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THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
CONFIDENTIALITY AGREEMENT This is a confidential memorandum intended solely for your own limited use to determine whether you wish to participate in the TSG Distressed Properties Purchase Program. This document is not a public offering. It contains brief information regarding the business model prepared by TSG Realty and The Solution Group Corp. It has been developed based on information developed by the company. It does not purport to be all-inclusive nor does it contain all the information which a prospective buyer may desire. Neither TSG, nor any of its members, directors, managers or employees make any representation or warranty, expressed or implied, as to the accuracy or completeness of this memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned with respect thereto. The information in this memorandum has been gathered from sources that are deemed reliable, but neither the promoter nor any of its members warrant or represent that the information is true and correct. Prospective buyers are advised to verify the information independently. TSG reserves the right to change any information in this memorandum or withdraw the properties from the market at any time, without notice. This memorandum, is not be construed as an offer or as any part of a contract to invest in any properties or to acquire any equity interest in the promoter thereof. By you reading this presentation, you agree that it and the information contained herein is of a confidential nature and that you will not disclose this memorandum or any part of the contents to any person, firm, entity without the prior written authorization of the developer. If you do not wish to pursue this matter, kindly return this confidential memorandum to The Solution Group Corp. Photocopying or other duplication is not authorized.
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THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
INDEX
01
TSG Track Record
02
Market Trends Analysis
03
News
04
Business Process
05
Properties
06
Property Map
07
Portfolio Analysis
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01
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
TSG is a vertically integrated company which has identified a unique opportunity within the US housing market crisis and has developed a unique program to take advantage of it, particularly in South Florida. Through this Distressed Assets Program, TSG, after diligent inquiry and analysis, acquires "distressed" properties, defined as residential real estate which either have been acquired by foreclosing mortgage lenders, or are REO's and Short Sales. After acquisition, TSG rehabilitates the properties, rents and stabilizes them and then packages them for sale individually or in groups. With a multidisciplinary team with over 50 years of collective experience, TSG identifies submarkets where to participate, taking into account the median household income, the demand of the market and its potential appreciation. Having identified the opportunity, TSG proceeds to the acquisition and stabilization of the property. TSG's Construction Division administers and supervises the rehabilitation process, pursuant to established standards and upon completion delivers the properties to the Leasing Division which is responsible for renting them. Once the properties are sold by TSG Realty, the company's Property Management Division provides property administration services to its customers.
44.7%
Average price of TSG properties that last less than 60 days in the market.
U$110,340,180 Debt amount acquired by TSG in the last 16 months.
728
Distressed properties acquired by TSG by foreclosure programs in Miami-Dade, Broward & Palm Beach Counties.
382
38
The average time that TSG properties take before being delivered to the commercial department.
52,220
The number of properties analyzed by TSG’s acquisition department during the last year.
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All remodeled properties by TSG are delivered with the best standards for rent.
01
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
É possível comprar imóvel em Miami por 65 mil dólares
São Paulo – De um lado, o estouro da bolha imobiliária na crise de 2008 provocou uma queda vertiginosa no preço dos imóveis em Miami. De outro, a valorização do real nos Piscina em condomínio em Miami: preço das casas parte de 65 mil dólares
A ideia é que o investidor vire proprietário de imóveis já alugados, conseguindo faturar por duas frentes. De imediato, será possível embolsar o valor do aluguel pago pelo inquilino norte-americano, um retorno anual líquido de 7% a 8% sobre o preço do imóvel, superior ao rendimento da poupança no Brasil. No longo prazo, a expectativa é que as casas também se recuperem do desconto sofrido com a crise de 2008, ficando até 45% mais caras. Presidente do The Solution Group (TSG), incorporadora que atua na compra e venda de casas subavaliadas, Camilo Lopez afirma que cerca de 50 mil famílias em toda a Flórida passaram de donas a inquilinas desde a quebra do Lehman Brothers. Apertada a torneira do crédito, muita gente optou por entregar o imóvel ao banco, já que os preços derreteram, mas os financiamentos permaneceram caros, com as parcelas acordadas no auge da especulação imobiliária. As famílias passaram a alugar e as incorporadoras entraram em cena, garimpando achados no mercado e suprindo a nova demanda. Nos últimos 16 meses, a TSG adquiriu 628 propriedades, uma compra estimada em 90
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01
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
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02 01
Anรกlisis de tendencias del mercado
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
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02
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
S&P/Case-Shiller U.S. National Home Price Index
200
20% US National, index level (left) US National, %chya (right)
15%
180 10% 160 5%
140
0%
Nationally, home prices are back to their 2003 levels
120
-5%
-10% 100 -15% 80 -20%
Record low decline of 18.9% in 2009 Q1 (solid line) 60 1988
-25% 1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
The chart shows the index levels for the 10-City and 20-City Composite Indices. As of July 2011, average home prices across the United States are back to the levels where they were in the summer of 2003.
