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Bankruptcy Claiming Some Florida Real Estate Firms

If you want proof that the Florida real estate market has hit a snag in certain areas, you shouldn’t have to look much further than the bankruptcy filings from a numbers of real estate firms. The U.S. Bankruptcy Court in the Middle District of Florida already has handled 24 cases this year.

Twenty-four companies have filed for bankruptcy in the three-county area since late October, claiming assets of $12.4 million and debts of $22.2 million, according to data from the U.S. Bankruptcy Court for the Middle District of Florida.

That compares with 12 companies that filed for bankruptcy protection, claiming assets of $12.3 million and debts of $94.3 million, during the same period a year ago.

I’d say that’s a pretty good indication of how far some of the values of land, real estate holdings, and real estate have fallen.

Don’t expect a quick fix to the problem, either. “The number of bankruptcies will continue to go up and up,” said John Cole, a Sarasota bankruptcy attorney. “They won’t go down for maybe a year or two.”

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Third Annual Jazz In The Garden Festival Draws 15,000

The third annual Jazz In The Garden Festival at Dolphins stadium drew 15,000, according to reports.

The music festival in Miami Gardens kicked off on March 15, 2008 and featured performances from Chaka Khan, George Benson, George Duke, Stanley Clarke, Wyclef Jean and 15 year old saxaphonist, Patrick “PJ” Bartley.

“It was breathtaking to see Miami Gardens residents along with folks from Tampa, Orlando, Jacksonville, and from places as far as the Midwest and west coast relaxing and enjoying the festivities. Jazz in the Gardens is becoming a winter break for adults and the word is spreading that this is the place to be next year, same time, same place. The vision for Miami Gardens was to become a destination city and now we are proud to say our vision is coming into fruition.”commented Miami Gardens Mayor Shirley Gibson.

Miami Gardens is the third largest city in Miami-Dade County and the city will host the 44th annual Superbowl in 2010.

To find out more about Miami Gardens, Florida, please visit Miami Gardens, Florida.Gov

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The Bidder’s Broker To Sell Southwest Florida Real Estate

A new company, The Bidder’s Broker, has been formed in order to sell Southwest Florida real estate. The website was founded by Ross W. McIntosh, in order to better serve the current market.

“The company’s main objective is to connect local buyers and investors to the real estate bargains that are available through foreclosure, pre-foreclosure, auctions and other distressed properties,” McIntosh said.

“This market is primarily residential properties at this time, but the number of commercial properties available through foreclosure and auctions is also beginning to grow.”

For more information: You can visit McIntosh’s office at 720 Goodlette-Frank Road N., Suite 303, in Naples, Florida. The telephone is 239-213-1425.

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Florida Second In Nation For Pro Business Attitude

According to a new study, Florida ranks second nationally for its’ pro-Business attitude. The study, conducted by Pollina Corporate Real Estate, says that The Sunshine State ranks high where it counts.

“Florida is trying hard to become the nation’s No. 1 ranked pro-business state,” said Brent A. Pollina, the study’s author, in a prepared statement. “In our 2004 study, Florida ranked 17th. By 2008, it rocketed to second place.”

Florida finished second to North Carolina in this year’s study.

The study took a look at 29 issues that affect whether businesses want to move to a state.

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Florida Real Estate Auctions

Auctions of Florida real estate are becoming more common. Now even high end real estate is involved, and this has sparked a debate over how good of a method auctions really are for expensive pieces of Florida property. Many real estate agents feel auctioning off properties hurts the overall land value.

Thus far, closings have totaled $42 million, less than half the $100 million that auction promoters originally thought they would complete. The centerpiece sale of the day — a $14.1 million bid for the expansive Sugar Bay estate on Casey Key — fell through after the bidder’s checks bounced.

But behind the differing views and tensions is a sense that Sky’s November auction was a watershed moment that could at least temporarily shift the way the real estate business is conducted in the region and state.

Three major Southwest Florida real estate companies have jumped into the business in the ensuing months.

Right now, the auctions seems to be a fact of life for many.

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Florida Experiencing Growth In Tech Jobs

A recent study found that Florida is the 4th Largest and 8th Fastest Growing Cyberstate. The Sunshine State added 5,700 tech jobs with 282,100 employees in the tech sector.

“Florida’s high-tech industry continues to ride the crest of a wave,” said Maryann Fiala, Executive Director, AeA Florida Council. “We have now seen three straight years of rapid job growth. And as AeA’s Florida Cybercities report showed last September, this growth is spread throughout the state. This benefits the entire state economy. The average tech industry wage in Florida pays 70 percent more than the average wage of Florida’s private sector.”

“However, it must be noted that our job growth could have been much more robust,” continued Fiala. “Many tech companies have far more open positions than they are able to fill. Unfortunately, many of these companies are having to grow their business outside of Florida - adding workers in Boston, California, Texas, or even abroad. We have often joked that Florida is one of the largest technology states in the country, yet hardly anyone knows it - especially Floridians.”

What do these high tech jobs mean for Floridians?

• 282,100 high-tech workers in 2006 (4th ranked cyberstate)
• 5,700 jobs added between 2005 and 2006, ranked 8th nationwide
• High-tech firms employed 41 of every 1,000 private sector workers in 2006, ranked 31st nationwide
• High-tech workers earned an average wage of $64,400 (30th ranked), or 70 percent more than Florida’s average private sector wage
• A high-tech payroll of $18.2 billion in 2006, ranked 7th nationwide
• 22,100 high-tech establishments in 2006, ranked 3rd nationwide
• Venture capital investments of $608 million in 2007, up 91 percent from $319 million in 2006, ranked 9th nationwide.
• R&D expenditures of $5.7 billion in 2004, ranked 16th nationwide

Florida looks like a land of opportunity for those skilled in technology. To find out more about this study, please visit Aeanet.org.

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Grill On The Alley Coming To Aventura Mall

There’s great news for residents and visitors in the northeastern Miami-Dade County area. Grill On The Alley will be opening a flagship restaurant at the Aventura Mall.

Grill On The Alley is slated to open in the second half of 2008. It will seat up to 250 guests and will serve a menu of prime steaks, chops, fresh seafood, pasta and freshly prepared salads using home-cooking techniques and with fresh ingredients purchased daily.

For those that enjoy the ambiance of fresh air, it will feature an outdoor patio as well as indoor seating. At 7,000 square feet, it’s sure to be spacious.

Grill On The Alley is managed by Grill Concepts.

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Florida Real Estate Gets Affordable

Finally after years of bad news about real estate, there are slight signs of good news emerging. One such sign is that property values that were through the roof have come down, making houses affordable for people who didn’t have a shot in the last few years.

Palm Beach County, on the Treasure Coast, is one such place bursting with opportunities.

nvestors are beginning to smell opportunity in the flood of foreclosures in Palm Beach County and the Treasure Coast. Lenders filed 1,951 default notices in Palm Beach County in March, down from 2,175 in February but well above the March 2007 level of 940 foreclosure filings.

John Freeland, head of Palm Beach Realty Advisors in West Palm Beach says he has been snapping up foreclosed properties for half the price they sold for two to three years ago.

“If anyone is looking to invest, definitely right now is the time,” Freeland said. Freeland recently bought a Lake Worth duplex for $82,000, and he’s scouring Port St. Lucie for homes that once sold for $200,000 but now are available for $80,000 or less.

Now might just be the time for savvy investors to get in on the latest Florida real estate gold rush.

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