Tag Archives: sarasota

Quay deal falls apart after city of Sarasota’s denial

Quay deal falls apart after city of Sarasota’s denial

Picture via Sarasota Herald Tribune Archive

Picture via Sarasota Herald Tribune Archive

By Josh Salman

Negotiations between a Jacksonville developer and the Irish government on the former Sarasota Quay property have broken down, prompting the long-vacant site to be re-marketed for sale and further stalling any development on the 15-acre tract.

The split stemmed from a recent City Commission vote denying a proposed extension that would have given developers until early 2027 to begin building on the waterfront land, where $1 billion worth of condos, shops, hotel rooms and offices were once envisioned.

GreenPointe Holdings LLC, the Jacksonville firm that was working to buy the former Quay property, requested the extension from the city in February.

Without that additional time, any potential Quay buyer would have to break ground by January 2017 or restart a lengthy city application process, which could cost hundreds of thousands of dollars and delay development for several more years.

That looming deadline, along with other new hotel and condominium developments proposed or under construction downtown, appears to have made the Sarasota Quay less attractive as an acquisition target.

“GreenPointe is not under contract and has discontinued work on the project,” Ed Burr, GreenPointe’s chief executive, said in a statement emailed to the Herald-Tribune.

For complete article, CLICK HERE <—-======

Gary “Ask Gary” Kompothecras sells Rocky Creek Marina for $1.15 million

Gary “Ask Gary” Kompothecras sells Rocky Creek Marina for $1.15 million

By Michael Braga , Herald-Tribune /

MGM Marina LLC, a Sarasota company managed by Gary Kompothecras, sold a 6,406-square-foot Marina and three storage buildings at 1990 Placida Road in Englewood to Warmack Holdings LLC for $1.15 million.

MGM Marina paid $1 million for the facility in February 2009.

Warmack Holdings, a Venice company managed by Andrew and Jessica Warmack, financed the purchase with a $1.045 million loan from the seller.

For this article and others, CLICK HERE <—-====

Can a landlord charge on a per-person basis?

Can a landlord charge on a per-person basis?

Can a Landlord charge on a per-person basis?

Can a Landlord charge on a per-person basis?

By Anky van Deursen via LA Times Business/Real Estate section

Question: I am a landlord who owns and manages a couple of four-plexes. I have always paid for all the utilities — garbage pickup, electricity and water — for my tenants. However, I started to notice recently that the utility bills were getting very expensive at my properties. Some tenants seem to be running the heat even when the temperature is in the high 60s, while others seem to be using a lot of water. Because the utility costs are so high, I am thinking of increasing the rent on my apartments by $80 per person to help defray these costs. My wife, however, is concerned that we might get in trouble under the Fair Housing laws for doing this. Are we allowed to institute such a policy?

Answer: Your wife is correct that you should be careful about making such a policy. Charging rent on a per-person basis, which in essence is what you propose doing, may constitute discrimination on the basis of familial status. Under the Fair Housing laws, if a landlord establishes a rule or policy that has the effect of discriminating against a protected category of people, even if the rule or policy does not expressly discriminate against anyone, the policy or action can still be unlawful.
Here, although you are interested in establishing a neutral policy that would apply to all of your tenants equally, regardless of their protected class, your policy could have the discriminatory effect of unfairly penalizing families with children. And, as you probably know as a housing provider, families with children are a protected group under the Fair Housing laws.

Your policy may have a discriminatory effect on families with children because you would be charging a family of five, for instance, an additional $400 for a two bedroom unit, while you would be charging a couple only an additional $160 for that same two-bedroom unit.
Because renting to families with children, almost by definition, means that more people will be living in a single housing unit compared with tenants without children, charging rent per person will mean that most families will have to pay higher rent to live in the same apartment than tenants without children would. Statistics tell us that such a policy, applied broadly, would effectively deny families with children housing opportunities on the same footing as families without children.

For the complete article and others, CLICK HERE <——

Are we facing another housing bubble?

Are we facing another housing bubble?

By Yahoo Finance

In a housing or real estate bubble, home prices inflate because of overly optimistic speculation that they’ll keep rising. When people can’t afford to keep up, the bubble bursts. Demand for homes decreases, while supply goes up and home prices drastically drop.

Today, certain markets across America are seeing home prices go up so quickly that people are starting to worry about another bubble. So where do we stand?

From 2000 to 2006, home prices were skyrocketing. Why? It was fueled by overly-optimistic speculation on real estate, careless lending standards and very low mortgage rates. At the height of the bubble, homes were overvalued by 39%.

Built on that shaky foundation, when prices cooled millions of people defaulted on their mortgages and the bubble didn’t just burst, it exploded, creating the biggest real estate and credit crisis in modern history.

Fast-forward to the present day, and we’re still in recovery mode. With tighter lending standards it’s harder to buy a home, but in the past two years certain markets have seen prices rise rapidly again, leading some to wonder if history will soon repeat itself.

One area that’s heating up is California — the most overvalued market in the nation. Prices there have increased about 17% year-over-year, with Orange County being the hottest metro area. The increases in California are more generally due in part to investors taking up the tight supply and tech millionaires willing to pay premium prices. The other overvalued metros, like Honolulu, Austin and Miami, are also dealing with high demand and tight supply.