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02
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Real Estate Cycle MINIMUM OPPRORTUNITY MAXIMUM RISK
Speculation Sales Rate Increase
Optimism
2006 Sales Rate Decrease
Uncertainty
Recession
2011
Optimism Sales Rate Increase Recovery
MINIMUM OPPRORTUNITY MAXIMUM RISK
Real Estate Cycle As shown in the graph, the real estate market is now at its moment of most certainty and the risk-opportunity rate is at its optimum peak.
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02
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Income producing properties' price drops and rent increases have improved substantially net returns. In the case of the preselected income producing portfolio rent has been multiplied by a factor of 3 increasing from 2.5% to a very attractive 7.75%. 2003 - 2006 Properties Portfolio Example
2010 - 2011 Properties Portfolio Example
$250,000
$250,000
$220,000
Property Price Decline
$200,000
$200,000
$150,000
$150,000
$100,000
$100,000
$50,000
$50,000
Rent Increases $11,640
$8,300
$85,500
$14,000
$3,340
$-
$7,373
$6,627
$Property Value Annual Gross Rent Annual MaintenanceAnnual Net Rent Costs
Property Value
Annual Gross Rent
Annual Annual Net Rent Maintenance Costs
7.75% 2,50% 2006–2007 ANNUAL RETURN
Apartment Rent and Vacancy Trends
Asking Rent Miami
Fort Lauderdale
2010–2011 ANNUAL RETURN
West Palm Beach
$1,140 $1,120 $1,100 $1,080 $1,060 $1,040 $1,020
Miami
2009
2010
2011
Fort Lauderdale
West Palm Beach
3%
10%
1% $1,000
8%
$900
6%
$800
4%
$700
2%
-1% -3% -5% -7%
$1,000
2008
Employment Growth Chart
Vacancy Rate
Average Effective Rent
$1,100
Effective Rent Vacancy Rate
01 02 03 04 05 06 07 08 09 10* 11**
2008
2009
Graph information acquired by the “2011 National Apartment Report” by Marcus & Millichap
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2010
2011
03
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
The crisis of 2008 led developers to having to sell their inventory below replacement costs. However, we are starting to see signs later this year that the market begins to recover.
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03
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
South Florida is the default capital of the country. Here in Miami-Dade County, one out of five households with mortgages is in foreclosure. Home sales in the metropolitan area during the first half of the year rose 16 percent from 2010 for the best spring since 2007, according to the research firm DataQuick, far outpacing the negligible growth in the rest of the country. Two-thirds of the sales were all cash.
Prices, after a brutal drop, are firming up or even increasing. During the first six months of the year, there were 439 sales for at least $2 million, up 13 percent from last year. Experts say people thought it would take at least a decade to get back to this point.
As a result, the balance between supply and demand in South Florida is shifting. In late 2008, as the financial crisis was peaking, there were 108,000 properties for sale and hardly any buyers. The region became a symbol of excess. Buyers abandoned their deposits and reneged on deals, buildings went bankrupt and squatters moved in. Now there are fewer than 48,000 properties for sale, Condo Vultures said. And with supply diminished, homes have value again.
