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Monthly ArchiveFebruary 2018

Bill allowing state to oversee vacation rental regulations put on hold

(Credit: Wikimedia Commons)

Local regulations regarding short-term rentals are likely to stay in place, as this year’s Florida legislative session comes to an end next week.

New rules that would allow the state to take over vacation rental regulations and eliminate local government authority have stalled during the session, according to the Florida Times-Union.

Earlier in the month, a bill governing vacation rentals passed the state Senate Community Affairs Committee. Under the proposed bill, regulations on vacation rental properties would be uniform across Florida. Currently, many municipalities have their own sets of regulations, including Miami, Miami Beach and Surfside.

State Sen. Greg Steube, R-Sarasota, who sponsored the bill, told the Florida Times-Union that he does not see the legislation passing this year, meaning local regulations governing vacation rentals are likely to remain in place.

The latest bill was a merged version of Steube’s and state Sen. David Simmons, R-Altamonte Springs. It proposed that vacation rental properties would be regulated like hotels and motels, so owners who hold five or more properties would be obligated to semi-annual inspections by the state. The bill would also require hosts to provide the state with emergency phone numbers to be shared with local governments.

Vacation rental ordinances passed before June 1, 2011, would remain in place, according to a bill amendment. [Florida Times-Union] – Amanda Rabines


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Google is vetting Bay Area modular housing startups for future developments

Google is vetting Bay Area startups focused on pre-fabricated housing for future projects, the real estate-hungry tech giant said Wednesday.

The company earlier this month quietly sent out a request for proposals that asks multiple firms in the growing modular, or prefab, housing industry to lay out the processes each uses for assembling and delivering housing.

Tech news site The Information first wrote about the RFP Wednesday, reporting that Alphabet-owned Google was considering hiring one or…

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

Google has its goggles set on new apartments for employees

Googleplex in Mountain View, California and Katerra’s Michael Marks (Credit: Robbie Shade/Flickr, Katerra)

Google is preparing to build a village in its own backyard.

The tech giant is asking a handful of prefab housing startups for proposals to build 10,000 apartments for employees as part of its huge Mountain View Googleplex HQ, according to The Information.

The tech giant has solicited at least eight firms and has met with representatives from Katerra, a Menlo Park-based technology company that handles various aspects of the building process. In January, Katerra raised $865 million from Japan’s SoftBank, which it will use to add factories and fund research and development.

The Google project would be a huge injection of housing to the area, and is necessary if Google wants to expand operations there. Fewer than 5,000 units of housing were built in Santa Clara County between 2003 and 2014, according to The Information, but Google employs 20,000 people there, mostly at its 750,000-square-foot headquarters.

The proposal hints at opportunities beyond the huge Mountain View project. It notes that Google wanted to “form relationships with one or more companies and work collaboratively with these companies on future housing projects,” according to the report. Letters were also sent to Full Stack Modular, Plant Prefab and Factory OS, which is building 300 temporary apartments for Google, also in Mountain View.

Google’s parent company, Alphabet Inc., has a real estate portfolio worth an estimated $14.5 billion. Around About 30 percent of that is concentrated in New York City, where earlier this month The Real Deal reported Google was in contract to buy the Chelsea Market building for an estimated $2.4 billion. [The Information] — Dennis Lynch


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These are the top 10 best public elementary schools in the S.F. metro area

If you’re looking for a top public elementary school to send your kids to, Pleasanton is hands down the highest-rated Bay Area option, according to new rankings from school data website Niche.

The list incorporates schools from the San Francisco Metropolitan Area. For rankings on Silicon Valley and South Bay schools, please see our upcoming coverage in March.

Click through the gallery to see which local elementary schools made the top 10. >>>

Niche’s rankings for 2018 found that Pleasanton held…

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

These are the top 10 best public elementary schools in the Bay Area for 2018 — and not one of them is in San Francisco

If you’re looking for a top public elementary school to send your kids to, Pleasanton is hands down the highest-rated Bay Area option, according to new rankings from school data website Niche.

