Florida Markets Dominate - Top Ten Turnaround Report

Story from: Realtor.com

Though the past four years have seen many cities suffering from large numbers of foreclosures and a loss in home values, ten of these real estate markets are now leading the nation towards a general recovery and stability of the housing sector.

Realtor.com’s Top 10 Turnaround Town Report, based on third quarter 2011 data, includes six Florida markets: Miami, Orlando, Fort Myers-Cape Coral, Fort Lauderdale, Sarasota-Bradenton, and Lakeland-Winter Haven.

Each of these markets has experienced positive year-over-year median price appreciation, reductions in year-over-year median age of inventory and inventory counts, while also experiencing lower unemployment rates on a year-over-year basis. Florida’s success can also be tied to foreign buyers; the number of foreign buyers purchasing homes there increased from 10 percent in 2007 to 31 percent in 2011.

Let’s take a closer look:

Miami, FL: The number one town on the report, Miami has gone from being one of the first victims of the subprime crash to having a healthy inventory that is only half the size from a year ago. Today, Miami is only reporting one foreclosure for every 407 homes, compared to the national rate of one per every 213. And, condo sales have increased 79 percent in the first five months of this year, largely due to an influx of foreign investors.

Orlando, FL: Ranked second on the report, Orlando leads the nation in the ratio of Realtor.com searches to listings. Inventory has also obtained a balance with demand. Foreclosures hurt the market in 2007-08, but foreclosures in Orlando were down 58 percent in September, compared to last year.

Fort Myers-Cape Coral, FL: Median prices in Fort Myers-Cape Coral have increased almost 33% year-over-year, according to Realtor.com’s October 2011 Real Estate Trend Data. In addition, foreclosures are down–only one in 313 homes in September–while inventory has been reduced and foreign buyers have been attracted to the area’s real estate prices. The metro ranked third on the turnaround report.

Fort Lauderdale FL: A decrease in inventory coupled with an uptick in prices earns Fort Lauderdale the number five spot on the report. Inventory decreased almost 38 percent year-over-year, according to Realtor.com’s October data report. Prices have fallen about 46 percent since 2006, but are now going up.

Sarasota-Bradenton, FL: A total of 11 percent of all foreign buyers in Florida are in Sarasota-Bradenton specifically. Number six on the turnaround report, the market has seen a list prices increase of more than 17 percent year-0ver-year and a decrease of inventory of 32 percent according to the Realtor.com October data. The market still has a long way to go, after losing more than 55 percent of home values from 2006 to the second quarter of 2011 due to foreclosures.

Lakeland-Winter Haven, FL: A year ago, Lakeland-Winter Haven topped national foreclosure filing lists, but now the area’s distressed sale market share has decreased 46 percent. The area–ranked 7th on the turnaround list–has seen total listings decreased more than 36 percent year-over-year and median age of inventory decrease more than 17 percent, according to Realtor.com’s October data. Prices are also up 12 percent compared to last October.

Realtor.com’s Top Ten Turnaround Town Report is compiled using a formula based on price appreciation, changes in inventory, median age of inventory, searches by Realtor.com visitors, and unemployment data.

Check back in tomorrow for a closer look at the remaining four markets!
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Read more: Florida Markets Dominate REALTOR.com Top Ten Turnaround Report | REALTOR.com® Blogs

Winn-Dixie Completes Aventura, Fla., Store Remodel

Excerpt from ProgressiveGrocer.com

Winn-Dixie Stores, Inc. has completed renovations to its Aventura, Fla., store at 20417 Biscayne Blvd. The location now offers such new amenities as a vibrant, warm color palette updated in keeping with the chain’s latest design concepts; hardwood flooring throughout the produce, deli and bakery departments; manyadditional kosher items, including Israeli foods, pareve snacks, kosher meats and cheeses, fresh breads and customized specialty cakes; and a dedicated area with free Wi-Fi access and complimentary coffee.

“This store exemplifies our fresh and local strategy, and serves as a one-stop grocery destination catering to the needs, tastes and preferences of the surrounding community,” noted Randy Rambo, southern regional VP at Jacksonville, Fla.-based Winn-Dixie.

Among the additional features of the Aventura store are a bigger selection of the season’s freshest fruits and vegetables, a wood-burning rotisserie and custom-made sandwich shop in the deli department, a wide variety of meats carved to order in the full-service meat department, an assortment of seasonal merchandise and specialty gifts in the new floral department, and a greater offering of domestic and imported wines.

To mark the grand reopening, Winn-Dixie will hold a series of events throughout June, including live cooking demonstrations, food tastings, live entertainment, raffles and giveaways.

Winn-Dixie operates 484 retail grocery locations, including 379 in-store pharmacies, in Florida, Alabama, Louisiana, Georgia and Mississippi.

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Related Group revises plan for new Brickell tower

Post from Miami Herald

The Related Group has plans for a new condominium project in Brickell, but the
project’s lack of a parking garage has sparked backlash in the neighborhood.

