Showing posts with label Naples Homes. Show all posts
Showing posts with label Naples Homes. Show all posts

Friday, February 24, 2017

NAR predicts stable commercial market in 2017

NAR predicts stable commercial market in 2017

 
WASHINGTON – Feb. 23, 2017 – Steered ahead by strengthening demand in smaller markets, the commercial real estate sector should remain on stable ground in 2017 and offer decent returns for investors, according to the latest National Association of Realtors® (NAR) quarterly commercial real estate forecast.
National office vacancy rates are forecast to retreat 1.1 percent to 12.1 percent over the coming year as job growth in business and professional services brings increased need for office space. The vacancy rate for industrial space is expected to decline 1.3 percent to 7.1 percent, and retail availability to decrease 0.7 percent to 11.2 percent.
Only the multifamily sector is predicted to have little change to its vacancy rate over the next year as new apartment completions keep openings mostly flat at 6.5 percent.
"Last year was the 11th year in a row of subpar GDP growth, but renewed corporate optimism leading to a focus on investment and a desperately needed boost in residential construction should pave the way for modest expansion this year of around 2.4 percent," says Lawrence Yun, NAR chief economist. "Steady hiring and low local unemployment levels are finally supporting higher wages and increased spending, which in turn bodes well for sustained demand for all commercial property types."
The apartment sector is expected to preserve its status as a top performer this year, simply because ongoing supply and affordability challenges are keeping the nation's low homeownership rate from seeing meaningful improvement. Even with a small uptick in the vacancy rate as new building completions catch up with demand, rents will likely maintain their solid growth in most of the country.
"Especially in the costliest metro areas, higher home prices and mortgage rates are squeezing the budget for many renters looking to buy and inevitably forcing them to sign a lease for at least another year," says Yun.
According to Yun, commercial property prices – especially in Class A assets in larger markets – surpassed pre-crisis levels last year because of aggressive bidding and lower inventory levels. However, with the Federal Reserve expected to raise short-term rates three times in 2017, a minor price correction may be in store this year as cap rates move higher.
"Similar to the biggest ongoing challenges in the residential market, supply and demand imbalances continue to put upward pressure on commercial property prices as investors search for yield in smaller markets," says Yun. "Realtors are increasingly citing inventory shortages as their top concern as the pace of new projects slows in large cities, and middle-tier and smaller markets see a growing appetite for space."
The latest NAR Commercial Real Estate Market Survey found strong underlying demand for commercial properties up to $2.5 million, where most transactions from NAR's commercial members reside. Compared to a year ago, sales volume rose 12.9 percent, prices increased 5.5 percent and the average transaction value equaled $1.1 million.
NAR's December Business Creation Index (BCI) also found a positive trend for smaller commercial businesses. Created to monitor local economic conditions from the perspective of NAR's commercial members, Realtors reported more business openings and fewer closings over the past year in their market.
The possibility of a more tax-friendly business environment combined with the positive benefits of 1031 exchanges could quicken the pace of economic growth and support stronger commercial market fundamentals, Yun says.
The industrial sector – already enjoying increased demand from the soaring popularity of e-commerce – could see a further decline in vacancy rates if increased manufacturing comes to fruition and accelerates the need for more warehouse space.
"The positive direction for commercial real estate this year will be guided by the steadily expanding U.S. economy, which has legs to grow and continues to be one of the top economic performers and safest bets in the world," concludes Yun.
© 2017 Florida Realtors  

Wednesday, January 27, 2016

When leaving questions or asking for additional information in my "Comments" section here, please leave me your EMAIL ADDRESS or PHONE NUMBER so that I can answer back. You can reach me directly at 239-560-1574 or terencetrombetti@gmail.com. It would be an honor to work for you as your Realtor. Kind regards, Terence J. Trombetti.




Dining's Holy Grail: At Bridge Plaza, restaurants flourish


If some restaurant spaces are cursed, could others be blessed? At Bridge Plaza in Fort Myers, local chefs are thriving.

