Monthly Archives: November 2013

Census: More renters than buyers

Census: More renters than buyers

Phillippi Shores Apartments - - Contact Sean Dreznin at NAI Tampa Bay for more information.  DO NOT DISTURB MGMT OR TENANTS

Phillippi Shores Apartments – – Contact Sean Dreznin at NAI Tampa Bay for more information. DO NOT DISTURB MGMT OR TENANTS

By Zac Anderson
Via Herald Tribune

North Port’s adult population has become less educated overall. Home ownership is down in Sarasota. More Hispanics are moving to Bradenton. Venice has been remarkably recession proof.

New Census data released Thursday shows Southwest Florida’s cities have changed in ways big and small since the onset of the Great Recession.

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

Some of the trends are obvious: Poverty spiked in most local cities in recent years. But other changes are more subtle, revealing little-noticed undercurrents in the region’s demographics and economy.

The Census survey of communities with more than 20,000 residents includes new population, housing and economic data for Sarasota, North Port, Venice and Bradenton. Because of the smaller population sizes, the Census combines three years of survey data to arrive at the figures.

The latest release covers the years 2010 through 2012 as the economy hit bottom and began to climb back. Each local city experienced significant changes when compared with the previous three years, which spanned the onset of the recession in 2007 through 2009.

Here are some trends Census experts consider statistically significant in each city.

For Rent

Sarasota’s rate of home ownership historically has been among the lowest in the county, thanks to a large stable of rental properties and greater concentrations of young people who have yet to settle down.

While more than 70 percent of homes in North Port and Venice are owner occupied — rates that have not changed since the downturn — that figure was just 61 percent in Sarasota at the start of the recession.

The last three years have driven even more Sarasota residents into the rental market. Now, 54.5 percent of city’s housing units are occupied by their owner.

Landlord Harvey Vengroff said the occupancy rate for his 1,400 rental units went from a low of around 70 percent during the recession to more than 95 percent this year.

Apartments For Sale -- Contact Sean Dreznin for more information.

Apartments For Sale — Contact Sean Dreznin for more information.

“I see the demand as being strong and getting stronger” for rentals, Vengroff said.

Median rental rates in the city had been dropping — from $1,010 in the early years of the downturn to $890 in the latest Census release — but Vengroff sees that trend reversing. He recently raised rates at two buildings, one near Sarasota Memorial Hospital and another on Central Avenue.

“If you’ve got people waiting, the next guy pays more,” he said.

“I think there’s still a big need, or a fair amount of need, for affordable housing,” he said.

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

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SKOB (Siesta Key Oyster Bar) reflects on 10 years of friends, family and dollar-bill décor

SKOB (Siesta Key Oyster Bar) reflects on 10 years of friends, family and dollar-bill décor

A new perspective

A new perspective

By Nick Friedman via This Week in Sarasota

Sitting at the back bar at Siesta Key Oyster Bar, surrounded by Sharpie-covered dollar bills, abandoned license plates and a healthy amount of Chicago Bears swag, co-owner Beth Owen-Cipielewski can’t help but smile as she explains that it all started 10 years ago with the search for the ideal setting to cheer on their home football team in Sarasota.


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

“We have to buy this bar,” said Pedigo, referring to Siesta Key Oyster Bar, which was for sale and in great need of remodeling. “Wouldn’t it be great to have our own place to watch the Bears?”

Having already patronized the beach bar, Pedigo and her father certainly thought so. Back in Dallas, however, Owen-Cipielewski remained skeptical.

“My husband had just lost his job,” she says. “I told her there was no way I was going to move to Florida and buy a restaurant — she booked me ticket, anyway. Six weeks later, we closed on the deal. That’s my sister.”

Over the years, customers have left countless personalized dollars, license plates, family photos and various other personal trinkets, and Owen-Cipielewski says they’ve been happy to embrace the tradition.

“Our customers have made SKOB their home,” she says, laughing at a JC Penny-esque family portrait of a group of friends to her left. “I have no idea who they are. But, we want people to make this place their own.”

In celebration of the official 10-year anniversary, SKOB will host an all-day party Tuesday, Nov. 19, which will include a special food and drink menu, special edition Tervis tumblers, prizes and giveaways, and staff will take down and count all the money on the walls. The three customers who guess closest to the total amount without going over will receive $100, $50 and $25 SKOB gift cards, respectively; a portion of the money will benefit the All Faith Food Banks Thanksgiving meal.

