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Fort Walton Beach Real Estate Law Blog

Six commercial real estate buildings to be sold in South Florida

A huge property sale -- one of South Florida’s most expensive deals – is currently in the process of being completed. This is just another indicator that the state’s commercial real estate industry is soaring. The large property sale involves a portfolio of six buildings for more than $340 million.

Terranova Corp., which is based out of Miami Beach, and Acadia Realty Trust -- its investment partner -- are selling the retail properties located along a pedestrian promenade. They were initially bought in a couple of parcels in 2011 and 2012 for more than $190 million. If the transaction goes through, the sellers will realize a whopping $150 million-plus in profit, or profit of almost 80 percent, in a little more than three years’ time.

Commercial real estate development to replace roller coaster

Developing land with the goal of erecting a new building can be both exciting and challenging. For instance, the parties on both sides of a commercial real estate transaction may find it difficult to mutually agree on certain terms of the deal. A new development in Florida is on the way and is expected to take the place of a long-time roller coaster in the state.

That wooden roller coaster is called the Hurricane, and it sits on property that numbers 100 acres. This acreage is now being assembled to build a new shopping center development called DaniaLive Marketplace. This center will span more than a million square feet and will include large stores, apartments, restaurants and a hotel.

Commercial real estate such as condos rising in Florida

Commercial real estate in Florida these days is on the rise, literally. Condo skyscrapers are expected to be in greater demand in the state, specifically in the Southwest Florida commercial real estate market. This is because inventory is tightening and the economy is improving.

One development group called Ronto Group has begun to market a project known as Towers at Bonita Bay, which involves two buildings and is being planned out right now. In addition, WCI Communities is planning the building of a brand-new tower in the region. Tower projects are slated to be introduced more and more during the next two years in premier areas of Florida where the real estate market has experienced a recovery. These premier locations are those featuring lifestyle amenities along with water and sand.

Recovery of residential real estate market in Florida is unique

Although real estate took a major dip during the recent economic downturn, it is rebounding. This is particularly true in the state of Florida, and it is especially true now in the northern part of the state. Residential real estate sale prices, combined with the quality of sales, have gone up in most sectors.

The recent recovery appears to be the most atypical recovery reported over the past several decades. There has been strong appreciation in some areas, while other places are experiencing flat appreciation. During past recoveries, there appeared to be more consistency in this area, but this is not the case for the current real estate market.

Florida residential real estate market drawing foreign interest

Florida’s current real estate market isn’t just attracting local people and individuals around the country. The residential real estate market in the Sunshine State is actually putting the state on buyers’ radar worldwide. The state captured more than 20 percent of international purchases in the United States recently, researchers said.

Foreign buyers are highly interested in the United States in general these days. Their purchases increased 35 percent at the end of the year ending this past March. The total value of these sales was more than $92 billion during this period, a huge increase from the more than $68 billion counted the previous year.

Short sales dropping in Florida's residential real estate market

Florida is well-known for being a hot market for buying second homes, as people often enjoy vacationing in the state. However, this may be part of the reason that the residential real estate market in Florida ranks highest in the number of short sales nationwide. Short sales transactions involve selling a home where the amount of money owed on the mortgage is higher than the home is worth.

The short sale count has dropped since 2010. However, it continues to be a major issue. During the years 2005 and 2006, many people bought second homes near the beach, and investors also purchased homes. However, when the economy plummeted, the property owners could not keep up with the mortgage and tax payments.

Florida real estate dispute involves 16-acre property

A major legal battle is occurring in Florida between one couple and a city over a piece of property. The issue revolves around waterfront property spanning 16 acres, which is connected to the restaurant that the couple owns. This legal real estate dispute has already lasted six years, and it doesn't look like it will be resolved anytime soon.

The family had hoped to turn the piece of land into a pier and nature walk, townhouses and a storage facility for dry boats; they bought the land for more than $20 million and spent more than $9 million developing it. However, the city of Ponce Inlet is against the project, with the city’s citizens voicing opposition to it through a 2008 referendum. Citizens felt the dry-boat establishment would become an eyesore and would produce too much traffic in the area.

Southwest Florida a hotspot for residential real estate

If people are looking for potentially rewarding real estate deals, Florida remains a top choice, according to recent data. Specifically, Southwest Florida’s residential real estate market has been heating up this year. A major indicator of the state’s high status in the industry is the fact that two major markets have a supply of finished new homes that aren’t expected to last two weeks.

These two markets include Sarasota-Bradenton and Naples-Fort Myers. The fact that Sarasota-Bradenton, in particular, has a shortage of buildable lots makes it a hotspot, as the area appears highly desirable compared with other parts of the United States, where lots aren’t in high demand. This also means that the housing recovery of this past year in Florida may soon slow down.

Residential real estate demand booms in Florida's luxury market

Florida appears to be a magnet for those who enjoy high-end homes these days. Recent data shows that the state’s residential real estate market is making a huge turnaround. In fact, the quantity of houses purchased for a million dollars or more during the first three months of 2014 was higher than the number purchased during the same period last year in the Palm Beach area.

The increase was 16 percent; this was the second consecutive year for an increase of this nature to take place. Nearly 250 houses sold for at least a million dollars earlier this year, with the priciest sale involving an oceanfront home worth $30 million. This palace featured seven bedrooms, three half-bathrooms and 11 bathrooms.

Commercial real estate outlook makes some gains in Florida

Although the commercial real estate market looks promising in Florida, some aspects of the market are faring better than others. For instance, commercial real estate such as traditional offices is not gaining the momentum one would expect. Meanwhile, the industrial real estate field has made dramatic gains.

Historically, a recovery in the housing market positively affected the traditional office sector. However, this year, those gains have yet to be seen. Still, industrial-sector growth has actually motivated a development company in Manatee County to move forward with plans for building a distribution center/trade port spanning a million square feet, even without any commitments from future tenants.