Florida Gulf Property/Purtee Team

Tampa Bay Avoiding General Housing Gloom

2012-01-16T06:54:00.008-05:00

When the Federal Reserve puts out their Beige Book report (issued about every 6 weeks) on current market sales trends, it is worth taking note. Here in Florida, we are part of the Atlanta District which spans the southeast. While other areas in the region experienced "soft" sales, the Sunshine State actually rebounded! The reason according to the Beige Report? INTERNATIONAL & CASH BUYERS!

Click On Chart At Right To Enlarge
According to the Miami Herald, only Nevada and California vied with Florida for being hardest hit by the housing crash, so it’s natural for Florida to enjoy a stronger turnaround than places where prices didn’t fall as far.

Florida’s relative optimism on the sales front has been a recurring theme in the Beige reports this year. Here in Pinellas County, we have watched double digit Absorption Rates since the 1st quarter of 2011 gobble up our inventory and begin to push prices upward. For the latest Year End 2011 Market Statistics, view Single Family Home or Condo.

The PURTEE Team, with Realty Executives, can keep you ahead of the market trends. Just give us a try and see why we closed over $10.2M in sales in 2011 in a still depressed market!

The Art Of Flipping Property - A Thing Of The Past?

2012-01-07T07:08:00.006-05:00

From 2004 to late 2006, appreciation of property here in the Tampa Bay area was spiraling upward at an unprecedented rate! The hunger for "flipping" properties drew buyers by the thousands, often resulting in long lines or lotteries just for the chance of purchasing. Combine that appetite with "anyone can get" financing and the bubble was well on its way... Pre-construction was a key choice for many. With 20% down, buyers could wait through the building process and find their property substantially increased in value by the time construction was complete and they closed on the property.

Many of those buyers were looking for a quick return on their investment, not looking to carry a property long term. Those are many of the investors that got caught when the market turned, resulting in short sales, damaged credit or foreclosures.

During 2011, we have seen prices plummet to a fraction of their previous value. As inventory decreased throughout the year (currently at a 6 year low), sales have increased bringing the absorption rate into double digits month after month. Although there continues to be great values in the market place, there has been a shift in demand for those properties that stand out and we are seeing some similar patterns to the feeding frenzy of 2004-2006.

The new "flipping" involves buying properties at highly distressed levels, fixing them up with either a slight face lift or a major remodel and putting it back on the market. There is a LOT of that practice going on and a LOT of $$ being generated! In Pinellas County, out of 7,931 active listings only 1,927 (just over 24%) are distressed. As the market gobbles up these distressed listings, the only direction for the appetite to go is to the lowest of the non-distressed properties.

On January 2, the Federal Housing Administration extended a temporary waiver of FHA’s anti-flipping regulations through 2012... primarily in order to allow the re-sale of foreclosures. “This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said Commissioner Carol A. Galante. “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”

While some buyers continue to sit on the sidelines wondering if the market has hit the bottom, others are taking full advantage. Schedule a meeting with The PURTEE Team and find out more... Email us at info@floridagulfproperty.com

Holidays At The Beach

2011-12-15T07:07:00.006-05:00

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!

2011-11-28T09:19:00.007-05:00

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

2011-11-08T07:48:00.005-05:00

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

2011-11-03T06:49:00.007-04:00

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!

2011-10-25T11:10:00.003-04:00

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?

2011-10-07T07:17:00.004-04:00

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!

2011-09-29T07:10:00.005-04:00

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!

2011-09-23T08:04:00.006-04:00

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

2011-09-05T07:49:00.010-04:00

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

2011-08-22T18:16:00.003-04:00

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!

2011-08-11T09:47:00.004-04:00

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?

2011-08-03T08:03:00.011-04:00

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!

2011-07-23T07:43:00.005-04:00

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!

2011-07-08T06:30:00.003-04:00

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

2011-06-19T06:09:00.006-04:00

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?

2011-05-03T07:37:00.004-04:00

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!

2011-04-06T07:25:00.004-04:00

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!!!

2011-03-19T19:40:00.005-04:00

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?

2011-03-08T18:53:00.005-05:00

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?

2011-02-18T07:23:00.002-05:00

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???

2011-02-13T18:38:00.002-05:00

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???

2011-01-17T08:24:00.016-05:00

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???

2011-01-13T17:03:00.006-05:00

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!

2011-01-13T06:40:00.008-05:00

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

2011-01-04T15:13:00.002-05:00

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

December 31st On Beaches of Treasure Island, Florida!

2010-12-31T16:32:00.003-05:00

Granted it has been one of the coldest Decembers on record here in Tampa Bay, but today had temperatures back to normal for this time of the year in the mid to high 70's.

BUT... the water temperature is still 54 degrees!!! A long way from the balmy 80 degrees we get during the late summer. One thing is for certain, these brave souls are NOT from around here! Or perhaps it was the liquid encouragement they were all drinking that made them immune to these cold water. They are at the beach after all and it is New Year's Eve!

At the grocery store today, there were license plates from Ontario, Prince Edward Island, Quebec, New Jersey and Virginia... just during my short visit. They have got to be excited to be here. I hope they don't have to drive anywhere!

Have a very Happy, Healthy and SAFE New Year's!
The PURTEE Team
Realty Executives
Mark, Garges, Lambdin and Kathy

2010-12-25T17:53:00.002-05:00

Sometimes you have to sit back and smile... maybe even dance a step or two. As Mark put his finishing touches wrapping gifts on Christmas Eve afternoon, I think he has procrastinated and will never be finished in time. He, on the other hand, is having a jolly old time!

From the back bedroom where he is creating wrapping works of art, I find him with the balcony door open listening to Christmas carols being played directly across the street via a steel drum player and his guitarist partner! Simply there to celebrate the season, Mark naturally had to take them some eggnog in appreciation of their making his work efforts actually quite pleasurable.

