8August2011
Posted by admin under: Florida Keys Real Estate.
As the federal government has doggedly worked through concerns about foreclosure documentation practices, federal financial agencies have aggressively resumed their sale of foreclosed properties.
Through the first half of the year, the FDIC has sold $ 1.073 billion in foreclosed properties. This compares to $ 974.7 million in the first half of last year and $ 482.2 million in the first half of 2009.
More importantly, the amount of commercial real…
National Commercial Real Estate News From CoStar Group
7August2011
Posted by admin under: Florida Keys Real Estate.
Simpson Housing LLLP has secured financing for The Victor, a 286-unit project in downtown Boston’s Bulfinch Triangle neighborhood that is the first major multifamily development to break ground in the market since 2007.
Ground breaking was expected this month on the 11-story project at Causeway and Beverly streets across from TD Garden, with delivery expected in early 2013. The Victor will include 138 parking spaces and 17,000 square feet of ground…
National Commercial Real Estate News From CoStar Group
7August2011
Posted by admin under: Florida Commercial Real Estate.
After more than a decade, Oxford Global Resources is relocating its engineering and IT division, Oxford International, to the Corporate Center at The Gardens located at 4200 Northcorp Parkway in Palm Beach Gardens, FL. The firm plans to relocate from the 25,000-square-foot, single-tenant building it currently occupies at 1201 Jupiter Park Drive in Jupiter, FL, this fall.
Oxford International leased 18,500 square feet at its new location, where…
South Florida Commercial Real Estate News From CoStar Group
6August2011
Posted by admin under: Florida Commercial Real Estate.
CDM Property Investments LLC acquired two office buildings at 3800 and 3810 Inverrary Blvd. in Lauderhill, FL from Horizon Lending LLC for $ 4.6 million, or about $ 38 per square foot.
The deal includes two four-story office properties that were constructed in 1984: a 71,000-square-foot building and a 50,000-square-foot building.
This property was sold at auction by Lamar Fisher of Fisher Auction Company.
For additional information, please…
South Florida Commercial Real Estate News From CoStar Group
6August2011
Posted by admin under: Florida Commercial Real Estate.
This week’s People of Note includes the following markets: Boston, Columbus, Kansas City, Los Angeles, Philadelphia and Washington, DC.
COLUMBUS
Hunter To Oversee Cassidy Turley in Columbus
Cassidy Turley recruited Don Hunter as managing principal of its Columbus office, effective August 29. Hunter will lead 44 brokerage and property management associates and run the daily operations, while focusing on the firm’s strategic growth initiatives…
South Florida Commercial Real Estate News From CoStar Group
5August2011
Posted by admin under: Uncategorized.
The age-old question of renting versus buying has been asked for generations now, and while now is definitely a buyer’s market, some in the marketplace are choosing to rent instead – including, surprisingly, celebrities.
With all the advantages of buying – cheap interest rates and readily-available discounted homes – you would think celebrities of all people would choose to purchase a home outright instead of rent. But as model and Twilight star Kellan Lutz demonstrates, renting is definitely a choice.
Recently it was revealed that Lutz – who has played heartthrob vampire Emmett Cullen in the Twilight movie franchise, with some fashion modeling on the side – started renting a 2,400 square-foot pad in Venice, California. The home, complete with four bedrooms and four bathrooms, costs $ 7,250 a month – a hefty fee for most middle-class Americans but probably not too high a rent for someone who can afford to live in Venice.
The location isn’t bad either, being mere blocks from popular Venice Beach. Why Lutz chose to rent while he still apparently owns a $ 715,000 home in Van Nuys is a mystery, but then again, what celebrities do with their time and wheelbarrows of money is their concern.
Lutz’s decision to rent is an interesting case that indicates certain things about the market in general, particularly in coastal locations. Beach communities took a hit in the early years of the housing crisis because many of the properties that were owned were in fact rentals being used as secondary homes. When the belt-tightening of the housing crash took place, many of these homes were left vacant.
Now, though, typical vacation-style communities and other places similar to Venice (like many coastal communities in Florida, the Carolinas, etc.) are coming back. Plus, rentals as a whole are surging as families look for more temporary lodging – often a result of losing their home in foreclosure.
