by starfish on February 29, 2008
TC Palm reports a potential buyer has once again started paperwork to acquire the massive Bristol Bay project that has sat idle on the southeast corner of County Road 510 and U.S. 1. Vero Beach residents have referred to the project as the Scorched Earth Project, as to how the developer left the land when they walked away from the project.Mike Garfalo, a principle of Suncor Communities, said he’s placed the property under contract and is hopeful that the county approves of his plans to rezone portions of the large development.
“We’re working very vigorously with the owners of the property to create a deal that makes sense to both of us, mitigating our risks and theirs,” said Garfalo, who has offices in Vero Beach, Las Vegas and Pompano Beach. “We thought we presented a phenomenal project (to the county) that would benefit the community.”
The potential purchase price was not disclosed.
Senior Indian River County Planner John McCoy said he’s reviewing the pre-application documents.“The way it’s distributed now, it isn’t really conducive on the commercial portion because its very spread out and odd shaped, so we understand what they’re trying to do,” McCoy said.
At the height of the housing boom and with much fanfare, WCI Communities announced plans in August 2005 to build Bristol Bay, a 108-acre upscale community. Multifamily British Colonial-style units were priced from $400,000 to $1 million per unit. At the time of the announcement, WCI said it would break ground in 2006.
IHP Capital Partners, a large California investment firm owns the land and had provided financing for the development to Bonita Springs-based WCI Communities.
A little more than a year ago, as the local housing market started to show a decline, WCI announced that the project had been delayed indefinitely and company would return 100 percent of buyers’ deposit monies, together with any accrued interest, to those who had reserved properties at the development.
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by starfish on February 29, 2008
Good news for Vero Beach Real Estate? According to billionaire investor Sam Zell, the US economy will avoid recession as the housing market begins to recover this spring.
Speaking on “Squawk Box” this morning, Zell attributed much of the current economic troubles to fear-mongering and politicking by Democratic presidential contenders Hillary Rodham Clinton and Barack Obama.
“Obviously what we have going on is an attempt to create a self-fulfilling prophecy,” said Zell, chairman of Equity Investments Group and owner of the Chicago Cubs, Chicago Tribune, Los Angeles Times and other companies. “We have two Democratic candidates who are vying with each other to describe the economic situation worse.
“The reality is that if you live on Wall Street and you’re in the credit markets the world couldn’t be worse. If you’re a farmer and you’re getting $25 for your wheat, you’re having a great time. If you’re a CEO and you’ve got a balance sheet that’s bullet-proof, you’re in a great position. This whole thing is way out of control, way out of hand.”
Zell said that although he doesn’t try to pick bottoms in markets he believes housing has hit its nadir and will turn around this spring as inventory clears out.
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by starfish on February 27, 2008
The Vero Beach Art Club proudly presents the 57th Annual “UNDER THE OAKS” national, juried fine art show in Vero Beach Florida on March 7, 8 & 9, 2008 at Riverside Park. The largest public event on the Treasure Coast drawing over 80,000 visitors. The art world acclaims this three day show among America’s finest. Mark your calendar today!
The show is free! Bring the whole family. Come browse at leisure. Over 200 top artists, carefully selected from several hundred applicants from all over America compete for best of show and first, second and third awards in each media while exhibiting and selling their original art.
• Oil/Acrylic
• Watercolor/Pastel
• Graphics/Mixed Media
• Digital/Photography
• Sculpture
• Pottery
• Jewelry
• Creative Crafts
Click here for more info…
