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Realtors in Florida and Nationwide Prepare for Open House
To highlight the importance of homeownership, realtors in Florida and across the U.S. plan to host thousands of open houses as part of Nationwide Open House Weekend, April 28-29, sponsored by the National Association of Realtors® (NAR). “With a range of housing opportunities at affordable prices and continued low mortgage rates, now is a great time to become a Florida homeowner,” says 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “On April 28 and 29, people will have a chance to conveniently see many homes for sale in communities across Florida and the entire nation. The event is a fun way to bring buyers and sellers together, with realtors on hand to answer questions and help them navigate the home buying process.”
Craig Barrett, co-founder of Lifestyle Properties in Destin, Florida, said his agents expect to be busier than ever during the Open House and thereafter as interest in home buying remains steady on the Emerald Coast. “On the Emerald Coast, we’ve been seeing that the housing market shows positive signs of improvement as the economy grows stronger and more jobs are opening up in this area,” Barrett said. “Owning a home is still an important part of the American Dream, and we’re busy with people relocating to the area, trading up to a larger home, and others buying second homes or vacation homes.”
Research from NAR revealed that more renters aspire to become homeowners, and an overwhelming majority of Americans believe buying a home is a solid financial decision. To search for open houses during the Nationwide Open House Weekend, consumers should check with realtor associations and boards in their area – many local realtor organizations will have information about participating open houses on their association websites. Consumers should also check local newspaper and online real estate listings for open houses during April 28 and April 29. Source: 2012 Florida Realtors®
Agent Spotlight: Dennis Fortenberry
From Fortune 500 companies to small businesses and residential developments, experienced real estate agent Dennis Fortenberry is formidable when it comes to structuring real estate deals. A longtime resident of the Emerald Coast, Dennis capitalizes on his immense knowledge of the area and diverse real estate background to secure the best deals for investors, business owners and individual homeowners alike.
Dennis started his career in Luxury Resort Operations during the eighties when he served as Director of Tennis at Sandestin Golf & Resort near Destin, Florida. A former college tennis standout at the University of Southern Mississippi, Dennis put his passion for the game to work at Sandestin, where he helped plan and design a $1.8 million tennis facility at Baytowne Marina. While serving on the development team for the new facility, Dennis became intrigued with real estate development and decided it was time for a career change. In 2005 he joined Pointe Development, LLC where he assisted with planning and marketing for a variety of Mixed-Use Vertical Developments spanning the Gulf Coast, North Florida and southern Alabama.
In 2008, Dennis joined the executive team at NBI Properties to oversee New Business Development for the firm. It was a perfect match, as he was able to help NBI more than double its listings, leasing and sales volume in just three years. Thanks to his vision and fortitude, Dennis helped NBI skyrocket to the front of the real estate pack, rightfully earning the reputation as “the leading Commercial Real Estate Firm in Northwest Florida.”
Since joining NBI, Dennis has listed, leased and sold more than a million square feet of commercial real estate throughout the region. Clients say they appreciate his intuitive knowledge of real estate trends as well as his ability to utilize a wide variety of business models to help companies and individuals. Strongly committed to contributing to the growth of the area, Dennis feels real estate opportunities are endless on the Emerald Coast.
“Given the historical economic impact of the U.S. Military and the area’s pristine beaches, I believe the City of Fort Walton Beach and surrounding communities lining the coastline will always be an attractive market,” he said. “That’s why investors from all over the world are flocking here to check out the lifestyle our local population enjoys every day.”
When we interviewed him, Dennis was busy juggling a $2.5 million deal with an internationally recognized automobile manufacturer, involved in rezoning a former office park to obtain a variance for a Multi-Family high-density project, negotiating with a client to purchase a bank building, and assembling two large parcels with 200 linear feet of beach valued at $2.1 million for a Limited Service Hotel. He admitted that this was in addition to several businesses he was placing under contract and some brand new listings he wasn’t even able to talk about yet!
In his spare time, Dennis relishes spending time with his wife, Maggie, and three children – Will, Dez, and Abbie Rose. His youngest son, Dez, shares his father’s love of tennis and regularly competes in USTA events around the state. On weekends, the family has many favorite hang outs, including local beaches and aquatic attractions. On a daily basis, Dennis relies on his strong faith in God and is thankful for his blessings and his success.
“The most rewarding aspect of my work day is crossing the Destin Bridge 2-4 times a day, knowing that I’m so blessed to be immersed and thriving in such a beautiful place,” he said. “There’s so much promise and potential for development here that I look forward to helping NBI serve these communities for many years to come!”
