Sunday, March 2, 2014

Institutional Investor Share of U.S. Residential Sales in January Drops to Lowest Level Since March 2012

Daren Blomquist
IRVINE, CA — RealtyTrac® (, the nation’s leading source for comprehensive housing data, released its January 2014 Residential & Foreclosure Sales Report, which shows that institutional investors — defined as entities purchasing at least 10 properties in a calendar year — accounted for 5.2 percent of all U.S. residential property sales in January, down from 7.9 percent in December and down from 8.2 percent in January 2013.

The January share of institutional investor purchases represented the lowest monthly level since March 2012 — a 22-month low.

Metro areas with big drops in institutional investor share from a year ago included Cape Coral-Fort Myers Fla. (down 70 percent), Memphis, Tenn., (down 64 percent), Tucson, Ariz., (down 59 percent), Tampa, Fla., (down 48 percent), and Jacksonville, Fla., (down 21 percent).

Michael Mahon
Counter to the national trend, 23 of the 101 metros analyzed in the report posted year-over-year gains in institutional investor share, including Atlanta (up 9 percent), Austin, Texas, (up 162 percent), Denver (up 21 percent), Cincinnati (up 83 percent), Dallas (up 30 percent), and Raleigh, N.C. (up 15 percent).

The report also shows that short sales and foreclosure-related sales — including both sales to third party buyers at the public foreclosure auction and sales of bank-owned properties — accounted for a combined 17.5 percent of all U.S. residential sales in January 2014, up from 14.9 percent of all sales in December but down from 18.7 percent a year ago.

“Many have anticipated that the large institutional investors backed by private equity would start winding down their purchases of homes to rent, and the January sales numbers provide early evidence this is happening,” said Daren Blomquist.

 “It’s unlikely that this pullback in purchasing is weather-related given that there were increases in the institutional investor share of purchases in colder-weather markets such as Denver and Cincinnati, even while many warmer-weather markets in Florida and Arizona saw substantial decreases in the share of institutional investors from a year ago.”

Sheldon Detrick
"We have seen the big hedge fund investors entering into particularly the Columbus and Cincinnati markets, trying to buy up portfolios of distressed properties and then turning those properties into rentals, and I think that’s contributing to the lower levels of inventory available on the market.” said Michael Mahon, Executive Vice President at HER Realtors, covering the Columbus, Cincinnati and Dayton markets in Ohio.

“We’ve also seen a dramatic decrease in short sales because of the expiration of the Mortgage Forgiveness Debt Relief Act, which provided short sellers protection from being taxed on debt forgiven through a short sale.”

“Buyers are starting to emerge again, and we are seeing multiple offers on REO properties due to low levels of available homes on the market,” said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty covering the Oklahoma City and Tulsa, Okla., markets.  “Increased demand of properties and reduced supply of housing inventory result in price escalation, which explains the continued increase in home prices throughout the market.”

Chad Ochsner
“The Denver metro area did not experience the typical winter slowdown that many markets across the country experienced and we continue to be very busy,” said Chad Ochsner, owner of RE/MAX Alliance covering the Denver, Colo., market.  “Our January year-over-year sales counts are up about 7 percent, which is really encouraging.  I think it has a lot to do with improved consumer confidence and low interest rates.”

“The Salt Lake Valley market is showing a 5 percent decrease in the number of residential properties sold compared to last year, but the market is still in line with projected home price increases of 5 to 7 percent,” said Steve Roney, CEO of Prudential Utah Real Estate covering the Salt Lake City and Park City, Utah markets.  “Housing inventories remain low, but are gradually growing as underwater homeowners regain equity positions in their homes.”

“The Park City resort market tells a different story with a slight increase in the number of properties sold and a slight decrease in median sales prices.  Park City housing inventory is at a historic low with significant demand for entry-level housing and ultra-high-end resort properties,” he added.

For  a complete copy of the company’s news release, please contact:
Jennifer von Pohlmann
PR Manager
Office: 949.502.8300 ext 139

US CMBS Delinquency Rate Plunges in February Due to Increase in Loan Liquidations

 NEW YORK, NY Trepp, LLC, the leading provider of information, analytics, and technology to the CMBS, commercial real estate, and banking markets, released its February 2014 US CMBS Delinquency Report (available at

Manus Clancy
Trepp has anticipated continued improvement in the US CMBS delinquency rate, as February marks the ninth straight month in which the rate has fallen. 

The rate is now 6.78%, a 47-basis-point drop month-over-month. The last time the delinquency rate for US commercial real estate loans in CMBS was below 7% was February of 2010.

Since October 2013 when it was announced that CWCapital would be selling a large number of non-performing assets, Trepp has been tracking both the completed and impending sales. 

With over $3 billion in distressed assets out for bid, Trepp estimated a 50-basis-point decrease in the delinquency rate as a result of removing those loans from the delinquent category. A big chunk of the assets were resolved in time for the February remittance cycle, which explains the increase in loan liquidations this month. 

