Category Archives: Local News

Fort Lauderdale Makes The Top 10 Best Downtowns of 2014 List

Downtown Ft. Lauderdale, Downtown/Urban Living, Local News, National, Real Estate News, Top Picks, , , , ,

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.

Google home searches up 243% in four years!

Advertising and Marketing, Buyers, Local News, National, Real Estate News, Technology, , , , , , , , , , , , ,

Real estate-related searches on Google.com have grown 253 percent over the past four years, according to a joint study from the National Association of Realtors® and Google called The Digital House Hunt: Consumer and Market Trends in Real Estate.

“These results parallel the trends shown in NAR’s economic research reports,” says NAR President Gary Thomas. “As home sales and prices continue to trend up, more people are regaining confidence to invest in their future through homeownership.”

According to the analysis, buyers used specific online tools at different points during the home search process. Buyers tend to rely on search engines and general websites when they begin their search, use maps more in the middle of the process, and engage mobile applications most toward the end of their search.

In their online search queries, first-time buyers frequently searched terms like “FHA loan,” “FHA,” “home grants,” “home loan,” and “home buyer assistance.” Last year, more than four out of 10 first-time buyers purchased their homes with a Federal Housing Administration-insured mortgage. Mirroring the Google/NAR study, search activity on Realtor.com has also picked up significantly in recent months – a 31 percent increase nationwide between March and October.

According to Google internal data, the five states with the highest number of online queries from people who can be presumed to be first-time buyers were Delaware, Louisiana, Mississippi, South Dakota and Wyoming. Queries related to retirement homes were highest in Nebraska, North Carolina, Oregon, Virginia and Washington. For vacation home searches, the top five states were Florida, Ohio, Oregon, South Carolina and South Dakota.

Another change of note: Mobile devices are significantly changing the way people search for homes. According to results from Google’s home shopper research with Compete, 48 percent of people who used a mobile device in their home search used the device to get directions to homes for sale, and 45 percent used the device to request more information about specific home features or real estate services.

“Increasingly, online technologies are driving offline behaviors, and home buying is no exception,” says Google Head of Real Estate Patrick Grandinetti. “With 90 percent of home buyers searching online during their home buying process, the real estate industry is smart to target these people where they look for and consume information – for example through paid search, relevant websites, video environments and mobile applications.”

Source: Florida Realtors®

Congress Extends Mortgage Debt Relief Act!

Financial/Mortgage Industry, Foreclosures & Short Sales, Local News, National, Real Estate News

On January 1, 2013, as part of the so-called fiscal cliff negotiations, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes, is great news for struggling homeowners nationwide, and for the agents that represent them.

The extension is now only awaiting President Obama’s signature.

The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash.

Under the Mortgage Forgiveness Debt Relief Act, debt forgiven in a short sale, foreclosure, or loan modification, is exempt from federal taxes on primary residences. For homeowners facing foreclosure, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes.

Now for another year, homeowners can take advantage of this exemption and avoid foreclosure without the fear of an impossible tax liability.

And with banks recognizing the significance of short sales as an effective loss mitigation tool, they’re ramping up for business. Short sales will be the key loss mitigation tool used by mortgage servicers in 2013.

Please contact Brian Pearl, a Certified Distressed Property Expert (CDPE) if you or someone you  know is in danger of losing their home.  Visit my website for tons of useful FREE resources, FAQ, and videos (www.flshortsaledept.com).

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Seagate Hotel & Spa Buys Hamlet Country Club in Delray Beach

Local News, Real Estate News, , , , , , , ,

hamlet_1446075aThe Seagate Hospitality Group in Delray Beach has a problem: The luxury Seagate Hotel & Spa in downtown Delray Beach, plus the nearby Seagate Beach Club on the ocean, lack the ability to offer private golf and tennis to guests and members.

A nearby country club community, the Hamlet Country Club in Delray Beach, located just west of Interstate 95 on Atlantic Avenue, also has a problem: A long-standing battle between the club and homeowners who don’t want to pay mandatory club dues.

