December 31st On Beaches of Treasure Island, Florida!

Granted it has been one of the coldest Decembers on record here in Tampa Bay, but today had temperatures back to normal for this time of the year in the mid to high 70's.

BUT... the water temperature is still 54 degrees!!! A long way from the balmy 80 degrees we get during the late summer. One thing is for certain, these brave souls are NOT from around here! Or perhaps it was the liquid encouragement they were all drinking that made them immune to these cold water. They are at the beach after all and it is New Year's Eve!

At the grocery store today, there were license plates from Ontario, Prince Edward Island, Quebec, New Jersey and Virginia... just during my short visit. They have got to be excited to be here. I hope they don't have to drive anywhere!

Have a very Happy, Healthy and SAFE New Year's!
The PURTEE Team
Realty Executives
Mark, Garges, Lambdin and Kathy

Sometimes you have to sit back and smile... maybe even dance a step or two. As Mark put his finishing touches wrapping gifts on Christmas Eve afternoon, I think he has procrastinated and will never be finished in time. He, on the other hand, is having a jolly old time!

From the back bedroom where he is creating wrapping works of art, I find him with the balcony door open listening to Christmas carols being played directly across the street via a steel drum player and his guitarist partner! Simply there to celebrate the season, Mark naturally had to take them some eggnog in appreciation of their making his work efforts actually quite pleasurable.

This is the scene I walk into... Mark singing along to the steel drum carols totally in the mood of the season! I can't help but smile and appreciate all we have around us!

Merry Christmas

2010 A Challenging Year? YOU BET!

To say that the economy was the top story for 2010 is quite the understatement! What it meant for real estate here in the Tampa Bay of Florida was quite the roller coaster ride!

So many highs and lows... it seemed like every time we could grab on to some positive news, something would happen to pull us back down. Tax credits ended, banks pulled back on lending and foreclosures stopped closing.

In March and early April, real estate in our area was beginning to flourish. Inventory levels were decreasing and prices were stabilizing. Finally the light at the end of the tunnel. UNTIL an oil rig owned by BP exploded on April 10, 2010, and it took three months to cap the flow. Millions of gallons of oil tainted the Gulf with some of it landing as tar balls along the beautiful sugar white beaches of Florida. Around the world, the news shook the very belief on the beauty that Florida has to offer. It didn't matter that in our area there was no oil even close to our shores. It was the perception...

Interest rates hit the lowest level in decades, but the confidence level of buyers wavered. The majority of sales continued to be all cash with a serious reluctance to get saddled with a mortgage. Record numbers of potential buyers began looking for long term rentals to wait out the instability of the market. Now we are seeing mortgage rates begin to climb and economists do not see them coming back down.

But even with those stumbling blocks, signs continue to point to a stabilizing and slowly improving economy. By the end of 2010, falling home prices and record-low interest rates made homebuying a bargain even without the tax credit, and the Florida housing sector seemed to be tentatively and warily stabilizing. The market remains solid if not stellar, and most economists predict a positive trend in 2011.

Our clients are getting amazing deals in waterfront property! Canadians are flocking to our shores to take advantage of the Canadian currency on par with the US Dollar. With our deflated prices paired with their boost in currency exchange, we are a very tempting bargain! In the last week... yes the week before Christmas, we have written up 3 waterfront deals right off our HOT DEALS page. We identify properties that fall into an amazing price point and quickly get it out to our clients. One of the properties had a buyer beat our client to it by 4 HOURS. This is the kind of situation we are used to... when buyers and realtors alike know and identify a deal quickly, then fight like crazy to get in line first. If you are considering a purchase in the Tampa Bay area, talk to us. We have a wealth of information to share.

Wishing you all a very Merry Christmas!

Borrowers Wait For Lower Mortgage Rates and Lose

According to Janna Herron, Associated Press real estate writer, "Homeowners who delayed locking in super-low mortgage rates – think close to 4 percent for a 30-year fixed – may have waited too long." Rates are beginning to creep back up. The 30-year rate rose to 4.61 percent from 4.46 percent last week. That is well above the 4.17 percent rate hit a month ago – the lowest level on records dating back to 1971.

“People thought for a while that rates would fall below 4 percent, and they hedged on that,” said New York mortgage broker and banker Andrew Toolin, who had just been on the phone with a client who is paying 5.875 percent on his mortgage. A month ago, the client passed on what now looks like a once-in-a-lifetime opportunity: the chance to refinance at 4.125 percent. That would have put $321 more in his pocket each month. He held out, thinking he could do even better. Now the rate is up to 4.75 percent. He could still shave money off his monthly mortgage payment, but not nearly as much – about $229.“He’s wondering if he should wait for rates to go back down,” Toolin said. “He’s talking to his wife tonight about what to do.”

What is making the rates start to climb? If you look back in prior PURTEE Team Blogs, you will see that interest rates are tied directly to investor buying and selling of Treasury Bonds. With the upcoming tax deal President Barack Obama and Republicans forged that could boost the economy next year if passed, we would see a freeze on tax increases for 2011 and other stimulus tax cuts take effect. A stronger economy would make the stock market a more attractive place to invest money. That’s a big reason why many investors are selling their safer Treasury bonds. As investors sell off these Treasury bonds, rates have to increase for them to compete in the investor market. These bonds help finance the mortgages. As more bonds come on the market, prices become depressed and yields have to increase. "Prices and yields move in opposite directions."

We talk about the pendulum... which we actually thought would start to swing earlier in the year. Everyone wants to buy at the lowest rate and for the lowest price. We hear it every day. The issue is the uncertainty that lingers as to where the bottom truly is. What we do know is that buy the time the general media says it is time to buy, the real opportunities have been left behind. For additional mortgage information, check out our website... Click Here.

