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Real Estate Blog

 
Monday, April 20, 2015


Employment rates are up and housing demand is growing.

Fort Lauderdale ranked fourth in a list of the top 49 hottest single-family housing markets in the US, according to Auction.com.

Home prices and housing demand in the city are closing in on pre-downturn levels, according to the report.  The market has seen a 7.8 percent gain in home prices and a 2.3 percent increase in volume of sales year-over-year. 

In addition, population numbers were up 1.3 percent in 2014, and employment is up, as well, as the report shows that the estimated 100,000 jobs lost during the recession have been recovered.

The top spot on the list belonged to Denver, CO, which enjoyed a 9.2 percent increase in home prices and a 4.6 percent increase in sales volume, year-over-year.  Fort Lauderdale was followed by Dallas and Fort Worth in Texas; Seattle, WA; San Francisco, CA; and Phoenix, AZ.

"As the US housing market has continued to recover from the "Great Recession", we've seen significant regional variances in terms of both price appreciation and sales volume," said Auction.com executive Vice President Rick Sharga in a statement.  "Earlier in the recovery, most of the growth came from markets that had suffered the biggest declines during the housing bust, but what we're seeing today is more in line with fundamental economic trends: markets with the bext job growth and population growth are recovering most quickly."

- Sean Stewart-Muniz, The Real Deal


 
Thursday, April 16, 2015

The Gayle Borden Real Estate Group is pleased to share the exciting news that Realogy Corporation, Coldwell Banker's parent company, has been named among the 2015 World's Most Ethical Companies for the fourth year in a row outperforming its industry peers for ethical conduct. 
(Coldwell Banker Residential Real Estate is a part of NRT LLC, which is a subsidiary of Realogy.)  This designation was awarded by the Ethisphere® Institute, a leading international business ethics think-tank.

Realogy earned this prestigious honor by implementing and maintaining upright business practices and initiatives that are instrumental to the company's success, benefit the community, and raise the bar for ethical standards within the real estate industry.

We are proud to be affiliated with a company that shares its parent company's deeply instilled commitment to demonstrating the highest ethics and integrity in all business practices.  The honor is no surprise to the sales associates and employees at Coldwell Banker Residential Real Estate, as the Coldwell Banker® brand was founded 108 years ago on the principles of trust, honesty and integrity. Today, the organization, and those of us within it, continue to demonstrate an unwavering commitment to the highest ethical standards, and your complete satisfaction is our top priority.  

For over 30 years, The Gayle Borden Group has been providing our customers with the highest level of service along with those principles, and we hope that you continue to remember us for all of your Fort Lauderdale Real Estate needs.


 
Wednesday, April 01, 2015

By Doreen Hemlock
Sun Sentinel 3/22/15

A parking spot for $3 million?  That's what you'll pay for the largest superyacht dock at Harbour Twenty-Six in Fort Lauderdale, where 26 covered boat storage units are being sold like condominiums, each with a property title.

Prices start at $1.8 million for smaller docks, which can handle yachts starting at 80 feet long. Add several thousand dollars more every month to cover the cost of a clubhouse, swimming pool, security and other perks at the marina set for the Shady Banks neighborhood on the New River.

Developers call the project "the only fully covered dockominium megayacht marina in South Florida."  They're counting on owners of multimillion-dollar yachts to pay the price to ensure a parking spot in the "Yachting Capital of the World." Finding a space to fit their super-long boats in peak season can be as tough as parking your car in South Beach on a festival weekend. And forget about parking in the shade. "Covered spaces for megayachts are coveted because they're few and far between in South Florida," said marine consultant Jim Bronstien of North Palm Beach, who is helping to manage the venture.

Shade matters, because sun, dust and the elements degrade a boat's paint, wood surfaces and exterior furnishings. And just painting a megayacht can cost hundreds of thousands of dollars. "The sun can be vicious on a paint job, just like on your car," said Kitty McGowan, who runs the U.S. Superyacht Association based in Fort Lauderdale. Plus, a covered dock makes it cooler for the live-aboard crew — sometimes a dozen or two people — to do daily maintenance and other work.  The Harbour Twenty-Six project will include a clubhouse, swimming pool, security and other perks.

A different megayacht project was planned on the same site before the recession, but it was shelved with the crisis. The nearly 6-acre property went into foreclosure. An investor group bought it and then sold it for $6 million to the current developers, Battle Plan Capital led by Nathan Cox.  Cox mostly builds single-family homes in his home state of Alabama. He had come to Fort Lauderdale to see a colleague and heard about the property. He asked all of the people he could about the direction of the yacht industry and the need for parking — and received so many positive comments that he jumped in.

"Either I was the biggest laughing stock of South Florida and everyone was in on the joke, or this was a pretty good opportunity," Cox said in a phone interview from Alabama.

Cox's group aims to break ground this summer on the site of the former Summerfield Boat Works. Construction should take just under a year, with sales of all 26 docks fetching about $50 million. The group unveiled the project at the Miami International Boat Show in February and has five reservations for the slips so far, each secured with a $25,000 nonbinding deposit, Cox said.

The big crunch for parking superyachts around Fort Lauderdale tends to come in the fall. The boats stop off between summer cruising in the U.S. northeast or Europe and winter cruising in the Caribbean. In hurricane season, the big boats prefer spaces in protected coves or upriver — away from the coastline.

New docks upriver can offer other benefits for buyers, brokers say. Megayacht owners can save money on insurance because the facilities meet new hurricane codes. Plus, owners, generally corporations, get tax advantages from buying, and they can make some of their money back by renting out the space when they're not using it.

"Harbour Twenty-Six is the first new marina project in Broward in a long time," said Kit Denison, a marine industry veteran who is helping to sell docks up to 170 feet long at the venture. But don't look for many more projects like it.  Waterfront property for marinas remains limited in South Florida, and some spots have piers over submerged lands that are leased from the state and not owned outright. Developers prefer not to sell docks over rented lands, partly because of extra fees involved.

And really, how many buyers can afford $1.8 million or $3 million docks, plus monthly maintenance?

dhemlock@sunsentinel.com, 305-810-5009, @dhemlock on Twitter


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