This is the scene I walk into... Mark singing along to the steel drum carols totally in the mood of the season! I can't help but smile and appreciate all we have around us!

Merry Christmas

2010 A Challenging Year? YOU BET!

2010-12-23T07:11:00.003-05:00

To say that the economy was the top story for 2010 is quite the understatement! What it meant for real estate here in the Tampa Bay of Florida was quite the roller coaster ride!

So many highs and lows... it seemed like every time we could grab on to some positive news, something would happen to pull us back down. Tax credits ended, banks pulled back on lending and foreclosures stopped closing.

In March and early April, real estate in our area was beginning to flourish. Inventory levels were decreasing and prices were stabilizing. Finally the light at the end of the tunnel. UNTIL an oil rig owned by BP exploded on April 10, 2010, and it took three months to cap the flow. Millions of gallons of oil tainted the Gulf with some of it landing as tar balls along the beautiful sugar white beaches of Florida. Around the world, the news shook the very belief on the beauty that Florida has to offer. It didn't matter that in our area there was no oil even close to our shores. It was the perception...

Interest rates hit the lowest level in decades, but the confidence level of buyers wavered. The majority of sales continued to be all cash with a serious reluctance to get saddled with a mortgage. Record numbers of potential buyers began looking for long term rentals to wait out the instability of the market. Now we are seeing mortgage rates begin to climb and economists do not see them coming back down.

But even with those stumbling blocks, signs continue to point to a stabilizing and slowly improving economy. By the end of 2010, falling home prices and record-low interest rates made homebuying a bargain even without the tax credit, and the Florida housing sector seemed to be tentatively and warily stabilizing. The market remains solid if not stellar, and most economists predict a positive trend in 2011.

Our clients are getting amazing deals in waterfront property! Canadians are flocking to our shores to take advantage of the Canadian currency on par with the US Dollar. With our deflated prices paired with their boost in currency exchange, we are a very tempting bargain! In the last week... yes the week before Christmas, we have written up 3 waterfront deals right off our HOT DEALS page. We identify properties that fall into an amazing price point and quickly get it out to our clients. One of the properties had a buyer beat our client to it by 4 HOURS. This is the kind of situation we are used to... when buyers and realtors alike know and identify a deal quickly, then fight like crazy to get in line first. If you are considering a purchase in the Tampa Bay area, talk to us. We have a wealth of information to share.

Wishing you all a very Merry Christmas!

Borrowers Wait For Lower Mortgage Rates and Lose

2010-12-12T06:29:00.004-05:00

According to Janna Herron, Associated Press real estate writer, "Homeowners who delayed locking in super-low mortgage rates – think close to 4 percent for a 30-year fixed – may have waited too long." Rates are beginning to creep back up. The 30-year rate rose to 4.61 percent from 4.46 percent last week. That is well above the 4.17 percent rate hit a month ago – the lowest level on records dating back to 1971.

“People thought for a while that rates would fall below 4 percent, and they hedged on that,” said New York mortgage broker and banker Andrew Toolin, who had just been on the phone with a client who is paying 5.875 percent on his mortgage. A month ago, the client passed on what now looks like a once-in-a-lifetime opportunity: the chance to refinance at 4.125 percent. That would have put $321 more in his pocket each month. He held out, thinking he could do even better. Now the rate is up to 4.75 percent. He could still shave money off his monthly mortgage payment, but not nearly as much – about $229.“He’s wondering if he should wait for rates to go back down,” Toolin said. “He’s talking to his wife tonight about what to do.”

What is making the rates start to climb? If you look back in prior PURTEE Team Blogs, you will see that interest rates are tied directly to investor buying and selling of Treasury Bonds. With the upcoming tax deal President Barack Obama and Republicans forged that could boost the economy next year if passed, we would see a freeze on tax increases for 2011 and other stimulus tax cuts take effect. A stronger economy would make the stock market a more attractive place to invest money. That’s a big reason why many investors are selling their safer Treasury bonds. As investors sell off these Treasury bonds, rates have to increase for them to compete in the investor market. These bonds help finance the mortgages. As more bonds come on the market, prices become depressed and yields have to increase. "Prices and yields move in opposite directions."

We talk about the pendulum... which we actually thought would start to swing earlier in the year. Everyone wants to buy at the lowest rate and for the lowest price. We hear it every day. The issue is the uncertainty that lingers as to where the bottom truly is. What we do know is that buy the time the general media says it is time to buy, the real opportunities have been left behind. For additional mortgage information, check out our website... Click Here.

Back On Market! Contract Fell Through

2010-12-03T07:22:00.003-05:00

In this market, things happen every day that simply make you shake your head in amazement. A client of ours upside down in a property in Clearwater Beach has been working for a year to do a loan modification with his lender... to no avail. Working with an attorney, he actually got an offer on the property that the bank ACCEPTED, then 2 days later they foreclose on the property! What??? Obviously they are repealing...

In this case, the owners of this gorgeous condo at Redington Shores Yacht & Tennis Club, going through their own financial and health issues, find themselves unable to keep up with this property weighted down with both a 1st and 2nd mortgage. They got a contract in which would be a short sale and presented it to the lender along with their hardship dilemma. After several weeks of intense scrutiny, the lender refused to even consider a short sale? So... the alternative??? Either let the bank foreclose on the property or be willing to accept a contract at a price where they can liquidate their future retirement and bring the balance of the funds to the closing table themselves.

So... that is the story with this condo. back on the market at $495,000 FIRM... $55,000 less than any other condo currently listed in the community! Seller will be ADDING close to $150,000 to the Buyer's purchase to make the transaction go through. Tough on the Sellers... an amazing opportunity for the Buyers. For information, click here.

Spectacular Penthouse Just Listed In Redington Shores Yacht & Tennis Club!

