Category Archives: Downtown/Urban Living

Fort Lauderdale Makes The Top 10 Best Downtowns of 2014 List

Downtown is the place to be. It’s where art and music collide with small business and fine dining. The best downtowns exhibit a variety of cultures that reflect the areas: from historical buildings and modern new construction, to fine art galleries and community spaces. A successful downtown experience encompasses the best of the community, offering residents and tourists great activities and support for social interaction. The very top of the list of the best downtowns all have one thing in common; they are multifaceted and draw out people from the outer boroughs and the suburbs, while attracting out-of-town visitors at the same time.

Usually, we use the most up-to-date statistical information to compile The Top 10 Best Downtowns 2014 list. Don’t misunderstand, we still rely on accurate numbers related to population and business growth: but popularity depends on the aesthetic of the architecture and the energy only the locals can bring. Our best explorers have gone there and reported back with their honest opinions.

The best downtowns evolve over a long time span, sometimes going through different phases in city planning dependent on the local councilmen. From historical sites to man made attractions, residents and tourists alike shape these downtown areas.

Sheila Grant is the editor of Downtown Idea Exchange and Downtown Promotion Reporter. She has some thoughtful insight into what makes a downtown area successful: “We think they are the most vital part of the city. They give everyone in the outlying areas a sense of community and heritage.” She goes on to state that “The way to have a really vibrant downtown is to have residents there who can support the businesses and provide that life on the street to make the area seem more lively and safer.”

Our picks for the Best Downtowns begin with Fort Lauderdale in Florida

Why Fort Lauderdale? Besides the hopping club culture, the real estate market has improved considerably: with a lowered vacancy rate over the past two years by 5.7 percent. Like many other downtowns, young career minded individuals are shaping the marketplace. People working entry level jobs and small business owners want to be close to their place of business. Besides the new wave of people moving in from out-of-town, longterm residents have experienced a rise in their salaries and property values. Previously known as a beach bum epicenter, urban planners and city officials saw the need to make an effort to change the structure of downtown to better serve the evolving community needs. Beginning in 2003, and amending the plan in 2007, their plans have been a success.

Taking their inspiration from the iconic Italian city of Venice, the community leaders made the New River a focal point. This made sense because over 40,000 residents live on the water, literally. Yacht owners love the lifestyle Fort Lauderdale has to offer. The views of the Atlantic Ocean were kept in mind in the architectural plans for new buildings. Himmarshee Village is the center for retailers, comedy and music venues and family run eateries and bars. Broward Center for the Performing Arts is a prominent theater, which funnels patrons from their shows to the locally owned businesses. Like many great town centers, Fort Lauderdale has not forgotten its past. The Bonnet House Museum and Gardens, plus the Nova Southeastern University Museum of Art make for a fine cultural experience.

Las Olas Boulevard bridges the gap between A1A and the Atlantic Ocean. 17 blocks offer a European experience: with alfresco dining, fine art exhibition spaces, and a contemporary club scene. Las Olas Boulevard inspired the city planning committee. With thoughtful landscaping, plus careful color choices for buildings new and old, Las Olas served as the inspiration for the new Fort Lauderdale.

Atlantic Plaza II gets first approvals from Delray Beach

atlantic-plaza-II-Delray BeachDELRAY BEACH — Atlantic Plaza II passed its height and density tests Tuesday but still faces one more hurdle before it can become reality.

Atlantic Plaza II is the $200 million mix of shops, restaurants, condos and office space proposed for nine acres slotted on the north side of East Atlantic Avenue between the Intracoastal Waterway and North Federal Highway. Its developers are vitamin magnate Carl DeSantis and the Edwards Cos. of Columbus, Ohio.

After about three hours of sometimes heated, sometimes unusual debate, Delray Beach city commissioners voted 3-2 to allow the project to exceed the city’s normal maximum building height of 48 feet and normal maximum density of 30 residential units per acre.

The project has attracted strong opposition particularly from residents of nearby neighborhoods who see it as too big for Delray, and out of character with the surroundings. Opponents included a group called the “Raging Grannies” that literally sung their protest to the tune of The Battle Hymn of the Republic. Others used more conventional methods to get their point across.

