by admin | Aug 12, 2015 | Market Data
Risdon Group will meet with the city’s Development Review Committee next week to discuss plans for Risdon on 5th, which includes 22 condos and six offices in 36,000 square feet of space near the intersection of Central Avenue and Fifth Street. Halflants + Pichette Architects, which is also based in the district, will oversee design of the $5 million project.
Source: www.yourobserver.com
Risdon Group will meet with the city’s Development Review Committee next week to discuss plans for Risdon on 5th, which includes 22 condos and six offices in 36,000 square feet of space near the intersection of Central Avenue and Fifth Street. Halflants + Pichette Architects, which is also based in the district, will oversee design of the $5 million project.
by admin | Aug 10, 2015 | Market Data
Investors have poured more than $1 billion into multifamily investments along the Gulf Coast since the end of the recession, pushing prices to record levels.
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At the same time, fueled by rental gains and a dearth of new product, developers have proposed or built more than 50,000 new units from Tampa to Naples
Source: www.businessobserverfl.com
Investors have poured more than $1 billion into multifamily investments along the Gulf Coast since the end of the recession, pushing prices to record levels. At the same time, fueled by rental gains and a dearth of new product, developers have proposed or built more than 50,000 new units from Tampa to Naples
by admin | Aug 10, 2015 | Market Data
Dimmitt Automotive Group plans to open a luxury car dealership featuring Rolls-Royce and other high-end cars in downtown Sarasota later this year.
Source: www.businessobserverfl.com
More downtown Sarasota tenants arriving including Dimmitt Automotive Group which plans to open a luxury car dealership featuring Rolls-Royce and other high-end cars in downtown Sarasota later this year.
by admin | Aug 10, 2015 | Market Data
Wyndham Grand Clearwater Beach Resort on South Gulfview Avenue.
Patel, through his development company K&P Clearwater Estate LLC, signed his last needed document July 23 with Wyndham to manage both the hotel and timeshare condominium sides of the property. The overall deal includes a $110 million loan that will go toward the construction of the two towers containing 345 hotel rooms and 105 condos.
When Patel bought the land for more than $13 million an acre back in 2005, he expected to move quickly on his plans for a mixed-use property, even knocking down three existing hotels that were there. But as the hotels came down, so did the economy, and it seemed Patel’s $40 million investment would be nothing more than three empty acres.
Source: www.businessobserverfl.com
Nearly 10 years after paying $40 million for 3 acres on Clearwater Beach Dr. kiran Patel is finally moving forward with Wyndham Grand Clearwater Beach Resort. The overall deal includes a $110 million loan that will go toward the construction of the two towers containing 345 hotel rooms and 105 condos.
by admin | Aug 10, 2015 | Market Data
Consumer demand for rental apartments remained strong while the market for apartment properties stayed relatively unchanged in the latest National Multifamily Housing Council (NMHC) Quarterly Survey of Apartment Market Conditions.
The market tightness, sales volume and equity finance indexes all remained near or above the break-even level of 50, according to NMHC. However, its debt financing index declined significantly to 35 from 60. The index fell below 50 for the first time since January 2014.
“The decline in the debt financing index is significant,” said Mark Obrinsky, NMHC’s senior vice president of research and chief economist. “In large part it reflects two things: the modest rise in interest rates, and tightening initiated by Freddie Mac and Fannie Mae as they began to approach their lending volume caps. Regulator action to keep multifamily mortgage finance flowing has averted a crisis, but lending conditions remain somewhat tighter.”
That finding is supported by the Federal Reserve Bank’s latest Senior Loan Officer Opinion Survey on Bank Lending Practices, also released this week, which noted that banks are tightening their loan standards for multifamily construction and development activity.
Source: www.costar.com
Consumer demand for rental apartments remained strong while the market for apartment properties stayed relatively unchanged in the latest National Multifamily Housing Council (NMHC) Quarterly Survey of Apartment Market Conditions.
The market tightness, sales volume and equity finance indexes all remained near or above the break-even level of 50, according to NMHC. However, its debt financing index declined significantly to 35 from 60. The index fell below 50 for the first time since January 2014.
“The decline in the debt financing index is significant,” said Mark Obrinsky, NMHC’s senior vice president of research and chief economist. “In large part it reflects two things: the modest rise in interest rates, and tightening initiated by Freddie Mac and Fannie Mae as they began to approach their lending volume caps. Regulator action to keep multifamily mortgage finance flowing has averted a crisis, but lending conditions remain somewhat tighter.”
