Need to catch up on Southwest Florida business news? No problem. Here are the top stories of the week pulled from our daily newsletter, Gulfshore Business Daily.
Friday, March 29
PREMIER SOTHEBY’S INTERNATIONAL REALTY RANKED AMONG TOP BROKERAGE COMPANIES
Premier Sotheby’s International Realty has been ranked No. 34 on the annual REAL Trends 500 survey of the top U.S. residential brokerage companies, based on closed sales volume. The company moved up two spots, from No. 36 in 2018. With approximately $4.5 billion in sales volume, Premier Sotheby’s International Realty achieved more than 6,400 closed transactions in 2018 at an average sale price of $660,650. The REAL Trends 500 is an annual research report that identifies the country’s largest and most successful residential firms as ranked by closed transaction sides and closed sales volume. This year’s survey represents the most comprehensive collection of data assembled on the leaders of the residential brokerage industry. Numbers are documented by outside accounting firms and/or MLS reports.
Thursday, March 28
NAPLES NAMED AMONG ‘LEAST OVERLEVERAGED CITIES’
WalletHub on Tuesday released its 2019 Home Overleverage Report. In order to determine where homeowners have the most unsustainable mortgage debts, WalletHub compared the median mortgage debt to the median income and median home value in more than 2,500 U.S. cities. Naples was named among the Least Overleveraged Cities, with a median mortgage debt of $199,564, median house value of $860,600 and median income of $64,068. The city had a mortgage debt-to-income ratio of 311 percent and a mortgage debt-to-house value ratio of 23 percent. To view the full report, including more Southwest Florida cities, click here.
Wednesday, March 27
WAKE UP NAPLES TO INCLUDE REGIONAL ECONOMIC UPDATE
The Greater Naples Chamber of Commerce will host a regional economic update featuring Jerry Parrish (pictured left), chief economist and the director of research for the Florida Chamber Foundation, at Wake Up Naples at 8 a.m. on April 3 at the Hilton Naples. Registration and tabletop exhibits begin at 7:30 a.m.
Parrish previously served as the chief economist and director of the Center for Competitive Florida at Florida TaxWatch. Prior to that position, he served as the associate director of the Center for Economic Forecasting & Analysis (CEFA) at Florida State University. Attendees will learn more about the local and regional economic outlook and gain insight about securing Florida’s future for the next generation.
The cost to attend is $25 for members and $35 for nonmembers and registrants at the door. A limited number of exhibitor tables are available for $125 (event admission included). The event is sponsored by Bond, Schoeneck & King, PLLC. Register at www.napleschamber.org/events. For more information, contact Nikkie Dvorchak at firstname.lastname@example.org.
Tuesday, March 26
BSU AUTHORIZES CAPITAL CREDIT RETIREMENT
The Bonita Springs Utilities Inc. Board of Directors has authorized the utility’s second retirement of capital credits. Capital credits for members from the years 2006 and 2013 totaling $3.25 million are being paid out.
Current BSU members eligible for a capital credit will see it on their next utility bill. Former eligible members within the past five years will be mailed a check and former members from more than five years ago will be mailed a letter with instructions to process their capital credit payment.
Capital credits are allocated to members each year based on revenue that remains after payment of all expenses, debt service and an amount set aside for reasonable reserves. As a member-owned, not-for-profit cooperative, BSU members are eligible to earn capital credits for each year of utility service when there is a positive net margin.
A member’s capital credit is calculated based on their service payments for the year in proportion to all member service payments for the year. For more information, visit www.BSU.us/capitalcredits.
Monday, March 25
EASTON APARTMENT COMPLEX APPROVED FOR CRA REBATE
Easton, a five-story, 273-unit upscale apartment complex to be built in the downtown Fort Myers redevelopment area, was approved for a tax increment rebate up to $6 million over a 10-year period at the Fort Myers Community Redevelopment Agency (CRA) Board of Commissioners meeting on March 20.
Easton will be built on the former 4.2-acre site of Grace United Methodist Church, on the southwest corner of First and Fowler streets. The complex will include an art gallery accessible to the public. Integrated into the center of the design will be a structured parking garage and amenities including a swimming pool, dog park, and courtyard recreation area.
Easton, being developed by BG Framework LLC, will receive a 95 percent rebate over a 10-year period. The $62.392 million project is projected to start in May, with its first occupants expected in September 2020 and a projected completion date of December 2020.
In other news…
A local couple has turned their Southwest Florida venue into a magnet for national touring bands and their fans. Read more here.
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