Fishkind: Florida’s housing market now in slow recovery
ORLANDO, Fla. – Aug. 30, 2007 – Popular perceptions about the housing market are wrong, says noted economist Hank Fishkind, who believes the market reached bottom a few months ago. Fishkind looks for trends in real estate statistical releases, and says that things may not be great but there’s also no indication that they’re getting worse.
Thursday, August 30, 2007
Wednesday, August 29, 2007
Orlando Still Strong!
Experts still bullish on Metro Orlando's economy
The current sales slowdown in residential and commercial real estate is temporary and not a sign of long-term economic weakness in Central Florida, according to a trio of local experts.Key girders of strength -- including employment, population growth and competitive demand for properties from overseas investors -- remain in place, said Bill Owen, president of Real Estate Research Consultants Inc.
Monday, August 27, 2007
Lake rejects road impact fee hike
The Lake County Commission on Aug. 21 turned down a proposal that would have boosted road impact fees by nearly $9,000.
Commissioners were being asked to increase road impact fees from $2,200 to $11,400 per home. Builders lobbied for months against the higher fees.
Instead, the County Commission approved the creation of a seven-member task force that would address other funding sources for transportation needs, County Manager Cindy Hall says.
Hall says the task force, which could come about in the next couple of weeks, will include two members from the county's Industrial Development Authority. The other five members will be appointed by each commissioner.
The impact fee increase, which was supposed to be considered earlier this year, was delayed in April after builder complaints and the threat of legal action prompted the county to review the proposed hikes.
Impact fees are levied on new development to offset the impact growth has on infrastructure.
Dan Ping can be reached at (407) 241-2895 or via e-mail at dping@bizjournals.com.
Saturday, August 25, 2007
Gov. Crist speaks to Realtors!
Governor Crist to Realtors: ‘Get ready, Florida is on the move’
LAKE BUENA VISTA, Fla. – Aug. 23, 2007 – Gov. Charlie Crist spoke to more than 800 Florida Realtors this morning at the 2007 Florida Association of Realtors (FAR) Convention & Trade Expo, thanking them for their leadership in supporting property tax reform efforts and urging them to spread the word to family, friends, neighbors, clients and throughout their communities to vote “Yes” on Jan. 29 for the proposed constitutional amendment.
LAKE BUENA VISTA, Fla. – Aug. 23, 2007 – Gov. Charlie Crist spoke to more than 800 Florida Realtors this morning at the 2007 Florida Association of Realtors (FAR) Convention & Trade Expo, thanking them for their leadership in supporting property tax reform efforts and urging them to spread the word to family, friends, neighbors, clients and throughout their communities to vote “Yes” on Jan. 29 for the proposed constitutional amendment.
Friday, August 24, 2007
5 Orlando Companies named to Inc. Magazine's Top 500!!!
26 Florida companies make Inc. 500
Florida is fourth in the nation, with 26 private companies on Inc. magazine's list of 500 top companies.
The Inc. 500 ranks privately held companies according to averaged year-over-year sales growth over the past three years. The 26th annual issue hits newsstands Aug. 28, but the list is online at www.inc.com/inc5000. This year, the magazine expanded its list to 5,000 companies for the online version only.
Miami-based Global Risk Solutions was the highest-ranked Florida company, at No. 16. GRS helps insurance companies handle natural disasters and corporations track costs in man-made disasters, such as oil spills. It had $13.7 million in revenue last year.
Orlando-based Xymogen, at No. 48, was the highest ranking Central Florida company on the list. The company, founded in 2002, had revenue of $10.2 million last year, an increase of 2,412 percent, according to INC.com. The company, which develops and markets dietary supplements through health care practitioners, has 41 employees, the Web site reported.
Other Orlando companies on the list were Mercantile Commercial Capital, Altamonte Springs; Power Pro-Tech Services, Maitland; Healthcare Support Staffing, Orlando; and Florida Home Equity, Maitland;
California has the most companies in the top 500, with 81, up from 66 last year. It is followed by Texas and Virginia. New York tied Florida at fourth.
For the fifth year in a row, Washington, D.C., is the top metropolitan area, with 40 of the fastest-growing companies, down from 43 in 2006. New York is second with 38, followed by San Francisco, Los Angeles and Boston.
Thursday, August 23, 2007
Property Taxes!
Property tax amendment too close to call
A solid majority of Floridians are in favor of the proposed constitutional amendment that will be on the ballot in January, but it still might not pass.
