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Market Update: Homes For Sale in St Pete July 22, 2010
By Robert Glaser
 

Average days on market in St PetersburgAs we continue to analyze mid-year statistics in order to determine how things will fare for homes for sale St Pete through the remainder of 2010, several signs of change have appeared.  The average days on the market continue to decline from a high of 225 days in the first quarter to the current average of 190. St. Petersburg is showing some of the same trends Tampa has experienced as days on the market adjust slightly downward.

Although this is only one facet of the market as it relates to gauging trends, it does show that the inventory level of homes for sale has stabilized.  In addition, adjusted pricing has taken hold and property owners selling homes are now able to adjust pricing strategies with more confidence.  All of these factors can help in the process of developing sales.

TMedian price in St Petersburghe inventory of homes for sale in St Pete, although it had increased in first quarter, is now stabilizing and starting a slow steady decline.  The St. Petersburg market through the balance of 2010 will continue to experience further correction.  Ideally, this year the balance between inventory and price will compliment the number of buyers in the market, which will make a more even approach for both parties.

With the median price hitting a number significantly lower than Tampa, St. Petersburg may find that inventory will continue to decrease as many buyers become educated on the opportunities available within the market.  This is especially true considering many are now aware of how to meet their purchasing goals with continued availability of low interest rates.

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Market Update: Tampa Homes For Sale July 19, 2010
By Robert Glaser
 

As we take a look at mid-year sales trends and statistics, we are able to get some idea of how the remainder of 2010 will trend in Tampa real estate.  Our market research shows that several signs of change will be impactful as we continue through the rest of the year.

Average days on market in TampaThe average days on the market for homes has fallen by at least 30 days from its high of 210.  Now at approximately 170, this pace is reflective of a consistent drop in availability in the inventory of Tampa homes for sale.

Real estate inventory in TampaThe market flourished in the first quarter, with sales supported by incentives for first-time home buyers and a large inventory of short sale homes.  As these properties are purged from the inventory of homes in Tampa, and a more consistent and seasonal trend takes hold, buyers and sellers will find a more even balance though the rest of the year.

The inventory of Tampa luxury homes has been affected by the improvement of sales above $1,000,000, which has risen by 15% over 2009.  We are pleased to see that the strengthening of the market is providing the opportunity for sound decisions for Tampa homes for sale.

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St. Petersburg Coast: Oil Spill Update June 21, 2010
By David B Moyer
 

What a tragic time for the Gulf of Mexico. The oil spill has started affecting all of us in this nation. As Louisiana & the Florida Panhandle start seeing the sad visuals of what has now become a reality, we wonder how this will affect our Pinellas County beaches. Smith & Associates Real Estate is not the expert in this part of the equation, but often we do have waterfront home owners and buyers who want to know how this disaster affects them in Tampa Bay. We did a lot of research, and we do hope you all do the same when it comes to this subject. The oil spill currently is impacting the Louisiana coastline and a few Florida beaches in the Panhandle, as identified in the map areas.

All of Florida’s beaches remain open. At this time, there are no beach closures and Florida’s state waters remain open to recreational fishing. Florida’s 825 miles of beaches, 1,260 miles of coastline and 14 seaports (including cruise ships), remain open for business. Now just because things seem “fine” today on the Tampa Bay beaches, does not mean the area will not see any effects. Only time will tell, but as for today, “our beaches are beautiful, and the water is blue”, according to Sheila Cole of the Clearwater Beach Chamber of Commerce. The water current system seems to play in Tampa’s favor, with the current taking water flow from destination south/west. The good news for us in Florida is that the weather continues to cooperate. The winds continue out of the south/southeast and the current continues to push the oil slightly to the west. This should limit any onshore impact. Please use the NY Times Oil Spill Water Current Map to help track this disaster. Following this link will give you all the tools to offer assistance in this time of need.

Gulf Coast Oil Spill

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Everyday Solar Power Possibilities June 16, 2010
By Stephanie Streeter
 

Solar power is unfortunately often thought of as something that’s not practical for mainstream usage.  But, there’s good news!  Companies like Lennox Industries are creating attainable everyday systems for harnessing this free green energy source.  The creation of practical systems for average home owners will assist in bridging the gap between green-friendly and green-affordable.

Lennox Industries has introduced a solar powered central heating and cooling system called SunSource.  The main platform of the system consists of a solar ready air conditioning system, heat pump, and roof-installed solar modules.  The best news regarding SunSoure is that the system can be phased into an existing home gradually.  Anywhere from 1 to 15 solar modules can be installed, and both the panels and A/C or heat systems can be added separately.  This will allow St Petersburg home owners to convert to the system at their own pace and, more importantly, according to their own budget.

