Tag Archives: Condos

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.

Weekly Hotsheet – August 7th

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




New FHA guidelines may help condo sales

New FHA Guidelines Could Aid Condo Sales New Federal Housing Administration condo-loan guidelines that took effect Dec. 8 could make it much easier for condo buyers to get a loan. Under previous guidelines, half the units in a new condo development had to be sold before the FHA would underwrite a mortgage in the complex. New guidelines cut the requirement to 30 percent and raise the ceiling on FHA loans in a development to 50 percent from 30 percent.

The new rules also allow condo associations to turn down an accepted offer if they agree that it’s too low—unless they will be violating the Fair Housing Act. This is expected to motivate many associations to seek FHA-approved status for their buildings.  Even if they solve the vacancy problem, FHA loans can be a tough sell in some buildings, says Miami-area practitioner Madeleine Romanello, an associate with Douglas Elliman Florida. “An FHA loan still has the connotation of being low-income.

Condo boards say, ‘No, we don’t do FHA.’ They don’t understand that the FHA is the only game in town. We could be moving tons of condos if we could get their buildings FHA-approved,” Romanello says.

Source: Investor’s Business Daily

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

Beach homes that don’t break the bank

WK-AR046_REVALU_D_20090901203243

Santa Catalina Island, Calif.

$699,000

A 1,109-square-foot furnished Mediterranean-style condominium in Avalon with two bedrooms and two bathrooms and a golf-cart parking space

DETAILS: The condo, built in 1988, has travertine tile floors and two balconies including a private deck off the master bedroom. Shared amenities include a pool, an 18-hole putting green and a croquet court.

ISLAND LIFE: Santa Catalina Island is 22 miles off the coast of Los Angeles. A ferry between Avalon and Long Beach, Calif., departs about every two hours. Most residents use golf carts for transport.

 

Juan Dolio, Dominican Republic

$630,000

A 2,259-square-foot contemporary villa with three bedrooms, four bathrooms, staff quarters and a two-car garage

DETAILS: Completed last year, the two-story home comes fully furnished. The triple-height foyer has a wooden staircase made of Brazilian hardwood and eucalyptus railings. Floor-to-ceiling glass sliding doors opens the dining and living rooms to the pool and yard.

ISLAND LIFE:The villa is part of a private gated community called the Club Residences, Collection Guavaberry. There’s an 18-hole golf course, polo and equestrian facilities.

NEARBY SANDS: Residents have access to a private beach club and beach, a seven-minute drive away.

NEARBY SANDS: Hamilton Cove, a private beach, is just outside.

 

Harkers Island, N.C.

$749,900

A bank-owned oceanfront home of 3,827 square feet with four bedrooms, five bathrooms and a powder room on 0.6 acres

DETAILS: This three-story home, built in 2006, includes a two-car garage, an elevator, two offices and a porch with a hot tub.

ISLAND LIFE: Harkers Island, on North Carolina’s central coast, is about five miles long and 0.75 miles wide and has a large second-home community.

NEARBYSANDS: The home sits on the edge of West Mouth Bay. There’s a beach out front at low tide. There are other sandy beaches nearby on the island.

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.

South Florida Market Looking Better

South FloridaMIAMI – June 16, 2009 – South Florida home prices have hit bottom, but threats to the housing market still loom as foreclosures rise, mortgage rates creep up and inventories remain high.

That’s according to a prominent economist and several top real estate brokers who spoke here Thursday during the International Real Estate Congress hosted by the Realtor Association of Greater Miami and the Beaches.

“We’re certainly near the bottom if not at the bottom,” said Lawrence Yun, chief economist for the National Association of Realtors.

The median price of an existing single-family home in Palm Beach County has plunged more than 40 percent since 2005. Yun cited a study released last week by research firm IHS Global Insight that said home prices in Palm Beach County are undervalued by 32 percent.

Mike Pappas, head of Keyes Co. Realtors, agreed that the withering collapse of the past three years finally has ended.

“We believe the worst is behind us,” Pappas said.

That’s not to say that the housing market is poised for a big rebound. Realtors see obstacles, including:

• Foreclosures. The number of foreclosure filings in Palm Beach County rose 33 percent from April to May, research firm RealtyTrac said Thursday. “Unfortunately, foreclosures will continue to increase,” Yun said.

• Rising mortgage rates. The average rate for a 30-year mortgage spiked from 5.29 percent last week to 5.59 percent this week, Freddie Mac said Thursday. Yun acknowledged that rates above 6 percent would slow the recovery, but he predicted rates will fall to 5.2 percent later this year. “I believe the bond market is overreacting,” Yun said, causing rates to rise.

• High inventories. The number of homes for sale has fallen over the past year, but there remains a glut of homes on the market. Inventory “is still much higher than it should be,” said Ron Shuffield, head of EWM Realtors.

• A sluggish high-end market. Although properties priced at under $200,000 are moving quickly, the high-end market is “stagnant,” in part because of high rates for jumbo loans, said Rei Mesa of Prudential Florida Realty.

Copyright © 2009 The Palm Beach Post, Fla., Jeff Ostrowski. Distributed by McClatchy-Tribune Information Services.