Home price growth surges to record high

Median home price growth soared 18.6% in June from 16.8% in May, setting a new record after a series of historic highs, according to the Case-Shiller National Home Price Index.
 
U.S. home price growth rose 18.6 percent in June, continuing a 13-month streak of appreciations, according to the monthly S&P/Case-Shiller U.S. National Home Price Index. Prices soared from 16.8 percent growth in May, setting yet another new record following a series of historic highs. Low interest rates and massive inventory shortages are creating market conditions in which strong growth is expected to continue, according to the report.
 
In July, median existing-home prices rose 17.8 percent year over year, to $359,900, according to the National Association of Realtors. "The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country,” said Craig Lazarra, managing director and global head of Index Investment Strategy at S&P.

“In June, all 20 cities rose, and all 20 gained more in the 12 months ended in June, than they had gained in the 12 months ended in May,” Lazarra added. “Home prices in 19 of our 20 cities (all but Chicago) now stand at all-time highs, as do the National Composite and both the 10- and 20-City indices. June’s 18.6 percent price gain for the National Composite is the highest reading in more than 30 years.”

“While the housing market feels like it has legs that never get tired, inventory and affordability constraints are still expected to put a damper on price growth,” CoreLogic Deputy Chief Economist Selma Hepp said in a statement. “Some early data suggests that the buyer frenzy experienced this spring is tapering, though many buyers still remain in the market. Nevertheless, less competition and more for-sale homes suggest we may be seeing the peak of home price acceleration. Going forward, home price growth may ease off but stay in the double digits through year-end.”

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An international restaurant brand will open its first Florida location in Water Street Tampa. Wagamama, an Asian fusion restaurant with U.S. locations in Boston and New York City, will open on the street level of apartment tower 1050 Water Street in a 4,200-square-foot storefront. Water Street developer Strategic Property Partners announced Wagamama's lease on Monday. SPP is controlled by Tampa Bay Lightning owner Jeff Vinik and Cascade Investment Fund LLC, the investment fund of Microsoft co-founder Bill Gates. It's slated to open in early 2022.

“Wagamama appreciates attention to detail and is a first-to-market retailer with a lively dining experience, which is exactly what we're pursuing at Water Street Tampa," Lee Schaffler, chief portfolio officer for SPP, said in a statement. "We are committed to the future of Tampa, and with the addition of Wagamama, we continue our goal of providing residents and visitors with the ultimate lifestyle experience, all in one place.”
The restaurant will offer "its signature variety of noodle dishes, ramens, shareables and craft cocktails," SPP said in a news release.

“With our fresh, flavorful cuisine and engaged, social atmosphere, Wagamama is ideally suited for the Tampa market,” Richard Flaherty, co-CEO of Wagamama USA, said in a statement. “We knew Water Street Tampa, with its focus on community and vibrant street-level programming, was the perfect fit for our high-quality, high-energy dining experience. We’re thrilled to be part of this exciting new neighborhood and make Water Street Tampa our first location in Florida.”

Food and beverage concepts are a major focus at Water Street, where 60 percent of the retail in the district's first phase is devoted to bars and restaurants. A GreenWise Market recently opened in the district, and it's also home to Naked Farmer, 3 Corners, Noble Rice, BurgerFi, The Battery, Fit Bowl Co. Superfood Bar, Murph’s BBQ, Jotoro, Edison’s Swigamajig, Gallito, Flock and Stock and LightHaus Beer Garden, among other concepts.

Check out the full article here.

The developer behind the Ritz-Carlton Residences, Tampa, says a local buyer is under contract to pay $11 million for a penthouse in the project’s first tower.

The Ritz-Carlton Residences — which do not include hotel rooms, only Ritz-branded condominiums — will replace the aging Bay Oaks apartments on Bayshore Boulevard. Miami-based Related Group paid $26.5 million for the Bay Oaks property in 2019.

The Ritz-Carlton Residences include 170 condominiums split between two towers and 12 townhouses. About half of the units in the first tower are presold, Related President Jon Paul "JP" Perez told the Tampa Bay Business Journal — before Related has opened its sales center for the project. The developer has gutted and renovated a portion of one of the apartment buildings on the site into a sales center that will feature model bathrooms, kitchens and more. It will open in the coming weeks.

