August 2020 Electronic Magazine
Published August 2020 AUGUST 2020/VOL 2/ISSUE 7 TAMPA BAY INSIDER FEATURES, TRENDS, AND EVENTS FROM: --> Developer of Riverwalk Place, the 50-plus story mixed-used tower in downtown Tampa, unveils redesigned hotel-condo The developer of one of downtown Tampa's most anticipated towers has unveiled new plans for the project — a new vision that subtracts condominiums, adds hotel rooms and significantly reduces the tower's height. Two Roads Development filed new plans with the city for a 37-story hotel-condo tower on the vacant site at the intersection of Ashley Drive and Brorein Street. The hotel is on floors one through 13, with ballrooms on the 12th and 13th floors. The condos begin on the 14th floor. The tower will be home to 222 hotel rooms and 230 hotel-branded condominiums. Arquitectonica Studios, a Miami-based architecture firm with a global portfolio, is the new architect on the tower. Gensler was the architect on previous iterations of the tower. The plans are a significant shift for Riverwalk Place, which was first introduced in 2015 as a 50-plus story, mixed-use tower with luxury condos stacked on top of office space. The original developer, Feldman Equities, brought Two Roads in as a residential developer in 2018; Feldman exited the deal in March. Two Roads is now the sole developer, and GPB Capital is an equity participant. With a "café and open-air gourmet restaurant" on the ground floor of the project, the new plan holds true to Feldman's initial vision of a building that interacts with and activates the Tampa Riverwalk. Shortly after Feldman's exit from the project, Two Roads said it was in discussions with a hotel flag for a portion of the tower and said it was returning condo deposits while it worked through a redesign of the tower. Two Roads did not identify a hotel flag in Tuesday's updated plans but said it "looks forward to announcing the brand in the coming months." The introduction of hotel rooms has dramatically reduced the number of condominiums in the tower. At one point, Feldman and Two Roads scrapped office space and planned to devote the entirety of the 50-story tower to 288 condos. By Tampa standards, nearly 300 units in one project is a massive undertaking. Developers typically presale units before beginning construction, with industry standards ranging from 40 percent to 60 percent of units presold to secure construction financing. The hospitality sector has taken a massive hit during the novel coronavirus pandemic, and some financiers say hotel construction loans will be among the hardest to secure, at least in the short term. It is the third project in Tampa to pursue hotel-branded condominiums. The Edition is a hotel-condo under construction in Water Street Tampa, featuring 37 luxury units atop a boutique hotel. Related Group, based in Miami, has also said it intends to pursue a hotel flag — to manage its strictly residential project on Bayshore Boulevard. Read full article by clicking here. Craig’s Take: This project has many iterations dating back to the 2000’s with its first iteration a 52-story Trump banded high rise. That project ended never coming to fruition and turned out be a disaster for many who put deposits down. This most recent major redesign of this project is a massive disappointment in my book. The original plan at 50 plus stories had it set to be the tallest residential high rise building on the west coast of Florida. That plan included 288 luxury condo residences ranging from 1,128-4,500 sq. ft. with pricing starting in the mid-700’s. The new 37 story design will no longer be the tallest residential building on the West Coast of Florida. It will barely stand taller than the 34-Story Element which is currently the tallest residential building in Tampa. Even more of a disappointment, it will not be the tallest residential building in Tampa Bay. The recently constructed One in St Petersburg stands at 41 stories. In addition to the already existing One in St Petersburg there is another project in the early stages of design called 400 Central. This building is slated for 46-stories and if constructed would be the tallest residential building on the West Coast of Florida. In my opinion it is very disappointing that downtown St. Petersburg will be home to the two tallest residential high rises in Tampa Bay. This is a reminder that residential living in downtown Tampa still lags downtown St. Pete. In my opinion the viability of Riverwalk Place project is still in serious question. I do understand the thought process of partnering with a hotel brand to offer residencies with the benefits of a hotel’s line of full-service amenities many of which luxury condo buyers desire. This could play as a smart move. It is important to note they are not the only players in town with this concept. The Edition which is in partnership with the Marriott brand. The other project recently discussed was the Related Group’s two condo towers proposed on Bayshore Boulevard south of W Bay-to-Bay Boulevard. This project is in the early stages but has gained a lot of attention because of its partnership with the Ritz-Carlton brand. The developers refunded all deposits and will have to begin the entire sales process again once floor plans and pricing have been finalized. Additional hurdles include timing. The timing when they begin to take reservations again will not be nearly as favorable as the last time. Between the pandemic, the tightening in residential and commercial financing, and significantly more competition in the luxury condo market in downtown Tampa and Bayshore Blvd all make for a difficult road ahead. The key to the Riverwalk Place succeeding will be how quickly they will be able to go through the sales process. For a condo project to obtain financing to begin construction they must have a certain percentage of contracts. Typically, that number is in the range of 50%-60% of the total units to be constructed. The way the sales process works in high-rise development is the developer begins by taking reservations. The reservation deposit secures the unit and pricing for the buyer. The reservation deposit is fully refundable. The next step in the process is to go from reservation to contract where the deposit typically increases from a reservation deposit of $10,000-$25,000 to 10% of the contract price and at this point the deposit becomes non-refundable. The next step in the process after contract is an additional deposit of 20% of the contract price which is due at groundbreaking. It is at this point the project being constructed becomes a reality. I would not be surprised if this project goes through its fourth redesign only for it not come to fruition likes its three other predecessors. --> This Month's Market Trends inTampa Bay CLICK IMAGE FOR UPDATED INFO --> WHAT'S HAPPENING THIS MONTH: CLICK EVENT FOR DETAILSVIRTUAL EVENTS:Click here to check out Rock the Park Tampa for virtual concerts.To learn a new skill while you’re home, you can click here.Want to find something to do today? You click here for Tampa Bay Times recommendations.GET OUTDOORS: TRAILS:Click here to check out some of Tampa Bay’s best trails. --> COVID-19Updates Curious whether people in your neighborhood are testing positive for coronavirus? The Florida Department of Health, Division of Disease Control and Health Protection has launched an online tool to map cases of coronavirus by ZIP code. For real time COVID-19 updates for Florida data click here. If you do not receive updates from the City of Tampa make sure to sign up by texting: TAMPAREADY to 888-777. --> Tampa Foodie: The Tampa restaurant chain SoFresh is ready to capitalize on retail vacancies from the pandemic with three new stores in the works Fast-casual restaurant chain SoFresh is ready to capitalize on the real estate fallout from the novel coronavirus pandemic — beginning with a new location in Tampa's Westshore business district. SoFresh is taking over the former Fitlife Foods storefront in Town Square Center, a Regency Centers Corp. owned shopping center at the intersection of Westshore and Kennedy Boulevards. Its neighbors in the center include Starbucks and Panera as well as a soon-to-be vacant space occupied by Pier 1 Imports. The new SoFresh is also just a block away from Fresh Kitchen, a Tampa-based concept that is one of SoFresh's top competitors in the healthy, build-your-own meal space. The pandemic has wreaked havoc on restaurants and retailers, leaving retail property owners bracing for impact as experts predict a coming wave of bankruptcies and vacancies. But fast-casual restaurants like SoFresh, which already had an