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Monthly ArchiveSeptember 2017

40 Under 40: Heaton Dainard co-founder James Dainard enjoys residential real estate's healthy competition (Video)

Dainard channeled his competitiveness during the company’s first few years as it weathered the Great Recession.

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Patti Payne's Cool Pads: Waterfront estate featured on HGTV's 'Million Dollar Rooms' listed for $2.85 million

A French Mediterranean waterfront mansion featured on HGTV’s Million Dollar Rooms is listed for $2.85 million, down from an earlier asking prices of $6 million.

Randi Brazen with Brazen Sotheby’s International Realty in Bellevue has the Olympia listing.

“It’s right on the point with 500 feet of sandy beach waterfront,” she says. “This is probably the most prestigious property in the whole Olympia area.”

The 1906-built house comes fully furnished. Brazen says the chandeliers from Czechoslovakia…

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Duke Realty scoops up industrial project in Fort Lauderdale

CEO of Duke Realty, James B. Connor, and rendering of Bridge Point I-95 (Credit: CBRE, Duke Realty)

Indianapolis-based commercial real estate firm Duke Realty just paid $54.8 million for Bridge Point I-95, a 17.5-acre industrial project in Fort Lauderdale, property records show.

The 306,500-square-foot complex at 2200 West Sunrise Boulevard traded for about $179 per square foot. The recently built development consists of two warehouse buildings spanning about 150,000 square feet each.

Records show Chicago-based Bridge Development Partners is the seller. The firm bought the spec warehouse development site in 2015 for $12.45 million, records show.

The property was the former site of a concrete pipe manufacturing plant. It’s located adjacent to I-95 between West Sunrise Boulevard.

Bridge Development is in the midst of building a separate new distribution facility in Fort Lauderdale, called Bridge Point Riverbend. Just this week it scored a $16.6 million construction loan for a site it bought from developer Dev Motwani in July.

Duke Realty has been active in South Florida. The company notably sold the a 465,592-square-foot office park in Plantation, called Royal Palm Office Park, in 2014 for $128 million. In April it invested $79.97 million in three new warehouses in Hialeah Gardens.


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Fort Lauderdale condo inventory, sales up: ISG report

Fort Lauderdale (Credit: Wikimedia Commons)

Most new condo projects in east Fort Lauderdale have made sales progress over the last year, a newly released report shows.

Developers have sold nearly 800 units or 57 percent of the inventory of new development condos in Fort Lauderdale so far this cycle, according to RelatedISG’s Fall 2017 Miami Report | Fort Lauderdale Edition. The company surveys the sales centers and sales teams of each project in east Fort Lauderdale.

Of 1,410 units in Fort Lauderdale, 611 remain on the market. The inventory has nearly doubled since ISG released its last report a year ago thanks to projects like the Ocean Resort Residences at the Conrad coming back online, an increase in units at the Four Seasons Private Residences, and the addition of 100 Las Olas, a 120-unit luxury condo project. The Residences at the W Fort Lauderdale was also added to the list.

In September 2016, 59 percent of the 781 units on the market had been sold. Since then, developers and their sales teams boosted sales at projects like Auberge Beach Residences & Spa in Fort Lauderdale, the Gale Residences Fort Lauderdale Beach and Adagio Fort Lauderdale Beach, according to the report.

At Auberge, which the Related Group, Fortune International Group and The Fairwinds Group plan to deliver early next year, sales increased year-over-year from 87 percent to 95 percent in the north tower and from 28 percent in the south tower to 53 percent. The Gale, a 129-unit development under construction at 401 Bayshore Drive, announced earlier this year that it sold out.

Projects that are new to the list reported the following sales figures:

  • The Residences at W Fort Lauderdale: 52 percent sold of 171 units
  • The Ocean Resort Residences at Conrad: 40 percent sold of 290 units
  • 100 Las Olas: 13 percent sold of 120 units

Fort Lauderdale is faring slightly better than Miami, according to ISG principal Craig Studnicky.

Projects that are under construction, like Jade Signature, Muse Residences and Residences by Armani/Casa in Sunny Isles Beach, are discounting their remaining inventory, he said.

In Sunny Isles, developers sold 146 units more by August as compared to April, according to ISG data. Less than 400 units are available for sale in Sunny Isles of more than 2,100 units planned, under construction or completed this cycle. Developers have sold 1,720 units in the Sunny Isles market since the beginning of the cycle.

Discounts range from 10 percent to a whopping 30 percent to attract Latin Americans who have stayed away from South Florida because of the dollar’s strength.

“It’s been a solid two years since we’ve seen robust sales from South America,” Studnicky said. “The South American buyer will return.”


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S&P 500, Nasdaq and Russell end third quarter with record highs (and this real estate stock was up big)

Wall Street closed the books on the third quarter with the S&P 500, Nasdaq and Russell 2000 all posting record highs.

The S&P was up 9.3 points ending at 2,519.36.