Resident Steve Blum, president of a homeowners association in the area called the project “bloated.”

“This is a travesty, a crying shame,” Blum said. “We are outraged.”

Proponents, however, cited the need to redevelop the site, now occupied by a rather architecturally undistinguished collection of shops and offices. They also cited the economic potential of the Atlantic II, which includes 80,000 square feet of class A office space, something doesn’t exist in the downtown.

One resident called it “a gift to the city. A private, $200 million development in Delray Beach that will reap benefits for years to come.”

Others urged the city to take a middle course and delay a vote on the project until after the March municipal election when three of the five commission seats are up.

Mayor Woodie McDuffie, who grew up in Delray Beach, recalled the city’s agricultural past, a time when the city was so slow that it was jokingly called Dullray, and its eventual transformation into the vibrant city it now is. Despite its growth, one problem that plagued Delray in McDuffie’s youth it still has today, and that is a lack of good-paying jobs. It has done well in providing jobs for waiters and cooks, evidenced by the restaurants along Atlantic, but not so well in providing jobs for accounts, lawyers, marketer, brokers and other white collar professions.

“It fills a void in the community,” McDuffie said of Atlantic Plaza II. “Either you grow or you die.”

As for delaying the project, McDuffie noted that the project has been on the drawing boards since he joined the city commission in 2007.

Jeff Edwards of the Edwards Cos. presented a list of changes the developers made in the plans to lessen the impact of the project on the area, many having to do with efforts to reduce traffic.

As originally proposed, the project had 50 residential units per acre, well above the 30 allowed by the city code. It reduced the number to 43 during its presentation Tuesday. Edwards agreed to a further compromise put forth by Commissioner Adam Frankel to cut the number to 40.

Commissioners Al Jacquet and Tom Carney voted against the proposal. Commissioners Angeleta Gray and Frankel joined McDuffie in approving it. The project’s site plan still needs to be approved by commissioners before the project can go forward.

West Palm Beach’s CityPlace target of foreclosure suit.

WEST PALM BEACH — A lender has filed foreclosure against CityPlace, the high-profile shopping  complex that’s facing financial woes in spite of its high occupancy.

CityPlace fell behind on its $150 million loan in March, and an entity  affiliated with LNR Partners of Miami Beach on Thursday filed a foreclosure  suit in Palm Beach County Circuit Court.

When contacted, CityPlace Partners said: “CityPlace Partners continues to work  closely with the special servicer to realign the loan and ensure the  continued long-term success of CityPlace. Those talks are ongoing.”

Real estate experts say it’s unclear whether the lender would seek to take  back the property.

“I would think they’re going to try to work it out,” said Tom  Prakas, a restaurant broker who has negotiated a number of leases at  CityPlace.

The foreclosure suit names CityPlace Retail LLC, an affiliate of New  York-based Related Cos. Related is led by Miami Dolphins owner Stephen Ross.

CityPlace’s retail occupancy stood at 93 percent earlier this year, according  to a report from Fitch Ratings. Tenants include Macy’s department store,  Barnes and Noble Booksellers and Muvico Theaters

Despite its high occupancy and bustling traffic, CityPlace hasn’t been immune  to the effects of the economic downturn. A recent appraisal of the property  listed its worth at $143 million, down from a boom-time value of $233  million.

CityPlace’s net operating income fell from $9.3 million in 2006 to $5.2  million in 2009, according to an analysis by Trepp LLC, a New York firm that  tracks commercial real estate.

While CityPlace can boast high traffic and a healthy occupancy rate, real  estate brokers say a number of tenants pay very little rent to occupy space.  The move makes the center appear lively, but it doesn’t add revenue to  CityPlace coffers.

CityPlace was built on land leased from the city of West Palm Beach, and  CityPlace hasn’t missed any payments to the city, said West Palm Beach  spokesman Chase Scott.

Scott said he expects CityPlace to survive its financial issues. So does  Joseph Schober, president of the CityPlace Tower Condominium Association.

