With condos ranging from $345,000 to $1.4 million, nearly half of the units are presold.
Source: www.bizjournals.com
Already having a lively downtown scene with great restaurants, bars, restaurants and arts, there is a new wave of condominium construction happening in downtown St. Petersburg. Downtown Tampa currently lags with new condo construction opportunities as there are nearly 1,000 units left over from the great recession.
Sarasota tops for Boomers apartment living
Source: m.cltampa.com
Sarasota is considered one of the top markets for Baby Boomers to rent in the United States. Downtown Sarasota is the epicenter for this growth and demand with multiple luxury rental projects in the development pipeline, including the 228 unit project in the Rosemary District by a joint venture between Framework Group and Vertica Partners.
With the housing market in its fourth year of recovery, construction of single-family homes and multifamily rentals is rebounding.
Not so for condo construction, which has been slammed by tough rules on condo mortgages enacted after the housing bust as well as stronger demand among young people for rentals and tight lending conditions for builders.
In the first quarter, condo construction accounted for just 5.5% of all construction of multifamily housing in the U.S. That was the lowest ratio since the Commerce Department started tracking the figures in 1974, and far below the 24% average.
Source: www.wsj.com
Condo construction has been slow to recover in most markets due to tough rules on condo mortgages enacted after the housing bust as well as stronger demand among young people for rentals and tight lending conditions for builders.
In 1Q 2015 condo construction accounted for just 5.5% of all construction of multifamily housing in the U.S., the lowest ratio since the Commerce Department started tracking the figures in 1974, and far below the 24% average.
Source: sarasotaheraldtribune.fl.newsmemory.com
Downtown Sarasota’s retail and restaurant scene is thriving and will continue to see improvement with the addition of several new condominium and rental projects currently under development. A joint venture between Framework Group and Vertica Partners is developing 228 rental units in the up and coming Rosemary District along Fruitville Road.
The infamous Trump site could be home to a massive mixed-use tower that would redefine Tampa’s skyline.
Source: www.bizjournals.com
Another great addition to Tampa’s Riverwalk.