Taxes!!

Crist hails property-tax cuts

He touts $12.4B package to voters, despite criticism it trims too little

Aaron Deslatte and Mark Schlueb |Sentinel Staff Writers

October 31, 2007

TALLAHASSEE - Gov. Charlie Crist has called the property-tax amendment heading to voters Jan. 29 "only the second play in our property-tax playbook."

But even as the governor was taking the $12.4 billion proposal on a statewide campaign spin Tuesday, many lawmakers were calling the package the political epitaph to the last year of tax debate.

"It's a small solution to a big problem," said House Speaker Marco Rubio, R-West Miami, who pushed for bigger tax cuts and was rebuffed by the more moderate Senate.

Almost Time for Us to Decide!

Now it's up to you to decide tax cut

The Legislature approves a property-tax deal that would save homeowners about $200 a year. Next stop: The Jan. 29 ballot.

Aaron Deslatte and John Kennedy

Tallahassee Bureau

October 30, 2007

TALLAHASSEE

The constitutional amendment headed to voters Jan. 29 gives back about $226 to Orange County homeowners through a beefier homestead exemption; lets homeowners take their accumulated Save Our Homes tax break to new homes; and caps future taxes for businesses and second-home owners.

"This has been a hard day," said House tax negotiator Dean Cannon, R-Winter Park. "And we've never had a more challenging decision."

Sales of $1Million Dollars Homes are Holding Steady!

Sales of $1M homes not far off 2006 pace

Jerry W. Jackson |Sentinel Staff Writer

October 29, 2007

The first half of 2007 will go down in the record books as a weak start for a lethargic year in residential home sales in Central Florida, at least by recent red-hot standards. But how about for sales of homes worth $1 million or more?

Not much of a slump there, according to the Hillman Report Mid-Year 2007.

Florida is a GREAT Place for Business!

Study: Florida offers businesses taxation relief

Orlando Business Journal - by Lewis E. Mattox Contributing Writer

If you're looking for business tax relief, the Sunshine State is a good place to be.

So says a new study by the Tax Foundation, which ranks Florida as the fifth most favorable tax haven for businesses.

Tax Foundation's State Business Tax Climate Index evaluated 113 variables in five tax categories: corporate, individual income, sales, unemployment and property.

Orlando Continues to GROW!!!

Rockefeller enters Central Florida market

Orlando Business Journal - by Dan Ping Staff Writer

HEATHROW -- One of the most recognizable names in business -- Rockefeller -- will make its Central Florida debut with a $150 million project in Seminole County.

The Rockefeller Group Development Corp. bought 29 acres on Sept. 20 from another well-known name in business, Jeno Paulucci, the frozen food king who created the upscale Heathrow community.

The Rockefeller Group paid $16.75 million for the land at International Parkway north of Colonial Town Center in Heathrow, where it intends to develop an office/retail center.

Airport working to extend capacity by five years

Orlando Business Journal - by Chris Kauffmann Staff Writer

ORLANDO -- With a nip here and a tuck there, Orlando International Airport could extend the passenger capacity of its existing terminal to at least 2015, forestalling the need to build the long-planned South Terminal.

But the nip/tuck won't come cheap -- costing as much as $400 million, the Greater Orlando Aviation Authority learned last week.

However, considering that many of the alterations are needed anyway, officials note it still would be a bargain, given that a new terminal now would cost closer to $2 billion, rather than the $1 billion cited in previous estimates.

Developer to build luxury Westin in Heathrow

Orlando Business Journal - by Dan Ping Staff Writer

HEATHROW -- An Alabama hotel developer plans to bring a heavenly approach to a new project in Heathrow.

Srinath Yedla, CEO of Yedla Management Co., will break ground in February on a Westin-brand luxury hotel at the northwest corner of County Road 46A and International Parkway.

Details are still being finalized, but Yedla says the hotel will feature about 250 rooms and Westin's signature Heavenly Spa offering messages, manicures, pedicures, and a full-service salon for men and women.

This Is a GREAT Time to Buy!!!

Report: Pre-foreclosure filings triple in September

Orlando Business Journal

Pre-foreclosure filings in Florida went up by more than 3,000 in September, Default Research Inc. reported Tuesday.