2010-11-21T06:20:00.005-05:00

Every now and then, a residence comes on the market that is truly unique... Penthouse 702 is just that property! This 4000 sq ft beauty combines top-of-the-line upgrades and designer furnishings with the amenities of an exclusive gated community: Redington Shores Yacht & Tennis Club.

The community consists of 4 buildings of waterfront condos as well as 63 private home lots with custom homes in various states of completion. Las Flores is the second building from Gulf Boulevard giving it the distinct location of far enough away from the road noise and out on wide open water, along with being close enough for a short walk to the beach.

During construction of the condominium residences, Penthouse 702 underwent some extraordinary floorplan alterations opening up the guest suites, embellishing the entry foyer and creating a separate Owner's Retreat. Once the builder turned it over - designer ready - the true work began! Be sure to look at the dedicated website to see some of the amazing details that went into this property. Click Here. There are only six of these penthouse residences in the entire 130 units... making them unique in their own right. But 702 takes that uniques to an entirely new level! Originally appraised

at $2.2 million BEFORE the $250,000 in upgrades. You will find this luxury property just listed at $1.25 million... for an exceptional 50% OFF sale. This is the time to take advantage of the depressed market value and get a property that is truly a stand-out!

Sanding Ovations - Treasure Island

2010-11-20T16:15:00.007-05:00

I have to say... Treasure Island is amazing with its different events and Sanding Ovations, the annual sand sculpture competition was certainly no disappointment! 3 days of food, drink, arts & crafts PLUS live music throughout the event AND Fireworks on the beach Saturday night!!! It is happening this weekend behind the Bilmar Beach Resort, right here in Tampa Bay.

Over $10,000 in cash prizes will be awarded to the Top Three Sculptures & "People's Choice" Sculpture. With a high today of 80 degrees in beautiful weather, beachgoers are out in full force. We were there for the "Rocket Man Show" which was a great performance. After the Fireworks show tonight on the beach, tomorrow will feature a 6-hour beach jam with local musicians. There will also be a Jazz Beach Brunch Buffet presented by Sloppy Joe's and the city of Treasure Island. Nothing like listening to a 22-piece jazz band, the "Voices of Jazz" while enjoying a tropical beach brunch!

Did I mention what it is like to live here??? Maybe just once or twice :-))

Pinellas Realtor Organization Market Analysis For October 2010

2010-11-16T08:01:00.004-05:00

Overall residential unit sales in October were down more than 18%, caused by a plunge in single family home sales with a drop of over 26% compared to last year. Condo sales also fell but at a milder 4.9%. However listings grew by only 1.32%. There was an increase of just under 5% for single family listings accompanied by a decline of 2.4% in condo listings compared to October 2009.

The median price for single family homes rose to $156,000, a 6.63% increase over last year. The condo median price fell from $113,000 in October 2009 to $104,000 this year—just under 8% dip. Looking more closely, the median price for bank related sales was down 6.8% from October 2009 while the median price for non-distressed homes sold was up by 14%. Pending contracts rose from October 2009 by nearly 4% for single family and about 3.5% for condos.

Distressed properties are still the elephant in the room for the Pinellas market. 56.2% of all the contracts written in October were bank owned or short sales. 36.4% of the homes sold in October were bank owned or short sales. Of the homes available for sale in October, almost 40% are bank related and 43.7% of all new listings in October are bank owned or short sales. Nearly 44% of the October new listings were bank related—so it is clear that this challenging market will be with us for a while yet.

For all the October Market Statistics, check out our website!

Spotlight on Harborview Grande - Clearwater Beach!

2010-11-08T06:45:00.003-05:00

As we showed property to buyers over the weekend, the question that continues to arise yet again is a confusion over "Which condo complex should we choose?" It is rather daunting when you drive from St Pete Beach in the south to Clearwater Beach in the north and see hundreds of different complexes.

"What is the difference we can expect between buying a condo versus a single family home?" and the ever-present "Explain what these short sales are about."

First, let's tackle the condo complex question. In 2004, after a series of hurricanes, Florida toughened up the building codes making builders adhere to a much more rigid permitting and approval system. 2005 was about the turning point when builders no longer elected to use wood frame structures and began building with concrete (a combination of poured and block). Sliding glass doors began to have step-over high water thresholds at their base and high impact glass. If you take buildings completed in 2005 (like Sereno), 2006 (like Harborview Grande, La Vistana and Bella Rosa), 2007 (like Redington Shores Yacht & Tennis Club), they all have been built with the new codes and have the higher ceiling height, all block construction and high-impact glass.

Bear in mind that as the market declined in late 2007 construction on new projects halted... resulting in NO inventory from 2008, 2009 and 2010! Therefore, when a buyer is looking for newer construction, it narrows down to complexes built in 2005, 2006 or 2007. That certainly does not mean that the other older complexes are not worth consideration. Many of the buildings from the 70's and early 80's were built with all-block and have weathered many strong storms. Hurricane shutters go a long way in protecting the lower impact glass.

As a team, we determined that a dedicated website to certain complexes would go a long way to provide information and current availability. We opened the Redington Shores Yacht & Tennis Club site in 2008: www.redingtonshoresyachtclub.com Recently, we added a website dedicated to Harborview Grande in Clearwater Beach. This complex is worthy of note not only for its 2006 building completion, but also for its prime location and 7-day rental capability. This website is www.harborviewgrande-sales-rentals.com

Feel free to bookmark them and learn more about both complexes... we feel they are rising stars for both the present and future!

Art Harvest in Dunedin - A Juried Art Show Spondored By The Junior League Of Clearwater-Dunedin

2010-11-06T06:54:00.006-04:00

An annual event, Art Harvest this year features artist James Michaels with his iconic display of work. Over 230 artists from around the country will be competing in one of the best art shows held in the Tampa Bay area. Sponsored by the Junior League of Clearwater-Dunedin, this year's event is being chaired by our own Lambdin Freeman!