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Amid clouds of dust and hills of rubble, Amy Abernathy showed off the logo for her forthcoming restaurant.
“It’s The Fish & Vine,” she said, tracing the abstract outline of the fish-meets-wineglass image with her finger.
“I’ve been talking about doing this for three years, and in all that time I never considered opening anywhere but here.”
"Here" is Bridge Plaza, the 73,000-square-foot shopping center near the corner of McGregor Boulevard and College Parkway in south Fort Myers.
If some restaurant spaces are cursed, then this plaza just might be the Holy Grail for Lee County chefs.
Home to eight unique food and dining concepts — from Greek fare, to upscale Italian, to a chef-driven diner — Bridge Plaza’s restaurants have more than 70 years of operation under their combined belts.
That’s not counting nearby Lazy Flamingo, open since 2011, which sits on property owned by a different management group.
“That particular plaza has a lot of things going right for it,” said commercial real estate broker Steve Cunningham, a partner with LandQwest Commercial in Fort Myers.
“It’s the perfect storm of factors.”
Let’s start with parking.
County codes call for 14 parking spots per every 1,000 square feet of restaurant space, according to Cunningham. Such restrictions make it difficult to fit more than one or two restaurants into most strip centers. But Bridge Plaza, which was built in 1978 when land in south Fort Myers wasn't at such a premium, has 345 parking spots, more than enough for current and future tenants.
Then there’s the ease of access, the proximity to wealthy residential neighborhoods, the sheer variety of restaurants, and, of course, the restaurateurs themselves, all of whom seem to welcome and promote the places around them.
“I hand out Crave’s menus to customers looking for a good breakfast,” said Craig Komatz, owner of Cibo.
“The thing is, the restaurants that are in here are good. They’re all truly good places to dine. We all have different styles, but we’re all great at what we do.”




Open since 1991, Nomiki’s Plakka is, as Komatz called it, “the granddaddy of us all.” Owner Dimitri Neskes can’t remember a time when Nomiki’s didn’t operate in Bridge Plaza. That's because he was 6 months old when it opened.
“There have always been some good restaurants in here,” Neskes said.“The French bakery, the health-food café, but over the last seven or eight years, since Cibo and Crave and Pizza Fusion came along, this place has become a dining destination.”


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That wasn’t exactly the plan.
Mark Aurelia, the plaza’s property manager, said there was never a goal of attracting restaurants to the space. But as one after another succeeded, more and more restaurateurs wanted in.
“It’s a testament to the restaurant owners themselves,” Aurelia said. “They’ve stood the test of time, and with a solid menu and service, people will come.”
Abernathy’s sure hoping so.




The Fish & Vine is scheduled for a late-February or early-March debut. Chef Kyle Conway, formerly of Barnhill’s Seafood on Matlacha, will run the kitchen. The 75-seat space will feature a seafood and gourmet wine market up front, with an expansive, full-liquor bar and an upscale, seafood-driven menu.
“We’re going to be all about fresh seafood, small plates to share, boutique wines,” Abernathy said.
When asked if she believes the plaza is lucky or blessed, she didn’t hesitate.
“Absolutely,” she said. “This is the only place I want to be.”
Connect with this reporter: @ATometich (Twitter)
WHERE RESTAURANTS THRIVE
A look at the markets and restaurants that have made Bridge Plaza at 12901 McGregor Blvd., south Fort Myers, a dining destination. 
• Nomiki's Plakka
Cuisine: Greek
Open since: 1991
More: 433-5659 or facebook.com/nomikisplakka
• Cibo
Cuisine: Upscale Italian 
Open since: 2004
More: 454-3700 or cibofortmyers.com
• Crave Restaurant
Cuisine: American fare with a chef's touch
Open since: 2007
More: 466-4663 or cravemenu.com
• European Food Market
Style: Polish and Eastern European goods and groceries for sale
Open since: 2007
More: 332-7200
• Pizza Fusion
Cuisine: American-style pizza chain with a healthy variety of toppings and crusts
Open since: 2009
More: 337-7979 or pizzafusion.com
• Caffe Toscano
Cuisine: Family-run Southern Italian with a focus on fine, imported ingredients
Open since: 2013
More: 415-8466 or caffetoscanofl.com
• Crave Market
Cuisine: Sister operation to Crave, offering sandwiches, soups, prepared salads and more 
Open since: 2014
More: 466-4663 or cravemenu.com
• The Fish & Vine
Cuisine: Upscale seafood and classic French-Mediterranean fare with a fish market and boutique wines
When: Coming in late February
More: Find it on Facebook