Second Home Market May See Increase
Although 30-year mortgage rates are under 4 percent and home prices have remained low, many people still can’t seem to take advantage of increased housing affordability. According to Karl Case, co-founder of the S&P/Case-Shiller home price index, recovery will be slow and many homeowners will continue to struggle in order to not lose their property. A current trend finds many homeowners opting to improve their existing residences, with the National Association of the Remodeling Industry expecting $113.6 billion to be spent on remodeling through the third quarter. The silver lining in the housing industry is in the increased demand for second homes. Experts predict a growing number of baby boomers will snap up vacation and rental properties in the coming years, with many planning to retire in these homes or enjoy them as vacation homes prior to retirement. On the Emerald Coast in Fort Walton Beach, Florida, Craig Barrett, co-owner of NBI Properties and Lifestyle Properties, said the interest in second homes is encouraging.
“For years we have seen an uptick on people interested in purchasing a second home here after visiting the area on vacation,” Barrett said. “They love the area, the lifestyle, the beaches and all the positive things this area has to offer, so they want to put down roots with a second home or a vacation home.”
Barrett added that Lifestyle Properties, the residential division of NBI Properties, handles a steady stream of second home closings every week.
Some second home buyers prefer to purchase distressed properties at a discount, but experts say the dwellings remain vacant for 90 percent of the year and that buyers could be earning rental income.
“Second-home buyers can work with us at Lifestyle Properties to learn the opportunities available to them, including renting,” said Barrett. “For instance, we can go over the tax advantages with you, as those who use the property for less than 14 days per year can deduct as much as $25,000 for maintenance and other expenses.”
Retail Property Recovery Fundamentals Broadens Across the Country
Commercial real estate experts are predicting that retail property rents are expected to begin to rise later this year as demand for store space in shopping centers and malls slowly soaks up available space. Combined with the shortage of new spaces under development, improvements in market fundamentals are finally starting to spread into secondary markets. One positive sign is the growth of smaller shopping centers typically occupied by Mom-and-Pop businesses, according to CoStar’s 2011 Retail Review & Outlook. While rents continued to decline in the fourth quarter, the pace of decline slowed to 1% or less in most markets and is expected to rise again in 2012. In addition, concessions are declining in many areas and selected retail centers are already seeing a slight improvement in effective rents, especially those in high-density and more affluent metros.
Jayme Nabors, co-owner NBI Properties, of one of the top commercial real estate firms in the Southeast, said that business has been brisk for his business on the Emerald Coast.
“The last three months have been huge for us,” said Nabors. “From warehouse spaces to offices and small business, we are definitely seeing an uptick in demand.” Nationally, the U.S. retail sector recorded approximately 49 million square feet of absorption for 2011, a slight drop from 53 million square feet in 2010. Meanwhile, the level of sales per occupied square foot of retail space, an important leading indicator of demand, shows that consumer dollars are flowing through shopping centers that survived the recession at a rate exceeding the peak of the last cycle — numbers which should encourage aggressive expansion by retailers.
Typically power centers and malls occupied by national retailers with better access to capital and credit are enjoying the strongest demand. However, CoStar has also noticed an increase in the leasing of spaces 5,000 square feet and under by the smaller tenants that fill strip centers and community shopping centers. Nabors confirmed that commercial real estate on the Emerald Coast is also following this trend.
“We’ve leased thousands of square footage to national franchises as well as to the Mom-and-Pop small businesses,” he said. “The fact that we’re seeing activity in both areas is a strong indication that business conditions are improving overall.” Nabors added that private investors have joined REITs in making acquisitions. “Investments will accelerate as the economy strengthens and the appetite for risk improves,” he said.
The 10 Worst States to Retire In (Hint: You have to bundle up AND spend a bundle!)
While those lucky enough to live on the Emerald Coast know the area has a thriving retirement community, the same can’t be said for these states which have been targeted as the worst places to retire by TopRetirements.com
Jayme Nabors, co-founder and real estate broker with NBI Properties, said that retirement communities on the Emerald Coast are thriving and that many second home sales can be attributed to snowbirds who fell in love with the area while visiting.
“There has always been a steady stream of business from newcomers who decide to retire here after vacationing in the area for years,” said Nabors. “After enduring so many cold winters up north, we have people telling us that northwest Florida feels like paradise to them!”
With their frosty temperatures and high taxes, it’s no wonder that the snowbirds flock to the Emerald Coast for the winter and end up settling here permanently after retirement. Just in case you’re wondering exactly where it’s chilly and expensive to retire, the 10 worst states were determined based on their economic health, property taxes, income taxes, cost of living and climate. The list features three new states this year – Vermont, Minnesota and Maine – while Ohio, Nevada and California fell off the list this year. The 10 worst states are:
No. 10: Wisconsin
High property taxes and the high number of foreclosures sunk this state that is famous for its fried cheese curls and rabid Green Bay Packers’ fans.