emphasis on takeout and delivery meals, were better prepared to weather the pandemic and state-ordered dining room closures than their counterparts in casual and fine dining. Before the pandemic, SoFresh's business was split about 50/50 between off-premise and in-store dining, said Clay Donato, partner and vice president of development. Now, about 90 percent of its sales are for off-premise dining, though it varies by location. Donato predicts in-store dining sales will eventually rise, but even after the pandemic, SoFresh predicts that off-premise dining could be as high as 60 percent to 70 percent of sales. That shift has already changed SoFresh's real estate strategy. Donato said the company's average square footage was between 1,600 and 1,800; now, SoFresh is targeting stores between 1,100 and 1,400 square feet. Startup costs have declined as a result. While SoFresh stores previously cost between $400,000 and $500,000 to open, the projected startup costs are now between $325,000 and $400,000, Donato said. The new Westshore location is 1,250 square feet. "We are getting a lot of calls from retailers looking to exit space, so there’s an opportunity for us to take over existing leases," Donato told the Tampa Bay Business Journal. "I think we’re going to see more of that over the coming months. I think it’ll be a while before the bottom falls out." Donato said SoFresh is in active negotiations for locations in Lakeland and Carrollwood, though he declined to identify the spaces. The Lakeland location would be a takeover of an existing space in a Publix Super Markets Inc. anchored shopping center; the Carrollwood storefront is currently vacant. SoFresh currently has locations in downtown Tampa, South Tampa, Lakewood Ranch, Westchase and near the University of South Florida as well as a growing footprint in the Pittsburgh region. To read full story click here. --> Winter gets a hotel: Dolphin’s Beach Clubopens on Clearwater Beach Clearwater Marine Aquarium and Page Development Group executives cut a ceremonial ribbon this week to celebrate the opening of eco-friendly Winter the Dolphin’s Beach Club, inspired by the famous dolphin with a prosthetic tail. Located at 655 S. Gulfview Blvd., the 91-room beachfront hotel boasts an outdoor pool with beach cabana rentals, as well as two on-site restaurants, Cabanas Coastal Grill and Cabanas Beachside. It is managed by Tampa-based McKibbon Hospitality.The hotel is considered eco-friendly as it eliminates the use of single-use plastics and has installed special window treatments to reduce energy as well as special lighting that won't affect newly hatched sea turtles. The renovation process started late last year and more than $2 million was invested into it. A portion of proceeds from each room night will go directly to CMA for research and marine mammal care. Even though the hotel is opening during a pandemic, it is expected to attract visitors to the area as the beaches have reopened. "The virus has perhaps delayed opening to where it is today," CMA CEO Frank Dame said, regarding the impact it has had."When we were at the point where the beaches were shut down, we were able to get in there and work faster [construction wise]," said Page Development Group President Steve Page. "As far as timing, we'd all like to have a big grand opening, but we had to have more of a scaled back opening. I'm not too worried about occupancy as that improved significantly once they reopened the beaches." The idea to turn an older existing Choice hotel into a Winter-themed hotel was born out of a meeting in Clearwater that took place back in January. Clearwater Marine Aquarium CMO Bill Plotts and Page Development Group started talking about working together to promote conservation, according to Dame.Winter lost part of her tail in an accident and had it replaced with a prosthetic tail. She is the subject of the book “Dolphin Tale,” which later became a major motion picture in 2011. Winter and her story helped bring global attention to CMA.Page Development Group was already in the early planning stages for the site prior to the discussion. "Before this opportunity, we were hoping to renovate the hotel and call it Dolphin Sands. As we started down that path with the dolphin theme due to the beachfront property, we started talking more with aquarium. We decided it was a great fit for them and for us," said Page.Read the full article here. --> There's a newMargaritaville Hotelcoming to Tampa Bay Margaritaville, a Jimmy Buffett-inspired lifestyle brand with resorts and restaurants across the globe, is opening its first Compass by Margaritaville, a new hotel concept for the brand, on Anna Maria Sound on July 15. Developed by Floridays Development Company and managed by Hostmark Hospitality Group, the hotel is located on a 220-acre private island community. The hotel will be six stories with 123 rooms, including 10 suites.New hotels could help Tampa Bay’s struggling tourism industry, which has taken a massive hit during the Covid-19 pandemic. The hotel features Margaritaville's standard amenities including bedding, oversized bathrooms with rainfall showers and smart TVs, complimentary daily breakfast, high-speed Wi-Fi, lounge where guests can find books, board games, cards and other table games and a cabana stocked with snacks.“As a global lifestyle brand, it’s of utmost importance to our team that we’re constantly innovating to meet the ever changing needs of our guests,” shared Rick Cunningham, vice president of hotel development at Margaritaville Hospitality Group. “Compass by Margaritaville not only provides comfort and convenience in a more boutique format, but it also offers an ideal design concept for new builds, adaptive reuse and conversion projects.” This is the second Margaritaville concept on Anna Maria Sound — the company has its One Particular Harbour residence there as well. The brand has locations across the state including in Kissimmee, Hollywood, Key West and Pensacola.To read full article click here. --> Miami's Related Group unveils luxury hotel flag for its ultra-modern condos on Bayshore Related Group has struck a deal with The Ritz-Carlton for the branding and management of its ultra-luxe condo towers on Bayshore Boulevard. Related, based in Miami, plans to replace the aging Bay Oaks apartments with The Ritz-Carlton Residences, Tampa. The Ritz-Carlton Residences will include 170 condos in two towers and 12 townhouses. The project is strictly residential; the property will be managed by the hospitality giant and bear its name. Ritz-Carlton is a name that has been conspicuously absent from Tampa Bay for years, even as resorts around Florida bear its name. The company has a hotel and branded condos in Sarasota and resort properties throughout South Florida as well as in Orlando, Naples and Amelia Island. The Tampa Residences is Related's first deal with Ritz-Carlton, said Mike Hammon, Related senior vice president. Related had discussed previous projects with Ritz-Carlton, both domestically and internationally, but Tampa's is the first to come to fruition. “It’s no surprise that Related has again committed to a flagship and unprecedented project in the Tampa market," the mayor said in a statement. "Their partnership in the city of Tampa could not be more welcome. This Ritz-Carlton partnership is just further proof that, despite our current unforeseen struggles, we continue to be one of the most vibrant cities in real estate.” Ritz-Carlton has always been Related's top pick for branding the condos, Hammon said, since it began planning the redevelopment of the Bay Oaks property. Pricing will likely be north of $800 per square foot, which would put units between $1.8 million and $5 million, Hammon said. That pricing is in line with the Edition Tampa, where the condo prices begin at $1.8 million. Both projects have top-of-market pricing for Tampa. To read full article click here. Craig’s Take: This project marks the third project in Tampa to combine a luxury hotel brand with private luxury residences. This is common practice in major cities like New York City, Chicago, and Miami. One of these projects is The Edition Hotel and Residences which is part of the Water Street project. That building is located directly across the street from Amalia Arena. The Edition is already under construction and is scheduled to be completed next year. The second project, Riverwalk Place, was just announced. They have not yet announced the partnering hotel brand. Construction date has not been determined and the earliest possible completion date would be 2024. The Related project is unique in many ways. They are the first