Tuesday, January 12, 2016

When leaving questions or asking for additional information in my "Comments" section here, please leave me your EMAIL ADDRESS or PHONE NUMBER so that I can answer back. You can reach me directly at 239-560-1574 or terencetrombetti@gmail.com. It would be an honor to work for you as your Realtor. Kind regards, Terence J. Trombetti.

Summary for Cape Coral

The median sales price for homes in Cape Coral FL for Oct 15 to Jan 16 was $182,000. This represents an increase of 1.6%, or $2,950, compared to the prior quarter and an increase of 15.9% compared to the prior year. Sales prices have appreciated 83.9% over the last 5 years in Cape Coral. The average listing price for Cape Coral homes for sale on Trulia was $276,316 for the week ending Jan 06, which represents an increase of 1.6%, or $4,266, compared to the prior week and an increase of 1.7%, or $4,580, compared to the week ending Dec 16. Average price per square foot for Cape Coral FL was $121, an increase of 14.2% compared to the same period last year. Popular neighborhoods in Cape Coral include Pelican, Caloosahatchee, Hancock, Burnt Store, Mariner, and Trafalgar.
Average price per square foot for Cape Coral FL was $121, an increase of 14.2% compared to the same period last year. The median sales price for homes in Cape Coral FL for Oct 15 to Jan 16 was $182,000 based on 784 home sales. Compared to the same period one year ago, the median home sales price increased 15.9%, or $25,000, and the number of home sales decreased 40.7%. There are currently 5,173 resale and new homes in Cape Coral on Trulia, including 20 open houses, as well as 636 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Cape Coral FL was $276,316 for the week ending Jan 06, which represents an increase of 1.6%, or $4,266, compared to the prior week. Popular neighborhoods in Cape Coral include Pelican and Caloosahatchee, with average listing prices of $381,226 and $360,404.
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Thursday, January 7, 2016

When leaving questions or asking for additional information in my "Comments" section here, please leave me your EMAIL ADDRESS or PHONE NUMBER so that I can answer back. You can reach me directly at 239-560-1574 or terencetrombetti@gmail.com. It would be an honor to work for you as your Realtor. Kind regards, Terence J. Trombetti.

2015 ends with housing surge

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2015 ended on an up note for promised Lee County housing starts – 216 percent up for multifamily projects compared with this time last year.
As if rushing to make its new year’s resolutions before midnight, the county permitted 200 multifamily units in December. November had been sleepy with only six such permits, and 2014 had closed with only 30.
A highlight of the 12th month was The Reef in Estero, which got its green light for 174 units of off-campus student housing at 19655 Three Oaks Parkway – a first for the village’s new design review board.
Single-family homes didn’t do badly in unincorporated Lee, either. The year ended with 132 December permits, almost two times more than the previous year, according to the county’s community development department.
And for 2015 overall, the county ticked up 21 percent in the home permit sector.
With a total of 1,202 single-family and 2,094 multifamily units permitted in 2015, Lee starts promised a market value of about $491.3 million.
Cape Coral’’s housing market in 2015 was at its healthiest in a long while, with August and October breaking the 100 permit threshold for single-family homes. That hadn’t happened since 2007.
The Cape issued six duplex and 95 single-family permits in December.
Bonita Springs  finished the year with 601 single-family and 40 multifamily permits issued. Although slightly under its 2014 performance, the year proved demand for Bonita housing continues strong into 2016.
2015 may be remembered as the year foreclosures progressed so far in the reverse direction since the recession as to become a nonissue.
The year cash sales began to slow; lending markets began to open up; and mortgage rates increased – timidly – for the first time since the recession.
No rest for the rent-weary
But the year’s hottest development was a headline-making ALN Apartment News study that placed the Cape Coral-Fort Myers area among the most rent-burdened metro areas in the country
“Florida has the highest number of renter households in the U.S. paying unaffordable rent, with nearly 1 in 3 renter households in Florida’s top 10 metro areas paying at least half of their household income (before taxes) toward rent and utilities,” a survey by nonprofit Make Room found.
With the year only half over, Fort Myers area rents had risen over 14 percent from the year before. Statewide, the people most severely burdened by high rents: 6,223 people aged 18 to 34, and 4,257 people ages 50 to 64.

