One Local Development Firm Solves the Problem
of an Increasing Lack of Desirable, Affordable Homes
Tampa, FL, June 2, 2005 – Tampa-based Saadi Investments, LLC has developed and mastered a process that results in high-quality affordable homes and allows first-time buyers and lower-income individuals and families to make the American dream of homeownership a reality: Privatized Suburban Renewal. The process and its results – affordable homes with modern conveniences – are perfectly suited to meet the needs of a growing population in need of housing but unable to pay rising home prices.
Principals Pamela and Nibal Elsaadi buy neglected homes and rework them from the inside out, installing new roofs, replacing appliances, and even adding new rooms. Solid houses with peeling paint, murky pools, and badly outdated interiors are transformed into warm and inviting homes with modern styling and appointments. Says one mortgage broker, “The homes [Saadi Investments] restores reflect a lot of love and consideration for what makes a home a happy home.” Pamela Elsaadi, Saadi Investments’ CFO and Operations Manager, says what they do is distinctly different than the work of renovators and remodelers. “We take the structure, gut it, and start over, adding the extra touches that really make a house feel like a home: new lighting, new appliances, new windows, new tile and carpet, central heat and air. And, our buyers aren’t getting a ‘fixer-upper.’ Rather, they move into a brand new home in an existing structure.”
The best part about the Privatized Suburban Renewal process? Finished homes sell for $125,000 to $150,000 – a steal in today’s real estate market, and a price point that allows many to become homeowners who are not able to afford the $172,800 median price of Tampa Bay homes (National Association of Realtors.)
Many factors are obstacles to homeownership, according to a recent survey by Florida-based Attorneys' Title Insurance Fund. Thirty-five percent of survey respondents said the loan process is a major obstacle; 36 percent said the closing process is a major obstacle. But with 58 percent of respondents stating that home affordability is hindering them in their quest for homeownership, the rising price of homes is clearly the biggest obstacle. As proof, National Association of Realtors statistics show that the Tampa Bay area’s median home price is up 16% in only one year. Indeed, Pinellas Realtor Association data shows that between 1999 and 2004 the median Tampa bay home sale price rose by 77 percent – while incomes grew by only 12 percent. Clearly, many individuals and families are being priced out of homeownership.
Thanks to Saadi Investments, those who otherwise might not be able to afford a home of their own are moving into beautiful, modern houses and fulfilling their American dream.
About Saadi Investments, LLC
A registered Florida LLC since 2000, Saadi Investments purchases homes in distress, reinvents them, infuses them with today’s design concepts and standards, and returns them to market at exceptionally reasonable prices. In this way not only do owners Nibal and Pamela Elsaadi create their own livelihood, but also give back to the community; homes that otherwise might be torn down are given a second life; and families that might otherwise never know the joy of homeownership are given a piece of the American dream – reinvented, new, and fresh. Nibal and Pamela work as a team, with Nibal reviewing and bidding on potential properties, Pamela managing business operations, sales, and marketing, and both overseeing the construction work.
Saadi Investments LLC has enjoyed affiliations with the Tampa Bay Builders Association, Ybor City Chamber of Commerce, Carrollwood Area Business Association, New Tampa Community Council, the Tampa Bay Convention and Visitor’s Bureau, the Greater Tampa Association of Realtors, the Florida Association of Realtors, and the National Association or Realtors.