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stargategarageflorida · 4 years ago

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Why You Should Hire Automatic Gate Repair Services From Professionally-trained Technicians?

Do you have an electric driveway overhead door installed at your residential or commercial establishments in Los Angeles that has gotten a little bit squeaky? Less than the smooth and quick operation of your entrance should be addressed immediately before the degradation has a chance to become worse. The loud noise that the driveway door installed at your residential or commercial establishments in Los Angeles makes might be a sign that the moving parts of your gate are starting to show signs of wear and tear.

Electric gate repair services in Los Angeles

Technicians and repairmen from the reputed garage door and Gate Company will take care of the driveway gate's repair need in less than a day of your appointment. Homeowners or commercial property owners in LA can enjoy a smoothly operating and quite entrance door after effective electric gate repair Los Angeles by experienced door repair technicians. Trained professionals will make sure your driveway gate is safe and secure. They will inspect the non-functional driveway gate and repair them using genuine spare parts.

Electric gate openers: installation and repair

Electric gate openers are what make your driveway door open and close. It is important to understand that these openers are far more complex than a manual garage door openers installed at your residential or commercial property in Los Angeles. They may have many circuit boards just like any computer. You need trained professionals for quick and effective Los Angeles electric gate openers' installation at your residential or commercial establishments.

leveraging on their experience, knowledge and understanding of this domain, these well-trained and experienced professionals will also fulfill your automated door opener repair and maintenance. They ensure best possible results within the promised time frame. Moreover, they will replace the damaged automated gate openers when needed at nominal charges. Trained professionals will repair or replace any parts that are causing your gate opener not to work. Experienced and well-trained professionals follow a customer-centric approach while dealing with their customers. This result driven and holistic approach helps these repairmen to understand and meet the precise repair and maintenance needs. they have experience and knowledge to repair any make, model, and style of gate openers in Los Angeles.

24/7 emergency gate repair in Los Angeles

Get in touch professional service providers that are known to provide emergency gate repair in Los Angeles if your electric door will not open and you are stuck inside or outside of your residential or commercial property. It is important to understand that the priority of emergency service provided by trained professionals is to restore access to your residential or commercial property in Los Angeles.

These experienced professionals may complete your gate repairs during the emergency visit depending on the nature of the issue. In other cases, they will follow up with the homeowners and commercial property owners the next business day. They will effectively schedule a visit to complete the gate repair during normal service hours. It is important to understand that emergency repair charges provided by the trained professionals apply to work done outside of the regular service hours.

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stargatesandgarage · 4 years ago

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Troubleshoot Issues With Garage Doors

The garage doors could most probably be the heavily moving material at your home and when they start giving issue associated with break, springs, cables, pulleys you need to rectify them. When doors are not sent for maintenance from longer duration they will lead to create problem very soon. So it is important to know what kind of problem that is incurred before taking it directly to a service repair. There could be a situation when only minor problems are associated with it and you can handle it by your own. The Garage Door Las Vegas offers a high level of expertise in replacing the doors to new or repair it .They provide a superior level of services by which your doors will reside for longer duration of time. They as a company provide full assessments, reliable and professional help to the customer with no extra cost. They provide competitive priced repair and installation services. They provide total customer satisfaction and quality standards by their experienced team members. They also indulged in providing various garage door services like-residential repairs, new overhead doors, new installers, emergency repair services, same day services, springs and roller services and so on.

The Garage Door Las Vegas are one of the known companies that are dealing with lots more that this kind of services. They have a leading name in terms of resulting in cost efficient solutions and comprises of many talented engineers who have adequate experience in the field. Now days when people search for cheap garage repair companies it becomes difficult to find companies that perform the same work along with quality. The Company's selection should be such that they should have knowledgeable staff and can provide quality work.

If you find any type of issues with the garage door then-

1. Check for the power on the openers, which can happen when accidently when electric cord is got switch off or fused.

2. Check for the battery on the door opener remote that could also create problems for non-functioning.

3. Once all the above two things are checked you can now look at the track on which door runs on. This is associated on either side of the doors with bearing balls that allow the door to roll up and down. Then inspect it by bending, warping etc. If you find anything is struck inside then you can remove it through a hammer or screw driver and you find it difficult then you can call to a repair company to take action.

4. Check whether the sensors are aligned properly and are plugged in and then you can check for the base of the door and can inspect cameras because they shoot the infrared beam that tell whether all the things are working properly or not under the base.

If you still find some problem then it is recommended to call an expert and the above test are totally safe that can be examined by you easily without any problem.

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localocksmithnearme · 5 years ago

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Safe Cracking Service Deerfield Beach FL (833)834-7233

If you wish to move a large vault, broke the key in your vault key-space or have a safe dialer that wont turn glancing for a <strong>unlocking safe</strong> service in Deerfield Beach FL and contiguous area you have come to the right place. Our safe lock-smiths are knowhow with repairing, rekeying and installing vaults and safes for your residence and office and by reading this substance you’ll find a resolution. Our highly trained key-smith are on a duty call 24 hour pride oneself in our obligation and qualification in defending your home and office vaults and safes likewise the important things inside. Comprehensively equipped with modern safe lockpicking apparatus and at least 8 years of in-field experience, our team are adequate to repair and unlatch vaults, electrical combination safes and residential safes onsite to work out any safecracking complication you may be going through.

Safes Cracking is a top notch roadside safe locksmith service in Deerfield Beach FL. Our team members are comprehensively insured, bonded and licensed, have no less then 8 years of background in the industry, ready 24 hr paired with advanced safe lock and key apparatus adept to arrive to your location rapidly for each kind of general or emergency locks, keys and dialer disputes you may have.

