Tampa, FL - Another Tropical Storm/Hurricane (Fay) has missed the Tampa Bay area. This is not a surprise for those of us who have lived in Tampa for many years. I have been here, on and off, since 1979. During that time, several hurricanes have formed and could have headed directly for us. However, to this date none have (knock-on-wood, as my grandmother used to say) directly hit us with severe hurrican force winds.
I suspect that there are those who may have wanted to move to, or purchase second homes in Florida but decided not to because of the hurricane threat. While it is possible that major storms can hit Tampa, it has been a very long time since one actually has.
Now, I understand that a statistician might evaluate this information and say that we are 'due' for one to hit. However, another argument is that some unknown or unseen force of nature (upper winds and area weather patterns?) prevents storms from moving through the Tampa Bay area.
The point here is: while hurricanes are very real and they do occasionally hit Florida... Tampa seems to be far less vulnerable than other areas of the state. So, for those thinking of moving to, or buying in Florida... Come On Down (to quote a very old orange juice commercial)! But forget about Miami, Jacksonville, or especially the Panhandle area... Set your sights on Tampa.
Tampa, FL - There seems to be misconceptions about short sales... What are they? How can I purchase one? Does the Bank Own the Property? And other similar issues have come to my awareness lately. Given the new 'popularity' of the term, this is to be expected. What's disturbing, though, is all the misinformation that has been conveyed about the subject, with some of it coming from REALTORS. Just check the MLS and the problems are very evident, such as properties that have been listed as a short sale for over a year.
A true short sale, usually, could not be listed for that long as the bank likely would have foreclosed months earlier - the foreclosure process is only 6 months here in Florida - or the owner's request for short sale status would have been denied by the bank. In the latter case, the sale could not be a short sale as written authorization from the bank is required. So be careful what you read, and even more careful who you work with and from whom you buy.
Purchasing a Short sale property can be a good investment and doesn't have to be difficult. But it is a little different from the typical transaction and could take far longer to close. Many banks fail to respond to offers in a timely manner and, once a contract is accepted, can take longer than typical periods to close. If your agent/broker doesn't have an understanding of these issues, find a different agent/broker.
Tampa, FL – Even though REALTORS® (myself included) continue the task of being upbeat about real estate and the markets, the news seems to be going from bad to worse, with no end in sight. Now, adding to the mix, major bank failures have dampened any enthusiasm that might have been building.
Given all the current negative real estate news, many might be surprised to learn that some markets, even in Florida, have begun to turn around. Ft. Myers is one example where declining prices have brought many buyers back to the market, and has recently seen real and substantial year-over-year sales growth. I used the word 'real' because, lately, in Tampa, much 'misleading' information has been disseminated by an association which should know better, through willing media outlets content to take the word of a misguided organization, without actually checking the facts. However, that's another story.
Like Ft. Myers, Tampa's market has suffered serious price declines - in some areas they may be just as dramatic. Yet, Tampa has not seen the buying activity needed to exceed 2007's meager sales figures. This is puzzling. Tampa does have much to offer... Good restaurants, 3 professional sports teams on the rise (Tampa Bay Rays, Tampa Bay Lightning, Tampa Bay Buccaneers), lots of night life, some amazing sunsets, and lots of water for boating, sailing, swimming, and more. It's a good lifestyle.
So, if you're looking for a buyer's market that is ready to explode, consider Tampa, Florida. You can get a lot of house for a very low price (compared to 2 years ago) and live a comfortable lifestyle. For more information, please visit www.PrettydogRealty.com.
Tampa, FL — If you've ever flown a small plane in Tampa, FL, you're probably familiar with Peter O'Knight airport. It's a wonderful and small facility just minutes from downtown Tampa, Tampa General Hospital, and many cute shops and great restaurants. And, talk about convenience, it is also walking distance to the Davis Islands Yacht Club. Readers who don't fly might be interested to know that immediately next to Peter O'Knight, on property donated by the airport, is a small dog park with access to the Tampa Bay (yes, there actually is a bay called Tampa Bay).
Certainly, there are some who would rather the airport not be there and I appreciate their concerns. But, having lived on Davis Islands for a long time, I have never been inconvenienced by its presence and think it is more of a positive for the community than a negative.For those who do pilot planes, it is a terrific way to fly in and out of Tampa.
The airport is in the process of expanding its hangar facilities, which is good news for anyone who owns a plane and would like a great place to park it. Even better, there is a wonderful luxury home for sale that is walking distance from the airport. It's ideally located for those who like watching the occasional plane take off or land, and perfect for those who own a plane - all the benefits of a "Fly-In Community" with none of the hassles. For more information on the airport and this beautiful luxury home, please CLICK HERE.
Tampa, FL - Although I've lived in Tampa for approximately 20 years of my life, until recently, I'd never been sailing in the Bay. I'd been on a power boat before and traveled around St. Pete, under the Sunshine Skyway, and over to a small island, but had never launched from Tampa. I now live on Davis Islands with my wife and stepson and our home is literally within walking distance to the Davis Islands Yacht Club (DIYC).
