Consumer Confidence Jumps In April!

Getting the report on this new April 2010 survey from BEBR, I did some research as to the credibility of the source. Established in 1979 to conduct research on consumer attitudes and buying behavior in Florida, the Bureau of Economic and Business Research (BEBR) Survey Research program has grown into a state-of-the-art survey research program. Renamed in 2001 to the UF Survey Research Center (UFSRC), the program conducts a regular monthly survey of some 500 households in Florida and issues their Florida Consumer Confidence Index.

The April Consumer Confidence Survey showed some very positive signs, in spite of the state's record unemployment. Confidence spiked in April 6 points to 77 over March's 71 level. Expectations of U.S. economic conditions over the next year rose 10 points to 80. However the biggest jump was in the perception of whether it is a good time to buy big-ticket item... which rose a whopping 14 points to 87!

Consumer confidence has not been this high in Florida since October 2007 when it was at 79. "Florida's consumers have been full of surprises the past several months," Dr. Chris McCarty, director of the program, says. "Much like the reading for January, this rise in confidence was completely unexpected. Last month Florida broke its all-time record for unemployment at 12.3 percent. Yet Floridians are far more optimistic this month than last."

"Consumers are clearly optimistic that the United States is in recovery and that the economy will at least not get any worse," McCarty says. "Therefore, some of the spending may be pent-up demand from households that were cautious about spending when the recession was at its height and when job losses were on the rise."

Although long-term unemployment remains a serious problem in the near term, it appears that layoffs have mostly stopped.

Rays Baseball - A Tampa Bay Jewel

Tampa Bay is certainly getting fired up about its baseball and with the current game tally at 11 wins to 4 losses, the Rays fans have a lot to be excited about!

Tonight is the last game in the series with the White Sox and the Rays come home tomorrow to begin their home series with the Toronto Blue Jays right here at Tropicana Field. A great addition for Friday home games is the spectacular fireworks show at the end of the game. And Saturday begins the Summer Concert Series with a free concert after the game. This week will feature a performance by John Fogerty.

What is gratifying to see is the Rays dedication to giving back and supporting the community that supports their team. Through its corporate partnerships throughout the community, the team encourages environmental education programs in the Tampa Bay area. In addition, from its foundation... to recognizing our country's military heroes during Sunday home games... to helping make a child's wish come true, to helping others play the sports they love, the Rays have partnered with other corporate citizens to reach out to the Bay Area Community.

Take me out to the ball game...

Mortgage Rates Fall Last Week In Spite Of Rising For 4 Straight Weeks

We have been watching (like so many others) mortgage rates to see any impact from the Federal Reserve backing away from government backed mortgage bonds as of March 31st. See our March 27th BLOG Post. The big question was whether once those bonds had to be financed by the private sector... rates would have to rise to attract those investors.

Rates for long-term mortgages dropped last week but still remained above 5 percent, Freddie Mac said last Thursday. The average rate on a 30-year fixed rate mortgage was 5.07 percent, down from 5.21 percent the week before. It had our attention when the week of April 5th showed an average rate for a 30-year fixed mortgage at the highest since mid-August, when it was 5.29 percent. Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve campaign in backing the mortgage bonds.

The average rate on a 15-year fixed-rate mortgage was 4.40 percent, down from 4.52 percent last week. Rates on five-year, adjustable-rate mortgages averaged 4.08 percent, down from 4.25 percent a week earlier. Rates on one-year, adjustable-rate mortgages dipped to 4.13 percent from 4.14 percent.

Although the program ended at the end of March, the Fed has left the door open to reviving the program if the economy weakens. Lower rates mean more affordable mortgages for Buyers. According to Bankrate.com, the Mortgage Rate Trend Index shows experts mixed in their forecasts with 39% believing rates will rise over the next week or so, 22% thinking they will fall and the other 39% thinking they will remain unchanged.

Don't hesitate to use our website for Mortgage Rate Comparison... and you can even apply online!

National Flood Insurance Program Back In Force

Our April 6 Blog Post discussed the problem that has occurred because Congress had recessed without extending authority for the National Flood Insurance Program (NFIP) which expired on March 28, 2010.

