Page 4 - SFL 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 12, 2019
The Cooperator Expo South Florida
Greater Fort Lauderdale / Broward County
Convention Center,
1950 Eisenhower Blvd., Fort Lauderdale, FL
10:00 a.m. - 3:30 p.m.
A must-attend for all board members, property
managers, condo and HOA decision makers
and apartment building owners. Learn about
the latest services from more than 340 exhibi-
tors. Attend educational seminars, network
with your peers, and get free advice from
industry experts. For information,
visit www.fl-expo.com.
Wed., October 16, 2019
Becker: Dealing with Difficult People
1 East Broward Blvd., Suite 1800,
Fort Lauderdale, FL
10:00 a.m. - 12:00 p.m
Working with community associations
involves interaction with members, association
directors, attorneys, accountants, and other
service and product providers. For managers.
this requires the development of people skills
to help them deal with personalities, stresses
and demands that arise during the course of
everyday operations. For information, visit
https://www.floridacondohoalawblog.com/
classes.
Thurs., October 24, 2019
Katzman Chandler: Dealing With Your
Vendors, Contracts, Bids, Etc.
Township of Coconut Creek, 2424 Lyons Rd.,
Coconut Creek, FL
1:00 p.m. - 3:00 p.m.
Learn about how to choose and vet potential
vendors, the bidding process, and what
you need to know about contracts. For
information, visit www.katzmanchandler.com.
Tuesday, October 29, 2019
CAI-Southeast Florida: Hot Topics Breakfast
Jacaranda Country Club, 9221 W Broward
Blvd., Plantation, FL
7:30 a.m. - 9:30 a.m.
This monthly event at Jacaranda Country Club
will offer CEU credit for licensed CAMS and
breakfast. Free for CAM members. For infor-
mation, visit www.cai-seflorida.org.
Tuesday, October 29, 2019
Becker: Understanding Our “Bylaws” – A
Primer on Governing Documents
Becker, 1 East Broward Blvd., Suite 1800,
Fort Lauderdale, FL
10:00 a.m. - 12:00 p.m.
Participants will learn the important dif-
ferences between association documents,
how to read them and how Florida Statutes
affect them. Some of the topics we will cover
include: governing documents (declaration,
articles of incorporation, bylaws); amend-
ments; restrictions & responsibilities of
owners; maintenance of common elements;
Marketable Record Title Act (MRTA). For
information, visit https://www.floridacondo-
hoalawblog.com/classes/.
CAL EN D AR
Oct-Dec
2019
continued on page 11
4 THE SOUTH FLORIDA COOPERATOR
—FALL 2019
SOFLCOOPERATOR.COM
PULSE/CALENDAR