Expert Home Price Forecasts Revised Up for 2023
Toward the end of last year, there were a number of headlines saying home prices were going to fall substantially in 2023.
Why It’s Still a Seller’s Market Today
Even though activity in the housing market has slowed from the frenzy that was the ‘unicorn’ years, it’s still a seller’s market because the supply of homes for sale is so low.
Homeowners Have a Lot of Equity Right Now [INFOGRAPHIC]
Your equity grows as you pay down your home loan and as home prices increase. With home prices rising again, your equity is getting an extra boost.
How Inflation Affects the Housing Market
Have you ever wondered how inflation impacts the housing market?
Buyer Traffic Is Still Stronger than the Norm
Are you putting off selling your house because you’re worried no one’s buying because of where mortgage rates are?
Approval Granted by Planning and Zoning Board for Christ Church Redevelopment
Pompano Beach witnessed unanimous endorsement on June 28 from the Planning and Zoning Board for the architectural blueprints of Old Town II, an upcoming development. The city commission holds the final authority to greenlight the project. Situated at the intersections of 210 NE 3 St. and 290 NE 2 St., the proposed initiative envisions the construction of two structures across two land parcels. The first is a 10-story edifice with a mixed-use designation, complemented by a 6-story residential building. The taller construction accommodates a 415-space parking facility (inclusive of 32 on-street parallel spots) and dedicates 3,400 square feet of its ground floor for commercial purposes. The housing component, spanning 319 units and distributed across both buildings, encompasses a collection of one, two, and three-bedroom apartments, extending up to 1,152 square feet. Notably, 48 of these units are allocated for affordable housing requirements. Encompassing 2.34 acres, the development integrates a plethora of amenities for residents. These include a pool, dog park, fitness center, spa, clubhouse, and several lounges. The plan emphasizes connectivity with the provision of 10-foot wide sidewalks surrounding the premises, coupled with the planting of trees. Additionally, the blueprint outlines the incorporation of two bridges on Northeast 2 Street, strategically positioned on the third and sixth floors. This architectural choice facilitates seamless access for occupants of the smaller building to the amenities and parking hosted by the larger structure, negating the need to descend to street level. The ownership of the land presently rests with Christ Church United Methodist, an entity no longer utilizing the site for religious gatherings. Plans are underway for the sale of this property to Adache Group Architects. Notably, Adache Group Architects is actively engaged in the development of Old Town Square, a 10-story structure incorporating 280 apartments and 5,000 square feet of commercial space. This edifice is conveniently positioned across from the aforementioned church. During the meeting on June 28, the developer made a commitment to contribute $50,000 towards initiatives aimed at traffic calming. Representing the developer, Nectaria Chakas, an attorney, conveyed that the intention is to procure the additional parcels surrounding the church’s vicinity. Chakas indicated that Adache Group Architects is likely to propose a subsequent project for these parcels at a later date. While the developer’s blueprint entails allocating at least one parking space per residential unit, Board member Derek Lewis expressed reservations about potential overflow parking in the neighboring areas. He inquired whether occupants would be required to pay for extra parking spaces. Chakas responded that such concerns would be addressed in the future as a management decision. Board member Carla Coleman also raised concerns about the possibility of residential parking extending into the surrounding neighborhood, a phenomenon often referred to as “bleeding.” Such concerns were echoed by Tundra King, who sought information about security measures due to the presence of an unhoused population nearby. Chakas reiterated that decisions regarding security would ultimately fall under the purview of the management company. Among the remarks made in support of the project, Saracha Peterson, the sole member of the public to speak, lauded the developer’s decision to designate certain units for affordable housing rather than opting for a fee to the county. This choice was deemed desirable for the community. Commending the developer for incorporating the garage within the building, Board Chair Fred Stacer shared his agreement with Peterson’s sentiment, underlining the alignment with the desired developer archetype. Pending approval by the city commission, the ambitious $100 million endeavor is projected to commence construction in 2024, with an estimated completion date in 2026. South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre
Why You May Still Want To Sell Your House After All
Even though you may feel reluctant to sell your house because you don’t want to take on a mortgage rate that’s higher than the one you have now, there’s more to consider.