As we forecasted, and with the help of the insistence by the National Association of Realtors, Congress approved an extension of the NFIP at the end of last week and President Obama signed it into law within the hour. The change, part of a larger bill that covers unemployment, extends the flood insurance program to May 31, 2010; and coverage is retroactive to March 28 when the current program ran out.

The extension, which needed to be addressed immediately upon Congress coming back into session, will serve as a patch while the larger more comprehensive bill that would extend flood insurance through December 31, 2010.

“In theory, the NFIP will now return to normal operations and, since the extension is also retroactive, any new policy applications or renewals that were signed and submitted during the hiatus will be effective from the date of application (or in the case of waiting periods, the waiting period will start from the date of application),” say officials of the Independent Insurance Agents and Brokers of America.

Spotlight On Seminole, FL - Just Listed At Monterey!

The Tampa Bay Area is surrounded by water, from its Bays to the Intercoastal to the Gulf of Mexico. In addition, Lake Seminole provides a pristine setting in a park environment for its Seminole residents. Seminole remains a popular destination for home buyers with its highly rated schools and central location. The city of Seminole has about 18,500 residents, enjoying access to Clearwater, St Petersburg and the Gulf Beaches within minutes. Many areas in Seminole are in non-evacuation zones, meaning the area is high enough to avoid being in a flood zone during a hurricane or storm surge.

The Purtee Team has just listed a 3BR/2BA condo in the gated community of Monterey at Lake Seminole. Built in 2007 to the latest building codes and block construction, Monterey enjoys amenities such as its lake front community pool, fitness center and fishing pier. This 4th floor condo with direct lake views has 1890 square feet of spacious living area, as well as a screened in balcony with extra storage closet. You will find it filled with beautiful appointments such as crown molding, 42" cabinetry, high ceilings, elegant master bath and much more! It is vacant and ready to move right in! At $277,000... this elegant condo is a MUST SEE! MLS #7458871

Open House Event A Success!

Many thanks to those of you who came by our Open Houses over the weekend. The feedback we got on our new listings was exceptional and we were thrilled with the response!

It is so gratifying to see Buyers back out in the market realizing this is truly the time to make a move. With interest rates still low, inventory coming down and pricing flat or slightly rising, many people understand the value of making a decision now.

We had many discussions about the buying process, understanding of short sales versus bank-owned, and financing options. In addition, we were able to introduce quite a few to our Buyer Program that allows buyers to automatically receive email notification of new listings of properties that fit their criteria.

If you were not able to attend this weekend, please review our Featured Listings to see the great properties we currently have for sale!

Don't Forget - Statewide Open House Event This Weekend!

The Purtee Team will be participating in this event both Saturday and Sunday. You can read about it in our post from earlier in the week: http://floridagulfpropertypurteeteam.blogspot.com/2010/04/on-april-10-11-2010-more-than-35000.html

The four "Just Listed" Waterfront Properties that will be open are:

Saturday, April 10th

17717 Gulf Blvd. #502, Redington Shores Yacht & Tennis Club - 3BR/3BA Waterfront Condo @ $589,000

5396 Gulf Blvd., Seamark, St Pete Beach - 2BR/2BA Gulf Front
#902 - Updated @ $549,900
#802 - Completely Renovated and Remodeled @ $725,000

Sunday, April 11th

530 S Gulfview Blvd., Harborview Grande #406, Clearwater Beach - 3BR/2BA Waterfront Condo @ $575,000

March Statistics Are In - What A Difference A Month Makes!

The March 2010 Market Statistics have just been posted for Pinellas County and they have been added to our website. As you see from month to month, the Absorption Rate (or Inventory Turnover) gives us the first blush overview... and take a look at this chart! The Absorption Rate is determined by dividing the number of units sold during the month by the number of active listings in the Multiple Listing Service.

Click On The Chart For A Clear View:
What a difference a month makes in Pinellas County!!! In March, the Absorption Rate on Single Family Homes jumped to 11.5% from March '09 7.7%, and Condos went right along at 9.5% over March '09 4.9%!

