$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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