to bring the Ritz Carlton brand to Tampa. There have been many other developers who tried and failed over the past 20 years. I feel confident that if anyone can do it George Perez and The Related Group will be able to make it happen. Additionally, the project is exclusively private residences so while it has the amenities of the Ritz Carlton flagship the residences will not be sharing them with hotel guests. This is a huge distinction between the two other projects. --> Tampa Bay FeaturedJUST SOLDLuxury Listing It's been a summer of eye-popping sales in Tampa Bay's luxury residential real estate — and the deals include the purchase of a penthouse in downtown St. Petersburg for a record-setting $1,300 per square foot. The condominium, on the 41st floor of ONE St. Petersburg, sold for $5.1 million to a Pennsylvania buyer on June 12, according to Pinellas County property records.That breaks down to $1,304 a square foot — a record-setting price per square foot for a condominium in Hillsborough and Pinellas counties. It is rare in the Tampa Bay region for residential properties to breach the $1,000 per square foot threshold. That price point is much more common in Miami, though Sarasota real estate has that benchmark more often in recent years.The deal comes in the wake of several multimillion-dollar residential real estate transactions — and luxury agents say there is more to come as buyers look to leave the densely populated Northeast in the wake of the novel coronavirus pandemic. Many of the homes currently in play are off-market, meaning they aren't officially posted for sale in the Multiple Listing Service but their owners have told real estate agents that they're willing to sell for the right price. Like many of the region's top-tier residential properties, the condo was never on the market. Craig’s Take: The bigger story than this sale is that there have been five condo sales above $1,000 per sq. ft. in the past year. This sale was not an isolated sale. More impressive is the fact four out of the five sales closed during the pandemic. The data supports the luxury condo market is stronger than it ever has been in amidst of the worst pandemic our country has been in the past 100 years. You may be thinking to yourself “what is the cause of this”. Is it because of historic low interest rates? The answer is no. All five sales were cash sales. If it is not that, than what is it. Well, there are many reasons. I will go into just a few. The first is Americans are spending more time in their homes than in recent decades. This has caused many people including the wealthy to reassess their home needs and in doing so have realized spending more to obtain peace of mind and happiness is a small price to pay when so much of their time is spent there. The other reason is lack of inventory. The third is the awareness of the ability for many American’s to work remotely not just through the pandemic but beyond. This has allowed American’s to make decisions on where they want to live based on desirability and not proximity to work. This has created more people moving to Florida because of the quality of life, weather, no state income tax, lower population density, and affordability. I expect this trend to continue beyond the pandemic and I expect the wealthy to continue to flee large cities with high state income tax for places like Tampa Bay. --> Tampa Bay FeaturedLuxury Listing This month we are featuring the home from Tim Burton’s 1990 movie, Edward Scissorhands, which is on the market for $224,000. While this isn’t a “Luxury Listing” it definitely is one of Tampa Bay’s most unique circumstantial homes. Located at 1774 Tinsmith Circle, the house was the filming site for the family home in Burton’s movie 30 years ago. During that time, the homes in Carpenters Run subdivision of Pasco County were painted bright pastel colors.In the movie, Edward Scissorhands (played by Johnny Depp) was created by an inventor who died before being able to replace his scissor hands with real hands. Taken in by a suburban mom, Scissorhands falls in love with her daughter, Kim Boggs (played by Winona Ryder).The 1,432-square-foot home was built in 1989 and features three bedrooms and two bathrooms. According to the listing, the home’s master bathroom has been completely remodeled and all three bedrooms have updated flooring. Its kitchen countertops and cabinets are original to the home, which has had two owners total.The listing agent, Stacie Savoy, said her favorite parts of the home include its master bathroom, with a large, stand-up shower and the backyard, where the barbecue scene in Edward Scissorhands was filmed.Craig’s Take:The originally creation of Edward Scissorshands was set in suburban Burbank, California. Lutz was the perfect 1990’s suburban backdrop. Although I am not so sure they would choose it today as the area has dramatically changed with new development all around. The home has some wood siding which is commonly found in California where most of the homes are built from wood completely. There is nothing fancy about this home, but the history is second to none. Having sold a home in this neighborhood a few years ago, many of the neighbors are aware and proud of the history of this home. The home went under contract in less than 10 days. This is not due to the history of the home, but rather the lack of supply and strong demand in this price range. Note from Craig:We are in unprecedented times on many levels. We all have been impacted on some level. I am here to answer your questions about the real estate market, local economy, residential lending, and home building. I study these topics daily and have the numbers, data, and facts to share with you. There is a lot of misinformation out there. Much of it is based on opinion and/or emotion. Reach out to me as I am committed to be your resource. Send me an email, text me, or click on the link here to schedule a phone or video appointment. --> GET TO KNOW CRAIG KINCHELOE-CLICK HERECHECK US OUT ON OUR WEBSITEKNOW SOMEONE WHO IS CONSIDERING BUYING OR SELLING-SEND THEM THIS LINK TO SCHEDULE A STRATEGY SESSION WITH CRAIG Follow us for updates: Share Forward Copyright (C) 2024. The Kincheloe Group. All rights reserved.Our mailing address is:The Kincheloe Group711 S. Howard Ave. Ste. 200TAMPA, Florida 33606Want to change how you receive these emails?You can update your preferences or unsubscribe from this list.
4th of July COVID-19 Edition
Published July 2020 4th of July Covid-19 Edition Summer plans may look different this year, due to the global health crisis. While many people would ordinarily be heading out on July 4th to see local fireworks displays, some towns have decided not to hold these festivities at all to avoid crowds and the potential spread of COVID-19. But even with all these snags to celebrating Independence Day, the fireworks shows will still go on — just online. There are a number of ways to stream 4th of July fireworks or watch them on TV instead of going out in person.St. Petersburg’s waterfront fireworks display and Tampa’s annual Boom by the Bay officially bit the dust last week amid concerns about crowds and the coronavirus. From Safety Harbor to Siesta Key, fetes for the Fourth are finished, for now.However, Gov. Ron DeSantis signed a law this year that makes setting off fireworks officially legal on Independence Day. (And on New Year’s Eve and New Year’s Day, too.) And if you do plan to buy, buy early. Stores and roadside tents get especially crowded on July 3 and 4, and crowds are to be avoided. How to Stream 4th of July Fireworks How to Watch the Macy's 4th of July Fireworks on NBC The Macy's 4th of July fireworks will be televised on NBC so that people outside the city can also see the fireworks. Usually it airs from 8 p.m. to 10 p.m. ET. For those who don't have a television or cable subscription, NBC can be streamed online as long as you can input someone's cable information. You can also try a free trial of YouTube TV, Hulu + Live TV, or Fubo TV to stream NBC online for July 4. Watch the D.C. Fireworks on PBS There's no livestream option for PBS, but people with TVs that include the public broadcasting channel will be able to watch A Capitol Fourth on July 4, 2020. It's a patriotic, star-studded concert event that also features the fireworks that go off above the National Mall in Washington D.C. Top 3 Hot Spots to buy Fireworks in Tampa Phantom Fireworks of South Tampa3642 W Gandy BlvdTampa, FL Pyro Junkie Fireworks11207 N Nebraska Ave.Tampa, FL Phantom Fireworks of Tampa1031 E Fowler Ave.Tampa, FL SAFETY TIPS:If you choose to partake, here are some tips from the experts: Light