Back On Market! Contract Fell Through

In this market, things happen every day that simply make you shake your head in amazement. A client of ours upside down in a property in Clearwater Beach has been working for a year to do a loan modification with his lender... to no avail. Working with an attorney, he actually got an offer on the property that the bank ACCEPTED, then 2 days later they foreclose on the property! What??? Obviously they are repealing...

In this case, the owners of this gorgeous condo at Redington Shores Yacht & Tennis Club, going through their own financial and health issues, find themselves unable to keep up with this property weighted down with both a 1st and 2nd mortgage. They got a contract in which would be a short sale and presented it to the lender along with their hardship dilemma. After several weeks of intense scrutiny, the lender refused to even consider a short sale? So... the alternative??? Either let the bank foreclose on the property or be willing to accept a contract at a price where they can liquidate their future retirement and bring the balance of the funds to the closing table themselves.

So... that is the story with this condo. back on the market at $495,000 FIRM... $55,000 less than any other condo currently listed in the community! Seller will be ADDING close to $150,000 to the Buyer's purchase to make the transaction go through. Tough on the Sellers... an amazing opportunity for the Buyers. For information, click here.

Spectacular Penthouse Just Listed In Redington Shores Yacht & Tennis Club!

Every now and then, a residence comes on the market that is truly unique... Penthouse 702 is just that property! This 4000 sq ft beauty combines top-of-the-line upgrades and designer furnishings with the amenities of an exclusive gated community: Redington Shores Yacht & Tennis Club.

The community consists of 4 buildings of waterfront condos as well as 63 private home lots with custom homes in various states of completion. Las Flores is the second building from Gulf Boulevard giving it the distinct location of far enough away from the road noise and out on wide open water, along with being close enough for a short walk to the beach.

During construction of the condominium residences, Penthouse 702 underwent some extraordinary floorplan alterations opening up the guest suites, embellishing the entry foyer and creating a separate Owner's Retreat. Once the builder turned it over - designer ready - the true work began! Be sure to look at the dedicated website to see some of the amazing details that went into this property. Click Here. There are only six of these penthouse residences in the entire 130 units... making them unique in their own right. But 702 takes that uniques to an entirely new level! Originally appraised

at $2.2 million BEFORE the $250,000 in upgrades. You will find this luxury property just listed at $1.25 million... for an exceptional 50% OFF sale. This is the time to take advantage of the depressed market value and get a property that is truly a stand-out!

Sanding Ovations - Treasure Island

I have to say... Treasure Island is amazing with its different events and Sanding Ovations, the annual sand sculpture competition was certainly no disappointment! 3 days of food, drink, arts & crafts PLUS live music throughout the event AND Fireworks on the beach Saturday night!!! It is happening this weekend behind the Bilmar Beach Resort, right here in Tampa Bay.

Over $10,000 in cash prizes will be awarded to the Top Three Sculptures & "People's Choice" Sculpture. With a high today of 80 degrees in beautiful weather, beachgoers are out in full force. We were there for the "Rocket Man Show" which was a great performance. After the Fireworks show tonight on the beach, tomorrow will feature a 6-hour beach jam with local musicians. There will also be a Jazz Beach Brunch Buffet presented by Sloppy Joe's and the city of Treasure Island. Nothing like listening to a 22-piece jazz band, the "Voices of Jazz" while enjoying a tropical beach brunch!

Did I mention what it is like to live here??? Maybe just once or twice :-))

Pinellas Realtor Organization Market Analysis For October 2010

Overall residential unit sales in October were down more than 18%, caused by a plunge in single family home sales with a drop of over 26% compared to last year. Condo sales also fell but at a milder 4.9%. However listings grew by only 1.32%. There was an increase of just under 5% for single family listings accompanied by a decline of 2.4% in condo listings compared to October 2009.

The median price for single family homes rose to $156,000, a 6.63% increase over last year. The condo median price fell from $113,000 in October 2009 to $104,000 this year—just under 8% dip. Looking more closely, the median price for bank related sales was down 6.8% from October 2009 while the median price for non-distressed homes sold was up by 14%. Pending contracts rose from October 2009 by nearly 4% for single family and about 3.5% for condos.

Distressed properties are still the elephant in the room for the Pinellas market. 56.2% of all the contracts written in October were bank owned or short sales. 36.4% of the homes sold in October were bank owned or short sales. Of the homes available for sale in October, almost 40% are bank related and 43.7% of all new listings in October are bank owned or short sales. Nearly 44% of the October new listings were bank related—so it is clear that this challenging market will be with us for a while yet.

For all the October Market Statistics, check out our website!

Spotlight on Harborview Grande - Clearwater Beach!

As we showed property to buyers over the weekend, the question that continues to arise yet again is a confusion over "Which condo complex should we choose?" It is rather daunting when you drive from St Pete Beach in the south to Clearwater Beach in the north and see hundreds of different complexes.

"What is the difference we can expect between buying a condo versus a single family home?" and the ever-present "Explain what these short sales are about."

First, let's tackle the condo complex question. In 2004, after a series of hurricanes, Florida toughened up the building codes making builders adhere to a much more rigid permitting and approval system. 2005 was about the turning point when builders no longer elected to use wood frame structures and began building with concrete (a combination of poured and block). Sliding glass doors began to have step-over high water thresholds at their base and high impact glass. If you take buildings completed in 2005 (like Sereno), 2006 (like Harborview Grande, La Vistana and Bella Rosa), 2007 (like Redington Shores Yacht & Tennis Club), they all have been built with the new codes and have the higher ceiling height, all block construction and high-impact glass.

