2010 April | Smith and Associates Blog

Downtown Tampa Residential Development News April 24, 2010
By David B Moyer

Recently our very own Dave Traynor presented some valuable market update information for the Tampa Downtown Partnership. This highlighted the many changing landscapes in the Channelside and Downtown areas in regard to property for sale and for rent. Here’s a synopsis of the presentation for you to peruse.

FOR SALE: The developments for sale on which updates were given included Skypoint, Ventana, The Towers of Channelside, The Slade, and The Plaza (Harbour Island).

Skypoint, listed by Smith & Associates Real Estate recently sold out. The building is now owned by 380 individuals, some of which have resale properties available on the market. To view units available for sale, please click here. This property is particularly attractive since FHA & VA financing options are obtainable for buyers.

Ventana, located in Channelside, has seen an increase in sales and currently only 20 homes are remaining out of the original 84. The value of the homes averages $150/SF, which means that 1,500 SF condos are ranging in the mid-to-high $200′s.

The Towers of Channelside has gone from bankruptcy to receivership, which means a whole new sales program has been developed. The prices are low, and the development has an in-house financing option that is very attractive to buyers. This is the only high rise in the Channelside area, and it offers 3 bedroom homes with views of the water. The prices are competitive at $185/SF, and the interior finishes include granite countertops, stainless steel appliances, and wood/carpet flooring.

The Slade was recently completed and closings are underway. 1 bedroom units start at $140,000 and 2 bedrooms start from the $200,000′s.

The Plaza is the newest luxury building in Harbour Island. The development has sold 105 units out of its total 138. The development is immaculate from top to bottom, and units boast all of the amenities that you might find in a resort.

CHANGE OF PLAN: FROM SALE TO LEASE

There is also plenty of opportunity to rent in new construction developments in the Downtown/Channelside area. Grand Central at Kennedy was one of the first condominium projects to focus its attention on leasing. The building has the most total homes at 392, with 192 being owned by individuals. The other 200 units continue to be rented by the developer and the community stays heavily occupied. They have added a new fitness facility, Power House Gym, in the community’s retail area. As a whole, it has been very successful in the Channelside District. The Place is another development that has a mix of individual owners and developer leases – though it leans more towards a higher quantity of leased units. The rental market is strong in Channelside and as a whole units are 95% occupied. Rental rates between the two buildings mentioned are in the range of $1.50/SF, resulting in leases ranging from $1,000 – $2,000/month.

FOR RENT: APARTMENT COMPLEXES

Seaport, located North of Kennedy close to the Ybor corridor, is a lower cost option for downtown apartments. The property, which offers stained concrete flooring and high ceilings, is 80% occupied. Rental rates at Seaport, and rental rates average $1.20/SF.

Element, the sister development to Skypoint, is the only high rise rental building in Downtown. This is one of the more expensive rentals in the area, but the building offers full service amenities and views that can not be matched by other possibilities in the rental market.

All of these new developments support the Downtown residential life which supports and will help to continue to grow a great retail mix in the area. As downtown revitalizes, the key component will be the residents in the buildings exploring their community and becoming Tampa’s urban pioneers. Channelside continues to be on the city’s radar, and will see vast changes over the next few years. Downtown continues to receive attention as well, and has great new additions like the History Museum, Tampa Museum of Art, and the beautifully redone Curtis Hixon Waterfront Park. We encourage you to check out what is happening downtown!

Bookmark It

Hide Sites

Comments (0)

Costly Mistakes For First-Time Buyers April 23, 2010
By Stephanie Streeter

Purchasing your first St Petersburg home can be an intimidating process. Knowing where potential problems can pop up along the way can help make the process a little easier. Below are some things to keep in mind which can sometimes cause hardship for first-time buyers.

Low Credit Woes. Poor scores can cause damage even if a potential home buyer qualifies for a loan. Borrowers who have low credit scores can end up paying thousands more in increased interest over the term of a mortgage. Knowing your score and working to build it up over time can save lots of money in the long run.

Superficial Inspections. As a new home buyer, it’s important to be able to keep a tight reign on your finances. Nothing can be more devastating than being faced with unexpected and expensive repairs after closing. Make sure a thorough inspection is completed in order to assure your ability to plan repairs and/or upgrades according to your own budget and timeline.

Skipping Contingencies. Talk to your Realtor about adding contingencies to the offer on your new St Petersburg home. A contingency gives you a potential ‘out’ if the completion of an inspection should return unexpected, deal-breaking results or if financing should for some reason fall through.

