Monthly Archives: January 2013

Looking for a great property management company? Looking to lease your home?

Looking for a great property management company? Looking to lease your home or condo?

Look no further…

http://sarasotarentals.weebly.com/

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Ground Lease Apartment Complex For Sale in Bradenton, FL

Ground Lease Apartment Complex For Sale

Click Here for Loopnet Details

Ground Lease 230+ Unit Apartment Complex

Ground Lease 230+ Unit Apartment Complex

4300 18th st W, Bradenton, FL 34205

Price:Price Not Disclosed
No. Units:230+
Building Size:206,000 SF
Property Type:Multifamily
Property Sub-type:Garden/Low-Rise
Property Use Type:Investment
Commission Split:1%
Cap Rate:8.25%
Occupancy:88%
No. Stories:3
Property on Ground Lease?:Yes
Year Built:1971
Lot Size:7.95 AC

Highlights
11 Buildings
300+ Parking Spaces
Apartments have central A/C and heat
Roofs were replaced approx 7-8 years ago
Ground Lease in place has approximately 45 years remaining

Description
230+ Unit apartment complex in eleven(11)-3 story buildings situated on 7.95+/- acres of land. Property has a separate building for rental office in addition to 2 laundries and a swimming pool. Concrete block construction with asphalt shingle pitched roofs constructed in 1977 and well maintained. The unit mix is 96: 1BR/1BA; 84: 2BR/1BA and 54: 2BR/2BA A total of 187,000 sf of living space. Property contains 300 parking spaces. Apartments feature central air and heat, spacious living rooms and bedrooms, fully equipped kitchens with GE appliances, baths are ceramic tiled, rooms feature wall to wall carpeting. Most apartments overlook a courtyard or pool. Each building has elevators as well as standard stairs.

Belmont Park has a great location, right in the middle of where people want to be. Within walking distance you will find, major shopping centers, financial institutions and any number of desirable restaurants. Beautiful beaches are only ten minutes away and the Sarasota-Bradenton airport is just seven miles south of the complex which is just off of Cortez Road four blocks west of US-41

http://www.loopnet.com/lid/17983638

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Wiseman: About the art of negotiation

Wiseman: About the art of negotiation

By Tamela Wiseman, Herald-Tribune

Are you a Tiger in negotiations?

Are you a Tiger in negotiations?

Based upon feedback I received from last week’s column (AVAILABLE HERE), I decided to write about negotiation.

As a lawyer, that is what I do. The problem is that just like the cobbler’s children who do not have shoes, I cannot seem to get it right for myself. I have signed contracts I did not read or care to read, and I have a will that does not even contemplate a child who will soon be grown. So it goes.

Or do you rollover in negotiations?

Or do you rollover in negotiations?

It has always been different when I had a client’s welfare at stake. It is my responsibility to see that the client’s interests are adequately represented. This is equally true for volunteer board members who have to negotiate on any number of matters, from an insurance settlement to a roof-replacement contract or a lawn-maintenance agreement.

My first brush with actual negotiation techniques was in law school at the University of Florida. It was the first class the school offered on the subject, and it was based upon strategies developed at Harvard Law School. Everyone was paired with a partner, and mine was a former Chicago Bears defensive lineman with a career-ending injury. Talk about Mutt and Jeff.

He and I steamrolled over every mock negotiation we were given. We were proud of ourselves. Every session was videotaped, and at the end of the semester everyone had to be critiqued by the professor. I was 20, and I thought that critique was going to be a walk in the park. After all, we won, right? The professor started by railing at my partner. He asked him if he thought the practice of law was like playing in the NFL. (I was thinking that it might be, as long as no one tries to break the anyone’s leg.) He asked if my partner thought “legal ethics” was an oxymoron. These questions were uncomfortable, but part of me thought, if the professor blamed my partner, I would skate. Not so.

Then, our professor turned to me, and pointed his right index finger in my face. Where I come from, that meant a throw down, and it was. He told me that even if I was less than half the size of my partner, I was a bigger bully, as well as a flirt. What? Then, he made us watch excerpts of the video taken in class. There I was, flipping my hair every time I spoke.

That video lasted about two minutes, but it seemed like an hour. He made me aware that I would never have credibility if I kept doing that and being more concerned about lip gloss than hitting the books.

When he dismissed us, our professor congratulated us on having the best grades in the class (meaning he was going to change how grades were awarded going forward), but that we had “won ugly.”