By TOLUSE OLORUNNIPA
tolorunnipa@MiamiHerald.com

Miami's top condominium developer is planning to emerge from the region's worst housing bust picking up where it left off before the economy tanked, and building a shiny new condo tower.

The Related Group, which built more than 15,000 South Florida condos during the housing boom, then found itself fighting off insolvency when the recession hit, is seeking city approval for a new 35 story condo building in Brickell.

Related is set to go before the city of Miami's Planning, Zoning and Appeals Board on Wednesday to pitch its new project, to be built at 30 SE 6th Street.

View map

Related's subsidiary, TRG Brickell Station TRG Brickell Station, originally received approval to use that site for a project called “Brickell Station,” in 2006. That condo tower, stalled because of the downturn, was planned to be nearly 600 feet tall, with 232 residences stacked on top of a parking garage.

The new plan scraps the 10-level parking garage, dropping the building’s height to 350 feet, and offers a new name: “My Brickell.” The expected dates for groundbreaking and completion are not listed in the application, and Related executives did not respond to requests for comment.

“To see Related and others move forward to build towers doesn’t surprise me, because it’s an arduous process,” said Peter Zalewski, a principal at CondoVultures, a Bal Harbour-based consultancy. “If you assume that construction takes 18 to 24 months, you start to look at roughly a 2014 delivery. I don’t know that that’s going to make sense two years from now, but if Related were able to build a tower without parking, they’d be able to reduce their costs tremendously.”

Zalewski added that of 22,000 new condos built in downtown Miami since 2003, about 3,200, or 14 percent, remain unsold.

Related’s condo application said it had made the changes to bring the project in line with the Miami 21 zoning code, a pedestrian-friendly development guide passed by the city in 2009, but the modifications have not been well received by some in the neighborhood.

The residents of several nearby buildings have protested Related’s plan to build 234 additional units without a parking garage.

Related’s condo application indicates that it would provide required parking by using leftover spaces in the parking garage at 500 Brickell, a twin-tower project the company developed adjacent to the My Brickell plot.

Condo owners at the 633-unit 500 Brickell protested by filing an appeal to the Planning, Zoning and Appeals Board, and a lawyer representing them said there simply are not enough spaces to accommodate nearly 200 more cars.

“There’s at least 100 missing parking spaces [needed] to accomplish what they want to accomplish,” said Carlos Gimenez, an attorney representing the associations for 500 Brickell’s two towers. “This would be a strain on all the surrounding buildings.”

Gimenez said that unit owners were upset that Related submitted its application, along with its plans to make use of the 500 Brickell parking lot, without consulting with residents at 500 Brickell.

At Wednesday’s 7 p.m. hearing, Gimenez said, the board will likely grant a “continuance,” so that all the parties involved can come to an agreement about the details of the new project.

Iris Escarra, an attorney representing Related’s subsidiary, did not return a call seeking comment.

Related’s founder, Jorge Perez, has often expressed grand ideas about transforming downtown Miami into a bustling metropolis, but those plans hit a snag during a housing downturn that cost his company $1 billion. As potential buyers walked away from their contracts amid a falling market, Related fell into danger of defaulting on dozens of bank loans in 2008 and 2009. The company eventually negotiated deals with all of its lenders, using a range of exit strategies that included so-called “friendly foreclosures,” property givebacks and cash payments.

Last year, Related emerged from its seventh and final troubled South Florida project, and claimed to be debt-free.

It has since focused on affordable housing projects, and development deals in emerging international markets. Still, the company has promised that it would return to build condos again in Miami.

“I still believe that we have massive amounts of work to be done for Miami to become a 24-hour city,” Perez said during a January interview with The Miami Herald. “I think we need to build a lot more residential. A lot more residential.”



Read more at Miami Herald

South Florida airports hope regional food will lure travelers back

Post By Arlene Satchell, from Sun Sentinel

April 18, 2011

A spate of new airport restaurants have opened in South Florida and some are infusing culinary elements of the region into their menus to help them stand out to runway-weary travelers.

This week, the Bacardi Mojito Bar officially opened in Concourse D at Miami International Airport's North Terminal, offering a special menu created by celebrity chef Lorena Garcia.

Garcia, who has ties to Miami, is a panelist-investor on NBC's new reality television show "America's Next Great Restaurant." Her menu features Caribbean and Latin American-inspired cuisine.

At Fort Lauderdale-Hollywood International Airport, a new dining concept from Aventura chef Allen Susser has met with raves since it took flight late last year in Terminal Four.

Monthly sales have soared as much as 350 percent since the gourmet burger joint opened in space once occupied by a nautical-themed bar and eatery, said Alan Gluck, the airport's business manager for concessions.

"It's a really neat new offering for us," Gluck said.

Susser has worked with Buffalo, N.Y.-based Delaware North Companies Travel Hospitality Services (DNC), the airport's exclusive terminal restaurant operator, since 2009 to bring his signature offerings there. That year Chef Allen's 2 Go sandwich and salad kiosks were opened throughout the terminals.