Underestimating Insurance. Buyers should be careful about including the cost of homeowner’s insurance when determining whether or not they can afford a property. Insurance, especially in Florida, can be surprisingly more than one would expect. To avoid a potential pitfall, be realistic about the numbers.

Overspending Extravaganzas. Lenders continue to check your credit right up until the time you close on your new St Petersburg home – not just when you originally apply for a mortgage. Be careful about your spending both before and after you apply for a loan. Too much spending could cause issues with your ability to complete the financing process.

Bookmark It

Hide Sites

Comments (0)

Homes To Celebrate Earth Day In April 22, 2010
By Stephanie Streeter

In celebration of Earth Day, we thought it would be a good idea to show you some local homes that were made to celebrate the day in. Green homes reduce their impact on the environment by using earth friendly materials, operate efficiently in the use of utilities, and are just plain healthy to live in. We’ve included some explanations of green building and certification programs applicable to our area, and links to view great homes in the area that qualify. How about investing in a green home this Earth Day? It’s the gift that keeps on giving.

First, lets review the Florida Green Building Coalition‘s program. The FGBC developed their Green Home Standards in order to have a standardized criteria for designating homes as green. The program is in line with their mission “to lead and promote sustainability with environmental, economic, and social benefits…” The organization provides a checklist and reference guide on their website for home owners and builders to determine a home’s green qualifications. To learn more about the program and how a new or existing home can be designated by the Coalition as green, please visit their website. A search of homes in the area showed about 20 homes for sale that meet these guidelines.

View Hillsborough County homes for sale which are FGBC certified by clicking here.
View FGBC certified homes in Pinellas County which are currently for sale by clicking here.

Next, there is the Leadership in Energy and Environmental Design (LEED) program developed by the U.S. Green Building Council. This program provides verification that a home was designed and built using tools and ideas which improve the home’s efficiency in the use of energy and water, reduce CO2 emissions, are sensitive to the impact on natural resources, and generally improve the quality of the interior environment. The USGBC’s program is flexible, and can apply not only to homes but to commercial buildings as well. For more information on the program and how to qualify a home, visit the program’s website. Presently, only two homes for sale in the Tampa Bay area are listed as LEED certified but we hope that more will join their ranks in the future.

View the two LEED certified Hillsborough County homes currently for sale by clicking here.

Last, but certainly not least there is a green friendly option for your yard! The Florida Certified Yard program was developed by a partnership consisting of the Florida Department of Environmental Protection, Florida Yards & Neighborhoods, SW Florida Water Management District, MyFlorida, and the University of Florida’s IFAS Extension, in order to educate residents about Florida-friendly landscaping which reduces the impact on our local environment. For information on the “Smart Way To Grow” in Florida, residents and home owners can visit FloridaYards.org to access tips, a database of recommended plants, and a great interactive yard planner. For those who wish to take the next step and have their yard designated as Florida Certified, more information is available here.

Best of all, homes can be identified as “green friendly” with these designations we’ve discussed when listed for sale through the Multiple Listing Service (MLS). The MLS allows Realtors to select these options along with a few others. This means that home owners who have taken the time and consideration to make their homes green friendly are able to attract the environmentally conscious buyers that will appreciate it.

*Note – The links to view properties included in this post will only return results as long as the specific properties featured remain on the market.

Bookmark It

Hide Sites

Comments (0)

Keeping Cool…Efficiently April 21, 2010
By Stephanie Streeter

It’s hard to believe, considering the abnormally cool weather we’ve had so far this year, but summer is coming. With temperatures already on the rise, our A/C systems should be stretching their legs and getting ready for another Florida summer marathon. It’s hard to believe that we once lived without them, but now air conditioning systems are indispensable. Unfortunately, so is both the environmental impact and the financial cost of running them constantly. Here are some tips to stay cool in your Hillsborough County home this summer while still reducing energy costs and being kinder to the environment.

Become A Fanatic. Ceiling fans require much less electricity to operate than your central A/C system. While they may not be able to actually lower the room temperature, the air circulation they create makes the room feel cooler. Most homes already have them, and if yours doesn’t they’re very easy to install.

Shut It Out. When trying to keep your home cool on a hot Florida summer day, the sun is your worst enemy. Be sure to close your blinds and drapes – especially those that face direct sunlight during the day. This will assist in keeping most of the heat out and take some of the load off your poor A/C system. Also, keep in mind that white reflects sunlight. Draperies backed in a light color fabric will reflect sunlight rather than absorbing it.

