The city of Coral Gables and the Biltmore hotel have reached a deal in principle in which the hotel would repay much of its overdue rent and golf fees, according to the Miami Herald. The hotel is owned by the city, and the row over delinquent rent has lasted since 2009. As part of the plan, the hotel's operator, Seaway, would resume paying rent to the city, with base rent at about $800,000 per month, and it would also pay back about $650,000 in unpaid golf management fees. Seaway has argued that the city should reinvest much of the money it receives in rent, but that has continued to prove an issue between the two sides. [Miami Herald]
Thursday, November 17, 2011
Coral Gables, Biltmore reach deal
The city of Coral Gables and the Biltmore hotel have reached a deal in principle in which the hotel would repay much of its overdue rent and golf fees, according to the Miami Herald. The hotel is owned by the city, and the row over delinquent rent has lasted since 2009. As part of the plan, the hotel's operator, Seaway, would resume paying rent to the city, with base rent at about $800,000 per month, and it would also pay back about $650,000 in unpaid golf management fees. Seaway has argued that the city should reinvest much of the money it receives in rent, but that has continued to prove an issue between the two sides. [Miami Herald]
Sam Nazarian finds lender for Miami Beach SLS hotel project
November 16, 2011 02:15PM
The hotel is set to open in 2012 Los Angeles hotelier Sam Nazarian, who plans to open a new SLS at the former Ritz Plaa in Miami Beach next year, has obtained a $51.2 million construction loan for the project, according to the Wall Street Journal. The hotel, which will feature a restaurant from chef Jose Andres, along with a Hyde Beach lounge, will have several units designed by rocker-turned-designer Lenny Kravitz. The loan, which came from a Lowe Enterprises Investors pension fund, is approximately 63 percent of the costs of the project. [WSJ]
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South Florida a real estate target for American buyers, too
November 16, 2011 11:15AM
South Florida is the number one destination for would-be American real estate purchasers from places like Washington, Atlanta and New York City, the Miami Herald reported. "Despite the big price declines, and probably because of the big price declines, we're seeing so much inbound search activity from people within Florida and especially from outside Florida," said Jed Kolko, Trulia's chief economist. Miami-Dade had one of the highest number of Internet searches by those looking to move into the county, as compared to those moving out. [Miami Herald]
South Florida is the number one destination for would-be American real estate purchasers from places like Washington, Atlanta and New York City, the Miami Herald reported. "Despite the big price declines, and probably because of the big price declines, we're seeing so much inbound search activity from people within Florida and especially from outside Florida," said Jed Kolko, Trulia's chief economist. Miami-Dade had one of the highest number of Internet searches by those looking to move into the county, as compared to those moving out. [Miami Herald]
NBA lockout could cost Miami area $200 million in revenue
The NBA lockout is having an impact on Miami's service industry, turning an area usually thriving around the American Airlines Arena into something far quieter, and the effect is expanding across the city. "These guys want to make more money, but they are totally messing with me," said Chris Pereira-Ignacio, a bartender at the Doral Buffalo Wild Wings. "Last year for the NBA it was crazy. It was full house at capacity -- it was great." According to some economists, the Heat represented an average of $200 million for South Florida's economy. [CBS Miami]
Miami the country's top real estate turnaround town: report
November 16, 2011 09:45AM
Miami was the top "turnaround town" in the country in the third quarter, according to a report from Realtor.com. The rankings look at median price appreciation, reductions in age of inventory and inventory counts, along with unemployment rates. Miami has one foreclosure for every 407 homes, an improvement over the national rate of one out of every 213. Condo sales have also increased 79 percent in the first five months of the year. Six Florida markets were included on the list, with Fort Lauderdale ranked fourth. [Sun Sentinel]
Miami was the top "turnaround town" in the country in the third quarter, according to a report from Realtor.com. The rankings look at median price appreciation, reductions in age of inventory and inventory counts, along with unemployment rates. Miami has one foreclosure for every 407 homes, an improvement over the national rate of one out of every 213. Condo sales have also increased 79 percent in the first five months of the year. Six Florida markets were included on the list, with Fort Lauderdale ranked fourth. [Sun Sentinel]
Wednesday, November 16, 2011
6 low-cost marketing ideas to get noticed
ANAHEIM, Calif. – Nov. 16, 2011 – You don’t need to break the bank to expand your marketing efforts and build connections, marketing expert Julie Ryan, with Strategic Thinking in Australia, told a crowd at the Marketing Without Money session during the National Association of Realtors® (NAR) 2011 Realtors® Conference & Expo in Anaheim, Calif. “If you have a tight budget, you tend to be more focused on making sure every single dollar works harder,” Ryan said.
