Posted by Mark Washburn on Wednesday, November 25, 2009 at 10:10:44 AM By Mark Washburn / November 25, 2009 Comment
The Sarasota Herald-Tribune has an interesting article about Norman Radow, who has been hired to liquidate the real estate portfolio of bankrupt Leman Brothers. West Bay Club in Estero is one of the assets that Radow is currently focused on. A big challenge at West Bay Club is that only 617 of the originally planned 1,054 properties have sold. In the year that Radow has been overseeing the West Bay Club, his modifications have cut the annual operating deficit has been cut from $2.5M to $31,000. These changes have included the closing of unprofitable restaurants and opening the club to guests of the nearby Ritz-Carlton Hotel. Currently, resale coach homes at West Bay Club are available starting in the mid $300s.
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