Sunshine, nice weather, bargain prices on real estate and no state tax help Florida continue to attract the affluent from around the globe. Collier County (Naples) Florida tops with list with Tampa Bay well represented by Manatee County & Sarasota County.

Affluent continue to move to Florida

View full story at Forbes.com

View slide show from Forbes.com.

The Apartment Finance Today conference was a great opportunity to share ideas with the best and brightest in the multi-family investment, development and finance industry. The final session of the conference was a panel with three economists focused on answering the key question on everyone’s mind:

  • What are the best & worst nationwide markets for apartment investment?

If you would like to view these PowerPoint presentations they are available from the box.net widget on the right hand side of this blog or follow this link to the folder: http://www.box.net/shared/zmttpnc3hh

NOTE: These are not my work product, they were prepared by:

  • Sam Chandan, Global Chief Economist and Executive Vice President, Real Capital Analytics
  • Ryan Severino, Economist, REIS
  • Greg Willett, Vice President, Research & Analysis, MPF Research

SBA has made some sweeping changes to their programs in an effort to stimulate lending to small business owners facing maturing commercial real estate loans and in need of working capital.

Please download a free six page guide titled “SBA_New lending initiative” from the box.net widget on this blog or by following this link.

The Geography of Jobs – TIP Strategies

Watch this 30-second animated map showing job creation starting in 2004 and massive job loss starting in 2008.

Posted using ShareThis

By DAWN WOTAPKA and A.D. PRUITT in Wall Street Journal

NEW YORK — After 15 years and more than $150 million invested, Taubman Centers Inc. has been dealt a major setback on its proposed Mall at Oyster Bay on Long Island.

BLOGGER COMMENT: $150 million of developer’s risk capital evaporates… no big deal… that is capitalism. Now consider the hundreds of millions dollars of construction materials and construction wages that will never be paid. Now ponder the annual impact of this decision: no mall means no jobs for hundreds of potential retail employees and the loss of massive real estate taxes that will not be paid over the useful life of this mall. New York just gave a Bronx Cheer to over a Billion Dollars in economic stimulus! Environmentalists take note… this is no virgin park, but the site of a former wire factory!

The New York State Court of Appeals — the state’s highest court — recently said it won’t consider the developer’s case to build a high-end mall that local activists bitterly oppose.

That leaves Michigan-based Taubman with a tough decision: admit defeat and sell the land, consider a mixed-use development or try again, increasing one of the most expensive mall tabs in Taubman’s nearly six-decade history.

Investors and analysts expect more details and, possibly a decision, in the company’s earnings discussion expected later this month.

A spokeswoman for Taubman, which has seen its stock plunge by more than 50% in the last year, said the company was disappointed and is “reviewing our options.”

It had requested permission to appeal an earlier ruling siding with the town’s demand for more environmental review, lengthening the development timeline.

The fight has taken a financial toll: In its fourth quarter, Taubman recognized a $116 million impairment charge, as it reported a quarterly loss.

“So far, it’s been cash out that went somewhere else instead of shareholders, so that’s a negative,” said Todd Lukasik, a Morningstar analyst. “Any payout from this is going to be years down the road, if ever.”

Taubman first discussed plans for the showpiece on a former wire-factory site just off a main highway in 1994.

View Original Article

TALLAHASSEE – A growth management bill supported by business and development interests but opposed by environmentalists and local governments has become law with Gov. Charlie Crist’s signature.

According to the Governor’s Office:

The Community Renewal Act was taken up as a means to stimulate Florida’s economy and create jobs for our people. The Community Renewal Act does the following:

1. The bill incentivizes entrepreneurs to undertake economic development projects in designated urban areas.

2. The bill directs a study of a mobility fee system to replace proportionate share payments paid by developers for transportation impacts.

3. The bill also allows economic development projects to stay “in the pipeline” by extending the validity of development permits for two years.

4. The bill makes changes to our affordable housing programs to ensure affordable homes are available for those in need, including young adults leaving the state foster care system.

5. Finally, the bill encourages green building and storm resistant construction.

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From Wall Street Journal

By ARTHUR LAFFER and STEPHEN MOORE

“more than 1,100 people every day including Sundays and holidays moved from the nine highest income-tax states such as California, New Jersey, New York and Ohio and relocated mostly to the nine tax-haven states with no income tax, including Florida…”

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