The median prices stabilized and actually began to move back up while sales results made a significant jump. Single Family Home sales improved 17.2% over March '09... with sales of 1667 homes. The median price of $138,500, although slightly down from March '09 $140,000... was significantly higher than Feb '10 at $130,000.

Condos made the most significant comeback with a 53.1% increase in sales over March '09... with sales of 1200 condos! The median price remained flat at $110,000.

As we continue to watch our depressed market rebound, the telltale sign is how busy we have gotten! We are posting Hot Deals to our website frequently... and watching them get sold quickly.













The February Market Statistics have just been posted for Pinellas County and we have added them to our website. Personally, I always go first to the Absorption Rate (or Inventory Turnover) to catch a trend. The absorption percentages increasing reflects the market absorbing the inventory that is available. This is definitely a result of the median price. In Single Family Homes, the highest price level occurred in October of 2005 at $276,000. In February 2010, the median price of homes sold was $130,000. Condos reached their high level as well in October of 2005 at $215,000. In February. the median price was $110,000.The inventory has had to experience this decrease in value to stimulate the market back into activity. This is the point investors, and buyers in general, start to look hard at which depreciated properties have the best chance to appreciate on the upturn.

Advance Notice - New Listing at Harborview Grande To Public Friday!

Harborview Grande, a beautiful waterfront building completed in 2006 was completely sold out pre-construction! I remember going to the site where two little motels sat and thinking about the water in every direction. Plus with Clearwater Beach ranked as one of the most beautiful city beaches in the country, visitors flock to enjoy the beach, Pier 60 and its nightly festivities and the wide array of events featured throughout the year.

The Sand Pearl Resort and Hyatt Aqualea have just been built as premium hotels with high end amenities. The city of Clearwater Beach has been fervently working on their Beachwalk project which gives a universal upscale feel to the area.

What is the difference between one condo in Clearwater Beach versus another? There are only a handful of 7-day rental condos available for vacationing tourists. Most complexes require a 30-day stay. Harborview Grande, during the pre-construction phase got the right to do 7-day rentals which immediately made the complex a highly desirable destination. The stair-step design makes each of the 30-ft balconies feel like a corner... offering fabulous views of Clearwater Bay and the Gulf of Mexico.

A 3BR/2BA condo in Harborview Grande commands a rent rate of between $1300 and $1700/week depending on the season! There is currently NOT ONE available for purchase! This Friday, we will be listing #406 at Harborview Grande for $575,000. It is designer furnished with beautiful touches and unique hand painting. For its launch, we will be holding it open Sunday from 1-4pm. The address is 530 S Gulfview Blvd. if you can come by. For the savvy investor looking for the right location with the right net income potential, this is well worth the consideration! Call The Purtee Team for information on this exciting listing... it won't last long. (The last one we listed in Harborview Grande was under contract in 1 week!) 727-480-8219

Closings During NFIP Lapse??? New Guidance Issued

In order for mortgages to be created, lenders rely on federal regulations requiring the existance of flood insurance on the property being closed. The problem has occurred because Congress has recessed without extending authority for the National Flood Insurance Program (NFIP) which expired on March 28, 2010. By law, flood insurance is required for the purchase of real estate in a 100-year floodplain. Most of the property here in Tampa Bay is in a flood plain area.

Insurers may not issue new or renewal policies or increase the coverage of existing policies backed by the NFIP while it's expired. As a result of the National Association's call for action, regulators have issued guidance as to how to close properties during the NFIP lapse. Six of the nation's largest lending authorities have formed a consensus that loan closings may still occur during the NFIP lapse with verification of the submission of a NFIP flood policy application and premium payment submission to the insurance provider.

When Congress returns on April 12, NAR will encourage them to act swiftly to reauthorize and extend the NFIP, and insist that the reauthorization should be made retroactive to March 28, 2010, so that any properties that are flooded during this lapse will be covered by the program.

