Jensen Beach Condo Conversion

We wanted to take this opportunity to introduce you to a possible real estate opportunity that might fit you investment or living needs in Florida. Portofino a gated community built in 2002 is located near the sun-drenched shores of Florida’s Treasure Coast in Martin County. Just minutes from beautiful beach’s, and centrally located between historic downtown Stuart and 5 minutes from Club Med, this location is close to shopping, dining, and entertainment options.

Sales of Portofino condominiums in Jensen Beach are to commence July 16, 2005. Prices for the newest condominium conversion on the Treasure Coast, the Portofino at Jensen Beach, have been released to a select number of local real estate brokers. The One World Realty Team will be taking reservations for their buyers prior to the public opening.

Sales of the condominiums, formerly apartments named St. Andrews at Jensen Beach, will begin July 16, when only prospective buyers and Realtors with an appointment will be able to purchase a unit during the company's "Super Saturday."

In May, Jacksonville-based Montecito Property Co. purchased the 26-acre property for $61.7 million and announced the conversion of the rental apartments to condominiums. The transaction is the largest real estate deal in Martin County history.

With a total of 384 units, there are 116 one-bedroom, 196 two-bedroom and 72 three-bedroom units available for sale. Prices for units range from $180,900 to $220,900 for a 795-square-foot one-bedroom unit, $236,900 to $275,900 for a 1,065-square-foot two-bedroom unit and $282,900 to $345,900 for a 1,252-square-foot three-bedroom unit. Monthly homeowners' fees start are $175 for a one-bedroom unit, $235 for two bedrooms and $275 for three bedrooms. The 114 detached garages are sold separately and will range from $18,000-$22,000.
At this time, there are 80 vacant units ready for immediate occupancy and the tenants that do not exercise their option to buy will be allowed to live out their leases. Current rental prices for 1 bedrooms range from $800.00 to $950.00, 2 bedrooms range from $1000.00 to $1100.00 and 3 bedrooms range from $1150.00 to $1275.00.

Amenities include a resort-style pool and hot tub, a state-of-the-art fitness center, and an indoor air-conditioned racquetball court along with outdoor tennis court. A business center is also available that delivers the conveniences of a home office, with computers, a copier, and a fax machine to keep you connected. A children’s playground is also available. The community is pet friendly and allows rentals for a minimum of 7 months. Entertaining friends and family is a breeze at the private clubhouse. From large events to intimate gathering, the clubhouse is an ideal setting with designer furniture and a kitchen area. Construction of the units is CBS and each unit includes a one-year home warranty with Old Republic Home Protection provided by the seller at closing.

Homeowners Association Monthly Dues with Reserves are 1 bedroom $175.00, 2 bedrooms $235.00 and 3 bedrooms are $275.00. The fees include: Building and Structural Insurance, Landscaping and ground keeping, Exterior Building Maintenance, Parking Areas, Trash and trash valet service, roof maintenance, tennis court, clubhouse, lakes and fountains, business center, heated pool and hot tub, fitness center and equipment and racquetball court. Your responsibility includes electric, cable, water, and phone.

Terms of Sale include a binder deposit to contract of $7,500 to purchase to occupy and $10,000 to purchase for investment. If you pre-qualify with their preferred lender, Countrywide you may deduct $2500 from the deposit requirement. All mail away contracts will require $10,000 deposit with no exceptions. Deposit checks are payable to First American Title Insurance Company and received by us no later than July 14th. The preferred lender benefits include 1% of sales contribution towards your closing costs and ½% of mortgage amount contribution toward your closing costs if you close within 25 days. (Cash or Preferred Lender only). Owner’s Title Insurance paid if buyer closes in 25 days with preferred title company.

For additional information please call us at 561-685-0976 or e-mail us at info@Askmrpalmbeach.com.

Warmest regards,
Your AskMrPalmBeachTeam

Posted by Donald Urschalitz P.A. at July 7, 2005 10:37 AM