only one at a time. Keep a bucket of water, a garden hose or a fire extinguisher nearby. If a device does not ignite ― if it’s a dud — don’t stand over it to investigate. And do not try to relight it. Don’t drink alcohol or wear loose clothing if you’re lighting fireworks. Keep spectators a healthy distance away. From Siddle at Pyro Junkie: Customers should not be shy about asking questions. “Ask the sales staff if you don’t know what something does,” he said. Safety is particularly important this year “especially since there might be a big boost in people not familiar with it.” What to do instead Whether you want something relaxed or adventurous, this list will give you plenty of ideas for some fun 4th of July activities.If you want to stay at home, you can plan something as inexpensive as firing up the grill and baking patriotic desserts; or you can go all-out and plan a big barbecue for your quarantine pod. If you'd rather enjoy the warm summer weather and your day off work, you can get out of town and see something new or enjoy a staycation in Tampa Bay with the lens of a tourist.The 4th of July is often an exciting day of summer that involves friends and family coming together for a bunch of delicious food, fun outdoor activities, and, of course, to celebrate America's independence. But this year, due to COVID-19 and social distancing, your 4th of July probably won't look like it has in years past. But that's no reason to cancel your celebration; there are still plenty of fun 4th of July activities that you can do and still safely practice social distancing. If you do go out, make sure to abide by: Mask Rules HILLSBOROUGH COUNTY What are the rules? Face coverings must be worn inside all indoor establishments in Hillsborough County. When do I have to start following them? The order goes into effect Wednesday, June 24 at 5 p.m. What happens if I don’t wear a mask? You won’t be penalized, but you might be thrown out. Businesses are required to enforce the mask order and can be charged with a second-degree misdemeanor, a penalty of up to 60 days in jail, and/or six months’ probation, and a $500 fine if they don’t. What are the exceptions? The mandate does not apply to children under 2, persons with pre-existing medical conditions that would be worsened by a mask, hearing-impaired persons, those working in a profession that would be unable to perform their duties with a mask such as public safety, exercising, eating and drinking, or those already observing federal social distancing guidelines (the 6-foot rule). PASCO COUNTY What are the rules? Face coverings must be worn inside all businesses, government offices, and schools in Pasco County. When do I have to start following them? Enforcement will begin Thursday, June 25 at 5 p.m. What happens if I don’t wear a mask? You likely won’t be able to enter the business or will be removed once inside. Individual business owners are required to enforce the ordinance or may face a fine up to $250. What are the exceptions? The mandate does not apply to children under 2, persons with pre-existing medical conditions that would be worsened by a mask, hearing-impaired persons, exercising or engaging in indoor sporting activities, eating and drinking, or those already observing federal social distancing guidelines (the 6-foot rule). Its enforcement cannot conflict with the Americans with Disabilities Act. PINELLAS COUNTY What are the rules? Face coverings must be worn in all indoor public places in Pinellas County. When do I have to follow them? The order goes into effect Wednesday, July 24 at 5 p.m. What if I don’t wear a mask? You may be prevented from entering a business –– and you can also be fined by the police. Customers not wearing a mask can receive a civil citation of $100 for a first offense, $250 for a second, and $500 for a third. Additional repeat violations may result in a misdemeanor arrest. What are the exceptions? The mandate does not apply to government entities or hospitals, persons under 18, those already observing federal social distancing guidelines (the 6-foot rule), persons with pre-existing medical conditions that would be worsened by a mask, hearing-impaired persons, exercising, or religious rituals such as singing. Its enforcement cannot conflict with the Americans with Disabilities Act. Additional regulations are in place for restaurant and bar employees. TAMPA What are the rules? Face coverings must be worn indoors outside the home at all times in the city of Tampa. When do I have to follow them? The order went into effect Friday, June 19 at 5 p.m. What if I don’t wear a mask? You could get a civil citation of up to $500. Businesses can also receive a $500 civil citation for failing to enforce the mask order. What are the exceptions? The city’s exemptions are the same as Hillsborough County’s. Celebrate on the beach We’re all lucky enough to live within driving distance of a beach, pack up for a fun day in the sun. If you stay until the evening, expect to see locals setting off fireworks. Just check with the local authorities first to make sure the beach is open. Here’s some of Tampa Bay’s hidden gems:Fred Howard Park is a popular beach and nature preserve located on the north end of Tampa Bay's barrier islands. The Park is connected by a mile-long causeway to the charming town of Tarpon Springs home to the area's famous sponge docks. In addition to allowing visitors access to white sand expanses, the Park offers protection to endangered Florida habitat and wildlife. Visitors are likely to catch glimpses of local wildlife, including nesting ospreys and eagles as well as dolphins and manatees. Amenities include picnic areas and playgrounds.Recommended for Beaches because: Fred Howard Beach is both a gorgeous expanse of white sand and a protected nature preserve, perfect for beach and nature lovers.Indian Rocks Beach offers expansive white sand beaches with less emphasis on commercial development. It is a quiet, less crowed alternative to some of the more popular beaches. Public beach access is wonderful with over 20 entries to the sand but amenities are minimal with showers, restrooms and parking. The surrounding area features a mixture of residential and vacation rentals - you won't find any big chain hotels here. In spite of its laid-back atmosphere, there is still plenty to do here with skim boarding being a popular pastime. Check out the friendly surf shops to find rentals and lessons. There are also plenty of restaurants and bars to choose from when you want to take a break from the beach.Recommended for Beaches because: Indian Rocks Beach offers expansive white sand beaches with ample public access without the crowds and commercialism.Sand Key is the spot if you're searching for tranquil, family-friendly Tampa Bay beaches. Explore Sand Key Park just south of Clearwater. This beautiful park is both park and beach offering visitors access to both white sand and a boardwalk and nature trail. If you come at the right time of year, you can observe the sea turtles nesting on the beach. So, whether you're looking to view Florida wildlife or are just looking to swim and sunbathe, this is the ideal location. Situated on a barrier island between the Gulf and the Florida mainland, the park offers plenty of parking space, picnic shelters, shower and restroom facilities and a playground for the kids.Recommended for Beaches because: Sand Key Park offers visitors the best of both worlds with a beautiful sandy beach and family park amenities.Honeymoon Island is the jumping off point to Caladesi Island. Honeymoon Island has plenty of beautiful beach to offer visitors as well and you don't have to take a boat to get there. In addition to its 4-mile expanse of white sand, the Island includes a several nature trails and bird observation areas where you can find nesting Ospreys and a variety of water birds. Visitors can learn more at the Rotary Nature Center. The Island offers plenty of amenities including a concession and restaurant where, in addition to food, you can find umbrella, chair and kayak rentals. Families will enjoy the picnic area complete with playground and covered pavilions in case of rain.Recommended for Beaches because: Honeymoon Island is a natural paradise with four miles of white sand beach with full amenities and an undisturbed nature sanctuary featuring nesting Ospreys.Fort De Soto is the spot if you have ever wanted to camp on the beach. This is a great spot to do it! Fort De Soto Park consists of over 1,000 acres of preserved land that covers five interconnected islands. These islands are home to numerous forms of wildlife that live in the Park's beach