"The Vineyards" development in Naples, Florida

[motivatedceo]

Is anyone here familiar with "The Vineyards" development in Naples, Florida? Can you provide information on the developer, his story, etc? In my book, that is probably one of the best *single* REI developments I've ever seen.

[Rich_in_CT]

What makes it the best?

[motivatedceo]

Naples is the creme de la creme of locations. Probably just behind manhattan. This area is not just overinflated like CA & the rest of FL - the 'true rich' come to Naples..and live here usually 4-6 months of the year. The young folks go to Southbeach/Miami, while the middle-aged to older high net worth individuals...along with movie stars, etc...come here. This place is "it". If you aren't aware of Naples...just do a little research on it.

I'm going to guess - but I'd say the Vineyards itself, a development just on the edge of town, is a couple thousand acres in size. Its huge. It's a hybrid of 2-4 story condos built around lakes, houses in all sizes and some commercial development, all built around a large 1st class golf course. I'd say it for certain has many hundreds of units, probably many thousands. Condos in the Vineyards that cost $100k 5 years ago are selling for $450k. Most nice houses in the Vineyards are well into the millions. Everything in Florida has seen some appreciation - but this place is off the charts. The people who have lived there have enjoyed rapid appreciation, while I'm sure the developer who still has some land left has been raking in more money than most people can imagine.

[Rich_in_CT]

I really don't see this development as any more protected from a market slide than anything else in FL.  EVERYTHING is experiencing a slowdown and price drops, I don't see why this place would be immune to that. 

[Rich_in_CT]

Why don't I like preconstruction in FL?  Read this:  http://www.reiclub.com/forums/index.php/topic,26911.0.html

[71tr]

I'm skeptical as well.  SW Florida has been way over developed.  Read your own post again.  You state that units in this development have appreciated four fold, aren't you getting in a bit late on this one?

[motivatedceo]

I'm skeptical as well.  SW Florida has been way over developed.  Read your own post again.  You state that units in this development have appreciated four fold, aren't you getting in a bit late on this one?

LOL!!!! I'm not investing there. I'm just doing research on how someone [aka the man behind The Vineyards] like this gets to a level where he can make this sort of project. Securing that kind of funding, getting those kind of partners & being that successful takes time, money & knowledge...and I'd like to learn his secrets. =)

[Rich_in_CT]

Well now that we know that.....lol.

First thing you will need is CONTACTS.  Network, network, network.  Go to your local REIA meetings, meet whoever you can in the banking/construction industry.  Get some small projects done and work your way up.  Prior experience and success will get the larger loans funded. 

[jason sc]

Network network network

ive done some development - how I got started was I got a RE liscense, read every possible book, etc i could find. I already had a construction background that was a huge help. But the biggest thing I did was I started looking for buyers to represent that did the same types of things I wanted to do

 I am good at developing plans to reduce debt quickly - This talent I kind of backed into has helped me to meet a ton of people and be a part of a lot of developments that I would be very difficult for me to be a part of if I had to come up with a lot of personal cash.

I think in the end its all about exit strategy

jason sc

[petemfa]

It would be very interesting to read about this person.

I'd be willing to bet that at one point something happened which at the time didn't seem like a big deal to him but turned out to be huge.

A little back ground................

The man who gave me my start in real estate told me this story.  ALL TRUE!

About 20 years ago he was in the process of delevoping a strip mall on a busy local highway.  It would consist of 20 units and a Dunkin Donuts anchor store.  While on site one day a well dressed man stopped by and asked if he could purchase a portion of this developement for a bank.   He was the VP at the bank and explained that in the banks charter he was not allowed to lease land or buildings, he had to purchase.

My mentor told him he wasn't interested and thanked him for stopping by.  The next day Mr. VP stops again.  "I really need to be at this location" he says.  Listen, do me a favor, let me buy this small parcel from you and maybe we can do some business together in the future.  They agree to the sale.  15 years go by.  The mentor is delevoping a huge commercial project when out of no where,  his bank collapses.  (It happened in the early '90's when the economy sucked)
Now he's screwed, half way through the project, no money, no credit.
He calls Mr. VP who is now President of the bank.  He explains the situation.  Mr. Pres.  says get everything you have together, be here in 2 hours, we'll sit down and see what we can do.  Mentor walks in, an entire team is there, appraisers, loan officers, everyone, 2 hours later he leaves with a $5 million  line of credit.  he finished the project ahead of schedule and is now one of THAT banks biggest customers.

You never know??????????????

[Cap.Rate.King]

The developers behind "The Vineyards" are Michael Saadeh and Robert Rogers.  You can always find what you need as far as who is doing what in the public records, especially in FL.  Hope that helps and good luck with your research.


Thanks,
Cap