Lambdin has been active in the Junior League and other volunteer projects since she moved to the Tampa Bay area from Atlanta, Georgia. She has a particular interest in the support of foster children and the proceeds from this weekend's event will benefit foster children and community projects in Pinellas County. It is amazing to see her manage such a large project while maintaining her real estate business!

Featured artists such as Michaels and Juan Ramirez Cotrino will be on hand to discuss their work. The festival atmosphere will feature a wide variety of food and drink to supplement the artist viewings. Some of the works will be offered for sale and will include sculptures, jewelry, photography, paintings and ceramics, along with glass, metal and wood works.

Art Harvest
A juried art show hosted by the Junior League of Clearwater-Dunedin featuring the works of more than 230 artists from across the country.
Where: Dunedin Highlander Park, Michigan Boulevard and Pinehurst Road.
When: 10 a.m. to 5 p.m. Saturday and Sunday.
Parking: On-site parking, $5. Or park for $3 at Dunedin High School, 1651 Pinehurst Road, and take the shuttle.
For information: Visit http://www.jlcd.org/

Florida’s Condo Sales Rise In September 2010

2010-10-26T06:50:00.003-04:00

This came out yesterday:

"Sales of existing condominiums in Florida rose 10 percent in September, with a total of 5,675 condos sold statewide compared to 5,140 units sold in September 2009, according to the latest housing data released by Florida Realtors®."

“Like the rest of the nation, Florida’s housing market is feeling pressure from an uncertain economy,” said 2010 Florida Realtors President Wendell Davis. “Easing foreclosures and increasing job growth would go a long way in stabilizing the market and strengthening the economic recovery. However, current record low mortgage rates along with available and affordable inventory continue to offer a rare opportunity for consumers who are ready to buy a home.”

NAR’s (National Association of Realtors) latest industry outlook calls for a gradual improvement in home sales in upcoming months. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” said NAR Chief Economist Lawrence Yun. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence. The housing market is trying to recover on its own power without the homebuyer tax credit.” In September, the interest rate for a 30-year fixed-rate mortgage averaged 4.35 percent, significantly lower than the 5.06 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

© 2010 Florida Realtors®

2010 Stone Crab Season Well On Its Way!

2010-10-22T07:20:00.004-04:00

Yes, it is that time again. October is an amazing time here in Tampa Bay. We just got through the Super Boat Races and Clearwater Jazz Festival. Now we get to enjoy the delicacy of these waters that we have waited on all summer!

Stone crabs were a new discovery for us. Having grown up in Georgia, we often went to the Atlantic coast where blue crabs were in abundance. But since discover the lobster-like meat of the stone crabs, we are totally sold. The season is very strictly enforced and runs from October 15th to May 15th. If you find stone crabs outside of that window, they have been pre-frozen and never taste as good as right after they come out of the sea!

Frenchy's, with 4 restaurants in Clearwater Beach, is one of the largest providers of stone crabs to the area and actually offers to ship their claws directly to you at home!!! Their annual Stone Crab Festival is a major draw for the locals and visitors alike... when they offer their medium and jumbo claws for 2 days at wholesale prices. They will have live entertainment along with a festive environment in which to totally enjoy this delicacy... fresh out of the sea!

See you there!

Clearwater Jazz Holiday - A Symphonic Success!

2010-10-19T08:24:00.006-04:00

What is so great about continually talking about how great it is to live in Tampa Bay is that we really mean it! We actually take advantage and experience many of the arts, festivals and activities that make this area such a desirable destination. The Clearwater Jazz Holiday brought some of today's most popular and innovative jazz musicians together for a 4 day unique community event FREE to the public.

As we gathered close friends and set off to enjoy good music, food and drink, Coachman Park was a perfect venue right on the shores of Clearwater Bay. We brought in our chairs and found our perfect location to see and hear these amazing artists. We truly enjoyed Dr. John on Thursday and Norman Brown on Friday. Saturday evening, after a performance by Soulive, a dramatic fireworks show was displayed that rivaled some of the most elaborate shows.

However, Sunday evening we were blown away by both Jonathan Fritsen followed by Eric Darius! Such animated performances and talent... all right there for us to enjoy. Eric Darius (photo above) took the saxophone to an entire new level and we left Sunday night totally satisfied that we had experienced something truly special!

Just another weekend in Tampa Bay...

Where Is The Banking Moratorium On Foreclosures Heading???

2010-10-12T10:43:00.004-04:00

Just when we get comfortable that efforts are being made to pull the slumping housing market out of the quicksand, reports come in regarding major fraud occurring on the back end of foreclosure transactions... making all of us take note of the impact on a buyer obtaining a clear and free title. Not just small no-name banks, but GMAC, Bank of America, JP Morgan and Chase! Because of the seriousness of this situation, hundreds of thousands of of mortgages will have to be reviewed.

This comes at a time when lenders inundated with short sales are understaffed and ill-equipped to handle the load that they have... much less be prepared to audit all the back end paperwork. It is definitely worth reading the article published by Associated Press real estate writer Michelle Conlin. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=248699 A freeze has been put on foreclosure proceedings in Florida in light of allegations that the companies did not follow protocol when dispensing with the cases. We will be watching closely to see how the fall out affects our local market.

Foreign Buyers Taking Full Advantage Of Florida "Fire Sale"

2010-10-09T15:19:00.004-04:00

We are seeing a strong trend by foreign nationals (who would normally be investing in the US Stock Exchange) to choose real estate in this crippling market in which to place their cash. Many plan to rent the properties, then wait out the market until the economy turns around. Properties that were selling in the high $600,000 to $800,000 range are turning up in the mid to low $300,000 range and this class of investors are poised to take full advantage.