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03
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
EQUITY RESIDENTIAL
Apartment landlord enjoys 3.3 percent rise in funds Equity Residential, the largest publicity traded U.S. Apartment landlord, said second-quarter funds from operations rose 3.3 percent as the nations rents climbed and vacancies declined. FFO, which gauges a property company’s ability to generate cash, rose to $180.7 million from $174.9 million a year earlier. On a per share basis, FFO was unchanged at 58 cents, the Chicago based real estate investment trust said Thursday a statement.rents climbed 5.2 percent in the 12 months through June, as a weak U.S.inapartment
homebuying market fueled demand for leasing, according to Axiometrics Inc., a
The compnay was expected to have FFS of 60 cents a share, the average estimate of Dallas-based research company. REIT landlords are benefiting from a limited supply 21 analysts in a Bloomberg survey.
of apartments and better job prospects for recent college graduates, according to Anthony Paolone, an5.2 analyst with Chase & Co.June, in New U.S. apartment rents climbed percent in JPMorgan the 12 months through as aYork. weak homebuying market fuled demand for leasing, according to Axiometrics, a Dallas’based research company. REIT landlords are benfiting from a limited supply of apartments and better job propects for recnet college graduates, according to Anthony Paolone, an analyst with JPMorgan Chase in New York. Eqity Residential sold more than $1 billion of apartment properties in the second quarter, according to Real Capital Analytics, taking advantage of investor demand amid the promise of rent growth. FFO, used by REITs, doesn’t conform to generally accepted accounting principals. Equity Residential reported so called normalized FFO of 60 cents a share, compared with 58 cents a year earlier. Normalized FFO excludes items that are not comparable from perido to period, such as asset impairments of penalties for early payment of debt the company said
-Bloomberg News By Oshrat Carmiel
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03
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
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04
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Foreclosed, REO and Short Sale Properties
Property yields between an estimated return of 7% to 8%
TSG MANAGEMENT TEAM
TSG is responsible for: Rent Collection Expense Payments Supervise potential repairs Prepare annual reports
Ÿ Ÿ
TSG Leases the property
Ÿ Ÿ
TSG selects the best properties after an extensive analysis TSG Leasing Team
Clean Title
Property ready for sale
Renovated Property with clean title
TSG’s Financial Analyst Team TSG Financial Analyst Team
TSG assembles a diversified portfolio
TSG Ensures: Ÿ Ÿ Ÿ Ÿ Ÿ
Take possesion of property Change of locks Removal of any illegal tenant Remodeling Secure the property
Properties
Property 1
COURT / BANK Property 2
Property 6
Property 3
Property 7
Property 4
Property 8
Property 5
Property 9
SG
T
TSG ACQUIRES THE PROPERTY
TSG Construction Team
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Properties
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: CONDO La Hacienda 1 Bed / 1 Bath Sq. Ft. 715
18308 NW 68 AVE No. J Miami Lakes, FL 33015
Sales Price:
$ 81,620
$200,000 $150,000
$165,000
$155,135 $117,975
$100,000
$89,500
$81,620
$50,000 $25,000 $0
Estimated Monthly Rent:
$
950
Estimated R/P Taxes / Mth:
$
95
HOA’s:
$
176
Prop. Man:
$
75
NOI:
$
604
CAP:
Historic Value
Judgement Amount
Replacement Value
Fair Market Value
8.89%
TSG Sales Price
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: TDP 5
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: CONDO Lakeview South Condo 1 Bed / 1 Bath Sq. Ft. 957