grasses, mangroves, wetlands, and palm hammocks. The beaches are wonderful and there is a calm lagoon protected by sand bars that provides a safe place for little ones to play. There is also a 7-mile paved trail for biking and walking. Included in the park's extensive list of amenities are two piers where visitors can fish without licenses, a dog park and beach area, and kayak and bike rentals.Recommended for Beaches because: Fort De Soto Park is a family-friendly favorite with beautiful beaches and a host of other amenities including on-beach camping.For the full list click here. Lounge in the pool or have a Socially Distanced BBQ and use these recipes Sometimes with holiday plans, less is more. Make delicious summer drinks, play a few patriotic tunes, and kick back, relax, and soak up some sun. Take all of those adorable red, white, and blue recipes you made and celebrate with a picnic in the beach or park. Check out these recipes all in love of red, white and blue to make your party a hit! (Click the titles for the recipe) Mini Mousse Cakes Certain holidays call for meticulously layering blueberry, strawberry and vanilla mousse. Whether your celebration is small or large, these mini mousse cakes will be appreciated and gawked over all day. (via Eye Doc Bakes) Red, White, and Blueberry Caprese Salad It’s hard to beat the simple combo of sweet tomatoes, creamy mozzarella, and fresh basil — unless you add a handful of blueberries, too! (via Brit + Co) No-Bake 4th of July Pies No time to bake? No problem! Have pie, will travel (to the BBQ). (via Brit + Co) Berry Skewers with White Chocolate Drizzle If the holiday snuck up on you this year, these fruit skewers are the perfect last-minute patriotic addition to your BBQ buffet. Simply by threading blueberries and strawberries on a skewer and drizzling white chocolate on top, you’ll create a tasty treat that looks like it took you all day. (via Nourished Peach) Kids Recipes: Firecracker Popcorn This popcorn is decorated with ALL the sprinkles and is sure to cause a few fireworks. Fill paper bags with your popcorn, and gift them to your party guests as they arrive. (via Spicy Southern Kitchen) Fireworks Sugar Cookie Cake Recipe The Fourth of July is the birthday of the USA, so it only makes sense that you make her a birthday cookie cake to celebrate. Use seasonal red, white and blue M&M’s and a ton of sprinkles to decorate. (via Crazy for Crust) Marshmallow Popcorn Balls Recreate your favorite childhood snack with a patriotic touch this year. These popcorn balls will be loved by both the adults and kids at the party, so they definitely won’t go to waste. (via Creations by Kara) Red, White & Blue Layered Finger Jello Kids will love helping you make (and eat!) this Jello treat. If you want to make a separate adults-only batch with a bit of vodka, we won’t judge you. (via Brown Eyed Baker) Click here for even more festive 4th of July recipes. Make homemade 4th of July Cocktails Red, White and Blue Wine Spritzer: White wine spritzers are a classic summer beverage for a reason. Add some blue and red and you’ve got yourself a killer cocktail for America’s birthday. (via pretty plain janes)Snow Cone Drinks: This drink is equal parts nostalgia and party-in-a-glass. Slightly on the sweeter side, we wouldn’t have too many or you can expect a killer hangover on the 5th. (via Kirbie’s Cravings)Shandies: It wouldn’t be a true July 4th shindig without an ice cold beer, now would it? Take your brew to the next level with this refreshing shandy recipe. (via Camille Styles)Red, White and Blue Jello Shots: It’s no secret that, here at Brit HQ, we love a good jello shot. So naturally, Independence Day called for whipping up a patriotic batch! (via Brit + Co.)Campari Basil Mojito: This unexpected flavor combo is definitely celebration-worthy. We’re also loving the more subtle red, white and blue shades here. (via Set the Table)Watermelon Blueberry Cooler: The only thing better than watermelon on a hot summer night is a delicious watermelon cocktail. (via Tasty Trials)Blueberry Coconut Sparkler: Fresh blueberries, coconut rum and ginger ale combine to make a festive drink with just the right hint of tropical paradise. The coconut flakes on the rim are a fun final touch. (via Pizzazzerie)Fourth of July Slushie: A perfect way to cool off, these slushies are super easy to make and super fun to drink, which is every party-thrower’s dream. (via A Healthy Life for Me)Purple Independence: Who says everything’s gotta be red, white and blue? This cocktail’s color makes it a little bit of (delicious) rebellion in a glass and a pretty addition to your table. (via A Year of Cocktails)Bomb Pop Jello Shots: There’s just something about the 4th of July that brings out the big kid inside all of us. These popsicle-inspired shots are the perfect way to indulge. (via That’s So Michelle)Star Spangled Spritzer: This fruity summer drink is easily made non-boozy by swapping out the white wine for ginger ale, making it a great option for a family-friendly affair. Just make sure to clearly mark your pitchers before serving! (via Celebrating Everyday Life)Patriotic Panna Cotta Shooters: Bring on the stars and stripes! We love a good spiked sweet and this gorgeous panna cotta definitely hits the spot. (via Sprinkle Bake)Click here for more 4th of July cocktails and mocktails. Looking to celebrate the 4th Out on the town?Check out these local events (Due to the nature of event cancellations make sure to check links for potential cancellations) Fourth of July Celebration at Starkey Market Join for a family fun event at Starkey Market on the 4th of July to celebrate! If you love southern BBQ and homestyle mac n cheese then don’t miss out on Big Art’s BBQ food truck! A locally owned Cold Stone Creamery truck will be there as well with your favorite ice cream!Live music by one of the best saxophone players around and his band! Private firework display around 9PM complementary of Starkey Blueberry Farm.JUL 4 | 5PM-10PMStarkey Market$30 4th of July with Josh Gilbert Band Celebrate America with a cold brew in hand, while showing off your dance moves. 3 Daughters Brewing will be ringing in America’s birthday with live music from the Josh Gilbert Band from 1PM-5PM. And if you’re a big fan of their beers, bring some home with you! All six packs will be BOGO all weekend long. JUL 4 | 11:30AM-6PM3 Daughters BrewingFREE July 4th BBQ Celebration If you want to feel like a kid again, then head to Time Out Seminole for a BBQ cookout to celebrate America. There will be cornhole tournaments, Giant Jenga, Connect 4, flip cup and trash can pong for the big kids (at heart) to enjoy.For the real kids? There will be sandbox digs, spin wheel, water balloon toss, ring toss and more. What more could you ask for?! Ok, fine, let’s give you more! There will also be food and drink specials, and prizes for all of the games that will be played. JUL 4 | 12PM-4PMTime Out SeminoleFREE Bert's is Celebrating Freedom - 4th of July Bash Bert’s Barracuda Harley Davidson just made finding 4th of July plans easy. Nothing screams ‘MERICA like a good ol’ fashion hot dog eating contest, spiked watermelon eating contest and Blueberry pie contest. Which would you win? The spiked watermelon eating contest is calling our names!There will also be a blood drive, food and beer to enjoy! And did we mention it’s kid friendly? If you didn’t know where to celebrate before, you do now. JUL 4 | 9AM-5PMBert’s Barracuda Harley DavidsonFREE 4th of July Our Way Shuffle over to Tampa Heights and dance all night long. For $25, you get to enjoy a concert, keg beer, hot dogs and hamburgers. Tribal Style will be performing from 4PM-6PM and Sunsetters will play afterwards from 7PM-9PM.Spend your 4th of July listening to some reggae, staying 6 ft. apart, and wearing a mask. But above all, have fun!JUL 4 | 4PM–12AMShuffle$25 We're Happy to Help! Make sure to follow me by clicking below and like my personal page and business page forcontinued real time updates on community resources. --> Share Tweet Forward Please share FOLLOW US ON FACEBOOK FOLLOW ME ON INSTAGRAM VISIT OUR BLOG AND PAGE FRIEND ME ON FACEBOOK Copyright © 2024 The Kincheloe Group, All rights reserved.You are receiving this email because you opted in via our website.Our mailing address is: The Kincheloe Group 711 S. Howard Ave. Ste. 200 TAMPA, Florida 33606 Add us to your address book 813-336-5835Want to change how you receive these emails?You can update your preferences or unsubscribe from this list.
June 2020 Digital Magazine
