Holidays At The Beach

In early to mid-December, living here in Tampa Bay is simply spectacular! Not only are we enjoying 78-80 degree days, the holidays are magical as well. All the colorful lights abound on every corner and all along the Gulf Boulevard corridor.

Holiday boat parades are celebrated in each community and hundreds of boats compete with their decorations for each coveted prize. Last Friday, we enjoyed the St Pete Beach boat parade with over 80 boats participating. The lighting of the tree, a visit from Santa and jolly elves playing live music brought a festive atmosphere to all of us lucky enough to have a great view.

Add to that the Geminid Meteor Shower that has been in full force the last two nights... out on the beach away from the lights is the perfect viewing position to see shooting stars every minute!

As we get ready for the new year and huge influx of tourists to our area, this is literally the quiet before the storm. What a perfect time to reflect on the beauty and amazing lifestyle living here brings...

Being realtors specializing in real estate along the beach area of Tampa Bay, The PURTEE Team is ready to share that lifestyle. If you find yourself contemplating a purchase in our area, fill out this short questionnaire and you will be on your way to seeing why life is so special here!

Cyber Monday - Finding Florida Real Estate Online!

With so many websites offering real estate searches such as Realtor.com, Trulia & Zillow, it is most common for potential buyers to explore the market themselves to see what is available. As the online experience continues to grow in every conceivable area, there is no reason logically that real estate shopping would be any different!

To a certain extent that is true. There is an abundance of information available through public records and a little research can uncover a great deal of information from property taxes to recent sale activity to status of liens against a property.

In order to improve the process, here are a few pitfalls to avoid:

1. All of the real estate websites pull their information directly from local Multiple Listing Services (MLS). There are some status categories that these websites do not have which can easily cause confusion. For example, when a listed property goes under contract and there are contingencies to work through - such as short sale lender approval, financing or inspections, the status goes to a category called "Active with Contract". The real estate websites pull these listings as "Active". For that reason, a buyer searching can easily waste a great deal of time researching a property that is actually already under contract.

2. It is very easy to listen to national media and think you understand what the trends are in the market. BUT, word to the wise... every market has its own quirks and trends. Many times it is hard online to determine the pulse of a specific local market.

3. There is no question every buyer wants to feel he or she made a good purchase at a great price. As real estate starts its comeback, there have been many buyers waiting on the sideline trying to decide if now is the time to buy. This pent up demand results in a lot of buyers looking for the same type of property... particularly in a market specific such as the beach area of Tampa Bay. The really good properties go extremely fast and many times are under contract before they can feed through to the other websites.

If you are a serious buyer contemplating a purchase here in the Tampa Bay beach area, The PURTEE Team can offer you a way to blend the ease of online shopping with the expertise of a local realtor. Through our website: www.floridagulfproperty.com , we offer a variety of searches that are available in 'real time'. You can choose to Search All MLS ; Search Distressed Properties ; or select HOT DEALS for our current picks of excellent value properties.

Let us show you how you can become knowledgeable about the specific market you are considering, and help direct you to properties that fit your criteria before others even know about it! Email us to learn more: info@floridagulfproperty.com and you will be on your way to Living the Florida Lifestyle...

In Search Of Distressed Properties In Florida

Every day The PURTEE Team talks to buyers looking for a real estate "deal" here along the coastline of Tampa Bay. There are still great values, but the climate is definitely changing... and we continue to get the word out to our clients.

In Pinellas County, as of November 7th, there are 8,253 properties listed for sale. Over 76% of those are non-distressed! By distressed, we are talking about a short sale or pre-foreclosure or bank-owned. This 8,253 listings number represents 33% less inventory from what was available at the end of October 2010.

For that reason, there is less for the buyer to choose from. Plus, out of the active listings, less than 20% are short sales and only 3.7% are bank owned! Although 1,400 new listings hit the market during October only 7% were bank owned and slightly less than 20% were short sales.

THE RESULT? When comparing sales from October 2011 to October 2010, non-distressed sales are UP 20%, short sales are up 57% and bank-owned sales DOWN by 12% (lack of inventory).

A prospective buyer came into an open house over the weekend to look at a property that has been aggressively priced and is currently one of the lowest per sq ft properties to have been sold in this particular community. He emphatically told me the prices were going to continue to come down and he would pick up one when a lower price came available. HOW DO YOU READ THESE STATISTICS?

