Real Estate News: Bella Collina Homes Are Drastically Losing Value
Don Juravin, a resident of Bella Collina in Florida, informed us:
Bella Collina is owned by Dwight Schar, chairman of NVR, Inc. (NYSE: NVR).
House sold: 16012 Trivoli CirBella Collina, FL 34756
4 beds 6 baths 3,809 sqft for $785,000 including $40,000 membership for a club that is actually a wedding venue. This club membership fee is not retrievable and we don’t really know where the money is.
The math: $745,000 / 3,809 = $195
Note the land is calculated at ZERO dollars.
Dwight Schar, the owner of Bella Collina Florida, is involved in additional businesses like NVR, Inc. (NYSE: NVR) which sells under Ryan Homes, NVHomes and Heartland Homes brands. Dwight Schar’s businesses seem to be under congressional investigation as many homeowners feel scammed.
NVR and its subsidiaries have fallen under the scrutiny of Congress in 2019. A USA Today investigation of Ryan Homes, a local homebuilder owned by NVR, found that both Ryan Homes and its parent company “cut corners during construction and left homeowners to deal with the defects. When concerns were raised, homeowners say the company would ignore its warranties, refuse to fix the problem, leverage any repairs into nondisclosure agreements or force customers into lengthy fights, costing them thousands of dollars.”
Not only that this house was built in 2018 and sold only in 2020 but the price per SF was set for $195 only. It seems like, despite the booming housing everywhere, homeowners recognize the problems in Bella Collina Florida and don’t want to be part of the mismanagement, residents harassment and intimidation of Dwight Schar’s employees like Randall Greene, Paul Simonson. Son, Spencer Schar, who was arrested or accused of assaulting two females, is now managing Bella Collina.
While Florida real estate market is up, Dwight Schar's Bella Collina is DOWN in a scary investment loss of 11% in two months according to Zillow
I believe that my house is an accurate representation of the situation: $229,000 price drop in 2-3 months. That's an 11% drop.
Another house was just sold here for a real price (deducting furniture, club and other manipulations) of way below $200 sf. and ZERO value for the Bella Collina lot. If you place a value on the lot, the house was actually sold for about $155 sf.
While Florida’s real estate market is up, Dwight Schar's Bella Collina is DOWN in a scary investment loss of 11% in a couple of months according to Zillow which seems to get it right.
And yet, for the first 9 months of 2019, I counted only 4 new house sales and another 4 houses exchanging hands.
Siena at Bella Collina condos is also in very bad shape after 1-2 years of accepting pre-orders: only 4 sales despite the desperate efforts include doubling commissions to 12%, filling up the condos with flags and signs and other sales tricks.