Bear in mind that as the market declined in late 2007 construction on new projects halted... resulting in NO inventory from 2008, 2009 and 2010! Therefore, when a buyer is looking for newer construction, it narrows down to complexes built in 2005, 2006 or 2007. That certainly does not mean that the other older complexes are not worth consideration. Many of the buildings from the 70's and early 80's were built with all-block and have weathered many strong storms. Hurricane shutters go a long way in protecting the lower impact glass.

As a team, we determined that a dedicated website to certain complexes would go a long way to provide information and current availability. We opened the Redington Shores Yacht & Tennis Club site in 2008: www.redingtonshoresyachtclub.com Recently, we added a website dedicated to Harborview Grande in Clearwater Beach. This complex is worthy of note not only for its 2006 building completion, but also for its prime location and 7-day rental capability. This website is www.harborviewgrande-sales-rentals.com

Feel free to bookmark them and learn more about both complexes... we feel they are rising stars for both the present and future!

Art Harvest in Dunedin - A Juried Art Show Spondored By The Junior League Of Clearwater-Dunedin

An annual event, Art Harvest this year features artist James Michaels with his iconic display of work. Over 230 artists from around the country will be competing in one of the best art shows held in the Tampa Bay area. Sponsored by the Junior League of Clearwater-Dunedin, this year's event is being chaired by our own Lambdin Freeman!

Lambdin has been active in the Junior League and other volunteer projects since she moved to the Tampa Bay area from Atlanta, Georgia. She has a particular interest in the support of foster children and the proceeds from this weekend's event will benefit foster children and community projects in Pinellas County. It is amazing to see her manage such a large project while maintaining her real estate business!

Featured artists such as Michaels and Juan Ramirez Cotrino will be on hand to discuss their work. The festival atmosphere will feature a wide variety of food and drink to supplement the artist viewings. Some of the works will be offered for sale and will include sculptures, jewelry, photography, paintings and ceramics, along with glass, metal and wood works.


Art Harvest
A juried art show hosted by the Junior League of Clearwater-Dunedin featuring the works of more than 230 artists from across the country.
Where: Dunedin Highlander Park, Michigan Boulevard and Pinehurst Road.
When: 10 a.m. to 5 p.m. Saturday and Sunday.
Parking: On-site parking, $5. Or park for $3 at Dunedin High School, 1651 Pinehurst Road, and take the shuttle.
For information: Visit http://www.jlcd.org/

Florida’s Condo Sales Rise In September 2010

This came out yesterday:

"Sales of existing condominiums in Florida rose 10 percent in September, with a total of 5,675 condos sold statewide compared to 5,140 units sold in September 2009, according to the latest housing data released by Florida Realtors®."

“Like the rest of the nation, Florida’s housing market is feeling pressure from an uncertain economy,” said 2010 Florida Realtors President Wendell Davis. “Easing foreclosures and increasing job growth would go a long way in stabilizing the market and strengthening the economic recovery. However, current record low mortgage rates along with available and affordable inventory continue to offer a rare opportunity for consumers who are ready to buy a home.”

NAR’s (National Association of Realtors) latest industry outlook calls for a gradual improvement in home sales in upcoming months. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” said NAR Chief Economist Lawrence Yun. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence. The housing market is trying to recover on its own power without the homebuyer tax credit.” In September, the interest rate for a 30-year fixed-rate mortgage averaged 4.35 percent, significantly lower than the 5.06 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

© 2010 Florida Realtors®

2010 Stone Crab Season Well On Its Way!

Yes, it is that time again. October is an amazing time here in Tampa Bay. We just got through the Super Boat Races and Clearwater Jazz Festival. Now we get to enjoy the delicacy of these waters that we have waited on all summer!

Stone crabs were a new discovery for us. Having grown up in Georgia, we often went to the Atlantic coast where blue crabs were in abundance. But since discover the lobster-like meat of the stone crabs, we are totally sold. The season is very strictly enforced and runs from October 15th to May 15th. If you find stone crabs outside of that window, they have been pre-frozen and never taste as good as right after they come out of the sea!

Frenchy's, with 4 restaurants in Clearwater Beach, is one of the largest providers of stone crabs to the area and actually offers to ship their claws directly to you at home!!! Their annual Stone Crab Festival is a major draw for the locals and visitors alike... when they offer their medium and jumbo claws for 2 days at wholesale prices. They will have live entertainment along with a festive environment in which to totally enjoy this delicacy... fresh out of the sea!

See you there!

Clearwater Jazz Holiday - A Symphonic Success!

What is so great about continually talking about how great it is to live in Tampa Bay is that we really mean it! We actually take advantage and experience many of the arts, festivals and activities that make this area such a desirable destination. The Clearwater Jazz Holiday brought some of today's most popular and innovative jazz musicians together for a 4 day unique community event FREE to the public.

As we gathered close friends and set off to enjoy good music, food and drink, Coachman Park was a perfect venue right on the shores of Clearwater Bay. We brought in our chairs and found our perfect location to see and hear these amazing artists. We truly enjoyed Dr. John on Thursday and Norman Brown on Friday. Saturday evening, after a performance by Soulive, a dramatic fireworks show was displayed that rivaled some of the most elaborate shows.

However, Sunday evening we were blown away by both Jonathan Fritsen followed by Eric Darius! Such animated performances and talent... all right there for us to enjoy. Eric Darius (photo above) took the saxophone to an entire new level and we left Sunday night totally satisfied that we had experienced something truly special!

Just another weekend in Tampa Bay...

Where Is The Banking Moratorium On Foreclosures Heading???