According to Associated Press, "For the international investor class, the United States’ bloated inventory of homes, high unemployment and weak currency make for an unusually attractive buyer’s market." As realtors, we see these deals come along that are simply jaw-dropping! With financing difficult to get in our current environment, the all-cash deal definitely makes for a strong offer. This is a major reason why The PURTEE Team got their recent certification as RSPS (Resort & Second Home Property Specialist). This certification covers a foreign national real estate transaction in purchasing an investment or second home from the initial search through the entire purchase. In addition, we have a Transnational Referral Certification specializing in working closely with clients of realtors from other countries. We believe so strongly in the importance of this trend that we are also actively involved in www.WorldProperties.com

Tampa Bay Rays - American League East Division Champions

2010-10-03T19:19:00.004-04:00

Today was a BIG day for Rays Baseball! Not only did they cinch the American League East Division Championship... but they also got the home field advantage! Playing on the road in Kansas City, the Rays found themselves down in the count 0-2 until the 9th inning when Pena's line drive into the corner of left field brought in the 2 runs to even the score. Shortly after, word came that the Boston Redsox had beaten the NY Yankees ensuring Tampa's Bay's Division win.

But the Rays were not going to sit complacently by and let this final series game go without a fight. The 12th inning was our time. Rocco Baldelli hit a single... then stole a base to get to second. Leave it to Kelly Shoppach to bring Baldelli in and bring the score to Rays 3 - Royals 2. So, with the bottom of the 12th the pressure built to hold our lead and Raffael Sorriano came in to close out the inning. He didn't let us down with his 45th save of the season!

The Tampa Bay Rays will be home tonight after a very long stretch with no days off. They actually get to sleep in their own beds. Then, on Wednesday post season will begin with a 5 game series against the Texas Rangers. Meanwhile the Yankees with be pitted against Minnesota. Tough match ups to get the the American League Championship and on to the World Series. But for now... yet another exciting reason to live in Tampa Bay!!!

Super Boat Races Returning To Clearwater Beach This Saturday!

2010-10-01T05:30:00.002-04:00

At speeds of up to 180 mph, the roar of these sleek power boats will be returning for the 3-day BRIGHT HOUSE 2010 CLEARWATER SUPER BOAT NATIONAL CHAMPIONSHIP FESTIVAL. Just over the bridge from Clearwater Beach, the boats will be on display Friday and Saturday at Coachman Park at the Baystar Race Village.

Other Friday Festivities Include:
• Baystar Village Party at the Promenade on the Bay, 5:30 to 9 p.m., at Cleveland Street and the city’s new marina next to Coachman Park
• Super Block Party in downtown Clearwater, 5:30 to 10 p.m., featuring the music of Let’s Hang On

Saturday Is Filled With Events Such As:
• Meeting the 2-Person Race Teams
• Make A Difference Foundation Fishing Tournament At Clearwater Beach Pier 60 at 8am and 10:30am
• Festival, Fireworks & Ice Cream/ VIP Event Hosted by Pier 60 Concessions/Fireworks Display
• Shephard’s VIP Party, hosted by the Clearwater Beach Chamber of Commerce, 8 p.m. to 3 a.m.

Sunday Is RACE DAY!
11am SUPER BOAT RACE HEAT 1
1pm SUPER BOAT RACE HEAT 2
Over 25,000 spectators are expected and viewing areas are being set up at Pier 60, the Hyatt Aqualea Patio and the Hilton Deck Party. And, of course, the after race party will be hosted by Shepherd's Beach Resort.

Ahhh... just another weekend at the beach!

Tampa Bay - Positive News & HOT Deals!

2010-09-23T18:32:00.002-04:00

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!

2010-09-13T10:26:00.003-04:00

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!!!

2010-09-11T07:58:00.002-04:00

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...

2010-09-04T07:51:00.005-04:00

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

2010-09-01T08:48:00.008-04:00

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!

$5.2 Million Beach Re-nourishment Underway in Treasure Island

2010-08-27T10:09:00.004-04:00

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"

2010-08-23T14:33:00.002-04:00

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?

2010-08-21T07:21:00.004-04:00

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!

2010-08-13T11:05:00.007-04:00

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

2010-08-13T10:33:00.004-04:00

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!

2010-08-12T08:00:00.004-04:00

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

2010-08-10T07:57:00.006-04:00

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!

2010-08-09T10:10:00.005-04:00

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

2010-08-05T08:23:00.004-04:00

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%

2010-08-04T13:01:00.002-04:00

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!

2010-08-01T11:12:00.003-04:00

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!

info@floridagulfproperty.com

What To Look For In Finding Your 2nd Home!

2010-07-25T07:44:00.005-04:00

The PURTEE Team specializes in finding second homes for out of state or international buyers. From the original inquiry, a buyer is connected with one of us to assist in a full understanding of the marketplace, the challenges of buying distressed properties... and what to look for as a part time resident.

* First, we discuss how they are going to maintain the property. With a private home there is a great deal to consider with maintenance, yard and security. For that reason, many decide a condo offers a better solution... with landscaping, building insurance and exterior maintenance included in the homeowner's fee. Often times, with storm shutters, the condo can be secured and left highly protected during times the owner is not in residence.

* Secondly, we update our buyers about age. This is an important conversation to bring the buyer up to speed on how to understand the factors that are most important. it is also a critical piece as to why working with a realtor knowledgeable about the area is so important!

The building codes in Florida dramatically changed in 2004. At that point, frame construction was replace by solid block construction. The latest code heavier sliding glass doors with high water threshold frames combined with the new suspension cable support system between floors... and so many other key details in order to keep the newer building more secure in the possibility of a strong storm.

Therefore complexes that were completed in 2005, 2006, and 2007 reflect those changes. When the market fell off in the latter part of 2007, new construction trickled to a halt and very little new has come on the market. So we counsel our buyers to think of new as 2005-2007.

In the 1970's and 80's builders often used the solid block construction so many of those older builders are very solid in nature. Where they fall short is in the lack of high wind rated glass windows and sliding doors. For the most part, that has been aided by the use of newer storm shutters added to the outside of the glass for additional support and security. Some of the older buildings (like Seamark in St Pete Beach) have opted to bring the entire building up to code with its windows.

