Tag Archives: commercial real estate

​10 things to ask before… Choosing a property manager

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Via – Tampa Bay Business Journals
INDUSTRIES & TAGS

1. Are you accredited?

Accreditation indicates that a property management company adheres to high standards. Look for a company that has an accredited staff and leadership who have met the strict requirements for education and experience in property management. A major accreditation organization is the Institute of Real Estate Management, a division of the National Association of Realtors.

2. What does your insurance cover?

Make sure the company has a fidelity bond to insure against loss due to employee dishonesty. Coverage for forgery and alterations is also important to protect against loss. The staff should be knowledgeable of loss-prevention and risk-management programs.

3. What services do you provide?

Property management companies can offer an array of services, including management planning, financial reporting, market rent analysis and lease negotiation, to name a few. Determine what services your business needs. That information can help you draw up the best management agreement for your property.

4. Why types of properties do you manage?

A management company’s expertise should fit your needs. Does it have experience solving your sort of problem, such as a maintenance or vacancy issue? Has it managed your type of building, be it an office or housing complex? Find out what other properties the company manages, how long it has managed those properties and what the results have been.

5. What is your fee structure?

Possible fee structures include the following: management fees, generally based upon a percentage of collections; percentage fees, which can be based on different portions of income; and flat fees, or a flat fee plus a percentage of income.

For the additional 5 points, click here for full article

If you’re seeking professional property management, look no further and CLICK HERE <—

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Google invests $50 million in online property broker Auction.com

Google invests $50 million in online property broker Auction.com

By John Gittelsohn and Brian Womack

Bloomberg News

Google’s new investment arm is buying a minority stake in Auction.com, the largest U.S. online real estate auction firm, for $50 million.

The investment by Google Capital, which expects to spend about $300 million this year to back late-stage companies, is the first in a real estate venture for the unit of the Mountain View-based Internet search firm. The deal values Auction.com at $1.2 billion, the Irvine,-based company said Wednesday in a statement.

“Like eBay kind of drove transparency and created a marketplace for hard-to-find items, Auction.com is creating transparency in part of the real estate market,” David Lawee, head of Google Capital, founded last year, said in a telephone interview. “Here, you can go on to a site and see thousands of properties that are listed for sale that would be great investment opportunities.”

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

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A 248-unit Apartment complex in Sarasota sells for $35.5 million. $12+ million less then it sold for in 2005.

Cypress Mayfair Ltd., a Fort Lauderdale company managed by Peter W. Wright, sold a 248-unit apartment complex at 5010 Central Sarasota Parkway in Palmer Ranch to Sarasota Place Apartments Property Owner LLC for $34.5 million.

Pic via article in Herald Tribune - Michael Braga - Sarasota Apartments

Pic via article in Herald Tribune – Michael Braga – Sarasota Apartments

By Michael Braga via Inside Real Estate – Herald Tribune

Cypress Mayfair paid $46.6 million for the complex in October 2005.

Sarasota Place Apartments, a subsidiary of Los Angeles-based JRK Property Holdings, financed its purchase with a $27.6 million loan from Walker & Dunlop LLC.

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

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Press Release – Apartment Complex SOLD in Sarasota, FL by NAI Tampa Bay agent Sean Dreznin

Press Release – Apartment Complex SOLD in Sarasota, FL by NAI Tampa Bay agent Sean Dreznin

NAI Tampa Bay's Sean Dreznin and Keller Williams' Andrew Haddad sell apartments

NAI Tampa Bay’s Sean Dreznin and Keller Williams’ Andrew Haddad sell apartments

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A link to the Herald Tribune’s Press Release on Inside Real Estate.

NAI Tampa Bay * 12400 Seminole Blvd * Seminole * FL * 33778

Sean Dreznin (941)961-8199 sdr@naitampabay.com

A multi-family property consisting of 21-units, the North Lime Ave apartments, located at 635 N Lime Ave & 701 N Lime Ave, has sold. The sales price was $850,000.