Florida lis pendens filings, when the bank first files the paperwork on a defaulted payment - the first step in the foreclosure process -- rose from 1,541 in September 2006 to 4,872 in September 2007, according to Default Research. Of those filings, more than 13 percent were condominiums, says Serdar Bankaci, Default Research president and CEO, in a prepared statement.

Slowdown in Construction Helps the Housing Market!

Economist: Rapid new-home construction decline bodes well for faster turnaround

Jerry W. Jackson

Sentinel Staff Writer

10:43 AM EDT, October 25, 2007

New-home sales data are out today, but one prominent Orlando economist said the rapid decline in home construction bodes well for a faster turnaround from the slump in housing sales.

Hank Fishkind told Orlando-area builders, Realtors and other professionals this week that the industry is feeling the short-term pain right now, but that will pay off with a more rapid and vigorous rebound once the excess inventory is sold off. Florida, and Orange County in particular, are well positioned to recover more rapidly than from earlier slumps, such as the one that hampered the economy in the early 1990s.

What's Happening with Our Taxes?

House passes tax bill, but senators stay home

Aaron Deslatte

Tallahassee Bureau

October 23, 2007

TALLAHASSEE

The Florida House overwhelmingly passed an $11 billion property-tax amendment Monday night with promises of savings for homeowners and tax limits for businesses and second homeowners.

But to bring them to reality, they've got to persuade a skeptical Senate to give the plan a look.

Market Happenings!

Friday, October 19, 2007

Stronger apartment market ahead, experts say

Orlando Business Journal - by Anjali Fluker Staff Writer

The combination of fewer home sales and skyrocketing foreclosures has created turmoil in the housing industry -- but it's also putting the local rental market in a great position.

THIS IS THE TIME TO BUY!

Opportunity knocks

Real estate brokers say now is the time to grow.

Orlando Business Journal - by Anjali Fluker Staff Writer

Rajia Ackley has watched many of her competitors in the residential real estate market close offices and shed Realtors.

As foreclosures soar, dreams die

Vicki McClure and Mary Shanklin |Sentinel Staff Writers

October 14, 2007

Nearly twice as many people face losing their homes in Central Florida this year compared with 2006, many of them borrowers struggling to repay adjustable-rate loans or investors unable to sell in a glutted market.

Firm to auction off about 400 foreclosed homes

Jerry W. Jackson and Laura Brost |Sentinel Staff Writers

October 15, 2007

Another big real-estate auction is making its debut this week, with about 400 foreclosed homes from Orlando to Fort Lauderdale and Jacksonville to Tampa on the "online auction block."

Orlando Grows More Affordable!

Orlando’s affordability index improves as median price drops

(October 10, 2007 – Orlando, FL) A drop in the median home price to $235,000 for the month of September means that the area’s affordability index has improved by more than seven percentage points to 92.40 percent, according to the monthly housing report released by the Orlando Regional Realtor® Association. (An affordability index of 92.40 percent means that buyers earning the state-reported median income are 7.60 percent short of the income necessary to purchase a median-priced home.) Buyers who earn the median income of $51,104 can qualify to purchase one of 6,163 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $217,140 or less.

Parking is INTEGRAL to Downtown's Success!

Downtown's future depends on parking

Beth Kassab

Business Columnist

October 12, 2007

The evidence is in the scrape marks on the walls.

Maneuvering through the parking garage at The Plaza condo, office and retail complex off Orange Avenue is dicey.

Some turns are so narrow that I had to put my midsize sedan into reverse and retry the final exit turn to avoid hitting a concrete wall.

Someone has scrawled the word "slow" on the wall in chalk.

"It's the Rubik's Cube of parking garages," said attorney Mark NeJame, who bought most of the 18th floor in The Plaza's office tower as new space for his law firm, along with dozens of spaces in the parking garage.

Central Florida Homebuilders Awarded!

Area home builders capture national awards

Orlando Business Journal

Mercedes Homes and Engle Homes Orlando this month received awards from a national building magazine.

Melbourne-based Mercedes Homes last week announced it earned a 2008 national housing quality award, which is known as the home building industry's highest recognition for quality achievement and operational excellence.