Published June 2020 JUNE 2020/VOL 2/ISSUE 6 TAMPA BAY INSIDER FEATURES, TRENDS, AND EVENTS FROM: --> J.C. Penney's plans for a retail REIT could lay out some major redevelopment opportunities in Tampa Bay Part of J.C. Penney Co. Inc's turnaround plan includes cashing in on its real estate — and it is sitting on some prime sites for potential redevelopment in the Tampa Bay area.Dallas-based J.C. Penney (NYSE: JCP) filed for Chapter 11 bankruptcy protection on Friday, and part of the retailer's tentative plan calls for the creation of a real estate investment trust that would collect rent from its stores, Bloomberg reports. J.C. Penney could sell up to a 35 percent stake in the REIT to generate cash if its lenders approve the plan. The retailer said its bankruptcy filing will result in some store closures; it needs to reduce its retail footprint, given the company's financial performance even before the novel coronavirus pandemic. It currently has 800 stores."One of the most immediate priorities is the closure of underperforming and bad space," said Neil Saunders, managing director of GlobalData Retail. "J.C. Penney is exposed to a high number of weak malls and locations and it needs to quickly cut its losses."J.C. Penney's REIT plan is like a strategy Sears deployed in 2015 when it spun off Seritage Growth Properties. Seritage has moved forward with several redevelopments of Sears' real estate in the Tampa Bay area. In Clearwater, a portion of Sears at Westfield Countryside was redeveloped to make way for Whole Foods Market Inc. In St. Petersburg, Seritage redeveloped the Sears at Tyrone Square Mall into Dick's Sporting Goods, PetSmart, Five Below and Hitchcock's Markets, which took over the former Lucky's Market space.J.C. Penney does not own its WestShore Plaza real estate, which is arguably its best property in the Tampa Bay region. Washington Prime Group, the Ohio-based owner of WestShore Plaza, owns the J.C. Penney box. Simon Property Group, the owner of Tyrone Square Mall, also owns J.C. Penney's real estate at that mall. QIC, which owns the Shops at Wiregrass in Wesley Chapel, also controls J.C. Penney's anchor box there.But J.C. Penney does own real estate throughout the region, including the following: 150,741-square-foot anchor box on 9.35 acres at Westfield Brandon 172,337-square-foot anchor box at Westfield Countryside in Clearwater 133,573-square-foot anchor box on 9.37 acres at Westfield Citrus Park In recent years, restaurant and entertainment concepts have become the go-to businesses to occupy real estate vacated by traditional retailers. But in the wake of the coronavirus pandemic, retail redevelopments have become more complicated. Many food, bar and entertainment concepts face an uncertain financial future and looming bankruptcies. Movie theaters, which have become an anchor at many malls in recent years, have been devastated by the pandemic. J.C. Penney's three owned properties in the Tampa Bay area are in high traffic areas — areas that are ripe for new types of development, including multifamily, education and medical office space.Bloomberg reports that J.C. Penney says in court documents that it wants to list shares of its new REIT on a national securities exchange “as soon as reasonably practicable." But the plans for the REIT are not yet a done deal: The retailer has until July 14 to agree on a plan with its first-lien lenders.But even without the REIT, it seems like most if not all of J.C. Penney's real estate will be in play. If it does not come to terms with lenders and get its necessary funding by Aug. 15, it will have to pursue a sale. Craig’s Take: There is going to be wave of redevelopment opportunities as our economy changes and consumer behavior changes. Retail stores have and will continue to close due to many consumers preferring to shop online. Most of these locations are prime real estate located in convenient high-traffic areas. The bigger question is what is going to replace these large spaces. What is going to be the highest and best use of these spaces? There is not a universal answer to this question as it will depend on each location. If I were to provide a universal answer, I believe many will be replaced with residential real estate and service-based businesses. COVID-19 has created many uncertainties, and as a result, I do anticipate many of these locations will set vacant for a while. Many developers and companies are going to want to wait and see the lasting impact of COVID-19 on people’s behavior before taking on large scale projects like redeveloping spaces of this size. This is an area I will be watching closely as it will no doubt impact residential real estate values surrounding these locations. --> This Month's Market Trends inTampa Bay CLICK IMAGE FOR UPDATED INFO --> WHAT'S HAPPENING THIS MONTH: CLICK EVENT FOR DETAILS Imagine our Florida’s Virtual 5KRun or walk at your own pace for this fundraiser benefiting Imagine our Florida. Once you sign up, you’ll receive a link to self-report your time. You can run on a treadmill, around the block, or even out in nature. You have until December 31, 2020, to complete your run.$25 Father’s Day Lunch & Dinner CruisesSunday, June 21, 12:30pm & 5:30pmGive Dad a break from the grill this Father’s Day with a spectacular cruise on the water! The entire family will enjoy a lavish meal prepared by the Yacht’s Executive Chef, while experiencing the best views of Tampa Bay. Includes a 2-hour cruise with an upscale entree selection, reserved table, and DJ entertainment. $59.95/person (plus $2 marine fee and sales tax) VIRTUAL EVENTS The Ringling’s Museum from HomeThe Ringling is allowing you to tour the Bayfront Gardens from the comfort of your home, view Art Chats, send a digital postcard, explore over 100 different species of trees using TreeKeeper, and more! You can also find Ringling archives, Ringling staff favs, and the object of the week posts on The Ringling’s Facebook page. Shine Mural Festival Virtual TourExplore St. Pete’s multitude of murals from the comfort of your home via the SHINE Mural Festival Virtual Tour. The virtual tour allows you to see photos, watch videos and find out about the artist and the artwork.FREE --> COVID-19Updates Curious whether people in your neighborhood are testing positive for coronavirus? The Florida Department of Health, Division of Disease Control and Health Protection has launched an online tool to map cases of coronavirus by ZIP code. For real time COVID-19 updates for Florida data click here. If you do not receive updates from the City of Tampa make sure to sign up by texting: TAMPAREADY to 888-777. --> Tampa FoodieBrioche Café and Bakery Check out South Tampa’s newest Café and Bakery. Brioche Café & Bakery combines the best of European and Mediterranean flavors with the comfort and convenience of limited seating, carry-out and grab-and-go options. They offer artisanal breads, elevated soups, salads, sandwiches, and rotating daily specials. On the sweeter side, Brioche presents an assortment of desserts, pastries, cookies, tarts, and confections. From the time she was a young child, Brioche chef and owner Badia Verona had a passion for cooking. She moved to the United States from Switzerland in 1999 and earned her culinary degree from the prestigious Le Cordon Blue Academy.Brioche offers breakfast, lunch, and early dinner selections Monday through Friday with weekend brunch.Make sure to check them out:Address: 407 S. Dale Mabry Hwy, Tampa, FL 33609Hours: Monday-Friday • 8AM – 6PM, Saturday and Sunday • 9AM – 3PMPhone Number: 813.443.4409We can’t wait to try: The Brioche Lox and the Café au LaitClick here to go to their site. --> Bayshore’s first condo tower in 15 years completed,residents moving in tomillion-dollar units The first condo tower built on Tampa’s Bayshore Boulevard in 15 years has completed the construction phase and is ready for its residents to begin moving in.Residents are paying at least $1 million for each of the luxury units in the 24-floor tower, though some went for more than $5 million apiece. Most of the condos range in 2,400 to 3,400 square feet and all have their own private elevator entrance, according to the news release. Amenities include an infinity pool overlooking Bayshore as well as a pet grooming facility with dog-washing equipment called a “pet spa.”The two top floors each consist of a single penthouse, with 6,700 square feet and 360-degree views of Hillsborough Bay, South Tampa, and Downtown Tampa.Even though the coronavirus pandemic has affected many luxury apartment complexes in Tampa Bay — prompting many of them to offer free months of rent or other perks — Virage’s sales were largely unaffected. That is because much of their units were already secured before the pandemic