Single-Family Home Sales Curbed by February Chill, Limited Inventory; Trends Boost Apartment Demand

April 4, 2016 A limited for-sale inventory and inclement weather combined to suppress sales of existing single-family homes last month. While job growth continues to generate new housing demand, the limited available listings are precluding many prospective homebuyers from making purchases. The dip in February sales reinforces an uneven growth pattern in the single-family resale […]

http://blog.marcusmillichap.com/2016/04/04/february-chill-limited-inventory-curb-single-family-home-sales-commercial-properties-feel-effects-of-housings-subdued-upswing/

Vengroff apartment project: “Not going to happen”


Pictured above – New condo construction on Golden Gate Point – Pic by S. Dreznin

As the City Commission debated whether to require annual inspections for a proposed affordable housing complex, the property owner walked out of the hearing, proclaiming the project dead.
by: David Conway Deputy Managing Editor

After city staff, the Planning Board and the overwhelming majority of public commenters offered support for a proposed affordable housing project near downtown Sarasota, the City Commission failed to approve a request that would allow the plans to move forward.
As a result, property owner Harvey Vengroff says he will abandon his effort to construct a 393-unit apartment complex at 2211 Fruitville Road.
The commission’s ruling — or lack thereof — came after a two-hour discussion of a proposed comprehensive plan amendment that would allow for higher density on the nearly 8-acre site. Vengroff has said this proposal would be necessary to make his plans economically feasible. The amendment required a supermajority of four commissioners to gain approval.
The staff and planning board approval came with a series of requirements on the proposal, including caps on building height and unit size. Joe Barnett, the applicant representing Vengroff, said he learned of one additional proposed requirement when the meeting began: a stipulation that would allow city staff to inspect the entirety of the property annually. Staff said the requirement would ensure compliance with the U.S. Department of Housing and Urban Development’s safe and sanitary housing standards.
This turned out to be the sticking point for Vengroff and the commission. Although he said he was willing to allow inspections of the property’s external features, such as railings and stairways, he was unwilling to allow the city to conduct internal inspections.
“I do have a problem with you walking into someone’s apartment,” Vengroff said to the commission. “I don’t think that’s where we want to be.”

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Is a correction in commercial retail coming?  If so, when?

   By Natalie Dolce via Globe St VEGAS—It is that time of year again and GlobeSt.com ramps up its retail coverage in preparation for RECon, the International Council of Shopping Centers’ …

Source: Is a correction in commercial retail coming?  If so, when?

Is a correction in commercial retail coming?  If so, when?

  


By Natalie Dolce via Globe St

VEGAS—It is that time of year again and GlobeSt.com ramps up its retail coverage in preparation for RECon, the International Council of Shopping Centers’ sprawling annual get-together. As more than 30,000 attendees prepare to descend on the Las Vegas Convention Center for this year’s edition, GlobeSt.com sat down recently some key attendees and retail experts to discuss some expectations for the upcoming event.
Chris Wilson, EVP and southwest retail brokerage lead of JLL, tells GlobeSt.com that this year, he expects to see a high degree of speculation regarding where we are in the real estate cycle. “I expect to hear and be part of discussions that are not if a correction is coming but when,” he says. “I hope to gain some insight as to how hard the landing might be and what may cause the correction.”
Jeff Hughes, a managing director at Stan Johnson Co., is looking forward to several key meetings with longstanding clients as well as getting a sense of what the overall activity level and sentiment is amongst developers and investors. “These large gatherings are an easy way to receive quick feedback on market health while gaining new activity from new clients,” he says.
According to Hughes, although retail is seeing high transaction volume, “markets are sending mixed signals with disruptors.”
Hughes says that is “possibly because there is an increase of supply or concern about the CMBS markets, and investors are going to give pause with this year’s election.”
Ron Meyers, SVP of Leasing, Phillips Edison and Co., tells GlobeSt.com that through the firm’s 25-year history of building shopping center portfolios, it has deep seeded relationships with many of the retailers who attend the convention. Meyers and his team conduct more than 1,000 meetings each year. “It is always a good time to reconnect with them and provide an update on our growing portfolio and our tenants’ growth plans. In addition, we look forward to developing new partnerships with national tenants that have growth plans that align with Phillips Edison’s strategic business objectives.”
For complete article, click here 

Millennials angry at the cost of Fla. housing

   
 Pics by Sean Dreznin

MANATEE COUNTY – April 4, 2016 – As a representative for one of the largest developers in Southwest Florida talked about how the free market affects rental prices, 20- and 30-somethings in the audience fumed.


