SARASOTA SUCCEEDING WITH SPORTS TOURISM

SARASOTA SUCCEEDING WITH SPORTS TOURISM 

We Floridians are the masters of tourism, and our economy heavily depends on it. There are all kinds of tourism, including medical, traditional, and others I am sure. Are you familiar with sports tourism? You should be because if Sarasota is any kind of example (and I think it is) you will be seeing much more of it soon. What exactly is sports tourism? It is when a city schedules sporting events that bring competitors to the area for the given event. Given our great weather, even in the summer, this can be done year round (well maybe sometimes in the rain but still works). But Sarasota smartly scheduled some of these events in the traditionally slower summer months. How did that work out? They recorded $1,000,000 in tourism taxes in the month of May, which is the first time this has ever happened. Tourism is up over 8% for the month and there is a 13% increase in spending by these tourists. Given that they have over 100 different sporting events scheduled this year, don't expect to see these numbers drop anytime soon. Last year they made $71 million dollars from it although that number is expected to fall to $50 million this year due to less international events. So it seems as if Sarasota has figured out how to make money year round with this sports tourism formula. In fact they were rated the top sports tourism destination in the entire country. How long will it be before other Florida cities follow suit and possibly compete for these lucrative sporting events? Irrespective of sports tourism, I am sure you have all noticed a huge increase in traffic in general this summer. The off seasons we used to enjoy with less traffic, people etc. seem to be gone. More and more people are staying here year round which really helps our economy. As long as we don't have any storms, paradise should continue unabated, and Florida will continue to grow. As always thanks for reading and have a great day.

DESPITE LEADING NATION IN FORECLOSURES, FLORIDA HOUSING MARKET POSTS STRONG NUMBERS

DESPITE LEADING NATION IN FORECLOSURES, FLORIDA HOUSING MARKET POSTS STRONG NUMBERS

You would think that since Florida leads the nation in foreclosures that the news is all bad. Not exactly the case I am happy to report. Even though South Florida is the top place for foreclosures, the numbers are quickly dropping. In Palm Beach County they fell a whopping 82% last month. As for new cases, 238 were reported in June as compared with 1,313 a year ago. This has been trending in the right direction for the past 6 months, with the number of pending foreclosures down 24% in Palm Beach County. For some reason Broward County has lagged behind, posting a decline of 13% in pending foreclosures for the same 6 month period. Perhaps the biggest indication of economic recovery can be seen with the number of homes going to auction in Palm Beach County in June. That number is down 38% from one year ago, and marks the first time that number has declined in 13 consecutive months. That is not the case yet in Broward County, where both homes auctioned and as well as bank repossessions continued to increase. But this could finally signal that the backlog of troubled properties is coming to end, or at least a place where all the inventory is on the table. What I mean by that is banks withheld properties from going into foreclosure so as to keep them off their books until the backlog became more manageable. We have all heard the stories of people living in their homes for 3 years without paying anything, but that also had to do with the time each case used to take, sometimes up to 3 years. The new fast track law  that was passed last year must be working. While there is still much work to be done here, it is encouraging that progress is finally being made. As always thanks for reading and have a great day.

WEST PALM BEACH CONSIDERING MEDICAL USE FOR "TENT SITE"

WEST PALM BEACH CONSIDERING MEDICAL USE FOR "TENT SITE"

West Palm Beach is really trying to clean up their City, and this article deals with a big part of that effort. The 2.4 acre site at Okeechobee Blvd. and Dixie Highway known as the "tent site" is slated for redevelopment and the City is considering proposals on it now. It is called that because there was a tent shaped complex there about 10 years ago thanks to a company called International Pavilion. It is very visible and a critical piece of the Downtown area that must be developed. Two developers have stepped up with proposals for the site. The decision on the proposals won't be made for at least 3 months and there is a possibility the City could ask for additional proposals from other developers. Both proposals are advocating medical use for the site. One proposal plans to create a 300,000 medical complex in the form of a 10 story building along with a 4 story garage. The other proposal is larger and much more detailed, envisioning 2 buildings of 13 and 15 stories each that would comprise 500,000 square feet. This developer said that they already have commitments from prospective tenants for 40% of the space (192,000 SF). They went so far as to name the potential tenants: Mount Sinai Health System, Miami Children's Hospital, Jupiter Medical Center, Caron (a drug rehabilitation center), and Fresh Market (the grocery store). There was no such detail for the other proposal. I think that medical would be a good fit there and with the area in general. I think it would potentially enhance the walkability of the area, with area residents being able to walk to the doctor. Hopefully we will soon find out what will become of this important site. When we do it will be blogged about right here. As always thanks for reading and have a great day.