Fiddle On The Roof. Properly ventilating your attic can mean a serious dent in cooling costs if it isn’t already. Heat is absorbed through the roof of your house, and this source can amount to approximately 30% of the warmth in your Hillsborough County home. The addition of a ridge vent, attic fan, or more vents in the eaves can better ventilate your attic and assist in circulating hot air back outside where it belongs.

Get A New Toy. While going retro can sometimes be a good thing, it doesn’t apply to your thermostat. Upgrading to a programmable version can help you lower your energy costs. Raising the temperature for a few hours during the day can make a big dent. Experiment with your comfort level until you find the right settings.

Go Green-er. We all know that the air temperature is cooler in the shade – apply the same theory to your home! Increasing the amount of trees and shrubs around your home can help to reduce the effect of the heat of the sun, keeping your home cooler naturally.

Get Unplugged. Our homes are filled with gadgets these days. From tv’s to computers to stereo equipment, we can’t seem to live without them. Unfortunately, even when they’re not in use they generate heat while plugged in. Consider unplugging items that aren’t essential, or switching off the surge protector when items aren’t in use. Less power means less heat – as well as a lower electric bill.

Call For Help. Just like your car, an A/C system requires regular maintenance. Calling your preferred company for a regular checkup before the worst of the heat hits can help you make sure that things are running as efficiently as possible. Changing your air filters on a monthly basis is also extremely important.

Stop The Leaks. One definite way to decrease your cooling costs is to reduce the amount of leaks in your Hillsborough County home. Anywhere heat can enter or cool air can escape is a place to look. Check weatherstripping around around your doors and windows, and replace old or damaged bits. Also look into sealing places where utilities enter the home – everything from plumbing to cable and electricity. Last, but not least, call in an expert to check your ducts for leaks. Most electric companies offer a ductwork efficiency evaluation service to customers as part of an energy audit.

Bookmark It

Hide Sites

Comments (1)

Buying A Home 101 April 20, 2010
By David B Moyer

These days everyone looks before they buy. There is nothing wrong with browsing the internet and window shopping while thinking of the next big life purchase. Just like that fabulous designer dress or shiny new plasma tv, you have to prepare ahead of time to budget and eventually obtain that wishful item. This is no different in real estate, but it can require more dedication and investment in yourself and your future. The time you may spend visiting open houses or mindlessly searching the web for deals on Tampa homes for sale should first be met with some realistic answers.

1. Purchasing a home is not an impulse buy. It’s not an item on a shelf in the check out line that can simply be thrown in a bag. This is a commitment not only to the property itself and its surroundings but also to your job and financial situation. If you do not plan on living in the home for a few years, then purchasing may not be the best idea for you.

2. Know where you stand. Recently the banking industry has increased the standards for borrowing money. One important aspect of that is the need to have a high credit score. It is virtually impossible to obtain a loan with poor credit. It may take anywhere from weeks to months to work on improving your score and making sure all facts are correct.

3. Be realistic. Everyone watches HGTV, and other shows that magnify what “real” homes may look like. Not everyone can buy a Ferrari, a helicopter, and a mansion. Focus in on homes that you can afford. For example, focus on Tampa homes for sale that are worth 2.5 x your annual salary. (i.e. $50,000 x 2.5 = $125,000).

4. Programs & Options. Though times have changed, times have not changed so much that you need to put 20% down to obtain a loan. There are still programs that let borrowers put less money down – FHA loans are an example. The FHA program currently allows a 3.5% down payment. There are stipulations that come along with this loan, so make sure you talk to a professional to guide you to the right properties.

5. Work with a professional. There are two important connections you will make when purchasing a home – your Realtor and your mortgage consultant. There is always plenty of information available from friends, family, the internet, magazines, and news outlets, but the reality is that they are not professionals. You deserve to be assisted by the very best people, whose only interest is making you happy. They can easily assist you in obtaining your financial and lifestyle goals through the purchase of a home. It costs $0 to have a an agent help guide you through the process of finding a home and assist you in performing any related services. The only expectation a real estate agent has is that they will in turn receive loyalty from you.

6. Know your zone. School zones are important to home buyers. It is always a good idea to buy in good school areas – whether or not you have children of your own. Though it may not be important to you, it may be important to potential buyers when it is your turn to sell the property.

7. Get pre-approved. This goes along with step 5. It is very important to know exactly what you can purchase – which includes everything from the monthly mortgage payments to insurance, taxes, and HOA fees that will all factor in to your decision of which home to purchase. Understanding your budget is the key to being happy with your house in the future.

