivision near Myakka City, selling for around $380,000 during the boom, generated bids of no more than $240,000 and most garnered no more than $170,000.
"That's low," said Barbara Anson, a veteran Realtor with Wagner Realty in Myakka City. "But this is an auction."
Higgenbotham Auctioneers, the Lakeland organization hired to conduct the sale, had hoped to sell 32 of Tringali's properties, but many, especially the building lots at Portofino on the Bay, didn't draw any bidders.
It will not be clear until Monday night whether bankers, who loaned millions of dollars to Tringali during the boom, will be willing to accept the bids that did come in.
They already have turned down Jim Jackson's $240,000 bid for a four-bedroom home at Golden Verna. So the Punta Gorda resident, who manages the Wal-Mart Supercenter in Arcadia, asked the bank's representative how much the bank would take for three-bedroom home in the same subdivision.
The answer was $217,000. So Jackson bid $217,500.
"I'm sure I got that one," he said.
Though Tringali might have expected some closure from the auction, it will likely be just the first step in the long, drawn-out process of repaying banks for nearly $87 million that he borrowed with Husani's help.
During a 21-month buying spree between July 2004 and March 2006, Husani bought nearly 2,000 acres for $42 million and sold them to Tringali for $98 million in cashless transactions. Tringali then used the inflated sales prices to raise $83 million from area banks.
But with the downturn in the real estate market, Tringali was unable to generate enough sales to meet his obligations, and his banks began to foreclose.
Clearwater-based Mercantile Bank was the first. Then Bradenton's Coast Bank and North Carolina's Wachovia Bank.
Fort Lauderdale-based BankAtlantic and Signature Bank of St. Petersburg bought Tringali's properties in lieu of foreclosure, while Cincinnati-based Fifth Third Bank persuaded one of its good Southwest Florida customers to take over Tringali's property in downtown Sarasota in return for a $9.8 million loan.
The last bank to foreclose was Orion Bank, which slapped a lien on Trinagli's 289-acre property off Dog Kennel Road in eastern Sarasota County this month.
Though Tringali bought his Portofino on the Bay and Golden Verna Estates subdivision before meeting Husani, those projects also fell victim to the developer's financial problems.
Golden Verna Estates was Tringali's first development in the area.
He paid $2.4 million for the land in two transactions, receiving loans from Bank of America and the now defunct Brasota Mortgage Co.
He has sold more than 60 completed homes or building lots in the development since then. During the past six months, finished homes in Golden Verna have fetched $217,000 to $644,000, with a median price of $383,000.
Bids at Thursday's auction came it at just $160,000 to $240,000.
Two years after buying Golden Verna, Tringali paid $1.15 million for 15 lots at the Portofino on the Bay development, receiving $7.26 million loan commitments from Amsouth, Signature Bank and Bradenton's First Priority Bank.
Tringali sold one of the lots to his brother, Dominic Tringali, for $350,000, another to an outside buyer for $325,000, and bought a third for himself for $472,500.
He then began building homes on four of the lots, while waiting for buyers to express interest in the rest.
Since June 2005, Tringali has not sold a single home or building lot in the development, Sarasota County Property Appraiser records show.
The highest price paid for a lot at the Thursday auction was $170,000, while bids for complete or nearly complete homes ranged from $400,000 to $500,000 -- too little for the bankers that financed them.
Tringali's 253-acre tract near Myakka City was bought by an unidentified Manatee County rancher for $6,500 per acre.
That is $500 per acre more than the price Anson expected the property to sell for.
But it is $5,500 less than the $12,000-per-acre price Husani paid for the property in August 2005 and $23,500 less than the $30,000-per-acre price Tringali supposedly paid a week later.
If it accepts that price, Coast Bank, which loaned $4.94 million to Tringali in August 2005, would have to take a $3.3 million loss.
Though Higgenbotham told his audience that they were missing tremendous opportunities, Re/Max agent Garrick Newman expects there will be a lot more opportunities for the region's buyers to get deals at auction.
"We'll see a lot more of these."
Bids low at Tringali auction
Offers on investor's foreclosed property come in at a fraction of their original prices
By MICHAEL BRAGA
MANATEE COUNTY -- Martin Higgenbotham did everything he could to get people bidding on Michael Tringali's high-end Sarasota and rural Manatee County properties.
The auctioneer joked, pleaded, cajoled and berated the standing-room-only crowd of 150 real estate agents, developers, bankers, ranchers and homeowners that filled an anteroom of the Sarasota Bradenton Convention Center.
But everybody on Thursday night seemed to be waiting for someone else to raise a hand or shout out a price.
In the end, high bids on properties came in at a half or a third of what the real estate sold for at the height of Southwest Florida's phenomenal boom.
The 253-acre tract that Tringali's partner, Neil Mohamad Husani, bought in August 2005 for $3.04 million, or $12,000 per acre, went for just $1.6 million -- $6,500 per acre.