While real estate experts see an exciting lineup of new construction starts on the 2016 horizon, the same can’t be said for affordability.

Thursday, December 10, 2015

When leaving questions or asking for additional information in my "Comments" section here, please leave me your EMAIL ADDRESS or PHONE NUMBER so that I can answer back. You can reach me directly at 239-560-1574 or terencetrombetti@gmail.com. It would be an honor to work for you as your Realtor. Kind regards, Terence J. Trombetti.

SW Florida real estate market 'healthy' again



While Florida is still a top five state when it comes to foreclosure rates, its dark mid-2000 past is a distant rear-view image, RealtyTrac’s November market report suggests.
November saw a 15 percent monthly drop in foreclosure starts nationwide. the lowest total starts since May 2006. That falling monthly trend has been the case for close to half of 2015 now, measured on a year-over-year basis, and scheduled auctions are at their lowest levels since 2005.
As banks work through their backlog of old foreclosures, bank repossessions have shot up in the short term, said RealtyTrac VP Daren Blomquist. Repossessions were up 60 percent nationally from a year ago November.
“This also means the share of active foreclosures tied to bubble-era loans is shrinking, with 59 percent of all loans in foreclosure originated between 2004 and 2008,” Blomquist said. “While that is still a disproportionate share of active foreclosures, it continues to decrease from 61 percent earlier this year and 75 percent two years ago,”
Florida completed 6.435 foreclosures in November, the highest of the states, and more than twice as many as the second-highest completer, Texas. Its top five foreclosure state ranking has continued through 2015 -- but at the same time, its starts and other activity indicators continue to decrease. Three Florida cities are top 10 in metro foreclosure rates: Tampa (no. 6) Jacksonville (no. 9) and Daytona Beach (no. 10).
Land Solutions Market Research Director Doug Meschko said foreclosures in Southwest Floridahave become "a nonissue."
“Foreclosures were the news of the past four or five years, but they’re no longer the news of the day,” Meschko said. “I’ve been tracking them since 2009, but stopped doing it two or three quarters ago.”
Locally, foreclosures are “only a little above 2004,” Meschko said, and foreclosed properties are being absorbed quickly back into the market, selling at higher prices than in the bad old days.
For buyers, it means “the party’s over,” said Meschko. “We’re in a retail market favoring the seller. Appraisals are up because foreclosures aren’t in the mix. It’s a healthy market again.”

Monday, November 16, 2015

When leaving questions or asking for additional information in my "Comments" section here, please leave me your EMAIL ADDRESS or PHONE NUMBER so that I can answer back. You can reach me directly at 239-560-1574 or terencetrombetti@gmail.com. It would be an honor to work for you as your Realtor. Kind regards, Terence J. Trombetti.