“It’s not going to go away,” Schober said. “It’s a very viable  place.”

Schober said the lack of a convention center hotel has robbed the center of  much-needed traffic.

Sources close to CityPlace say its partners put at least $20 million in equity  into the project, making them reluctant to walk away when the center began  having problems paying its mortgage.

“They had real money in that place,” one real estate source.

Source: floridarealtors.org

Where are the best waterviews in South Florida?

You can go to pretty much any city on South Florida’s coastline and find a beautiful view of the Atlantic Ocean, but where do you go to find that perfect mix of Ocean, Intracoastal, City, and Bay views? 

I recently took a poll and here were the results:

#5 – Fort Lauderdale

Building: Las Olas Grand
Price: $1,250,000
Location: Downtown Fort Lauderdale


 

#4- Boca Raton

Building: Reflections
Price: $1,150,000
Location: Lake Boca Raton

 

#3 – Fort Lauderdale

Building: Point of Americas
Price: $2,149,000
Location: Harbor Beach (Fort Lauderdale Inlet)
View: On a clear day, you can see from Lighthouse Point to Miami.  Located right on the inlet, cruise ships and yachts are daily sights from your balcony.  Beautiful ocean views as well.

 

#2 – Palm Beach

Building: One Watermark Place
Price: $2,995,000 – $12,000,000
Location: Singer Island
View: Palm Beach Ocean and Lake views, overlooking all of Palm Beach.

 

#1: Miami

Building: Carbonell
Price: $1,500,000
Location: Downtown Brickell
View: Ocean, Miami River, Bay, Downtown Skyline, Key Biscayne, Miami Beach




HOT New Short Sale Listing In Downtown Boca Raton!

exterior1

Beautiful “villa-style” first floor residence in desirable Townsend Place. This full-service, five star building features a gate-manned entry, valet parking, a gated garage for residents, concierge services, dual fitness facilities, a resort-style pool deck, two-story club room as well as on-site staff to tend to your every need.

This 2,000 square foot unit features 2 bedrooms, 2.5 bathrooms, Saturnia marble flooring, hurricane impact resistant windows and doors, 10-ft ceilings, an oversized 600 square foot private lanai, and designer furnishings!  This property is being offered as a short sale and is subject to acceptance by seller’s lender.  Asking $475,000.

500 SE Mizner Blvd #A102

New Short Sale In Five-Star Gated Community In Downtown Boca Raton

Short Sale in one of Downtown Boca Raton’s most desirable full-service buildings!! – $475,000.00
Main Photo
Bedrooms: 2
Bathrooms: 2.5
Parking Spaces: 1
Year Built: 1998
Subdivision: Townsend Place
Located on Floor #: 1
Floors in Bldg: 9
Square Footage: 2000
Agent Name: Brian Pearl, P.A.
Broker: Keller Williams East Boca
MLS #: R3057209
HOA Includes: Cable, Water, Insurance, Common Areas, Etc.
Price: $475,000.00
Flexibility: Negotiable
Additional Pricing Information: Short sale subject to lender approval; broker cooperation welcome. Only ONE LENDER! Experienced short sale team has over 95% closing ratio!
Homeowner Dues: $1170/mo.
500 SE Mizner Blvd #A102
Boca Raton, FL 33432
  • Range/Oven
  • Full Refrigerator
  • Washer/Dryer
  • Dishwasher
  • Sink Disposal
  • Microwave
  • Security System
  • Vaulted Ceilings
  • 600SF Lanai
  • Marble Countertops
  • Saturnia Marble Flrs
  • Solar Tinted Windwos
  • Eat-In Kitchen
  • Swimming Pool
  • Hot Tub
  • Guest Parking
  • Recreation Center
  • Pool Deck
  • Valet Parking
  • Concierge
  • On-Site Management
  • Two Fitness Centers
  • Spa/Sauna
  • Gate-Manned Entry
Short Sale subject to lender approval; all final commissions approved by lender will be split 50/50 between brokers. Experienced Short Sale Attorney handling negotiations with bank; ONLY ONE LENDER!