If you bought a fresh depository and need it installed, broke the key in your vault break or would like to change the digit combo to your safe, in a search for a local safe lock smith service company you can count on, all you have to do is call us at (833)834-7233 for our dispatching center to share data about your scene and our experienced and neighborly safe lock-smiths will arrive to your location before you even know it with explicit drilling, lock decoders and high optic scopes equipage to clear up your safe barrier on-site to offer unheard-of services in Deerfield Beach FL.

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abamovers-blog · 5 years ago

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Reliable and Affordable Florida Aventura Moving Services

Aventura Moving has been providing affordable moving services in Florida and throughout the nation. With decades of moving experience under our belt, Aventura Moving is entirely family owned and operated. We provide a highly trained and professional moving team to address the individual needs of all our customers.

Aventura Moving can move your home or business anywhere locally or across the country.

We pride ourselves in providing our clients with uncompromising service and a true value for all their moving needs. Our emphasis is to put our customers minds at ease and provide a quick and efficient moving experience, all at the most competitive prices in town.

Moving Services For All Your Needs

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Aventura Moving uses a proprietary moving system that is designed to calculate the exact cost of your particular move.

This is why only Aventura Moving can give their customers an accurate, discounted quote with a cap limit, so are clients know that they will never pay anything above and beyond. And to back it up, we will put it all in writing prior to our customers’ hiring us for the job.

The Aventura Moving mission is a simple one, advise and educate all our potential and existing customers. Regardless of your moving needs, our moving team is committed to providing the exact moving solutions that meet the individual needs and expectations of our customers.

We are fully insured, licensed and bonded in the state of Florida. Our moving team will exceed all your expectations and provide you with peace of mind at great price. Call us at (305) 919-0333 for more information and a free quote today.

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stargategarage123 · 5 years ago

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The Importance And Usefulness of Garage Door Opener Parts

Are you searching the market today for garage door openers? Have the previous parts stopped performing? Have they become defective? Do you want o replace the parts but you just do not know what to get? Garage door openers used to be a luxury in the past but obviously, not anymore now! The power of technology has made its way to our homes and has crept into every nook and corner making almost everything automatic.

The wonders of technology have brought us all to a state of complete dependence. After a long and tiring day from work, we are too reliant on our garage doors to open remotely for us to enter the garage because of the highly functional garage door opener parts. What a blessing for all of us to enjoy the perks of technological advancement. Because our human limitations have hindered us in some aspects, the industry of mechanics is continuously innovating products that perform a better way to do things.

The importance and usefulness of a garage door opener can be overemphasized. This is because it is the one that makes garage doors open with the help of the remote, which is still part and parcel of the whole package. Different manufacturers produce various garage door openers but the main distinguishing factor is the mechanical drive in use. There are three known garage door openers, the chain drive opener, the belt drive and the screw-drive opener.

The Chain driven garage door opener is one of the widely- used type of garage door opener. The garage door opener part here would of course, include the chain, extensions, knots, bolts and other minute parts. Its popularity is brought about by its reliability and affordability. One disadvantage is primarily the noise that the chain produces whenever it moves. A lubricant is necessary but it still does eliminate the noise. This could be bothersome and could be a disadvantage if your garage is part of the house and your living room is just nearby.

When the garage is separate from the house, the chain driven garage door opener should not be much of a problem. So, if one is after cost effectiveness and good performance, the chain driven garage door opener still works well for many garage door owners. Another thing to consider with the chain type is the horsepower of the motor. A 1/2 horsepower is normally enough for residential use, but if you want a faster rolling and shutting of the garage door, perhaps a 3/4HP motor power can serve perfectly.

Chain driven garage door openers are reliable enough but because of the noise it produces and the discomfort it can cause to the owners, the Belt- driven garage door opener can otherwise amend the noisy situation. This is a worthwhile alternative although the price is a little higher, but it may be worth it keeping the residence in peace and tranquility.

The last type, are the Screw-driven openers. These are probably the noisiest and slowest systems, but the most inexpensive of all the models. If one is in a tight budget and the convenience of a garage door opener is a necessity, then this model is the right one. This method employs a threaded steel rod in place of a belt or chain. One major disadvantage is that it requires a consistent climate for optimal use. It can work perfectly during extreme weather conditions but then the temperature has to sustain itself to maximize the use of the garage door opener.

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kansascityhappenings · 5 years ago

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8-year-old boy dead after Hurricane Dorian batters Bahamas and crawls towards United States

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Hurricane Dorian — the strongest storm anywhere on the planet this year — is leaving “catastrophic damage” in its wake as it makes its way across the Bahamas, where it’s claimed at least one life.

The monster Category 5 storm made landfall on the eastern end of Grand Bahama Island Sunday night and will continue to pound the island for most of Monday as it creeps toward the southeastern US coast.

The death of an 8-year-old boy is being reported by Bahamas news outlets Eyewitness News and Bahamas Press.

The boy’s grandmother, Ingrid McIntosh, told Eyewitness News that her grandson died on Abaco island. She said her 31-year-old daughter found the body of her son, who she believed drowned in the rising waters. McIntosh said her granddaughter is also missing.

“I just saw my grandson about two days ago,” she said. “He told me he loved me. He was going back to Abaco, he turned around and said, ‘Grandma, I love you.’”

CNN has contacted Bahamian authorities, who have not yet confirmed these reports.