In addition to powering heating and cooling, SunSource also has the potential to provide electricity to power appliances and the lights in your St Petersburg home.  The more panels added, the more power available.   Another great feature of the product is the communication panel, which allows a home owner to view the performance of the system and its various elements.  A curious home owner can easily track home much energy their solar panels are producing with 24/7 access, and also see carbon offsets.

Interesting in learning more about SunSource for your St Petersburg home?  See a sample home setup and view an informational video from Lennox here.

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Great Tool For Homeowners June 14, 2010
By Stephanie Streeter
 

Tampa real estate

The National Association of Realtors recently launched a new consumer website called Houselogic.  The free and very easy to navigate site was created to both educate and assist consumers in regards to all aspects of owning a home.  The site is a great resource for both current and potential owners of Tampa real estate, with a wide array of informational articles and news from home finance to home improvement.  Houselogic also features a great project planner, where property owners can organize, plan, and schedule improvements to their home. Buying guides are also available, allowing for owners  of Tampa real estate to make the best decisions when purchasing appliances and more.

Get the most out of your real estate investment, and check out this great free resource!

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Myths About Buying Foreclosures June 10, 2010
By David B Moyer
 

Tampa real estateForeclosures Need A Lot Of Work. This can be true, but more often than not homes are only in need of cosmetic repair.  There are of course, nightmare Tampa real estate stories where the whole house needs to be renovated, the electricity is inoperable, or the plumbing does not work properly.  In such cases, the home can become a money pit. In most cases however, the house may need paint, flooring, or appliances, which are items that a lot of new homeowners would possibly change anyway.

Foreclosures Are BARGIN CHEAP. Foreclosures are generally cheaper than standard sales, but they are not quite the savings that most Tampa real estate discount hunters are looking for. Typically bank owned properties require appraisals.  Also, banks will have Realtors give a an opinion of value equivalent to a quick sale in the market. The price may be significantly cheaper than what the original owner paid, but not too drastic from what the current market is. Be realistic with the prices; they may be at maximum 15-25% off the market price, not 50%.

Foreclosures Are RISKY. Buying a foreclosure at an auction on the court house steps can be very risky. The chance that the home carries liens and other loans do exist. Though, typically buyers are looking for bank-owned foreclosures which are treated more like regular home sales.  Plus, the owner is the bank which means it will most likely result in a cleaner transaction.

Foreclosures Do Not Allow Inspections. Again, when you purchase a foreclosure from the court then there is a very small chance for an inspection of the home. When you purchase from the bank, they will allow inspections which enables you to determine prior to closing any major issues the property may have.  Though in almost all cases the home will be sold “as-is”, meaning the bank will not complete and/or pay for repairs prior to closing, the inspection process allows you to add repair costs into the price of the home to get a clearer picture of actual cost.

Make Low-Ball Offers. The banks are NOT that desperate to give the homes away. In fact, more often than not, the homes sell for more than the list price. A foreclosure listing is handled just like regular a Tampa real estate sale, meaning the bank will consider lowering the price after a few weeks if they feel that the price is too high for the market.

You Have To Buy Foreclosures With CASH. This would most likely be the case with a property being sold at a courthouse auction, but not with a bank owned foreclosure. The property is treated like a regular sale, and conventional loans can be obtained. Only if the foreclosure is in really bad physical shape is it possible that it may only be purchased with cash.  The reason for such a situation would be that the property does not meet the standards for loan.

It’s Easier To Buy The Foreclosure With The Bank That Owns It. If you have difficulty getting a loan from other banks because of poor credit and you think working with the existing bank is a viable option, that’s just not the case. The bank just had a bad loan and had to foreclose, and they are hardly likely to provide a low credit buyer with another risky loan. The bank would be happy to provide a new loan to a buyer, but only if they qualified like any other person would.

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Get The Price Right June 7, 2010
By Stephanie Streeter
 

One of the biggest problems sellers in today’s Tampa real estate market face is pricing.  Many sellers don’t see any harm in asking a higher price when first listing their home.  “I can always reduce it later” seems to be the most common response.  The problem is that such a price is based on what that individuals desires to get for the home, rather than what the market has determined the actual price should be.  The end result will be price reduction after price reduction, and a waste of valuable time on the market.

