Friday, December 23, 2011
MIAMI, FL -- More than 500 preconstruction contracts and reservations have been entered into at six newly proposed condo towers in the tricounty South Florida region as of Dec. 20, 2011, according to a new report from CondoVultures.com.
The preconstruction purchase commitments represent at least 46 percent of the 1,150 proposed units currently being marketed for presales in Miami-Dade, Broward, and Palm Beach counties, according to a new survey of planned developments conducted by the licensed Florida real estate brokerage CVR Realty™.
"Buyer demand for the newly proposed condo towers appears to be stronger than most people would probably think given today's economic climate and remaining unsold developer inventory from the last South Florida real estate boom," said licensed real estate broker Jenny Huertas (lower right photo), whose CVR Realty™ team plans to conduct the South Florida presale survey on a regular basis.
"Our survey suggests that every proposed project is currently selling at prices between $300 and $440 per square foot."
The presale results are based on a December telephone and email survey of developers and/or their exclusive sales representatives for each respective project. Every effort was taken to ensure the accuracy of data but the figures cannot be guaranteed or warranted as preconstruction contracts are not typically recorded with any government entity for public review.
On a project-by-project basis, leading the way in presales is the proposed 96-unit 23 Biscayne Bay tower – which began construction in June 2011 - in the Biscayne Boulevard Corridor of Greater Downtown Miami that has presold 100 percent of the planned units, according to the survey.
The proposed 192-unit MyBrickell tower (top left photo) in the Brickell Avenue Area of Greater Downtown Miami has presold more than 70 percent of the planned units, according to the survey.
The proposed 49-unit Apogee Beach tower (top right photo) – which began construction in December 2011 - in the city of Hollywood in Southeast Broward County has presold more than 61 percent of the planned units, according to the survey.
The proposed 369-unit Sky Palace At Mary Brickell Village (middle left photo) project in the Brickell Avenue Area of Greater Downtown Miami has presold some 51 percent of the planned units, according to the survey.
The proposed 374-unit BrickellHouse tower (middle right photo) in the Brickell Avenue Area of Greater Downtown Miami has presold some 21 percent of the planned units, according to the survey.
The proposed 70-unit Bellini At Williams Island tower (lower left photo– which began construction in December 2011 - in the city of Aventura in Northeast Miami-Dade County declined to provide presale figures, according to the survey.
An additional 14 projects with more than 3,000 units have been proposed for the South Florida area but have not yet begun presales, according to the report.
Fueled by a surge in cash buyers from overseas and prospects of Las Vegas-style casinos being permitted in South Florida, developers are proposing a combined 20 new towers in Miami-Dade, Broward, and Palm Beach counties with 10 projects in Greater Downtown Miami, four towers in Sunny Isles Beach, two towers in Miami Beach, two towers in West Palm Beach, and one tower each in Hollywood and Aventura, according to the CondoVultures.com Preconstruction Condo Projects list.
Developers are proceeding with new construction projects despite the existence of about 4,700 units that remain unsold from the last real estate boom as of Sept. 30, 2011, according to a recent CondoVultures.com report.
It is unclear how many of the proposed towers could get developed in the short term as construction financing is challenging - and expensive - to secure, industry watchers said.
To overcome the financing hurdle, most of the newly proposed projects are requiring prospective buyers to commit to deposits - to be paid in phases - of as much as 80 percent of the preconstruction contract price, industry watchers said.
During the most recent South Florida condo boom, preconstruction buyers were generally asked for deposits of about 20 percent, industry watchers said.
The most recent South Florida condo boom produced nearly 49,000 units in the seven largest coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide™ eBook series.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
LOS ANGELES, CA.– Kimberly Roberts Stepp (top right photo), managing director with Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed three multifamily property sales totaling $4.46 million within Los Angeles’ Westside submarket.
“The Westside multifamily market continues to be sought after by investors and is seeing low cap rates in the four and five percent ranges,” said Stepp. “All three of these properties were fully occupied and vacancy rates in the submarket are around 2 percent, providing further testimony that the rental market here is thriving.”
Stepp represented both sides on each of the three transactions. Following are details on the sales:
A 6-unit property located at 1243 Berkeley Street in Santa Monica just south of Wilshire was sold for $1,562,000. All the units are over 1,300 square feet and include two bedrooms and two bathrooms which offer balconies or patios.
The seller was Baumgarten Trust and the buyer was TS Property Management, LLC. The closing cap rate was 5 percent. According to Stepp, escrow closed in just 45 days and the property represented a 36 percent upside in rents.
A five-unit property located at 8351 W. Manchester Ave. in Playa del Rey (middle left photo) near the ocean was sold for $1.2 million. It includes a three-bedroom unit; two, two-bedroom units; and two, one-bedroom units. The seller was Edith Tirany and the 1031 Exchange buyer was Nikbin Investments. The closing cap rate was 5.5 percent. The transaction closed in just under 60 days.