TRACK THE STORM

The storm had winds of 165 mph while it was 115 miles east of West Palm Beach early Monday. It is expected to begin trudging toward the mainland US later in the day, the National Hurricane Center said. The massive storm will get “dangerously close” to Florida’s east coast Monday night through Wednesday evening, the center said.

But the state has already begun to feel Dorian’s effects, CNN Meteorologist Robert Shackelford said, and winds will continue to pick up throughout the day Monday as it inches closer.

It will be a slow arrival, as Dorian is trekking along at an average of 3 mph, about walking pace, CNN meteorologist Brandon Miller said.

The Bahamas are taking the brunt now

As it pummeled islands in the Bahamas, the hurricane left behind “catastrophic damage,” Hope Town Volunteer Fire & Rescue said on Facebook. Damage was reported in Elbow Cay, Man-o-War and Marsh Harbour in the Abaco Islands, where buildings were destroyed and many were partially submerged, with water flooding all around them.

The Abaco Islands are a group of islands and barrier cays in the northern Bahamas, east of southern Florida. Dorian made landfall there as a Category 5 hurricane just after noon Sunday.

The northwestern Bahamas will be drenched in up to 24 inches of rain, with some areas expecting up to 30 inches of water, the hurricane center said.

As the storm spun over Grand Bahama Island, the hurricane center said “catastrophic storm surge flooding” was likely.

“This is a life-threatening situation,” the center said. “Residents on Grand Bahama Island should not leave their shelter when the eye passes over, as winds will rapidly increase on the other side of the eye. Residents in the Abacos should continue to stay in their shelter until conditions subside later today.”

Early Monday there was a hurricane warning in effect for Grand Bahama and the Abacos Islands in the northwestern Bahamas and also in Florida, from the Jupiter Inlet to the Brevard and Volusia county line.

Hurricane watches were in effect in Florida north of Deerfield Beach all the way to Jupiter Inlet as well as from the Brevard and Volusia county line to the mouth of the St. Mary’s River on the border with Georgia.

Will it make landfall in the US?

The terrifying storm may be making its way toward the East Coast, but it’s still unclear if Dorian will make landfall and where on the mainland US. The hurricane’s forecasted track shifted east Friday, making a Florida landfall less likely, but not impossible.

Models now show the storm skirting along Florida’s coast Tuesday and then next to Georgia late Tuesday and into Wednesday. But just because the center of the storm may not hit land doesn’t mean there won’t be damage. Early Monday, hurricane-force winds from the storm extended outward up to 45 miles.

“Hurricane conditions are expected within the hurricane warning area in Florida by late tonight or Tuesday,” the hurricane center said. “Hurricane conditions are possible in the hurricane watch area on Wednesday.”

It also said that “life-threatening storm surges and dangerous hurricane-force winds are expected along portions of the Florida east coast through mid-week.”

Heavy rains and life-threatening floods are expected in parts of the southeast and lower mid-Atlantic US later this week. The storm will dump up to 6 inches of rain in Florida through Georgia.

A coastal flood advisory was issued early Monday for South Carolina and Georgia by the National Weather Service, which warned of a high rip current. And the hurricane center warned of an “increasing likelihood” of strong winds and dangerous storm surge along the coasts of Georgia, South Carolina and North Carolina later this week.

“The strongest damage is likely to be along the coastlines with beach erosion, flooding from both heavy rain and storm surge and there will be areas that are likely to experience disastrous storm surge which could lead to widespread damage to buildings along the coast,” Shackelford said.

Wilmington, North Carolina, resident Christina Dowe said she bought a new home in November after her home was nearly destroyed by Hurricane Florence.

“We’ve just been trying to get perishables, getting water, getting flashlights. Just trying to get the necessities, things that we need, so we can be better prepared than we were last year,” she told CNN’s Ana Cabrera.

She says she’s planning on buckling down and praying that “everything works out better than it did last year.”

Three coastal states prepare

Evacuation orders were in place for 13 Florida counties as of Monday morning, according to the Florida Division of Emergency Management.

The agency urged residents who were in areas not under mandatory evacuations to “plan for adequate supplies in case you lose power & water for several days.”

“To see a catastrophic Category 5 hurricane closing in our 3rd most populous state is wildly unnerving,” FEMA Strategic Planner Michael Lowry said on Twitter. “Dorian is already a disaster for so many tonight. Please, please heed the warnings of local officials in the hours ahead.”

More than 900 flights were canceled going in and out of Florida airports, according to data from Flightaware.com

The Orlando Melbourne International Airport and Fort Lauderdale-Hollywood International Airport will suspend commercial flights and close terminals at noon Monday.

In Georgia, Gov. Brian Kemp ordered mandatory evacuations Sunday night across six coastal counties east of Interstate 95. Possible downed trees, power lines, debris and flooding as well as roads and bridges possibly becoming impassable were reasons behind the evacuations, the order said.

The order will be in place through Monday night, the governor said.

South Carolina Gov. Henry McMaster also ordered the evacuation of coastal South Carolina residents starting at noon on Monday.

Christy Hall, the secretary of South Carolina’s Department of Transportation, said the agency has more than 2,200 employees working on hurricane plans. She said department employees will be on land to assist with lane reversals and are currently working with Florida and Georgia patterns to monitor traffic flows in and through the state.

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‘My house sounds like the ocean,’ Bahamas resident says

This is the first time a Category 5 storm has hit the Bahamas since Hurricane Andrew in 1992.

Category 5 storms have winds exceeding 156 mph and cause a “high percentage of framed homes” to be destroyed with “total roof failure and wall collapse,” the hurricane center says.