When the decision is made to purchase a beach residence... whether as a place to get away from a grueling winter, or simply as a place to kick off your shoes and feel the sand between your toes while watching dolphins swim along the coastline... there are things to consider. As your realtor of choice we are right here throughout the process - even after you return home. For that reason, we have many buyers (who have become owners) who know they can count on us when necessary.

Our website is filled with information to start on the journey to discover what it is like to "Live the Florida Lifestyle". www.floridagulfproperty.com

Sellers Facing Hard Reality On Pricing

2010-07-19T15:37:00.003-04:00

We continue to talk about absorption rate. In June, the absorption rate for single family homes was 12.4% and for condos was 7.9%... which basically means if you are selling a home, there was an 87.6% chance you did not sell your home in June. For condo sellers, the rate was even higher at a 92.1% chance your condo didn't sell.

The best counsel we can give our sellers is to look at the likelihood of their property selling, then calculate the costs of carrying the property each month. (That includes paying the mortgage, insurance, utilities, etc., plus the cost of any further price declines.) We do a comparative market analysis as we list a property, as well as periodically during the course of the listing. This is a report that takes recent sales of similar properties and breaks them down into a selling price per square foot. This is the best indicator of what our selling price suggestion should be. This is also the same tool mortgage lenders use in order to determine value for loan purposes. For example, if a property is priced too high, lenders simply will not loan on the property at that price. With lending institutions tightening their lending policies anyway, the wrong price can create yet another stumbling block.

Cash buyers are out there, but they are driving hard bargains and looking for extraordinary value. Sellers who are upside down in the value of their property and do not qualify for lender support in a short sale could face bringing serious $$$ to the closing table. As we give our listing prospects the very best advice we can... along with strong marketing muscle, The PURTEE Team never hesitate to go the distance for their sellers!

June Statistics Evaluated

2010-07-13T11:08:00.004-04:00

We have posted June Statistics to the home page of our website. June was a tough month for consumer confidence with rising concerns over the gulf oil spill becoming a harsh realty along the panhandle coastline, as well as slower than expected employment recovery. Overall residential unit sales here in Pinellas County in June were up another 5%.

Single family home sales were up 7.5% compared to last year while condo sales remained at the same level as June 2009. All residential listings were down 7% compared to June 2009 bringing inventory lower. Single family listings dropped 3.3% and condo listings fell 11% from June 2009. When looking at the Absorption Rate, this gives us the ration between units sold and units listed for the month. June saw a single family absorption rate of 12.4% compared to 11.1% in June 2009. In condos, the absorption rate for June was 7.9% compared to 7.0% in 2009.

In speaking with other agents who specialize in waterfront property along the beaches of Tampa Bay... all of our business has picked up significantly! We have always said that beach property has its own market center as opposed to more residential living inland. Since the numbers reflect ALL of the county, it is significant to capture its relevancy to our specific waterfront market.

We are very aware of price thresholds and when a jewel of a property comes on the market! Therefore when a property's price lowers below that threshold, we have a group of buyers eager to take advantage of such a deal and often such deals are snapped up in a matter of days. There is a significant amount of cash that has come out of the stock market volatility... looking for the long term appreciation of waterfront property - AT THE RIGHT PRICE!!!

The PURTEE Team is on top of this phenomenon and we are here to help. Contact us today to find out how we can be of service!

Canadians Buying Property In Florida

2010-07-10T07:24:00.005-04:00

Living full time here on the beach in Tampa Bay gives us an interesting perspective on living the "Florida Lifestyle". Being realtors, we have ridden the roller coaster of the market highs and lows to see first hand what values are to be had! So why is it that 4 of our deals during the last 30 days were with Canadian Buyers?

With cash to spend, a favorable currency exchange and a hunger for a warm weather winter retreat... Canadians are quickly realizing this is the time to buy in Florida. With Americans caught in consumer uncertainty, a crisis with the gulf oil spill, and difficult financing options... it has been interesting to watch Canadians pick up on this weakness and take advantage of tremendous purchase opportunities!

We have seen our Manitoba buyer strategically plan when to convert his Canadian dollars into US funds for closing in order to further enhance his purchase! The PURTEE Team encourages our northern friends to act now. Inventory is definitely shrinking and the great values are very evident to us a professionals in the field. The deal we closed earlier this week was for a 3 bedroom waterfront condo that was originally purchased by the owner for $924,000. Our buyer from Newfoundland got it for $350,000!!!

Our buyers love that they can search distressed properties in Tampa Bay right from our website: http://www.floridagulfproperty.com/distressedsearch.html This is a great start in determining some of the outstanding deals available. We are diligent in working hard to ensure all of our clients get first class service! Give us an opportunity to show you... you won't be disappointed.

Congress Extends Homebuyer Tax Credit and Flood Insurance

2010-07-01T06:47:00.002-04:00

The U.S. Senate passed two bills last evening previously passed by the House. Both bills still need President Obama's signature to become law, but that's expected to happen quickly.

Homebuyer Tax Credit
The Senate passed HR 5623, which extends the mandatory closing date to qualify for the homebuyer tax credit. The contract deadline does not change - homebuyers must have a contract signed by April 30, 2010 (an exception for active duty military) - but the previous closing deadline of June 30, 2010, has been extended to Sept. 30, 2010. The National Association of Realtors estimates that the approved bill will benefit more than 14,000 deals in Florida.

National Flood Insurance Program
Congress once again reauthorized a short-term extension for the National Flood Insurance Program to Sept. 30, 2010. The bill, HR 5569, makes the program retroactive to May 31, 2010, the date the program went on hiatus.

Mortgage Rates Fall to Lowest Level Of The Year!

