Tag Archives: sarasota

‘Zombie’ homes haunt Florida neighborhoods

‘Zombie’ homes haunt Florida neighborhoods

“They said foreclosure, so we just up and left,” said Young, sitting in the darkened living room of her rental house in a nightdress that reveals the bandages from recent heart surgery and the tubing from a dialysis port. “I’m not going to sit here and let someone put me out. I’ve never been evicted.”

The problem is, Bank of America never followed through.  Now, four years later, Young struggles to pay her bills while across town her house sits empty, strewn with trash and rotting under a leaky roof, collecting fines for code violations and unpaid taxes and fees related to the delinquent mortgage.

Young went five months without any disability payments and was living off the kindness of her landlord.  In May, her benefits were restored, but she’s still fighting to get her 16-year-old daughter’s disability payments restarted. The developmentally disabled teen needs medication every day and has been getting by on samples provided by public health clinics.

Young’s case is particularly harsh, but not unique.

Jacksonville’s poor neighborhoods are dotted with abandoned houses stuck in foreclosure limbo. The so-called zombie properties are often uninhabitable because they’ve fallen into disrepair, and owners are unwilling to invest in fixing them up because, with the mortgage unpaid, the bank can always come back and foreclose again.

By cherry-picking which foreclosures they complete and which they ignore, banks are saddling individual borrowers with a permanent, inescapable debt while helping to create slums in already struggling communities. The vacant homes often attract drug dealers and squatters and bring down the value of surrounding properties.

The Jacksonville metropolitan area is listed as having 12,011 properties in some stage of foreclosure as of June and 29 percent — 3,532 — are vacant, according to RealtyTrac.

The Tampa-St. Petersburg-Clearwater area fares even worse, with 30 percent of 31,759 homes in foreclosure sitting empty.

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EXCLUSIVE: Desoto Square owners rejected $33.75M auction bid The owners rejected the bid for the Bradenton mall, even though it would have made the company a nearly $10 million profit.

EXCLUSIVE: Desoto Square owners rejected $33.75M auction bid

Via Justine Griffin – Herald Tribune

The owners rejected the bid for the Bradenton mall, even though it would have made the company a nearly $10 million profit.

Tidewell Hospice and Palliative Care acquired the Tamiami Plaza office building at 3550 S. Tamiami Trl. in Sarasota, FL for $3.5 million

Tidewell Hospice and Palliative Care acquired the Tamiami Plaza office building at 3550 S. Tamiami Trl. in Sarasota, FL for $3.5 million

By Jovonni Butler via CoStar

Tidewell Hospice and Palliative Care acquired the Tamiami Plaza office building at 3550 S. Tamiami Trl. in Sarasota, FL for $3.5 million, or $200 per square foot.   Tidewell provides quality care to patients and families living with advanced-stage illnesses.   The three-story, 17,500-square-foot office building was delivered in 1960. The multi-tenant office building sits on three-quarters of an acre in the heart of Sarasota County. The buyer will occupy vacant space in the building. 

 

 

Tertiary Multifamily Market Sees Interest

Tertiary Multifamily Market Sees Interest

By Jennifer LeClaire via Globe st

TAMPA, FL—Multifamily may be the darling of the commercial real estate industry in Florida, but that doesn’t mean every apartment asset gets snapped up in a hurry. That was the case with Park at Barrington, which traded after sitting on the market for over a year.

Park at Barrington ultimately sold for $12.3 million, which represent $50,410 per unit. Franklin Street’s Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zach Ames represented the seller, a local investor. The buyer is also a local investor.

“Being on the market for over a year, an obstacle we had to overcome for the sale of Park at Barrington, was its location in a tertiary market,” Kattan tells Globest.com. “However, the quality of the construction and the overall condition of the property helped us overcome that challenge. Tertiary markets and MSAs are still seeing good activity. This shows the strength of the Tampa Bay area.”

Built in 1972, Park at Barrington has 244 multifamily units. At 4348 Plaza Drive in Pasco County, the multifamily property is just North of Pinellas with ingress and egress directly onto US 19. The majority of the apartment units have private patios or balconies, and three and four-story units are available.  

The multifamily property was all concrete block construction with stucco exterior walls and concrete floors. All multifamily units underwent major renovation—including a new clubhouse, designer-tiled floors, walk-in closets, upgraded counter tops, chair rails, fans, and European light fixtures— in 2006 and 2007.

“The Florida multifamily market remains the hottest product out there for buyers and they are hungry for deals,” says Kattan. “New lenders are showing up every day giving buyers and developers more access to cash.”

Other properties that may fit the tertiary market model can be found HERE  <—–=====

 

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Vengroff sells another apartment building

Another Vengroff Apartment Building sold in Sarasota, FL.

Tuesday, September 2, 2014

A company belonging to Sarasota multi-millionaire businessman Harvey Vengroff sold a 28-unit apartment complex at 5233 N Tamiami Trail in Sarasota to Ascension Properties Inc. for $920,000, or nearly $33,000 per unit.
Vengroff’s company paid $475,000 for the two-building complex in December 1999.

Ascension Properties is a Sarasota company managed by John M. Philpott and Debra Genua.

For Vengroff, the sale was his fifth of the year.

In January, Sean Dreznin from NAI Tampa Bay sold a 21-unit apartment complex at 635 N. Lime Ave for $850,000.
In April, Sean Dreznin from NAI Tampa Bay sold two apartment buildings totaling 13,250 square feet at 4532 Swift Road for $960,000 and a 6,866-square foot apartment building at 2730 Proctor Road to 3535 West Heimer LLC for $540,000.
The in July, they sold a 36,170-square-foot warehouse at 2383 Industrial Boulevard in Sarasota to Raymond H. Gibson for $1.08 million.