Directly from our website, on our HOT DEALS page, you can search all local distressed properties. Our advice? DO NOT DELAY your purchase. As of the holidays we go into our busy season and many people from around the country and internationally are planning to make a purchase while they are here. We are here to help. Contact Us Today!

** Statistics provided by the Pinellas Realtor Organization

October Early Snow Sets More Northeasterners With Sights On Florida

This past weekend's surprise snowstorm took the last of the beautiful fall colors with it. Power outages, blocked roads, treacherous driving, shoveling... SERIOUSLY? And in October???

As part of The PURTEE Team, realtors in the Tampa Bay beaches area, we do business with clients not only from around the country but around the world. We have talked to many clients in Pennsylvania, New York and Massachusetts in the last few days. With starting the snow so early this year, it has many of them looking toward "living the Florida lifestyle".

Each of the four members of our real estate team relocated here to the Tampa Bay area years ago. We have never looked back on that decision. This area has an abundance of activities with every kind of water sport, 9 area spring training teams, major league sports, international shopping, theme parks, fine dining... and then, of course, there is the pristine white sandy coastline along the Gulf of Mexico that simply takes your breath away!!! What a novel thought to leave the cold and snow behind and instead play a round of golf, a game of tennis, sailing into the sunset, deep sea fishing... or simply a stroll on the beach!

If you are seriously considering the options of either relocating to the Tampa Bay area, or purchasing a second home here... we are the realtors for you. Scrupulously diligent in finding the right property, we won't let you down. Whether you work with Mark, Garges, Lambdin or Kathy, you get the power and expertise of us as a team. Our website www.floridagulfproperty.com is filled with tools to help as well. Fill out your "Wish List" today and one of us will be in touch with you shortly to help identify exactly what you are looking for and how we can help you find it.

September Market Statistics Keep Up The Momentum!

Please Click On Chart To Enlarge
The PURTEE Team prides themselves on being knowledgeable about the Tampa Bay beaches real estate market... both in market statistics, trends and pertinent information. The chart at left clearly defines a trend we have been witnessing throughout this year. September was no exception.

The Absorption Rate defines how much of the current inventory is being purchased. When you look at 2008 and 2009, you find the absorption rate really low resulting in high inventory levels. In contrast, this year with the higher absorption, inventory has been steadily decreasing. As a matter of fact, inventory levels in our area are back to 2005 levels!

This does not mean there are not deals to be found... it simply means that when one of them hits the market it goes under contract quickly. There is no more important time to use a professional realtor to help with this process. When we know what our clients are looking for, often we can maneuver them into a property... sometimes before the property is ever listed! The best way to get the ball rolling is to send in our easy Questionnaire. This gets you and what you are looking for on the radar so we can help you find it!

Considering Listing Your Home/Condo As A Short Sale?

The last three years have taken its toll on consumers across the nation with economic woes and a declining housing market! Homeowners have found themselves upside down in their properties with the easy access mortgages of 2005-2007 far surpassing the current value.

The number of foreclosures skyrocketed and short sales have become an everyday way of life. Yet many owners have held on, diligently paying their mortgage payments through these difficult times. Often the answer has been to rent out the property to help offset the costs. Many have dipped into savings or their retirement in order to fund these properties that appeared so golden such a few years ago!

Although there are positive signs in the market that housing is stabilizing (see our blogs about local area market statistics), some owners have finally reached a breaking point where they simply cannot afford to support these properties any longer. If you are considering doing a short sale on a property you own, it is most important that you use seasoned professionals to help you. The PURTEE Team with Realty Executives can be counted on to get you the counsel you need and help through the process. We use a strong negotiator, with an attorney's guidance, to represent our clients through the short sale. The attorney will explain in detail options and consequences, along with what to expect along the way. Because we are thorough and surround ourselves with such a professional team, our success rate is extremely high! A new TESTIMONIAL was just added by one of our short sale sellers... see what he has to say and why you might want to consider listing with us. Email us at info@floridagulfproperty.com to set up a time to discuss your listing questions. We are here to help!

Tampa Bay Rays Clinch The American League Wildcard!

Anyone who questions the pure determination of our Tampa Bay Rays simply does not understand what we know about this team! During off season this year, Tampa cut an insane number of our premiere players in order to drastically cut the payroll. Such stars as Carl Crawford, Carlos Pena, Matt Garza and Rafael Soriano were sent on their way.