Just when we get comfortable that efforts are being made to pull the slumping housing market out of the quicksand, reports come in regarding major fraud occurring on the back end of foreclosure transactions... making all of us take note of the impact on a buyer obtaining a clear and free title. Not just small no-name banks, but GMAC, Bank of America, JP Morgan and Chase! Because of the seriousness of this situation, hundreds of thousands of of mortgages will have to be reviewed.

This comes at a time when lenders inundated with short sales are understaffed and ill-equipped to handle the load that they have... much less be prepared to audit all the back end paperwork. It is definitely worth reading the article published by Associated Press real estate writer Michelle Conlin. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=248699 A freeze has been put on foreclosure proceedings in Florida in light of allegations that the companies did not follow protocol when dispensing with the cases. We will be watching closely to see how the fall out affects our local market.

Foreign Buyers Taking Full Advantage Of Florida "Fire Sale"

We are seeing a strong trend by foreign nationals (who would normally be investing in the US Stock Exchange) to choose real estate in this crippling market in which to place their cash. Many plan to rent the properties, then wait out the market until the economy turns around. Properties that were selling in the high $600,000 to $800,000 range are turning up in the mid to low $300,000 range and this class of investors are poised to take full advantage.

According to Associated Press, "For the international investor class, the United States’ bloated inventory of homes, high unemployment and weak currency make for an unusually attractive buyer’s market." As realtors, we see these deals come along that are simply jaw-dropping! With financing difficult to get in our current environment, the all-cash deal definitely makes for a strong offer. This is a major reason why The PURTEE Team got their recent certification as RSPS (Resort & Second Home Property Specialist). This certification covers a foreign national real estate transaction in purchasing an investment or second home from the initial search through the entire purchase. In addition, we have a Transnational Referral Certification specializing in working closely with clients of realtors from other countries. We believe so strongly in the importance of this trend that we are also actively involved in www.WorldProperties.com

Tampa Bay Rays - American League East Division Champions

Today was a BIG day for Rays Baseball! Not only did they cinch the American League East Division Championship... but they also got the home field advantage! Playing on the road in Kansas City, the Rays found themselves down in the count 0-2 until the 9th inning when Pena's line drive into the corner of left field brought in the 2 runs to even the score. Shortly after, word came that the Boston Redsox had beaten the NY Yankees ensuring Tampa's Bay's Division win.

But the Rays were not going to sit complacently by and let this final series game go without a fight. The 12th inning was our time. Rocco Baldelli hit a single... then stole a base to get to second. Leave it to Kelly Shoppach to bring Baldelli in and bring the score to Rays 3 - Royals 2. So, with the bottom of the 12th the pressure built to hold our lead and Raffael Sorriano came in to close out the inning. He didn't let us down with his 45th save of the season!

The Tampa Bay Rays will be home tonight after a very long stretch with no days off. They actually get to sleep in their own beds. Then, on Wednesday post season will begin with a 5 game series against the Texas Rangers. Meanwhile the Yankees with be pitted against Minnesota. Tough match ups to get the the American League Championship and on to the World Series. But for now... yet another exciting reason to live in Tampa Bay!!!

Super Boat Races Returning To Clearwater Beach This Saturday!

At speeds of up to 180 mph, the roar of these sleek power boats will be returning for the 3-day BRIGHT HOUSE 2010 CLEARWATER SUPER BOAT NATIONAL CHAMPIONSHIP FESTIVAL. Just over the bridge from Clearwater Beach, the boats will be on display Friday and Saturday at Coachman Park at the Baystar Race Village.

Other Friday Festivities Include:
• Baystar Village Party at the Promenade on the Bay, 5:30 to 9 p.m., at Cleveland Street and the city’s new marina next to Coachman Park
• Super Block Party in downtown Clearwater, 5:30 to 10 p.m., featuring the music of Let’s Hang On

Saturday Is Filled With Events Such As:
• Meeting the 2-Person Race Teams
• Make A Difference Foundation Fishing Tournament At Clearwater Beach Pier 60 at 8am and 10:30am
• Festival, Fireworks & Ice Cream/ VIP Event Hosted by Pier 60 Concessions/Fireworks Display
• Shephard’s VIP Party, hosted by the Clearwater Beach Chamber of Commerce, 8 p.m. to 3 a.m.

Sunday Is RACE DAY!
11am SUPER BOAT RACE HEAT 1
1pm SUPER BOAT RACE HEAT 2
Over 25,000 spectators are expected and viewing areas are being set up at Pier 60, the Hyatt Aqualea Patio and the Hilton Deck Party. And, of course, the after race party will be hosted by Shepherd's Beach Resort.

Ahhh... just another weekend at the beach!

Tampa Bay - Positive News & HOT Deals!

So, how many of you thought condo sales were dead? Very interesting market statistics in for the month of August… sales of existing homes in Florida rose 1 percent in August, with a total of 13,997 homes sold statewide compared to 13,908 homes sold in August 2009, according to the latest housing data released by Florida Realtors®. However, statewide existing home sales in August increased 3 percent over statewide sales activity in July. A tick up, but nothing to run to the bank with, right?

Well, you are in for a surprise! In Florida’s year-to-year comparison for condos, 5,706 units sold statewide last month compared to 4,662 units in August 2009 for an increase of 22 percent! August condo sales increased almost 2.7% over July! We have posted a link to the Pinellas county August Market Stats on our Home Page. There is no question that the housing sector faces a long recovery, partly due to slow job growth and a still fragile economy.

National Association of Realtors (NAR) Chief Economist Lawrence Yun commented that “given rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs.” The interest rate for a 30-year fixed-rate mortgage averaged 4.43 percent in August, down from the 5.19 percent averaged in August 2009, according to Freddie Mac. Short sales are driving this market and they do take tremendous patience to work through the process. Currently in Pinellas county alone, there are 1825 properties in “Active with Contract” status going through the short sale procedure. That is 1825 sales that are NOT showing up in the statistics.