A 6-unit property located at 1108 19th Street in Santa Monica just north of Wilshire was sold for $1.7 million. It includes a three-bedroom front house and the rest are two-bedroom units. The seller was Mizrahi Trust and the buyer was Shaffid, Inc. The closing cap rate was 4.2 percent. Stepp identified a buyer in just one day and escrow closed in 14 days.
Contact: Darcie Giacchetto, D.G. Communications, Inc., 949.278.6224
MERIDA, Mexico, Dec. 23, 2011 /PRNewswire/ -- Considering how bleak the real estate market has been in many corners of the globe, all things considered, Merida's market has performed pretty well.
There are several strong trends that are influencing the growth of the marketplace in Merida. It appears those trends will remain strong even in the face of uncertain economic news out of the EU, China and the USA.
The 10 trends supporting continued growth in the Merida real estate market:
1. Strong demand from Mexican buyers, investors and renters. The primary engine powering the growth of Merida is internal growth from around the Country of Mexico. Mexicans from Mexico City, Monterrey, Guadalajara and Veracruz - and other Mexican cities - are moving to Merida to enjoy the lifestyle, cost of living and safety.
2. Infrastructure investments. New bridges, highways, government buildings, universities, trade schools, museums, hotels, shopping centers, cultural centers, markets, electrical grid, renewable fuel resources and new neighborhoods/schools.
3. Cost of living advantages. Merida has rich, middle class and poor. There are markets that serve all groups and government programs to aid the very poor. You can shop at stores like Costco, Sears, Sam's, or Walmart. But the best buys for your produce, food and household products will be found at the local markets and flea markets.
(Mexico City downtown cathedral, middle left photo)
4. Public Safety. Despite a swiftly growing populace and the demands it puts on policing, public safety and the criminal justice system, Yucatan remains one of the lowest crime-rate states in Mexico.
5. Demand from foreign buyers, investors and renters. A strong influx from mostly Canadians, Americans and Europeans looking for a tropical lifestyle that provides a greater flexibility in cost of living, lower taxes and household expenses.
Most foreigners feel welcome by the Mexican and the Yucatecan populace. They feel safe and secure - knowing their resources go further here and they can count on top-quality health care, shopping, culture and policing.
6. Large educated workforce. Business moving to Merida can count on a large pool of educated young people to help them grow their businesses. Additionally, the local pueblos also provide a strong resource of construction and manual laborers.
7. Excellent and inexpensive health care facilities, doctors and hospitals. Dentistry, Plastic Surgery, Therapist, Cancer Specialist, Nutritionist, Veterinarians, Dermatologist and in-home health professionals all contribute to making Merida the perfect option for anyone living with a long-term health issue or anyone just wanting to know that, in case they need it, excellent and reasonably priced health care is locally available.
8. Excellent universities, trade schools, cultural arts schools and language schools provide a vast menu of institutions to provide for continuing education, higher education or alternative learning centers.
9. Tropical weather and local beach. Accessibility to great beaches, water sports, fishing, marinas, growing and enjoying year-round gardening, fruit trees and tropical flowers and plants makes for year-round comfort and many enjoyable outdoor activities.
10. Mayan culture and ruins (middle right and lower left photos), shopping, cinema, art studios, theater, restaurants, night life, casinos, cantinas, symphony orchestra, opera, fabulous Yucatecan, Italian, Cuban, French, Irish, Asian, Mexican, Seafood, chops, steaks, wine bars, boutique chocolates, specialty shops and much more.
The Christian Science Monitor's Sara Miller Llana, reported on Merida:
For more information on Merida, tourism, language schools and real estate opportunities in Yucatan click on the following links:
Mitchell Jay Keenan, CRS - Broker/Director of Mexico International Real Estate
USA Toll Free: 866 888 3025
Mexico: +52 999 920 6856
This press release was issued through eReleases(R). For more information, visit eReleases Press Release Distribution at http://www.ereleases.com/.
LOS ANGELES, CA, Dec. 22, 2011 – Colliers International, the third largest global real estate services organization, has completed a portfolio of five CVS assets totaling 52,416 square feet and $11 million in transaction values.
Tom Lagos( top right photo) Director of Retail Services Group; Shawn Bakke (lower left photo), Senior Vice President; and El Warner, Associate Vice President, all based in Colliers’ Downtown Los Angeles office, represented the Seller, a private investor out of Ohio and the Buyer, Cole Real Estate Investments of Phoenix, AZ.
“In order to maximize value for the Seller we developed a strategy of segregating the properties into separate pools so that each pool would appeal to a separate buyer class,” said Lagos.
“We successfully negotiated a favorable payoff for each of the attached loans despite the contractual yield maintenance costs and this resulted in increased proceeds for the Seller,” added Warner.
“This is a high quality acquisition for Cole as each of the five CVS stores are well located within their respective trade areas and have a history of strong sales performance,” said Brian Garrigan, Director of Acquisitions at Cole Real Estate Investments.
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Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
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