Florida Real Estate News

“Starwood Sees Payoff in Patience” – Wall Street Journal 10/7/09

A Starwood Capital Group led consortium is buying the Florida condo assets of the broken up Corus Bank.  In this depressed market Starwood sees opportunity for  real investment return in Florida condos in the near future.

Starwood’s Barry Sternlicht makes their motivation clear:

“In years three, four and five, there won’t be any more new condos being built in these markets and you’ll be one of the few guys with new inventory.”

This is what recovery looks like.  A bubble bursts, consumer confidence understandably goes down, distressed properties accumulate and then, after a bit of time, people remember that unusually low prices, bank approved unusually low prices, are a good investment.  We’re now seeing some of the lowest prices in the Florida condo market than we’ve seen in almost a decade.  It’s especially good for first time home buyers considering the federal incentives now being offered for first time homebuyers in Florida.  Not to mention that that three, four year timeline also works particularly well for students in Jacksonville because of the variety of well built, affordable condos. Parents can invest in both their child’s future through tuition AND in a money maker by investing in Florida property their child can live in as student housing while it accumulates profit and provides real tax benefits.  In Jacksonville’s Riverside Historic District, The Chelsea Lofts has seen a spike in sales as prices were reduced to bank minimums and buyers “waiting for the bottom” found the award winning project attractive.

Read the whole article HERE

Buying a house but not sure what you’re going to use to finance the purchase given today’s climate in the mortgage market?

Many people spend copious amounts of time, money, and energy on home beautification projects but settle for standard concrete walks and driveways of asphalt, concrete, or even gravel. Such conventional drives and walks are unlikely to detract from a home’s appearance but they add very little to the overall aesthetics. Using period pavers for drives and walks will turn them into elements of the landscape rather than just utilitarian necessities.

  While stamped concrete can enhance the look of a walk or drive, the modular installation of pavers offers several advantages. They are less likely to crack because of ground changes, and when this does happen individual piece can be easily replaced, or in some cases simply flipped over. The pattern and layout of pavers can also be easily altered to fit better with landscaping additions and changes.

  Pavers are available in a wide variety of shapes and colors, and most can be arranged into different patterns to reflect historical or regional standards. Many different materials have been used to pave roads, walks, and drives through the years, but brick and stone are by far the most durable and popular. Stone pavers can be divided into two general categories—cobblestones and flagstones.

  Traditional cobblestones are created from smooth stones, usually granite or basalt, found in riverbeds. They are worked into rounded square or rectangular blocks of a relatively uniform size before being used for paving. Cobblestone roads are still found in many European cities, making them the perfect choice for homes with an “old world” motif.

  Flagstones are made from sedimentary rocks such as shale or limestone that can easily be split into flat slabs. Flagstones tend to be rather heavy, and therefore were historically used primarily in regions where appropriate types of rock were found. The shape of flagstones is not usually altered, which makes them more difficult to install and pattern than other types of pavers.

  Brick was a popular paving material for roads in early 20th Century America, and in recent years some cities have begun restoring or reconstructing brick roadways. While brick drives are bumpier than asphalt, they never develop potholes and usually last 50 years or more before requiring serious maintenance. Brick is a perfect choice for homes featuring early American architecture. 
 
 Pavers to match most historical styles can be purchased from landscaping stores and paving companies. For homeowners who want true authenticity, a number of companies deal in brick and stone reclaimed from historic streets and buildings. Using such reclaimed materials allows a homeowner to preserve and recycle historic building materials, and, if the source of the material is known, provides and anecdote that adds to the home’s allure.

  Using period pavers for drives and walks can help to reinforce the architectural and design themes of any home. If the homeowner is willing to do a bit of research, they can also reproduce styles from particular regions or historical eras. Even if the choice of period pavers isn’t part of a grand design concept, they can enhance the overall appearance and value of any piece of property

Jacksonville, Florida (bookwired.com) November 13, 2006 — It is always challenging creating luxury ocean front homes and ‘The Ocean Manors’ at Ponce Inlet was no exception. Cranewoods Development of Jacksonville, Florida had to negotiate local and State planning rules which restrict the building to a height of 35 feet and preserve the site lines of neighboring residences by drawing a line between structures to the North and South of the lot – beyond which you cannot build. The project also required coordination with “Coastal Control Line” which is imposed by the State of Florida to control design in beachfront areas. Cranewoods has considerable experience in building luxury waterfront homes and was able exceed buyer’s expectations while staying within the various regulations to create this spectacular design. Andrew Howe, Manager of Cranewoods Development, stated, “We recognized a niche in the market for upscale oceanfront town homes, without sacrificing luxury and privacy and went about finding the perfect oceanfront location – that was Ponce Inlet, Florida.” The design of these town homes is unlike the high-rises that dominate the Miami coastline. Each home is a minimum of 4,000 square feet with unobstructed views of the Atlantic Ocean, and lush Conservation land, which stretches to the Intra-coastal Waterway. The development is within an easy commute of Orlando for second homeowners or those wanting to make this their primary residence. Cranewoods decided on exquisitely detailed Mediterranean architecture as the best fit for the project’s majestic site. In this case, the natural oceanfront dune system worked to the project’s advantage, by raising the development to a sufficient elevation to maximize on the location and views. To implement the project plans, the developer chose award winning HCM Construction as the builder for their considerable expertise in implementing sophisticated architectural details on oceanfront homes. Internally, buyers will not be disappointed by the one of three vignettes they may chose from to best reflect their lifestyles and tastes. Private internal elevators, State of Florida approved impact windows, media room/guest suite, ocean deck off master bedroom, two car garages and private dune walkover come as standard. Private Jacuzzi overlooking the ocean is optional. These magnificent waterfront homes enjoy a sophisticated locale minutes from all the activities associated with coastal living yet around the corner from nightlife, restaurants and the financial center of Orlando. Howe continued, ‘In a market where lifestyle is king, I feel confident we have hit upon a niche for our projects that has barely been tapped. Sales support this theory.”