Joe McBride
The total number of loans resolved with losses in February was more than twice the amount posted in January.

“The long-awaited resolution of the CWCapital distressed asset portfolio helped push delinquencies to multi-year lows,” said Manus Clancy, Senior Managing Director at Trepp.

 “Beyond that, the removed uncertainty and decent results gave investors greater confidence to reach for yield in February. The outcome was a big rally of legacy mezzanine paper over the last 28 days."  

New delinquencies totaled $1.4 billion in February, down from $1.8 billion in January. In addition, all of the five major property types saw their delinquency rates improve over the course of the month. While retail loans remain the best performing property type, the industrial delinquency rate fell by more than 1%. 

For  a complete copy of the company’s news release, please contact:
Joe McBride, Research Analyst
Trepp LLC

Eric Gerard, Lindsay Church
Great Ink Communications

Developers Propose 2 New Boutique Condo Projects For Miami Beach Market

MacArthur Causeway, Miami - Miami Beach, FL

MIAMI, FL -- As the South Florida housing market rebounds from the real estate crash of 2007, a pair of unrelated developers are proposing two new condo projects for the barrier island city of Miami Beach, according to a new report from

Peter Zalewski
The first of the newly proposed unnamed towers is slated to feature 60 units on a waterfront site on the MacArthur Causeway just west of the South Of Fifth neighborhood of Miami Beach,  while the second unnamed project is to feature 60 condo-hotel units as part of a second phase of a new hotel in South Beach, according to city of Miami Beach records.

With the newest announced projects, developers are now proposing at least 23 new buildings with nearly 1,300 condo units in the Miami Beach market that stretches from South Pointe Drive north to 87th Street, and the Atlantic Ocean west to Biscayne Bay as of February 26, 2014, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Overall in South Florida, at least 195 new condo towers with nearly 26,150 units are proposed, planned, under construction, or recently completed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach as of February 26, 2014, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

(It is worth noting, real estate expert Peter Zalewski - founder of in conjunction with the Miami Association Of Realtors - narrates weekly Official Preconstruction Condo Project Tours by bus and boat of South Florida's hottest coastal market, including Greater Downtown Miami and Miami Beach during the winter tourism season.)

For  a complete copy of the company’s news release, please contact:
Condo Vultures® LLC
425 NE 22nd Street,
Suite 409,
Downtown Miami, Florida, 33137.

Regency Centers Announces Acquisition of Shops at Mira Vista in Austin, TX

Shops at Mira Vista, Austin, TX

AUSTIN, TX--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored community shopping centers, has announced the acquisition of the Shops at Mira Vista in Austin, TX.

Stuart Brackenridge
The Shops at Mira Vista is a 68,340 square foot neighborhood shopping center, offering a diverse mix of upscale retailers and restaurants.

The center is anchored by Trader Joe’s - the specialty grocery chain’s first location in the Austin market - as well as other notable tenants, including Panera Bread Company, Nothing Bundt Cakes and Champions Cheer and Dance.

 “The acquisition of the Shops at Mira Vista fits perfectly with our strategy to invest in class A centers located in high-barrier markets,” said Stuart Brackenridge, Vice President, Transactions.

“Austin is a booming economic market and this center is strategically placed to serve the thriving community that surrounds it. Currently, the center is 98% leased with strong interest in the last remaining vacancy.”

The Shops at Mira Vista is located at the southwest corner of Bee Cave Road and Edgegrove Drive, easily accessible to the affluent Rollingwood and Westlake Hills neighborhoods. The property is approximately three miles southwest of the Austin Central Business District, and benefits from a sizable daytime population of more than 180,000.

This transaction continues Regency’s expansion in Texas, which includes recent investments in the Houston and Dallas markets. This will be Regency’s fifth center in the Austin area.

For leasing or more information about the Shops at Mira Vista or other Regency properties in the Austin market, contact leasing agent Erik Tompkins at 713-599-3503 or

For  a complete copy of the company’s news release, please contact:  

COHN Marketing
Lauren Simpson, 303-839-1415, ext. 43
Regency Centers Corporation
Stuart Brackenridge, 214-706-2506
Vice President, Transactions

NAI Realvest negotiates Renewal/Expansion lease for Architectural firm doubling space at Winter Park Commerce Center in Winter Park, FL

Michael Heidrich

 WINTER PARK, FL --- NAI Realvest recently negotiated a renewal and expansion lease agreement totaling 4,000 square feet of office space doubling occupancy of a major architectural firm in Winter Park Commerce Center.

Michael Heidrich, a principal at NAI Realvest, negotiated the transaction representing the landlord, WFI, LLP of Winter Park.  

 The tenant, Architectural Design Collaborative, Inc. of Coral Gables renewed its lease for 2,000 square feet at 945 N. Pennsylvania Ave. and expanded into unit 947 N. Pennsylvania Ave. with another 2,000 square feet.