“Fallen trees and power poles will isolate residential areas,” according to the center. “Power outages will last for weeks to possibly months. Most of the area will be uninhabitable for weeks or months.”

Dorian, at one point, had sustained winds of almost 185 mph, but the storm has slowed slightly as it moved over land.

Vickareio Adderely, a resident of Marsh Harbour, said his home was filled with water Sunday after Dorian pummeled the area. One of the rooms in his home was “gone,” he said and a hole in his roof kept “getting bigger.”

Adderely said his four family members were huddled on a single mattress in the only room in their home “that didn’t cave in.”

“There are three houses adjacent to mine that also lost their roof,” he said. As he sent messages during intermittent periods of internet connection, he said he was standing in water up to his knees and felt strong wings that were continuing to “wreck the remainder of our roof.”

“There is no way we could have prepared for this,” he said. “My house sounds like the ocean.”

Prime Minister of the Bahamas, Hubert Minnis, said the islands were “facing a hurricane that we have never seen before.”

“Please pray for us,” he said.

from FOX 4 Kansas City WDAF-TV | News, Weather, Sports https://fox4kc.com/2019/09/02/8-year-old-boy-dead-after-hurricane-dorian-batters-bahamas-and-crawls-towards-united-states/

from Kansas City Happenings https://kansascityhappenings.wordpress.com/2019/09/02/8-year-old-boy-dead-after-hurricane-dorian-batters-bahamas-and-crawls-towards-united-states/

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alfredrserrano · 6 years ago

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(Over)supply and demand: What Miami’s condo glut could mean for multifamily rents and development

(Illustration by Maciej Frolow)

Tour the Panorama Tower overlooking Biscayne Bay, with its “porte cochere,” poolside cafe, wine tasting rooms, pet spa and home theaters, and you might think that you’re sampling Miami’s latest glitzy condominium offering.

Rising nearly 900 feet, Florida East Coast Realty’s project is the tallest building in the state. But unlike many of the other towers that dot Brickell, the Hollo family’s development firm decided to build rentals. It even tapped Fortune Development Sales, a top condo sales and marketing firm, for the leasing assignment, and targeted trendy and hip Miamians — “Brickellistas.”

Banking on the city’s population growth, its hunger for big corporate tenants and homeownership’s diminishing prominence in the American Dream, FECR and other developers have bet that Miami, like New York, will become a city of renters. They’re building top-shelf product and wooing the prosperous with a playbook they’ve adapted from their condo-building counterparts. But their approach could directly threaten condo investors, who are increasingly looking to generate income by putting their units on the rental market. In Miami-Dade County, nearly 2,200 leases have been signed on the so-called “shadow rental market” so far this year, data from Integra Realty Resources show, up from fewer than 100 shadow rentals in 2014.

In the face of increased competition from rental developers with newer product, a central tenet of buying a unit for investment — renting it out — is being challenged. And while large rental landlords are able to adjust prices in the event of oversupply or a downturn, individual condo owners, dealing with a myriad of fees and taxes, have less wiggle room on pricing, meaning they could be shut out.

“Owning a condo and renting it,” said Manny de Zárraga, the Miami-based co-head of HFF’s National Investment Advisory Group, “is not a great business.”

Apartment therapy

So far, developers’ big bet on luxury multifamily projects seems to be paying off. Panorama is leasing out at rents that range from $2,500 a month for a one-bedroom to over $6,700 for a three-bedroom. More than half its 821 units are leased out, according to Jerome Hollo, president of FECR.

Comparable properties have also done well. Recently built Class A apartments in Miami-Dade saw net operating income grow 74 percent between 2015 and 2017, according to The Real Deal’s analysis of county figures.

That the sector is posting such numbers despite a large supply bump says a lot. Since 2014, more than 20,000 Class A apartment units have come to market in Miami, according to a TRD analysis of data from Integra, which creates residential reports for the Miami Downtown Development Authority. Yet asking rents have only climbed.

“When we went through the last real estate crash, the sales prices of residences went down,” said Jack McCabe, CEO of McCabe Research & Consulting in Deerfield Beach. “But rentals never did.”

All that supply, however, is expected to eventually push rents down. That’s especially true for Miami because, unlike other cities in the Southeast such as Charlotte or Atlanta, it still lacks giant corporations with their well-heeled workers — RIP Amazon HQ2 — to anchor its rental market. Couple that with foreign and out-of-state condo investors who are now dumping their units on the rental market, and some experts sense that something’s got to give.

Calixto García-Vélez, who oversees FirstBank Florida, said he is barely doing any new construction lending for Class A Miami apartment buildings. On top of the new product coming to the market, the banker said, condo rentals will flood the renter pool, which will temporarily drive down rents. The market will be fine in the long term, he thinks, but as rents drop, so will the bank’s lending activity to this asset class.

“Condos that were for sale are now being put in rental pools,” García-Vélez added.

New data provides a look at just how pronounced this trend is. So far this year, 2,175 shadow rental leases — contracts between a condo owner and tenant — have been signed in Miami-Dade, up 60 percent year over year, according to Integra. The number of condos on the shadow market today would then represent about a fifth of the total units delivered this cycle — nearly 11,200, according to an analysis by ISG Miami of the condo development hotbeds in Miami-Dade east of I-95, Fort Lauderdale, Hollywood and Hallandale Beach.

This could be bad news for condo owners because there are a lot more apartments to compete with these days, said Anthony Graziano, a principal at Integra. In Greater Downtown Miami alone, of the more than 24,000 multifamily units in the pipeline this cycle, roughly 11,000 units have been delivered or are under construction, he said.