My father-in-law has enjoyed sailing for many years, focusing primarily on racing. Each year, he participates in a race from the St. Pete Yacht Club, to Mexico - the Regata del Sol al Sol - which he and his crew won in 2007. This year, prior to the race, he decided to spend about a week at the Davis Islands Yacht Club to relax and prepare his boat for the upcoming contest.
When it was time to move the boat (and himself) to St. Pete, he invited my stepson (his grandson) and me to ride along. Boy... What a pleasure it was to make the 2 minute drive to the Davis Islands Yacht Club, meet him at his boat, and be pushed away from the dock some 5 minutes later. No hassels. No wasted time parking. Just the quick and quiet serenity of the water lapping against the sides of the boat. If you're a boater, Davis Islands truly is a great location To learn more, please feel free to send me an email.
During his stay at the DIYC, my father-in-law mentioned the wonderful learn-to-sail program the club offers to children and teens. I don't know anything about the cost, but the program sounded impressive, offering children an amazing opportunity to learn and enjoy sailing. If you live in the South Tampa Area, I encourage you to look into this program. It is available to all children - membership in the yacht club is NOT required - and is a great opportunity to expose your kids to one of life's real pleasures.
As always, we encourage your participation. Please feel free to add your thoughts.
Tampa, FL - The following comes as no surprise to those shopping for higher end homes - For quite some time now, Jumbo Loan Mortgage Rates are, and have been, disproportionately high when compared to conventional financing rates. For REALTORS with listings in the Jumbo Loan category, such as myself, this has put a real damper on showing activity.
It has been equally burdensome for buyers of homes in this category. They see many great, higher end homes for sale today, some at amazingly low prices (relatively speaking) but aren't 'pulling the trigger'. Smartly, they are waiting for rated to drop, even those who can afford the higher payments. Who can blame them? The additional interest these loans require easily top $10,000 annually. And for what? Bank profits. (I'm not bashing banks, here, just pointing out that interest is a 'throwaway expense' that should be avoided if possible.)
However, there is hope. I recently uncovered several very strong mortgage programs for Jumbo Loan candidates. One is through an investment house (it is extremely legitimate - no bond issues here) and offers rates around 6% (as of this writing), up to 100% financing, interest only for 5 years, and no mortgage insurance. That's strong! However, only those who qualify can play in this sandbox, but qualifying isn't that difficult. One just needs to have an investment account with this firm with a minimum asset base and a decent credit rating. Let's get the word out there that there are solutions for Jumbo buyers so we can get that market going again.
I am not a mortgage broker, lender, or purveyor of any kind. I'm just trying to do my part to rekindle this recently neglected part of the real estate market, especially in Florida. So, for more info on this great mortgage program, please contact me and I'll give you the company's name. I can be reached through my web site: www.PrettyDogRealty.com.
Tampa, FL - Here in south Tampa, which is typically defined as the area south of Kennedy Blvd., real estate sales activity has picked for homes priced below $400,000 - the non-jumbo loan priced homes. In fact, those in good or better condition are moving at a rate that could signal the end of dropping prices in this area. However, we haven't seen real improvement in homes in the higher price categories, and things remain very slow for homes over $1,000,000.
The reason for the higher end home problems, we believe, is the disproportionately high jumbo loan interest rates, which continue to be a major drag on the upper end of the market. While this is bad news, the obvious 'silver lining' is very real - there are some excellent deals on gorgeous, higher end homes. And, we recently discovered an excellent financing program with a major lender. It only applies for those with investment accounts, but those who qualify can get an amazing 30 year loan, including: 100% financing, no mortgage insurance, 5 years interest only, and very low interest rates... usually as good as conventional financing. Actually these loans can be used to purchase properties as low as $100,000, and on up to the millions, even for second homes and investment properties. For more information, please contact us by phone or email. (You can find this info at: www.PrettyDogRealty.com)
The rest of Hillsborough County, especially in the areas north and east of Tampa, are not faring as well. Foreclosures and Short Sales continue to dominate these markets, as they are in Pasco County. As a result, great deals abound in these areas, even for some beautiful and large homes. If you are looking in these areas today, you will get lots of home for your money and you still can take advantage of the property tax benefits created by Amendment 1. But that nice tax break probably won't last much longer as it is currently being challenged in 3 different cases, and is very likely to be overturned. However, those how took advantage, will not be penalized... They will likely be able to keep their benefits, even after the law is overturned by the courts.
Tampa, FL - I remember well the temptation to purchase a brand new car upon landing that first job after graduating from college, all too many years ago. I resisted the urge. Today, I look around and see recent grads in the same situation as I, but many succumb to this itch that seemingly needs immediate scratching, often buying a very expensive car that then necessitates a less than desirable living situation... Roommates. You may think that roommates are cool, but in reality, once college has come and gone, they often get old very quickly.
While the immediate gratification of a nice, expensive car may feel good, the euphoria usually fades rapidly and then reality sets in - you are now tied to a car, with its credit/payment ramifications, that limits your ability to accumulate the real wealth that enables early retirement and a better life. A car is... well... a car. It's good a getting from point A to point B. But, as one gets older, even as early as the 30's, it becomes very apparent that retirement is the key to real happiness. Retirement is real freedom. And, freedom equals happiness, which is why so many people move to the USA. Start working toward that today - there's plenty of time for nice cars tomorrow!