The list incorporates schools from the San Francisco Metropolitan Area. For rankings on Silicon Valley and South Bay schools, please see our upcoming coverage in March.

Click through the gallery to see which local elementary schools made the top 10. >>>

Niche’s rankings for 2018 found that Pleasanton held…

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

Want a penthouse condo in downtown Bellevue? That'll be $5M-plus, please (Images)

Demand for the new homes is so strong that they’re holding a drawing for who can make offers first.

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

Miami-Dade is swimming in condos, with 4 years of luxury supply: report

Miami Beach skyline (Credit: Pixabay, Max Pixel)

Miami-Dade County has four years of luxury condo inventory – not including the glut of preconstruction condos being marketed for sale.

Nearly 2,800 units are on the market asking at least $1 million, according to a new report from Condo Vultures Realty. In 2017, 681 luxury units sold in the county, meaning an absorption rate of about 57 units a month.

Six months of supply generally makes for a balanced market. Anything over that suggests a buyer’s market, while years of excess supply suggest developers and sellers will be sitting on product for a long time.

That means that there are about three years of excess luxury condo inventory in Miami-Dade.

About 152 luxury condos are under contract for an average asking price of more than $3.3 million, or about 1,100 per square foot as of Tuesday. The average closing price in 2017 was less than $2.4 million, or about $910 per square foot, according to the report. That’s 28 percent lower than the current average asking price.

According to Condo Vultures, there are nearly 47,500 units in the development pipeline in South Florida since the new cycle began in 2011. That includes projects that have been proposed, planned, or are under construction or completed in Miami-Dade, Broward and Palm Beach counties east of I-95.

Developers, brokers and sellers in South Florida’s luxury condo sector have been forced to adjust their pricing, wait longer for units to sell and scour the globe for new buyers amid the luxury market slowdown. The condo market has slowed since the beginning of 2016, due in part to foreign economic and political turmoil and currency fluctuations.

A report from August found that the Bal Harbour, Surfside and Bay Harbor Islands market was facing two years of excess luxury condo inventory.


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

1,500 homes could spring up in rural part of Leander if rezoning passes

Some people who live near the proposed community have asked for a traffic study and complained the development could disrupt their quiet way of life. A critical rezoning vote looms at Leander City Council.

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

Head of research at USAA Real Estate shares thoughts on local property market

According to McIntosh, San Antonio’s economy has displayed a number of positive indicators for the last several years, and he thinks things will likely continue.

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

Angelo, Gordon & Co. and partner plan self-storage facility in Homestead

Rendering of self-storage facility (Credit: Andover Properties)

A joint venture between the New York-based investment manager Angelo, Gordon & Co. and Andover Properties is planning to develop a 110,000-square-foot self-storage facility in Homestead, and is expecting to score nearly $6 million in construction financing, The Real Deal has learned.

Brian Cohen, president of Andover, which does business as Storage King USA, said the partners expect to close on the construction financing within the next couple of months. Records show the joint venture purchased the 3-acre property at 1235 Northeast 12th Avenue in October for $1.2 million, under the entity AGAP Homestead LLC.

The developers want to build a multi-level climate controlled facility, as well as several smaller, single-story buildings that will house some drive-up storage units. The storage facility is scheduled to be completed by the end of the year, according to a press release.

Andover owns and operates 28 self-storage facilities throughout the United States.

Development of self-storage facilities has increased nationwide. The annual rate of new self-storage construction was $4.6 billion last year, on a seasonally adjusted basis, or double that of the previous year, according to Census Bureau figures.

Self-storage real estate in South Florida has also recently garnered the attention of some prominent storage operators and investors. In November, Prudential paid $18.5 million for a new 101,000-square-foot self storage building in Little Havana.

CubeSmart, a Pennsylvania-based self-storage real estate investment trust, also recently bought properties in Delray Beach and Oakland Park and will manage a facility under construction near Coral Gables.

Haru Coryne contributed reporting.


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

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