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Tampa residents could become homeowners for under $18k

March 23, 2010 - Although many market experts say that the residential real estate market is expected to improve in the coming months, one investor has shown signs toward the contrary.

Tampa, Florida-based Marcus and Millichap Real Estate Investment Services recently offered a steal to developers by selling condominiums for 9 percent of their original asking price, the Tampa Business Journal reports.

On Monday, the company announced that 121 units at its Legacy at Tampa condo conversion sold for a total of $2.1 million, or $17,355 each. Last July, units in this building sold for $182,000 each.

The condos were purchased by a company called Convergent Management, whose managing member is the CEO of Paragon Capital Partners LLC in Tampa. As a result of the sale, lender Compass Bank is taking a $13.1 million loss on its original investment.

In order to turn the purchase into a successful venture, Convergent will have to fix some physical issues with the building, revitalize the community and create an enticing rental property, according to the news source.

HousingTracker.net reports that the average price of single-family homes and condos has dropped 10.5 percent to $161,000 over the past year.

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