Darden's New Headquarters!

Darden begins work on $100M headquarters

Orlando Business Journal

Darden Restaurants Inc. started work Thursday on its $100 million headquarters off John Young Parkway near the Beachine Expressway.

The company expects the complex to open by the end of 2009.

New Adult Community

California home builder enters Florida market

Orlando Business Journal

Shea Homes, headquartered in California, is entering the Florida market by building homes within an active adult community called Victoria Gardens in DeLand.

Charlie Christ Tax Cuts

Crist debuts retooled property-tax trims

One big obstacle: Resistance to a cap on the growth of local government spending.

John Kennedy |Tallahassee Bureau Chief

October 10, 2007

TALLAHASSEE - Gov. Charlie Crist on Tuesday released a retooled, $6.3 billion package of property-tax cuts and said he may ask lawmakers to vote on it as early as next week.

Crist: tax cuts good for hotels

Orlando Business Journal - by Ty Trapps South Florida Business Journal

Gov. Charlie Crist linked property and insurance tax reductions to the health of the tourism industry in a speech Monday to the Greater Miami and the Beaches Hotel Association's annual meeting.

One reason he supports the cuts is so "Floridians can have more disposable income and take three-day-weekend vacations in nice Florida hotels," he told a crowd of 300 at the Loews Miami Beach hotel.

St. Joe to cut jobs, sell land

The Jacksonville-based company says it will take a $30M charge against earnings as it divests non-core assets.

Bob Ivry and Peter Woodifield |Bloomberg News

October 9, 2007

St. Joe Co., Florida's largest private landowner, plans to eliminate more than 75 percent of its work force, sell about 100,000 acres of land and scrap its dividend.

Governor Crist Calls for Fiscally Responsible Florida!

Governor: Tight budget means living within our means

Orlando Business Journal

There is "gold in green" Gov. Charlie Crist announced in a weekly radio address focused on the budget.

Crist used the weekly podcast to tell taxpayers that the budget he signed in May was what he believed to be "fiscally responsible."

Demand For Luxury Office is STILL Strong!!!

Demand for upscale office space remains steady despite slow economy

Orlando Business Journal - by Dan Ping Staff Writer

Credit is tightening. The economy is slowing. And companies are keeping a closer eye on the bottom line.

So, demand for pricey office space is declining, right?

Not true, say Central Florida brokers.

While local vacancy rates for upscale office space, also known as Class A, has increased 25 percent since a low of 8.7 percent at the end of 2006, the reason is the addition of new office buildings such as The Plaza -- not an exodus of tenants looking for cheaper rent.

And at 10.9 percent, the vacancy rate indicates it's still a landlord's market.

Medical Research Coming Soon!

Work begins on Burnham Institute, UCF Med School

Orlando Business Journal - by Tiffany Beck Orlando Business Journal

Wednesday's groundbreaking celebration for the Burnham Institute for Medical Research and the University of Central Florida College of Medicine ushers in a new economic era, say officials at the event.

Church Street Development

Kuhn snags eatery for Church Street

The developer says he has a restaurateur's commitment and a hotel owner's interest.

Jerry W. Jackson

Sentinel Staff Writer

October 4, 2007

New Church Street Station owner Cameron Kuhn said Wednesday that he has a commitment for a steakhouse restaurant -- and possibly a Hilton hotel -- to open in the long dormant and declining downtown Orlando dining-and-entertainment district.

Property Insurance Rate Reduction

State Farm to cut property rates by 9%, regulator says

Anika Myers Palm and Aaron Deslatte

Sentinel Staff Writers

October 3, 2007

State Farm will reduce residential property-insurance rates by 9 percent and refund millions of dollars to policyholders as part of a settlement stemming from the state's investigation of insurance-industry practices, the Florida Office of Insurance Regulation said Tuesday.

Home Buyers Gain New Protections!

onday, October 1, 2007 - 2:44 PM EDT

New rules for home buyers

Orlando Business Journal

Buying a home in Florida comes with new rules beginning Monday that are expected to create more transparency in the lending process while they require out-of-state title agencies to follow the same rules as agencies in the state.