Should this be cause for concern? Trulia’s Jed Kolko, says “not yet.”

For video and complete article, CLICK HERE <—-=====

Class C Finds Favor With Multifamily Investor

Class C Finds Favor With Multifamily Investor

Apartments pictured are stock photo

Apartments pictured are stock photo

By Jennifer LeClaire via GlobeSt.com

With so much demand for class A multifamily assets, more investors are considering their options for class B—and even class C—apartment buildings. Such was the case in the sale of 50th Avenue Apartments in Saint Petersburg, FL.

‘Agents like Sean Dreznin, investment associate in NAI Tampa Bay’s office’, Ari Ravi, investment specialist, Casey Babb, associate vice president of investments, and Luis Baez, senior associate in Marcus & Millichap’s Tampa office, are marketing properties and finding investors lining up.

The class C multifamily asset sold for $415,000—and sold quickly. What was the attraction?

“This particular asset was stabilized and yields a high return which was very appealing to the buyer,” says Ravi. “The buyer paid all cash and the transaction closed in just over 30 days.”

50th Avenue Apartments are located at 2595 50th Avenue North in Saint Petersburg. This class C multifamily asset is a fully stabilized, garden-style apartment community and centrally located in St. Petersburg.

For full story, CLICK HERE <—-======

USF Alumni Association Names Nutter to 2014 Fast 56 Rankings

USF Alumni Association Names Nutter to 2014 Fast 56 Rankings

Article and pic via Blog | 360 Degrees News

Article and pic via Blog | 360 Degrees News

Posted by Candice McElyea , April 15, 2014

The University of South Florida (USF) Alumni Association named Nutter Custom Construction the top business in its rankings of the 2014 USF Fast 56, the fastest growing USF alumni owned or led businesses in the world. The top ranking was announced at a celebration on Friday, April 11 in the Marshall Student Center Ballroom at USF Tampa. More than 600 companies were nominated and of the fifty-six finalists honored, Nutter Custom Construction of Sarasota, led by T.J. Nutter, `98, was announced as the fastest growing USF Bull business during the most recent three-year period.

“I am proud and honored to be recognized with such a prestigious award,” said T.J. Nutter, president and CEO of the Sarasota-based custom construction business. “As a graduate of USF, this award is especially poignant and is something I truly value. I am humbled by the support of USF and from the community that I grew up in, that has allowed my company to thrive here,” he said.

To be considered for the USF Fast 56 program, an organization must have been in business for at least three years, have revenues of $250,000 or more for the most recent 12-month period, and be owned or led by a University of South Florida alumnus.

Nutter Custom Construction is a full service residential construction and remodeling company based in Sarasota, FL. The Nutter Custom Construction team has more than three decades of combined high-end residential construction experience that results in increased efficiencies for the client. From site selection, through completion, Nutter Custom Construction handles all aspects of building while providing exceptional concierge level service.
T.J. Nutter is a Sarasota FL native has experienced vast changes in the Sarasota community over the years.

CLICK HERE for the full post and others

“I grew up with TJ Nutter in the Sarasota area and he remains and has always been a role model for many, as his moral compass is on point and he is a great leader, father and friend to many.” ~ Sean Dreznin

NAI Tampa Bay’s Sean Dreznin & Kyle Keelan close sale of Palm Harbor Office Condo

NAI Tampa Bay’s Sean Dreznin & Kyle Keelan close sale of Palm Harbor Office Condo

Palm Harbor Class A Office Condo SOLD by NAI Tampa Bay's Sean Dreznin

Palm Harbor Class A Office Condo SOLD by NAI Tampa Bay’s Sean Dreznin

Off to a strong start to 2014, Sean Dreznin & Kyle Keelan successfully conclude another sale.

This time, the NAI Tampa Bay team sold a Class “A” office condo in Palm Harbor of approx 4,380 Sq Ft.

The final sales price was $362,000.

Class A Office Condo SOLD by NAI Tampa Bay

Class A Office Condo SOLD by NAI Tampa Bay

Canadian Investment Funds Continue to Target Southwest U.S. Apts.

Canadian Investment Funds Continue to Target Southwest U.S. Apts.

By Mark Heschmeyer

Canadian funds and REITs continue to be among the most active buyers of multifamily properties in U.S. Sunbelt states.

One the latest deals comes from Starlight U.S. Multi-Family Core Fund, a newly created fund sponsored and managed by Starlight Investments Ltd in Toronto.

Starlight U.S. Multi-Family Core Fund and its second sister fund agreed to acquire Soho Parkway Apartments, a 379-unit, garden-style apartment complex in North Dallas. The funds are expected to acquire the property for $41.3 million, or about $108,970 per unit.

Starlight has lined up a first mortgage loan of $28.3 million with a three year term with two one year extensions available. The loan will be interest only for the entire term and will be payable at an annual rate of LIBOR plus 2%.