The Nasdaq gained 42 points and the Dow Jones Industrial Average was up 23.89 points ending at 22,405.09, according to Google Finance.

The Dow and other indexes were up for the quarter. It is the eighth straight quarter for gains for the Dow, according to CNBC.

Some of the key drivers of the Dow and Nasdaq — such as Boeing (NYSE:…

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Victory is ours — say both sides in the war surrounding Privé at Island Estates

Prive at Island Estates

A judge granted partial ownership of the marina at Privé at Island Estates in Aventura to nearby homeowners, amid the tumultuous, years-long war pitting neighborhood residents against the developer of the condo project.

Yet both sides declared victory in the ruling issued this week by Miami-Dade Circuit Judge William Thomas.

The judge gave developers Gary Cohen and BH3’s Greg Freedman, Dan Lebensohn and Charles Phelan development access rights to its two-tower, 160-unit project under construction on an 8-acre island at 5000 Island Estates Drive.

In a 26-page opinion, Judge Thomas ruled as invalid the developer’s previous access easement agreement which gave unlimited access over the South Island Homeowners Association’s common areas to get to and from the Privé project on the North Island. In the ruling, the judge said the developer “acted for its own self-interested concerns without any regard for the proper operation, maintenance, general health, welfare and/or safety of the South Island.”

The future owners of the Privé condos will have only a common law implied “easement of necessity” according to the ruling. That means they can use the road to get to and from their project, said Susan Raffanello, partner at Coffey Burlington, who represents the homeowners.

“That is a far cry from the unlimited and unfettered access to future Privé residents over the South Island that existed under either of the two agreements that were declared void,” she said.

Yet according to Lebensohn, “We have absolute right to traverse the South Island through our easement as further affirmed by the judge, and it is without restriction…. It is unfettered. The only fettered access is in plaintiff counsel’s mind.”

The developer was also ordered to convey title to the marina  including 18 marina slips owned by the homeowners and submerged land — to the association for the South Island homeowners, as well all the common areas within six tracts of land which include bridges, road, traffic circle and other areas on the plat that the developer had wrongfully failed to convey in 2013, according to Rafanello.

But the developer maintains its ownership of more than 30 unsold boat slips, Lebensohn said.

“The court entered judgment in the association’s favor on each of the associations’ counts, which included invalidating two prior easement agreements, and forced the developer to convey common areas to the association that were wrongfully and maliciously withheld by the developer for years,” Raffanello said.

Privé Developers LLC’s principals said in a joint statement that they were “grateful” that the court acknowledged their “long-standing rights.” They say the project will be delivered in late November.

A spokesperson for the homeowners’ association said in a statement that “while the association is pleased with the verdict, it may seek further relief, in addition to the removal of the buildings, if necessary.”

In June, Judge Thomas ruled that the statute of limitations had long expired for the Island Estates Homeowners Association and the Williams Island Property Owners Association to challenge a vested rights determination agreement.

The legal wranglings have dragged on for years. Homeowner associations first sued the developers in 2013 in an attempt to stop construction of the Privé condo development on the basis Cohen had agreed in the late 1990s to only build single-family homes on the project site, which is on an isle north of Williams Island.

In a separate lawsuit, filed by neighborhood resident Dara Clarke against the developer, attorney Matt Leto of Hall Lamb Hall & Leto just secured a court order rejecting the city and developer’s motion to dismiss and paving the way for a trial set to begin in March, according to a spokesperson for Leto. Clarke had sued both entities alleging various violations, including defamation and excessive use of force.

In January, New York-based Maxim Capital and Austin-based Prophet Capital Asset Management provided $102 million in financing to the developers, adding to a previous $25 million loan from Maxim.

Privé topped off in November at 16 stories and is almost 75 percent sold with more than $350 million under contract, according to Lebensohn.


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Is Oakland's tech sector growing at a slower pace due to the housing crunch?

A new report suggests the tech boom in Oakland might be limited by the lack of available housing.

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Why new legislation probably won't fix California's housing crisis

This was supposed to be the year state legislators addressed a lack of housing in California. To some extent, they did.

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National Cheat Sheet: How the GOP’s tax plan could benefit developers, home prices rise as sales slow down & more

Clockwise from left: Secretary of the Treasury Steve Mnuchin, One Manhattan West and Civic Towers in Miami

From TRD New York: Condo developers could benefit bigly from GOP tax reform

A new tax plan proposed by secretary of the treasury Steve Mnuchin and GOP lawmakers might be a boon to Manhattan’s luxury condo developers. It calls for lowering the maximum rate paid by businesses, including many LLCs, which are taxed under the personal income rate, to 25 percent from 39.6 percent, among other alterations. While Manhattan condo developers pay the top 39.6-percent rate on apartment-sale profits, rental developers usually pay the 20-percent capital gains rate (which would not be reduced in the new tax plan). Such a huge decrease in the top income tax rate for LLCs would suddenly make condo development a lot more appealing in relation to rental development. [TRD]

