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.”
by admin | Aug 10, 2015 | Market Data
The mixed-use project — located on more than 60,000 square feet of property — will serve as a multi-purpose focal point for the Rosemary District. According to architect and project manager Jonathan Parks, the project will include retail, office and restaurant space, as well as a 5,700-square-foot dance studio. Developers have also acquired a parcel of property across the boulevard with the intent of eventually constructing a theater space.
Source: www.yourobserver.com
Rosemary Square breaks ground. The mixed-use project — located on more than 60,000 square feet of property — will serve as a multi-purpose focal point for the Rosemary District. According to architect and project manager Jonathan Parks, the project will include retail, office and restaurant space, as well as a 5,700-square-foot dance studio. Developers have also acquired a parcel of property across the boulevard with the intent of eventually constructing a theater space.
Framework Group & Vertica Partners are developing a luxury 228 unit apartment project in the Rosemary District and look forward to continued redevelopment of the area.
by admin | Aug 10, 2015 | Market Data
“Either the market believes that there is a future with runaway inflation/appreciation which will drive a higher overall yield on exit, or there is just too much money chasing too few deals. If it’s the latter, and the market cannot support real appreciation through sustainable rent growth, then a yield reset will occur following monetary policy changes, which are expected by most market analysts in the coming six to nine months.”
Source: www.globest.com
Either the market believes that there is a future with runaway inflation/appreciation which will drive a higher overall yield on exit, or there is just too much money chasing too few deals. If it’s the latter, and the market cannot support real appreciation through sustainable rent growth, then a yield reset will occur following monetary policy changes, which are expected by most market analysts in the coming six to nine months.
by admin | Aug 6, 2015 | Market Data
Source: saintpetersburgtimes.fl.newsmemory.com
Home flipping is still a very risky investment, particularly for the novice and uninitiated. You have to be very thorough with the ability to close quickly with all-cash in order to have any shot of even acquiring the home, often times with little or no due diligence. It’s very easy to lose your entire investment on your first flip.
Vertica Partners has purchased and renovated nearly 1,000 homes throughout Florida over the past few years and sees first time investors fail significantly more than they succeed.
by admin | Aug 6, 2015 | Market Data
A condo converter that bought up five Bradenton-area apartment buildings in the early 2000s has sold off the last block of units it owned at the 272-unit Sanctuary of Bradenton complex for over $9 million.
Source: www.bradenton.com
Vertica Partners has been awarded the assignment of exclusively representing the new owner in the purchase of all individually owned units in the community through Vertica’s Condo Buy-Back program.
Vertica currently works in dozens of communities throughout Florida with all of the top bulk condo ownership groups to help them acquire additional units through direct marketing, foreclosure sales, tax deed sales, MLS listings and note sales. This is the most comprehensive program of its kind and no one has completed more fractured condo sales in Florida since 2010 than the Vertica team.