No. 9: Maine
Maine gets low marks for high income taxes. The state’s governor has gone on record saying he wants to make retirement income tax-exempt in Maine, but so far this hasn’t come to pass.
No. 8: New York
New York’s median property taxes are the fourth highest in the nation its overall tax burden is also high. However, cost of living is high and if you factor in the chilly winters with high heating bills, it doesn’t hold much appeal for many retirees.
No. 7: Minnesota
With no income tax exemptions for pensions or Social Security, Minnesota puts a heavy tax burden on retirees.
No. 6: New Jersey
New Jersey levies the nation’s highest median property tax ($6579), and has the highest income tax burden as well.
No. 5: Massachusetts
Often called “Taxachusetts,” property taxes are among the nation’s highest and the flat rate applied to earnings beside Social Security, which is exempt (like government pensions, but not private ones), can prove costly.
No. 4: Vermont
This scenic state harbors high median property and income taxes, and its cost of living is in the top 10. Winters are described locally as “too cold to snow.”
No. 3: Rhode Island
Rhode Island’s scenic too, but is facing choppy economic waters with underfunded pension and health care liabilities, as well as budget deficits.
No. 2: Illinois
Illinois in dire fiscal straits, with terrible figures for pension funding, deficit spending, unemployment and foreclosures.
No. 1: Connecticut
Neck-to-neck overall with No. 2 Illinois, Connecticut won its spot at the top of the list because of higher property and income taxes as well as a greater cost of living.
WHERE TO RETIRE?
We’ll admit that we’re biased because we live, work and play on the Emerald Coast. Aside from telling you about all of the wonderful communities, beaches, parks, festivals, climate and other amenities retirees enjoy here, Florida also offers the following advantages:
Personal Income Taxes
No state income tax
Retirement Income: Not taxed.
Individuals, married couples, personal representatives of estates, and businesses are no longer required to file an annual intangible personal property tax return reporting their stocks, bonds, mutual funds, money market funds, shares of business trusts, and unsecured notes.
Property Taxes All property is taxable at 100% of its just valuation. Every person who owns and resides on real property in Florida on January 1 and makes the property their permanent residence is eligible to receive a homestead exemption up to $50,000. The first $25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000, applies to the assessed value between $50,000 and $75,000 and only to nonschool taxes. If one spouse holds the title, the other spouse may file for the exemption with the consent of the titleholder.
Most of the retirees we talk to feel that the Emerald Coast is hard to beat! Give us a call today at Lifestyle Properties, Inc. (850-424-7310) and we’ll find a perfect spot for you!
Florida Real Estate is Sunny Side Up!
Florida’s real estate brokers have reason to smile. A new report from the Federal Reserve’s latest Beige Book shows the Sunshine State has once again weathered the “gloom and doom” forecast hitting the housing industry throughout the nation.
The Federal Reserve issues a Beige Book report every six weeks that serves as a snapshot of the nation’s economic well being. While the latest report said brokers across the U.S. reported “soft” home sales for November and December 2011, Florida sales rebounded due to interest from international buyers and cash deals. Overall, home sales are up 47 percent in Florida since the real estate bubble in 2008.
Pointing to reports from tourism businesses throughout the Southeast, the report indicated that Florida saw greater travel activity from international visitors, and particularly from Canadians and South Americans.
NBI Properties co-founder and real estate broker Craig Barrett said the last three months have been extremely busy for his company, which has closed on numerous commercial and residential properties.
“Leasing and sales have been brisk for us during 2011,” said Barrett. “For example, just this month we’ve closed on some huge deals, such as a 50,000 square foot building at 340 Beal Parkway in Fort Walton Beach for $1.5 million, the Chelsea Building in Destin, the former Starbucks in Shalimar, and 11 commercial condo units at The Plaza in Destin — just to name a few. Overall, we’re on our way to a record-setting quarter!”