New law bans salary questions, likely putting broker poaching on ice

Better think twice before trying to lure a top broker to change firms. Starting Oct. 31, employers in New York and a few other states will be barred from asking about a job candidate’s current pay, dealing a blow to poaching efforts. The goal is to protect women and minorities from wage discrimination, which often involves setting new salaries based on prior ones, rather than what a candidate may be worth. But this provision is seen by some experts as hurting the efforts of commercial real estate firms to approach brokers with offers to raise their salaries. Candidates can still say how much they make, but they can not be asked during negotiations. [TRD]

Home prices rise in U.S. even as sales slow down

Residential prices nationwide were up in July despite a drop in sales over the summer. According to the Standard & Poor’s CoreLogic Case-Shiller national home price index, there was an increase of 5.9 percent in July from the prior year, reported USA Today, just ahead of the 5.8 increase in June. Fewer homes on the market and growing demand prompted bidding wars, which drove up prices. Seattle, Portland, Oregon and Las Vegas saw the largest increases in July with Seattle rising 13.5 percent year over year. Overall, U.S. housing starts dropped for the fourth time in five months, according to Commerce Department data, revealing that multifamily construction is slowing. [TRD]

MAJOR MARKET HIGHLIGHTS

Luxury condo conversion of drug rehab center in NYC’s Upper West Side priced for $61 million sellout

Developers transforming a former drug rehab center into 14 luxury condos hope for a sellout of $61 million, according to an offering plan filed with the New York state Attorney General’s office last week. Greystone Development is spearheading the 33,000-square-foot project at 164 West 74th Street, formerly Phoenix House, where apartments will average about $4.3 million each. Greystone and partner Prime Rok Real Estate bought the seven-story Beaux Arts property in 2016 for $27 million. [TRD]

Owner of hurricane-damaged apartment complex in trouble with city of Miami

The landlord of a federally subsidized apartment complex where 80 tenants were forced to evacuate just before Hurricane Irma struck is in legal trouble with the city of Miami. A Sept. 15 inspection found Civic Towers unsafe for habitation due to mold and water intrusion from the hurricane, and the city is accusing owner Redwood Housing Partners of Burlingame, California of preventing residents from accessing their belongings, according to a Sept. 20 emergency motion in Miami-Dade Circuit Court. Tenants camped out in cars and in the street surrounding the two towers for nine days before being relocated to hotel rooms. [TRD]

Beverly Hills lot can be yours for $250M — but bring your developer

What can $250 million buy in Beverly Hills? About 97 acres of undeveloped land in the famed 90210 zip code, according to Curbed. The property is made up of 12 adjoining parcels and listing information for 9560 Cedarbrook Drive suggests buyers could build a 75,000-square-foot mansion or a gated community. The asking amount would beat the $200 million price tag on the famed Spelling mansion in Holmby Hills. Branden Williams, Jesse Lally and Michelle Saniei  of Hilton & Hyland have the listing. [Curbed]

How to lure shoppers to a mall, Los Angeles style

This may be the ultimate place to shop ’til you drop. At the newly renovated Westfield Century City mall in Los Angeles, which is opening next week, shoppers can visit a cryotherapy clinic, enjoy VIP treatment and pay for parking with their phones. The lavish features are part of a two-year redevelopment to encourage people to shop at the mall instead of online. Look for an outpost of Mario Batali’s Eataly, Amazon Books, San Diego’s Crack Shack and Equinox, Next Health cryotherapy clinic and Gloveworx boxing studio. But the most L.A.-like enticements are likely the luxury VIP lounges, which offer private fittings, gourmet food deliveries and access to secret elevators that lead to every shop and restaurant in the mall. [TRD]

Chicago alone among global cities sees its housing undervalued

Chicago housing values are undervalued, making it the only one out of 20 global cities with that distinction, according to a study reported by Crain’s. Home values in the area are still 30 percent below their 2006 peak, according to the Global Real Estate Bubble Index for 2017, published by UBS Wealth Management’s chief investment office, which blamed sluggish employment and lackluster economic and income growth. UBS expected price growth to continue to lag in future quarters. In comparison, three-quarters of cities in the UBS study are overvalued, with San Francisco the most overvalued city in the U.S. Housing in Boston and New York is deemed at fair value, the report said. [Crain’s]

 


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9Neighborhoods: This Colorado town is named after a castle on a hill (Photos)

On the very southern edge of metro Denver sits the community of Castle Rock — named after the castle-like rock formation perched on the mesa next to the town.

The city is surrounded by both prairie grassland, rolling hills and forestland, giving it the perfect setting for its more than 50 miles of trails, 19 developed parks and 5,400 acres of open space.

Those looking to get up close to the unique castle formation can take the Castle Rock Trail at Rock Park – a 1.4 mile loop.

It’ll take…

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