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Yearly Archive2018

Developer commissions 'Wynwood style' murals at Miami condo (Photos)

More than twenty artists from around the world are currently painting large contemporary “Wynwood style” murals in the halls of the Canvas condo tower in downtown Miami, developed by NR Investments. 

Daniel “Krave” Fila was commissioned by the developer to organize a group of artists and curate the project. Once finished, the project will include about 200 original works of art, with 56 large-scale murals on 27 residential floors, plus original prints, photographs and additional framed paintings…

Source: http://feeds.bizjournals.com/industry_21

Dream Homes: Medina lodge home with pool and indoor basketball court listed for $5.5 million

A lodge-style home inspired by Colorado could be yours for $5.5 million. 

The 14,208-square-foot house with stone and natural woodwork sits on more than 16 acres at 3400 Leawood Drive in Medina. It has five bedrooms, eight bathrooms, five fireplaces, an indoor basketball court, a game room and a hot tub. It also has a library, formal dining room and media room. 

The next owner of this home also gets plenty of other features, including a screen porch, a cabana, a pool and an attached eight-car…

Source: http://feeds.bizjournals.com/industry_21

U.S. mortgage rates climb to 2018 high mark

U.S. mortgage rates jumped this week to their highest level of the year, according to Freddie Mac.

The 30-year fixed mortgage averaged 4.47 percent for the week ending April 19, up from 4.42 percent the previous week. A year ago, mortgage rates stood at 3.97 percent.

Favorable mortgage rates have helped propel U.S. home sales and the refinance market.

“Treasury yields rose ahead of the release of the Fed’s Beige Book and speeches from New York Fed President William Dudley and Fed Governor…

Source: http://feeds.bizjournals.com/industry_21

East Side mini-home community receives zoning approval

On Thursday, City Council gave final zoning approval to Rising Barn’s visionary Porter Street Greens development, a planned mini-home community consisting of five houses which would all measure less than 1,000 square feet with price tags less than $150,000.

Source: http://feeds.bizjournals.com/industry_21

Wellness is the newest luxury amenity

Home buying is often an emotional decision, and now it’s increasingly becoming a mindful one.

From TRD NYC: Developers are tapping into the market for wellness real estate by including amenities like open-air yoga studios, medicinal gardens with calming herbs and meditation courtyards, the Wall Street Journal reported.

“Mindfulness is paying attention; it’s being present in the moment. When you build and design a house, you can design it in a way to cultivate mindfulness,” said yoga teacher Jeny Mathis, who created a yoga studio in her Chattahoochee, Georgia, home.

Wealthy homebuyers are demanding eco-sensitive abodes that are built with natural products, as well as interior design elements meant to promote mental clarity.

“It’s not just about physical health, people are also thinking of how our space affects us emotionally,” said Global Wellness Institute senior researcher Katherine Johnston, who spearheaded a study that examined the way that the wellness industry has expanded into the real-estate market.

In New York City, wellness developer Delos Living in 2014 developed a six-unit condominium building in Greenwich Village at 66 East 11th Street that included 50 wellness elements, including vitamin C-infused showers. [WSJ] – Rich Bockmann


Source: http://feeds.feedburner.com/trdmiami

Airbnb guest arrivals surged during Major League Baseball’s spring training season

Chicago Cubs third baseman Kris Bryant signs autographs before a spring baseball game (Credit: AP Photo/Chris Carlson)

Airbnb guest arrivals surged in Florida cities that serve as spring-training sites of multiple Major League Baseball teams.

Fifteen teams did their preseason training at 11 Florida cities and demonstrated their economic clout as tourism generators.

The number of Airbnb guests in the 11 cities that host spring training generally doubled during spring training, compared to the previous five weeks.

Airbnb guest arrivals in Jupiter, for example, jumped 133 percent from the previous five-week period while the St. Louis Cardinals and Miami Marlins did spring training there.

The comparable sequential increases in Airbnb guest arrivals were 92 percent in Tampa, 100 percent in Sarasota, 112 percent in Fort Myers and 157 percent in Port Charlotte.

Airbnb reported that the surge in guest arrivals included late-winter tourists who traveled to Florida to watch such teams as the New York Yankees, Boston Red Sox and Philadelphia Phillies. – Mike Seemuth


Source: http://feeds.feedburner.com/trdmiami

Naples-area condo sales up, house sale flat in first quarter

Kathy Zorn, president and owner of Better Homes and Gardens Real Estate Pristine

Naples-area sales of condominiums grew 10 percent in the first quarter while house sales fell by 1 percent, compared to the first quarter of last year.