**A SPECTACULAR DEAL IN TOWNSEND PLACE**
PRICED TO SELL, this spacious first floor residence is one of the few units in the building that experience 10ft ceilings. You will feel as if you’re in a private single family home, with the spacious floor plan and oversized 600 sq ft lanai overlooking the renowned Boca Raton Resort Golf Course!! Gorgeous Saturnia marble floors run throughout the living areas, and top-of-the-line details adorn the rest of the interior. Townsend Place, a full service 5-star building, includes in its amenities concierge service, valet, business services, a state-of-the-art fitness facility and a two-story Club Room that opens on to the recreational deck available for residents and their guests. Satellite TV, Wireless Internet at Common Areas (incl. the pool area), and on-site management are just a few other offerings in this gate-manned development. **Townsend Place is also a PET FRIENDLY building (up to two pets combined weight of 35lbs or one pet under 25lbs). Townsend Place Condo Association requires a $500 moving fee as well as 3 months of maintenance fees due from buyer at closing for capital reserve funding.

Brian Pearl, P.A.
561.245.1541

 

All information in this site is deemed reliable but is not guaranteed and is subject to change

Debt Clouds Future of Miami Landmark Fontainebleau

MK-AY137_SOFFER_D_20090903165202MIAMI — South Florida’s Soffer family, already roiled by the June bankruptcy of its $3 billion Fontainebleau casino-hotel project in Las Vegas, is grappling with troubles at another cornerstone of its $7 billion real-estate empire: The original Fontainebleau hotel in Miami Beach.

The Soffers bought the 55-year-old hotel in 2005 and embarked on a 2½-year, $500 million renovation aimed at returning it to its former glory, when it was a playground for stars including Elvis Presley and Frank Sinatra. But the 1,504-room property, which appeared in films such as “Scarface” and “Goldfinger,” now faces problems with the debt it took on, according to people familiar with the matter.

Lenders, led by Bank of America Corp., could declare a default on a $670 million construction loan for various reasons, including Fontainebleau’s failure to keep reserves to cover more than $60 million in contested liens against the property by contractors who have not been paid, these people said. A 45-day agreement not to declare default expired Monday, they said.

In a statement, Fontainebleau executives declined to comment on the expired forbearance deal, calling it a “private document.” They said the hotel is “engaged in constructive negotiations with our lenders.” The hotel has not missed a debt payment and the executives point out that it is faring better than its South Florida rivals since reopening in November.

The Miami troubles mark the latest setback in the Soffers’ recent push into big hotel projects, spearheaded by 41-year-old Jeffrey Soffer, the son of founder Donald Soffer. Known for racing cars, sailing on his 257-foot yacht and dating supermodel Elle MacPherson, Jeffrey Soffer extended the family’s luxury-property holdings with the Fontainebleau projects and the $130 million renovation of the 392-room Fairmont Turnberry Isle Resort in Aventura, Fla.

The Soffers’ biggest problem is the Fontainebleau Las Vegas, which filed for Chapter 11 bankruptcy protection in June after its lenders refused to provide it funds from its $800 million revolving loan to complete the project. Jeffrey Soffer signed $220 million in personal guarantees to secure financing for the project, Fontainebleau confirms.

Mr. Soffer, who has put his yacht, Madsummer, on the market for $175 million, says his family’s empire will persevere. “As with most businesses during these particularly difficult economic times, we are facing challenges,” he said in a statement. “But our family has always worked its way through the inevitable downturns that occur in the real estate market.”

The Soffers aren’t the first real-estate clan to be clobbered by the recession. Chicago’s Bucksbaum family lost $4 billion in the value of its stake in General Growth Properties Inc. as the mall owner descended into bankruptcy earlier this year. New York developer Harry Macklowe and his son, William Macklowe, were forced to sell the GM Building and hand over several other Manhattan skyscrapers to lenders.

The Soffers’ problems stem partly from the U.S. hotel downturn, which has pushed occupancy to its lowest levels in more than 20 years.