9 Reasons Why You Should Move To Cape Coral, FL

9 Reasons Why You Should Move To Cape Coral, FL
By Stephanie Hyland, Storage.com
Though it’s not as big as Tampa or Miami, the city of Cape Coral, Fla., is a great place for anyone looking for a change of scenery, new employment opportunities, a sunny college experience, or more adventurous outdoor activities. Below, we’ve compiled a list of nine reasons why you should move to Cape Coral.
1. EXPERIENCE THE WATERFRONT WONDERLAND.
Canal in Cape Coral, Florida
Photo by dconvertini
Imagine walking out into your backyard and seeing water. That’s what Cape Coral is like. Surrounded by the Matlacha Pass and the Caloosahatchee River, Cape Coral has more than 400 miles of canals, which is where it gets its nickname, “Waterfront Wonderland.” In fact, Cape Coral has more canals than Venice, Italy.
Own a boat in Cape Coral? Learn more about boat storage options in the area!
2. A GROWING JOB MARKET.
Florida Construction Industry
Photo by JAXPORT
According to a recent Forbes report, Cape Coral has a 32% net employment outlook for 2015 (It was at 23% last year). Overall, Cape Coral’s job market has seen positive growth. The unemployment rate, for example, decreased to 5.5% locally in November 2014, which is a significant drop from the 11.3% rate in 2010. As for the workforce, some of the most popular jobs include health care, construction, and education, which is mainly due to the growing population of retirees and working-class families.
3. FLORIDA GULF COAST UNIVERSITY.
Florida Gulf Coast University in Fort Myers
Photo by Brett Levin
The 800-acre campus of Florida Gulf Coast University located in Fort Myers, Fla. (the metro partner of Cape Coral), offers 51 undergraduate degree programs, 28 graduate degree programs, two doctoral degree programs, and one specialist program. It’s also home to 20 fraternities and sororities, 26 sport clubs, and 180 student organizations. For students looking for a great college in a warm city, FGCU is worth it!
4. A HOME FOR NATURE ENTHUSIASTS.
Nature enthusiasts will love the Four Mile Cove Ecological Preserve in Cape Coral. It’s 365 acres and the second largest preservation in Cape Coral. Visitors can enjoy the walking trail through Mangrove Forest while observing eagles, herons, snakes, and other animals. Adults who are feeling extra adventurous can even enjoy the preserve from a kayak. For more activities, check out the Rotary Park Environment Center.
5. TOUR DE CAPE.
Biking in Cape Coral
Photo by Daniel Oines
Enjoy running and/or biking? Cape Coral will fulfill your needs there, as it’s home to the Tour de Cape. This annual event includes a 5K run/walk, a kids 5K, and bike tours with 15, 30, 60, and 100 mile-long routes.
6. HIT THE TRACK AND GRIND THE RAILS.
Florida Skateboarding
Photo by Rob
BMX racers and skateboarders will love Cape Coral BMX Park and Eagle Skate Park. The BMX track was originally built in the late 1970s as part of the Bicycle Motocross Association. Today, it’s considered to be one of the oldest tracks in the U.S. As for Eagle Skate Park, skateboarders who are six and older can grind rails and practice tricks off of ramps. There’s also an after-school skateboarding program for kids!
7. TIME TO STOCK UP ON SUNSCREEN.
Beach in Cape Coral, FL
Photo by dconvertini
The state of Florida has plenty of beaches for residents to enjoy. The main beach in Cape Coral is located within Yacht Club Community Park. The newest beach is located at Four Freedoms Park. Both beaches not only offer the typical scenic beach experience, but they also have playground equipment, grills, and picnic tables. Fun fact: The Yacht Club was built in 1958 and is one of the original landmarks of Cape Coral.
8. HANG WITH THE MANATEES.
Get close to manatees and other wildlife with Manatee Guides’s Nature Kayak Tours in Fort Myers! The guided kayak tour points out the manatees’s natural habitat and talks about the species’s ecological struggles. Also, it received the Certificate of Excellence from TripAdvisor in 2012, 2013, and 2014.
9. VISIT MICKEY MOUSE ANY TIME.
Disney World Resort in Orlando
Photo by Chris Harrison
One of the notable attractions in Florida is the Walt Disney World Resort in Orlando, Fla. And guess what? Cape Coral is approximately three hours away! When you live in Cape Coral, it’s easy to grab the family, jump in the car, and head out on a weekend vacation to the iconic theme park where “Dreams Come True.”
What’s your favorite thing about Cape Coral? What did we miss? Comment below to let us know!

Should You Buy a House During the Corona-Virus Outbreak?

WRITTEN BY JAYMI NACIRI POSTED ON FRIDAY, 03 APRIL 2020 05:00 For many of us, the coronavirus pandemic has created a t...