“SKOB has grown five fold since we opened it,” says Owen-Cipielewski. “A lot of that is because of the great relationships we have with our customers and employees. It really is like a family here.”

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

Nick Friedman is a reporter, photographer, videographer and editor of This Week in Sarasota. A graduate of the Missouri School of Journalism, Friedman studied magazine writing and editing. In 2011, he moved to Sarasota to work as a journalist.

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4.8+/- Acres * Just South of Benderson Park & Mall

4.8+/- Acres * Just South of Benderson Park & Mall

Subject aerial photo

Map Property Parcel Photo

Map Property Parcel Photo

Price:$749,947
Lot Size: 4.80 AC
Property Type: Land
Property Sub-type: Residential (land)
Additional Sub-types: Multifamily (land)
Commercial/ Other (land)
Zoning Description: Residential Currently

CLICK HERE <—-========= For Loopnet page

Irregular w/ 600′ of frontage on N Cattlemen Rd

Map Property Parcel Photo - Potential Schematic

Map Property Parcel Photo – Potential Schematic

Price/AC:
$156,238.95

APN / Parcel ID:
0037090013

Commission Split:
2%

University Town Center Mall by Benderson & Taubman

University Town Center Mall by Benderson & Taubman

* Cattlemen Road was recently expanded to two lanes each way and should support healthy traffic flows when mall is complete

* Seller’s are willing to listen to all reasonable offers

* The 7.1+/- Acres (Zoned Open Use Estate)adjacent to the North & facing the Benderson Park may be purchased as well. Confidential * property occupied.

– All utilities available

– Currently a 4 Bedroom / 2 Bathroom rental home on the property. Approx 2,300 SF and located on the Southwest portion of the property facing N Cattlemen Rd.

– Future development suggest high density residential (Approx 5 units per acre)
*(Potential density change – Perform normal due diligence)

– Shadowing new University TownCenter Mall (Open 10/2014) and beautiful Benderson Park Rowing & Triathlon facility.

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Why Nationstar Mortgage Shares Plunged

Why Nationstar Mortgage Shares Plunged

Are tough times on the horizon, or are they already here?

Are tough times on the horizon, or are they already here?

By Alex Dumortier, CFA
via The Motley Fool

Shares of Nationstar Mortgage (NYSE: NSM ) declined 17.2% on Thursday after the residential mortgage servicer announced third-quarter results that included a laundry list of negative surprises, including an earnings miss and slashed earnings guidance for 2013 and 2014.

Nationstar Mortgage also announced that it is selling its non-core wholesale and distributed retail origination channels to Stonegate Mortgage. As a result of the transaction and other downsizing measures, Nationstar’s head count is expected to fall by some 1,100 employees.

Now what: Nationstar’s negative earnings surprise follows Ocwen Financial’s third-quarter earnings-per-share miss of 60%. As Bloomberg News commented today: “Mortgage origination and servicing companies including Nationstar and Walter Investment are facing increased competition amid falling new loan volumes and fresh rivals.” Long-term investors who anticipate a turn in the cycle (i.e., capital to leave the sector and fees to firm up) may wish to begin looking at Nationstar Mortgage or one of its competitors; however, the prevailing wind is not favorable and riding out the cycle could require much patience, along with a tolerance for volatility.

Click here for complete article and others… <—–========

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Affordable housing in Sarasota, again in short supply

Affordable housing in Sarasota, again in short supply

By Josh Salman
Published: Wednesday, May 29, 2013 at 12:05 p.m.

Affordable Housing available for Sale.  Contact Sean Dreznin for more details.  kelevra717@gmail.com

Affordable Housing available for Sale. Contact Sean Dreznin for more details. kelevra717@gmail.com

Here is an Apartment Complex currently for sale in Sarasota!

When Mike Beller moved to Sarasota three years ago, he didn’t expect apartment hunting to be such an arduous chore.

The 31-year-old had lived in Sarasota several years ago, and he grew up in Largo, just north of St. Petersburg, where rents were always relatively cheap. He expected the same here.

But after a frustrating nine months last year looking for a modest place to live with his wife, Michelle, and their 3-year-old son, the family was about ready to call it quits.

They toured more than 25 apartments in the area. Each was either beyond the budget of their retail jobs or in an area where they did not feel safe.



In a trend that is almost certain to resurrect the same complication that affected Southwest Florida during the mid-2000s real estate boom, affordable housing is once again becoming increasingly difficult to find.

If prices continue to rise, experts believe working-class professions such as teachers, firefighters and law enforcement officers soon will be largely unable to afford housing — a phenomenon that could have wide-ranging economic repercussions.

