While RealtTrac recently reported that residential home foreclosures climbed again for the month of June 2009, all the news is not bad. The rate of foreclosures decreased dramatically. The Tampa area no longer leads the nation in foreclosures. In fact, we are now below the national average.
Statistics from the Greater Tampa Association of Realtor reveils more good news from June. A couple of items jump out at me. First, you have to go back to September 2006 to see similar sales velocity at 1714 units sold. But this is not a blip or aberration. Sales have increased every month this year, the average sales price has increased every month this year, and the months of available inventory have plummeted to 8.34 months from almost 19 months in January of this year. That is pretty amazing!
What does this mean to the commercial markets? There will be a positive, indirect, lagging effect that will ripple through the commercial sector. If we can return to any normalcy in the new housing market, there will be a spill over in aiding our flagging local economy. I am not sure this bump will be enough to offset some of the issues with renewing the 5 year balloons on commercial mortgages, though. The most problematic of these loans were underwritten in 2005-2007, which means 2010-2012 could be a real challenge for the commercial markets.
We are not out of the woods, yet. However, it is nice to finally talk about some positive things for a change.
The rumor on the street is the foreclosure on the Trump Tower in downtown Tampa was completed yesterday on the court house steps. The timing of the event is not as important as the fact that Colonial Bank had already received judgement against Simdag, LLC last month. The bank taking ownership was just a matter of when, not if.
Foreclosure of the property is the final act in the end of a long, sordid tale. The Tower project has become a microcosm of the latest boom and bust era of the Tampa real estate market. Trump Tower was supposed to be the tallest building in the area. The project went to pre-construction sale at a time when the real estate market craze was long in the tooth and it never received the construction funding necessary to move the project along. The deal eventually erupted in to a legal battle between SimDag, LLC (the developer) and Donald Trump (self proclaimed real estate tycoon) over licensing issues. Donald Trump eventually sued and hinted that he would take over the project, if necessary, to make sure buyers were made whole and his name not sullied by the project. Trump never carried through, though, and buyers and lenders were left holding the bag.
Potential space for one of our tenants we are representing in Ybor City, Tampa, Fl. 2300 sq. Do you have a broker that is assisting you by filming space? Allowing you to view your potential property from the comfort of your desk? Did you know that potential tenants do not pay for our service? The landlords pay our fees, so doesn’t it make sense to have someone on your team that can help you find the ideal property for YOUR business?
Address 8206 Citrus Park Dr Property Type FedEx & Verizon – Store Building Sales Date 01/31/2012 Sales Amount $3,500,000 Amount/Sq Ft $531.67 (price includes .29 acres of adjacent parking) Prior Sale Amount $1,750,000 Prior Sales Date 05/11/2007 Exterior Wall Brick Address 15412 N. Dale Mabry Hwy Property Type Sonny’s BBQ – Restaurant Building Sales Date […]
Chicago group’s $4 million bid for Channelside complex rejected Two weeks ago, the Tampa Bay Times reported that at least two well-connected local groups have submitted bids to buy Channelside. Tampa Bay Lightning owner Jeff Vinik has teamed with Andrew Wright, head of Tampa commercial real estate firm Franklin …continue reading Breakfast menus serve up [... […]
Completion of Winn-Dixie and Bi-Lo’s merger means fuelperks program can continue The Hutton Company, representing Family Dollar Stores, secures former Coffee Cup commercial location JP Morgan Chase, Regions bank and Citibank all receive healthy ratings from BauerFinancial as real estate market improves and recession subsides With British Airways already on i […]
You are starting to imagine every aspect of the new restaurant you are about to open, the satisfied customers, the busy tables and the waiters buzzing round ensuring everything is perfect. You can visualize the space, where the kitchen is in relation to the dining area, where you’re going to greet the multitude of guests and how […]
Address 401 E Jackson ST Property Type SunTrust -Office Building Sales Date 12/15/2011 Sales Amount $82,500,000 Amount/Sq Ft $140.33 Prior Sale Amount $114,500,000 Prior Sales Date 09/17/07 Exterior Wall Glass Address 7911 W Hillsboroug AVE Property Type McDonald’s -Restaurant Building Sales Date 12/19/2011 Sales Amount $250,000 Amount/Sq Ft $91.47 Prior Sal […]
ULI Tampa Bay Commercial Real Estate Conference, held at A La Carte Event Pavillion, hear of economy that is slow to recover Tampa Bay Lightning, Wilson company and Tampa Tank team up to find real estate for homeless in Hillsborough County Columbia Restaurant and Metro Bay Real Estate win bid to Renovate Tampa Heights’ Waterworks […]
Owners of Belleview Biltmore hope to demolish property and replace with townhouses Retail or Medical office space to be put on Palma Ceia church site Wellcare, HCPCI and ConnectWise help put positive spin on Office Real Estate lease market Lee Roy Selmon’s Restaurant to Fill Space Vacated by Giordano’s Mexican Restaurant Taco Bus looks to […]
Attendees: Eric Odum with Ken Evans, Principal at Evolution Advisors Date: January 9, 2012 Subject: The Market Minute EO: Good afternoon and welcome to today’s Market Minute. I’m Eric Odum, principal Real Estate Broker for Net Lease Commercial Advisory. Today we have Ken Evans with us. Ken is a friend of mine now, but we […]
Purchase of Schalamar Creek Golf and Country Club the largest Commercial Real Estate transaction of 2011 Retail Real Estate showing signs of improvement according to LandQWest and Franklin Real Estate services Office Real Estate sector worst affected by turbulent market LongHorn Steakhouse, Kohl’s and Dick’s Sporting Goods just some of the new businesses alo […]
Real Estate values move in a continuing economic cycle. Understanding the general principles of the economic cycle is key to successful real estate investing.tampacommercialrealestate.com/real-estate-cycles/ […]
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The broker, Steven Silverman of Tampa Commercial Real Estate, recently located a suitable building for Freedom Scientific. They required a building that ... […]
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The new home for Freedom Scientific is an 11500 sf building located close to Tampa International Airport and close to the Veterans Expressway Freedom ...topics.dallasnews.com/article/0fdY7lu2V64qz?q=Florida […]
Tampa Commercial Real Estate, a commercial real estate brokerage firm negotiated the lease of an Office Warehouse to Freedom Scientific.www.prweb.com/releases/.../prweb9454203.htm […]
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TAMPA — Commercial real estate company CBRE announced it has signed a long-term lease for approximately 25000 square feet of office space at the Bank of ...www.review.net/section/detail/4-25-2012-cbre-signs-lease/ […]
