An estimated one-fifth of the foreclosed homes in Florida aren’t completed. That’s a market the Naples, Fla.–based startup UnfinishedConstruction.com has been targeting since it launched in August. And the company’s principals plan to expand its services to markets in Texas and the Northeast.
UnfinishedConstruction.com is an online networking and marketing service for owners with partly completed properties who are looking for a builder, broker, buyer, or backer. The site shows residential and commercial properties, as well as nontraditional stuff such as tree farms and churches. Through late September, the Web site listed about 50 properties.
John Rebimbas, the company’s CEO, has a sales and marketing background in the resort industry. He says he got the idea for UnfinishedConstruction.com by listening to bankers wonder what they were going to do with all of the homes they’ve foreclosed on. His partner Larry Baille runs a real estate firm, and as the company expands, it plans to establish broker relationships in each market it serves. (A third, silent partner has IT expertise, says Rebimbas.) Neither partner was specific about where their financing came from, except to say that UnfinishedConstruction.com makes its money from ads and links posted on its site for banks, direct-mail services, title companies, contractors, and the like. As the company grows, its advertising will be market-specific.