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Monday, October 29, 2007
Source: bizjournals.com
The Real Estate firms Tarafa & Iriondo and the EWM Realtors have merged. The EWM said that the Key Biscayne-based Tarafa & Iriondo founders Sylvia G. Iriondo and the Elia Tarafa, in addition 13 real estate associates from their firm, have united EWM's Key Biscayne office. The Tarafa & Iriondo specializes in real estate and the property management services.
The firm President Ron Shuffield said in a news release that "We are all happy to have Sylvia and Elia join the EWM family". "These two individuals, and everyone related with their organization, are the consummate professionals. We've partnered with them on numerous transactions over the years, so we are both very familiar with each other. It's exciting to me that we will currently be part of the same team".
Tuesday, October 23, 2007
Source: bizjournals.com The First State Financial Corp. reported that the third quarter 2007 net income of $975,000, or 16 cents a share, evaluated to $1.4 million, or 23 cents a share, in net income in the third quarter of 2006.
Jed Wilkinson, president and chief executive, said in a release that the slowdown in both housing and commercial real estate activity impacted the bank. The release said that the Net interest income dropped 2.6% compared to the prior year, owing to an overall increase in interest rates, moderately offset by volume growth in the loan portfolio. Non-interest income dropped 35%, primarily due to a reduction in residential real estate mortgage fees.
The release said that the Non-interest expense increased 5.3 % as the bank opened a new branch in Largo, and additional staff and officer positions. The bank as well is preparing to open a branch in Clearwater in December, with new branches in Venice and Sarasota opening in the second and third quarters of 2008, respectively.
The payment for loan losses totaled $4.8 million, or 1.17 % of total loans, at Sept. 30, compared to $4.2 million, or 1.11 % of total loans, a year before. The First State Financial (NASDAQ: FSTF), is based in Sarasota, is the parent company of First State Bank, with $476 million in benefits and seven offices in Sarasota and Pinellas counties.
Saturday, October 13, 2007
Source: financialweek.com Construction labor and materials costs could increase rapidly next year in spite of the construction slowdown, consistent with the Associated General Contractors of America, a deal group.
In its Construction Inflation Alert story, issued this week, the Arlington, Va.-based organization told that the contractors should "expect larger materials and labor cost increases in 2008 than they have experienced in what went before 12 months.
In a discussion, Mr. Simonson said construction worker wages are estimated to rise next year due to a demand for well skilled labor of the type not seen in residential construction. For instance, he expects that construction of industrial projects like power plants and refineries has previously begun to rise, so there is raising demand for pipe fitters, boilermakers and tower crane operators, "and you just don't come across them at single-family home sites. So contractors building those projects are have to rise up the wages and benefits" to pull towards workers with those skills.
Construction material costs have been on a fast rise as well, at just over double the general rate of inflation. The trade group said that "The cumulative increase in the producer cost index for construction inputs was 28% from the end of 2003 through August, vs. the 13% raise in the consumer price index for urban consumers".
Saturday, October 06, 2007
Source: gowealthy.com Partner and Executive Creative Director, Michel Mein, 7th Art, a full-service marketing agency specializing in the real estate division headquartered in New York, USA, has been invited to converse at Cityscape Dubai, the biggest business-to-business real estate investment and development event in the world. The heading of the presentation is 'Luxury Real Estate Brands that Succeed'.
Michael said, "We trust that great real estate brands stem from great marketing policies. We are experts in crafting existence experiences and providing organizations with marketing method that enable them to arrive at the affluent consumer. We are recognized for our 'insight out' move toward, raising awareness and revenues for established brands".
The 7th Art real estate firm has three offices in US and one office at present being established in Dubai . It was set up cater to the growing demand in the state. The company has fruitfully worked on international real estate projects in Miami, Chicago, St. Martin, Dallas, Mexico, Anguilla, Dubai, Costa Rica and Turks and Caicos. They are currently completely committed to growing our services in this area.
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