FLAVOR PICT & LYONS ROAD TO CONNECT

Flavor Pict, a few blocks north of Atlantic Avenue, will be connected, after forthcoming construction, from State Road 7 (441) to Lyons Road from north of Atlantic Avenue to south of Boynton Beach Boulevard as a two-lane road.

NEW SUITOR FOR BRINY BREEZES?

Will Briny Breezes succeed at turning their 488-unit mobile-home park into a mega-urban high rise resort development and in the process become millionaires themselves? The $500MM deal to do so fell through about a year ago. But residents have not “sat on their hands,” and have been out looking for new suitors. Now the Board of Directors has informed residents in a letter that they hope to have a bid to buy the park by the end of summer. A few months ago Briny Breezes asked neighboring Boynton Beach to increase its water allocation 7-fold for the next decade to help develop the town, but commissioners declined, saying now that when a project is on the table they will reconsider. Briny Breezes residents own shares in a corporation which are weighted by the location and lot size.

SPANISH MARTINSA-FADESA GOES BELLY UP FOR $8-BB

As if it weren’t enough for us to hear about the loss of local builders during this market downswing, now we learn other countries are experiencing the same conditions. The subject company failed to secure new financing to remain operational. Sharper interest rates and tighter lending conditions are prevalent. The company is one of the largest construction companies in Spain with $17.4-BB in assets, the first major Spanish victim of the real estate recession and crisis. It is currently selling off its assets to raise money for debt obligations. In cities like Madrid and Barcelona residential home sales are down 30% this year.

PENINSULA BOYNTON BEACH DEVELOPER IN BANKRUPTCY

Waterbrook Peninsula LLC has filed for bankruptcy. Your editor recently visited the project and took these photos. The property is on a small peninsula with water on three sides, on Federal Highway and the intracoastal waterway. It was planned to have 40 luxury condos, 20 town homes and 10 large single family homes. Construction is almost complete on the condos and single family homes but town homes have been delayed. This bankruptcy, where National City Bank foreclosed on a $26-MM mortgage, highlights the down market conditions.

MOST EXPENSIVE BOYNTON BEACH HOUSE SOLD IN 2008 TO JULY 1ST

From January 1 to July 1, 2008, there were 4 homes sold in Boynton Beach for over $1,000,000. A 5 bedroom, 7 1/2 bath .68 acre 2-story home in the luxury equestrian 280-acre community of Equus, with 6179 living sq feet, built in 2007 was sold in March 2008 for $1,275,000. Originally listed for $2,099,000, the price had been lowered to $1,600,000. The home was on the market for 394 days. The property features horse trails, and a 30’x15’ pool. The 7000 sq ft Clubhouse has tennis courts and billiards. Typical Equus homes are European Country Manor estates with part stone facades and soaring ceilings. There is a 30-acre Equestrian Center abutting the community which offers upkeep, boarding and training of horses, Grand Prix Ring, Dressage Ring, Lunge Ring, Working Rings, Riding School and over 5 ½ miles of scenic riding trails.

GAS FOR LIFE ???

The Florida Lottery is offering an 8-week “Summer Cash” drawing across the state to tap into the public’s frustration with sky-high gas prices. Prizes include “Gas for a Year” and “Gas for Life.” Tickets are $5. Grand prize is $250,000.

GO FOR IT!