Deal Estate: It’s Just Business

Site Staff,

All statistics listed below pertain to sales in April 2013 and are provided by the Emerald Coast Association of Realtors, Florida Realtor and the National Association of Realtors.

Local

  • The median sale price for single family homes in Okaloosa County was $181,000 —a 1% decrease over last April.
  • Townhouse and condo inventory (active listings) in Walton County dropped by 23% between April 2012 and 2013.

State

  • On average, Florida’s closed single family home sales received 93.4% of their original list price.
  • Florida closed 11,183 townhouse and condo sales — 8,304 of which were paid in cash. 8,698 were traditional sales, 1,338 were foreclosures and 1,147 were short sales.

National

  • Nationally, total housing inventory increased 11.9% to 2.16 million existing homes for sale.
  • The national median time on the market for all homes was 46 days.

Pensacola/Fort Walton Beach

▪ Navy Federal, the country’s biggest credit union, will be expanding in the Greater Pensacola Area, investing $200 million in capital expenditures to develop its campus to accommodate 2,000 employees over the next seven to ten years. The credit union will construct two new buildings, totaling 342,300 square feet at its Greater Pensacola Operations campus, creating 1,500 corporate and operational jobs.

▪ Also expanding is Global Business Solutions Inc., an innovator in information technology services and technical training; the company announced a five-year plan including expanding their Pensacola corporate headquarters and hiring up to 120 full-time employees. Details of the jobs plan include hiring a mix of government contract support, commercial IT, training and corporate support positions in Greater Pensacola.

Destin 

▪ JPB Commercial Real Estate Advisers is giving The Market Shops at Sandestin a $2 million renovation and face lift, and re-tenanting with restaurants, resort and retail entities. JPB aims to finish renovating in late fall, and re-tenanting by the end of 2013, in time for the new year.

▪ The much-anticipated Destin Commons expansion is well underway, with four buildings totaling over 100,000 square feet of retail and restaurant space; General Manager Robert Perry estimates that about five restaurants will be moving in. The newly expanded mall is expected to open in the summer of 2014, by the first of July at the latest. Perry estimates the project will create 300 construction jobs and 200-300 permanent restaurant and retail positions.

▪ City Market will be expanding on its original location, City Market Beachside, with the addition of City Market Bayside — a lifestyle complex in the same style and spirit as the original. The new site will have between 20,000 and 30,000 square feet; architectural layouts are currently in the works and mimic the style of the original. The new complex is projected to open in the summer of 2014. 

▪Bryan Deane, vice president of Legendary Realty Inc. completed office lease transactions in Regatta Commons with Dubose and Sturdivant Capital Group LLC, Charles Schwab & Co. Inc. and the lease renewal for Morgan Stanley Smith Barney. In addition, Deane completed office lease transactions in Destin Commons with MetLife, Broad & Cassel and South Walton Medical Group.

▪ Retail lease transactions completed in HarborWalk Village include The Fudgery Stores Inc. scheduled for a spring 2014 opening and Fish Heads Bar LLC scheduled to open spring of 2013. Other retail/specialty leases completed by Deane include U.S. Gold Gymnastics Academy Inc. which has leased 10,388 square feet on Business Center Drive, expanding their Destin operation that is currently located at 12432 Emerald Coast Pkwy.

▪ Commercial sale transactions completed by Deane include the 28,000- square-foot showroom/warehouse facility at 106 Geronimo in Miramar Beach. Community Bancshares of Mississippi was the seller, and Bart Manning of Tuskers Home Stores was the buyer. Deane represented the buyer and seller on .62 acres in the Emerald Lakes Commercial Subdivision sold to Patrick Barcus.

Panama City Beach

▪ The Village of Grand Panama is undergoing a re-tenanting process similar to that of The Market Shops at Sandestin. With Bonefish Grill and Another Broken Egg as anchors, JPB Commercial Real Estate is seeking tenants for spaces from 1,214 to 4,560 square feet — spaces that can also combine for larger requirements.

▪ Laketown Wharf, currently offering short- and long-term vacation rentals in the heart of Panama City Beach, is undergoing a $10 million renovation, adding new amenities including a grocery store and deli, leasing center, redecorated hotel lobby, conference/meeting rooms, business center, new pool and boardwalk furniture, family zone, owners’ lounge and arcade. Additional renovations include expanding the deck, adding new fountains and landscaping, opening the lake to the public and more. Plus, area residents and visitors should be on the lookout for Laketown Wharf turtles that will be coming to town soon. 

▪ After seven months of construction, Harley Davidson of Panama City Beach opened its doors for business this spring. The full-service dealership is the first brand new point for Harley Davidson in three years.

Categories: Neighborhoods

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