Page 4 - WFL Cooperator Fall 2019

Property Management FirstService Residential to Provide Property Management Services for Downtown Sarasota Condo FirstService Residential has been selected to provide property management services for the 101 Condominium Association of Sarasota, Inc. According to a company press release, the addition of 101 Condominium expands FirstService Residential’s presence in the Sarasota market. The 101 Condominium is a historic build- ing in the heart of Downtown Sarasota. Built in 1974, the 16-story high-rise is a combina- tion of beauty and modern charm, and fea- tures 116 residences with private balconies facing the beautiful Sarasota Bay. “The 101 Condominium Association chose FirstService Residential after consider- ing several highly-regarded property man- agement companies,” said Shirl Gauthier, president, 101 Condominium Association of Sarasota, Inc. “Once selected, FirstService Residential followed through with a detailed transition plan and aggressive implementa- tion, confirming to us that we made the right choice.” Residents enjoy a variety of amenities including a swimming pool with deck over- looking the Bay, a newly-renovated club room and fitness center, a billiard room, a shuffleboard court and his and hers sauna baths. Located near historic Palm Avenue and Ringling Boulevard, the 101 Condominium residences are walkable to the city marina, Shelby Gardens, Bayfront Park, the Opera House, one-of-a-kind restaurants, shops and art galleries. “We couldn’t be more excited about our partnership with the 101 Condominium Association of Sarasota,” said Maureen Connolly, vice president, FirstService Residential. “Our team’s experience and commitment to delivering exceptional ser- vice and solutions will ensure a successful partnership for years to come.” Trends Realtors Release Market Reports for Broward and Tampa-St. Pete Broward County total home sales jumped nearly double digits as median price, dol- lar volume and luxury transactions rose for all properties, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system, the association said in a press release. Broward total home sales increased 9.7% year-over-year for July 2019, from 2,900 to 3,181. Broward single-family home sales rose 11.9%, from 1,460 to 1,634. Broward condos increased 7.4%, from 1,440 to 1,547. “High earners from tax-burdened states continue choosing Broward County,” said Broward-MIAMI President Jonathan Keith, a Fort Lauderdale broker, in a statement. “Uncomfortable with high taxes and regula- tion in places like New York, New Jersey and Connecticut, more northern home buyers are moving to South Florida, where there is no state income tax and it’s cheaper to buy and maintain a home.” Lack of access to mortgage loans contin- ues to inhibit further growth of the existing condominium market. Of the 9,307 con- dominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to the Florida Department of Business and Professional Regulation and FHA. Broward single-family home median pric- es increased 5.6%, from $360,000 to $380,000. Condo median sale prices increased 4.5% from $165,000 to $172,500. Inventory for condos increased 2.7% to 7,832 from 7,628 listings during the same period in 2018. Listings of condominiums decreased 2.3%, from 1,972 to 1,926. Meanwhile, according to the Tampa Realtors, the number of closed sales for con- dos and townhouses in the Tampa-St. Pete- Clearwater MSA (metropolitan statistical area), the number of closed sales in July 2019 was 1,618, an increase of 8.4% year-over- year; the median sales price was $170,000, a 4.6% uptick from July 2018. Also in July 2019, the number of closed sales for Hillsborough County condos and townhouses was 607, a jump of 10.4% over July 2018, while the median sale price was $172,000, a 3% positive difference. Overall townhouses and condos statewide in July 2019, according to Florida Realtors, experienced a total number of 10,470 closed sales, an increase of 4.3% year-over-year; the median sales price was $188,000, a positive difference of 4.4% from July 2018. Florida Realtors President Eric Sain said in a state- ment: “Just like the weather, July was a hot month for Florida’s housing market with sales and median prices showing gains in both the single-family and condo-townhouse sectors.” Awards & Recognition Becker Attorneys Recognized By Best Lawyers in America Community association attorneys J. David Ramsey and Steven H. Mezer were among 13 lawyers from the Florida-based law firm Becker recognized in the 2020 edition of The Best Lawyers in America. According to an announcement by the firm, Best Lawyers is one of the oldest and most respected peer review publications in the legal profession. Both Mezer and Ramsey were recog- nized under the category of ‘Real Estate Law.’ Mezer, whose practice is based in Tampa, is one of 190 attorneys in the state of Florida who is a board certified specialist in con- dominium and planned development law, according to Becker’s website. Ramsey, who works out of the firm’s Morristown, New Jersey office, has practiced community asso- ciation law in the Garden State for more than 35 years. He is also a past president for CAI’s national office and New Jersey chapter. Becker congratulates its attorneys on their recognition as among the best and brightest lawyers in the United States, the firm said in a statement. Development South Florida Construction Projects Resume Work Following Hurricane Dorian In the aftermath of Hurricane Dorian that didn’t severely impact South Florida, developers and contractors were assessing the costs in terms of preparation and delays concerning their projects as they resumed work. The Real Deal reported on developers and builders locking down construction sites in advance of the storm, resulting in millions of dollars in costs; some builders had to lower their cranes before the storm hit, which con- tributed to delays. Astor Companies CEO Henry Torres, whose company is behind a mixed-used project in Coral Gables, told The Real Dea l: “To prep and prepare a project like the Plaza, it could spend a million dollars preparing (for a hurricane).” Hotel-Condo Breaks Ground in Tampa Tampa Bay Real Estate Journal reported on a new hotel/condo development that recently broke ground in the Water Street Tampa neighborhood. Called Tampa EDITION, the 27-story boutique hotel – that will carry 172 guest rooms and 32 con- dos – is expected to open in 2021, accord- ing to developer Strategic Property. Among the features of the hotel are restaurants and entertainment spaces to be overseen by the Ian Schrager Co., along with a rooftop pool and a spa and fitness center, according to the project’s website. “The Tampa EDITION will be a significant cultural and hospitality desti- nation within the Water Street Tampa neigh- borhood and the city at large,” said Strategic Partners CEO James Nozar in a statement published in the article. BTI Partners CEO Talks Development in Central Florida In an interview with Mutli-Housing News, Noah Breakstone, CEO of developer Fort Lauderdale-based BTI Partners, spoke about what is attracting developers to Central Industry Pulse Thurs., December 5, 2019 The Cooperator Western Florida Tampa Convention Center, 333 S. Franklin St., Tampa, FL 10:00 a.m. - 3:30 p.m. A must-attend for all board members, property managers, condo and HOA decision makers. Learn about the latest services from more than 180 exhibitors. Attend educational seminars, network with your peers, and get free advice from industry experts. For information, visit http://www.tampa-expo.com Thurs., October 17, 2019 Bisnow: Orlando State of the Market The Mezz, 100 S. Eola Dr., #200, Orlando, FL 8:00 a.m. - 11:00 a.m. Join us for our 3rd annual Orlando State of the Market, our largest and most prestigious event in Central Florida of the year! Find out from top developers, owners and market movers what’s going up in Orlando and why all eyes should be on Central Florida. For information, visit www.bisnow.com. Fri., October 18, 2019 CAI-Central Florida: 9th Annual Golf Tournament Victoria Hills Golf Club, 300 Spalding Way, DeLand, FL 8:30 a.m. - 4:30 p.m. Join the Central Florida chapter for a unique and challenging golfing experience at the ninth Annual Golf Tournament at the Victoria Hills Golf Club in DeLand! The Ron Garl-designed golf course preserves the natural flow of the area’s rolling hills and foliage. This beautiful 18-hole, par 72 golf course is not your typical Florida course and is surrounded by hundreds of oak hammocks and Augusta pines, carved meticulously from a sandy terrain and buffered by pristine lakes and flowering greens. A portion of the proceeds benefit the Sunshine Foundation Dream Village. You could win a car in the Hole In One Contest, $5000 cash in the Putting Contest, or loads of raffle prizes! Become a sponsor of this awesome event or register to play. For information, visit www. caicf.org. Thurs., October 24, 2019 CAI-Suncoast: Community Associations Day & Trade Show The Coliseum, 535 4th Ave. N., St. Petersburg, FL 8:30 a.m. - 2:30 p.m. No registration required. Admission is free and open to the public! Seminars and exhibitors. For information, 772-345-0165, Ihagan@suncoastcai.com, www.suncoastcai. com. CAL EN D AR Oct-Dec 2019 continued on page 11 4 THE WESTERN FLORIDA COOPERATOR —FALL 2019 FLCOOPERATOR.COM PULSE/CALENDAR