Today’s buyers are well educated about the market.  The state of real estate is constantly in the news, and it’s impossible to avoid.  Buyers out in the market are justifiably nervous, very cost-conscious, and do much more research on a potential purchase than they would have a few years ago.  High prices are often a signal for unrealistic or unmotivated sellers, and buyers in today’s market don’t want to waste their time on such a situation.  There is no longer the urgency to buy Tampa real estate that there was a few years ago, which means that potential home owners will not overpay.

“The savvy buyer has done research is very aware and cautious when they see a property on the market for an extended period of time,” says Dave Traynor of Smith & Associates Real Estate.  “They will also know that the extended time on the market is a result of the home being over priced.”

If you’re going to be listing your home for sale, make the most of the market from the beginning.  Price competitively.  The old strategy of padding the list price of a home to leave room for negotiating no longer works.  The home should look its best, and be priced competitively in order to catch a buyer’s eye and entice them enough to make an offer. “Many agents have a list of buyers anxiously waiting for new homes to hit the market,” says Traynor.  “When they are priced right initially, those homes have been seen to go under contract within the first week.”  So, take the best advantage of the Tampa real estate market possible, and get your home priced right from the start.

Want a professional analysis of what the right price is for your home?  We would be happy to provide a free market analysis for you.  Please request one here.

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Renting Your Home June 1, 2010
By David B Moyer
 

Tampa real estate“I can’t afford to sell in today’s market. I bought the home a few years ago, and I own the property for more than I can sell it for.”  This is a real situation for many people in today’s world, and the situation  represents 40% of the properties listed today. Many owners attempting to sell property in the Tampa real estate market are affected.  People who can’t afford the mortgage payments fall into short sales and foreclosures when they list the home.

The other 60% of the current market are regular real estate sales. So how do they manage to sell their home?   They can sell quickly at today’s market price, and move on to the next property at a great value.  In most cases the properties do not have giant loans or the owners have had the property for many years (over 5).  They can afford to sell their Tampa real estate and are flexible enough to get it done.

If you fall into a situation where you need to move, but can’t sell (either because you’re not willing to take a loss or do not want to harm your credit), then leasing your home to a renter is a very viable option.

In an article provided by MSN, June Walbert of USAA explains some things homeowners should be aware of when renting a property.  This is great advice for any owner considering renting out their Tampa real estate.  “First replace your homeowners insurance policy with rental-home insurance. It covers the building and provides liability protection but doesn’t cover possessions, so it tends to cost about 20% less than a regular homeowners policy.” She also recommends including “a section in the lease requiring your tenants to buy renters insurance, which will cover their liability and belongings.”  In addition, she recommends that homeowners be aware of how reting will affect them at tax time.  “When you file your tax return, you’ll generally report rental income and expenses on Schedule E. You’ll be able to deduct your mortgage interest on the rental property, as well as insurance premiums, real estate taxes, advertising costs to rent the house, rental management fees, utilities you pay, travel to and from the property and legal and accounting costs.”

Smith & Associates Real Estate can assist with listing your Tampa real estate for rent and finding a tenant. We specialize in quickly locating qualified rental clients. Our experts will provide you with rental services that will allow for maximum exposure of your property. The steps would include having a property orientation, preparing the property offering, meeting and evaluating prospective tenants, preparing lease agreements prepared by a Florida eviction attorney ($50.00 fee), advertising, and processing of applications and credit checks. Please inquire with us about our fees. Smith & Associates Real Estate complies with all fair housing laws with applicants.

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Existing Home Sales On The Rise May 19, 2010
By Stephanie Streeter
 

Tampa Homes For SaleAccording to the latest data provided by Florida Realtors®, existing home sales in the state of Florida have risen by 24 percent.  Great news for home owners in our local market.  From January 1st of this year till March 31st, 38,846 homes were sold in Florida.  That’s a wonderful upswing from the 31,410 sold during the same time period in 2009.  According to the organization, this is the seventh consecutive quarter where the state has seen higher existing year-to-year home sales.

Good news for the Tampa Bay area comes from two important metrics.  First, more homes sold in the Tampa/St. Petersburg/Clearwater area than any of the other major MSA’s in the state.  Also important was that our area was among those with the lowest percentage of decrease in the median sales price.  We experienced a 1% decrease while areas such as Orlando, Ocala, Daytona Beach, among others are experiencing losses in the median price of over 10%.

Things continue to look up for owners of Tampa homes for sale!  For more in depth information, please refer to the complete press release found here.

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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 Tower

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!