And while major rental landlords generally have a fair bit of flexibility built into their pricing and can adjust rents in the face of a spike in supply or other challenges, condo owners — burdened with property taxes, homeowners’ association fees and special assessments — can’t be as nimble, putting them at risk of losing the price-conscious renter.

Condos are clearly more expensive. A conventional apartment is renting out for $2.07 a foot, while a condo rental is leasing at $3.28 a foot, according to MLS and CoStar data compiled by Integra.

For a luxury condo market that reportedly already has a years-long oversupply of inventory, this could produce a mass selloff, some skeptics say, or — at the very least — a steep drop in prices.

“It’s a day of reckoning for [condo] owners,” said Peter Zalewski, a principal with the Miami real estate consultancy Condo Vultures and an investor in the bulk-condo market.

Deal flow

Depending on pricing, demand and ability to build, investors and developers will often toggle between the multifamily and condo asset classes.

While some bankers like FirstBank Florida’s García-Vélez have become more skeptical about funding new Class A-rental projects, developers have found themselves with plenty of options ever since the Federal Reserve relaxed rules on commercial lending this year. Apartments generally cost less to build than condos, allowing for potentially healthier profit margins, said Brett Forman, CEO of Trez Forman Capital Group, a commercial mortgage lender.

“What people fail to realize is that the supply that is being delivered is catching up with demand,” said Peter Mekras of Aztec Group, a real estate investment and merchant banking firm. Mekras believes that much of the forthcoming product will compensate for the post-crisis slowdown in supply, which stemmed from developers’ inability to get financing.

But Jim Costello of Real Capital Analytics feels the Federal Reserve’s move came at the wrong time.

“Money may be coming in on the debt side,” Costello said, “but if the tax burden is so high on developers and it’s hard to find the labor, you can’t build a building with debt alone.”

Lenders on such deals tend to be large banks or insurance firms. In Miami-Dade, Wells Fargo ranked as the top multifamily lender this cycle, with over $500 million in deals since 2014, according to a TRD analysis of large loans.

On the condo side, things are quite different. It took Two Roads Development over a year to land a $138 million construction loan from JPMorgan for Elysee, a 57-story tower it’s building in Miami’s Edgewater neighborhood. Many condo developers beginning construction now are largely self-funding their projects, as is the case with Missoni Baia, an Edgewater project being built by Vlad Doronin’s OKO Group and Cain International, and Okan Group’s Okan Tower, a hotel and condo project planned for Miami’s Arts & Entertainment District. Others have looked to Bank OZK, an Arkansas-based bank that has become the Miami metropolitan area’s most aggressive condo lender, with more than $1.2 billion in construction loans from 2013 through 2017, according to the company’s annual reports. This represented over a quarter of the dollar volume of all condo construction loans made in the area during that time.

Gables Columbus Center is among the crop of rental buildings competing directly with the shadow market.

And while the luxury condo sales market is in a funk, Class A South Florida multifamily properties are still fetching top dollar in the investment-sales market. In July, Gables Residential sold a rental complex called Gables Aventura to an asset management arm of Deutsche Bank for $149 million, or $372,500 per unit. And Related Group hopes that Icon Las Olas, its luxury rental tower in downtown Fort Lauderdale, will fetch at least $500,000 a unit, or $136 million.

That may be because many of the bigger investors aren’t necessarily sprinting after fat returns. Institutional players, such as Mill Creek Residential or Greystar Real Estate Partners, tend to make decade-plus bets and aren’t as impacted by short-term fluctuations in rent.

“They will be patient,” said HFF’s de Zárraga.

A condo by any other name …

In 2013, Miami was experiencing a post-crisis development boom. Luxury condos were launching left and right, especially in Brickell, a corner of Miami that has become a U.S. hub for Latin American financial services companies. Top developers such as Ugo Colombo, Related Group and Swire Properties set their sights on the area for their trophy condo projects. By the end of 2016, Brickell had 17 condo projects with over 5,500 units in the pipeline, according to an ISG report. Many of these units were being sold to foreign investors, some of whom then sought to rent them out on the shadow market.

With condo developers like Jorge Pérez and Jeff Soffer rising to aristocratic status in a city that reveres builders, apartment developers wanted in.

Players such as FECR, ZOM Living and Property Markets Group believed that Miami would become a national economic hub that could command high rents. They sought to create amenity-rich product and corresponding services that would cater to this future market.

Gables Columbus Center, a 200-unit apartment building that was completed in downtown Coral Gables this year, offers a resort-style pool deck, 24/7 concierge, electric car charging station, business lounge and gym. Micah Conn, development director with Gables Residential, said the project, which is about 40 percent leased, is now competing with the shadow condo market.

“We have a professional staff trained at managing and leasing,” he said. “In Miami, there’s a very big investor profile. Getting your toilet fixed or your refrigerator repaired — these kinds of things might take weeks if your owner is out of the country.”

Alex Miranda of One Sotheby’s International Realty has been working and living in the Midtown Miami apartment complex since Joe Cayre’s Midtown Equities, the original developer, completed the first residential building there in 2007. Midtown 6, 7 and 8 (all separate projects) are underway and will add competing rental product to a market with a large condo supply. Consider, for example, that Related Group recently completed the four-tower Paraiso District in nearby Edgewater, bringing about 1,400 new condos to the area.

Inventory is “getting a little bit out of control,” Miranda said, adding that “it’s a lot easier to live as a renter in a rental building.”