And speaking of condos…the last 4 emails we sent out to our database advising of brand new HOT DEALS, in every single case the property was under contract within 4 days! Our last email announcing a new short sale in Redington Shores Yacht & Tennis Club went out at 8:30pm on a Friday evening after the property was listed that afternoon. One of our clients had it under contract by noon on Saturday! Now that was quick communication!!!

Here are the latest deals we think you might want to act upon:
1) Clearly one of our favorite complexes for its Clearwater Beach location and its 7-day rental status, Harborview Grande was completed in 2006 and has all the right mix of criteria… all block construction, latest building codes, volume ceiling height and spectacular panoramic views of Clearwater Bay and the Gulf of Mexico! This unit #406 is completely designer furnished and turnkey ready. As a weekly rental, the owner has been able to use it himself personally as well as generating a net annual rental income of around $35,000! This 3BR/2BA was reduced by $41,000 late yesterday! NOW $498,000!!!

2) Another complex we follow closely is La Vistana, a gated community also completed in 2006 and located right on the beach in Redington Shores. With its handsome exterior and interior open atrium, it has become a favorite destination for both full time residents as well as wintering snow birds. Unit #703 (7th floor direct gulf front) was originally purchased for $1,250,000. This 3BR/3BA has just been reduced $100,000! Now $699,000!!!

3) A small beach front complex in Indian Shores has special meaning for us. When we first moved here from Atlanta, we rented for 2 months at The Pointe trying to decide if we liked the area and if we wanted to live on the beach. The result was a resounding YES! A 1BR/1BA condo is a perfect getaway at a now very affordable price. #102 was just reduced $20,000! Now $259,900!!!

4) Looking for a 3 bedroom on the beach? They aren't that easy to find… particularly under $500,000. This West Coast Vista 7-day rental complex in Indian Rocks Beach offers just that. A top floor unit was just reduced $40,000 yesterday! We previewed it today and our opinion was a little sprucing up would make a world of difference. Now $419,000!!!

5) And not to overlook the amazing single family home in the prestigious community of Belle Isle along the Pinellas Bayway, we have an estate home which has so many upgrades and amazing novelties… all it needs is the right owner match to appreciate all it has to offer. This home was the original owner’s pride and joy and he never hesitated to add the latest and greatest. Truly a multi-million dollar home, this spectacular home has been drastically reduced by his estate after his untimely demise. Now $999,000!!!

If one of these drastically reduced properties fits what you are looking for, the best advice we can give you is to not delay. They may all be accessed through the HOT DEALS page. We know the market well enough to know they won’t last long. If we know specifically what you are looking for we can be sure you don’t miss one of these. We have many clients currently making use of our Buyer Program… you may want to try it too!

As part of The PURTEE Team, we are constantly working to expand our market knowledge and share it with you. You will find us hard working and willing to go the extra mile for our clients… simply take a look at some of the latest Testimonials to see for yourself. And don't forget the BLOG With over 150 posts, you will find a wealth of information to help you through your real estate process. Never hesitate to call on us. We are here to help!

Redington Shores Yacht & Tennis Club is totally unique along the beaches of Tampa Bay... a gated community that combines private home lots and single family homes with waterfront condos in three sizes - 2000, 3000 and 4000 square feet. It took over 4 years for the developer to secure this prime 25 acre parcel of real estate. By the time construction was begun on the 4 waterfront condominium buildings, the project was completely sold out pre-construction. In order to secure one, a 20% deposit was given as earnest money.

In early 2007, as construction was winding down, closings began in Building 1 (Las Palmas). Bank appraisals were coming in at the high $800,000 range so spirits were high about their new purchase and the sky was the limit in decorating and upgrades. Building 2 (Las Flores) and Building 3 (Las Brisas) were next. Rumors were starting to emerge that the market was adjusting and a couple of people in Las Brisas walked away from their deposits in order to not close. By the time Building 4 (La Bahia) was ready to close, everybody walked away from their deposits and all of the sudden the developer had 28-3000 square foot units back on their hands!

A brand new gated community with all the amenities... no one thought the floor was about to fall out. By 2008, nothing was selling. Investors who had flocked to this project and never expected to close were now seeing their values drop and a potentially long holding period. One by one, we have seen those units fall victim to a short sale, or in some cases foreclosure. Simultaneously, the builders and lots were falling into foreclosure. What had been started as a true first class destination was struggling. Monthly fees increased to cover the defaults and maintain the property. Things weren't pretty as we ventured into 2009. The developer was practically giving away the units in La Bahia to get them off their plate!

So where is Redington Shores Yacht & Tennis Club today? On a positive note, the developer finally turned over the association to the owners in February 2010. Defaulted payments were caught up and the monthly fees were reduced back to their original level. The new master association implemented guidelines to ensure the level of the community. Since nothing was built in 2008 and 2009... and even 2010, complexes built in 2005, 2006 and 2007 are the NEW buildings. The building codes dramatically got stricter in 2004 so we use that year as a threshold. So... it is new, beautiful, well run and unique on the beaches.

Who is selling and when is the right time to buy? The 2000 square foot condos have sold as short sales as low as the $300,000's... with a boat slip up to $565,000 recently. Currently, there are 2000 sq ft units available from $449,000 to $675,000. ALL of these properties are listed below their original purchase price. No 3000 sq ft units are available and one 4000 sq ft penthouse is listed at $1,799,000. If ANYTHING comes on the market far below market value, there is a pent up demand of buyers waiting to swoop in! We found out about the short sale in our prior Blog Friday afternoon and had the word out to our database within 2 hours... then had it under contract by noon on Saturday by someone who had been waiting.