Regardless of how large or small your budget is, make your marketing message stick by focusing on three core areas: Impact (offering a message of value to clients), frequency (making contact a minimum of at least three times in three weeks to get people to remember you), and building relationships to form lasting connections.
Ryan suggested some of the following low-cost marketing ideas at the session:
1. Offer congratulations: Scan the local newspaper in search of good-news stories, such as people in the community earning an award or a job promotion, and then send a note congratulating them on the feat. That pat-on-the-back recognition makes you memorable and helps you build connections with people in your market, Ryan said.
2. Provide a special touch: To give your message more impact, print out an invitation to an open house for your listing and roll it up and tie it with a ribbon. Then, place it in door hangers on neighbors’ doors, mail the rolled-up invitation in a cylinder or even hand-deliver it.
3. Show time: Create videos showing off your listings and post them on sites like YouTube to expand your reach. Also, consider creating videos of your community that explain what it’s like to live and work there, or that answer common real estate questions, Ryan suggested.
4. Try location-based social media: Sites like Foursquare aren’t just for checking-in to local areas, but you can use them to leave tips and relevant, helpful information at every single location your customers are likely to frequent – such as local restaurants or where to find the best views in the city.
5. Be a valuable resource: Once you’ve identified something your customers are interested in, set up a Google Alert to monitor that topic so you’ll get a notification when something matching those keyword terms surfaces on the Internet. You can then pass the message along through an e-mail or quick phone call to let your client know about something they may not know about yet. It’ll help you build stronger connections with consumers, Ryan said.
6. Reach out to the community: Instead of just writing a donation check to schools or charitable groups, try offering up an award that you can present or hosting a special event with community involvement. For example, present a book award at a middle or elementary school to a student for a job well done, or hire the local elementary school band to play at your upcoming auction or as part of a special event at your office.
Source: Melissa Dittmann Tracey, REALTOR® Magazine
© 2011 Florida Realtors®
Regardless of how large or small your budget is, make your marketing message stick by focusing on three core areas: Impact (offering a message of value to clients), frequency (making contact a minimum of at least three times in three weeks to get people to remember you), and building relationships to form lasting connections.
Ryan suggested some of the following low-cost marketing ideas at the session:
1. Offer congratulations: Scan the local newspaper in search of good-news stories, such as people in the community earning an award or a job promotion, and then send a note congratulating them on the feat. That pat-on-the-back recognition makes you memorable and helps you build connections with people in your market, Ryan said.
2. Provide a special touch: To give your message more impact, print out an invitation to an open house for your listing and roll it up and tie it with a ribbon. Then, place it in door hangers on neighbors’ doors, mail the rolled-up invitation in a cylinder or even hand-deliver it.
3. Show time: Create videos showing off your listings and post them on sites like YouTube to expand your reach. Also, consider creating videos of your community that explain what it’s like to live and work there, or that answer common real estate questions, Ryan suggested.
4. Try location-based social media: Sites like Foursquare aren’t just for checking-in to local areas, but you can use them to leave tips and relevant, helpful information at every single location your customers are likely to frequent – such as local restaurants or where to find the best views in the city.
5. Be a valuable resource: Once you’ve identified something your customers are interested in, set up a Google Alert to monitor that topic so you’ll get a notification when something matching those keyword terms surfaces on the Internet. You can then pass the message along through an e-mail or quick phone call to let your client know about something they may not know about yet. It’ll help you build stronger connections with consumers, Ryan said.
6. Reach out to the community: Instead of just writing a donation check to schools or charitable groups, try offering up an award that you can present or hosting a special event with community involvement. For example, present a book award at a middle or elementary school to a student for a job well done, or hire the local elementary school band to play at your upcoming auction or as part of a special event at your office.
Source: Melissa Dittmann Tracey, REALTOR® Magazine
© 2011 Florida Realtors®
Miami approves hotel near UM med school
November 15, 2011 03:45PM
The UMLSTP
Developer Wexford, which built the recently-opened University of Miami Life Science and Technology Park in downtown Miami, has won approval from the Miami-Dade County Commission to build a hotel near the University of Miami's medical school campus. The hotel would have 225 rooms and 18 stories, along with a 184,000-square-foot conference center. The hotel was among the potential developments predicted last year by Bill Hunter, leasing manager for Wexford at the UMLSTP in the burgeoning Health District. The commission has approved a $90 million bond for the hotel project. [SFBJ]
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