 

Townhome project planned at Golden Gate Point in Sarasota, FL

Townhome project planned at Golden Gate Point in Sarasota, FL

 

Sean Sells Sarasota

Sean Sells Sarasota

by: David Conway via The Observer

Another luxury residential project is planned for Golden Gate Point, and to stand out in a crowded marketplace, the developer is using an unorthodox strategy for the area: It’s not building a high-rise.

Allure is the name of the four-building, four-story, 12-unit townhome project planned near the entryway of Golden Gate Point. Condominium towers envelop the land the development will sit on, situated on the interior of the neighborhood. Conscious of the fact that the city is saturated with new condominium high-rises — and that those high-rises were more appealing when they sat beside the waterfront, rather than between other buildings — developer Jebco Ventures went in another direction.

“We thought the market would be better for townhomes versus another condo, quite frankly,” said design architect Brent Parker. “Especially on the inside versus on the bayfront.”

Given the size of the parcels in question — about 0.82 acres in total — deciding not to build upward might not have been a viable financial option under the standard zoning regulations. In 2008, however, the city passed a series of alternative zoning rules for the Golden Gate Point neighborhood, opening up the possibilities for shorter projects.

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150 units for sale on the Gulf coast of Florida – Confidential – Principals Only

150 units for sale on the Gulf coast of Florida – Confidential – Principals Only

All interested parties must sign a confidentiality agreement

All interested parties should have a history of experience in multi-family ownership/management

A hidden gem of a property, nestled in a bustling area.

A large lake is the centerpiece of the property surrounded by lush and mature vegetation and trees.

The property consists of large studios, one bedrooms and two bedroom units.

Each unit has its own private lanai, central A/C and spacious closets.

The property offers swimming pools, tennis court, a grilling area and other amenities.

 

For additional information, contact Sean Dreznin at srqcre@gmail.com or directly at (941) 961-8199

Developer plans high-rise on historic property in Downtown Sarasota

Developer plans high-rise on historic property in Downtown Sarasota

by: David Conway via yourobserver.com

The downtown home of two historic buildings could soon be the site of a high-rise condominium, as a development firm has taken a step toward finishing a project first approved in 2006.

The owners of the DeMarcay Hotel and the Roth Cigar Factory buildings, located at 33 S. Palm Ave. and 30 Mira Mar Court, sold the properties for $2.75 million in March. The purchasers, XAC Developers LLC, filed a development application with the city in July to construct an 18-story, 39-unit mixed-use condominium building on those parcels.

In addition to the residential units, the plans call for 1,921 square feet of retail space on the 8,641-square-foot parcel along Palm Avenue. In total, the proposed development is 153,955 square feet.

The city approved a site plan for the land in 2006 under the Downtown Residential Overlay District, which has since expired. Still, that site plan is valid through October 2015, and XAC Developers intends to apply for its building permit before that deadline.

The planned development is a blow for downtown leaders and other citizens who hoped to preserve the historic properties in their current state. Following the sale of the property and the eviction of its last remaining retail tenant, the Downtown Improvement District discussed possible options for preventing the demolition of the Palm Avenue building.

At that time, board members bemoaned the potential loss of historic property — a practice that several people said is becoming too common in the city.

“We just keep chipping away at the historic buildings, and it’s almost embarrassing,” Downtown Improvement District Chairman Ernie Ritz said. “People keep saying, ‘Where’s the historic district?’ You’re looking at it.”

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Marcus & Millichap Brokers Largo Multifamily Sale

 

Marcus & Millichap Brokers Largo Multifamily Sale

By John Jordan | Tampa via Globe St

 

The Bay Pointe Apartments development here has traded for $18 million or $43,165 per unit.

The sale of the 417-unit apartment complex was brokered by Marcus & Millichap. Francesco Carriera andMichael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer in the deal. The brokerage firm did not divulge the parties in the transaction.

Bay Pointe is located on approximately 21 acres at 2770 Roosevelt Blvd. in Largo, four-tenths of a mile east of U.S. Highway 19 and two miles from the St. Petersburg-Clearwater International Airport.

Paradise Plaza sells for $27 million — I’d have SOLD it for $32 million…

Paradise Plaza sells for $27 million — I’d have SOLD it for $32 million…

NAI Tampa Bay Logo Small

A new owner has taken over the Publix-anchored Paradise Plaza, and has plans for improvements and a large vacant space.

Pittsburgh-based ECHO Realty LP bought the 139,000-square-foot shopping center located at the corner of South Tamiami Trail and Bay Road for nearly $27 million earlier this month. Publix, PETCO and CVS anchor the property, which also features the 21,000-square-foot skeleton of a former Borders bookstore and two smaller vacancies.

“It’s in an exceptional location,” says ECHO Realty Senior Vice President Drew Gorman. “It enjoys tremendous visibility along U.S. 41. It has been part of our strategic goal to acquire outside of our existing commercial markets in Pittsburgh and Cleveland, Ohio. So when we identified Florida as a targeted area for growth, we found this was a compelling piece of real estate.”

The center’s new owner expects to divide the Borders space and is in negations with two tenants to take over the space, Gorman said. He was unsure why the former Borders space has stayed vacant, but said the market certainly has gotten healthier recently.

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