Former NHL star Ed Jovanovski scores big on Boca Raton home sale

 

 

Ed Jovanovski (white jersey). AP photo
Ed Jovanovski (white jersey). AP photo

Ed “Jovo Cop” Jovanovski just scored big on the sale of his mansion in Boca Raton. He sold the 20,000-square-foot spread for $15 million, according to a deed made public Thursday.

Jovanovski and his wife Kirstin paid just $5.2 million in 2011 for the mansion at 528 E. Alexander Palm Road. The house is along the Intracoastal Waterway in Royal Palm Yacht & Country Club.

The sale appears to set a new price record for Royal Palm Yacht & Country Club. The buyers are Steven and Rebecca Scott.

Jovo, a defenseman, was taken by the Florida Panthers as the first pick in the 1994 draft. He played for the Panthers in the 1990s, then had stints with the Vancouver Canucks and Phoenix Coyotes before finishing his career with the Panthers.

Brexit pushes mortgage rates near record low

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The Brexit vote sent mortgage rates plummeting, loan giant Freddie Mac said Thursday. The average rate on a 30-year mortgage is 3.48 percent, the lowest since May 2013 and just above the all-time low recorded in 2012.

“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” Sean Becketti, Freddie Mac’s chief economist, said in a statement. “This extremely low mortgage rate should support solid home sales and refinancing volume this summer.”

See how much Urban Outfitters in Delray Beach sold for

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The 11,073-square-foot Urban Outfitters building at 306 E. Atlantic Ave. just sold for $8.3 million, or $750 a square foot, said Howard Bregman, a Marcus & Millichap broker who represented the buyer.

Menin Development Inc. of Delray Beach was the buyer. Menin has been snapping up Delray properties, including a Sports Authority center on Linton Boulevard.

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Atlantic Avenue building sells for nearly $1,300 a square foot

Built in 1936, the building was sold by EASSA Properties of Delray.

Publix snaps up another Palm Beach County shopping center

A very large inflatable grocery bag in front of the new Publix in the Belmont Plaza at 500 Belvedere Road in West Palm Beach, December 12, 2015. (Greg Lovett / The Palm Beach Post)
(Greg Lovett / The Palm Beach Post)

Publix bought another property where it operates a supermarket. The Lakeland-based grocer paid $14.7 million for the 80,000-square-foot Andros Isle center at 8989 Okeechobee Blvd., according to property records.

The property last sold for $11 million in 2014. Publix has been bulking up its real estate portfolio. At the end of 2015, it owned 25.9 percent of its stores, up from 22.9 percent a year earlier.

Bigger than Saudi Arabia: Florida economy headed for $1 trillion mark

Port Evergaldes claims to create 201,000 jobs, a sum one economist calls "excessively large." Photo courtesy Port Everglades.
Photo courtesy Port Everglades.

Florida’s economy is set to cross the $1 trillion mark in 2018, University of Central Florida economist Sean Snaith predicts.

He sees Florida’s “nominal gross state product” hitting $980 billion in 2017, $1.03 trillion in 2018 and $1.07 trillion in 2019.

Snaith notes that Florida’s economy was bigger than that of many nations in 2014, including The Netherlands, Indonesia, Turkey and Saudi Arabia.

 

See how much your rent will rise this year

rental art for mysite

Palm Beach County apartment rents jumped 9.1 percent in 2015. This year, they’ll climb 5.1 percent, to an average of $1,510, predicts commercial real estate brokerage Marcus & Millichap.

The more modest rent increases reflect a slowing job market. Palm Beach County posted 3.9 percent job growth last year, a pace that Marcus & Millichap expects to fall to 3.1 percent this year.

Meanwhile, the supply of new units is catching up to demand. Developers plan to add 4,400 new apartments to Palm Beach County’s rental market by 2017.

Fountains club OK’s $17 million land sale to GL Homes

Fountains Country Club
Fountains Country Club

Members of the Fountains Country Club have approved the $17 million sale of country club land to GL Homes, which plans to build 470 housing units at the suburban Lake Worth club.