Seller, IIYF, LLC, a Sarasota company managed by Harvey Vengroff, had owned the property since August 2007.

“Here is another successful transaction that supports the revitalized commercial real estate market in Sarasota County,” “The highly desired gulfcoast market made this investment very attractive. We expect the multi-family sector to continue to grow and acquisitions and entry into the Sarasota County investment market should continue for the first half of 2014.” ~ Sean Dreznin

Keller Williams’ Andrew Haddad and NAI Tampa Bay agents Sean Dreznin, Phil Ginexi & Kyle Keelan were the listing agents on the deal.

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Palmetto Villas Apartments (44-units) sells for $36,000/unit

Palmetto Villas Apartments (44-units) sells for $36,000/unit (Dec 2013)
via Bradenton Herald
Brought to you by Sean Dreznin of NAI Tampa Bay

Palmetto Villas receives a $1.12 million dollar facelift. (Feb 2012)

PALMETTO — Jacob Miller has a new roof over his head, literally.

Miller’s residence is one of 49 units in the Palmetto Villas Apartments complex that recently underwent renovations paid for with a $1.12 million loan provided by the U.S. Department of Agriculture’s Rural Development agency.

“A year ago this was a battleground,” said Richard A. Machek, state director for USDA Rural Development, during a ribbon-cutting ceremony Thursday in front of the apartments’ leasing office.

He said that when properties are “nice and clean,” residents tend to take better care of them, and that he hoped the commun- ity would stay engaged with the upkeep of the apartments.

The Guaranteed Rental Housing loans are given to citizens, corporations and partnerships who help provide affordable housing to rural communities.

Before the renovations, the property had “no hope of survival,” Machek said, and called the end results “phenomenal.”

Thomas F. Flynn, president of Flynn Development Corp., said the apartments went through a series of rehabilitations, including the installation of new air-conditioning units, new exterior doors and roofs that resist 130-mph winds.

“I know our residents really appreciate it,” Flynn said.

A new video security system also was installed.

Palmetto Villas Apartments, built in 1979, offers 800-square-foot, two-bedroom apartments and 925-square-foot, three-bedroom apartments.

According to Flynn, the apartment complex has a 95 percent occupancy rate.

Click here <—===== for complete article.

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Prime Land in Sarasota, FL FOR SALE ** Motivated Seller ** MAKE OFFER

Prime Land in Sarasota, FL FOR SALE ** Motivated Seller ** MAKE OFFER

CLICK HERE For Data <——============

Contact Sean Dreznin to get started on your new building!!

Contact Sean Dreznin to get started on your new building!!

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The Spector Building in Sarasota, FL gains The United Way as a anchor tenant

The Spector Building in Sarasota, FL gains The United Way as a anchor tenant

The Sarasota Office of United Way Suncoast will soon be moving – albeit just down the street from where they have occupied offices since 1997. On June 18th, the nonprofit sold the building they have owned and occupied for 16 years at 1445 2nd Street in Downtown Sarasota. The United Way staff will continue to work from this location until later this summer.

Katie Knight, Sarasota Area President for United Way Suncoast, said it was important to the United Way board in Sarasota to remain in the downtown area. “We are moving just a few blocks down the street and have the opportunity to champion our work in the community from a new professional space that better meets our needs.” Knight also reported that United Way will remain co-located with the staff of United Way’s 2-1-1 – a three-digit call in number used to direct people in need to the appropriate community services.

“The new office is located on the first floor of the BB&T Financial Center and will be easily accessible to our volunteers and community partners,” offered Knight. “We want the office to be a resource to our community and will have adequate facilities for learning and collaboration.”

United Way Suncoast anticipates they will move to the new Sarasota office on or about September 1, 2013, in time for the launch of United Way’s 2013 community campaign season.

For more information in regards to The United Way and the services and philanthropy they provide, CLICK HERE <———==========

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