The last time a condo building is updated is typically when the developer completes it. Once homeowners’ associations take over, “the first thing they cut is amenities” to keep costs low, Conn added.

“The age of the product gives us the advantage,” he said.

One-night stands

Where condo owners could have a leg up over apartments is in the short-term rental market. The rise of platforms like Airbnb, HomeAway and VRBO has led some investors to ditch traditional 12-month leases and focus on lucrative quickie deals.

Orlando-based ZOM completed Solitair Brickell this summer.

Some developers are emphasizing this opportunity. Aria Development Group and AQARAT are building YotelPad, a hotel and 208-unit condo building in downtown Miami with zero rental restrictions. Buyers there are free to rent their units out themselves, on websites like Airbnb or through the Yotel program. (If they do use the building’s management system, owners would have to commit to a set period of time.)

“It was definitely an intentional differentiating factor,” said David Arditi, a principal at Aria. “It’s something buyers find appealing.”

Sarah Elles Boggs, who works in condo sales at Douglas Elliman, said that end-user buyers are now dominant in the market, and they value the ability to move in quickly after closing. As a result, condos being used as traditional rentals have become trickier to sell.

“I’ve noticed a distinct increase in days on market if it’s a rental and it’s selling to an end user,” Boggs said.

Which is where short-term rentals could come in. At Canvas, a 513-unit condo set to begin closings in January, the market demanded the short-term rental option “from day one,” said Ron Gottesman, a principal at the developer, NR Investments.

NR is allowing furnished units to be rented for a minimum of 30 days at a time. Gottesman said that his main concern with allowing short-term rentals was that Canvas is one of a few dozen condo buildings in Miami to have Fannie Mae approval, and short-term rental activity could affect buyers’ ability to get home loans.

And now that the development is 90 percent sold, Gottesman is focusing on attracting end users, not investors.

“Buyers have their own thoughts about how short-term rentals are going to work,” he said. “They can make a lot of money. [But] I don’t think the buyers understand what it means; it’s intensive management,” he continued, adding that “when the end user is really buying, this is a healthy market.”

from The Real Deal Miami https://therealdeal.com/miami/issues_articles/oversupply-and-demand/#new_tab via IFTTT

#The Real Deal Miami

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stridemovers · 9 months ago

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juditmiltz · 6 years ago

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(Over)supply and demand: What Miami’s condo glut could mean for multifamily rents and development

(Illustration by Maciej Frolow)

“Owning a condo and renting it,” said Manny de Zárraga, the Miami-based co-head of HFF’s National Investment Advisory Group, “is not a great business.”

Apartment therapy

“When we went through the last real estate crash, the sales prices of residences went down,” said Jack McCabe, CEO of McCabe Research & Consulting in Deerfield Beach. “But rentals never did.”

“Condos that were for sale are now being put in rental pools,” García-Vélez added.

Condos are clearly more expensive. A conventional apartment is renting out for $2.07 a foot, while a condo rental is leasing at $3.28 a foot, according to MLS and CoStar data compiled by Integra.

For a luxury condo market that reportedly already has a years-long oversupply of inventory, this could produce a mass selloff, some skeptics say, or — at the very least — a steep drop in prices.

“It’s a day of reckoning for [condo] owners,” said Peter Zalewski, a principal with the Miami real estate consultancy Condo Vultures and an investor in the bulk-condo market.

Deal flow

Depending on pricing, demand and ability to build, investors and developers will often toggle between the multifamily and condo asset classes.

But Jim Costello of Real Capital Analytics feels the Federal Reserve’s move came at the wrong time.

“Money may be coming in on the debt side,” Costello said, “but if the tax burden is so high on developers and it’s hard to find the labor, you can’t build a building with debt alone.”

Gables Columbus Center is among the crop of rental buildings competing directly with the shadow market.

“They will be patient,” said HFF’s de Zárraga.

A condo by any other name …

With condo developers like Jorge Pérez and Jeff Soffer rising to aristocratic status in a city that reveres builders, apartment developers wanted in.

Inventory is “getting a little bit out of control,” Miranda said, adding that “it’s a lot easier to live as a renter in a rental building.”

“The age of the product gives us the advantage,” he said.

One-night stands

Orlando-based ZOM completed Solitair Brickell this summer.

“It was definitely an intentional differentiating factor,” said David Arditi, a principal at Aria. “It’s something buyers find appealing.”

“I’ve noticed a distinct increase in days on market if it’s a rental and it’s selling to an end user,” Boggs said.

And now that the development is 90 percent sold, Gottesman is focusing on attracting end users, not investors.

from The Real Deal Miami https://therealdeal.com/miami/issues_articles/oversupply-and-demand/#new_tab via IFTTT

#The Real Deal Miami

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enappartet · 6 years ago

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SunRail’s extension to connect metro Orlando’s largest employers, encourage transit-oriented development (Video) – Orlando Business Journal

As Nicola Liquori looked out of the window of a SunRail commuter train parked at a soon-to-be-operational station in Osceola County, she saw cows roaming in nearby pastures and a new residential development taking shape across the street.

She also talked about the future, as more than 1,000 people lined up to tour the station on a hot, rainy May afternoon.

Activity already is percolating around SunRail’s $186.9 million, 17.2-mile southern extension, which will debut by July 30. With the train comes opportunities for property owners around the four new depots to tap into an estimated 2,000 daily riders, adding to the roughly 3,500 people already riding the existing rail system.

“Transit-oriented development is a huge part of the SunRail corridor,” Liquori, SunRail’s executive director, told Orlando Business Journal during a tour of the Poinciana Station.