The sale, first reported June 2 by the Post,  includes parts of the North Golf Course, one of the club’s three courses, as well as undeveloped land on the east side of the 865-acre property, bordered by Lake Worth Road on the north and Lantana Road on the south.

Members approved the sale in a vote earlier this month.

GL Homes plans to build between 150 to 200 single-family homes. GL also will build between 250 to 300 apartments, marking the first time the Sunrise-based home builder has entered the apartment construction market, according to Larry Portnoy, GL Homes vice president.

Paul Napieralski, Fountains Country Club president, hailed the sale.He said it will allow the club to make needed upgrades so that the club  “once again become one of the premier clubs in Palm Beach County.”

As part of the deal, the Fountains must build a $2.5 million resort-style pool.

The sale is a way for the club to also cope with declining membership during the past five years, Napieralski had said in a letter to club members.

Not all residents of the community were on board with the plan, however. Some opposed the sale as a short-term fix to a long-term problem, which they say is mandatory membership in the country club.

Residents of the new GL Homes will not be required to join the country club as equity members, as residents in some older Fountains communities have been required to do.

The issue has split the community and even resulted in lawsuits.

Golf clubs have been dealing with declining membership for years. The problem is particularly acute in Palm Beach County, with its plethora of clubs.

 

Boca broker’s novel way to land listings: Pay homeowners for them

(Getty Images)
(Getty Images)

For years, real estate brokers have vied for sellers’ listings by promising to discount their commissions, or to rebate part of the commission. Palm Beach County broker Bob Ross has a new twist: He’ll pay you to list your house.

Ross, owner of RD Ross Realty, says he’ll pay sellers $300 to $10,000 to sign a listing contract, depending on the home’s value and condition and the aggressiveness of the seller’s pricing expectations. The seller agrees to pay commissions totaling 6 percent, divided equally between the listing agent and the buyer’s agent.

Most agents argue that when they take on a listing, they’re investing their time and effort in the client. But Ross says that’s not good enough.

“When a homeowner gives their home to a listing agent to sell, they’re giving them a privilege,” Ross says.

Ross, 68, is a longtime broker who runs his one-man shop from his condo west of Boca Raton. He says clients get to keep the cash whether he sells the house or not.

“I’m taking a gamble on a homeowner,” he says.

Brexit effect for Palm Beach County companies looks small

brexit

For companies based in Palm Beach County, the Brexit hubbub looks likely to strike little more than a glancing blow. That’s because few operate in Great Britain, according to a review of their regulatory filings.

The region’s largest publicly traded company, NextEra Energy of Juno Beach, reports no holdings in Britain. Neither does SBA Communications, the Boca Raton-based owner of cell phone towers in the U.S. and Latin America, nor Ocwen Financial, the West Palm Beach-based mortgage company with farflung operations.

Office Depot, facing an existential struggle unrelated to foreign exchange, has no stores or administrative offices in the United Kingdom. The Boca Raton-based retailer’s portfolio of 60 warehouses included two distribution centers in Britain as of the end of 2015.

Wellington-based BE Aerospace, a maker of airplane interiors, is the rare company with operations in Britain. It says three of its 25 factories are in the UK. KLX Inc., a spinoff of BE Aerospace also based in Wellington, says two of its 39 facilities are in the UK.

 

What are workforce dropouts doing with all that time? Hint: Nothing exciting

Sling_TV_on_AppleTV

My daydreams about dropping out of the day-to-day grind veer in one of three directions. I’d be adventurous (surf Central America, rock climb Utah), or practical (clean the house, get the kids to their activities 10 minutes early), or altruistic (volunteer at a soup kitchen, walk dogs at an animal shelter).

Alas, the reality for dudes who don’t work is far more mundane. What do able-bodied men who opt out of working really do? Watch a lot of TV, according to a new study by White House economists.

The report looked at the long-term decline in labor force participation among men ages 25 to 54 and found that they spend no more time on adventure, practicality or altruism than their employed brethren. But they devote far more time to watching TV — 335 minutes, or nearly six hours, a day, compared to 154 minutes for men in the work force.

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