Average New Condo Sales Price Falls 39% In South Beach In Q1

MIAMI, FL--New condo units in the trendy South Beach neighborhood of Miami Beach sold for an average of 39 percent less in the first 90 days of 2011 on a year-over-year basis compared to the same time span in 2010, according to a new report from CondoVultures.com.

The drop in the average price per square foot for a new South Beach condo generated a surge in transactions in the first quarter of 2011, according to the report based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

If a bulk deal in February at the troubled South of Fifth project (top left photo) is excluded from the new condo sales activity for the quarter, the South Beach market registered 34 sales at an average price of more than $1,125 per square foot in the first 90 days of 2011, according to the report based on an analysis of Miami-Dade County records.

The non-bulk deal pricing in the first 90 days of 2011 represents a decrease of 26 percent compared to the average new condo sales price in the first quarter of 2010, according to the report.

“The South Beach new condo market may not be as price insulated as some sellers had originally thought,” said Peter Zalewski, (middle right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC

. “Price cuts are typically introduced quietly in the hot and humid summer months, not in the busy winter tourism season when South Beach is at its peak. The unknown is whether the new condo unit prices were cut to stimulate sales momentum or in response to dwindling patience by the sellers.”

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

Simon D. Clark Named Senior Vice President, Managing Director of Grubb & Ellis’s San Mateo, CA Office

  

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Simon D. Clark (top right photo), MRICS, has been named senior vice president, managing director of the company’s San Mateo office, effective immediately.

 “Since joining Grubb & Ellis, Simon has achieved great success in helping renowned companies achieve their real estate goals,” said Shawn Mobley, president, Brokerage Services.

 “He has developed a reputation in the local market as a leader in his specialty and I believe that as managing director he will draw on this experience to continue to grow the San Mateo office and the company’s presence in the market.”

Clark, who joined the company’s Office Group in 2001, has represented clients in leasing nearly 1.8 million square feet of space and has been recognized as a top producer multiple times.  In 2010, he was named one of the San Francisco Bay Area’s Top 5 Producers out of nearly 75 brokerage professionals. 

Previously, he spent two years as a general practice surveyor of Catella Property Consultants, based in London, U.K., where he was property consultant specializing in office and retail leasing, lease renewals, appraisals and rent reviews.  He began his career in 1991. 

In addition to Clark’s appointment, Seth McKinnon (middle left photo), vice president, has been selected to lead the company’s Investment Services group in San Mateo and Mike Davis (lower right photo), vice president, was selected to lead the office’s Industrial Group.

McKinnon joined Grubb & Ellis in 2007 and has closed transactions valued in excess of $500 million throughout his nine-year career, $135 million of which were closed over the past 18 months. 

 Prior to joining Grubb & Ellis in January 2010, Davis spent nine years with Coldwell Banker Commercial, where he began his career in 2001 and was consistently named a top producer, earning the company’s Circle of Distinction recognition every year. 

Contact: Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

          

Stirling Sotheby’s International Realty Named Exclusive Marketing Agents for Unique Horse Farm in Lake County, FL

ORLANDO, Fla. --- Stirling Sotheby’s International Realty has been named exclusive marketing agents for the unique Rozzy Osbourne equestrian estate (top left photo) located on Tuscanooga Road in Groveland, Fla.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the 32 acre estate includes a four bedroom, four bath luxury home, with 3,847 square feet of living space and a 2,100 square foot barn.

To view a video of the property visit  http://www.stirlingsir.com/index.php?action=listingview&listingID=149361

Stirling Sotheby’s International Luxury Home Specialist Linnette Sanzalone (middle right photo) is marketing representative for the blues singer’s property which is listed at the highly discounted price of  $599,000.

“The barn is extremely well built and could easily be converted to a guest house, workshop or man cave.” Soderstrom said.

The property includes stables, a tree house, a pond with a private dock that affords seating and electricity, plus a covered picnic area with electricity that would easily seat 40 people.