But behind it all, Joe Madden led the team through cherry picked replacements such as Matt Damon, Casey Kotchman and some strong rookie muscle to our bullpen. All of the players know Madden never looses his confidence or his calm... creating an environment that makes the players enjoy the game with a highly competitive spirit.
September has been a stellar month for the Rays! Struggling to find consistency within it newly patched together team, they began September 9 games behind the Boston Red Sox vying for the American League wildcard spot! This is where Madden and his team began to pull it together and game by game decrease that spread. By last night, they were neck and neck with Boston... and we were playing the Yankees! Boston was playing Baltimore. Depending on the score of those two games, there would either be a wildcard winner or a tie-breaker to be played on Thursday!

When the Yankees came out fighting, The Rays saw a devastating 0-7 score facing their wildcard race... at the same time keeping up with the Boston game (they were winning 3-2). Most people would think that was pretty bleak... but the 8th inning changed the game and the deficit was narrowed to 6-7. In the bottom of the 9th inning, with 2 outs on the scoreboard, Madden brought in Dan Johnson as a pitch hitter. As the announcer said, "Johnson is here for one reason and one reason only." And sure enough he pops one out there tying up the game and leading the team into extra innings.

In the bottom of the 12th inning, the word came up on the scoreboard that the Baltimore Orioles had beat the Red Sox!! Cheers roared in the crowd... if we could win this game, the AL wildcard belonged to the Rays. And Evan Longoria's dramatic homer did just that!

This team simply does not lose its spirit and they never give up even when the odds are stacked against them. Play offs begin Friday against the Texas Rangers... GO RAYS!!!

The PURTEE Team/Realty Executives/Tampa Bay Beaches Realtors Of Choice!

The PURTEE Team brings some heavyweight sizzle to the Tampa Bay real estate scene. With over 10 years of local real estate experience, their diverse professional backgrounds combine to create one powerful team! Always among the top producing agents along the Tampa Bay beaches, their clients have discovered a cohesive team whose combined strengths make an exceptional total package.

Recently, other institutions have begun to take notice as well. When Lending Institutions select one of the team members as their preferred realtor, it enables our clients to take advantage of distressed property prices right as they hit the market!

For almost a year, Lambdin Freeman has been on the Regions Bank preferred list of realtors in the area. She is an expert in preparing a property to list for Regions... and connecting that property to the right buyer from our team database.

Mark Purtee was recently chosen by Kondaur Capital Corporation of California to handle one of their distressed property listings. He was involved from the original assessment through property upgrades to enhance the property prior to listing. Mark typically suggests spending a minimum amount in order to keep the price low. It is our investor clientele that are truly able to take advantage of these types of properties as they hit the market.

Sun Trust Bank has recently recruited Kathy McBrayer as their realtor of choice in the Tampa Bay area to launch their Special Lending Program for Doctors wishing to purchase property. She brings a great deal of experience and expertise to Sun Trust.

Both Mark and Kathy have achieved their Certified Luxury Home Marketing Specialist (CLHMS) designation and Garges Purtee has added the Resort & Second Home Property Specialist (RSPS) to her list of accomplishments.

Throughout the process of rounding out the team, Garges Purtee brings over 30 years of marketing experience to the team... as evidenced by the team website, marketing materials, and marketing to the team database of over 7000 interested clients! In addition, her interior design license allows the team to offer professional staging all the way to helping a new buyer get to turn key ready.

Whether considering listing your property or making a purchase here in the Tampa Bay Beaches area, call on The PURTEE Team with Realty Executives. 10209 Gulf Blvd., Treasure Island, FL 33706. Or email us at
info@floridagulfproperty.com

Florida Home Sales Experiencing An Upturn

On September 1st,China's largest news agency - Xinhua (with over 800 million website followers) - featured a story on why Florida real estate is a smart investment for the international market.

"Tampa, FL (Xinhua) - September 1, 2011 - One of the first U.S. states to have its economy crushed by the U.S. housing market recession is now experiencing a rather happy surprise - its housing market is experiencing an upturn.

Despite and unemployment rate of 10.7%, which is higher than the national rate of slightly over 9%, enough people are buying houses in Florida so that the state's housing market is no longer considered an imminent problem by housing and regulatory agencies.

What makes this even more unique is the fact that the status of Florida's housing markets seems to be in the opposite condition of the national housing market."