That's the implication of a survey of voters done by the University of Florida. Fifty-eight percent of the respondents to the survey said they support the property tax amendment, but that's still short of the 60 percent super majority needed to pass amendments to the state constitution.
When voters go to the polls Jan. 29 for the presidential primary, they will also face a referendum. If passed, the measure would allow homeowners to choose between keeping the Save Our Homes provision that caps property tax increases at 3 percent annually and a new provision that would drastically increase their homestead exemption. The "super exemption" would knock off 75 percent of the first $200,000 of a home's value and 15 percent of the next $300,000.
"Whether the amendment will pass remains a wide open question," says David Denslow, an economic professor at UF who led the research. "Besides the statistical insignificance of the difference between 58 and 60 percent."
UF's Survey Research Center added questions in July about the amendment to its monthly consumer confidence survey. Of the 287 homeowners who responded, 277 had an opinion. The homeowners were also asked the selling price of their homes.
Fifty-four percent of Democrats favored the amendment, with support rising to 58 percent for independents and 64 percent for Republicans. The survey had a margin of error of plus or minus 3.5 percentage points.
Celebration Condo Hotel
OrlandoSentinel.com
Condo-hotel is still a 'go' despite downturn in market
A South Florida developer says he will open a sales office this fall for the project in Celebration.
Jerry W. Jackson
Sentinel Staff Writer
August 23, 2007
Core to start on $17M Winter Springs apartments in October
Core Construction Services Southeast Inc. will begin site work in October for The GrandeVille at Town Center, a 160-unit apartment complex in Winter Springs.
The project, being developed by Altamonte Springs-based LeCesse Development Corp., will include amenities and garages and is located on State Road 434 and Doran Drive. Rental rates were not disclosed.
The architect of record is James S. Carr, and the associate architect is Boca Raton-based Lang Architectural Group.
Core Construction, the project's general contractor, was founded as a masonry company in 1937. The firm's Southeast division has offices in Naples, Sarasota and Orlando.
Retail Centers Sold!
Two retail centers sell for $26.8M
Developers Diversified Realty Corp. has sold two Central Florida shopping centers for $26.8 million.
The Beachwood, Ohio-based company sold the properties to Macquarie DDR Trust and will retain a 14.5 percent stake in the properties. In addition, Developers Diversified will continue to manage the properties.
The sale includes Piedmont Plaza, 302 E. Semoran Blvd., Apopka, 148,075 square feet and is 90 percent leased; and Winter Park Palms, 4270 Aloma Ave., Winter Park, 112,292 square feet and is 97 percent leased.
Developers Diversified's Chairman and Chief Executive Officer Scott A. Wolstein says both retail centers will undergo some redevelopment in the near future. The Piedmont Plaza will be reconfigured to accommodate junior anchors and add small shop space. Work at Winter Park Palms will add more small retail space and expand the existing Publix store.
Developers Diversified owns and manages about 740 retail operating and development properties in 45 states, Puerto Rico and Brazil, totaling about 155 million square feet. The company is a real estate investment trust that acquires, develops and leases shopping centers.
Recent Transactions
Taurus sells Research Park portfolio for $50.4M
Taurus Southern Investments LLC sold a five-building office portfolio at Central Florida Research Park for $50.4 million.
Totaling 272,201 square feet, the portfolio was purchased by G&I V Technology Point LLC, a partnership of Maitland-based Tower Realty Partners Inc. and DRA Advisors of New York City.
The properties include:
- The four-story, 129,982-square-foot Research Commons office building at 12249 Science Drive
- The two-story, 83,454-square-foot University TechCenter flex office buildings at 12501 and 12565 Research Parkway
- The two-story, 58,765-square-foot Technology Point I and II office buildings at 3045 and 3051 Technology Parkway.
The Research Commons building was constructed in 1989, the TechCenter office buildings in 1998, Technology Point I in 1986 and Technology Point II in 1989.
Ron Rogg of CB Richard Ellis and Jeff McFadden and Heidi Adams of McFadden Realty Advisors Inc. represented the seller.
Tuesday, August 21, 2007
Congratulations to Rollin's College!
Rollins takes top spot in ranking
Rollins College is the number one regional university in the south for the third year in a row, according to U.S. News & World Report's 2007 list of America's best colleges.
Rollins also was named the best college in the master's category. Stetson University in DeLand took third in that category.
Rollins was also number one among independent colleges in the south in the great schools, great prices category.
Rollins has been near the top of the list for regional universities since U.S. News & World Report started doing the rankings in 1987.
