Monthly Archives: April 2012

Pictures of the crash where a car hit the “Unconditional Surrender” Kiss Statue at the Sarasota Bayfront.

SLOW DOWN SNOWBIRD! pic by Andy Lang

kissing statue accident photo by Sarah Vanderee

kissing statue accident photo by Dan Wagner

 

Srq statue rounding second and heading to third --- Had a feeling all that kissing would lead to more!

SARASOTA, FL. – Sarasota Police are investigating a crash where a car hit the “Unconditional Surrender” Kiss Statue at the Sarasota Bayfront.

It happened Thursday around noon on U.S 41.

Sarasota Police say a woman was travelling northbound on U.S 41, when her vehicle went across the center median and slammed into the 26-foot tall statue.

She was taken to Sarasota Memorial Hospital with minor injuries.

She was quoted as saying, she had a bad reaction to an antibiotic shot given by her doctor, blacked out, and then BOOM!

Authorities on scene say they cannot move the vehicle until a city engineer comes out to take a look at the structural damage to the statue.

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Found this old blog post of mine from Dec 17, 2005. Kind of surreal regarding Real Estate and the future.

Found this old blog post of mine from Dec 17, 2005.  Kind of surreal regarding Real Estate and the future.

 

Saturday, December 17, 2005

I am typing this from Sarasota, FL…..

Good article on local attitudes and sentiments on the current lull in the market and with the panic in the market, i can validate some of the points made, but in also seeing the other side, whereas the builders in the article seem to feel that although a slowdown is happening, they feel the market will continue to satisfy the continual building of homes. In my neighborhood two months ago there were two condos for sale…. now there are 6. The same numbers hold true for one of my friends and his home. He had one home for sale four months ago and now there are 7 in his community. I get the feeling that most home owners and residents are simply trying to get the money out of their home, as the appreciation has been a bit ridiculous… almost anywhere between 5% up to 300% in some cases and more I am sure if there are certain attributes such as waterfront, golf courses, etc.
Ultimately, I feel the market has been flooded with sellers and now presents a buyers market, in that, some investors who may have gotten aggressive financing, may be willing to sell at a loss just to unload what they thought would be a quick flip as to avoid the mounting mortgage, condo, real estate, utlitity costs that are due monthly.

I have another premonition that the market will stabilize, but the appreciation that has been so newsworthy, will be tempered but above average for the forseeable future. A plethora of problems and concerns exist for a market like this, such as forclosures, folks who live in the area, but cannot continue to afford living in the area as property taxes skyrocket, etc. Eventually the rental market which has all but dried up due to condo conversions, ability to purchase versus rent, will come back into popularity or necessity is a better word, as folks who were trying to purchase but became overwhelmed, will then look to rent. Now the other side of the sword is, as a landlord can you overpay and rent your investment out for enough money to cover the mortgage and the expenses that also come along with ownership. In most cases it will be tough to succeed, unless you buy right, or have the ability to cover some minor expenses each month but cover the mortgage.

Anyhow, thats my wrap up report for the past week. I hope everyone had a great weekend no matter what the weather was like wherever you might be reading this.

Stay warm and the best to you and yours this holiday season.

Sean

posted by S. Dreznin at 10:03 PM

 

 

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Welfonder, Tallman make pitch to Colony via The Observer

Welfonder, Tallman make pitch to Colony

A storm rolling in...

Date: March 28, 2012
by: Robin Hartill | City Editor The Observer

The Colony Beach & Tennis Association Board eliminated the proposal submitted by Manfred Welfonder’s Longboat Key-based MW Development Group in August, but Welfonder believes he has the right vision for the Colony’s future.

Now Welfonder and Sarasota developer Jay Tallman, president of Ascentia Group LLC, have partnered in hopes of bringing that vision for the Colony to fruition. Tallman got his start in Longboat Key real-estate development in the early 1990s with the Vizcaya luxury condominiums and later joined forces with Thomas Brown to develop the 21-unit en Provence, which sold out in three weeks for a total $52 million, according to the Gulf Coast Business Review, an Observer newspaper. Tallman and Brown went on to develop the Beau Ciel in downtown Sarasota, Orchid Beach Club on Lido Beach and The Founders Club in Sarasota. Tallman served as a consultant for the Longboat Key Club and Resort’s $400 million Islandside redevelopment-and-expansion program. Tallman told the Longboat Observer that he is now setting his sights on the Colony because of its significance to the Key and region.

“I would just love to have a hand in the ultimate recreation of the property,” Tallman said. “I think it’s had a wonderful, storied history, and I’d like to see it carry on the legacy that’s been involved with Longboat Key and at the same time redevelop it and be proud of it.”

