Saturday, October 16, 2010

Florida REO Managers awarded contract to manage foreclosed St. Petersburg apartment community, more expected

ORLANDO, FL--  Florida REO Managers, Inc. (, an affiliated company of Realty Marketing Associates, based in Orlando, was recently awarded a contract to manage Oak Clair Apartments, a 32-unit St. Petersburg rental community owned by City National Bank of Los Angeles.

Ron Schwartz (top right photo), principal at Florida REO Managers, said he formed the new company to meet demands for local and statewide management and court appointed receivers of residential apartments and commercial properties that have been by out-of-state lenders in foreclosures.

Already, Florida REO Managers has been assigned 10 properties by the courts or the lenders in areas from Vero Beach to Ft Walton Beach and from the Atlantic to the Gulf of Mexico.

“We work with out-of-state lenders and attorney’s who have taken back Florida properties, or who need a receiver to make sure that the borrower’s property continues to be maintained properly during the sometimes lengthy foreclosure process,” Schwartz said.

“In today’s real estate market it is imperative that the bank REO properties take good care of their tenants as well as their properties, and many lenders are based in other states,” Schwartz explained.

“They need a Florida based management representative and we have more than 30 years of experience managing and operating residential apartments and commercial properties,” Schwartz said.

 Schwartz said he expects a wave of new business as more properties enter the foreclosure process.
“Residential apartments and commercial property foreclosures have been overshadowed by the single family foreclosures problem, but a wave of apartments and commercial property foreclosures is headed our way,” Schwartz said.

Kevin Kellehe (lower right photo)r with Franklin Street Real Estate Services, a Tampa real estate broker, was awarded the listing of the St Petersburg property for sale.

Recently, Florida REO Managers completed a Titusville project as a court appointed receiver and REO manager that was awarded to them by Crown North, a service corporation in Jacksonville, and a Brevard County court.

 “We’re getting calls from lenders and attorneys on a daily basis,” Schwartz said. “This is a big story that will have major implications for Florida’s economy."

For more information, please contact:
Ron Schwartz, Principal, Florida REO Managers, Inc. 407-342-3648 (direct)
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

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