Harrah’s Pompano Beach Unveils Plans for Expansive 223-Acre Project Named ‘The Pomp
Harrah’s Pompano Beach, previously known as Isle Casino Pompano Park prior to its rebranding by Caesars Entertainment, is preparing for a significant expansion. This development is located approximately 35 miles north of Miami and involves an overhaul of the racino property. In 2018, Caesars Entertainment acquired the Isle Casino and Harness horse racetrack through a merger with Eldorado Resorts. This led to the rebranding of the racino, which was later transformed into Harrah’s Pompano Beach in late 2022. Within the casino premises, visitors can find a total of 1,500 slots and a poker room featuring 40 tables dedicated to the World Series of Poker (WSOP). Due to the declining interest in horse racing across the United States, Caesars made the decision last year to discontinue live racing at this historically significant facility, which has been in operation for nearly six decades. Caesars’ primary focus has shifted towards gaming and hospitality rather than equestrian activities. The renowned Las Vegas gaming corporation aims to metamorphose Pompano Park, originally known for its horse racing and slots, into a premier casino and resort destination. This transformation is intended to be complemented by a sprawling mixed-use development. For the redevelopment of the former racetrack, stables, and training grounds, Caesars has entered into a partnership with The Cordish Companies, a distinguished gaming and hospitality firm headquartered in Baltimore. Spanning across a substantial 223-acre expanse in Pompano Beach, the property, much of which remains undeveloped, is slated to undergo a transformation into what is now known as “The Pomp.” This joint project announcement was made by Caesars and Cordish on a Thursday. The Cordish Companies, recognized for its Live!-branded entertainment districts, boasts several successful ventures, including Texas Live!, Xfinity Live! in Philadelphia, and Kansas City Live!. While Cordish has gained acclaim for its casino establishments in Maryland and Pennsylvania, their role in Pompano Beach will prioritize non-gaming attractions. In a collaborative statement, Caesars and Cordish unveiled the name of the mixed-use development at Harrah’s Pompano Beach: “The Pomp.” This expansive complex is expected to encompass an array of features, including two hotels, diverse entertainment and dining options, retail and office spaces, as well as a remarkable 4,000 luxury residential units. Blake Cordish, Principal of The Cordish Companies, highlighted that “The Pomp” offers an exceptional opportunity for creating a vibrant destination. This project stands as a unique fusion of casino gaming with top-tier entertainment, retail, dining, lodging, office facilities, and lifestyle amenities. The name of the development carries historical significance, paying homage to the site’s past as a horse racetrack. Once completed, “The Pomp” is set to become a prominent destination in Southeast Florida. The development process is projected to span multiple years and encompass various construction phases. Ultimately, Harrah’s Pompano Beach and “The Pomp” are anticipated to collectively offer an impressive 1.3 million square feet of retail and entertainment space, alongside 1.35 million square feet of Class A office space. As part of the development, Cordish will introduce its renowned Sports & Social restaurant to “The Pomp,” along with a PBR Cowboy Bar, a popular sports bar and live country music concept operated by Professional Bull Riders, Inc. Furthermore, “The Pomp” will include a Topgolf venue, featuring 102 outdoor climate-controlled hitting bays and the signature ball-tracking technology associated with Topgolf. While specific budget details and completion timelines were not provided by Cordish, the company’s track record in the Sunshine State remains notable. Their involvement in assisting the Seminole Tribe in constructing casino resorts, including the Hard Rock Hotel & Casino Hollywood and Hard Rock Hotel & Casino Tampa, underscores their expertise in the field. South Florida Luxury Real Estate | Ocean Area Living | Heather Lefebvre
Gen Z: The Next Generation Is Making Moves in the Housing Market
Generation Z (Gen Z) is eager to put down their own roots and achieve financial independence.
Today’s Housing Market Has Only Half the Usual Inventory [INFOGRAPHIC]
There are only about half the number of homes for sale compared to the last normal years in the market.