8. Be realistic with your offers. Ask your realtor for a Comparative Market Analysis (CMA) of properties which have sold nearby near-by to learn the trends. If other Tampa homes for sale in the area have sold for 5% under the asking price, you may want to offer 10% lower then the asking price. If one of the other sold properties is in line with the asking price or higher, this is an indication that the property is ready to sell. Homes that fit this description do not stay on the market for long – unless the sale is being dragged out by a situation like a lengthy short sale process.

9. Get Inspected. After you’ve found the perfect house and have an accepted offer the next step is getting an inspection. The bank will request an appraisal to determine the value of the home in order to make sure that the offer on the property is consistent with the property’s actual market value. This allows for the bank to feel confident in the loan. The home inspection is completed entirely for you, the buyer, to feel confident in the home. It allows for any potential issues to be outlined which may need to be addresses prior to closing and also to make you aware of any possible future repairs which may be needed based on the state of the home. An inspector, for example can let you know that while the roof is structurally sound currently, it may need to be replaced within 3 years. The idea is to protect yourself from potential problems which may result in the need for expensive repairs down the road.

Now that you’re up to speed on ‘Buying A Home 101′ you’re well on your way to beginning the steps of home ownership!

Bookmark It

Hide Sites

Comments (0)

Luxury Sales Trending Up April 12, 2010
By Robert Glaser

In the first quarter of 2010, Tampa Bay saw the easing of credit in jumbo loan markets. That, in tandem with an inventory of properties which were at the right price for buyers, created a clear upswing in activity in closed sales of homes above $1,000,000.

Pinellas County home sales in the luxury market led Hillsborough with 35 sales above $1,000,000 recorded through the Multiple Listing Service (MLS) with an average sold price per foot of $366. “It has become apparent that starting in January of 2010 buyers recognized the value luxury homes on the market,” said Robert Glaser, President & CEO of Smith & Associates Real Estate. “This pushed sales at a pace not seen in the last 3 years.” In addition, the number of sales over $1,000,000 currently pending in Pinellas County is 33. This does not include a number of luxury condos currently under contract at 400 Beach Drive and Ovation which will close in the next 60 days. Looking back to the month of April 2009 comparatively there were 11 pending sales – the trend up is very significant. One enclave of luxury properties seeing this increase in activity is the St. Petersburg neighborhood of Snell Isle, which has seen 4 recent luxury closings. Brightwater Estates has also seen 3 closings in first 3 months of the year.

In regards to Hillsborough County home sales, there were 22 homes sold above $1,000,000 during the first quarter – the highest sale price being $4,500,000. The average sales price of the closed listings was $1,755,000 and the average price per square foot was $291. The pending activity for April 2010 shows 30 homes presently under contract, compared April 2009′s 7 transactions closed over $1,000,000. “Today’s luxury buyer will be able to enjoy best values and prime locations,” says Glaser. “Also, depending on property condition buyers will find that the market has settled into a ‘new’ value range that is in line with overall economic conditions.”

For more information on the beautiful luxury properties for sale in our Signature Collection™, please feel free to click here. If you are interested in selling a luxury property and would like to know more about our marketing services for The Signature Collection™, please click here.

Bookmark It

Hide Sites

Comments (0)

Save The Date! National Open House Event April 5, 2010
By Stephanie Streeter

This weekend, April 10th & 11th has been designated National Open House Weekend! The event is aimed to increase awareness of the benefits of homeownership. All across the country individual realtors as well as brokerages are planning open houses – and of course, Smith & Associates is too!

We have coordinated our monthly open house event for April to fall on the national weekend, and are exciting to be holding a large quantity of homes open all across Tampa Bay!

To view the Tampa Bay area homes for sale which Smith will have open this Sunday, please visit www.smithhometour.com in order to plan your tour.

Bookmark It

Hide Sites

Comments (0)

Better Windows & Insulation Mean Better Returns April 2, 2010
By Stephanie Streeter

With April 15th approaching quickly, our tax returns are fresh in our minds. Many of us may be wishing that we would have done more to gain possible credits during 2009. While it’s too late to help with the possible pain inflicted by this year’s Form 1040, it isn’t too late to start planning what you can do in 2010 to make next year’s better. Improvements to your St Petersburg home, for example, could result in some relief.