The southwest region is an increasingly popular destination for Canadian investment dollars. Milestone Apartments REIT, which has offices in Toronto and Dallas, this week entered into an agreement to sell 5.78 million shares of the REIT to a syndicate of underwriters led by BMO Capital Markets for gross proceeds of $54.4 million.

For complete article, CLICK HERE <—-======

March brings 144 fresh foreclosures to Sarasota

March brings 144 fresh foreclosures to Sarasota

By Michael Braga , Herald-Tribune / Monday, April 7, 2014

Ten of the largest lenders in Sarasota County filed 144 fresh foreclosure actions in March, a 10 percent drop from the 160 filed in February.

LENDER LIS PENDENS FILINGS
BANK OF AMERICA 23
BANK OF NEW YORK 23
CITIBANK 17
NORTHERN TRUST 16
SUNTRUST BANK 14
WELLS FARGO 14
US BANK 11
NATIONSTAR MORTGAGE 10
JPMORGAN CHASE 10
GREEN TREE SERVICING 6
TOTAL 144

Sarasota’s top 10 Lis Pendens filers in February:

LENDERS LPS
BANK OF AMERICA 31
BANK OF NEW YORK 23
JPMORGAN CHASE 20
US BANK 19
WELLS FARGO 19
DEUTSCHE BANK 11
NATIONSTAR MORTGAGE LLC 11
CITIBANK 9
SUNTRUST BANK 8
CITIBANK 9
TOTAL 160

Sarasota lenders with the most lis pendens filings in January:

LENDER LPS
WELLS FARGO 31
BANK OF AMERICA 23
JPMORGAN CHASE 17
NATIONSTAR MORTGAGE 17
CITIBANK 13
BANK OF NEW YORK 10
US BANK 10
NEW YORK COMMUNITY BANK 9
ONEWEST BANK 7
BB&T 7
TOTAL 144

Sarasota’s lis pendens filings in December:

LENDER LPS
WELLS FARGO BANK 33
BANK OF AMERICA 19
NATIONSTAR MORTGAGE 18
JPMORGAN CHASE 15
ONEWEST BANK 14
CITIBANK 11
US BANK 9
BANK OF NEW YORK 8
SUNTRUST BANK 7
GREEN TREE SERVICING 5
TOTAL 139

Sarasota Lis Pendens filings in November:

LENDER LPs
JPMORGAN CHASE 32
WELLS FARGO 30
NATIONSTAR MORTGAGE 29
US BANK 20
BANK OF NEW 17
BANK OF AMERICA 16
CITIBANK 9
SUNTRUST BANK 9
DEUTSCHE BANK 8
BB&T 7
TOTAL 177

Lis Pendens Filings in October:

LENDER LPS
BANK OF AMERICA 25
WELLS FARGO 25
JPMORGAN CHASE B 22
US BANK 18
NATIONSTAR MORTGE 17
SUNTRUST BANK 16
CITIBANK 14
BANK OF NEW YORK 8
DEUTSCHE BANK 7
CHAMPION MORTGAGE 6
TOTAL 158

Lis Pendens filings in Sarasota in September:

Lender LPS
WELLS FARGO 29
JPMORGAN CHASE 25
BANK OF AMERICA 20
US BANK 18
BANK OF NEW YORK 10
SUNTRUST BANK 9
CITIBANK 8
GREEN TREE SERVICING 7
DEUTSCHE BANK 6
BANK OF NEW YORK 5
TOTAL 137

Lis Pendens filings by Sarasota lenders in August 2013:

LENDER LPS
JPMORGAN CHASE 27
WELLS FARGO 27
SUNTRUST 17
US BANK 14
BANK OF AMERICA 12
NATIONSTAR MORTGAGE 12
CHAMPION MORTGAGE 7
CITIBANK 6
GREEN TREE SERVICING 5
HSBC BANK 5
TOTAL 132

July lis pendens filings in Sarasota:

LENDER LPS
WELLS FARGO 16
JP MORGAN CHASE 13
BANK OF AMERICA 12
US BANK 12
BANK OF NEW YORK 8
HSBC BANK 7
BB&T 5
CITIBANK 5
DEUTSCHE BANK 5
GREEN TREE SERVICING 5
TOTAL 88

Sarasota’s Lis Pendens filings in June 2013:

LENDER LPS
BANK OF AMERICA 44
WELLS FARGO 41
JPMORGAN CHASE 35
US BANK 30
BANK OF NEW YORK 25
CITIBANK 17
SUNTRUST 15
DEUTSCHE BANK 14
NATIONSTAR MORTGAGE 12
NOVASTAR MORTGAGE 9
TOTAL 242

Exclusive: NAI Tampa Bay sells 25-units in 2 Apartment Complexes in Sarasota, FL

Exclusive: NAI Tampa Bay sells 25-units in 2 Apartment Complexes in Sarasota, FL

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NAI Tampa Bay and Sean Dreznin, Kyle Keelan & Phil Ginexi sold a 16-unit complex in Sarasota, FL and a 9-unit complex in Sarasota, Fl to the same buyer out of New York.

The purchase price was $1,500,000 and/or $60,000 per unit.

Call the Gulf Coast Commercial Real Estate team at NAI Tampa Bay to sell your property! Or to buy your next property!