Last Monday, Seagate held a meeting at the 309-home community and offered to buy the Hamlet Country Club for $7 million and eliminate the need for long-term mandatory memberships by homeowners, according to sources familiar with the meeting.

But in an odd twist, club members each would need to pony up $20,000 to make the deal happen. It’s not clear whether the money will be used to pay down an $11 million loan owed by the club to Wells Fargo, or if the money will be paid to Seagate.

The offer was presented as a take-it-or-leave it proposition, with no room for negotiation or input from club members and residents, sources say. Club members said the Seagate deal, hammered out by the club board, came as a surprise, at a time when many residents already have returned to their primary residences up North.

Seagate Hospitality Chairman E. Anthony Wilson told a packed meeting that the recently renovated Hamlet club house would be perfect for corporate meetings and large events, the sources said. Seagate guests and members also would be able to use Hamlet’s golf and tennis facilities. Hamlet residents could still be members of the club.

A presentation made to Hamlet club members already showed the Seagate’s branding idea: “Seagate Golf & Tennis at the Hamlet.”

It’s an unusual proposal and one that is expected to garner heated debate in the community, which already has been divided over a requirement made a few years ago that single-family homeowners must be members of the country club.

Some residents expressed support for the Seagate proposal, which would eliminate the mandatory membership problem, now the subject of protracted litigation, and free the club from the financial burdens that have hit many private clubs as members age and use amenities less.

But several members were put off by the $20,000 payment, which is in addition to the thousands of dollars club members already have poured into dues and memberships.

In addition, there is still a mandatory three-year membership, but with reduced dues. However, there was no information about the cost of dues after that period.

Some club members already have concluded the sale benefits Seagate more than it does the country club.

Club members are worried about losing control of the venue, a community amenity, which means Seagate could decide when to offer dining or other services enjoyed by club members. Seagate intends to use the clubhouse for corporate or large events, such as weddings, according to people familiar with the meeting.

Wilson dangled the prospect of access for Hamlet club members to the Seagate’s amenities. But he later acknowledged the beach was off-limits because it is already at capacity.

In addition, Hamlet residents would have to pay for access to Seagate facilities, which would cost an additional $1,500 nonrefundable fee, plus another $3,000 each year.

For several years, the Hamlet Country Club has been a community divided.

Some homeowners have been in litigation with the club over the mandatory membership, which consists of initiation fees ranging from $30,000 to $40,000, plus annual dues. Some residents decry the fact that the community made membership in the club mandatory after they had purchased a single-family home. They say the rule is unfair because some residents who previously filed a lawsuit challenging the mandatory membership are exempt from having to buy into the club. Plaintiffs also complain that a mandatory membership makes it hard to resell their homes because of the added club costs.

Home prices in the Hamlet range from $100,000 for a condominium to nearly $900,000 for a single-family home, according to Claude Champagne of Lang Realty in Boca Raton.

But mandatory country club membership is a trend. Clubs have to offset the effects of the recession and an aging membership while still trying to maintain the club and service any debt.

Last year, Hamlet tried to increase club memberships by marking down golf memberships to new home­owners under the age of 62, as well as offering some nonreside­nt golf memberships.

Other small clubs in Palm Beach County have struggled. This was the case with the President Country Club, in West Palm Beach, which labored to service a large loan at a time of declining membership. The country club was sold last year to a group led by Hardrives founder George Elmore, whose Palm Tree Golf Management LLC paid $11 million for the club and its two golf courses.

Atlantic Plaza II gets first approvals from Delray Beach

Downtown Delray Beach, Downtown/Urban Living, For Sale, Local News, New/Pre-Construction, Real Estate News, , , , , , , , , , , , , , ,

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.

Will rentals thrive in a seller’s market?

For Rent, Local News, National, Real Estate News, , , , , , , , , , , , , , , , , ,

There’s been plenty of talk about how the housing bust propelled the rental market to new heights as people skipped buying a home and decided renting made much more sense.