5275 NW 10th Court #307 Plantation, FL 33313
Sales Price:
$ 67,500
$200,000 $150,000
$160,000
$157,905
$155,991
$100,000 $75,000
$50,000
$67,500
$25,000 $0
Estimated Monthly Rent:
$
799
Estimated R/P Taxes / Mth:
$
50
HOA’s:
$
230
Prop. Man:
$
75
NOI:
$
444
CAP:
Historic Value
Judgement Amount
Replacement Value
Fair Market Value
7.89%
TSG Sales Price
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: TBB 1
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: Townhome Waterways Taheri 2 Bed / 2 Bath Sq. Ft. 1,384
1211 Imperial Lake RD West Palm Beach, FL 33413
Sales Price:
$ 125,000
$300,000 $250,000
$260,000
$256,052 $228,360
$200,000 $150,000 $130,000
$100,000 $0
Estimated Monthly Rent:
$
1,200
Estimated R/P Taxes / Mth:
$
147
HOA’s:
$
100
Prop. Man:
$
75
NOI:
$
878
$125,000 CAP:
Historic Value
Judgement Amount
Replacement Value
Fair Market Value
8.43%
TSG Sales Price
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: SCP 1
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: CONDO Venetia Gardens 2 Bed / 2 Bath Sq. Ft. 822
2911 SE 13 Ave #102-49 Homestead FL 33035
Sales Price:
$ 65,000
$200,000 $150,000
$165,000 $140,944 $135,630
$100,000
$77,500
$50,000
$65,000
$25,000 $0
Estimated Monthly Rent:
$
755
Estimated R/P Taxes / Mth:
$
64
HOA’s:
$
229
Prop. Man:
$
75
NOI:
$
407
CAP:
Historic Value
Judgement Amount
Replacement Value
Fair Market Value
7.51%
TSG Sales Price
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: SCD 6
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: Townhome Bluewaters 3 Bed / 2 Bath Sq. Ft. 1,447
24386 SW 109 CT #24386 Homestead FL 33032
Sales Price:
$ 115,000
$300,000
$305,000 $289,122
$250,000 $238,755
$200,000 $150,000 $125,000
$100,000 $0
Historic Value
Judgement Amount
Replacement Value
Fair Market Value
$115,000
Estimated Monthly Rent:
$
1,200
Estimated R/P Taxes / Mth:
$
308
HOA’s:
$
105
Prop. Man:
$
75
NOI:
$
712
CAP:
7.43%
TSG Sales Price
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: SCD 3
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: CONDO Verano 2 Bed / 2 Bath Sq. Ft. 1,000
8002 SW 21st CT Miami, FL 33025
Sales Price:
$ 105,000
$250,000 $200,000
$225,000 $184,808 $165,000
$150,000 $100,000
$109,000
$105,000
$50,000 $0
Estimated Monthly Rent:
$
1,100
Estimated R/P Taxes / Mth:
$
76
HOA’s:
$
218
Prop. Man:
$
75
NOI:
$
731
CAP:
Historic Value
Judgement Amount
Replacement Value
Fair Market Value
8.35%
TSG Sales Price
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: SCB 1
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: CONDO Kensington of Royal Palm Place 2 Bed / 2 Bath Sq. Ft. 1,177
350 Crestwood Cir #105 Royal Palm Beach FL 33411
Sales Price:
$ 99,500
$250,000 $245,000
$236,678
$200,000 $194,205
$150,000 $100,000
$
1,150
Estimated R/P Taxes / Mth:
$
118
HOA’s:
$
339
Prop. Man:
$
75
NOI:
$
618
$110,000 $99,500
$50,000 $0
Estimated Monthly Rent:
CAP:
Historic Value
Judgement Amount
Replacement Value
Fair Market Value
7.45%
TSG Sales Price
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: NGP 1
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: CONDO Caribbean Isles Villas 3 Bed / 2 Bath Sq. Ft. 1,194
2733 NE 3rd Court #106 Homestead, FL 33033
Sales Price:
$ 87,000
$300,000 $250,000
$257,000
$200,000
$209,884 $197,010
$150,000 $100,000 $0
Estimated Monthly Rent:
$
979
Estimated R/P Taxes / Mth:
$
161
HOA’s:
$
249
Prop. Man:
$
75
NOI:
$
494
CAP:
Historic Value
Judgement Amount
Replacement Value
$89,900
$87,000
Fair Market Value
TSG Sales Price
6.82%
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: NGD 1
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: CONDO Courtyards at Cimarron 2 Bed /1 Bath Sq. Ft. 830
850 E Commercial Blvd. 243 E, Oakland Park FL 33334
Sales Price:
$ 79,000
$200,000 $189,000
$150,000