Now, you would have thought we would have been embarrassed, chagrined and chastened upon leaving that office. Now, I am. But not then. I remember doing a little victory dance and sharing a high-five. He went his way, and I went mine. I never saw him again. I also never flipped my hair in a business meeting.

For Complete Article, CLICK HERE <————–==================

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Fountain Lake Apartments in Bradenton, FL sold for $15.2 million

Fountain Lake Apartments in Bradenton, FL sold for $15.2 million

By Michael Braga, Herald-Tribune

Fountain Lake Apartments in Bradenton, FL sold.  via Sean Dreznin's blog  Pic via Herald-Tribune, Inside Real Estate

Fountain Lake Apartments in Bradenton, FL sold. via Sean Dreznin’s blog Pic via Herald-Tribune, Inside Real Estate

Bradenton Fl Investors LLC, a Davie company managed by Mark Kalimian, sold a 200-unit apartment complex at 711 Fountain Lake Circle in Bradenton to Fountain Lake Apartments LLC for $15.2 million.

Fountain Lake Apartments, a New York City company managed by Robert P. Rothenberg and Gideon Z. Friedman, paid for the purchase with a $12.7 million loan from NXT Capital LLC.

Wells Fargo acquired the complex in September 2010 after the previous owner, Palm Cove Development of Bradenton, defaulted on a $30 million loan.

Click here for full article <——=======

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Sarasota County Hospital pays $3.2 million for Bee Ridge office complex

Sarasota County Hospital pays $3.2 million for Bee Ridge office complex

By Michael Braga, Herald-Tribune

Bee Ridge Office complex purchased by Sarasota Office Complex

Bee Ridge Office complex purchased by Sarasota Office Complex

Joseph Costello Properties LLC sold 22,000 square feet of office space in the Centergate Office Park off Bee Ridge Road in Sarasota to the Sarasota County Public Hospital District for $3.2 million.

Costello’s company paid $5.8 million for the complex at 5590 Bee Ridge Road in May 2006.

For original article and others, CLICK HERE <——-=======

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The Year of the Dragon… or the Snowbird? ** Migration to Florida regaining momentum

The Year of the Dragon… or the Snowbird? ** Migration to Florida regaining momentum

By Zac Anderson

zac.anderson@heraldtribune.com
Published: Saturday, January 5, 2013

picture provided via Kelevra Mojo Co.

picture provided via Kelevra Mojo Co.


More people are expected to move to Florida in 2013 than during 2008, 2009 and 2010 combined
, as a primary force behind the state’s economic growth — migration from other states and countries — regains momentum after some of the worst years on record.

The increase in net migration is expected to reignite Florida’s growth machine and generate more jobs, construction and business sales, helping maintain a post-Great Recession recovery.

Florida’s new migration wave is the result of baby boomers and other retirees moving south again and the state attracting more working-age adults as the regional and national recoveries gain steam.

“Our best guess is that migration to Florida will accelerate from this point forward, plateauing around 2016,” said Chris Lafakis, a senior economist with Moody’s Analytics who tracks the state’s economy.

The influx of new residents is critical
because migration “historically has been the key driver for a wide variety of Florida’s service industries,” Lafakis said. “It’s one of the most important factors for the short-term and long-term performance of the state.”

Slow recovery


Florida’s net migration hit a low of 34,000 in 2008
and remained weak through 2009 and 2010.

Sarasota real estate agent Tierney Foster described the period as “dog eat dog.” Many agents that she knew left the business or found second jobs.

Foster got by on referrals from past clients, which have picked up lately.

“We have to be optimistic after what we went through,” Foster said. “Anything is better than where we were.”

Economists say the same factors that helped ‘investors’ to invest in Southwest Florida in 2012 are expected to spark an even stronger rebound across the state this year.

More than 171,000 people are expected to move to Florida in 2013, according to the most recent forecast from the state Office of Economic and Demographic Research.

If those predictions hold true, Florida’s growth will have recovered to 66 percent of historic annual net migration since 1970.

Economists and demographic experts do not expect the state’s migration levels to reach the highs of recent decades, when more than 300,000 people arrived in some years.

But net migration should top 200,000 in 2014 for the first time in eight years and reach a “new normal” of about 250,000 annually after that. At that pace, Florida would add the equivalent of five cities the size of Sarasota every year.

For complete article, CLICK HERE <——========

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