Tampa Bay Avoiding General Housing Gloom

When the Federal Reserve puts out their Beige Book report (issued about every 6 weeks) on current market sales trends, it is worth taking note. Here in Florida, we are part of the Atlanta District which spans the southeast. While other areas in the region experienced "soft" sales, the Sunshine State actually rebounded! The reason according to the Beige Report? INTERNATIONAL & CASH BUYERS!

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According to the Miami Herald, only Nevada and California vied with Florida for being hardest hit by the housing crash, so it’s natural for Florida to enjoy a stronger turnaround than places where prices didn’t fall as far.

Florida’s relative optimism on the sales front has been a recurring theme in the Beige reports this year. Here in Pinellas County, we have watched double digit Absorption Rates since the 1st quarter of 2011 gobble up our inventory and begin to push prices upward. For the latest Year End 2011 Market Statistics, view Single Family Home or Condo.

The PURTEE Team, with Realty Executives, can keep you ahead of the market trends. Just give us a try and see why we closed over $10.2M in sales in 2011 in a still depressed market!

The Art Of Flipping Property - A Thing Of The Past?

From 2004 to late 2006, appreciation of property here in the Tampa Bay area was spiraling upward at an unprecedented rate! The hunger for "flipping" properties drew buyers by the thousands, often resulting in long lines or lotteries just for the chance of purchasing. Combine that appetite with "anyone can get" financing and the bubble was well on its way... Pre-construction was a key choice for many. With 20% down, buyers could wait through the building process and find their property substantially increased in value by the time construction was complete and they closed on the property.

Many of those buyers were looking for a quick return on their investment, not looking to carry a property long term. Those are many of the investors that got caught when the market turned, resulting in short sales, damaged credit or foreclosures.

During 2011, we have seen prices plummet to a fraction of their previous value. As inventory decreased throughout the year (currently at a 6 year low), sales have increased bringing the absorption rate into double digits month after month. Although there continues to be great values in the market place, there has been a shift in demand for those properties that stand out and we are seeing some similar patterns to the feeding frenzy of 2004-2006.

The new "flipping" involves buying properties at highly distressed levels, fixing them up with either a slight face lift or a major remodel and putting it back on the market. There is a LOT of that practice going on and a LOT of $$ being generated! In Pinellas County, out of 7,931 active listings only 1,927 (just over 24%) are distressed. As the market gobbles up these distressed listings, the only direction for the appetite to go is to the lowest of the non-distressed properties.

On January 2, the Federal Housing Administration extended a temporary waiver of FHA’s anti-flipping regulations through 2012... primarily in order to allow the re-sale of foreclosures. “This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said Commissioner Carol A. Galante. “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”

While some buyers continue to sit on the sidelines wondering if the market has hit the bottom, others are taking full advantage. Schedule a meeting with The PURTEE Team and find out more... Email us at info@floridagulfproperty.com

Holidays At The Beach

In early to mid-December, living here in Tampa Bay is simply spectacular! Not only are we enjoying 78-80 degree days, the holidays are magical as well. All the colorful lights abound on every corner and all along the Gulf Boulevard corridor.

Holiday boat parades are celebrated in each community and hundreds of boats compete with their decorations for each coveted prize. Last Friday, we enjoyed the St Pete Beach boat parade with over 80 boats participating. The lighting of the tree, a visit from Santa and jolly elves playing live music brought a festive atmosphere to all of us lucky enough to have a great view.

Add to that the Geminid Meteor Shower that has been in full force the last two nights... out on the beach away from the lights is the perfect viewing position to see shooting stars every minute!

As we get ready for the new year and huge influx of tourists to our area, this is literally the quiet before the storm. What a perfect time to reflect on the beauty and amazing lifestyle living here brings...

Being realtors specializing in real estate along the beach area of Tampa Bay, The PURTEE Team is ready to share that lifestyle. If you find yourself contemplating a purchase in our area, fill out this short questionnaire and you will be on your way to seeing why life is so special here!

Cyber Monday - Finding Florida Real Estate Online!

With so many websites offering real estate searches such as Realtor.com, Trulia & Zillow, it is most common for potential buyers to explore the market themselves to see what is available. As the online experience continues to grow in every conceivable area, there is no reason logically that real estate shopping would be any different!

To a certain extent that is true. There is an abundance of information available through public records and a little research can uncover a great deal of information from property taxes to recent sale activity to status of liens against a property.

In order to improve the process, here are a few pitfalls to avoid:

1. All of the real estate websites pull their information directly from local Multiple Listing Services (MLS). There are some status categories that these websites do not have which can easily cause confusion. For example, when a listed property goes under contract and there are contingencies to work through - such as short sale lender approval, financing or inspections, the status goes to a category called "Active with Contract". The real estate websites pull these listings as "Active". For that reason, a buyer searching can easily waste a great deal of time researching a property that is actually already under contract.

