The frenzy fizzles
Condo market runs aground for investors, but core buyers remain
By Steve Kerch, MarketWatch Feb 8, 2007 Click on the above “Condo Market” for full story”
ORLANDO, Fla. (MarketWatch) — Condominium sales have stalled as investors flee the market and developers who jumped into the sector during the boom of the last three years are turning their attention back to rental apartments, where demand is expected to pick up, condo and apartment builders said Thursday at the International Builders show here.
This is a good area to voice your thoughts, questions or such to myself or anyone that would care to respond. While this is a Real Estate BLog, let’s have a bit of fun and talk about things like good dining in South Florida, new attractions, etc. If you had a good or bad experience while dining, shopping, etc. this is a good place to speak up. Hope to hear from you soon. Eileen Kedersha
Sun-Sentinel by Paul Owers Posted February 1 2007; For full article please click here
Hoping to bolster its bottom line during the housing downturn, historic home builder Levitt Corp. said Wednesday it will be sold to the Fort Lauderdale-based holding company run by the head of BankAtlantic for $286 million.BFC Financial Corp., already owns 17 percent of Levitt. It also has stakes in Bluegreen Corp., BankAtlantic Bancorp, Ryan Holdings Inc., Benihana Inc. and Cypress Creek Capital.Holders of Levitt’s Class A shares will receive 2.27 shares of BFC’s Class A common stock for each share they own, the companies said. With BFC’s closing stock price Tuesday of $6.35, Levitt shareholders would receive $14.41, a 32 percent premium. BFC shares closed Wednesday at $6.23, down 12 cents.Levitt shares shot up 30 percent, or $3.28 a share,on the news to close Wednesday at $14.16.The Fort Lauderdale-based builder said it needs to improve its capital and liquidity positions while it waits for the housing market to rebound.
Sun-Sentinel by Paul Owers: Posted January 29 2007; For full article click here
When Jim Cahlin looks at commercial real estate in South Florida, he’s starting to see New York.”We’re getting closer and closer to rental rates in major metropolitan markets,” said Cahlin, a broker for Cushman & Wakefield.At year-end 2006, the average rental rate for luxury downtown office space in Palm Beach County was $40.69 a square foot, up from $36.42 at year-end 2005, according to a Cushman report. Broward’s rental rate for comparable digs was $31.08 a square foot, up from $29.29.Rents in the Big Apple and other large cities are north of $50, Cahlin said.Why are South Florida landlords charging so much? Because they can.The high cost of construction is limiting the number of new office buildings in Palm Beach and Broward counties.