In fact, several developments — such as Orlando Health’s freestanding emergency room, multiple apartment complexes and hotels — already are in the works around the three train stations being built in Osceola County and one in south Orange County.

The Osceola projects alone are expected to generate a combined $18 million on the tax rolls by 2028. “This has been a long-awaited project,” said Osceola County Commissioner Viviana Janer, who also is chairwoman of the Central Florida Commuter Rail Commission that oversees SunRail. “A lot of people focus on [SunRail] not paying for itself, but the way it pays for itself is by connecting people to jobs and the activity it spurs.”

SunRail’s new segment will extend the rail line from Sand Lake Road in south Orange County into Osceola County and add four new stations:

Orange County’s Meadow Woods neighborhoodDowntown KissimmeeOsceola Parkway near Tupperware Brands Corp.’s (NYSE: TUP) headquartersPoinciana

Already, the transit-oriented projects around those stops have sparked more than $2 billion worth of investment and will help increase the surrounding property values.

In addition, the commuter rail line’s extension will connect the region’s current spread-out workforce to large employers, such as Tupperware Brands.

“We did a ZIP code search for our employees, and some are living right on the SunRail route,” said Tom Roehlk, Tupperware’s vice president of real estate development. “We now are starting to gear up for information sessions in mid-June for our employees.”

In this special report, we take a closer look at each of SunRail’s newest stations and how new development is filling out around them.

Meadow Woods Station

The Meadow Woods Station is the first of the new stations the existing 31-mile SunRail route will extend to, south of what’s now the end of the line: the stop at the intersection of Sand Lake Road and Orange Avenue.

The area is a strong submarket for Central Florida’s workforce, said Atlantic Housing Partners LLLP Principal Scott Culp, because of its proximity to Lake Nona’s Medical City — which has more than 5,000 workers.

Culp’s Winter Park-based firm is building Landstar Village Apartment Homes, a 234-unit, affordable-housing complex at 13000 Breaking Dawn Drive, off Landstar Boulevard south of State Road 417.

The area also has redevelopment opportunities on land owned by the El Shaddai Christian Church Inc. off of Landstar Boulevard south of Wetherbee Road — the previous home of the Meadow Woods Golf Course.

Community activist Jose Hoyos represents the church owner and has advocated for the Meadow Woods Station as the best stop for SunRail officials to develop a transfer station, which would offer riders a direct link to Orlando International Airport in the future. The Florida Department of Transportation is studying an estimated $250 million link to the airport, but it’s still unfunded.

Even now, “there’s not enough road capacity for the residents,” Hoyos told Orlando Business Journal. “Traffic is horrible. I’m working on transportation here first so density will follow.”

Meanwhile, two miles away from the station is the estimated $9.3 million, 62,222-square-foot Landstar Marketplace, a Walmart Neighborhood Market-anchored shopping center being built at 13891 Landstar Blvd. The center is 98 percent leased by tenants including Anytime Fitness, Landstar Dental, Marco’s Pizza, East Wok restaurant and T-Mobile. It’s expected to be fully leased by next month, said Bob Bedard of Deerfield Beach-based project developer Konover South LLC. “It’s clearly a benefit to develop something around the SunRail station,” said the senior vice president of development for Konover South. “Most of our projects are driven by tenants wanting to be somewhere close to transit.”

Residential development also is growing in the area. For example, Meritage Homes is building more than 200 townhomes next to the Landstar Marketplace parcel called the Arbors at Meadow Woods. Townhomes in that community are priced from $231,990.

Kissimmee Station

For areas like Kissimmee — which is expected to have the highest daily ridership of the four new stations with 720 average daily boardings — the new train station in downtown creates a much-needed connection between existing employers and residents.

The Kissimmee Station, which features design elements that give a nod to the city’s history, is within walking distance of the Osceola County Courthouse and Government Center, and Osceola Regional Medical Center, the latter of which employs 3,600.

It also will help move a large portion of the region’s workforce — some of whom don’t have access to dependable transportation — across county borders, shuttling them more efficiently to big job centers in Orange, Seminole and even Volusia counties. “With SunRail, if we can get a decent aggregation of residential developments, it now opens up the job market in Orlando from Kissimmee,” said Kissimmee City Manager Mike Steigerwald. “Now people can live in Kissimmee and work in downtown Orlando.”

The Kissimmee Station is the only new station with an adjacent Lynx Intermodal Station, which serves as the hub for all transit services in Osceola County. That’s why this station is expected to attract more riders.

Meanwhile, several major projects are taking shape in downtown Kissimmee as it gears up for SunRail’s debut:

St. Petersburg-based Mosaic Development LLC is redeveloping 11 acres in downtown Kissimmee, directly across from Lake Toho and the city’s Lakefront Park, which was just part of a $34 million upgrade that also included streetscape and utility enhancements. The $65 million, mixed-use Mosaic project is just two blocks from the downtown Kissimmee SunRail Station and is expected to be completed by 2020. It will feature 570 apartments, 13 townhomes, a 120-room hotel, 15,000 square feet of retail and a 400-space public parking garage.Winter Park-based Group One LLC this month bought a 1-acre site on the northeast corner of Neptune Road, where it wants to build an estimated $41 million, 250-unit market-rate apartment complex — offering new homes within walking distance of the SunRail station for workers at Osceola Regional Medical Center. “Our thought was to secure a developer with a primary focus on residential,” Steigerwald said, adding that Kissimmee has more than 4,000 people working in the medical industry.