This is an amazing community and there are owners who have paid a wide variety of prices for their units. Some are bare bones minimum... some have beautifully appointed upgrades... some have gorgeous designer furnishings. This is definitely a property to keep an eye on going forward!!!

This one couldn't wait! Just wanted you to know that a new short sale came on the market in Redington Shores Yacht & Tennis Club... priced at $374,900!!! This is an amazing opportunity to pick up a fabulous waterfront 3 bedroom/3 bath condo in a gated community in Redington Shores (in the coastal area of Tampa Bay, Florida).

Unit 305 in Building 3 came on the market yesterday and at this price it probably will not make it through the weekend! We are ready to answer your questions in regards to making an offer on a short sale. The things you make want to look at: 1) Take a look at our dedicated Redington Shores Yacht & Tennis Club website to learn more about the amenities this community has to offer; 2) Take a look at the actual MLS Information via the HOT DEALS page; 3) Learn more about Short Sales through our Blog (http://floridagulfpropertypurteeteam.blogspot.com/2010/02/short-sales-buyer-strategy-to-getting.html)

As a matter of fact, our Blog is filled with a library full of information about the Tampa Bay area and the Florida real estate market.

You will not want to miss this one! Call or Email us today...

Florida Population Growing Again...

For decades, Florida was in a growth mode that averaged adding over well over 125,000 people a year. We were here to witness 2003 to 2006 when Florida’s population grew by more than 400,000 per year, and in the previous three decades increases averaged about 300,000 per year!

With over 1000 people moving to Florida a day, it made sense that all the construction was needed to house all these people heading our way... after all, we had decided to make the move here and knew many others who were making plans to do so. There was a building crane on every corner and we often stated the the "crane" was our national emblem! What a shock to see all that fall apart.

The economy was deteriorating rapidly, jobs shriveled and unemployment skyrocketed.... all at the same time of increased insurance costs and property taxes. By 2007, the growth trend had reversed and between 2008 and 2009, Florida actually LOST just under 57,000 in its population! What a dramatic change to send property values into a downward spiral.

And yes, there is a glimmer of hope... according to UF’s Bureau of Economic and Business Research, Florida actually reversed the trend again and ADDED 21,000 residents between 2009 and 2010! Not enough to make up for the prior year's loss, but definitely a step in the right direction.

2010 Tampa Bay Scallop Search

This summer, there has been a great deal of attention to the Tampa Bay Estuary Program and in particular the Great Bay Scallop Search!

The Tampa Bay Estuary Program was created by Congress in 1991 to assist the community in restoring and protecting Florida's largest open-water estuary. As a designated "estuary of national significance," Tampa Bay is the economic and environmental centerpiece of a rapidly growing region supporting more than 2.3 million people.

What we learned was that scallops and their presence is a strong indicator of the health and status of the bay water. Why is that? Bay scallops, with their short 12 month life span, are filter feeders and therefore highly sensitive to changes in water quality. As a matter of fact, adult bay scallops can pump as much as 15.5 quarts of water per hour which inturn improves the water quality resulting in long term growth of seagrass beds.

So we decided to take a look ourselves! A drive north to Homosassa, home to Crystal River, and a pristine area of the Bay waters was our destination. Captain Mark loaded us on his boat and we cruised about 30 minutes out into the gulf. He explained that the scallops are now reproducing extremely well, but that scalloping season is still short and there are limits as to how many may be taken from the sea. Our limit was 2 gallons of scallop shells per person and we set out to try this new adventure! Armed with our snorkel equipment and mesh bag, over the side we went.

Knowing how important these creatures were... with their dozens of eyes around the rim seeming aware we were on the hunt, it was a little daunting at first. But the captain showed us the technique and the water was crystal clear making it easy to spot these gems. It wasn't long before we were diving down to get our prize like experts and we filled our quota within a couple of hours. The picture above is our actual "take".

Cleaning the scallops was definitely an interesting part of making our way to the delicious gem of sweet meat that each shell held. To get the true experience, we took a large bag of our freshly cleaned scallops to the restaurant next door to give them a try. Blackened, grilled, cajun and fried... we tried them all and thoroughly enjoyed our feast... knowing that these healthy scallops meant healthy Tampa Bay water. Life is good here in Tampa Bay!

$5.2 Million Beach Re-nourishment Underway in Treasure Island

Sand & Water Being Pumped Onto Beach
Over the course of time, a natural erosion takes place on all beach areas. The thing that so impresses us along the beach communities of Tampa Bay is how stringent they are about their re-nourishment programs.

Survey teams have a strict routine in which they measure the beaches at various tide levels to see how the erosion process is proceeding. They have specific points along the dune level of the beaches... from there they measure to certain marked points.

Currently, Treasure Island is undergoing this replenishment of sand along Sunshine Beach at the north end and Sunset Beach on the southern end. Both areas have recently experienced a great deal of erosion and the communities have prioritized both for re-nourishment. The process takes place by dredging a mix of sand and water from the gulf floor... then piping it along the beach to the areas affected. It is an amazing process to watch and within a short time, we will see 200 feet of beach replaced at Sunset Beach!

The normal cycle is to see the process occur about every 5-7 years, depending on the natural course of erosion. Living in the area, we are continually please at how serious Florida is about preserving its beaches to the pristine level that they are. Even the tractor that shows up weekly to rake the beach and keep it clean is something to appreciate and not take for granted.

Canadian Misconception - "I Will Pay More Taxes To Buy Property In Florida"

It makes sense to clarify this misconception since we are asked the question frequently. In Florida, the question arises because of ad valorem property taxes and the existence of the Homestead Exemption Amendment. This "discount" on property tax applies to individuals who live in homes as their primary residence. The term for this type of property ownership is Homestead. A property may ONLY be homesteaded if that property is the owner's primary residence.