But now as the housing market enters an unsteady recovery phase, the relationship between the two sides of the market is shifting. Now it seems that markets favoring sellers are often places where apartment developers are looking to build. So in this case rentals would benefit not from a weak housing market, but a strong one.

The best places to sell your home are almost exclusively in the West and Southwest of the country, according to a new report from real-estate listings service Zillow. The best places to buy, generally, are on the East Coast or in Midwestern Rust Belt cities. Zillow’s calculation is based on a number of factors, including a comparison of sales prices and list prices and the number of days it takes to sell a home.

In many of the cities where sellers have the most negotiating power – San Jose, Calif., San Francisco, Austin and Phoenix, for example – apartment construction is heating up as well. That’s according to apartment pipeline data from Axiometrics Inc., a real-estate data firm that recently launched a research tool that tracks the number of planned apartment units.

The trend makes sense: Developers deciding to pull the trigger on construction of new apartment building look at a lot of different factors, including the renting versus owning balance of a market. If a city is a true sellers’ market, that’s a sign that more of the population moving there or starting a new household will turn to rentals until the market comes back into balance.

Similarly, in markets where buyers have the upper hand, like Cincinatti, Cleveland, Providence, Jacksonville and Hartford, Conn., developers have less interest in building rentals, a sign that apartment builders are shying away from the competition from for-sale single-family homes.

There are, of course, some exceptions.

Perennially an outlier, New York City is considered by Zillow to be the nation’s No. 4 “buyers’ market,” but Axiometrics shows that 111 projects, with nearly 40,000 new apartments, are planned for the next few years. That’s probably because New York, with its strong job market and a population that’s almost continually turning over, has seemingly endless demand, despite rising apartment rents.

On the other side, some markets that have seen steep price declines, like Las Vegas, Sacramento, Riverside, Calif., and Salt Lake City, are considered “sellers’ markets” by Zillow because of bidding wars that have erupted as investors, often paying all-cash, look to convert foreclosed homes into rentals.

But none of those markets have much in their apartment pipelines. Apartment builders know they can’t really compete with single-family rentals or a market where retail buyers can still purchase a home cheaply from a bank or an investor looking to get rid of it quickly.

Source: WSJ Online

West Palm Beach’s CityPlace target of foreclosure suit.

Downtown West Palm Beach, Downtown/Urban Living, Foreclosures & Short Sales, Local News, Real Estate News, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

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

Finally some good news! Inventory of homes for sale shrinking in South Florida.

Foreclosures & Short Sales, Local News, National, Real Estate News, , , , , , , , , , , , , , , ,

The number of homes and condominiums for sale across South Florida has steadily declined over the past two years, an encouraging sign for the region’s battered housing market.  Broward County had 19,869 properties on the market in July, down 35 percent from July 2008, according to a multiple listing service report compiled by the Keyes Co. Palm Beach County’s inventory of homes and condos slid 31 percent to 23,947 during the same period.  The supply of new homes being built in the two counties also has decreased sharply in the past two years, said Brad Hunter of the Metrostudy research firm in Palm Beach Gardens.  In 2005, sellers rushed to list their homes, hoping to fetch record prices during the housing boom. But the frenzy led to a collapse and prices plummeted.  Thousands of foreclosures and short sales have clogged the market ever since, giving buyers plenty of choices and little reason to pay top dollar.  “You won’t get price appreciation until you get the inventory in balance,” said Mike Pappas, president of Keyes. “We’re making great strides.”  Declines in homes for sale already have helped stabilize prices recently.  The median price in Broward rose 7 percent during April, May and June to $209,800 from a year ago, the Florida Realtors said Wednesday. Palm Beach County’s median increased at the beginning of the year but dipped 2 percent in the second quarter to $235,500.  Pappas said his firm is handling fewer transactions involving foreclosed homes, and he thinks that’s an indication the foreclosure market has peaked.

Copyright © 2010 Sun Sentinel, Fort Lauderdale, Fla., Paul Owers. Distributed by McClatchy-Tribune Information Services.