The board has made clear its intent to proceed with Club Holdings LLC as its development partner. At least 75% of unit owners would have to approve of any plan to move forward. The vote was originally scheduled to take place at the annual unit owners meeting, scheduled for Monday, April 2, and Tuesday, April 3, but has been pushed back.

Welfonder said that he wants the board to consider putting at least three proposals out for unit owner consideration.

“The board has picked one proponent,” Welfonder said. “We, in addition to other people, don’t believe they will get the 75% of votes.”

——> CLICK HERE for full article

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Sarasota / Manatee Herald Tribune Business Weekly Real Estate Press Release

Sarasota / Manatee Herald Tribune Business Weekly Real Estate Press Release

NAI Manasota - Sean Dreznin

NAI Manasota, based in Lakewood Ranch, has added hired two commercial real estate specialists, Sean Dreznin and Richard Sellers….

Dreznin is a commercial property management professional who owned and operated a professional services management company for several years. He will work with NAI’s Commercial Investment Sales &; Special Asset Services group.

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(Why I Think Multifamily Will Stay Strong) via NREI

Apartments pictured are representative. Not the actual complex

Why I Think Multi-Family Will Stay Strong.

The multifamily sector continued its torrid run as vacancy rates fell by 30 basis points in the first quarter down to 4.9 percent, according to real estate research firm Reis Inc. The last time the vacancy rate was this low was more than 10 years ago in the fourth quarter of 2011.

According to Reis, “It is also significant to note that national vacancies have improved beyond the benchmark 5 percent level used as a rule of thumb by apartment landlords: for most markets, once vacancies tighten below 5 percent, effective rents tend to spike as landlords perceive that tight market conditions allow for greater pricing power. With overall vacancies below this level, expect rent growth to accelerate even more.”

Net absorption, or the net change in occupied stock, remained strong, with 36,484 units leasing up.

Asking rents rose 0.5 percent from the fourth quarter of 2011 and are up 2.2 percent year over year. Effective rents, meanwhile, are up 0.9 percent from the fourth quarter and 2.7 percent from last year.

Supply conditions are boosting the sector’s performance. Only 7,342 apartment units came online in the first quarter – the lowest quarterly figure for new completions since Reis began publishing quarterly data in 1999.

However, “[w]ith multifamily remaining one of the few shining starts in commercial real estate, developers have begun building properties to take advantage of rising incomes,” according to the firm. It estimates that 70,000 units will come online in 2012—about twice as many units as came online in 2011. And the pipeline is fattening with even more units slated to open in 2013, between 150,000 and 200,000 in the 79 markets Reis tracks.

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April 17th, 2012 — Tax Day!

April 17th, 2012 — Tax Day!

Why Americans want a Buffett Tax…

from Robert W. Wood, via Forbes April 3, 2012

If you believe the latest poll, most Americans want a Buffett tax.  Yup, 64% support a minimum tax of 30% if you earn $1 million or more. With considerable stage savvy, the “Buffett tax” was proposed by President Obama at his State of the Union address, with Mr. Buffett’s secretary sitting in First Lady Michelle Obama’s box. See State of the Union’s Taxes: Buffeted Poor.

While a Buffett tax has been proposed, the “Paying a Fair Share Act of 2012” (S.2059), passage seems unlikely. See Warren Buffett Endorses Whitehouse’s “Buffett Rule” Legislation. Yet March 29th it was proposed again by Sen. Tom Harkin (D-Iowa) in his Rebuild America Act. Think alternative minimum tax (AMT) on steriods.

The U.S. government’s budget deficit is expected to swell to $1.17 trillion in the 2012 fiscal year.

People cry out for change, but how?

FOR THE FULL ARTICLE, CLICK HERE <——-

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Apartment complex sheds nearly $3 million in value

Apartments pictured are representative. Not the actual complex

By , Herald-Tribune / Tuesday, April 3, 2012
Villa Palma of Sarasota Inc., a Sarasota subsidiary of Liberty Savings Bank, has sold an 18-unit apartment complex at 8902 Silkwood Court in Sarasota to Silkwood of Sarasota Realty LLC for $1.365 million.The chain of duplex villas were formerly owned by Silkwood Court LLC, a Sarasota company managed by serial condo converter Warren Hickernell.Hickernell and his investment group bought the buildings for $4.05 million in March 2006 and lost them to foreclosure in September 2007.

Silkwood of Sarasota Realty, a Longboat Key company managed by Robert K. Lesser, financed its purchase with a $900,000 loan from Florida Shores Bank.

For other articles, click here <——

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