RealtyTrac Reports U.S. Median Home Price in October Increases to Highest Level Since September 2008 but still 19 Percent Below Peak

Darren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its October 2014 Residential & Foreclosure Sales Report, which shows the median sales price of U.S. single family homes and condos in October was $193,000, up 2 percent from the previous month and up 16 percent from a year ago to the highest level since September 2008 — a 73-month high.

“This U.S. recovery is largely being driven by investors, and as the lower-priced, often distressed inventory most appealing to investors dries up in a given market, investor activity will slow down in that market and move to other markets with more ideal inventory available,” said Daren Blomquist, vice president at RealtyTrac.

“This has created a ripple-effect recovery moving out from traditional investor hot spots such as Phoenix, Atlanta and many California markets and into markets such as Charlotte, Columbus, Ohio, Dallas and Oklahoma City.”

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

Jennifer von Pohlmann

949.502.8300949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Berger Commercial Realty Broker Closes Sale of Downtown Fort Lauderdale, FL Office Property

Keith Graves

FORT LAUDERDALE, FL - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced a new sale transaction.

 Berger Commercial Realty broker Keith Graves represented REKN Investments Corp. in selling a 5,627-square-foot office property, known as the Legal Center, for $706,000 to Velocity Properties, LLC. Velocity was represented by David Burgess of Meridain Realty Management.

Located at 888 S.E. 3rd Ave. in Fort Lauderdale, the building is within walking distance to the courthouse and ideal for law firms. Velocity will use the property for its corporate offices.

                                                             

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

Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

954-776-1999, ext. 226

Marcus & Millichap Arranges Sale of Eusonian Apartments in Tampa, FL for $1.2 Million

Eusonian Apartments, 610 West Horatio Street, Tampa, FL

Cameron Barbas

TAMPA, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Eusonian Apartments, a 14-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,200,000.

Cameron Barbas, associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

The Eusonian Apartments were built in 1974 and are located at 610 West Horatio Street in Tampa, Florida.  The property is situated on approximately 0.24 acres of land and consists of five studios with 336 rentable square feet and nine, one-bedroom/one-bathroom units with a range of 336 to 547 rentable square feet. 

Michael P. Regan

Since 2011, approximately $209,000 of capital improvements have been made to the property.

“This property closed at full list price within 69 days of the initial day of marketing for this Hyde Park asset, and we received multiple offers from both local and out-of-area investors,” says Barbas. 

“The Eusonian Apartments sold at $234 per square foot, due to the pristine interior and exterior upgrades the seller had made to the property. These upgrades allowed current rents to reach nearly $2.50 per square foot for the studio and one-bedroom units.”

“This sale represents the highest price per square foot transaction for a small apartment in the Hyde Park sub-market since the downturn,” concludes Barbas.

                                                            

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700