The combination of highly affordable prices and record low interest rates are fueling this resurgence. So, taking a look back at the significance of foreign homebuyers in Florida... the National Association of Realtors conducted a survey this summer to determine the impact of international home buyers. Here are some of the results:

• Approximately 25% of all sales in Florida are to foreigners.



• Nearly all sales are for cash.



• Foreign purchasers buy upper end homes with a median price of approximately $174,700.
  


• International investors cite value as a major reason for their purchase - the discounted prices of U.S. real estate coupled with the weaker U.S. dollar.



• Canadians were the top investors in U.S. property, with the United Kingdom now less important that in 2010. Brazil and Venezuela have become more important.

The PURTEE Team is also experiencing this increase in foreign national activity. This year we have closed transactions with international buyers from various provences in Canada, the United Kingdom, Switzerland and Scotland. With our RSPS (Resort & Second Home Property Specialist) certification, we are trained to work with foreign nationals throughout the sales process. You can contact us to learn more HERE.

Rate On 30-Year Mortgage Falls To Record Low

On the heels of the congress debacle, which kept a decisive action in regards to raising the debt ceiling until the last possible moment, the United States lost its stellar AAA credit rating. The economy continues to flounder and record setting low interest rates are failing to stir the home market back to life. As a matter of fact, last Friday rates on a 30-year mortgage fell to its lowest level since 1971!

Rates moved from 4.32% during the prior week to a new low of 4.15% last Thursday. Rates have not been this low since the 1950's! Although rates have remained below 5% for all but 2 weeks of the past year, yet nationwide sales and prices remain lackluster.

One thing holding borrowers back from taking advantage of these exceptional rates is the difficulty in securing a new loan. Banks are requiring higher credit scores and larger down payments. Those who do qualify have flocked to refinance existing loans and refinanced loans are currently representing over 70% of new mortgages.

In the Tampa bay Beach area, we continue to see "Cash is King", with over 62% of our current sales as cash transactions. To see current rates on our website, Click Here.

July Market Statistics Are In - Tampa Bay Upswing!

Click On Chart To Enlarge

July 2011 Market Statistics for Pinellas County in Tampa Bay are in and now posted on our website. The chart at left tracks the Absorption Rate by month as it compares to 2008, 2009 and 2010. In the event you are not aware, this is determined by dividing the total number of units sold during the month by the number of listing in the MLS (Multiple Listing Service).

Take a look at the chart comparisons for inventory versus sales and it becomes very clear what is happening in our area. Inventory of both single family homes and condos are at a level not seen since 2005! Yet sales are accelerating. Even in the midst of national trends, there are location-specific areas on the rise. The waterfront Tampa Bay area with its beautiful beaches, temperate climate, and proximity to an international airport and seaport... plus location for 9 spring training National Baseball Leagues continues to draw new buyers, both foreign and domestic!

It is interesting to track the sales and listings by zip codes to uncover the desire and magic of owning waterfront property... and the possibility for dramatically reduced prices! Be prepared. Prices are starting to climb and some deals that hit the market are getting multiple offers on them within the first week.

The PURTEE Team is extremely knowledgeable about the Florida real estate market, and in particular the barrier islands of Tampa Bay. Contact us to learn how you can find your own piece of paradise at an affordable price today!

Debt Ceiling Raised But Impact On Mortgage Rates?

It has been quite the roller coaster ride to see how Washington has handled finding resolution to the pending Debt Ceiling Crisis. Although concessions were made on both sides, the government finally signed off on the agreement to slash $2.1 trillion in spending and raise the $14.29 trillion debt ceiling.

Yesterday, stocks tumbled over 2% even with the agreement and the financial environment appears to be far from stable. What will that mean to interest rates and the real estate market in the near future? What will make a huge difference is whether our debt worthiness is downgraded from our AAA status.

The immediate result from a downgraded rating would be an increase in consumer rates as a direct result of the government being forced to pay higher rates to bond investors. Mortgage rates are at record lows. The average rate for a 30-year fixed mortgage at the end of last week was 4.55%. If bonds issued by Fannie Mae and Freddy Mac lose their AAA status as a result of a downgraded credit rating, mortgage rates will rise as a result. Many investment funds are only allowed to invest in AAA-rated bonds... the lack of these investors would have a fairly immediate reaction to interest rates in the short term.

