South Florida ranks in top third nationwide in terms of overall stability

12.03.15 Real Estate Notebook: South Florida housing market among the most stable9 Color rainbow

South Florida’s housing market ranks among the top third nationwide in terms of overall stability, according to a report from mortgage company Freddie Mac.

Palm Beach, Broward and Miami-Dade counties scored 85.3 for September on the Multi-Indicator Market Index. That’s up 13 percent from a year earlier.

A score of 80 or above is considered stable. A perfect score is 100.

The tri-county region was No. 33 on a list of the 100 largest markets nationwide. That’s two spots higher than August and 19 spots higher than a year earlier, Freddie said.

The index tracks affordability, employment, mortgage applications and delinquenices. Len Kiefer, deputy chief economist for Freddie Mac, said most of South Florida’s improvement is attributable to on-time mortgage payments.

Wellington center sells for $52.8 million

The Courtyard Shops at Wellington sold this month for $52.8 million — $45 million more than its acquisition price in 2008.

An affiliate of Lakeland-based Publix Super Markets bought the 127,000-square-foot center at 13860 Wellington Trace, records show. A Publix store anchors the center.

The seller, Federal Realty Investment Trust, paid $7.8 million. The Rockville, Md.-based firm said in a statement that it increased value by “activating formerly vacant spaces and outparcels.” The trust said the deal generated a “book gain” of more than $15 million.

Federal Realty recently acquired Cocowalk in Miami and Shops at Sunset Place in South Miami.

A Publix spokeswoman did not respond to a phone call or email.

Commercial firm expands leasing portfolio

CREC, a commercial real estate firm, said it picked up two Palm Beach County properties among 11 new retail leasing assignments across South Florida.

The firm will oversee PGA Commons, a lifestyle center in Palm Beach Gardens, and the 219 Clematis Building in downtown West Palm Beach.

Other properties CREC will manage are Mary Brickell Village, a 195,00-square-foot complex in the Brickell Financial District of Miami, and Downtown Dadeland, a 127,000-square-foot center in Miami-Dade County.

Fort Lauderdale medical office building sells

CBRE said it helped arrange the $2.35 million sale of a medical office building in Fort Lauderdale.

Federal Associates Inc. bought the 12,808-square-foot property at 3536 Federal Highway. The seller was 3536 North Federal LLC.

Although the property is mostly vacant, a handfill of bidders made offers, CBRE’s Larry Genet said.

“There is incredible demand for the acquisition of well-located facilities suited to medical users in Broward County,” he said.

Flanigan’s buys building near Fort Lauderdale headquarters

Flanigan’s Enterprises paid $922,500 for the Fort Lauderdale building occupied by Ike’s Carter Pool Co.

Flanigan’s, which runs 23 restaurants and Big Daddy’s liquor stores, intends to use the 6,451-square-foot building at 1290 E. Commercial Blvd. as storage for its catering business. The property is less than a mile from Flanigan’s headquarters.

Berger Commercial Realty announced the deal.

Craftsmanship honored at 57th annual ceremony

Miller Construction Co. and Marker Construction Group were among the winners at the 57th annual Craftsmanship Awards held in Davie by the Construction Association of South Florida.

Miller’s work on Holman Automotive’s service center in Fort Lauderdale was selected as Best Overall Craftsmanship on a Commercial Project. Marker won for Best Overall Craftsmanship on a Residential Project on Bella Fortuna, a venetian-inspired home in Las Olas Isles.

In addition, craftsmen on the Seminole Stiles Joint Venture team won 13 awards for work at the Seminole Hard Rock Hotel & Casino in Hollywood.

By Paul Owers

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