"It's not typical to find really good food at an airport," said Miami businessman Nelson Hincapie Thursday after grabbing a burger at Chef Allen's while waiting for a flight. "I was very surprised and pleased with my lunch choice."

In recent months, two Sushi Maki sushi and seafood kiosks have also opened at the Fort Lauderdale airport, adding Japanese cuisine to the mix. A Red Mango smoothie and yoghurt kiosk is also in the pipeline.

In May, Shula's Bar and Grill, a new casual dining concept from restaurateur and National Football League Hall of Famer Don Shula, will debut at Miami International through HMSHost. It's the first airport eatery for Shula's steakhouse chain.

A second is planned for Fort Myers' Southwest Florida International Airport this fall, HMSHost spokesperson Susan Goyette said.

HMSHost, one of the largest airport restaurateurs, operates outlets in 85 airports nationwide, including Palm Beach International, Miami International and Orlando International.

In 2009, the company added a Chili's Too and Quizno's to the lineup at the Palm Beach airport.

HMSHost typically culls trends reports and works with nutritionists and culinary experts to help it determine what food concepts will work well, and in what airports.

"Each airport wants to be unique," Goyette said.

Offering local brands is one way airports are standing out.

At Miami's airport, homegrown brands such as La Carreta and Café Versailles have long tantalized travelers with Cuban pastries and specialties such as café con leche.

Now other local and ethnic brands are settling in.

Last September, South Beach's Icebox Café, which has been featured on The Oprah Winfrey Show for its specialty cakes, opened in the North Terminal, and on tap is a Juan Valdez Café featuring Colombian coffee.

"Airports are being more proactive in understanding travelers' needs," said Pauline Armbrust, president of Airport Revenue News publication based in Palm Beach Gardens. "They're now very concerned about customer service and the customer experience."

Airports also want to capture more revenue as more airlines charge for meals and snacks on board.

Americans spent a little more than $3 billion on food and drinks in the Top 50 performing North American airports in 2009, the latest data available, according to Airport Revenue News. That's down from about $3.2 billion spent in 2008.

Bar offerings are also getting fancier. Airport concessionaires could soon start adding mixologists to their staff as many have done with nutritionists, to spice up their drink menus, Armbrust said.

Wine bars offering light fare are popping up in airports, such as Beaudevin, which debuted in February at MIA.

"The food was excellent," said Ileana Cabrera of South Miami after a hummus and bruschetta meal at Beaudevin recently.

"And green tea," added traveling companion Laura De La Pena of Coral Gables. "That's not always easy to find."

asatchell@tribune.com or 954-356-4209. Follow her on Twitter.com @TheSatchreport.
Copyright © 2011, South Florida Sun-Sentinel

Miami News - New Audi A7 presented by The Collection

THE COLLECTION and Dwyane Wade Unveil the All-New Audi A7
— On Thursday, April 7th, THE COLLECTION, South Florida's foremost luxury automotive dealership, along with its brand ambassador and all-star Dwyane Wade, and in association with Ocean Drive Magazine, revealed the highly-anticipated, all-new 2012 Audi A7.

Can Brazilians Save South Florida Real Estate?

Apr. 4 2011 from Forbes.com – Article by Kenneth Rapoza

"Only in Miami...is Brazil so far away."

If south Florida’s real estate market returns from the dead, thank a Brazilian.

Brazil’s  upper middle class have been buying properties in Miami and Orlando since the 1990s, when high interest rates and high taxes forced many of them to invest overseas in a way to avoid tax authorities. Now, the middle class is buying up Florida properties, mainly in Miami, thanks to a strong currency, and more spending power than they have had in a generation, a Folha de São Paulo study revealed on Monday.

According to the Association of Foreign Real Estate Investors (AFIRE), Miami’s improving real estate market is due mainly to Brazil’s rising GDP.

“Wealth creation in Brazil is now starting to look for cross-border opportunities, and Miami certainly is a natural,” says Terra Blanca, CEO of Blanca Commercial Real Estate in Real Estate Journal Online last week.  Greater Downtown Miami’s condo supply is overstocked, according to AFIRE . South Florida, and Miami especially, could come to depend on attracting foreign buyers like Brazilians while the US job market, and US incomes, continue to hobble along. Real estate prices are rising in Brazil, and still declining in south Florida.

A recent Franklin Templeton survey of foreign investors in some emerging markets showed that 70% of the 1,004 Brazilians surveyed said they would be putting money to work overseas this year. The average within the emerging markets surveyed was 62%.

Miami is ranked a distant 8th for foreign investment in real estate. New York, Washington, DC, Boston and San Francisco were the top four, according to Real Capital Analytics.  Thanks to the bursting of the housing bubble in 2008, the US is currently ranked as the best place for capital appreciation in the world real estate markets, according to Real Capital.

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