by admin | Sep 25, 2023
From the Desk of Brian Andrus… Greetings, What should someone apply to BOTH residential and commercial markets? Local expertise and experience. One should use it when becoming engaged in either market in our area. There are factors that affect every deal, and every deal is different. I oversee a lot of transactions myself and from our associates, and I learn something from each one. One can talk about it (media, associates, etc.) as it is interesting. But getting a deal actually DONE and DONE WELL requires evaluation of a number of factors. Having long local experience and expertise in our area, I still take each property in a new unit of time. Price increases/decreases, construction quality, construction costs, repair costs, etc. differ in our own unique marketplace. We are in a vibrant and growing area and the market changes regularly. All the while we continue to grow with 800+ new additions daily to the Florida population. Here are some residential real estate highlights: • There starts to be a bit more inventory, and then that disappears through sales. The demand exists and the supply lacks. What’s up? The problem, as you likely already know, is many potential sellers don’t want to sell and thus end up becoming challenged when looking for a new place. It also may be the seller does not want to give up a low-interest-rate loan. • I checked with a local broker today and found a 6.75% interest rate on a $700,000 mortgage. That is for a 30-year amortized loan. If you amortize less (such as 15, 20, or 25 years) the interest rate goes...
by admin | Dec 11, 2017
A quarter century ago, the Tampa area’s commercial real estate brokerage community was mostly a loose confederation of agents who did deals together but lacked any greater cohesion. Bob Zegota and a core group of experienced agents decided to change all that. Together, they formed the Florida Gulfcoast Commercial Association of Realtors (FGCAR) to promote greater unity and best practices for clients, and to establish a mentoring program for young brokers. Read...
by admin | Jul 11, 2017
Thursday, January 19 – FGCAR celebrated the installment of the 2017 Board of Directors with a presentation from Larry Feldman, Feldman Equities. The audience was able to learn more about Park Tower and his Riverwalk development which will break ground in 2017. Our members saw renderings of what the site will look like and the visionary style of the project… Everyone agreed this tower will change Tampa. This will be part of the whole vision for the Riverwalk and the heart of the city that has been discussed for ten years. The 2017 Board of Directors is lead by President Brian Andrus, President Elect Steven Klein, Treasurer Wendy Giffin. Other board members are Erik Anderson, Sage Andress, Larry Gilbert, Carol Kinnard, Tom...
by admin | Jul 11, 2017
A recent June 2017 report from Credit Suisse estimates that between 20% and 25% of the nation’s shopping malls will close in the next five years as shoppers’ habits continue to shift from in-store to online buying. Traditional mall anchors such as Macy’s, J.C. Penney, and Sears have announced widespread store closings in recent months, and a number of niche clothiers like American Apparel and BCBG Max Azria have filed for bankruptcy. The report estimates that around 8,640 stores will close by the end of the year.1 These problems will be particularly acute in retail-intensive areas like shopping streets and malls. Read...
by admin | Jul 10, 2017
The Florida Gulfcoast Commercial Association of Realtors® (FGCAR) stands behind its position that the recently reduced business rental tax by the Florida Senate remains economically damaging to business, even as a very small measure of relief was accomplished. A tax on businesses works against commercial development and creates a disincentive for businesses to locate in Florida, maintains the organization that comprises over 400 commercial real estate brokers and professional affiliates in the Tampa Bay region. “The business rent tax should not merely be reduced, but eliminated. Florida is the only state in the union that charges such a tax,” said Brian Andrus, president of FGCAR. “It is one of those factors that contributes to suppressing job growth and, therefore, economic activity.” Read...
by admin | Jun 17, 2015
June 17, 2015 Newsletter – Here’s a hopefully useful update. There have been some changes in trends and recent information that may be of interest to you. I’ll start with the question I am often asked. What’s the real estate market like in the Clearwater area? Okay, that’s too general, so let’s split it up into various types of properties – Single Family Homes and Townhomes/Condos. Let’s also look at the type of sales (regular or traditional; Foreclosures and Short Sales). This will enable us to better answer the question. Residential – Single Family Homes The local county – Pinellas County – consists of the cities of Clearwater, Belleair, St. Petersburg, Safety Harbor, Dunedin, Tarpon Springs and more. In April 2015 there were of 985 single-family homes sold in the traditional manner – meaning not via a foreclosure or as a bank owned property or as a short sale (one where the property is being sold “short” of what is owed on its mortgages). This is a whopping 32% increase over the sales in April of 2014. That’s one heckava increase. The main reasons for this increase include lenders now being more active with more loan programs (and low rates still continue!), there is an increase of “For Sale” inventory and real estate is viewed again by many as a viable investment. If anyone watches TV, there is an increase in advertising. For those who look at newspapers, there is much more coverage on the subject. And online advertisers and marketing companies have increased dramatically and are competing for the business of real estate professionals as well as the public. Short Sales of Residential Homes This used to be a hot arena of activity. Short...