Everyone can achieve real freedom, but it comes with a cost... rather than spending tons of money on a depreciating asset - a car, especially an expensive one - one might be far better off by resisting the urge to impress the world at large with things, and focus on accumulating real wealth. One should consider buying real estate - a home - as soon as possible, which today could be as early as the day you land a job. This is how to accumulate real wealth at an early age, and how one can retire young and enjoy life to its fullest for a very long time, rather than just in the so called 'golden years.'
No one gave this advice to me when I was a recent grad, and I'm still working today. It is easy to look back and see how much money I could have accumulated had I just been a little more thoughtful about the choices I had made and the way I had lived my life. Had I simply purchased my first home when I was just 22, I'd have retired long ago.
So, I ask all recent college graduates to take advantage of the great first-time home buyer loan programs available today and get in the game! Resist the urge to purchase a Mercedes when a Honda, or even a Hyundai (e-gads...) will work just as well - even better if you ask some who have had nothing but trouble with their Mercedes. A couple of smart decisions today could give you plenty of time to buy an even nicer car a few short years from now, and you'll also be well on your way to retiring at a young age.
Tampa, FL - When I was in my 20's, I never gave home ownership a thought. It was not really an option as mortgage money was tight and interest rates were very high. Things are different today. And, there are so many special First Time Home Buyer loan and assistance programs available that almost anyone can, and should own a home. Even in the current environment, with all the negative things happening in the real estate market, home ownership is still the best way to accumulate wealth, and the earlier one begins, the earlier they will be able to retire - if that is their goal. And, because of the glut of homes available, there has never been a better time to buy - great deals on wonderful homes abound!
Some of the First Time Home Buyer loan programs have very favorable terms, including those that ignore credit scores and time on the job. In fact, one program states that recent college graduates, with just two months of employment, can qualify for an interest only loan of up to $417,000, with lower than market interest rates, and require only a $500 down payment - and credit score is not a factor.
If I had programs such as these available to me, and knew about them, I certainly would have taken advantage, and would have been living my retirement dream today. And that's exactly what everyone who is renting a home or apartment should be doing for themselves. It's just plain smart. For more information, please visit: www.PrettyDogRealty.com, or give us a call - 813-944-3115.
Tampa, FL - According to data provided by the National Association of Realtors, a comparison of the same 7 month period between August 1 and February 28 (29 this year) for the last 2 years reveals that total unit sales of all residential properties in South Tampa were down 19.6% (916 units sold in the most recent period, compared to 1,139 the year prior). While that is significant, it's not as bad as other areas in the U.S., in Tampa, and in Florida.
From there, the data gets very interesting, if not confusing... According to the same reports, which were generated on March 1, 2008, both the Median and Average Prices of all South Tampa homes sold during the period ending February 29, 2008 jumped by 11%, compared to the same seven month period the year prior.
Does that mean that property values in South Tampa increased over that time period? This is hard to say but, based upon personal observation, it is extremely doubtful. The report separates condos/townhomes from single family homes. The differential in the Average and Median prices of condos/townhomes shows even greater increases - Median up by 16% and Average up by 25%.
Based on what we see here in South Tampa, that simply is not the case! Prices of condos and townhomes have increased at all. More likely, what we are seeing is a phenomenon where higher-end condos and townhomes are now being listed for sale. This does make sense. In 2005/2006, many higher end condos were presold by builders, many to investors and speculators. Construction of many of these units is now complete and they are hitting the marketplace en-masse - as some buyers have chosen to forfeit their deposits and walk away from the transaction, while others, who did close their deals, are forced to sell.
As expected, the time needed to sell a property in South Tampa has also increased. During the period ending February 28, 2007, approximately 51% of listed homes sold within 90 days. During the same period ending February 29, 2008, that number dropped... 38% of homes sold within 90 days. That, actually, is a pretty good number; it's just not as good as the year prior. Similarly, the number of homes that took more than 4 months to sell increased from 37% during the earlier period, to just under 55% in the period just ended. Unfortunately, the report does not give further information on this. It would be interesting to know just how long it is taking these homes to sell. Speculation about the reasons why some properties are taking over 4 months to sell leads to 3 fundamental possibilities - condition of the properties involved, pricing, and general market conditions - a very common sense explanation.
Reading between the lines, this hodgepodge of data means that South Tampa has lots of good value for those who want to buy a home here. With many excellent properties to choose from, one can negotiate a great deal on the home of their dreams, especially if they understand how!
We welcome your input and ideas! Please feel free to add your thoughts.
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My father-in-law has enjoyed sailing for many years, focusing primarily on racing. Each year, he participates in a race from the St. Pete Yacht Club, to Mexico - the Regata del Sol al Sol - which he and his crew won in 2007. This year, prior to the race, he decided to spend about a week at the Davis Islands Yacht Club to relax and prepare his boat for the upcoming contest.