2. It is very easy to listen to national media and think you understand what the trends are in the market. BUT, word to the wise... every market has its own quirks and trends. Many times it is hard online to determine the pulse of a specific local market.

3. There is no question every buyer wants to feel he or she made a good purchase at a great price. As real estate starts its comeback, there have been many buyers waiting on the sideline trying to decide if now is the time to buy. This pent up demand results in a lot of buyers looking for the same type of property... particularly in a market specific such as the beach area of Tampa Bay. The really good properties go extremely fast and many times are under contract before they can feed through to the other websites.

If you are a serious buyer contemplating a purchase here in the Tampa Bay beach area, The PURTEE Team can offer you a way to blend the ease of online shopping with the expertise of a local realtor. Through our website: www.floridagulfproperty.com , we offer a variety of searches that are available in 'real time'. You can choose to Search All MLS ; Search Distressed Properties ; or select HOT DEALS for our current picks of excellent value properties.

Let us show you how you can become knowledgeable about the specific market you are considering, and help direct you to properties that fit your criteria before others even know about it! Email us to learn more: info@floridagulfproperty.com and you will be on your way to Living the Florida Lifestyle...

In Search Of Distressed Properties In Florida

Every day The PURTEE Team talks to buyers looking for a real estate "deal" here along the coastline of Tampa Bay. There are still great values, but the climate is definitely changing... and we continue to get the word out to our clients.

In Pinellas County, as of November 7th, there are 8,253 properties listed for sale. Over 76% of those are non-distressed! By distressed, we are talking about a short sale or pre-foreclosure or bank-owned. This 8,253 listings number represents 33% less inventory from what was available at the end of October 2010.

For that reason, there is less for the buyer to choose from. Plus, out of the active listings, less than 20% are short sales and only 3.7% are bank owned! Although 1,400 new listings hit the market during October only 7% were bank owned and slightly less than 20% were short sales.

THE RESULT? When comparing sales from October 2011 to October 2010, non-distressed sales are UP 20%, short sales are up 57% and bank-owned sales DOWN by 12% (lack of inventory).

A prospective buyer came into an open house over the weekend to look at a property that has been aggressively priced and is currently one of the lowest per sq ft properties to have been sold in this particular community. He emphatically told me the prices were going to continue to come down and he would pick up one when a lower price came available. HOW DO YOU READ THESE STATISTICS?

Directly from our website, on our HOT DEALS page, you can search all local distressed properties. Our advice? DO NOT DELAY your purchase. As of the holidays we go into our busy season and many people from around the country and internationally are planning to make a purchase while they are here. We are here to help. Contact Us Today!

** Statistics provided by the Pinellas Realtor Organization

October Early Snow Sets More Northeasterners With Sights On Florida

This past weekend's surprise snowstorm took the last of the beautiful fall colors with it. Power outages, blocked roads, treacherous driving, shoveling... SERIOUSLY? And in October???

As part of The PURTEE Team, realtors in the Tampa Bay beaches area, we do business with clients not only from around the country but around the world. We have talked to many clients in Pennsylvania, New York and Massachusetts in the last few days. With starting the snow so early this year, it has many of them looking toward "living the Florida lifestyle".

Each of the four members of our real estate team relocated here to the Tampa Bay area years ago. We have never looked back on that decision. This area has an abundance of activities with every kind of water sport, 9 area spring training teams, major league sports, international shopping, theme parks, fine dining... and then, of course, there is the pristine white sandy coastline along the Gulf of Mexico that simply takes your breath away!!! What a novel thought to leave the cold and snow behind and instead play a round of golf, a game of tennis, sailing into the sunset, deep sea fishing... or simply a stroll on the beach!

If you are seriously considering the options of either relocating to the Tampa Bay area, or purchasing a second home here... we are the realtors for you. Scrupulously diligent in finding the right property, we won't let you down. Whether you work with Mark, Garges, Lambdin or Kathy, you get the power and expertise of us as a team. Our website www.floridagulfproperty.com is filled with tools to help as well. Fill out your "Wish List" today and one of us will be in touch with you shortly to help identify exactly what you are looking for and how we can help you find it.

September Market Statistics Keep Up The Momentum!

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The PURTEE Team prides themselves on being knowledgeable about the Tampa Bay beaches real estate market... both in market statistics, trends and pertinent information. The chart at left clearly defines a trend we have been witnessing throughout this year. September was no exception.

The Absorption Rate defines how much of the current inventory is being purchased. When you look at 2008 and 2009, you find the absorption rate really low resulting in high inventory levels. In contrast, this year with the higher absorption, inventory has been steadily decreasing. As a matter of fact, inventory levels in our area are back to 2005 levels!

This does not mean there are not deals to be found... it simply means that when one of them hits the market it goes under contract quickly. There is no more important time to use a professional realtor to help with this process. When we know what our clients are looking for, often we can maneuver them into a property... sometimes before the property is ever listed! The best way to get the ball rolling is to send in our easy Questionnaire. This gets you and what you are looking for on the radar so we can help you find it!