Richard Bedford, vice president of planning for Schroeder-Manatee Ranch, said the free market was largely to blame for high rents and home prices in Sarasota and Manatee counties.

He said his company is building 2,037 affordable units in Sarasota and 500 in Manatee over the next 10 years mainly because local governments gave his company financial incentives to do so. He said more government incentives and higher wages could answer the cost-of-living problem.
“Why doesn’t the School Board or hospital pay you more? Aren’t you worth it? It always comes back on me,” Bedford said.
That prompted several people to shout comments and questions, such as:
“Are you pushing for a $15 minimum wage?”



“You’re pricing out the people who are from here!”



It was a sample of the frustrations thousands of residents in Sarasota and Manatee counties feel about the local cost of housing.



The housing panel was part of Millennial Con – a three-day conference aimed at getting the region’s young professionals ages 18-40 engaged in local government.
 Millennial Con was sponsored by the Manatee Millennial Movement and Manatee County Neighborhood Services. Saturday was Millennial Con’s main event, with about 70 people gathering to hear panels and workshops about everything from financial stability to government engagement.
The housing panel discussion was the most anticipated and animated talk of the day.



O’Dell, who has studied housing in Florida since the 1990s, said there are 44 so-called “affordable housing units” per 100 in Manatee County. But only 18 out of 100 housing units are both affordable and available.



“More than half of affordable housing unit sales are for investor owners or for people’s second homes,” O’Dell said. “So not only are there fewer affordable housing sales, they’re going to people who can afford more.”

O’Dell said what’s happening in Sarasota and Manatee counties is happening statewide and nationwide.
 

The Great Recession pushed more older people, who traditionally own homes, into the rental market, creating more competition.

There has been a 31 percent increase in renters in Florida from 2007 to 2014, while the number of homeowners dropped by about 8 percent.



And most of the new construction as a result of this rental demand is coming in the form of higher rent developments, O’Dell said.
Whiting Preston, who is behind the soon-to-be mixed-used development Lake Flores, suggested there may be affordable rentals, just not in the places millennials are looking for.
The audience groaned and some shouted “no.”

Bedford said the apartment complexes in Lakewood Ranch are full, and each new apartment development fills up at a dizzying pace.
 

But he and other developers don’t want to build too many too quickly because then there would be more competition among apartments.
He said it boils down to the bottom line.
If you make a ladder and someone will buy it for $20, why would you sell it for $10?” Bedford said.
Copyright © 2016 Mansfield News

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The Inn at Midtown is SOLD by Ian Black Real Estate’s Jag Grewal, Sean Dreznin & Amy MacDougall

<a The Inn at Midtown is SOLD IAN BLACK REAL ESTATE is pleased to announce the successful sale of THE INN AT MIDTOWN )Formerly the Best Western Midtown), 1425 S Tamiami Trail, Sarasota. The hotel, whi…

Source: The Inn at Midtown is SOLD by Ian Black Real Estate’s Jag Grewal, Sean Dreznin & Amy MacDougall

Downtown Sarasota apartment complex by developers Jesse Biter & Brian Jones, moves forward

Downtown Sarasota apartment complex by developers Jesse Biter & Brian Jones, moves forward by: Alex Mahadevan / News Innovation Editor The building boom in downtown Sarasota will continue into …

Source: Downtown Sarasota apartment complex by developers Jesse Biter & Brian Jones, moves forward

Come enjoy the guided Rosemary District Tour in Sarasota

Rosemary Tour with CID Sponsored by: Rosemary Square Thursday, March 31 Tour begins at 4 p.m. Networking at 5:45 p.m.    Meet at Mandeville Beer Garden 428 N Lem… Source: Come enjoy the guided Rose…

Source: Come enjoy the guided Rosemary District Tour in Sarasota

Come enjoy the guided Rosemary District Tour in Sarasota

Rosemary Tour with CID

Sponsored by: Rosemary Square Thursday, March 31 Tour begins at 4 p.m. Networking at 5:45 p.m.    Meet at Mandeville Beer Garden 428 N Lem…

Source: Come enjoy the guided Rosemary District Tour in Sarasota