SEPTEMBER 2020 NEWSLETTER |
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A NEW KIND OF AUTUMN
This year we are experiencing a “new” kind of autumn season that would have been incomprehensible in times past.
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Schools are open…but many families are opting for on-line learning for their children until the COVID threat is lessened or a vaccine is available. So, No more waiting for school buses, packing lunches, afternoon school activities for many of our children this year.
And the effect on the parents? Many are opting to continue to work at home to be able to supervise their children’s schooling during the day. Those who must work, or don’t have computers for their kids, are sending them back to school, as it is the only option. Those children will have at least a good meal at school, and social interaction with the hope that the environment is safe and continues to be so.
Socially, friends who usually were away for the summer, snowbirds, travel lovers and those who work in “seasonal” businesses, don’t have to sing “See You In September”…most have never left, and those who did are not coming back yet…it will need to be colder up north before they migrate.
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And businesses? Well, the Tourist industry was literally flattened by the COVID situation, and developers, state, county, and city tourism boards are coming up with unusual ideas. Restaurants are trying to stick it out until at least Phase 2 is enacted, which will enable in-house dining in restaurants. According to travel data group STR, hotel occupancy in Miami-Dade County remained stuck at 30.8% in July, while in Palm Beach County it barely reached 36%. There are great hopes in Palm Beach County that the several new Hotels (Canopy and The Ben in West Palm Beach) will pick up business this coming month. Hopefully, this will come to pass as locals venture further than their homes to look at some of the modern and neat downtown hotels and try their surprisingly exciting restaurants. |
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Supporting local businesses now is critically important as we begin the healing process for many of Palm Beach County’s cities. While retail has taken a gigantic hit and many legendary stores have closed, many Mom and Pop stores closed temporarily and are beginning to re-open this month. They are the core businesses of any city, and your support and loyalty are what will give them the strength to reemerge as a favored spot that you and your family can enjoy. |
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LOCAL NEWS
Culturally, the entire sector that supplies our county with performing arts, museums, art shows, live theater, etc., has been closed since Spring. Even when the closures are lifted, many venues simply can not afford the massive productions that were planned for the upcoming season over a year ago.
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For instance, the Kravis Center has announced it’s new season of shows…a lineup and timeframe that has faced changes on an almost daily basis. Once the ban is lifted, many of the shows will be held in the smaller performing venues there, as it is impossible for social distancing and profit-making to co-exist enough to open the massive 2095 seats Dreyfoos Hall. |
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Smaller, more intimate shows will be offered, including favorites such as Michael Bolton, Johnny Mathis, Pink Martini, Paul Anka and the politically snarky group The Capital Steps! Hit Broadway shows such as “Dear Evan Hansen” and “Wicked” will be on the bill along with comedy attractions such as Bill Maher and Jay Leno. |
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The Palm Beach Cultural Council is still putting together plans for the season, but in the meanwhile, are offering great shows via internet performances.
The Norton Museum, Flagler Museum, Palm Beach Dramaworks and Florida Ballet are still pondering how and when they can safely open and provide the outstanding services and special productions for which they are known.
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COMMERCIAL NEWS
Echoing the infamous line from the 1989 movie, “Field of Dreams”, “If you build it, they will come”, Developer Charles Cohen recently gained conceptual approval for a world-class office tower to occupy the “tent” site at the entrance to West Palm Beach’s Downtown.
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City commissioners voted 4-0 for the West Palm Beach project slated for the 2.4-acre property on the entire block bounded by Okeechobee Blvd. to Lakeview Ave. and Quadrille Boulevard and So. Dixie Highway. Destined to be a 338-foot glass tower designed by chief architect Kristi Hawkins of world-renowned Pelli Clarke Pelli Architects, this elliptical lightly-tinted glass tower will have 23 floors of A+ office space and a connecting 10-story garage enhanced with art and a rooftop with a reflecting pool and landscaped seating areas. The tower will taper slightly as it rises with subtle fins to enhance its vertical presence. Retail shops will line the ground level of the garage and there will be a walkway called a “paseo” between the garage and main building with tables and chairs for social enjoyment.
This development project is a long process and it is especially appealing right now for Mr. Cohen as there is much available financing with attractive and extremely low interest rates.
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AMBASSADOR REALTY FEATURED COMMERCIAL LISTING! |
Brand new unique free-standing building evoking a sailship setting out to sea! Located on Palm Street, just a block from the Norton Museum and across the street for the HIVE Headquarters, this wonderful building would be the perfect home for an artist gallery, design studio, architect, commercial or residential home planning company, specialty florist…you name it the possibilities are endless! With an office or retail space in the front of the building, the back has 3 soaring bays surrounded by glass that looks out on lovely landscaping and garden pathways. The 3,694 total sq. ft. space can be sub-divided and/or sublet. Move fast to have a perfect little building jewel of your own before season starts. Ready for occupancy. Signage available as well as an additional 2626 sq. ft. in the adjacent building if more space or storage is needed! |
U.S. FEDERAL RESERVE BUILDING |
MORTGAGE NEWS
In late August, the Federal Reserve announced a major change in how it manages interest rates by stating that it plans to keep rates at near-zero even though inflation may have exceeded its 2% target level.
This means that borrowing rates for households and businesses will likely stay ultra-low for years to come. This announcement would affect everything from home mortgages, auto loans, corporate expansion and many other areas of the economy such as travel and tourism.
Fed Chairman Jerome Powell said, “The economy is always evolving…our revised statement reflects our appreciation for the benefits of a strong labor market…without causing an unwelcome increase in inflation”.
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HURRICANE AWARENESS!
We have seen 2020 to be a record-setting year with 13 named storms before September. This hyperactivity is likely to continue in the weeks ahead as La Nina continues to develop, which increases the chances of an extremely active Atlantic Hurricane Season.
Florida, with its 1,350 miles of coastline, remains the most dangerous state in America. Of 296 hurricanes that hit the U.S. between 1851 and 2019, 118 have hit or sideswiped our beautiful Floridian paradise. Of these, 39 have been MAJOR hurricanes with winds of 111 mph or more!
Especially now, with the COVID and economic crisis, we Floridians need to be more prepared than ever. Do not be complacent about the dangerous months of September and October!
If you have the ability to leave when a major storm is coming, please get out. If not, the lessons of the recent Laura, have shown what counties and communities can do together to help those who need shelter to find safe and socially distant public accommodations.
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SALLY KIMBALL
BROKER/OWNER
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PLEASE BE PREPARED, HEED LOCAL WARNINGS AND STAY SAFE, WEAR MASKS AND BE WELL! |
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ONE CITY PLAZA
801 S. Olive Ave., Ste. 119
West Palm Beach
FL 33401
Office: 561.557.7662
Web: www.AmbassadorRealtyCorp.com
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DISCLAIMER: The materials on this newsletter have been prepared by Ambassador Realty Corp only for general informational purposes. We assume no responsibility for the accuracy or timeliness for any information provided herein or by any linked site or publication. |
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