2010-06-11T19:59:00.002-04:00

According to Freddie Mac, mortgage rates fell this week to a low of 4.72% for a 30-year fixed mortgage... down from 4.79% last week. We are skirting the LOWEST ALL TIME LOW set last December at 4.71%!!! As we observed back in February, a campaign by the Federal Reserve to reduce borrowing costs for consumers pushed rates down to extraordinarily low levels last year. Rates were expected to rise after the program ended this spring, but have fallen instead over the past two months.

The average rate on a 15-year fixed-rate mortgage hit 4.17 percent, down from 4.2 percent last week and the lowest on records dating back to August 1991.

Rates on five-year, adjustable-rate mortgages averaged 3.92 percent, down from 3.94 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 3.91 percent from 3.95 percent. That was the lowest average since May 2004.

We do offer a great service to compare rates online directly from our website. To see what rate you might qualify for, CLICK HERE!

Annual John LeVique Pirate Invasion at John's Pass - Madeira Beach

2010-06-10T06:59:00.003-04:00

There is certainly a lot of fascination with PIRATES around the Tampa Bay area! From January's Gasparillo along Tampa's shore to the pirate offering welcome at the entrance of Treasure Island, it's hard to miss. This time of the year, we turn to John's Pass in Madeira Beach to join the festivities with its 9th annual John LeVique Pirate Days!

Starting tomorrow, June 11th, the three-day weekend pirate themed event celebrates the discovery of John’s Pass by turtle farmer, John Levique after the hurricane of September 1848. Dressing in costume is encouraged! The Pirate's Ball kicks off the festivities Friday evening and naturally there will be a costume contest! Live music will be available Saturday and Sunday, but you won't want to miss the Pirate Invasion at noon on Saturday along with the fully decked out boat parade, fllowed by the "pillaging of the village"! And there is always face painting, story telling, photo opportunities, games and activities, and the infamous “Pirates Pub Crawl”.

Ahoy, Matey!! See you there!

May Statistics Confirm Growth Trend - Tampa Bay Beaches!

2010-06-09T07:23:00.006-04:00

May 2010 Market Statistics for Pinellas County, located on the beach side of Tampa Bay were posted yesterday and have been added to the Home Page of our website. I think we are were waiting for these numbers to see what impact the Gulf Oil Spill crisis had on consumer confidence and the growth trend we were seeing take hold. In addition, there was a great deal of speculation about the April 30th deadline for the 1st time buyer credit and what that would mean in May... would this growth in sales be able to maintain its momentum???

Click on the Chart to View
As we do each month, we go directly to the Absorption Rate (or Inventory Turnover) to get the "overview". This is determined by dividing the number of units sold during the month by the total number of listings in MLS.

This is the first place we look and we were not disappointed. As a matter of fact, considering the oil spill and the end of the 1st time home buyer credit, we are actually looking at these numbers as tremendously impressive!

In Single Family Homes, the Absorption Rate was 12.5% (the second highest of the year). The 12.5% compares to May 2009's 8.9% and May 2008's 6.8%! And in Condos... 9.1% in May, compared to May 2009's 5.7 and May 2008's 4.7%!!!

What we are looking for is Inventory going down while Sales continue to climb... Here are the pertinent facts and you are welcome to review the entire report right from our website:

2010 Single Family Home Sales:
For the month of May, compared to 2009... sales are up 27.6%! Year to date, sales are up 22.6% over 2009, yet listings are down 15.5%!

2010 Condo Sales:
For the month of April, compared to 2009... sales are up 37.7%! Year to date, sales are up 52.6% over 2009, yet listings are down 17%!

We are still seeing the trend for CASH Sales... May's sales represented 52% cash and 26% conventional. Investors are picking up on this trend to take advantage of the best deals... ahead of the mainstream. Again, it was very enlightening to see the numbers hold up as well as they did for May!

Staying in Clearwater Beach... Need A Car?

2010-06-06T16:59:00.003-04:00

If your plans are to stay on Clearwater Beach, you really won't need a car as everything is within easy walking distance. Tampa International Airport is just 19 miles from Clearwater Beach and taxis and/or shuttles are readily available to get you to your "home in paradise". Once you arrive, the meandering Beachwalk is a great pedestrian walkway along this award-winning beach.

If you do need a ride, consider the Jolley Trolley which travels throughout Clearwater Beach or catch the Suncoast Beach Trolley which runs between Clearwater Beach and all the beach communities to the south to Pass-A-Grille. Several companies offer tours, including transportation, to Tampa or Orlando attractions.

One of my favorite modes of transportation while on the beach are the bicycle pedicabs where you can sit back and let someone else pedal you in a comfy carriage to your destination. Then, of course, there are also rental bikes, scooters, authentic surrey bikes and mini coupes. Lots of fun and easy to enjoy!

Gulf Oil Spill - Impact On Florida Beaches

2010-06-05T12:39:00.003-04:00

Throughout the gulf beaches and beyond... whether residents, visitors, potential home buyers or even vacationers planning their next trip... the Mississippi Canyon 252 Oil Spill incident is playing havoc in the Gulf of Mexico! No one knows how long it will take to completely stop the leak or what the final impact will be. Although other attempts are being made every day to stop or contain the spill, at the very least a second well is currently being drilled to move the oil over to it. The completion of that well is scheduled in August.

I have found one website very thorough in its information and maps of projected areas of concern are updated daily. Deepwater Horizon Response. Under the News/Info tab, go to Maps to find the projected track both near the shoreline and offshore.

If there is any silver lining for those of us on the west coast of Florida in the Tampa Bay area, the gulf stream appears to be working in our favor to keep any contamination away from us. The warm water of the gulf and sunshine does aid in breaking down some of the oil sheen. And yesterday, the NOAA announced changes to the fishing closed area that took effect at 6 p.m. Eastern, Friday. The changes include the opening of more than 16,000 square miles of water off the Florida coast, where oil had been projected to reach but was never observed. Approximately 2,200 square miles near the Florida panhandle are added to the closure. The closed area will now be about 32 percent of federal Gulf waters, down from 37 percent. This is good news.

