BELLA COLLINA REAL ESTATE 2018 SALES ARE DISASTROUS FAILURE
Bella Collina, a remote community located 40 to 60 minutes away from downtown Orlando, is owned by Dwight Schar and managed by Paul E. Simonson, Dwight Schar's right-hand finance guy.
Bella Collina has been described numerous times in the last 17 years as a "GHOST TOWN," including in the recent ABC investigative news report. 2018 sales figures, confirms resident Don Karl Juravin, that Bella Collina is "JINXED with BAD LUCK".
Despite Dwight Schar and Paul Simonson’s great efforts and investments in the last 6 years, potential buyers seem to bypass the salesmanship and have relied on facts: 17 years of dark history and questionable management.
500+ PROPERTY OWNERS LOST MILLIONS IN BELLA COLLINA
Dwight Schar, a billionaire, and part-owner of the NFL Washington Redskins used his fortune against homeowners. Together with Paul E. Simonson, they engaged in massive legal litigation against 500 families, in what many felt were unfair fees, and so he "took" their properties. To some degree, this method continues today with Schar's people controlling the HOA, so real homeowners do not really have a say in what is going on in this community.
Furthermore, accusations of retaliation against families, women and kids continue.
The results: 500 property owners abandoned their investments and fled Bella Collina to remain a ghost town with very low real occupancy.
ONLY 5 TO 8% FAMILY OCCUPANCY OVER 17 YEARS
With almost 900 lots in Bella Collina only 60 to 70 homes are estimated to be fully occupied by families that can call Bella Collina "home" and are not affiliated with Dwight Schar in some manner. That is, an estimated 5% to 7% occupancy by "real unaffiliated families" year round. Dwight Schar’s representative, Randall Greene, was overheard telling attorney Brad Saxton that Bella Collina has 150 homes and 50 are "in the making." The reality is about 50% of that: the last count showed only 82 built houses (not necessarily occupied) and only about 10 houses being built.
DWIGHT SCHAR, PAUL SIMONSON & RANDALL GREENE ACCUSED BY PROPERTY OWNERS OF RACKETEERING & FRAUD
The Bella Collina community, under Dwight Schar’s ownership and involvement, has already been involved in about 500 lawsuits. Many of these 500 residents abandoned and fled Bella Collina. A federal class action accused Dwight Schar with FRAUD, RACKETEERING and unfair practices in Bella Collina.
Randall F. Greene himself was accused in court of "stealing" a house in Bella Collina in a real estate fraudulent transaction.
THE CLUB AT BELLA COLLINA IS ACTUALLY A... WEDDING VENUE
The Club at Bella Collina is beautiful and its main function is for weddings and other commercial functions: not really as a club for the residents. At times it's even noisy and feels like a "party" rather than "home".
During the frequent events, all guests are utilizing the Club with no screening. Obviously, guests at the wedding are there to have a good time which includes drinking. Residents of Bella Collina have no choice but to share the Club with these non-resident partiers.
The Club at Bella Collina has a "show" of membership acceptance.
$184 AVERAGE SALE PER SF IN 2018
Based on Zillow, buyers don't really see the value and shy away from Bella Collina because of its troubled history.
While the rest of Florida seems to boom, Dwight Schar, Paul Simonson, and Bella Collina's numbers are very gloomy:
Average 44 (3.5+ years) months sale time per home/lot
Very low average of $184 per sf
ZERO value for the land/lot in home purchase
Dwight Schar - Paul Simonson Bella Collina 2018 Sales Table
6 sales over 840-900 lots. Only $184 sf with long 44 months wait per sale
Itemized Home Sales in Bella Collina 2018
Based on information found on Zillow on Jan 2019
16926 Vinci Way
4 beds 4.5 baths 5,180 sqft | 2016
Estimated value: $648,730
Sold: $275,000 12/10/18
Less than estimate: $373,730
Sold per SF: $275k / 5,180 = $53
Listed for sale: March 2016 $1,624,900
Time to sale: almost 2.5 years (32 months)
Ask Vs. Sold: $1,624,900 Vs. $275,000 Lost: $1,349,900
Ask Vs. Estimated: $1,624,900 Vs. $648,730
17021 Lucca Ln
4 beds 4.5 baths 4,621 sqft | 2017
Estimated value: $1,930,660
Sold: $1,900,000 09/27/18
Less than estimate: $30,660
Sold per SF: $1.9m / 4,621 = $411
Listed for sale: July 2017 $2,425,000
Time to sale: 1.2 years (14 months)
Ask Vs. Sold: $2,425,000 Vs. $1,900,000 Lost: $525,000
Ask Vs. Estimated: $1,624,900 Vs. $648,730
16639 Arezo Ct
5 beds 8.5 baths 10,617 sqft | 2006
Estimated value: $1,677,633
Sold: $1,120,000 09/24/18
Less than estimate: $557,633
Sold per SF: $1.1m / 10,617 = $105
Listed for sale: Oct 2006 $5,622,000
Time to sale: almost 12 years (143 months)
Ask Vs. Sold: $5,622,000 Vs. $1,120,000 Lost: $4,502,000
Ask Vs. Estimated: $5,622,000 Vs. $1,677,633
16321 Pendio Dr
4 beds 5.5 baths 6,454 sqft | 2008
Estimated value: $2,053,457
Sold: $1,600,000 08/10/18
Less than estimate: $453,457
Sold per SF: $1.6m / 6,454 = $248
Listed for sale: Nov 2014 $2,750,000
Time to sale: almost 4 years (45 months)
Ask Vs. Sold: $2,750,000 Vs. $1,600,000 Lost: $1,150,000
Ask Vs. Estimated: $2,750,000 Vs. $2,053,457
16020 Pendio Dr
5 beds 5 baths 4,978 sqft | 2009
Estimated value: $1,267,189
Sold: $1,030,000 05/18/18
Less than estimate: $237,189
Sold per SF: $1m / 4,978 = $207
Listed for sale: Aug 2016 $1,699,000
Time to sale: almost 2 years (21 months)
Ask Vs. Sold: $1,699,000 Vs. $1,030,000 Lost: $669,000
Ask Vs. Estimated: $1,699,000 Vs. $1,267,189
15152 Pendio Dr
4 beds 6 baths 5,132 sqft | 2008
Estimated value: $1,476,797
Sold: $900,000 04/06/18
Less than estimate: $576,797
Sold per SF: $900k / 5,132 = $175
Listed for sale: Jun 2017 $1,199,000
Time to sale: almost 1 year (10 months)
Ask Vs. Sold: $1,199,000 Vs. $900,000 Lost: $299,000
Ask Vs. Estimated: $1,199,000 Vs. $1,476,797