began, with all but four having been sold by this time last year.One of the units on the seventh floor was purchased by four-time Tampa Mayor Dick Greco back in 2017, though he said at the time that he hadn’t decided yet whether he and his wife would live there or if they would keep it as an investment property.The luxury condo tower was announced in late 2016, and since then at least two others were underway. Construction crews’ broke ground in November 2017. Today, 69 of the 71 units have been pre-sold — totaling more than $120 million in real estate. Final closing of those sales began May 15 and will continue over the coming weeks.The pandemic did affect construction crews, as workers completed temperature checks every morning and wore colored bracelets every day to show they passed the screening. Contractors on site also were required to wear face masks and fewer people rode in elevators at the same time. Craig’s Take:This project is proof of concept for the demand of high-rise luxury condo living along beautiful Bayshore Blvd. After nearly a decade without any condo construction many wondered if the demand would be there if a developer were to build one. That question has been answered. There was so much pent-up demand that the pace of sales exceeded most expectations. The question many have is who these people are purchasing these luxury condos. Most of the buyers are Tampa empty-nester couples looking to ditch the large home with all the maintenance for the maintenance free lifestyle, with a great location, and superb amenities. Simply put, they are trading size for what they perceive as a better quality of life as they enter the next chapter of their life. Now that the proof of concept has been established, other developers believe the demand has still not been met and as a result, you are seeing other luxury high-rise condos being built-- for example, Hyde Park House, which is also located on Bayshore Blvd. The question remains: is the demand strong enough for the more than 1,000 condos priced around $1 million that are proposed or under construction between Gandy Blvd and downtown Tampa. My belief, based upon studying the market every day, is that demand has not been met at this point. I do think the velocity of sales will be much slower than they have with buildings that started preselling in 2015-2017. I also believe some buildings that do not offer an exceptional location, breathtaking views, and unparalleled amenities will struggle to make sales. Stay-tuned for continued updates from me on the luxury condo market. --> Tiny home community opens in Tampa You can now live large but on a smaller scale in Thonotosassa. ESCAPE Tampa Bay Village, a community of tiny homes off Hwy. 301, is now open and leasing. “ESCAPE is a new 21st century way of the tiny house. We do it with a twist. We take it one step further and we are RV certified,” said David Peterson, Development Director for ESCAPE.Each energy-efficient tiny home is a minimalist’s dream. Peterson says these homes are not only affordable, but they are sustainable. “Say a person has a 2 to 3 bedroom home, with these, the size of square footage, the cost to heat them, the cost of electricity, the cost to light them is all minute compared to a normal home,” said Peterson.The tiny homes are also big on style and feature panoramic windows, full kitchens, large bathrooms, large first floor bedrooms, washer/dryers, plenty of storage, full climate control, LED lighting. “These are fancied up, top of the line from appliances to counter tops to installation,” said Peterson. The tiny homes have also been engineered for extreme weather events like hurricanes and are strapped down.Currently, 10 units are available at ESCAPE Tampa Bay Village. According to Peterson, their tiny homes range from $75,000-$106,000. He predicts these homes will be popular among millennials and retirees. For more information on ESCAPE Tampa Bay Village, visit their website here. Craig’s Take: Tiny homes have become increasingly popular on the west coast over the past several years. Cities like Durango, CO, Fresno, CA, Portland, OR and recently Spur, TX. Many times, the location of these communities is convenient to nature and ideal for people who enjoy outdoor activities. They are also often found in areas that have a high cost of living. The first step to an area being attractive for tiny housing communities are zoning laws that are tiny home friendly. Many municipalities have been putting a focus on different ways to make housing affordable for more people. Changing zoning laws that allow for tiny houses to be built is one way to increase affordability. Many people have questions on how Tiny Home communities work. I want to explain how Escape Tampa Bay Village works first. You rent the lot like a mobile home or RV park. The lot rentals at Escape Tampa Bay Village range from $400-$600 per month. If you are looking to finance the Tiny home, they are financing them over a 15-year term. Depending on the design, you go with mortgage payment range from $465-$706 per month with a 15% down payment. So, if you add the mortgage with lot rental your total monthly expenditure ranges from $865-$1,177. I will say the homes are incredibly attractive and have high quality materials you would never expect in a home in this price range. My belief is this could be a low-cost way to live in a quality home for people who do not need a lot of space. That said it is not a good long-term investment. Not owning the land is what makes this a poor long-term investment. Tiny homes are likely to depreciate like a car, RV, or trailer. In real estate, the part that appreciates the most is typically the land and not owning the land means the home will likely depreciate over time. I would look at it as being a glorified renter. --> Tampa BayCOVID-19Market Health A recent report from ATTOM Data Solutions, a property data company based in California, found that the housing market in most of the counties making up Tampa Bay are among the least vulnerable to the effects of coronavirus.The two exceptions are Hernando and Polk counties, which fall within the top 60 most vulnerable. To determine each county’s vulnerability, the report looked at the total percentage of income it took in Q1 2020 to buy a home, percentage of homes underwater, those which the mortgage loan was higher than its market value in Q4 2019, and percentage of foreclosures in Q4 2019.Based on that data, the report found Pinellas County is most resilient to coronavirus effects in Tampa Bay. An average Pinellas resident needs 31.7 percent of income to purchase a home, one of the better percentages in the bay area. The county also had 9.4 percent of homes underwater and a 12 percent foreclosure rate.Pasco and Hillsborough counties are the next resilient, according to the report. For Pasco, a resident would need to spend a little under 30 percent of their income to buy a home. The county did have a higher percentage of homes underwater at 14.5 percent, but it also had a lower foreclosure rate than Pinellas at 10 percent.The report found Hillsborough is a little more vulnerable than Pasco with 29 percent of a resident's income needed to purchase a house. The county had 12.3 percent of homes underwater and a 15 percent foreclosure rate.Polk and Hernando counties rank among the most vulnerable counties. Polk landed at No. 59 with a high underwater rate and foreclosure rates of 15.2 and 17 percent, respectively. Hernando landed at No. 35 with the highest percentage of properties underwater at 15.9 percent and a foreclosure rate of 22 percent.ATTOM did note that it is too early to tell the full effect of the coronavirus, but the impact will be significant. The purpose of the report was to identify markets that may be significantly at risk.