If you are considering a home purchase in the near future, it may very well be the time to lock in a rate now while these rates are so low. The PURTEE Team is here to help in the Tampa Bay area!

Luxury Living On The Beach - Focus On Sereno!

The PURTEE Team has been active in real estate along the barrier islands of Tampa Bay for a decade now. Through the years we have watched the area explode in buyer frenzy with new developments popping up on every street corner... to the point that the building crane was a constant picture on the horizon!

Then, in 2007, we saw the market begin to tumble and buyers take a drastic hit in their waterfront dream homes. 2008-2010 were hard years for the economy and the Florida beachfront was no exception. However, a quick look at the June 2011 Statistics shows a steady comeback that has been growing for the past 7 months. As buyers (and investors) come back into the market, there are certain complexes that capture our attention and stand out as exceptional.

Sereno, directly on the sand in Madeira Beach is certainly one of those special residences! It also has a special impact on The PURTEE Team as we were there from the beginning. In late 2003, Taylor Woodrow (a well know developer from the UK) was set to expand their presence in the Florida market. They had already built the Tides landmark complex in Redington Beach and had their eyes on the gem of a property where the Holiday Inn stood in Madeira Beach.
Mark Purtee was hired by Taylor Woodrow to oversee the sales team and set up the sales center once the Holiday Inn was no longer there. Architects were busy creating a look totally unique along the Tampa Bay coastline and the sales center reflected the enthusiasm! There was a waiting list for buyers to sign up and the 44 units that would be available were quickly sold out!

Today, 6 years after its completion in 2005, Sereno is still a complex that is praised for its uniqueness and an enviable place to live. The layout is particularly nice and each unit enjoys breathtaking beach views to the west, but many of the residences actually have intracoastal views as well! Resident parking is under the building in an open garage. Penthouses enjoy 2 spaces and other units have 1 each. Plus there is assigned parking as well as visitor parking outside. The building is divided into 3 sections with 3 separate elevator lobbies. That results in each resident floor having a fully decorated lobby area with only three residences... which helps make it feel private and exclusive.

The generous pool area offers residents easy access to the beach and miles of white sand ready for a long run or sunset strolls. There is also a hot tub and bbq grill area. Sereno has a first class club room and separate fitness center as well! In addition to those amenities, there is a full time property manager who is on hand to take care of the complex and residence needs. And inside these 2 and 3 bedroom units, the open floorplans and high end finishes greet each owner as they find out first hand what living on the beach really means!

The PURTEE Team is proud to offer both sales and rentals in Sereno. We just listed #604, a 3 bedroom/ 3 1/2 bath penthouse. You can learn more about this unit at http://www.sereno604penthouse.com/. In addition, we offer two other units for seasonal or corporate rentals. You can check these out at Corporate Rentals right on our website. If luxury living on the beach with easy access to an international airport (Tampa), shopping, restaurants and world class theme parks... don't miss an opportunity to consider Sereno, Madeira Beach!

Tampa Bay Housing Market Brighter!

Click On Chart To Zoom In
June 2011 continued the 7-month trend of decreasing inventory and increased sales in Tampa Bay... it actually was a stellar month for writing new contracts! 69% more contracts were writing in June 2011 than in June 2010!!! On the other hand, inventory is at its lowest point since December 2005. Active listings fell by 22% from June 2010 to June 2011. That is why tracking the Absorption Rate (at left) is so important.

As always, The PURTEE Team makes sure their website www.floridagulfproperty.com has the latest statistics posted. You can find the last 5 months of reports directly on the Home Page. To go specifically to the June 2011 stats, CLICK HERE.

The real activity worth noting was in condos. Condo sales from June 2010 to June 2011 showed a 26% gain! Yet, condo listings decreased from 5,344 to 4,584 or 14% over the same time period. We are among the agents noting there is no inventory out there as we approach the levels in 2005 during the boom market! Over 1/2 of the properties sold in June sold in the first 90 days.

Exactly WHY are you waiting? Call The PURTEE Team today! Or skip ahead... fill out your "Wish List" and click SUBMIT. One of us will be in touch with your shortly.

International Home Buyers Focus on Florida

International buyers are taking advantage of real estate bargains in the United States. Last year, international buyers reportedly $41 billion on purchasing homes in the U.S. Of those purchases, over $13 billion were in Florida, with Tampa Bay one of the top destinations!

