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!