Fierce demand from homebuyers and renters alike, coupled with a tight supply, has inflated the cost of housing to its highest point since the onset of the Great Recession in 2007.

And stagnant employee wages have failed to keep pace — a troubling mix that has many working families spending a greater percentage of their incomes on housing than is considered financially stable.

And with housing expenses expected to appreciate further — along with other essential commodities like food, gas and clothing — many officials are scrambling to come up with solutions.

Here is another Apartment Complex currently for sale in Sarasota/Manatee County!

The Sarasota-Bradenton-Venice area has the fourth highest rental demand of all metropolitan statistical areas in the country, with an average occupancy of nearly 97 percent, according to data from apartment data provider Axiometrics Inc.

Quality Affordable housing available for Sale.  Contact Sean Dreznin with NAI Tampa Bay at 941-961-8199 for more information.

Quality Affordable housing available for Sale. Contact Sean Dreznin with NAI Tampa Bay at 941-961-8199 for more information.

That has pushed up rental rates in the past year up by 6.68 percent — the sixth fastest pace in the nation and nearly double the U.S. average.

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

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Sarasota multimillionaire sailing on to Belize; Selling Investment Portfolio in Sarasota & Manatee

Sarasota multimillionaire sailing on to Belize; Selling Investment Portfolio in Sarasota & Manatee

By Michael Pollick
Published: Wednesday, November 6, 2013 at 1:00 a.m.

The remodeled El Patio Apartments near the bayfront in Bradenton.  A classic building with character!

The remodeled El Patio Apartments near the bayfront in Bradenton. A classic building with character!

Great Property in Highly Desired Location - Contact NAI Tampa Bay's Sean Dreznin or Keller William's Andrew Haddad for more information.

Great Property in Highly Desired Location – Contact NAI Tampa Bay’s Sean Dreznin or Keller William’s Andrew Haddad for more information.

Harvey Vengroff, a self-made multimillionaire who moved to Southwest Florida 23 years ago so he could go sailing every day, is sailing on — to Belize.

NAI Global (Sean Dreznin, Kyle Keelan, Phillip Paul Ginexi) & Keller Williams (Andrew Haddad) are proud to present... A portfolio of investments

NAI Tampa Bay (Sean Dreznin, Kyle Keelan, Phillip Paul Ginexi) & Keller Williams (Andrew Haddad) are proud to present… A portfolio of investments


Vengroff, the 72-year-old founder of one of the world’s largest collection agencies, plans to sell a $75 million Southwest Florida property portfolio that he amassed after arriving in 1990. He has hired NAI Global and Sean Dreznin, Phil Ginexi & Kyle Keelan & Andrew Haddad of Keller Williams to sell the portfolio investments. He is also making it possible for his real estate employees to acquire another $20 million worth of apartments on favorable terms.

NAI Tampa Bay - Sean Dreznin

NAI Tampa Bay – Sean Dreznin

Since he got here, Vengroff has been a colorful character who prefers casual clothes, rails against government bureaucrats and tends to do things his own way.



Vengroff renamed the collection agency that is still in the family as Vengroff Williams Inc.

That company, which employs more than 100 in this region, maintains larger offices in Long Island, N.Y.; Chicago and Orange County, Calif., collecting on commercial delinquent accounts for a large number of clients, including General Electric Co., Microsoft Corp. and Google Inc.

“We are not moving anybody out of Sarasota,” Vengroff told the Herald-Tribune. “We are just going to add new people in Belize, that’s all.”

One of them will be Harvey Vengroff.

On a more personal level, Vengroff said he has been disappointed in the reception he has gotten from the City of Sarasota when he has asked for higher density rights on properties so that he could build rental apartments. Specifically, he has sought permission to build high-rise rental buildings at 2211 Fruitville Road, the close-in, 8-acre site now on the market for $8 million.

“If you want to build luxury condos you can get 200 per acre,” Vengroff said. “If you want to build affordable housing, you cannot get 50 per acre.”

Vengroff says he has empowered three agents to liquidate the roughly $75 million in real estate, most of it affordable housing.

These agents are Sean Dreznin, Kyle Keelan and Phil Ginexi from NAI Tampa Bay.

“I don’t think there was anybody who ever dedicated themselves more to affordable housing for the work force than Harvey,” said Kerry Kirschner, executive director of Argus Foundation, who in a former political life helped recruit Vengroff to Southwest Florida.

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