The PURTEE Team is seeing this trend very active in their business. Currently, we are involved in transactions with clients from Prince Edward Island, Canada; Hergiswil, Switzerland; and Leigh-on-sea, UK. We understand the implications of a home purchased by foreign nationals and the United States makes home ownership relatively easy. With the real estate prices as low as they are, and the currency exchange rate definitely in the favor of the Euro or Canadian dollar, this is the perfect time to find the Florida home or condo here along the beaches of Tampa Bay.

With pristine white sandy beaches, nightly breathtaking sunsets, and a long list of outstanding things to do in the area... plus the international access to the Tampa airport, this is definitely an area to check out! The PURTEE Team is here to help... simply fill out this Questionnaire about what you would like in your dream home, and one of us will be in touch with you shortly!

Bargain Prices Reducing The Foreclosure Excess?

As the wave of foreclosures continues, prices are hitting record low numbers and reaching a level to generate huge interest among both consumers and investors. The Tampa area is definitely getting this attention.

According to the Associated Press, "For some buyers, the deals are now too good to pass up." As buyers snap up these foreclosed homes, the inventory of unsold foreclosures is shrinking... up to 13% over the past year!*

The PURTEE Team has recently formed a relationship with several of these bank owned property managers and have released over a dozen onto the marketplace. Our job is to help these managers price these properties correctly to get them off the books quickly! The reality is that the buyer frenzy taking place to get one of these 'super-deals' creates multiple offers and bidding wars to get them. When the bank calls for "Highest & Best Offer", this is the last chance for a buyer to be able to walk away with this property. 10% over asking price is not unheard of.

Many of these sales involve investors, private equity firms, foreign buyers taking advantage of the currency savings on top of the discounted prices, and out-of-state buyers looking for vacation homes. Cash is definitely king and March experienced 38% of all previously owned homes being purchased with all-cash.

As this activity heats up, these inventory is lessening which adds fuel to the frenzy. Although we can anticipated another wave of foreclosures (that have been hung up in the system) hitting the market, these devalued properties will eventually be gone. As that unfolds, prices will begin to stabilize. Home owners who had put off moving during the downturn become more confident of selling for a decent price... thereby generating more buying and selling.

*Associated Press, April 27, 2011

Tampa Market Heating Up FAST!

Click On Chart To Enlarge It has been very interesting to watch as we have previously discussed the pendulum here in the Tampa Bay real estate market. Prices have fallen to unprecedented lows making owning property much more affordable. That combined with a brutal winter has worked to boost the sales forward! While national existing home sales month to month comparison are DOWN 9.6%, Florida existing home sales month to month comparison are UP 13% according to the National Association of Realtors! As the pendulum begins its swing, we have counseled clients that once the media is on board that it is time to by... many of these tremendous opportunities will be gone. There are certain properties that buyers are now "stalking" to jump on as deals hit the market. The March statistics are in and have just been posted to our website. March Statistics. As always, we go straight to the Absorption Rate (the inventory turnover determined by dividing the total number of units sold by the number of active listings). The percentage increases are pretty impressive! Then when you look at the statistics and compare the number of listing by month and year to the sales... the trend is there... and the pendulum has definitely begun its swing!!! Even Fortune Magazine agrees: Real Estate: It's The Time To Buy.

The Full Moon Is AMAZING!!!

I did a little research to see why the full moon this month seemed gigantic! There is an article on http://www.weather.com/ that explains it.



They call it a "supermoon". Because the moon's orbit around the earth is not a perfect circle, there are times when it is at is closest and other times when it is at its farthest. The photo they used is pretty impressive to see the impact of how it looks to us. "One side of the moon's orbit is actually roughly 31,000 miles closer to earth than on the other side of the orbit. When the moon's orbit is the farthest away from earth, the moon is at its Apogee. When it makes its closest approach, the moon is at its Perigee."

This month's Perigee is actually 2% closer than the average Perigee, making it the closest positioning since 1992!!!

Pretty amazing to see here on the beach in Tampa Bay!

Is The Tampa Bay Beach Real Estate Market Finally Rebounding?

Click On Chart To Zoom

The PURTEE Team watches the market closely and reports when we see news that impacts where the market is heading. When the monthly Market Statistics come out, the first thing we do is go to the Absorption Rate Chart to see which direction we are moving.