The publication uses surveys of college officials, data from institutions on student selectivity, faculty resources, financial resources and graduation rates and alumni satisfaction to rank the schools.
Monday, August 20, 2007
New Mixed Use Development
Innovation Place seeks county OK on rezoning
Master-planned development to include residential, commercial space.
ORLANDO -- The first piece of the Innovation Way puzzle is edging closer to reality.
Friday, August 17, 2007
LAKE MARY FLORIDA RANKED AS NUMBER 4 BEST PLACE TO LIVE!!!
4. Lake Mary, Fla.
Population: 13,200Median home price (2006): $321,173
Average property taxes (2005): $2,419
Pros: Big-economy jobs, small-town feel, no income tax
Cons: Florida summers, Florida hurricanes
Lake Mary may be only 30 minutes from Orlando and 45 from Daytona Beach, but residents have plenty of shopping, restaurants and events in their own backyard. There are lakes for boating and fishing, and the Timacuan golf course lies in the center of town. Recreation is one thing, but jobs keep Lake Mary humming. On weekdays the population rockets from less than 14,000 to more than 35,000 as commuters arrive.
Housing prices have been on the rise, but a four-bedroom, three-bath house can still be had for $300,000. Of course, there's always the weather to worry about. In 2004 the town spent more than $2 million cleaning up after hurricanes.
Orlando to be Center for Design?
Hsu to build design market on Agere site
Proposal calls for 4.5 million square feet of space.
Lake Nona Development!
Commercial project planned for Lake Nona
$110M center designed to meet area's office demand.
Orlando Business Journal - August 17, 2007
by Dan Ping
ORLANDO -- Site work will begin as early as next month on a $110 million, 23-acre commercial development expected to meet the early demand for office space in the Lake Nona area.
The 336,000-square-foot project, East Park Village, will be built west of State Road 417 at Moss Park Road. About 62,000 square feet will be for retail uses, with the rest slated for professional offices. Amenities will include a wellness center and professional spa, as well as plenty of open space and parks.
$110M center designed to meet area's office demand.
Orlando Business Journal - August 17, 2007
by Dan Ping
ORLANDO -- Site work will begin as early as next month on a $110 million, 23-acre commercial development expected to meet the early demand for office space in the Lake Nona area.
The 336,000-square-foot project, East Park Village, will be built west of State Road 417 at Moss Park Road. About 62,000 square feet will be for retail uses, with the rest slated for professional offices. Amenities will include a wellness center and professional spa, as well as plenty of open space and parks.
Calm Markets
OrlandoSentinel.com
Fed cuts bank interest rate to calm markets
Associated Press
8:22 AM EDT, August 17, href="http://www.orlandosentinel.com/business/chi-070817-fed-rates,0,2446,print.story">The Federal Reserve, declaring that increased economic uncertainty poses risks for U.S. business growth, announced Friday that it has approved a half-percentage point cut in its discount rate on loans to banks.
The action was the most dramatic effort yet by the central bank to restore calm to global financial markets which have been roiled in the past week by a widening credit crisis.
Tuesday, August 14, 2007
Foreclosure's may mean Great Opportunites for Buyers!
RealtyTrac: Orlando midyear foreclosures at 8,000
Foreclosure filings in Central Florida have reached more than 8,000 in the first half of this year, according to RealtyTrac's midyear metropolitan foreclosure market report.
The Orlando area posted 8,325 foreclosure filings, or one filing for every 98 households, on 6,098 properties between January and June. That represented a 60 percent increase from the previous six months and a 49 percent jump from the first six months of 2006.
The Orlando area ranked 33rd in foreclosures among the nation's top 100 largest areas. Stockton, Calif.; Detroit and Las Vegas reported the three highest foreclosure rates in the nation, Riverside-San Bernardino, Calif.; Los Angeles and Atlanta had the most filings.
RealtyTrac's report includes documents filed in all three phases of foreclosure: Default, auction and real estate owned properties which have been foreclosed on and repurchased by a bank.
New Townhome Project!
Emerson breaks ground on $54M townhome project
Emerson International Inc. recently began site work on a $54 million, 144-unit townhome development at its Eagle Creek Golf Community in southeast Orlando.
Curzon Place Golf Villas, the first multi-family project in the master planned community, features two-story townhomes ranging in size from 1,374 to 2,329 square feet. The units, which have not yet been priced, overlook Eagle Creek's 18-hole championship golf course.
Altamonte Springs-based Emerson International is expected to open two furnished models in late September.
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