News About Properties

A lender-owned beachfront property in Jupiter just sold to a foreign investor for $9.75 million, or $812,500 per unit. 3000 Ocean Dr., a 12-unit condo, was completed in 2010 at a cost of $18 million.CBRE marketed the property for sale on behalf of the lender, West Suburban Bank, after it foreclosed on the property in April 2011.

The buyer, a private investor out of Bahrain, purchased the asset under the capital group MHS Real Estate Capital, LLC. CBRE senior vice president Richard Tarquinio, vice chairman Robert Given and director of operations Calum Weaver, worked together to broker the deal.“We’ve done more than 30 of these fractured deals,” Weaver tells GlobeSt.com. “This one really was different because of the quality, the location and the large-sized units. From a price per unit standpoint, 3000 Ocean Dr. has to be among the highest that we’ve seen out there.”

via Bahrain Buyer Grabs Lender-Owned Condo for Half Price.

Being able to click with people — all kinds of people — can mean success for a homebuilder. From childhood, Christin Cupp has known all kinds. Her mother, she says, was a "bar floozy." Her father, a Jehovah’s Witness.

“During the week, I grew up in a bar,” she said. “On the weekends, I would go door-to-door with my father.”

via Charlotte County builder’s odd road to success.

Q. Please let us know how one can identify a well-managed condominium association when considering purchasing a unit. Please share your top three or four questions to ask as well as tips to look for in the answers.— J.G.

A. I would first sit down and compose a list of thing you want in your new residence. As an example you could list you want to be near the water (lake or gulf, etc.); want a home that allows pets; want tennis courts and certain recreational facilities, maybe social activities and so on. Your list should contain about 20 to 30 items. Rate them as to the most important and those that would be nice to have. This will be of help to make the final selection and give you an idea of what questions you need answered. As for the things you need to know about the condominium: Look at the facilities and common areas. The first test is the way the condominium association looks. Does the landscape have a positive curb appeal? Does the building need painting or other repairs?

via Richard White: Tips on how to identify a well-managed condo association » Naples Daily News.

Meg McKennon’s workload has surged since the Seattle real estate agent switched to managing residential properties. Now she gets paid for finding tenants instead of buyers – an easier task as rentals soar.

“In the past two months, my business probably came close to tripling,” said McKennon, who started management company Dwellings Seattle Real Estate in 2010 after selling houses for 15 years.

When a couple moved out of a two-bedroom house managed by McKennon in August, before the lease was up, she increased the monthly rent by $200 to $1,900 – and still had her pick of applicants. “I could have rented it 10 times over,” she said.

via Property managers busy as rental market surges.

A crown jewel of Tampa’s skyline has sold as part of a 14-building deal.

The SunTrust Financial Centre went for $82 million — $32.5 million less than it sold for in 2007.

Beacon Capital Partners, a Boston-based real estate investment trust, bought the 36-story skyscraper and 13 other buildings last month in a $1.71 billion deal with Australia-based Charter Hall. The sale also included the SunTrust tower in Orlando.

via Tampa’s SunTrust skyscraper is sold for $82 million.

Sellers of South Florida condominiums, buffeted by the devastating housing downturn, are bracing for another blow caused by prospective buyers’ problems getting mortgages.

Buyers who want loans backed by the Federal Housing Administration are being shut out of buildings that no longer qualify for FHA financing. That likely will slow the region’s recovering condo market and keep prices depressed in buildings not approved for FHA loans, analysts say.

Meanwhiile, owners in those buildings are sometimes stuck paying more in association fees to compensate for the unsold, often vacant units.

via Condos: Buyers needing FHA loans shut out of buildings – South Florida Sun-Sentinel.com.