The high bid for a 3,300-square-foot luxury home in Tringali's Portofino on the Bay subdivision off Vamo Road in Sarasota, that might have commanded more than $1 million in the boom, was just $500,000. Bids for undeveloped lots in the same subdivision that sold for $325,000 and up in 2005, came in at $170,000 or less.
And finished homes in the Golden Verna Estates subdivision near Myakka City, selling for around $380,000 during the boom, generated bids of no more than $240,000 and most garnered no more than $170,000.
"That's low," said Barbara Anson, a veteran Realtor with Wagner Realty in Myakka City. "But this is an auction."
Higgenbotham Auctioneers, the Lakeland organization hired to conduct the sale, had hoped to sell 32 of Tringali's properties, but many, especially the building lots at Portofino on the Bay, didn't draw any bidders.
It will not be clear until Monday night whether bankers, who loaned millions of dollars to Tringali during the boom, will be willing to accept the bids that did come in.
They already have turned down Jim Jackson's $240,000 bid for a four-bedroom home at Golden Verna. So the Punta Gorda resident, who manages the Wal-Mart Supercenter in Arcadia, asked the bank's representative how much the bank would take for three-bedroom home in the same subdivision.
The answer was $217,000. So Jackson bid $217,500.
"I'm sure I got that one," he said.
Though Tringali might have expected some closure from the auction, it will likely be just the first step in the long, drawn-out process of repaying banks for nearly $87 million that he borrowed with Husani's help.
During a 21-month buying spree between July 2004 and March 2006, Husani bought nearly 2,000 acres for $42 million and sold them to Tringali for $98 million in cashless transactions. Tringali then used the inflated sales prices to raise $83 million from area banks.
But with the downturn in the real estate market, Tringali was unable to generate enough sales to meet his obligations, and his banks began to foreclose.
Clearwater-based Mercantile Bank was the first. Then Bradenton's Coast Bank and North Carolina's Wachovia Bank.
Fort Lauderdale-based BankAtlantic and Signature Bank of St. Petersburg bought Tringali's properties in lieu of foreclosure, while Cincinnati-based Fifth Third Bank persuaded one of its good Southwest Florida customers to take over Tringali's property in downtown Sarasota in return for a $9.8 million loan.
The last bank to foreclose was Orion Bank, which slapped a lien on Trinagli's 289-acre property off Dog Kennel Road in eastern Sarasota County this month.
Though Tringali bought his Portofino on the Bay and Golden Verna Estates subdivision before meeting Husani, those projects also fell victim to the developer's financial problems.
Golden Verna Estates was Tringali's first development in the area.
He paid $2.4 million for the land in two transactions, receiving loans from Bank of America and the now defunct Brasota Mortgage Co.
He has sold more than 60 completed homes or building lots in the development since then. During the past six months, finished homes in Golden Verna have fetched $217,000 to $644,000, with a median price of $383,000.
Bids at Thursday's auction came it at just $160,000 to $240,000.
Two years after buying Golden Verna, Tringali paid $1.15 million for 15 lots at the Portofino on the Bay development, receiving $7.26 million loan commitments from Amsouth, Signature Bank and Bradenton's First Priority Bank.
Tringali sold one of the lots to his brother, Dominic Tringali, for $350,000, another to an outside buyer for $325,000, and bought a third for himself for $472,500.
He then began building homes on four of the lots, while waiting for buyers to express interest in the rest.
Since June 2005, Tringali has not sold a single home or building lot in the development, Sarasota County Property Appraiser records show.
The highest price paid for a lot at the Thursday auction was $170,000, while bids for complete or nearly complete homes ranged from $400,000 to $500,000 -- too little for the bankers that financed them.
Tringali's 253-acre tract near Myakka City was bought by an unidentified Manatee County rancher for $6,500 per acre.
That is $500 per acre more than the price Anson expected the property to sell for.
But it is $5,500 less than the $12,000-per-acre price Husani paid for the property in August 2005 and $23,500 less than the $30,000-per-acre price Tringali supposedly paid a week later.
If it accepts that price, Coast Bank, which loaned $4.94 million to Tringali in August 2005, would have to take a $3.3 million loss.
Though Higgenbotham told his audience that they were missing tremendous opportunities, Re/Max agent Garrick Newman expects there will be a lot more opportunities for the region's buyers to get deals at auction.
"We'll see a lot more of these."
If anyone is interested in bidding, you may do so by calling the office or through our website. We have quite a few so far.
850-622-3247
www.thepremierauctiongroup.com
850-622-3247
www.thepremierauctiongroup.com
SHELLY
SoWal Insider
P.A.G. said:
OK Spence, how'd the auction turn out yesterday?
Give us all the details...and were there balloons??...what colors did you use?
.
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