The second half of 2007 is when the market began to slide... 2008 and 2009 were struggling in a big way. We thought we were on a roll in the first half of 2010 until the oil spill put everything into a tailspin!

Take a look at the chart above for February 2011! To refresh was it is, the Absorption Rate (inventory turnover) is determined by dividing the number of units sold during the month by the total number of listings in the MLS. In both single family homes AND condos, things are happening! BUYERS TAKE NOTE!!! There are so many of you sitting on the sidelines waiting for the right "signal". Inside the February Statistics report are 2 pages you really need to look at. We will post them here, but you can also see them on the website. Take a look at the trend in the amount of inventory, then the number of sales compared to recent years.

See how you read it, but to us the pendulum we continually speak about has turned. What do you think?

Now You Decide To Buy - What About Financing?

Cash buyers are prevailing in this market and sellers pay close attention to no-financing contingencies! Over 65% of transactions closed to date in 2011 were cash transactions. Lenders have tightened up their mortgage policies demanding higher down payments and stricter qualifying for even to most credit-worthy buyers.

As a matter of fact, through all of 2010, 3 of the major lenders provided over 1/2 of all US mortgages, according to the fourth quarter 2010 Mortgage Lender Ranking from MortgageDaily.com. Wells Fargo, Bank of America and Chase originated 56% of last year's business. The number of FHA-backed loans also rose from around 19.1% in 2009 to 19.8% in 2010. US lenders closed on about $1.530 trillion in 2010, down from $1.970 trillion in 2009. Well's Fargo remained #1 with $387 million.

If you are considering a purchase and require financing, be sure to check our resources. For Mortgage Info, click here. Or talk with us about lenders who understand this market and what it will take to get your financing accomplished.

What Do January Market Statistics Say? When Do I Buy???

The January Market Statistics for Pinellas County

are out and the full report is posted on our website. There are SO MANY people sitting on the sidelines reluctant to make a purchase. The media continues to be negative and buyers anxious to own property in Tampa Bay, whether as a second home or as a relocation, simply do not know whether to take the plunge.

With so many baby boomers nearing retirement... and the country experiencing one of the most brutal winter seasons this year... Florida has a lot of people anxious to not miss out on living the Florida lifestyle! Prices have reached unprecedented lows and over the last several months we have seen the results. We have targeted HOT DEALS for our clients and email them out within a day or so of them going on the market. It is amazing how many of these are under contract before the week is out! That is telling us something. The pent up demand is staggering. When you realize that in 2004 and 2005 over 1000 people were moving to Florida a day, once the pendulum does swing, it will be HUGE!

We keep a close eye on this chart and the Absorption Rate*... looking for trend lines. Look at the latter half of 2009 into 2010. There was a great deal of positive momentum! So what changed in June of 2010??? How about the understanding of how serious the BP oil spill in the gulf was? It took through the rest of the summer and beyond to cap the flow and throughout the world, people looked on in horror that beautiful Florida was now tarnished. It didn't matter that not one drop of oil reached our area. It was the PERCEPTION.

Our prediction is that it will unfold just like that. When the PERCEPTION changes (and the media says now is the time), there will be a feeding frenzy. There are a LOT of sellers out there not willing to sell at these current prices. Once this distressed inventory runs out, we will go to the owners willing to sacrifice what they have in their property. From there, we have those who won't. THESE DISTRESSED SALES RIGHT NOW ARE WHERE THE OPPORTUNITIES ARE!!!

Our recommendation... contact The PURTEE Team and get on the radar. What you are seeking may come on the market and be gone without you ever knowing about it.

*Absorption (Inventory Turnover) is determined by dividing the number of units sold during the month by the total number of listings in the MLS (Multiple Listing Service)

So What's All The Fuss About Living On The Beach???

Here on the west coast of Florida in Tampa Bay, there is a nightly spectacle called sunset that sparks wonder and romance in most of us mortals! And when the clouds are just right you get a sky like this one that simply takes your breath away...

Throughout the year, weddings are abundant along the beaches from Clearwater Beach in the north end of Tampa Bay to St Pete Beach in the south end. There is not a night that goes by that we see people drawn to the beach for sunsets and we often stop to take pictures of them with the beautiful sky to commemorate their time here.

But to actually live here... to see it every night... does it EVER cease to amaze? Absolutely not!!! Actually, it is pretty hard to ignore when your home or condominium lights up with warm shades of red and yellow.