“It’s too early to tell how much effect the coronavirus fallout will have on different housing markets around the country. But the impact is likely to be significant from region to region and county to county,” Todd Teta, chief product officer with ATTOM Data Solutions, said in a statement. “What we’ve done is spotlight areas that appear to be at risk based on several important factors. From that analysis, it looks like the Northeast is more at risk than other areas. As we head into the spring homebuying season, the next few months will reveal how severe the impact will be.”Overall, Florida had 10 counties fall within the top 50 with Flagler, Lake, Bay, Clay, and Broward among the most vulnerable; Sumter, Pinellas, Alachua, Brevard, and Seminole were among the least vulnerable.Craig’s Take:This is an excellent article that covers two of the four most important aspects on projecting how any real estate market will fair during and after COVID-19. Those are the percentage of homes currently underwater and the percentage of income needed to qualify to purchase a home. It is missing the unemployment figures for homeowners as well as the percentage of homeowner equity in 2020. Below is a pie chart that outlines those figures nationally. Many of my clients I speak with are shocked by these figures. Especially the fact that 42.1% of Americans own their home free and clear of a mortgage. Obviously, the more equity someone has in their home the less likely they are to let the home go to foreclosure. Additionally, it also allows people who can qualify to refinance or obtain home equity line of credit should they need cash to get through these times. The key words being those who qualify. For those unemployed or furloughed they will be unable to obtain any such financing regardless of their equity position. Expect me to expand more on these topics in future editions. --> COVID-19 Helpers Carla Bristol, left, waves goodbye to Jackie Hersey after Hersey picked up a head of collard greens during a giveaway organized by Bristol at Atwater's Soul Food Restaurant in St. Petersburg. [BOYZELL HOSEY | TIMES | Tampa Bay Times]Fred Rogers once said: “When I was a boy and I would see scary things in the news, my mother would say to me, ‘Look for the helpers. You will always find people who are helping.'”Carla Bristol is always on the move - sewing bags at night from donated T-shirts, sharing fresh produce to groups such as Daystar and checking on her 92-year-old neighbor. Lately, she has also been funneling nonperishables to Eric Atwater, who is serving free meals at his restaurant, at the corner of 18th Ave. S and MLK St. in St. Petersburg.“I felt comfortable with Atwater’s,” she said, “because I knew everything would be safe, and that’s where people in the community were already coming to - a place where people from four neighborhoods could walk to.”Bristol normally leads the St. Petersburg Urban Youth Farm on the campus of Pinellas Technical College. She said she learned early, from her mother, to be charitable. In Guyana, where she grew up, her family had chickens and mango and avocado trees. They shared the bounty with neighbors.Bristol moved to New York in 1980 and then to St. Petersburg in 1996. She raised two children here and grew to love the culture and community of the Southside. It reminded her of home.Now, amid this pandemic, she is connecting to a network of resources, helping however she can. So, when a stranger reached out to tell her about a farm in Lakeland that was struggling to offload its produce, she found donations to purchase 350 heads of collard greens at a greatly reduced rate. Then she gathered a small team to bag everything and make them available at Atwater’s.“So many people and organizations have stepped forward in this time of need,” she said. “If people know your spirit is good, they’re not opposed to welcoming you in and helping out.” --> Tampa Bay FeaturedJUST SOLDLuxury Listing An opportunity to own part of Tampa's history, this vintage home was originally owned by the Garrison Channel family. It is secluded in the city's premier Golfview neighborhood located on quiet brick streets with walkability to Palma Ceia golf course, restaurants, shops and Bayshore. While keeping its character of the 1920's, renovations and expansions include extensive woodwork and moldings with attention given to detail. The open formal living and dining rooms make for great entertaining and family gatherings. A sunroom connects the custom kitchen to the family room giving the feeling of bringing the light and outdoors in. Ten sets of French doors open as needed to the patios overlooking the pool and expansive yard. Two wood burning fireplaces downstairs add to the charm of this home. Over 4200 square feet of living space allows versatility of use. Currently used as a 5 bedroom with an office, the unique floor plan allows for a playroom, workout area, or nanny space accessible from a second staircase. The detached 416 sf guest cottage is ADA compliant with door openings and a full walk in shower. It can be used as a pool house or separate private office. A portion of the two-car garage is currently used as an added bedroom in the guest cottage, but it can easily be converted back to garage space. This home is located at: 3212 W San Nicholas St. Tampa, FL 33629.Craig’s Take:The owner originally purchased the home in 1986 for a bargain of $236,280. It is in one of my favorite South Tampa neighborhoods of Golfview. What I like most about Golfview is it offers all the convenience of being in the middle of the city while at the same time offering a beautiful countryside feeling. The lots are large offering exceptional privacy and the streets are tree lined lending to its countryside feel. The buyer is going to be someone who appreciates the above, the character of a 1920’s home while also being accepting of the quirks and awkwardness that comes with a 1920’s home. It is currently the most affordable home listed for sale in Golfview. Even with all the homes in Golfview being in the luxury price range they still typically sell relatively quick with a median day to contract of 114 days. It is not uncommon for tear downs in Golfview that set on larger lots to sell for $1 million to $1.4 million. I know for many that can be hard to wrap your mind around especially given these homes/lots are not on the water. It is all about location, lot size, lack of inventory, and the strong demand. --> Tampa Bay FeaturedLuxury Listing Former Toronto Blue Jays all-star and Major League Baseball Hall of Famer Roberto Alomar has sold off his sprawling Tampa home, 901 Palacio De Avila, Tampa, FL 33613. Alomar's 18,000 square-foot-home on 3.4 gated acres in Avila has sold for $4 million.The home sale is among several major residential transactions to close since the coronavirus pandemic began. The highest priced spec home ever sold in Tampa closed in April, and luxury real estate agents say they aren't seeing a slowdown in business.Alomar bought the home in 2010 from JPMorgan Chase Bank, which had foreclosed on it 2009. He paid $2.4 million, according to Hillsborough County property records. The buyer was not disclosed, and a deed for the transaction has not yet been filed.The home has eight bedrooms, nine full and three half baths and has marble floors, custom millwork and resort-style amenities. It also includes a wine cellar, indoor and outdoor pools, eight-car collector's garage and a sports court.Craig’s Take:This home was previously featured as a luxury listing in March’s edition of Tampa Bay Insider. Roberto Alomar did an exquisite job remodeling the home after purchasing as a foreclosure. The home was purchased by Dr. George Giannakopoulos and his wife Emilia. Dr. Giannakopoulos is a practicing neurological surgeon specializing in spine surgery in Pasco and Hernando Counties. The most interesting aspect of this transaction was the timing. The contract was signed by all parties on February 22nd right before the COVID-19 pandemic hit the Tampa Bay area. The buyers did not get alarmed enough to cancel the contract. They continued forward with the sale and closed on May 5th. As, the article mentioned this is one of many luxury sales that happened during the middle of the pandemic. All of which are signs the wealthy still feel optimistic about the Tampa Bay luxury real estate market. In my next month’s edition of Tampa Bay Insider, I will get into why the wealthy feel optimistic about Tampa Bay’s luxury real estate market. Note from Craig:We are in unprecedented times on many levels. We all have been impacted on some level. I am here to answer your questions about the real estate market, local economy, residential lending, and home building. I study these topics daily and have the numbers, data, and facts to share with you. There is a lot of misinformation out there. Much of it is based on opinion and/or emotion. Reach out to me as I am committed to be your resource. Send me an email, text me, or click on the link here to schedule a phone or video appointment. --> GET TO KNOW CRAIG KINCHELOE-CLICK HEREKNOW SOMEONE WHO IS CONSIDERING BUYING OR SELLING-SEND THEM THIS LINK TO SCHEDULE A STRATEGY SESSION WITH CRAIG Follow us for updates: Share Forward Copyright (C) 2024. The Kincheloe Group. All rights reserved.Our mailing address is:The Kincheloe Group711 S. Howard Ave. Ste. 200TAMPA, Florida 33606Want to change how you receive these emails?You can update your preferences or unsubscribe from this list.