$180,136 $136,950
$100,000 $85,000
$50,000
$79,000
$25,000 $0
Estimated Monthly Rent:
$
900
Estimated R/P Taxes / Mth:
$
57
HOA’s:
$
229
Prop. Man:
$
75
NOI:
$
539
CAP:
Historic Value
Judgement Amount
Replacement Value
Fair Market Value
8.18%
TSG Sales Price
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: NGB 2
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: CONDO Biscayne Beach Club 1 Bed /1 Bath Sq. Ft. 747
10500 SW 155 CT #1026 Miami FL 33196
Sales Price:
$ 77,300
$250,000 $235,000
$200,000
$231,414
$150,000 $123,255
$100,000
$85,000
$50,000 $0
Estimated Monthly Rent:
$
925
Estimated R/P Taxes / Mth:
$
115
HOA’s:
$
236
Prop. Man:
$
75
NOI:
$
499
$77,300 CAP:
Historic Value
Judgement Amount
Replacement Value
Fair Market Value
7.75%
TSG Sales Price
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: HFD 2
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: CONDO Villas at Lakeview 1 Bed / 1 Bath Sq. Ft. 702
5200 NW 31st Ave #174 Fort Lauderdale, FL 33327
Sales Price:
$ 67,000
$200,000 $150,000
$155,000 $141,527
$100,000
$115,830 $78,000
$50,000
$67,000
$25,000 $0
Estimated Monthly Rent:
$
795
Estimated R/P Taxes / Mth:
$
64
HOA’s:
$
202
Prop. Man:
$
75
NOI:
$
454
CAP:
Historic Value
Judgement Amount
Replacement Value
Fair Market Value
8.13%
TSG Sales Price
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: HCB 2
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05
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Completely Renovated
TYPE: CONDO Lakewood at Emerald Hills 1.5 Bed / 1 Bath Sq. Ft. 749
3700 N 56 Ave #1013 Hollywood, FL 33021
Sales Price:
$ 79,900
$200,000 $150,000
$165,000 $144,224 $123,585
$100,000
$83,000
$79,900
$50,000 $25,000 $0
Estimated Monthly Rent:
$
950
Estimated R/P Taxes / Mth:
$
93
HOA’s:
$
234
Prop. Man:
$
75
NOI:
$
548
CAP:
Historic Value
Judgement Amount
Replacement Value
Fair Market Value
8.23%
TSG Sales Price
Equal Housing Opportunity. Oral representations cannot be relied upon as correctly stating representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by the developer to a buyer or leasee. Not an offer where prohibited by state statutes.
TSG REF: HCB 1
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06
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Palm Beach County
Broward County
Miami Dade County
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07
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Total Number of Units
Per Unit
12
11,724
977
$ 2,526,000
$ 210,500
Area (Sq Ft)
Historic High
215.46
Sq Ft Value
$ 1,136,900
Fair Market Value Sq Ft Value
$ 1,048,820
TSG Sales Price Sq Ft Value
$ 1,477,180
Discount over Historic Value
$
94,742
$
96.97
$
87,402
$
89.46
$ 123,098 $
Sq Ft Value
126.00 58.48%
Percentage
$
Discount over Fair Market Value
88,080
Sq Ft Value
$
7,340
$
7.51 7.75%
Percentage
Rental Income (Annual) Total $ 140,676 $ (16,171) $ (30,563) $ (10,800) $ 83,141
Rental Income Taxes HOA’s Property Management Total
7.93%
CAP / (Ratio)
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Per Unit $ $ $ $ $
11,723 (1,348) (2,547) (900) 6,928
07
THE PREMIER WHOLESALER OF DISTRESSED PROPERTIES
Price Behavior Analysis
$3,000,000 $2,500,000
$2,526,000 $2,327,879
$2,000,000
$1,932,546
$1,500,000 $1,000,000
$1,136,900
$1,048,820
$500,000 $0
100%
Valor Histórico
Deuda Bancaria
Valor de Reposición
Valor del Mercado
Precio de Venta
Percentage Behavior Analysis 100% 92%
80%
77%
60% 40%
45%
42%
Valor del Mercado
Precio de Venta
20% 10% $0
$250 $200 $175 $150 $125 $100 $75 $50 $25 $0
Valor Histórico
Deuda Bancaria
Valor de Reposición
Sq. Ft. Behavior Analysis $215.46
$198.56 $164.84
Valor Histórico
Deuda Bancaria
Valor de Reposición
$96.97
$89.46
Valor del Mercado
Precio de Venta
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