Florida property tax homestead exemption reduces the value of a home for assessment of property taxes by $50,000 (as of 2008), so a home that is actually worth $200,000 would be taxed as though it was worth only $150,000. Depending on the millage rate of the community in which the property is located, the savings can be worth up to several hundred dollars in taxes owed.

So, to answer the question, an individual who owns property in Florida that is NOT his primary residence may not apply for this exemption. Therefore, whether that owner is from another country, another state... or even another area of Florida, he will pay the property tax based on the actual assessed value without the discount. There is NO additional tax for property owned by Canadians. As a mater of fact, the United States is one country that is very fair about property ownership by foreign nationals!

Second Home By The Sea?

In 2000, the US Census identified "Second Homes" as seasonal, recreational and for occasional use... versus "Investment Home" property purchased for current income (via rental) as well as potential profit upon its sale.

The destination has to be right for either scenario. That is why we chose Tampa Bay. The chain of barrier island communities from Clearwater Beach in the north stretches 25 miles to St Pete Beach in the south... with some of the most beautiful white sandy beaches! Being on the west coast of Florida, we enjoy nature's most spectacular sunsets (many have been featured in prior Blogs) every night! And yet, it is not like we are in some remote island with nothing else to see or do! Having St Petersburg and Clearwater only minutes away, Tampa less than 30 minutes... and even Orlando in just 1 1/2 hours, you truly have access to it all. Fine dining, shopping, sports, entertainment, theme parks and so much more!

As we see buyers choose our area to make a purchase, the lines between second home buyers and investors has become less defined. It used to be simple. Second home buyers did not want others using their home. It is for their family to enjoy seasonally when they can travel this way, possibly winter here, use for recreation and hold onto for retirement. Investors looked strictly by the numbers - would the rental income cash flow? Is the value there along with the potential for appreciation and is it the right diversification to their portfolio.

The market tumble has made second home buyers more cautious and more receptive to looking at their purchase as an investment. Investors are low-balling offers with no emotional attachment to the property itself... strictly to make the numbers work. Both scenarios are best explored with a real estate professional. Someone who knows the area and can help a buyer determine the right type of property for their needs. Baby Boomers born between 1946 and 1964 are the driving force behind the second home market, while the Generation X'ers born between 1965 and 1980 are leading the investment purchase.

In the coming Blogs, we will explore second home buying more in depth... including tax implications, financing options and more. When you are looking for a real estate professional to help you along the barrier islands of Tampa Bay, look no further than The PURTEE Team.

Downtown St Petersburg - A Mecca Of Culture!

As we continue our discussion on what the Tampa Bay area offers, we don’t want to lose sight of culture... especially in downtown St Petersburg! The arts are abundant in what is called the "Sunshine City"... from the new currently under-construction Salvador Dali Museum (opening Jan. 11, 2011) to the newly expanded Museum of Fine Arts, to the private art galleries that line its downtown streets. A center for both visual and performance art, St Petersburg is now the proud home of another legend!

As of last month, the Morean Arts Center at 400 Beach Drive culminated its efforts over the past 5 years to establish a gallery of works by famed glass artist Dale Chihuly. 16 installations of glass art represents works from throughout the glass pioneer’s career! And, along with this collection, the Morean will also be opening a Glass Studio & Hot Shop that will provide furnaces, kilns, studio space and seating for visitors to watch glass artists at work!

As a realtor in the area, we have access to some wonderful events with the opportunity to experience these cultural displays first hand. Last night, the Young Professionals Network, a chapter of the Pinellas Realtors Organization, hosted an evening social which included a tour of this stunning collection of Chihuly's artwork as well as a networking social at 400 Beach Seafood & Tap House. YPN is a growing group of career-minded real estate professionals interested in finding and using the best tools with which to service their buyers and sellers.

We were extremely impressed with the Chihuly exhibit and stimulating conversations about our market that followed. With the new Salvador Dali Museum on the horizon, we know we will be personally making downtown St Petersburg a regular outing! So much to see and do!!

Living On The Beach Series - BEACH NEWS #2

As we contemplate the many amazing visual delights we see on a regular basis, some of these really stand out! On a daily basis, we see dolphins swimming and playing... manatees are more infrequent and a special treat. Working with a window looking out to the beach offers some great opportunities. When a small crowd starting gathering by the shore, we knew something was up. Mark and I literally put down what we were working on and went to investigate!

A family of 3 manatees was slowly swimming north to south very close to the shoreline. Such amazing animals! Completely fascinated, we strolled along the beach with about a half dozen other equally fascinated beachcombers. We probably walked along with them for about a quarter mile before they veered off out to sea. What a great treat to take back to our home office and pick back up with the work waiting for us!

And one of my favorites? A full moon setting over the water, for sure! Everyone knows our sunsets are spectacular, but this special event... when the moon is full and has transited the sky overnight then slowly begins its decent into the Gulf of Mexico is a WOW! What makes it unique is timing. Weather conditions have to be right, the setting needs to take place while it is still dark or close to it... many things can disrupt this grand event. But when it happens, it is mesmerizing!!! I have included this photo that I took because of its rarity. As the moon was setting, the sun was starting to come up in the east, so the clouds to the right started picking up an amazing glow. Like I said, camera always needs to be close at hand!

Living On The Beach Series - Beach News!

To say we never tire on living on the beach right here along the barrier islands of Tampa Bay is an understatement! When we first moved to the area in late 2001, we weren't sure if "living on the beach" would be the answer for us. We had sold one business and closed another... and the tragedy of 9/11 had affected us all, leaving us ready for a change.