Sanzalone said the on-site utilities include a generator, 500 gallon propane tank, two separate wells — one for a nine zone irrigation system — and a pumping station that shunts excess water to wetlands in the very back of the property.

Indoors, the home features tray ceilings, crown molding, oversized rooms, solid custom wood floors, built-in shelving units, two pantries, double built-in ovens, commercial grade ice machine and top-grade appliances.

Two additional oversized storage rooms could be converted into guest rooms or an exercise room, Sanzalone said.

This is a remarkable home that could serve as a family compound for entertaining and hosting the annual family reunion, she added.

See Rozzy Osborne’s web site  http://www.rkoblues.net/   for an illustration of his continued support and compassion for animals.

For more information, contact

Linnette Sanzalone, International Luxury Home Specialist, Stirling Sotheby’s International Realty 407-581-7890 or 352-638-5235 or Text 973-978-5497

Roger Soderstrom, Owner/Founder Stirling Commercial Group, 407-581-7890;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

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NAI Realvest Negotiates Lease agreements at Goldenrod and Hanging Moss CommerCenters in Orlando

ORLANDO, FL. – NAI Realvest recently negotiated a new lease agreement for 2,000 square feet of industrial space in the Hanging Moss CommerCenter (top left photo) located at Suite 560, 6100 Hanging Moss Rd.

Michael Heidrich, principal at NAI Realvest, brokered the transaction on behalf of the landlord, Maitland-based COP-Hanging Moss, LLC and the new tenant, Paramount Drywall, Inc. headquartered in Miami.

 Heidrich also negotiated a renewal agreement with Alternate Elevator Sales & Service, LLC of Orlando at the Goldenrod CommerCenter.  The tenant renewed the lease of Suite 125 with 2,000 square feet at 1460 N. Goldenrod Rd.   COP-Goldenrod, LLC of Maitland is the landlord.

For more information, contact

Michael Heidrich, Principal, NAI Realvest 407-875-9989 or mheidrich@realvest.com

 Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

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Emerson International Negotiates Two New Long-Term Office Leases at Major Center Plaza in Southwest Orlando

ORLANDO, FL --- Emerson International recently completed two new long-term lease agreements for Class A office space totaling 2,212 square feet at Major Center Plaza I, (top left photo) 5728 Major Blvd. in southwest Orlando.

 Eric Emerson, vice president and general manager of Emerson International, Inc. said commercial portfolio manager Kenneth Koch negotiated transactions representing the landlord, Emerson.

 Passur Aerospace, Inc. an information technology firm serving the aviation and aerospace industries headquartered in Connecticut leased 1,315 square feet and Bryant Hodge & Associates, a financial services firm based in Buffalo, N.Y. leased 897 square feet.

For more information, contact

Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com

Kenneth Koch, Commercial Portfolio Manager, Emerson International, Inc. 407-834-9560;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

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Crossman & Company Negotiates Three Lease Agreements totaling 9,550 SF at Deltona Fountains in Deltona, FL

 DELTONA, FL. --- Crossman & Company, one of the largest retail leasing and management firms in the Southeast, negotiated three long term lease agreements for retail space totaling 9,550 square feet at Deltona Fountains shopping center (bottom left photo), 777 Deltona Blvd. off Enterprise Road in Deltona.

 Courtney Kowalchuk (top right photo) vice president of leasing at Crossman & Company negotiated the three transactions representing the landlord Deltona Fountains, LLC

 Greenberg Dental Associates, who was represented by Drew Forness of Forness Properties, leased 3,550 square feet for 11 years.

Bagel King, a tenant already occupying over 1,800 square feet at the center, signed a five-year renewal and expansion lease for 3,000 square feet.

 LA Beauty is a new salon tenant who leased 1,200 square feet for three years.

For more information,  contact

 Courtney Kowalchuk, Vice President of Leasing, Crossman & Company 407-581-6232; ckowalchuk@crossmanco.com

 John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

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