More homeowners think now is the best time to sell, but that doesn’t mean they’re listing homes

More homeowners think now is the best time to sell, but that doesn’t mean they’re listing homes

single-family-homes

Single family homes

More homeowners think now is the perfect time to sell than they have in the past 26 years. But that positive sentiment has done nothing to boost listing inventory and alleviate the tight housing market.

In early May, 39 percent of respondents in a survey conducted by the University of Michigan said conditions for selling a home were optimal because of favorable prices, Bloomberg News reported.

That was the highest share of homeowners who had a positive view on the market since late 1992.

But even though a greater share of homeowners think now is the best time to sell than they did during the peak of the house-flipping cycle in mid-2005, when the figure stood at 30 percent, the sentiment hasn’t led owners to list their homes for sale.

One explanation could be the fact that borrowing costs have climbed since the end of last year, making housing less affordable, especially for first-time buyers. The national rate for a 30-year mortgage is at a seven-year high at an average of 4.61 percent, according to Freddie Mac. That’s up from last year’s low of 3.78 percent in September. [Bloomberg]Rich Bockmann

Ocean Drive Magazine hosts the Annual Women of Influence Event in Celebration of the 2018 Honorees at The Strand at Carillon Miami Wellness Resort

Ocean Drive Magazine hosts the Annual Women of Influence Event in Celebration of the 2018 Honorees at The Strand at Carillon Miami Wellness Resort

Ocean Drive Magazine celebrated with South Florida’s most inspired women at the magazine’s annual Women of Influence event honoring the May/June 2018 featured women. The event too…

Margaritaville-themed senior housing development planned in the Panhandle

Margaritaville-themed senior housing development planned in the Panhandle

Latitude Margaritaville Watersound rendering

The third Latitude Margaritaville residential real estate development for residents 55 and older is coming to Florida’s Panhandle region.

Margaritaville Holdings, Minto Communities USA and The St. Joe Company plan to develop Latitude Margaritaville Watersound near Panama City Beach.

The location is a property in Bay County called Watersound, which St. Joe owns. According to a press release by Minto, Watersound is part of a larger property entitled for the construction of 170,000 homes.

Two other Latitude Margaritaville communities are under development near Hilton Head, South Carolina, and in Daytona Beach.

The press release did not specify how many homes are planned at the 55-and-older community in Watersound.

At the other two Latitude Margaritaville developments, Minto is planning to build 6,900 homes in Daytona Beach and more than 3,000 near Hilton Head, South Carolina.  – Mike Seemuth

Ocean Drive Magazine Celebrates the Grand Opening of The Spot Barbershop Merrick Park

Ocean Drive Magazine Celebrates the Grand Opening of The Spot Barbershop Merrick Park

On Thursday, May 17th Ocean Drive Magazine and The Spot Barbershop celebrated The Spot Barbershop’s Grand Opening at Merrick Park . The event was hosted by local VIPs Christopher Adelke of Dou…

Groundbreaking nears for mixed-use development in Tamarac

Groundbreaking nears for mixed-use development in Tamarac

Tamarac Village rendering

Construction of a downtown-style, mixed-use development in Tamarac may start soon.

Elise Boston, a spokeswoman for the City of Tamarac, told the Sun-Sentinel that construction is expected to start within the next few months and to conclude in late 2019.

The $30 million development, called Tamarac Village, would encompass a four-story complex of 13 buildings with 401 rental apartments, a two-story clubhouse for the tenants, and three commercial buildings with more than 44,000 square feet.

Part of the development site at the northeastern corner of Commercial Boulevard and Northwest 94 Avenue in Tamarac would be reserved for a city park.

The developer is Boca Raton-based JKM Developers. John K. Markey, the firm’s managing principal, declined to comment on Tamarac Village.

The City of Tamarac assembled the site of the development between 2006 and 2013.

The city government spent $16.6 million to acquire 17 properties including a bank building, a synagogue and vacant land. [Sun-Sentinel]Mike Seemuth

Ocean Drive magazine host the annual Women of Influence event in celebration of the 2018 honorees at The Strand at Carillon Miami Wellness Resort

Ocean Drive magazine host the annual Women of Influence event in celebration of the 2018 honorees at The Strand at Carillon Miami Wellness Resort

Ocean Drive Magazine celebrated with South Florida’s most inspired women at the magazine’s annual Women of Influence event honoring the May/June 2018 featured women. The event too…

REIT buys Palm Beach Gardens shopping center from Menin Development for $88M

REIT buys Palm Beach Gardens shopping center from Menin Development for $88M

PGA Plaza and Craig Menin (Credit: Menin Development)

InvenTrust Properties Corp. just bought the PGA Plaza in Palm Beach Gardens for $88 million.

Property records show an affiliate of Menin Development sold the 121,000-square-foot shopping center at 2500, 2570 and 2658 PGA Boulevard. Craig Menin, CEO of the Delray Beach-based company, said the firm bought the 10-acre site in 2004 for about $17.5 million and began marketing it earlier this year with Eastdil Secured.

The plaza, built in 1975, underwent a $14 million renovation in 2015 that included upgrading its facade and landscaping. The renovations also allowed the developer to build a space for anchor tenants including Trader Joe’s. Other tenants include Marshalls, Ulta Beauty Anthony’s Coal Fired Pizza and Orangetheory Fitness.

InvenTrust bought the property 95 percent leased, according to a press release.

In 2011 the property was hit with a foreclosure lawsuit, but the developer transferred the property to a joint venture with institutional investor C-III Capital in exchange for paying $37.3 million in debt, which Menin said cleared the way for revamping the plaza.

InvenTrust, based in Oak Brook, Illinois, focuses on acquiring and managing open-air shopping centers. The real estate investment trust currently owns and manages about 80 retail properties totaling 14.2 million square feet.

Last year it paid about $163 million for two shopping centers in Pembroke Pines. The deal was one of the largest commercial sales in Broward County. It covered 95 acres on Pines Boulevard and Northwest 160th Avenue.