People had asked us, "Why would you want to live on the beach??? With all the salt and the sand... and you know, it's just black after dark!!!" Hummm, we decided to see for ourselves and I have to say... we have never looked back! Every day, there is something different that catches our attention. We began to refer to these occurrences as BEACH NEWS and would call family or friends back home expressing the wonder of what we were seeing. Since that time, many of them have moved here themselves! This series will feature some of the amazing scenes we witness on a regular basis... which keeps our binoculars and camera close at hand!

We just uploaded a video of a full RAINBOW that started out coming out of the gulf, then as we looked in amazement... it began to open up into a full rainbow. SIMPLY AMAZING...

JULY Hiccup In Market Statistics

The link to the new July 2010 Market Statistics for Pinellas County has been posted on our Home Page. From March through June, we saw steady increases in our market absorption as inventory decreased and sales picked up. By the end of June, however, the fears of the BP Oil Spill in the Gulf of Mexico along with slower than anticipated economic recovery and double digit unemployment... that energy lost some of it sizzle. In addition, sellers who felt they could finally put their home on the market and do a little better brought a new source of inventory.
Click On The Chart To Enlarge
We use this chart to get a sense of how much inventory is being reduced in the market and it is determined by dividing the number of units sold during the month by the total number of listings in the MLS. In July, 8.3% of single family homes were absorbed compared to 11.1% last year. 6.1% of condos were absorbed compared to 6.9% last year... not quite the falling off of single family homes (showing a little comeback on the part of condos in general).

51% of all new transactions in July were cash purchases, with 27% getting conventional loans and 16% FHA. 45% of all residential sales to date in 2010 have been priced between $120,000 and $399,900.

Waterfront property appears to be getting the most attention as international investors are taking full advantage of these prime real estate opportunities...

Canadians - Buying Florida Property In This Market!

Canadians are taking advantage of this market with the combination of a strong currency and devalued property value in Florida! We added an article published On August 6th by The Canadian Press... http://www.floridagulfproperty.com/canadian-snowbirds.html

“It’s a once in a lifetime opportunity for Canadians,” says Mark Dziedzic, a Canadian Realtor with Cross Border Realty and a snowbird himself.

Canadian realtors looking for a realtor who specializes in waterfront property along the beaches of Tampa Bay need look no further. The PURTEE Team will help your clients find the special opportunities! Prices at a fraction of original purchase price are attracting cash buyers ready to snag these deals up and those are gone in a matter of days. That is why you need to be aware of where those special properties are!!!

BP Oil Spill Finally Winding Down In Gulf Of Mexico

The news we have all been waiting for during 4 months of oil gushing into the Gulf of Mexico finally came yesterday! Efforts to stop the well through what’s called a ‘static kill’ appear to be working—and a report out today by scientists show that the vast majority of the spilled oil has been dispersed or removed from the water. So the long battle to stop the leak and contain the oil is finally close to coming to an end. The relief well should be in place on schedule by mid-August. As we walk along these beautiful beaches of Tampa Bay, we are truly thankful we remained unharmed. http://www.restorethegulf.gov/

We have all heard about the impact of the spill on our friends in the panhandle and along that area of the northern gulf coast. Efforts to restore the damage will be going on for a long time. As we see vacationers and home seekers choose our area, it is a mixed blessing. The Tampa Bay barrier island beaches... from Clearwater Beach in the north to St Pete Beach in the south... are among the most beautiful in the country, and always ranked among the top favorites for their environmental efforts as well as their beauty. We love to share its assets as an exceptional destination. Come see for yourself what the beaches of Tampa Bay have to offer!

Mortgage Rates Hit Low Of 4.5%

Beginning in March, the forecast was that with Freddie Mac pulling out of government funding rates would start to climb as the private sector now funding these mortgage bonds would demand a higher return. That is what has economists amazed that the latest rate is the lowest for a 30-year fixed loan since Freddie began tracking rates in 1971! It also marks the fifth time in six weeks that the mortgage company has reported hitting a new average low. That makes mortgage rates are the most affordable in decades for those who can qualify for a loan.

"Refinance activity has increased over the last month as homeowners seek more affordable monthly payments. But many don’t qualify for a loan or don’t have the cash to pay for closing costs. And rates have been low for so long that many have already refinanced," according to an article published by the Associated Press last Friday.

To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.

Rates on five-year adjustable-rate mortgages averaged 3.76 percent, down from 3.79 percent a week earlier.

Rates on one-year adjustable-rate mortgages fell to an average of 3.64 percent from 3.70 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 a point for all loans.

USA Today Travel Agrees - Tampa Bay Prime For Second Homes!

We say it so frequently that it is great to hear that a national news source agrees that Tampa Bay is an amazing destination for those seeking to relocate or purchase a second home. Two days ago, USA Today Travel published this article: Second homes: All the joys of Florida in one spot!

When we did our own personal research back in 2001 as we sold our business and looked ahead at where we wanted to spend the next decades of our lives, the one thing for sure was that it would be on the water! There is something so soothing and serene about watching the waves, the wide assortment of birds, dolphins and manatees swimming by... and of course the temperate climate. Tampa Bay offers all that splendor of nature on its pristine white sandy beaches, while giving us access to three dynamic cities (Tampa, St Petersburg and Clearwater) in which to enjoy fine restaurants, international shopping, entertainment and culture! One by one, as they visited this special area, our family members moved here as well. Even if they couldn't move full time, they bought along the beaches of Tampa Bay to enjoy whenever they can.

Prices skyrocketed in 2005 and 2006 when over 1000 people were moving to Florida every day. With the unprecedented market adjustment in pricing, there is no better time to take advantage of these extraordinary deals! Contact The PURTEE Team today!

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