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!