Saving energy doesn’t only help the environment. It also helps your checkbook when those monthly bills come in, and could possibly mean a helpful deduction come next April. Yes, there are tax credits available for saving energy that could be good for up to $1,500 – and some possibly beyond that.

Part of a federal stimulus package passed last year, The Existing Home Retrofit Tax Credit covers a wide variety of options in regards to home-improvement projects resulting in energy savings. Installing certain types of windows in your St Petersburg home could make you eligible. Upgrading your air conditioning system or switching to alternative energy sources could mean even higher potential tax credits.

The available credit for upgrading to approved energy efficient products like insulation, siding, doors, windows, roofing, etc. is 30% of the cost (excluding installation) up to $1,500. For example, if an owner replaced windows and insulation in their St Petersburg home for a total materials cost of $4,000, the tax credit could reduce the cost to $2,800.

Please keep in mind – this is tax law. There are always details and exclusions. To make sure you get the most out of the available credits, contact your tax professional before embarking on a project. To get more information on these available credits, please visit EnergyStar.gov, or NAHB.org/efficiencytaxcredit.

Bookmark It

Hide Sites

Comments (0)

Rise In Vacation Home Sales
By Stephanie Streeter

A recent report from the National Association of Realtors (NAR) shows that great things are happening on the national front that will have an affect on the coastal areas of Tampa Bay, where vacation homes are common. Clearwater Beach homes for sale as well as other beach front properties have suffered with the downturn in the local real estate market. Sales of properties in Redington Beach, Indian Shores, Madeira, and St Pete beach homes have all declined.

The 2010 Investment and Vacation Home Buyers Survey was conducted in March of this year and surveyed individuals who purchased residential property in 2009. The published results show that vacation home sales are on the rise.

Vacation home sales increased from 513,000 in 2008 to 553,000 in 2009, which is a 7.9% jump. In addition, a 10% increase in market share was seen for vacation homes. “The typical vacation home buyer is making a lifestyle choice,” says Lawrence Yun, the association’s chief economist. “9 out of 10 said they intend to use the property for vacations or as a family retreat.”

This could mean great news for the Tampa Bay real estate market, specifically in coastal areas. Clearwater beach homes for sale, for example, are quite common right now with 410 residential properties listed for sale. An upswing will mean good things for both local property owners and the economy.

According to the report, 1/4 of all vacation home buyers purchased with the intent to rent the property to others. More good news for the Tampa Bay area is that half of the properties sold in 2009 were located in the South. In addition, Yun reports that “Prices are going up, and as a result the investors have determined that the bottom has passed. We are actually staring to see an inventory problem on the horizon for Southern California and Southwest Florida.”

Great news for those owners of coastal vacation home property like Clearwater Beach homes for sale.

Bookmark It

Hide Sites

Comments (0)

Make Every Drop Count April 1, 2010
By Stephanie Streeter

In February, the EPA announced the finalized release of its WaterSense program. The new specification was created in order to encourage builders and home owners to protect the future of our nation’s water supply through efficiency. WaterSense is the first voluntary national program of its kind and compliments existing popular green building programs like the US. Green Building Council’s LEED program. While developed over the past three years primarily as a specification program for new home construction, the basic principles can be applied in any existing home as well.

New homes in Pinellas County and other Tampa Bay areas built to WaterSense specifications would be 20% more efficient in water use when compared to traditionally built homes – reducing water usage by as much as 10,000 gallons per year. “These homes will save homeowners as much as $200 a year on utility bills compared to their current homes” says Peter S. Silva, assistant administrator for EPA’s Office of Water. In order to qualify, each home must meet the program’s stringent criteria for performance and efficiency and be thoroughly inspected and certified by an EPA licensed provider.

Newly built homes are not the only way to join the WaterSense movement. Owners of existing homes in Pinellas County, for example, could replace existing fixtures with those labeled with the program’s seal. A list of approved products available nationwide can be found on the EPA’s website by clicking here.

There are approximately 1.27 million new construction homes completed each year in this country. If all were WaterSense approved, more than 12 billion gallons of water would be saved. If builders of homes in Pinellas county, as well as those in Hillsborough and Pasco began to participate in this EPA program, the local impact could be huge.

Although a search today on the WaterSense website did not find any local builders, government agencies, or non-profits that have become partners in the program we certainly hope that Tampa Bay will soon have a presence. In the meantime there are plenty of vendors elsewhere in Florida and across the nation who can help. For more information on those agencies and companies who are approved, please view the Partner List.

Bookmark It

Hide Sites

Comments (0)

Categories

Archives

Enterprise Network