How one hotel could transform an entire working waterfront, and the bright spots in Chicago’s real estate market
Dec 12, 2014
Here are the news stories you might have missed this week:
The Wall Street Journal: Gloucester fights over its identity
Proponents of Gloucester, Massachusetts’ traditional fishing industry are trying to reel in the city’s recent commercial real estate moves. A development group broke ground on a waterfront hotel in hopes of adding to the city’s tourism industry, but many local residents want to preserve the city’s famed fishing and seafood roots. Waterfront redevelopment typically heralds more retail and commercial development, a change some residents fear will price out the seafood industry. Learn more about The Beauport Hotel and the debate happening now in Gloucester at WSJ.com.
Baltimore Business Journal: Baltimore’s real estate revenue soars as transactions, property values rise
Baltimore’s finances might not look great at first glance, but a deeper delve into the numbers reveals a growing real estate market. Transfer and recordation taxes, which are indicative of real estate transactions, were up more than 30 percent last year. Though the tax figures are still down from the Great Recession, property values continue to climb and experts are optimistic that transfer and recordation taxes will continue to grow with other large transactions on the horizon. Read more about the Baltimore projections at BizJournals.com.
CoStar: Construction cranes, foreign investment soar in red-hot South Florida
There’s no question that Miami was hit hard during the Great Recession, but seven years later, development is buzzing in the Magic City. One of the largest private development projects in the U.S., Miami Worldcenter, will break ground in 2015, as construction starts continue for new multifamily, retail, and office developments. Miami’s improved absorption rates are also fueling new projects throughout the city, and retailers and property owners are positive about future prospects. Go to CoStar.com to find out why investors throughout the world are focusing on Miami. Or click over to learn more about a recent IRR study forecasting Miami real estate trends.
GlobeSt.com: Recovery could finally boost condo market
Chicago’s class A apartment sector is strong, with nearly 94 percent occupancy, but experts are eyeing condominiums as 2015’s success story. As demand picks up, developers are planning and financing new condos, and new units are coming online and selling quickly. These forces have real estate agents predicting growth in condominium sales both in Chicago and its suburbs. Find out more about Chicago’s condo market at GlobeSt.com.
Author: Raymond T. Cirz