Of course, one has to be careful trying to draw too many conclusions about the real estate market from one celebrity’s real estate ventures. But the rental market is so good, even celebrities are becoming landlords – like Diane Keaton, Orlando Bloom, and Meg Ryan.
These celebrities – and Mr. Lutz – do not usually have to resort to foreclosures to find great deals. But that only means there’s less competition for non-celebrity investors – i.e. the rest of us – when it comes to converting foreclosures to rentals.
If the celebrities are doing it, it just might be a good idea.
(Image Sources: RealEstalker)
Foreclosure Blog | Latest Foreclosure News | ForeclosureDeals.com
5August2011
Posted by admin under: Florida Commercial Real Estate.
Did you know our industry has its own museum? It’s called the National Building Museum, and it deserves your support.
Each year, the National Building Museum plays a leadership role in advancing the quality of the built environment by educating people about its impact on our lives. This leadership is evident in the quality of its exhibitions and displays, which have included drawings by famous architects to a full-scale, sustainable house built…
South Florida Commercial Real Estate News From CoStar Group
4August2011
Posted by admin under: Uncategorized.
The real estate market continues to roll on, even though the market – for most people is in shambles. For celebrities, it’s just another day at the office.
Lately celebrities have been wheeling and dealing in the real estate market, trading high-priced luxury real estate located in the best locations and (usually) having access to the best amenities and décor. While they are not immune to the down periods and lulls of the market, they seem to be doing quite well.
Today, for example, it was revealed that Hollywood couple Ben Stiller and Christine Taylor recently sold their 10-bedroom Mediterranean-style mansion in California to British action star Jason Statham. The Transporter and Expendables star reportedly paid a hefty bundle for the property, which was listed for $ 11,495,000 but more than likely sold for less (it was originally listed for $ 12,500,000 in 2009).
Chris Colfer, star of the mega-hit Glee TV series, also purchased a piece of LA property, this time for the far more affordable $ 860,000. Reputedly this quite plain three-story home in Laurel Canyon was bought out of foreclosure, and was originally purchased in 2009 for $ 1,230,000. The home is a great deal – a $ 370,000 discount is nothing to sneeze at – and the views are nice, but the actual property itself leaves something to be desired. Rumors were circulating that Colfer, who plays Kurt Hummel on the show will not be coming back for a fourth season. Let’s hope he can afford the bill without another season of steady work (although he’ll probably make a nice bundle when he sells the home).
Rock legend Steven Tyler of Aerosmith bought another home recently too, based on one witness report, but no one really knows which one it is and how much he paid. Needless to say, it was probably very, very expensive.
Celebrities, in a way, are not fair role models to use when it comes to successful real estate investing. They are usually independently wealthy, require little to no financing, and can hire agents and brokers to do their work for them when it comes to buying and selling homes.
But, while it’s not a perfect example to demonstrate the underlying potential of the real estate market, looking at celebrity deals still reveals key truths about our market as a whole. Location is still key; demand is still high; foreclosure deals exist even at the highest levels; and even run-of-the-mill homes – like the clunker Colfer bought – can be great buys with the right conditions.
So, while you may not be able to plunk down a few million for a massive Hollywood mansion, you can still get in the market while the buying is good – like the celebrities above.
(Image Sources: RealEstalker)
Foreclosure Blog | Latest Foreclosure News | ForeclosureDeals.com
4August2011
Posted by admin under: Florida Keys Real Estate.
The U.S. industrial real estate market continued to improve during the second quarter of this year even as the economic recovery lost momentum. The industrial market posted strong leasing activity, declining vacancies and diminished supply, which CoStar analysts said should set the stage for an acceleration in net absorption and rising rents in upcoming quarters.
The U.S industrial vacancy rate fell to a two-year low of 9.8%, down significantly…
National Commercial Real Estate News From CoStar Group
3August2011
Posted by admin under: Florida Commercial Real Estate.
Zubi Advertising leased 23,000 square feet at the “The Building”, located at 2990 Ponce De Leon Blvd. in Coral Gables, FL.
The Building is a proposed six-story, 58,000-square-foot office building to be constructed in mid-2012 in the Coral Gables submarket. The tenant will relocate its corporate headquarters to The Building upon completion.
Peter Harrison, senior vice president at Transwestern, represented Zubi Advertising. Walter Robinson…
South Florida Commercial Real Estate News From CoStar Group