According to the Governmental Affairs website, FEMA, which administers the NFIP, issued guidance that:

• Existing flood insurance policies that were in effect on March 28 (when NFIP expired) will remain in effect and would not be affected.
• While new flood policies may not be issued after that date, new policies for which payment was received or in case of loan closings, the application was dated on or before March 28 -- will be issued.
• Also renewal policies may not be issued until the NFIP is extended; however, there is a 30-day grace period during which the policy remains in effect following its expiration date.

Considering A Short Sale Over Foreclosure? New Fed Program May Help

We are frequently asked, "What is a short sale?" A short sale is when you sell your home if you owe more than its worth and you can't afford to make the payments. If you consider what it was like to qualify for the mortgage loan in the first place, now you have to qualify in reverse... that you cannot afford to continue paying. Many homeowners have found their homes reduce in value to a point where they owe more than it's worth. A short sale can be a possible way to unload it.

Effective yesterday, the short sale process has been simplified under the Home Affordable Foreclosure Alternatives program, or HAFA, which gives $3,000 to borrowers for relocation assistance, $1,500 to servicers for administrative and processing costs, and up to $2,000 to investors who allow up to $6,000 in short sale proceeds to be distributed to subordinate lien holders. The program was created to help stabilize distressed inventory and create an alternative to undervalued homes facing foreclosure.

The National Association or Realtors is offering webpage with information on how HAFA works at: www.realtor.org/shortsales

The U.S. Treasury Department guidelines and forms (updated March 26, 2010): https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html.

April 10-11: Florida OPEN HOUSE Event

On April 10 & 11, 2010, more than 35,000 blue balloons featuring the Realtor® logo will be flying above mailboxes at open houses from Tampa Bay to the Panhandle to Key West. It’s all part of the first-ever statewide open house weekend! But Florida Realtors aren’t the only ones showcasing properties during that weekend. State and local associations across the country have also designated April 10 & 11 as Open House Weekend. From coast to coast, the signature blue balloons will showcase thousands of open houses. It’s a buyer’s dream! The timing couldn’t be better for buyers. Interest rates are low. There’s a supply of homes at all price points. And the Florida Open House Weekend is two weeks before the April 30 deadline for the homebuyer tax credit.

The PURTEE Team is looking forward to participating in this exciting event! Look for our Balloons at the following Featured Listings:

Saturday, April 10th 1pm to 4pm

12975 96th Ave., Seminole, FL - 4BR/2BA Single Family Home $359,000

17717 Gulf Blvd. #502, Redington Shores Yacht & Tennis Club - 3BR/3BA Waterfront Condo @ $589,000

5396 Gulf Blvd., Seamark, St Pete Beach - 2BR/2BA Gulf Front
#902 - Updated @ $549,900
#602 - New Kitchen & Marble Floors @ $589,000
#802 - Completely Renovated and Remodeled @ $725,000

Sunday, April 11th 1pm to 4pm

530 S Gulfview Blvd., Harborview Grande #406, Clearwater Beach - 3BR/2BA Waterfront Condo @ $575,000

5339 62nd Ave S., Bayway Isles, St Petersburg - Single Family Home 5BR/3.5BA Totally Customized @ $1.4M

If you get a chance, come by and take a look at these dynamic properties!

Tampa Bay Rays Ready For Baseball Season!

This Bay area has eyes focused on what could be a breakout season for the Tampa Bay Rays. The season opener is this Tuesday, April 6th against the Orioles. But look out April 8-10! The first weekend of the season, against the Yankees, at home at Tropicana Field, and televised on Fox and TBS.
The American League East appears to be the toughest division for the year with the Yankees, Red Sox and Rays all viable to win 90+ games! We have just had a host of visitors in the area going to spring training games (the Tampa Area hosts 9 teams) and we see fans loving to watch teams such as the New York Yankees, Philadelphia Phillies and Toronto Blue Jays.

Actually, The PURTEE Team has had the pleasure to find luxury waterfront accommodations for the season for two of the Ray's most important players: Carlos Penya, First Base and Rafael Soriano, the new Closer in the Bull pen who was recently traded from the Braves. As beach real estate experts who handle both sales and rentals, we are ready to accommodate the most sophisticated needs. And we love to support our sport teams and other local celebrities! It simply makes us once again proud of where we choose to live... Tampa Bay!