RETIREES COME BACK TO FLORIDA IN FORCE

RETIREES COME BACK TO FLORIDA IN FORCE

It is always easy to wrapped up with the tourism numbers in Florida, which are always impressive and now are at record levels. But an often overlooked but no less important group is also growing again: retirees who move to Florida. Aside from our favorable climate, our tax advantages give Florida a clear edge over other possible retiree havens such as Arizona, Texas and the Carolinas. Specifically, low property taxes, the fact that there is no state tax and a low cost of living. The recovery of the stock and housing markets have fueled the increase in retirees moving to Florida, mostly from colder weather states in the Northeast and Midwest. However the new arrivals are being cautious and trying to avoid areas that had seen massive price drops and swings in the recession. I never have heard of this but these are called "hockey stick markets" where prices fell and rose dramatically. One thing that I find interesting is that retirees do want housing that will be easy to deal with, such as apartments. That type of product is now being built as quickly as possible in the areas where it can be supported. But it is mainly rental product and the retirees prefer to buy. There is no problem with apartment shortage at this point and that would be a great issue to be faced with. But as long at the prices, weather and taxes stay relatively the same in the Northeast and Midwest, Florida can be assured of a never ending stream of retirees coming South looking for warmer and cheaper nests. And they plant the seeds for the next generations of Floridians by having all of their families come here and visit them. In doing they so fall in love with the area and eventually move here which is exactly what happened to me! As always thanks for reading and have a great day.

DELRAY SWAP SHOP TO BECOME LUXURY APARTMENTS

DELRAY SWAP SHOP TO BECOME LUXURY APARTMENTS

It seems like this is the fate of all old, run down sites in decent areas these days. The residential development is back in a big way and Delray Beach is seeing its fair share. Delray is very hot right now in fact, with properties trading hands quickly and for premium prices. This old flea market site has been vacant since 2006. Soon there will be a new apartment building, with lots of people coming and going. It is also a step forward in improving the Federal Highway corridor in Delray and Boynton Beach which has many blighted properties and has been stagnant for development. More retail is coming to East Delray in the form of Delray Crossing, a massive 2 block project that will feature retail and office space. Additionally, a huge retail project is coming up at Linton Blvd. and Federal Highway, which will feature a Trader Joe's. I hope to be announcing a new project in Delray soon where I will be doing the leasing for some space new to the market. So good things are happening in Delray these days and this is certainly one of them. There are no real details on the style of product that will be built here, other than it was approved for 22 units per acre. That information should be released soon now that they are moving forward with designing the project. There are even rumors that West Delray is going to soon see new development, which has been confined to East of I - 95 except for the Delray Marketplace lifestyle center. Once announced we will write about them right here, as you have come to expect I am sure. There is so much going on there now I can't even imagine what it will be like in 10 years, there is so much room for growth there. Exciting stuff for sure, and maybe my future home! As always thanks for reading and have a great day.  

PORT EVERGLADES PLANS TO DOUBLE CARGO WITH EXPANSION

PORT EVERGLADES PLANS TO DOUBLE CARGO WITH EXPANSION

This article is about one of my new favorite subjects, port expansion. This one is all about Port Everglades and their future projections post expansion. Last week a 20 year plan was approved by Broward County's board of commissioners , which is actually an update to a plan that was adopted in 2006 called Master / Vision Plan. The plan calls for an investment of $1.6 billion dollars in improvements and expansion. The return for that investment sounds impressive. In a nutshell, in 20 years they forecast doubling the cargo coming through the port and 40% more passengers from cruise ships coming through. If it sounds far fetched it should be noted that this actually has already happened in the last 20 years so from that perspective it sounds very plausible. Port Everglades is the leading port in Florida for containerized cargo now and it expects to remain so in the future but the largest growth will come from non-containerized cargo. This refers to cargo like steel, cars, and lumber and it is expected to triple by 2033. Petroleum and jet fuel cargo is also expected to increase to 376,000 barrels per day in 2033 from the current volume of 300,000 barrels today. Unlike the uncertainty surrounding the expansion at the Port of Palm Beach, Port Everglades has a sound plan in place and is moving swiftly to carry it out. I have no doubt it will be very successful and will have an amazing economic impact on the entire region. Other ports will be forced to do the same (expand) if they want to remain viable and competitive. So here is some free real estate advice to you all: buy warehouses. And when you need someone to help you find one just let me know. I will be happy to help you. As always thanks for reading and have a great day.

WORK ON NEW BOCA RATON I - 95 INTERCHANGE HAS BEGUN

WORK ON NEW BOCA RATON I - 95 INTERCHANGE HAS BEGUN

Sorry there was no picture associated with this article from the Sun Sentinel. But since it is about the new construction on the new I - 95 interchange in Boca Raton I felt obligated to let you know about it regardless. The construction for the new exit on I - 95 for a Spanish River Blvd. exit has finally begun. It actually began in January but only now can visible progress be seen. Foundations for the multiple bridges and ramps are being erected now with long poles called piles. This long awaited exit will relieve traffic on Glades Rd. by providing direct access to FAU from the new I - 95 exit. In conjunction with the new exit being constructed, I - 95 itself is being widened between Glades and Yamato Rd. There will be one new lane in both directions when the work is complete. To get the work done one or two lanes will closed in both directions every night from 9:00 PM to 5:00 AM Sunday through Friday until July 13. The entire project cost is $67 million dollars and it is expect to be completed in 2016. Once complete, the only real problem with traffic in Boca Raton, Glades Rd., should be resolved. It is very exciting and I am sure that every resident and or person who works in the area of Glades Rd. and I - 95 is counting down the days until it opens. It should be in place before the new Tri - Rail station on Yamato Rd. is done in 2018 but both projects have the potential for reducing traffic. It is very exciting stuff and I am very happy about it! As always thanks for reading and have a great day.