Jeff Streep of Jones Lang LaSalle represented the tenant.

For  a complete copy of the company’s news release, please contact:  

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

DiVosta Homes starts construction of two new model homes at Cove at Waterway Village in Vero Beach, FL with six new floor plans

Cove at Waterway Village, Vero  Beach, FL

Vero Beach, FL--- DiVosta Homes has started construction of two new model homes and introduced six new floor plans at Cove at Waterway Village, an intimate community of 80 exceptional homes located on Kings Highway and 53rd St. in Vero Beach.

Scott Mairn, vice president of sales and marketing for DiVosta Homes in the south Florida region, said both new models in DiVosta’s newest Vero Beach community will open by mid-summer.

Scott Mairn
The Martin Ray model at Cove at Waterway Village is priced from $233,990 with 1,968 square feet of living space, two bedrooms and two baths and a two-care garage.  The Martin Ray features a flex room and an optional upstairs loft.

The Pinnacle model offers three bedrooms and three baths in 2,488 square feet and also includes a flex room and an optional upstairs loft, all priced from $264,990 with garage space for two cars and a golf cart.

Among the amenities at Cove at Waterway Village are a community swimming pool and cabana and a bocce ball court.

For  a complete copy of the company’s news release, please contact:  

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

NAI Realvest closes on $4.2 Million Acquisition of former golf course for apartment development in Clearwater, FL

Christie Alexander

 ORLANDO, FL – NAI Realvest recently closed on the purchase of the former Countryside Executive Golf Course located at 2506 Countryside Blvd. in Clearwater.

 NAI Realvest chairman George Livingston, principal Christie Alexander, associate Paul Vera, and broker associate Drew Saphos CCIM represented the buyer, Clearwater-based 25 Countryside West, LLC, formed by MAS Apartment Corporation, who paid $4,200,000 for the 44.24 acres. The buyer is starting the development process.

 Executive Corporation of Clearwater, Inc. is the seller, represented by Cushman & Wakefield of Florida.  

For  a complete copy of the company’s news release, please contact:  

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Hold-Thyssen negotiates new lease with E-Cig Depot at Enterprise Plaza in Orange City, FL

Darby Hold

WINTER PARK, FL--- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated a three-year retail lease agreement at Enterprise Plaza, 2499 Enterprise Rd. in Orange City.

 Darby Hold, lease consultant for Hold-Thyssen, negotiated the transaction on behalf of the Landlord, Florida Premier Group, Inc., based in Rochester, Mich.

 The E-Cig Depot, Inc. leased Suite K with 1,054 square feet at the shopping center and joins existing tenants Sherwin Williams, Beauty Alliance and Arby’s.   The tenant was not represented in the transaction.

 Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

For  a complete copy of the company’s news release, please contact:  

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

2013 Real Estate Report for East Volusia, FL: Sales of Luxury Homes up more than 60 percent

Debbie Keilin
ORLANDO, FL and PORT ORANGE, FL--- Sales of luxury homes in the East Volusia region---including Daytona Beach, New Smyrna Beach, and Spruce Creek Fly-In in Port Orange---saw robust growth in 2013, up more than 60 percent over 2012 sales according to a recent Real Estate Report published by Stirling Sotheby’s International Realty in Orlando.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said associates Debbie Keilin, Rachel McGrath and Maureen Reynolds of the firm’s East Volusia offices at Spruce Creek Fly-In compiled the survey of closed real estate sales.

Soderstrom said one reason for the increased sales of luxury homes is that listings of homes for sale increased by almost a quarter in 2013.

“The market is coming back,” Soderstrom said. “As home owners see other homes selling in their price range, they are more inclined to list their homes for sale,” Soderstrom said.

Sales of homes priced from $500,000 to $1 million grew by almost half in 2013, Soderstrom said, from 137 homes sold in 2012 to 202 luxury homes.

Rachel McGrath
Only five sales priced from $1 million to $1.5 million closed in 2012. Last year sales in that category totaled 22 homes. In the $1.5 million plus category, sales grew from 4 in 2012 to 11 in 2013.

“Sales of luxury homes in east Volusia County say more about the national economic recovery than the local economy,” Soderstrom explained.

“This region is known throughout the world for its beaches and its lifestyle, and many buyers come from outside the east Volusia area to live here,” he said.

Soderstrom said waterfront properties tend to sell for the highest prices and they don’t often stay on the market very long.

“Luxury waterfront properties are always at a premium but we have seen substantial growth in luxury property sales that are not on the water as well,” Soderstrom said.

Maureen Reynolds
Stirling Sotheby’s International Realty is affiliated with Sotheby’s International Realty, the largest luxury real estate brand in the world with over 680 offices in 49 countries and territories. 

Stirling Sotheby’s exclusive global marketing services include luxury residential, new homes, new home communities, commercial and investment properties.

 In addition the company provides support to builders and developers locally and internationally.  Visit

For  a complete copy of the company’s news release, please contact:   

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-333-1900 
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142