Archives for January 2011

Cash Sales At All Time High

In 2010, cash buyers accounted for 52 percent of all residential sales in Pinellas County – the national average is just 28%. The high rate of cash sales is a result of tighter lending, cash discounts, and a sense that the market may have hit bottom. Pinellas County also has a large percentage of second home buyers, who have more access to cash. Investors are turning to real estate, getting a better return on rental income than they can in the the stock market. They had been largely sitting on the sidelines for the past couple of years.

Tierra Verde Resort & Marina Purchased By Investors

Tierra Verde Resort and MarinaAn investment group has purchased the Tierra Verde Resort. The 50-year-old property features boat slips, a restaurant, and the former Tierra Verde Yacht & Tennis Resort timeshare and hotel buildings. The marina portion features 114 wet slips and 151 high-and-dry slips. The new marina business model will focus exclusively on rentals. The group rebranded the facility as the Tierra Verde Marina Resort. The investors plan to demolish the existing structures, except for the high-and-dry building. It then plans to develop a second 151-slip high-and-dry building and a 10,000-square-foot restaurant building. The investor group already owns four marinas on the Gulf Coast and hopes to acquire several more in the region in the near future.

See All Tierra Verde Properties For Sale

Unfinished Ocean Glen Condo Project Will Be Razed

The city of Indian Rocks Beach will raze the abandoned Ocean Glen at Waterside condo project located at 601 Gulf Blvd. Removal of the partially completed construction will begin this month, and the lot will be reseeded in the spring.

The city reached an agreement with the owner for the demolition. The city holds $24k in escrowed funds from the owner and will reimburse itself $2,700 for mowing fees and upkeep. The estimated cost of the entire project is $24,150. The owner remains responsible for any additional cost. Construction may begin again under the original PUD agreement, however the agreement expires this October.

Last year, the Indian Rocks Beach city manager issued a demand letter to the project manager of Ocean Glen asking that, “The structure’s verticals and slab be torn down and that the property be returned to a neutral state.” The condo project has been stalled for years and has been called “Stonehenge” by residents.

Hooter’s At John’s Pass Village Nearing Completion

A new Hooter’s restaurant will be opening at John’s Pass Village. The new location will occupy 6k square feet on the 3rd level of the popular boardwalk attraction, between the Friendly Fisherman and Bubba Gump Shrimp Company restaurants. Indoor and outdoor seating will be available. A February opening is planned.

Clearwater Beach Sea Captain Motel May Be Replaced

The Sea Captain motel on Devon may be replaced if the city approves. The owner would like to replace the 27 room motel with an 85 room hotel. The proposal will be reviewed on January 13th. The site is just a few feet away from the site where the former Port Vue hotel is being replaced by a Holiday Inn.

Ocean Properties LTD Buys Sandpearl Interest

Ocean Properties LTD, owner of the former Adam’s Mark hotel site on Clearwater Beach, has purchased a controlling interest in The Sandpearl Resort, a luxury hotel and condo residence. While Ocean Properties LTD will be the managing partner, the Sandpearl name and day to day operations will not change.

Ocean Properties owns and manages over 100 hotels, many in South Florida and the Keys. The own 2 local properties including the Treasure Island Residence Inn. The purchase will likely be reassuring to local officials, indicating that Ocean Properties has continued interest in Clearwater Beach, and the developement of the vacant beachfront lot is on the horizon. Ocean Properties purchased the Adam’s Mark site in 2007 with plans for a 230 room hotel before the market tanked.

Photo Credit:PropCo Real Estate