The Naples Area Board of Realtors also reported that median sale prices in the first quarter were 9 percent higher for houses and 11 percent higher for condos, compared to last year.

“I think [house] sales during January and February could have been better had many of these sellers set their prices realistically earlier,” Jeff Jones, managing broker of Engel & Völkers Naples and Bonita Springs.

The average length of time that properties were listed for sale remained 95 days in the first quarter, unchanged from the same period last year.

Pending sales of Naples-area houses and condos in the first quarter, measured by properties under contract, rose 3 percent in the first quarter from last year’s level.

“Tourism was up in our area this season compared to last year, so it is not surprising that we would end with strong pending sales for the quarter,” Kathy Zorn, president and owner of Better Homes and Gardens Real Estate Pristine, said in a prepared statement.

The Naples-area inventory of houses listed for sale in the first quarter declined by 8 percent from last year’s level, and the number of listed condos was unchanged. – Mike Seemuth


Source: http://feeds.feedburner.com/trdmiami

Miami firm sells Clearwater office building three years after buying it

311 Park Place Boulevard in Clearwater (Credit: Tampa Bay Business Journal)

Steelbridge Capital sold a six-story suburban office building in Clearwater that the firm had owned for three years.

Miami-based Steelbridge invested more than $1 million during its three-year ownership to upgrade the office building, which has 119,015 square feet of space.

The building at 311 Park Place Boulevard in Clearwater has a 94 percent occupancy rate. It is located near the 75-acre Clearwater Mall.

In 2015, Steelbridge and a joint-venture partner bought the six-story office building together with three single-story buildings at the Park Place Office Park for $22 million.

In 2016, the firm sold the single-story buildings, totaling 50,221 square feet, for $8 million.

The timing of the sale of the six-story office building “coincided with strong market conditions,” Mike Manno, managing principal of Steelbridge, said in a prepared statement.

A four-person team at CBRE represented Steelbridge in the transaction: Dale Peterson, Zachary Eicholtz, Amy Julian and Courtney Snell. – Mike Seemuth


Source: http://feeds.feedburner.com/trdmiami

Major development planned next to Jacksonville football stadium

Everbank Field in Jacksonville (Credit: Codemics Deviant Art)

The Cordish Companies plans to work with the Jacksonville Jaguars to develop a $2.5 billion mix of property developments near the home stadium of the National Football League franchise.

Jaguars owner Shad Kahn told the Florida Times-Union that the NFL franchise needs “energy around the stadium and in the stadium.”

The development would measure 4.25 million square feet and would include high-rise buildings with residential units, hotel rooms, offices and convention space.

It would begin on an asphalt-covered parking lot near Everbank Field, the home stadium of the Jaguars, and could extend to the St. Johns River.

Baltimore-based Cordish Companies, founded in 1910, has experience in developments designed to enliven drab downtowns.

Blake Cordish, vice president of the company, told the Jacksonville Times-Union that Cordish Companies plans to invest a substantial amount of its own capital in the project.

The Baltimore company’s ambitious project in Jacksonville hinges on an undetermined amount of financial support from the city government.

It also would require a cleanup of petroleum contamination of soil beneath the asphalt at Lot J, the parking lot where the Cornish-Jaguars development would start. [Jacksonville Times-Union]Mike Seemuth


Source: http://feeds.feedburner.com/trdmiami

Hospitality REIT pays $643,000 per key for Ritz-Carlton Sarasota

Ritz-Carlton Sarasota

A Ritz-Carlton hotel built along a bay in Sarasota sold for a lofty $643,000 per key.

Ashford Hospitality Prime, a real estate investment trust (REIT), paid $171 million for the Ritz-Carlton Sarasota, plus another $9.7 million for a 22-acre vacant lot near the hotel.

The hotel has 266 guestrooms and 31 suites. Common-area attractions include a 27,000-square-foot beach club, a 15,000-square-foot spa and a Tom Fazio-designed, 18-hole golf course.

The $171 million Ritz deal closed amid a limited supply of luxury hotels along near beaches and few new ones in development, according to one of the leaders of a team at JLL that arranged the sale.

“Investor demand for luxury beachfront resorts is peaking due to the limited-to-no new supply on the horizon throughout the Florida market,” Andrew Dickey, senior vice president of JLL, said in a prepared statement.

Dickey and Gregory Rumpel, managing director, led the JLL team that arranged the sale of the hotel, which will continue to operate as a Ritz-Carlton property. [HotelManagement.net]Mike Seemuth


Source: http://feeds.feedburner.com/trdmiami

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