The Miami Fontainebleau is doing better than many. Executives say it is often more than 70% occupied, compared with 67.2% from January through July for the Miami market, according to Smith Travel Research. Dubai World, the investment arm of the Persian Gulf state, paid $375 million last year for a 50% stake in the hotel.

The Soffers stripped the iconic hotel to its foundation and shell, reconstructed each room, installed a massive swimming pool and added a spa, health club and trendy restaurants. The reopening gala was a lavish, celebrity-filled affair that featured a Victoria Secret lingerie show.

But lenders are withholding a final $26 million yet to be drawn on the construction loan until the Soffers resolve the problems with contractors, people familiar with the talks say. Those people say the lenders could also declare a default on the loan because the hotel had not delivered audited financial statements to the lenders or maintained cash-management records for the lenders’ review.

Fontainebleau executives say the contractors’ bills remain unpaid because an outside audit commissioned by Fontainebleau found that some contractors were overbilling or falsifying their work records. Attorneys for several of the contractors say they never saw results of the audit.

“I think it’s obvious there was no money to pay them,” said Herman Braude, one of the contractors’ attorneys. A spokesman for Fontainebleau declined to comment on the specific allegation from Mr. Braude.

Donald Soffer, 76, began building the family empire in 1967, when he bought 785 acres of swampland in northern Dade County to develop Aventura, a collection of country clubs, condominiums and office buildings. Last week, a Miami bankruptcy judge refused to force the Fontainebleau Las Vegas banks to pay.

“We’re working through these issues now,” the company said in its statement, declining further comment.

Manhattan Home Prices Plunge

manhattanHuge downturn for co-op and condo owners in pricey housing market. Number of sales ticks up as buyers with money take an opportunity.

The housing bust has finally clobbered super-pricey Manhattan home prices.

Reports released Thursday by four major New York brokers show that prices cratered during the three months that ended June 30.

Prices fell between 13% and 19% compared with the same quarter last year. The brokers found median prices that ranged from $795,000 to $849,000.

The decline shows a marked turn from the first quarter of 2009, when the year-over-year change in median home prices ranged from a loss of 2% to a gain of 6%.

Another change in the recent period: More people are buying.

The number of sales picked up by more than 28% in the second quarter, according to Prudential Douglas Elliman.

Driving the increase were sales of studio apartments and one-bedrooms, both of which gained market share, according to Jonathan Miller, president of appraisal company, Miller Samuel, which compiles data for Prudential Douglas Elliman.

“It’s value-based shopping,” said Pam Liebman, chief executive of the brokerage Corcoran Group. “People are coming back into the market, but nobody is going to overpay.”

Of course, in Manhattan “value” means studio prices that go for a median of $400,000 and one-bedrooms that fetch $650,000.

Home Prices Rise in February

WASHINGTON, DC March 25, 2009 U.S. home prices rose 1.7 percent on a seasonally-adjusted basis from December to January, according to the Federal Housing Finance Agencys (FHFA) monthly House Price Index. In December, the FHFA first reported a 0.1 percent increase, which was later revised to a 0.2 percent decline. FHFA ( www.fhfa.gov ) regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks as authorized by the Housing and Economic Recovery Act of 2008.

For the 12 months ending in January, U.S. prices fell 6.3 percent, and the U.S. index is 9.6 percent below its April 2007 peak.

The FHFA monthly index is calculated using the purchase price of houses sold or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally-adjusted monthly price changes from December to January ranged from -0.9 percent in the Pacific Division to +3.9 percent in the East North Central Division.

Month-to-month changes in the geographic mix of sales activity explain most of the unexpected rise in prices in January. Home sales disproportionately occurred in areas with the strongest markets, according to the release issued by FHFA. While it is difficult to perfectly control for changing geographic mix in estimating house price indexes, the data suggest that if one were to remove those effects, the change in home prices in January, while still positive, would have been far less dramatic, according to the FHFA release.

Reported sales volume, in absolute terms, was relatively low in January. As a result, the FHFA warns that relatively large revisions could occur later.

© 2009 FLORIDA ASSOCIATION OF REALTORS®