Just Listed! Beach Front 3-BR In Indian Rocks Beach, Florida

Over the past few weeks, we have been discussing the shrinking real estate inventory here along the beaches of Tampa Bay. As non-distressed properties begin to emerge, this Indian Rocks Beach gem in Driftwood Sands is one to take special note of!

These particular owners purchased this condo in 2010... recognizing that it had all the good "bones" to give them an affordable 3 bedroom condo right on the beach. When they bought it, there was no furniture... it was white on white drab with carpet that was downright scary. Once they closed on the property, the work began. From painting with colors to coordinate with all the designer furnishings and window treatments, to brand new bamboo flooring in the master suite, to california closets throughout... the condo went through a transformation that is truly amazing! Check out the virtual tour

Unlike when it sold in 2010, this condo is being sold with all the bells and whistles included! Even down to the matching dinnerware! If you are looking for beachfront living but without the hassle of repairs and furnishing... this is the one. Driftwood Sands is a well maintained complex with resort style pool and sun deck area, along with outdoor kitchen/entertaining gazebo with multiple grills... and even shuffle board. You can start living the Florida Lifestyle RIGHT NOW! More details about this property, click here.

Low Ball Offers: Effective or Counter-Productive?

From the perspective of a realtor... we saw this coming. For those who listened, they truly reaped the rewards! Here in Pinellas County (the waterfront county of Tampa Bay that includes the beaches), in 2007 just as the market started to head downward there were a total of 18,504 property listings. Buying at such an unprecedented rate was slowing down. Seller began to realize that no offer could be ignored, even if it was 25% or more off the asking price!

Today, however, at the end of March there were 6,985 listings throughout the entire county... I checked today and that number is down to 6,935. If you combine a rebounding market with a severe depletion of inventory, we very quickly move away from a buyer's market. Those buyers need to understand that a more realistic buyer gets the home. There is nothing wrong with a low ball offer and everyone wants to get the best deal possible. However, we are finding buyers who make that stand losing out on the property. Multiple offers are becoming a norm.

"In a survey last year conducted by the National Association of Realtors® (NAR), one in 10 respondents cited low-ball offers as a concern. According to real estate columnist Kenneth Harney, a NAR survey conducted in March and not yet released found that almost no one complained about low offers. When the number of listings outpaced the number of buyers, many potential homeowners submitted a shockingly low offer on the theory that they had nothing to lose. If the seller balked, most would still counter with something below their asking price. Today, however, offers close to the asking price – or even beating it – will probably come in fairly quickly from someone else if a home is priced correctly in the first place."

The misconception is easy to understand, particularly for out of state and international buyers (which Florida has plenty of). The media is filled with news about Florida's foreclosures and short sales. The point is that this news is old. Markets are local and diverse and when you have one rebounding it is easy to miscalculate the time for a low ball offer. You never want to blame someone for trying to get the best deal possible. My concern is the buyer who says "I don't pay retail" or "I am patient and can wait for the right deal" "I am paying cash!" Even the sellers who don't get offended by a low ball offer are more frequently countering at only a little off their asking price. In this Tampa Bay market of 2012, if a property is correctly priced... it may well be counter-productive to low ball. Not only that but 63% of the local sales are all cash so that once admirable playing card doesn't have quite the punch as it once did.

Keep up with the real estate market and The PURTEE Team. Email is at info@floridagulfproperty.com to receive monthly updates and local market statistics.

Looking For Florida Rental Properties?Supply Is Drying Up!

Whether it is the allure of the mild winter, spring training baseball, the simple sounds of rolling sea, the vast amounts of sea life or the magnetism of a white sandy beach... people are drawn to the Tampa Bay beaches for a wide variety of reasons!
This spring season brought a dramatic increase in tourists to the area compared to the last several years. As a result, demand is already heating up for Winter and Spring 2013! A combination of things have happened... 1) With the downturn in the market, previous seasonal rentals have opted to replace with more steady income with annual rentals. So far we have seen each of the annual rental tenants renew their leases for a 2nd or third year; 2) As short sales of seasonal rentals finally made their way through the sales process, many of the new owners are opting to not rent out their property for various reasons; 3) With the upswing in the market, some sellers have decided to go ahead and sell their property rather than rent seasonally; 4) Renters who have found a great property are re-securing the property for the following year during their current rental.

So what does that mean? Just as properties on the market actively listed in MLS are seeing a dramatic decline in inventory... the same is happening in the seasonal rental market. Buyers active in the Tampa Bay real estate market who are savvy to this deficit are picking up rental properties, sprucing them up and raising rates accordingly. Check out our Vacation Rental Property Investment Newsletter. Contact The PURTEE Team to discuss rental property options which include both vacation rentals and multifamily housing.

Absorption Rate Continues Momentum!

Click on Chart For Larger View
As realtors, we have seen first hand that March brought about a buying frenzy and a continuation of the decline in inventory. The market statistics that were just released by the Pinellas Realtor Organization gave full credence to what we inherently knew. Take a look at the chart on the left... the Absorption Rate is determined by dividing the number of units sold during the month by the total number of listings in the MLS.

March saw a HUGE jump in the numbers and basically it is saying that 1 in 5 listings was sold during the month! Another important factor is that out of those sales, 69% were non-distressed properties! Distressed home sales are down 28% from a year ago while bank owned properties have fallen 57%. To take a closer look at the 2007-2012 statistics and comparison from listings to sales, click on either Single Family Homes or Condos to see for yourself.

Throughout 2011 The Purtee Team has been keeping their clients informed about the market which is reflected in their sales performance. Many of their clients got amazing deals by knowing when to enter the market and how to best get the property at the greatest value. On the other side, sellers that use The PURTEE Team have found that over 40% of those sales are with buyers brought to the closing table by The PURTEE Team... resulting in lower commission fees. Whether you are in a position to buy or sell in the Tampa Bay, Florida area, contact a member of this team first! Email us at info@floridagulfproperty.com.

The PURTEE Team Awarded Top Producer for 2011

At the awards ceremony last week, The Purtee Team came away with three major awards for volume of business done during calendar year 2011. Their broker, Realty Executives Homes in Florida applauded the team for its $10 million+ volume here in Tampa Bay in such a tough market.

When asked about their 2011 performance, both Mark and Garges attribute a great part of the success to their diligence regarding their database. As a matter of practice, monthly market updates are emailed to their list of over 3,000. Each update is filled with market statistics, analysis, HOT DEALS and rental property updates. With that help and an in-debth proactive website, their clients can search the MLS just like a realtor, save searches and properties they find and receive updated properties that fit their criteria right as they come on the market! We then work together to negotiate the best deals.

As a team, we bring a very strong knowledge of the market, negotiation skills, construction, finance, rental property, home decor... and so much more! Visit our website at www.floridagulfproperty.com or join our database to receive those market updates by emailing info@floridagulfproperty.com. We look forward to working with you!