Foreign buyers see big bargains in U.S. real estate
MIAMI – Jan. 16, 2012 – Foreign investors are finding plenty of deals in the U.S. when it comes to real estate, and, as such, more international investors are flocking to key states to buy their piece of the American Dream. Mexico is the top country of origin for foreign buyers purchasing U.S. homes, according to a recent study by Credit Sesame, which used National Association of Realtors® data for its findings. “In this period of tremendous uncertainly globally, real estate here is a safe haven,” Susan Wachter, professor of real estate and finance at The University of Pennsylvania, told MSNBC.com. The top destinations of foreign investors for U.S. real estate purchases are: 1. Florida: Thirty-one percent of all home purchases are made by foreign buyers, with most coming from Cuba, Haiti and Colombia. 2. California: Twelve percent of all home purchases, with most coming from Mexico, the Philippines, China, India and Vietnam. 3. Texas: Nine percent of all home purchases, with most coming from Mexico, India, Vietnam, China and the Philippines. Source: “Housing more affordable than ever … for foreign investors,” MSNBC.com (Jan. 13, 2012)
Commercial Real Estate Leader NBI Properties, Inc. Expands with Launch of Residential Properties Division
FORT WALTON BEACH, FL — NBI Properties, Inc., a leader in commercial real estate,
recently launched a new division, Lifestyle Properties, Inc. According to co-founders Jayme Nabors and Craig Barrett, the new division specializes in exclusive residential properties on the Emerald Coast.
“We’ve been honored to serve communities on the Emerald Coast since 2005 as a full-service commercial real
estate firm,” said Barrett. “We feel privileged that so many people, businesses, and investors have entrusted us with their commercial real estate needs and so it’s a natural extension for us to extend our expertise in the residential market with Lifestyle Properties.”
The Lifestyle Properties office is located in the former Regions Bank Building across from The Bass Pro
Shop in Destin. As the Southeast’s fastest growing commercial real estate firm, NBI Properties also has offices located in Fort Walton Beach and Fort Lauderdale. The company has sold hundreds of millions of dollars of property in Florida, has leased millions of square feet of commercial space, and manages more than 1000 properties.
Both Nabors and Barrett are native residents of the Emerald Coast and are optimistic that residential property values in the area will remain attractive and outperform many other parts of the country.
“We’re committed to this area and love selling the lifestyle because it’s something we’re passionate
about,” explained Barrett.
NBI Properties currently represents multinational corporations, governmental agencies and contractors, major defense contractors, developers, institutions, lenders and investors. The company is a proud sponsor of many local events and charities.
Daily News Building – Fort Walton Beach
200 RACETRACK RD, FORT WALTON BEACH, FL 32547 (MLS # 566203)
(all data current as of 5/19/2012)
| Price | $12,000 |
|---|---|
| Beds | n/a |
| Baths | 0 baths |
| Home size | 48,100 sq ft |
| Lot Size | 194,277 sq ft |
| Days on Market | 213 |
This is a 48,100 sf facility that sits on 4.46 acres that could be used for multiple purposes: Professional, Flex/ Industrial/Retail/Office/Ect. The building has approx. 20,720 sqft of office space and approx. 27,380 warehouse space with 2 loading docks and also has access from Denton Blvd. The owner is willing to lease it as office/warehouse/flex. This price is based on office space only. NNN lease.
Property Type(s): Commercial Lease
| Last Updated | 3/6/2012 | Tract | n/a |
|---|---|---|---|
| Year Built | 1983 | Community | Fort Walton Beach |
| Garage Spaces | n/a | County | OKALOOSA |
| Total Parking | n/a | Walk Score ® |
43
|
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Listing provided by NBI Properties Inc
Outlook for Commercial Markets Optimistic for 2012
Although commercial real estate markets have been flat in many parts of the country this year, more positive trends are expected in 2012, according to the National Association of Realtors® (NAR).
Lawrence Yun, NAR chief economist, says there is little change in most of the commercial market sectors. “Vacancy rates are flat, leasing is soft and concessions continue to make it a tenant’s market,” he says. “However, with modest economic growth and job creation, the fundamentals for commercial real estate should gradually improve in the coming year.”
Jayme Nabors, a partner with NBI Properties in Fort Walton Beach, Florida, said commercial real estate activity on the Emerald Coast has continued to exceed expectations.
“We are fortunate to be in an area that is boosted by over 17 million annual visitors, including 8 million in Okaloosa and Walton counties,” Nabors said. “A new study by the Strategic Planning Group in Jacksonville showed that visitors now spend more than $1 billion annually here and the re-book rate for a Walton County visitor is a phenomenal 89 percent.”
Nabors added that tourists have helped fuel projects such as the Silver Sands Outlet in Sandestin and most recently the $250 million Grand Boulevard development located at the entrance to the prestigious Sandestin Golf and Beach Resort.
In addition to tourists, Nabors said that Walton County has more than 900,000 year-around residents, is the most affluent county in the region, and is among the fastest growing counties in America. All of these factors have kept NBI’s realtors busy with leases for office, restaurant and warehouse spaces as well as many other businesses establishing start-ups n the area.
“We are blessed that there is so much potential for growth here,” said Nabors. “South Walton County is about 55,000 acres and is only 40% developed and all of Walton County is only 28% developed. We’re in a very unique market and that’s why we’re seeing more and more people who want to do business here.”