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Foreclosure bus tours driving into South Florida
Palm Beach Post Staff Writer
Monday, February 18, 2008
The bus tours that have motored across foreclosure-littered neighborhoods of California, Nevada and other slumping states are pulling into the Treasure Coast and Palm Beach County.
Two local real estate firms in Port St. Lucie and Tequesta are planning their first tours of bank-owned properties Saturday.
Port St. Lucie-based Realty Unlimited Inc. GMAC Real Estate is renting a 47-seat coach, dubbed the "Foreclosure Express," to visit 10 to 12 homes on a four-hour tour. With hordes of bank-owned or pre-foreclosure homes to check out, it will offer free tours monthly, of different neighborhoods in St. Lucie and Martin counties.
"We have so many investors that we're working with, and they're constantly approaching us about these foreclosure or these pre-foreclosure opportunities," said owner Selma Schevers, who decided a bus tour would be the best way to get buyers and experts in one place.
Tequesta-based North County Properties happens to be launching its first foreclosure tour the same day. Its bus will spend four hours visiting eight to 10 bank-owned properties in Jupiter and Tequesta. Several homes are going for hundreds of thousands of dollars less than in 2005 and 2006.
"We have been working a lot with foreclosure buyers, and we're finding folks have similar desires: They all want to deal," said Andrea DiRico, broker/associate and general manager of North County Properties.
A seat on her bus runs $20, with a box lunch. The firm hopes to offer tours every other week, branching out into neighboring areas including Martin County.
"It's a really unfortunate reality ... but it also provides a tremendous opportunity," DiRico said.
Willie Gary's law firm is tilting at another corporate giant: Ethan Allen Interiors Inc. Gary's Stuart firm represents Nicholas Mariano Jr., who claims the furniture chain wrongfully terminated his license to operate Ethan Allen stores in Stuart, Vero Beach and Melbourne. The suit alleges it was an attempt to squeeze out Mariano's company, Treasure Coast Interiors Inc. Mariano's stores will close in the next two or three months.
As with most of Gary's corporate cases, the amount sought is hefty: $500 million, the estimated value of Mariano's business, plus punitive damages.
The suit, filed in Martin County Circuit Court in September, claims Danbury, Conn.-based Ethan Allen (NYSE: ETH) plans to open corporately owned stores on the Treasure Coast.
"Basically, Ethan Allen wants to cut out the middleman to line their own pockets," said C.K. Hoffler, a partner at Gary's firm.
Spokeswoman Peg Lupton said Ethan Allen does not comment on pending litigation, "except to state that the company is confident that this case is without merit."
At 1.2 million square feet, Wal-Mart's distribution center off Florida's Turnpike in St. Lucie County is hard to miss. The project Atlanta-based Industrial Developments International Inc. is building to the north will be even more massive. IDI announced plans last week to develop 1.3 million square feet of warehouse and distribution space between the turnpike and Interstate 95 - its first project in the Treasure Coast or Palm Beach County. Construction on the first 150,000 square feet starts this summer. No tenants have been lined up yet, said Larry Dinner, IDI's vice president of leasing.
"I believe trailer traffic is within a two-hour drive of 70 percent of Florida's population, which makes this an outstanding site for distribution," Dinner said.
IDI paid $17 million last month for the 129 acres at Crossroads Park of Commerce.
Article Source http://www.palmbeachpost.com/business/content/business/epaper/2008/02/18/m1bz_samplescol_0218.html
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