02/17/17 Real Estate
ST, PETERSBURG — It's baaaaack.
A year after pulling a sewage-contaminated house off the market, Fannie Mae has relisted it at the same $419,900 price. Now, though, it comes with a partly gutted interior and an acknowledgement that at one point it really did have a serious mold problem.
Fannie Mae, the government-backed mortgage insurer, says tests show that the foreclosed house in the upscale Snell Isle-Eden Isle area is now free of harmful mold. But Fannie Mae's decision to list the house in 2016 despite strong evidence of mold has raised questions about the safety of other foreclosed homes it has sold. ...
02/16/17 Real Estate
TAMPA — In the second major bay area apartment sale in two weeks, an Atlanta company has bought the St. Croix Apartments in north Tampa for $58.5 million.
The Radco Cos., which closed on the deal Thursday, said it plans to rename the 540-unit complex Radius Tampa Palms and spend $7 million on renovations.
Built between 1988 and 1990, the complex is on 27 acres just off Bruce B. Downs Boulevard and consists of 25 two- and three-story buildings with garden-style apartments. In a release, Radco noted that the location is improving thanks to the widening of Bruce B. Downs to eight lanes. The complex has its own traffic light on that busy thoroughfare. ...
02/14/17 Real Estate
ST. PETERSBURG — The New York firm under contract to buy and redevelop a prime downtown block has purchased an historic building directly across the street.
Red Apple Group paid $2.625 million this month for the Florida Arcade, a 1920 structure at 449 Central Ave. that now houses the popular Il Ritorno restaurant, the Kalamazoo Olive Co. and several other shops and offices.
The company, headed by billionaire John Catsimatidis, did not return calls for comment Tuesday morning so it is unknown what it plans for the arcade or whether the current tenants will remain. But at least part of the 15,000-square-foot building presumably could house sales and construction offices for Red Apple's project on the 400 block of Central across the street. ...
02/13/17 Real Estate
This time last year, Ashley Williams of Clearwater was getting ready to take her Florida real estate exam. She passed, and at age 20 launched a new career.
Has she found real estate very competitive?
"It's like sharks out there,'' she says.
At a time when the number of homes for sale remains unusually low, the ranks of real estate agents vying for listings continues to swell. Williams was among the 32,954 first-time applicants who took the state exam in 2016, the most in 10 years. And including repeat test-takers, the number of people who passed — 27,926 — brought Florida's total of currently licensed agents to almost 250,000....
02/10/17 Real Estate
TAMPA — Redevelopment of a prime but long-vacant waterfront site in South Tampa got a major boost this week.
Miami-based Related Group closed Friday on its $11.81 million purchase of a 8.5 acre tract in the 52-acre master planned community Westshore Marina District. Related previously announced plans for a 396-unit luxury apartment complex on the site at the Tampa end of the Gandy Bridge. ...
02/10/17 Real Estate
ST. PETERSBURG — Drive through Snell Isle, the Old Northeast or other areas near downtown St. Petersburg, and it's hard to ignore the amount of residential construction.
There is a lot of it.
In the past few years, St. Petersburg has seen an explosion in the number of permits for new single-family homes — 191 last year alone. That's nearly seven times as many as in 2009 during the depths of the recession. And the fact that most of those new houses are gargantuan compared to the ones they replace is prompting a response from residents, who are often outspoken in their views, and city officials, who are considering changes to help the behemoths better fit in....
02/10/17 Real Estate
In 2012, during the bleakest year of the foreclosure crisis, a three-bedroom, two-bath house in St. Petersburg's Russell Park sold in a distressed sale for $118,000.
Just before Halloween last year, the same house went back on the market. More than 65 people showed up at the first open house, and six put in offers, all higher than what the sellers were asking.
The sale price this time? $222,000 — $22,000 over the asking price....
02/08/17 Real Estate
ST. PETE BEACH-- The Sirata Beach Resort and Conference Center sold for $108.19 million, according to a deed recorded this week.
Texas-based Crescent Real Estate partnered with an Atlanta company to acquire the 382-room hotel in an off-market deal with the original owners, the Nicklaus family. Neither side disclosed the purchase price, nor was it reflected in the taxes on the deed transfer. ...
02/07/17 Real Estate
TAMPA — With Tampa Bay's apartment market still going strong even as lenders start to tighten up, a Nashville-based company has bought one of the area's newest apartment complexes for $80 million.
Crescent Communities sold its 374-unit Crescent Westshore to Nicol Investment Co., which plans to rename and rebrand the complex later this year. Completed in 2016, the apartments at 2202 N. Lois Ave. are about 50 percent leased. ...
02/06/17 Real Estate
TAMPA — Tampa's Bay's luxury market is kicking off another strong year with the $6.275 million sale of an 8,000-square-foot bayfront home on Davis Islands.
The seven-bedroom, seven-bath home sold in late January in an off-market transaction. The deed had not been recorded as of Friday, but the seller was a pair of trusts in the name of Christina S. Lavery, records show.
Lavery formerly was married to New York Yankees chairman Hal Steinbrenner, who with his brother Hank inherited the team from their late father, George Steinbrenner. ...
02/06/17 Real Estate
TREASURE ISLAND — The gulffront Sands Motel has been sold for $5.25 million to a company that plans to renovate the vintage 34-room motel.
Built in 1947 at 11800 Gulf Blvd., the Sands was the first concrete building in Treasure Island.
"This is one of the jewels of the Treasure Island beach properties, and it has been a pleasure to be a part of the sale of such an iconic motel," broker Patrick Calhoon said. ...
02/03/17 Real Estate
ST. PETE BEACH — One of Tampa Bay's last family-owned beach hotels has been sold to a Texas-based company.
Crescent Real Estate LLC said it has acquired the 382-room Sirata Beach Resort and Conference Center in an off-market deal with the Nicklaus family. The price was not disclosed, and the deed had not been recorded as of this morning.
"This is a unique opportunity to secure an excellent resort property ideally positioned to grow,'' Jason Anderson, Crescent's CEO, said in a press release. "Located on one of the best beaches in the country, the Sirata Beach Resort attracts guests from across the U.S. with its easy drive-to-acess and proximity to the St. Petersburg and Tampa airports.''...
02/01/17 Real Estate
Warehouses lack the glamour of luxury homes, but they are helping make the Tampa Bay area one of the nation's hottest emerging industrial markets.
The bay area vaulted from No. 28 to No. 10 last year in net leasing of distribution and light industrial space, according to a new report by Colliers International. Overall vacancy rates dropped to 6.3 percent despite more than 4.4 million square feet of new construction in 2016....
01/31/17 Real Estate
Wonder if you can really afford that home you lust after? Now there's a way to find out.
This morning, the company that runs the Multiple Listing Service for the Tampa Bay area and other parts of Florida is launching a new website that lets buyers calculate the true cost of a home including utilities and property insurance. They can also get "walkabilty scores" and "sound scores" that help them determine if that dream home is within hoofing distance of a grocery or uncomfortably close to a busy interstate. ...
ST. PETERSBURG — Bill Edwards has honed an image in St. Petersburg as a civic do-gooder. He paid for a giant column marking the Interstate 275 entrance to the city. He put the city-owned Mahaffey Theater on solid financial footing. He turned the failing BayWalk entertainment plaza into the glittery Sundial St. Pete.
But as Edwards pushes ahead with plans to make St. Petersburg home to a Major League Soccer team, he continues to be dogged by a lawsuit that paints a less flattering picture of the 72-year-old entrepreneur. ...