Toni Everett Co. is marketing the Ritz condos for sale.
In pre-construction condo sales, developers typically accept refundable deposits on units and then convert those reservations to contracts as they move closer to construction. Once a reservation converts to a contract, buyers put down a larger, nonrefundable deposit on their unit and close on the property once the building is complete. Related has started converting Ritz reservations to contracts, Perez said, and plans to begin construction by the end of the year.

Once the first tower reaches 80% presold, Related will likely launch a presales campaign for the second, Perez said.
“The Tampa market historically has been slower than the Miami market [for presales],” he said, “but to have 55% sold in 75 to 90 days — we feel very good about it. We’re hoping once we open the sales center, that in the next 90 to 120 days, we’re sold out.” If the $11 million penthouse sale closed today, it would be a new record sales price for a condo for Tampa. The current record for a condo, $7.2 million, was set by The Sanctuary at Alexandra Place in a deal that closed in early September.

By the time the Ritz opens and buyers close on condos, another tower may have trounced its $11 million penthouse sale. The Edition Tampa, a hotel-condo in Water Street Tampa, is set to open by the end of the year — and it will also offer ultra-luxe branded condos.

The developer is “aggressively looking” for sites on Bayshore for a third phase of the Ritz, Perez said, and is looking at multiple sites in Tampa and St. Petersburg for market-rate and luxury products for its Town and Icon products. Related sees the potential to build up to 10,000 units in this region in the next decade, Perez said, given its population growth and the creation of new, high-paying jobs.

“Compare waterfront condos such as the Ritz to those in places like Miami Beach — it’s relatively cheap still,” he said. “So, I think it’s still a market that has not experienced the same run-up in prices as a market like Miami, but I think over time it will catch up to Miami.”
 
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At St. Pete Pier, local businesses thrive despite the pandemic

Sarah and Joe Simoncini went from taking their jewelry business between markets and festivals each weekend to surviving solely through online orders when the pandemic came. But since the St. Pete Pier opened, Lily Rose Jewelry Co. is livelier than ever.

“It was hit or miss whether you had a good market or a good weekend,” Joe Simoncini said. Now they sell their handmade jewelry and crystals exclusively at the St. Pete Pier Marketplace where they say business is booming. They’ve doubled their sales, Joe Simoncini said, allowing them to open their first brick-and mortar store.

The Pier opened in the midst of the pandemic last summer with uncertainty over how COVID-19 could dampen its success. But vendors at the Pier said the atmosphere pushed their business to new heights.

Nearly all 17 original retailers renewed their lease after a year at the Pier, according to Colliers, a real estate firm advising the city on the project. Two new vendors have also been added to the lineup.

“We were all a little bit nervous seeing how this would play out,” said Stephanie Addis, director of retail for Colliers. “It exceeded everyone’s expectations.”

Check out the full article here.

A developer has purchased the long-watched Cone estate on the South Tampa waterfront and plans to build nine single-family homes on the property.

Steven Anthony Luxury Homes paid $12.75 million for the 4.32-acre property at 5108 W. Leona St. in Belmar Shores on Sept. 16, according to Hillsborough County property records. The site will be redeveloped to accommodate nine lots; while the builder initially planned 10 homes on the property, one buyer has reserved two of the lots, said Jeff Shelton, a real estate agent with Hughes Shelton Group at Compass. The developer has secured a $13.2 million loan from DLP Lending Fund.

Shelton is marketing the lots for sale and said seven of the lots are already presold. He said the lots are priced from more than $3 million, and the project is about a year out from beginning construction. "It has been presold to some of the most influential people in South Tampa," Shelton told the Tampa Bay Business Journal.

The sellers were Christopher D. Cone and Madeleine Griffin-Cone. The property was originally owned by Cone's parents, Duane and J.L. Cone Jr. The Cone family business was in highway building; Cone Brothers Contracting Co. became the state's largest road builder in the 1940s, according to J.L. Cone's obituary, and continued through the 1970s.

His brother Douglas Cone Sr. made international headlines when his first wife's death revealed he had been living a double life: He had two families, one in South Tampa and another in Lutz. All of his children attended Berkeley Prep, and his wives both sat on the board of trustees.

J.L. and Christopher Cone found themselves in a legal battle with the IRS in 2004 after attempting to bail another son, Michael Cone, out of a tax dispute, according to the Business Observer. Michael Cone was sentenced to five years in prison in 2008.

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A little less than a month after selling his previous Davis Islands estate for $16 million, Tampa Bay Lightning captain Steven Stamkos has purchased another waterfront mansion less than two miles away for $8.35 million.

