10/21/14 Real Estate
Convergent Capital Partners confirmed Tuesday that it paid $10.5 million for the former headquarters of bankrupt Universal Health Care in downtown St. Petersburg.
The seller was the state of Florida, which became the receiver for Universal's assets last year after the Medicare provider collapsed amid allegations of fraud and gross mismanagement.
Convergent, a private Tampa-based real estate equity firm, bought the bottom two floors of the building at 100 Central Ave. ...
10/21/14 Real Estate
Planning to sell a house? Now might be the time.
Sales of single-family homes in the Tampa Bay area in September jumped nearly 11 percent over the same period last year. The median sales price rose 3.2 percent to $159,900.
"I see the month of October being the same, and … I don't see any slowdown," Terry Burkot, a Tampa Realtor, said Tuesday. "It's a sellers' market."
The news was even better statewide, with sales soaring 13.5 percent and the median sales price reaching $180,000, up 5.9 percent from the previous year....
10/17/14 Real Estate
The NIMBY syndrome — not in my back yard — typically springs from opposition to prisons, power plants and toxic waste dumps.
Now it includes luxury condos and apartments.
In the Tampa Bay area, as in booming city centers all across America, residents are voicing concern, even anger, over planned or anticipated high-end projects that would block their views or increase traffic or both. ...
10/14/14 Real Estate
ST. PETERSBURG — Improperly installed stucco on Signature Place, one of Tampa Bay's tallest and newest condo towers, could rip off in high winds and pose a "potential danger and liability.''
That's the warning in an Oct. 6 letter the Signature Place Condominium Association sent to its members outlining repairs that could cost as much as $657,000 and render the balconies in dozens of units unusable for months....
TAMPA — Florida's newest law school is getting a mouthful of a new name: Western Michigan University Thomas M. Cooley Law School.
The name change, which affects Cooley's Tampa Bay campus along with four in Michigan, comes at a difficult time for law schools nationwide as enrollments plunge and debt-laden graduates struggle to find jobs.
Faced with a reported 35 percent drop in enrollment last year, Cooley, a private law school based in Lansing, Mich., is closing its Ann Arbor campus near Detroit and has laid off an undisclosed number of faculty members. Some Michigan news reports have put the figure as high as 50 percent. ...
10/13/14 Real Estate
At 36 stories, Signature Place is St. Petersburg's tallest condominium tower and one of its most striking.
It's also a building riddled with dozens of construction and design defects, according to a new lawsuit.
The Signature Place Condominium Association says it is spending "large sums'' of money to repair problems ranging from cracks in exterior walls to improper fire wall installation to excessive noise from air-conditioning and heating systems....
CLEARWATER — In the past 99 years the magnificent Century Oaks estate has had seven owners, including a doctor, a church and the man who invented the paint used on Model T Fords.
It will stay with its current owner, champion powerboat racer Hugh Fuller, at least a while longer.
Saturday's auction of the 24,000-square-foot mansion with 10 bedrooms, 15 bathrooms and a separate guest house was continued until Nov. 22 "to refine offers,'' Daniel DeCaro, of DeCaro Luxury Auctions, announced....
10/10/14 Real Estate
TAMPA — Yet another figure from the sports world is going the auction route after his Tampa Bay estate failed to sell.
J. P. King Auction Company said Friday that it will auction the eight-bedroom, seven-bath lakeside home of former Tampa Bay Rays owner Vince Naimoli on Nov. 13.
Naimoli has been trying to sell the 15,000-square-foot home in the elite Avila community for at least three years, starting at $14 million and dropping to $11 million before pulling the listing in 2011....
10/09/14 Real Estate
ST. PETERSBURG — Preconstruction sales are due to start next week for downtown St. Petersburg's newest condo project, the 13-story Salvador, a block from the Dalí Museum.
The 74-unit project reflects continuing developer interest in the area south of Central Avenue near the museum, two major hospitals and the University of South Florida St. Petersburg.
"It's right in the mix of everything,'' David B. Moyer of Smith & Associates, the exclusive listing agent, said Thursday....
10/09/14 Real Estate
Tampa Bay homeowners are once again tapping into the equity in their homes, a sign of an improving housing market and greater confidence in the economy.
In the 12 months ended in June, nearly 60 percent more home equity lines of credit, or HELOCs, originated in the bay area compared with the previous 12 months, according to the housing data source RealtyTrac.
Nationwide, HELOCs were up 20.6 percent from a year ago and at the highest level since the 12 months that ended in June 2009, the depths of the Great Recession....
10/08/14 Real Estate
TAMPA — Three high-end office buildings that make up the Corporate Center at International Plaza are being acquired by an Orlando-based company as part of a $237 million deal.
Parkway Properties said it is buying a portfolio of 22 buildings in six Southern states to obtain Corporate Center I, II and III in the hot Westshore market. As part of the same transaction, expected to close this year, the company will sell the other 19 buildings to an undisclosed buyer who has put down $10 million in earnest money....
Back in the old days, say the early 1980s, most office buildings were pretty bland affairs with few amenities. If there was a place to eat, it probably offered little more than chips and ham sandwiches.
That was then.
Now, the Take 5 cafe in Tampa Bay Park, a West Shore office complex, features grilled salmon and chicken marsala. Or you can dine al fresco on the new waterfront deck with chaise longues. ...
10/03/14 Real Estate
With its recent purchase of Universal Health Care's former headquarters, Convergent Capital Partners instantly established itself as an important player in downtown St. Petersburg's torrid office market.
At the same time, the Tampa-based real estate equity firm burnished its reputation as a canny judge of attractive but underperforming properties throughout the bay area and as far away as Chicago, where it has a 200,000-square-foot suburban office building....
10/01/14 Real Estate
In April, Donald and Wanda Frowick made a disturbing discovery about their two-story, $1.8 million waterfront home.
Almost every room on the first floor was illegal.
The bathroom, the wine room, the game, hobby and work rooms — all had been built below the base flood elevation and were in violation of federal regulations.
Faced with having to rip out hundreds of square feet of what they thought was habitable space, the Frowicks are suing the previous owner and top real estate firms the Toni Everett Co. and Keller Williams St. Pete Realty....
09/27/14 Real Estate
For a brand-new home in St. Petersburg's Historic Uptown district, $351,220 will buy you four bedrooms, a gourmet kitchen and relative proximity to the city's lively downtown club and restaurant scene.
But the two-story house comes with a few drawbacks. Located smack dab at a busy intersection, it offers an unappealing view of traffic lights, guide wires and telephone poles. And the neighborhood has one of the city's higher crime rates....