(FT. LAUDERDALE, FL) -- South Florida based Adache Real Estate has announced today that they have formed a new platform to handle the growing back-log of rejected bank bulk sale listings.
Adache has merged its Project Sales and Marketing Division with its Bulk Real Estate division in order to facilitate quick transactions on stagnant bulk deals. This temporary merger is designed to facilitate the sale of large amounts of inventory by offering a one-stop solution that includes aggressive marketing and management. In the current economic climate, a significant number of offers are being rejected by the banks and, as a result, bulk inventory has remained stagnant.
"There are numerous bulk properties out there yet many of them are not getting sold," stated Adam Adache, president of Adache Real Estate. "While banks certainly would prefer to move properties, the trend has been to place unrealistic valuations on bulk sales. Property can no longer be appraised in a retail market context if they are being sold in a wholesale format."
In response, Adache Real Estate is offering to alleviate the lenders' and developers' precarious position by presenting a holistic approach to selling. Adache is even capable of committing capital to effectuate upgrades to projects in scenarios where property owners are cash strapped.
Adache's modified business strategy has already proven successful: the company sold 62 of 122 total units at Village at Town Center, in Davenport, Florida in just three months. More than 40 of these units have already closed.
The company maintains a vast international network of buyers and brokers in many countries including the United States, United Kingdom, Canada, Sweden, Switzerland, Colombia, Venezuela, and South Africa, among others. The company utilizes proprietary inventory management software to manage a high volume of sales and contracts that are originating from these markets.
"We have the platform and network in place to duplicate this success over and over again," stated Adache. "The days of order-taking in real estate are gone. You have to actually go out and get sales, which is exactly what we do."
"Any project that does not have an adequate sales organization representing it nor an aggressive marketing campaign will continue to suffer in this market," explained Adache. "We look at each project with a very critical eye to determine what it needs to be marketable and then if we like it, commit the necessary capital to improve it and get it sold."
To further its commitment to the deployment of more comprehensive marketing to banks Adache has hired Jay Robins as Director of Business Development to identify banks and other sellers that may require Adache's unique set of services, and Adolfo Salgueiro, who previously held that position, was promoted to VP of Operations.