The sale closed Friday, according to the Multiple Listing Service. His new property, at 74 Bahama Circle, also on Davis Islands, has five bedrooms and five- and one-half bathrooms and is 5,665 square feet.

Similar to the previous sale, Stamkos and his wife, Sandra, bought this home without it ever being listed on the market. That’s because after they were convinced to sell their house, they wanted to stay on Davis Islands but nothing was listed for sale, said their Realtor, Allan Mezrah, who works for the Toni Everett Company.

“It wasn’t easy,” he said. “They drove around, looked at some houses they liked, and we basically knocked on doors and dropped off letters to about 30 different people on Davis Islands.”

In the early stages, they would try not to let on to potential sellers that it was Stamkos, a two-time Stanley Cup champion, inquiring about a house, Mezrah said.
“If they even sense it’s an athlete ... they’re going to multiply (the price) by three,” he said.

The sellers were a couple named John and Karin Hotchkiss, according to property records, who previously paid $3.4 million for the home.

The house, which was built in 2017, has 107 feet of waterfront on a canal and a rooftop “lookout” with views of Hillsborough Bay and downtown Tampa, according to Mezrah. It also has a new dock, two detached garages, and plenty of glass inside to highlight the canal views, he said.

One of the rooms will also become Stamkos’ new dedicated space for his trophies.

“The goal the whole time is to get him in and situated and ready before the season starts,” Mezrah said. “So he can focus on hockey and win that third Stanley Cup for us.”
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Stunning, custom-designed private gated estate. Originally custom designed and built-in 2004. Recently reimagined in an exclusive collaboration with Potthast Design. The new design lends itself to the contemporary Mediterranean with high-quality appointments and attention to detail throughout.
 
This home is truly a beauty and was designed with a central kitchen which creates the ultimate in entertaining and becomes the home’s premier hangout. The size and scale make this kitchen a chef’s dream. It was designed by a well-known chef and graduate of The Culinary Institute of America. His experience as a chef and restaurant owner who has personally designed hundreds of kitchens was incredibly valuable in making this kitchen unlike any other you will find. Unique features include a double island. The first is the chef’s island designed for cooking and prepping. This island is strategically located next to the commercial-grade gas cooktop and double oven. The chef’s island can also comfortably accommodate 2 guests for those who want to be up close to the action. The second island is the social island. This island is a nearly 8-foot island that incorporates expansive seating areas that leave enough room for six-plus guests to comfortably eat and socialize. Many recent kitchen enhancements include truly custom cabinetry made by a European Cabinet Maker with 25 years of experience. The solid wood doors were curated from an abundance of different designs. There are four slabs of marble with double mitered edges for both islands with Calcutta Marble Backsplash. New high-end chef-quality appliances finish the kitchen.
 
This nearly 3/4-acre homesite boasts inviting outdoor surroundings offering an abundance of green space and nearly 7,000 square feet of living area. There are 6 bedrooms, 6 full baths, 1 half bath, dining, formal living room and family rooms, 2 large laundry rooms (one on each level with additional storage), and an oversized 3-car garage, plus an impressive 1,000 sqft 2-story bonus room that could serve many purposes. Four of the secondary bedrooms have en suite bathrooms and large walk-in closets. Enjoy serene views and privacy in your backyard oasis with a heated and chilled pool, spa with waterfall feature, huge grassy yard, playground, outdoor shower, pool bath, and covered dining area. It is ideal to enjoy outdoor activities from the security and privacy of the home. Space is plenty large for all sports to be enjoyed, a playground, a trampoline, or simply get out and release some energy. This truly is a resort-like estate. Enjoy walks, jogs, or bike riding on the sidewalk-lined community with gorgeous views of the golf course.
 
Conveniently located 20 minutes to Tampa International Airport, 25 minutes to Downtown Tampa, and only 20 minutes to Clearwater Beach America’s top-rated beach by multiple sources including Tripadvisor. 15 min to downtown Dunedin, 30 minutes to downtown St Pete. Multiple restaurants and shopping nearby. It truly is in the middle of all the best venues Tampa Bay has to offer. 15-minute drive to Berkley Prep rated Tampa Bay’s top private school and #6 in the state by Niche.com. **First time this incredible estate has been on the market. The property will remain on the market for approximately 2 weeks until the floors are scheduled to be finished. This is your opportunity to lock in the price and select the final finish for the gorgeous solid Santos Mahogany floors.
 
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