Plus, the city expects to issue a request for proposals from developers in about a year to create even more high-density residential development with shops and restaurant space on 20 acres of city-owned land near the SunRail station, Steigerwald told OBJ.

Tupperware Station

As the finishing touches are placed on a Tupperware logo that will be sandblasted onto station signage and benches, it becomes clearer how much is riding on this particular SunRail station.

More than $1 billion in new developments around this station near the intersection of Osceola Parkway and Michigan Avenue — including hotels, a freestanding emergency room and multifamily units — are expected to generate $150 million in economic impact for Osceola County.

Among the projects now underway are:

Orlando Health’s $32 million, 60,000-square-foot Orlando Health Emergency Room & Medical Pavilion-Osceola, which will create 1,000 jobs at buildoutA $52 million, 350-unit market-rate apartment complex being developed by Palm Beach Gardens-based Eastwind Development LLCAn estimated $27.8 million, 128-room Hampton Inn Hotel by Birmingham, Ala.-based Daniel Corp.The 106,882-square-foot, 120-room Sage Park Assisted Living & Memory Care complex being developed by Lake Mary-based Providence One Partners LLC

Orlando Health’s new three-story ER — which is set to be completed this year — will provide a convenient and affordable health care option within close proximity of Tupperware employees. It also will help drive up occupancy rates at the Dr. P. Phillips Hospital that’s roughly 14 miles away off Turkey Lake Road in southwest Orlando. It even will have a ripple effect on the other nearby projects, especially when it comes to the area’s continuum of health care.

The Sage Park project will provide more services to nearby senior living communities, allowing people to comfortably age in place, said Michelle Pierce, chief operating officer at Providence One Partners. “The station is going to have a direct impact on our employees who can use SunRail, as well our residents’ visitors,” Pierce told OBJ. “The greater effect is the impact to the area — it’s going to makes Sage Park and this area more popular.”

But that’s not all, as more development is coming in the near future.

Tupperware’s related Deerfield Land Corp. is in talks with several developers regarding 150 acres still available to accommodate up to 2.5 million square feet of office space, another 1,000 apartments, two hotels with about 250 rooms each, and 200,000 square feet of shops and restaurants, Roehlk said. “The ultimate intent is for us to bring in retail and office development between our headquarters and station. We have the road and utilities to serve the acreage, and the lots are almost all pad-ready.”

Poinciana Station

The city of Poinciana has seen its population surge, as many Puerto Ricans whose homes were destroyed in Hurricane Maria last fall found their way to this western Osceola County community. Poinciana already is one of the county’s fastest-growing residential areas with more than 62,000 residents, as well as being among the region’s fastest-growing employment centers, with more than 1,600 workers at places like the Walt Disney World Resort and Valencia College.

But the city in the past has struggled with having some of the worst commutes in the nation, so a new transit option that doesn’t use roadways will be welcome to residents and workers. It also will help encourage more development in what’s currently the most undeveloped area among the SunRail stations, according to public documents. “Poinciana is going to have the most potential as it has the most available land,” said Osceola County Commissioner Viviana Janer.

The demand already is there for Poinciana to provide more to its residents and workforce. In fact, Valencia College had 1,200 students enrolled when it opened its Poinciana campus in 2017.

“The reason we built the campus is that community had one of the lowest college-going rates, and that simply was due to a lack of access to higher education,” said Kathleen Plinske, president of Valencia’s Osceola and Lake Nona campuses, earlier this year. “Students now will be able to complete an associate of arts degree from Valencia College at the Poinciana campus and then commute via SunRail to Kissimmee to complete a bachelor’s degree at UCF’s Osceola campus or go to Rollins College in Winter Park.”

And there’s more ahead, as the 76-bed Poinciana Medical Center broke ground this year on a $10.1 million expansion. The project includes increasing the hospital’s emergency department beds from 22 to 31, and renovating the lab, ER waiting room and entrance. “In 2017, we saw over 50,000 emergency room visits, and with the population growth in Poinciana and influx of Puerto Ricans, we need to grow our ER,” CEO Chris Cosby previously said.

Meanwhile, Scottsdale, Ariz.-based AV Homes Inc. wants to build Solstice, a new community with 116 townhomes and 211 single-family homes — across from the Poinciana SunRail station.

Track the facts

How well do you know SunRail?

Here are some quick takeaways you should know about the commuter rail:

All emergency call boxes at the stations feature bilingual information.On-board riders have access to free unlimited Wi-Fi, and power outlets to supply power to electronic devices in seating areas that have tabletops.SunRail is installing positive train control technology, which helps keep trains informed about what’s on the tracks ahead so they can avoid crashes safely.SunRail launched operations in May 2014.The existing Sand Lake Road station experiences the highest average ridership.SunRail anticipates having a future connection to the Orlando International Airport.

Source: Florida Department of Transportation, OBJ archives

Who to call

SunRail transit-oriented developments

Here are some key contacts for the projects around the newest commuter rail stations:

Tupperware station: Tom Roehlk (407) 826-4514 [email protected] Landstar Marketplace near the Meadow Woods station: Bob Bedard (954) 354-8282; [email protected] Kissimmee development opportunities: Mike Steigerwald, Kissimmee city manager (407) 518-2314; [email protected]

Florida Airports

Ranked by 2017 total Passengers

Rank Airport 2017 total Passengers 1 Orlando International Airport (MCO) 44.61 million 2 Miami International Airport (MIA) 44.07 million 3 Fort Lauderdale-Hollywood International Airport (FLL) 32.51 million View This List Sponsored By Quiz How well do you know SunRail?

Source Article

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addictionfreedom · 7 years ago

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