03/27/17 Real Estate
ST. PETERSBURG --- Everyone agrees that the house on one of St. Petersburg's busiest streets is a bona fide eyesore.
"It's a horrible sight," said city council member Darden Rice.
"Nobody is happy with what it looks like," said city planning director David Goodwin.
"It's like seeing a bombed-out bunker on a major road,'' said nearby resident Kristy Andersen.
Even the house's owner is unhappy. "The neighbors are up in arms," Mark Taber said Monday, "and I don't blame them.''...
03/24/17 Real Estate
TAMPA — An affiliate of Strategic Property Partners has purchased a historic downtown building for use as its office space as it forges ahead with a massive redevelopment of the Channel District.
802 Whiting LLC acquired a 1920s-era building at 802 E. Whiting that housed a paper company and wholesale grocer before becoming the District 3 event space, its current use.
"As we prepare for construction to begin on our phase 1 projects in 2018, our office space requirements have evolved, and our staff has grown," James Nozar, CEO of SPP, said in announcing the purchase of that property and a building next door....
03/24/17 Real Estate
CHAMPIONS GATE — When Dean Saunders graduated from high school in Clermont in the late 1970s, the Central Florida town had 3,200 residents and two stoplights between it and Winter Garden a dozen miles up the road.
Now there are 32,000 people and 21 stoplights.
"People are migrating to Florida, more than 1,000 a day," said Saunders, a commercial real estate broker and former state representative. "What do more people do? They provide a demand for real estate." ...
03/22/17 Real Estate
Tampa Bay home prices continue to soar, but the meager supply of available properties that continues to frustrate buyers may finally be starting to ease.
In February, the median price of a house jumped by double digits in all four bay area counties compared to the same month a year ago. Hernando led with an astounding 24.4 percent gain.
"I don't think (prices) are sustainable at this particular rate but we certainly have influences in the market that are in a very positive direction," Charles Richardson, senior regional vice president of Coldwell Banker, said Tuesday....
Nearly a year after her death at 96, the widow of former Tampa Bay Buccaneers owner Hugh Culverhouse finally has been cremated.
Joy Culverhouse's estranged son, Hugh Jr., said her ashes arrived by mail late last week at his Coral Gables home.
"While not a Chinese food box, they are in a cardboard box," he said today.
The cremation was the latest chapter in the bitter, sometimes bizarre fight over Culverhouse's multi-million dollar estate. Hugh Jr. and sister Gay — who accuse their mother's grandson and two other men of taking financial advantage her — had refused to allow disposition of her remains without an autopsy on her brain and access to her medical records....
KISSIMMEE -- Former Florida Gov. Jeb Bush says President Donald Trump is "on the right path" in trying to reduce government regulations but rapped his slow pace in filling key second- and third-tier posts in federal agencies.
"I know not enough appointments have been made to carry out his agenda," said Bush, speaking to the annual Lay of the Land Florida real estate conference on Friday....
03/16/17 Real Estate
What happened to all the mortgages?
Along with the dramatic drop in Tampa Bay foreclosure filings has been this equally striking if less-noticed trend — a huge decline in new mortgages.
In 2005-06, during the last real estate boom, 101,506 mortgages were recorded in Pinellas County. Last year, there were just 35,995.
The numbers are even more startling for Hillsborough County. In 2005, 124,983 mortgages were recorded. Last year: only 45,487. ...
03/10/17 Real Estate
Daniel Paloscio has an enviable record flipping homes.
Last April, he and a partner paid $275,000 for a house in a coveted South Tampa neighborhood. After renovations, they sold it in November for $515,000 — a gross profit of $240,000.
That wasn't their only impressive flip. A Tarpon Springs house Paloscio snagged for $170,000 last year sold six months later for $325,000.
But Paloscio knows that good candidates for flipping are increasingly hard to find. That's one reason he's started to focus more on "wholesaling" — buying and selling as-is properties that other people can flip....
03/09/17 Real Estate
In more good news for the real estate market, thousands of Tampa Bay residents have regained equity in their homes.
As of the end of last year, 526,660 of all homes with mortgages were worth more than the amount owed, CoreLogic reported Thursday. That's 36,289 more than at the end of 2015.
That could prompt more people to put their properties up for sale, relieving the tight inventory that has been driving up bay area prices....
03/06/17 Real Estate
For baby boomers in their golden years, wasting away in Margaritaville could soon become a happy reality.
Tampa-based Minto Communities Florida has teamed with Margaritaville Holdings to develop "active-adult'' communities inspired by the 1977 Jimmy Buffett hit that still evokes boozy tropical fantasies.
A sales office for the first Latitude Margaritaville is already under construction in Daytona Beach and is expected to open this fall. When completed at an estimated cost of $1 billion, the community just off Interstate 95 will include 6,900 homes, shops and shuttle service to a private beachfront club. ...
03/06/17 Real Estate
TAMPA — To kick off sales at his New Port Tampa Bay project, developer Edward Oelschlaeger threw a gala with a buffet, open bar and Cirque du Soleil-style performers. Eager buyers put down deposits on waterfront condos costing up to $2 million apiece.
That was in 2006. Within two years, the economy had tanked and the banks began foreclosing. Yet Oelschlaeger remained convinced that the 52 weedy acres near the east end of the Gandy Bridge could still become the next great gateway to Tampa. ...
03/03/17 Real Estate
Want to be a neighbor of Florida Gov. Rick Scott?
Not far from where Scott makes his Naples home, what's billed as one of Florida's "most exclusive'' collections of properties has just hit the market.
Included in the offering are several buildable lots, three large houses, a private marina and 70 beachfront acres, mostly on Keewaydin Island just off the Naples coast.
No price has been set. CBRE, the brokerage handling the sale, said there will be a marketing period followed by as yet-undermined deadline for offers. ...
03/02/17 Real Estate
In an unusually sharply worded ruling, a judge has blasted both a Pasco County lawyer and the homeowner he represented in a foreclosure case.
Circuit Judge Kimberly Sharpe Byrd said last week that she found "clear and convincing evidence'' that attorney Constantine Kalogianis intentionally and fraudulently altered mortgage records in attempt to block foreclosure of his client's house.
And while acknowledging there was no direct evidence homeowner Nicholas Verrengia took part in the fraud, he "at the very least condoned (Kalogianis') actions after the fact,'' the judge said....
02/27/17 Real Estate
TAMPA — Tampa's beleaguered LM Funding America has staved off one legal threat even as it still faces another.
A federal judge in Tampa last week denied a request to certify a class action lawsuit against LM Funding, which buys the rights filed to collect unpaid homeowner associations fees. The ruling by Judge Charlene Edwards Honeywell came in a suit alleging that LM Funding and a related company, Business Law Group, tried to collect more fees than they were owed....
02/27/17 Real Estate
ST. PETERSBURG — As the Cross-Bay Ferry slips into the Vinoy Basin, Lynn McKinnon points at the high-rises along Beach Drive and lets out a happy little yelp.
"How exciting!'' she exclaims. "Just think, we're going to be in every one of those condos!''
It is 10:30 on a weekday morning, and McKinnon, a sales executive with Majesty Title Services, is about to shepherd a group of Tampa real estate agents and home stagers off the ferry and into the opulent buildings that have helped make St. Petersburg one of Florida's hottest housing markets. ...