So, all in all, the sunsets rate right up there at the top of the list of why living on the beach is so special. The beautiful white sand, gorgeous azure blue Gulf waters that can transform from docile stillness to crashing surfing waves, the constant surprise of kite boarding or parasailing or light aircraft hovering the shoreline, or the regular sightings of dolphins and manatees... there is ALWAYS something to see and appreciate!

And now it is even more affordable!!! Our latest HOT DEAL is a 2 bedroom/2 bath condo in Indian Rocks Beach that was just listed as a short sale at $375,000!!! Ready to live the Florida lifestyle? Contact The PURTEE Team today and make the dream a reality!

Florida Sounding Good About Now???

When I spoke with a client earlier today, he told me they had over 30 inches of snow this past weekend - a record amount in 1 DAY! Shoveling snow is part of the daily routine in most parts of the country. Did you know that yesterday, FLORIDA was the only state that was snow-free??? Even Hawaii had snow on top of two of its volcanoes!

So is a Florida vacation sounding good? New rental inventory is opening up here in Tampa Bay every day... even for the prime season months of February and March. Even with it unseasonably cold, the Florida uniform is shorts with a sweatshirt or windbreaker. It will be back in the 70's by the weekend. Check out our Seasonal Rentals, but definitely contact us (even if you don't find anything) as we know of other properties as well! Plus we learn of new properties all the time. For example, we have a client closing on a beautiful waterfront condo tomorrow. He plans to have it furnished and ready for occupancy by early February. It is not on the website because there aren't any photos yet.

And while you are here, give The Purtee Team a call to check out some of the amazing buying opportunities! Visit our website at: www.floridagulfproperty.com

Another Cultural Milestone For St Petersburg, Florida!

Is it any surprise that the Grand Opening of the new Salvador Dali museum would have its ribbon cutting ceremony at 11:11 on 1-11-11???

According to Hank Hine, the Museum Director, "The $36 million landmark building will be realized as a collaboration between architect Yann Weymouth of HOK, the Museum staff, and the builder the Beck Group. Built more efficiently than many contemporary museum structures, the new Dali combines elements of the classical and the fantastical – much like the work of Dali." The museum houses the largest collection of Dali's work outside Spain and has achieved the coveted 3-Star Michelin status.

A procession moved from the old museum location to the new home of The New Dalí which opened with an awe-inspiring installation of the Museum's permanent collection within the combined 20,000 square feet state-of-the-art gallery spaces allowing for the first time the complete viewing of all 96 oil paintings, plus a selection of drawings, fine prints, photographs, videos and Surreal Objects by Salvador Dalí. www.salvadordalimuseum.org

The Dali Museum joins the new Dale Chihuly Collection of Glass at the Morean Arts Center (which opened in 2010) in giving residents and visitors alike new cultural destinations to explore in downtown St Petersburg here in Tampa Bay. It's not ALL about the sunny weather and beautiful white beaches!!!

Grand Opening Events include several performances of the Florida Orchestra this weekend dedicated to the eccentricity of Dali and Family Day at the Museum this Saturday from 10:30-4.

Also look for:
Dalí & Beyond Film Series: The Dalí Dimension
Thursday, Jan. 20, 6:00 p.m

Dalí Museum Benefit Party - Los Sueños de Dali
Saturday, January 22, 8:00 - 11 p.m.

Yoga + Dalí
Sundays, starting January 23, 12:30 - 1:45 p.m.

Mortgage Rates On The Rise

It would appear we can kiss 4% mortgage rates goodbye! The average rate on 30-year fixed mortgages rose last week to 4.86% (the highest level in seven months) reflecting higher yields on long-term Treasurys. Freddie Mac said last Thursday the rate increased to 4.86 percent from 4.81 percent in the previous week... It hit a 40-year low of 4.17 percent in November. The average rate on the 15-year loan rose to 4.20% from 4.15% – the highest reading in six months. It had fallen to 3.57% in November, the lowest level on records starting in 1991!

Rates overall have been rising since November as investors shift money out of Treasurys and into stocks. Many expect the tax-cut plan will fuel economic growth and increase inflation. Yields tend to rise on fears of inflation. Mortgage rates track the yields on the 10-year Treasury note.

You can get the current mortgage information right on our website and even compare rates: http://www.floridagulfproperty.com/mortgageinfo.html