St Petersburg Favorite! Taste Of Pinellas

2010-06-04T07:29:00.004-04:00

Taste of Pinellas is an annual food and music festival for the whole family, held at Vinoy Park on the waterfront in St. Petersburg Florida. Definitely time to taste samples from some of the area's best restaurants while enjoying live music, a Kids' Zone for children and much more! A Taste of Pinellas is for a great cause, too -- proceeds from A Taste of Pinellas go to the All Children's Hospital Telethon.

Tampa Bay area's best restaurants that will be included. Entertainment begins this afternoon at 5pm until 10pm and features bands such as Huey Lewis. Entrance fee for today and tomorrow (11:30-10pm) is $5. The headliner tomorrow is Martina McBride. A huge fireworks display will be the finale Saturday evening!

Sunday is Family Day from 12-7pm and is FREE. All food and beverage sales throughout the weekend operate with tickets. A sheet of 10 tickets is $5 - items range in cost from 1 - 12 tickets.

See you there!

Downtown St Petersburg - Focus on The Vinoy

2010-05-14T05:52:00.006-04:00

The waterfront of downtown St Petersburg, Florida is a dazzling bustle of activity and the home to the historic Renaissance Vinoy Resort & Golf Club... with the combination of a private marina, 18-hole golf course and 12-court tennis complex.

In 1923, the original dream of businessman Aymer Vinoy Laughner along with his two friends, financier Gene Elliott and golfer Walter Hagen was the possibility of building the most elegant and luxurious hotel facing the St. Petersburg waterfront. By 1925, a hotel depicting one of the finest examples of Mediterranean Revival architecture in Florida was completed. The early days saw the hotel, known at the time as the Vinoy Park, opened for business from roughly December through March. The original rates were the highest in the bay area at $20 per night, the highest in the area at that time. However, considering what the hotel offered to its guests, this was a bargain at the time. The hotel was a popular destination for politicians and celebrities... such as Babe Ruth, Herbert Hoover, Calvin Coolidge and Jimmy Stewart.

Even during the depression years, the hotel prospered and during World War II Mr. Laughner lease the hotel to the US Army to use as a training school. After the war, the hotel was sold to Charles Alberding for $700,000 and continued to prosper for several decades. During the late 1960's, the hotel was slowly declining and by 1974 its doors were closed and most of its contents sold. During the period from 1974 until the early 1990s many a vagrant sought refuge within the dilapidated building, and it certainly was an eye sore with its broken widows, doors and terrible stench. This tragic condition was about to change with a partnership between Renaissance Hotels and Resorts (previously known as Stouffer Hotels and Resorts), and the Vinoy Development Corporation.

With such muscle behind the project, within 2 years they created an almost perfect replica of the original hotel. The cost was in excess of $93 million! However, when you visit this remarkable property you will appreciate why it required master craftsmen to accomplish this feat. Today The Renaissance Vinoy Resort and Golf Club is a member of the prestigious Historic Hotels of America, and has been named to the National Register Of Historic Places. By 2005, it had earned AAA Four-Diamond status.

When in the area, this spectacular hotel is definitely worth a visit. And while there, treat yourself to a meal at its award-winning restaurants: Marchand's, Alfresco's or Fred's Steakhouse. In addtion, there are many options for living right in the heart of downtown St. Petersburg! The PURTEE Team is here to help!

Can I Really Close On My Florida Property From Home?

2010-05-12T07:06:00.002-04:00

We are often asked that question... buyers come in from all over the United States and around the world looking for that special property along the Tampa Bay Beaches that beckons them with its warm weather, beautiful beaches and spectacular sunsets! They find just the right property and write up an offer as they head back home.

Closings could be one to even six months away. Unlike in some other states where closing attorneys are the norm, here in Florida we use Title Agencies to conduct the title search, provide clear title to the new buyer (along with title insurance) and handle the overall transaction. They are well equipped to finalize a closing without either party present... making it extremely easy for both buyers and sellers who might not be able to fit a trip back into their schedule at that particular time.

It is just as binding and through their escrow account, the Title Agency can receive funds, conduct final pay off of mortgages and issue disbursements. Never hesitate to ask us if a mailaway would work best for your closing. We can definitely work that out for you!

Seabird Sanctuary - Volunteers Needed Immediately

2010-05-10T07:44:00.005-04:00

The Indian Shores, Florida Suncoast Seabird Sanctuary is the largest wild bird hospital in the United States, admitting up to 8,000 birds a year. For over 38 years, the Sanctuary has helped injured birds.

In immediate response to the Gulf Oil Spill, the Seabird Sanctuary is asking for the community's help to prepare for injured birds & coastal cleanup as the Gulf oil spill potentially moves toward Florida's shoreline. They have avian care staff on standby and are asking for both volunteers and items to be donated. In addition to volunteers, they are asking for the following items:

Linens
Sheets
Dawn Detergent
Bottled Water & Gatorade
Toothbrushes (new)
Heavy Duty Rubber Gloves
Towels
Adhesive Bandages
Shovels
Rakes
Paper Towels

Please drop off at either the Seabird Sanctuary at 18328 Gulf Boulevard, Indian Shores, Florida 33785 (Rescue Hotline: 727-391-6211)or their North Pinellas Drop Off Location: 3019 Bradford Circle, Palm Harbor, FL 34685.

April Statistics Are In - The Table Has Turned!

2010-05-07T07:24:00.004-04:00

April 2010 Market Statistics for Pinellas County, located on the beach side of Tampa Bay were posted yesterday and are being added to the Home Page of our website. It is an incredible thing to watch from our vantage point when we are right here in the heat of the market. The path of the way down was so much slower and harder to grasp... but these numbers speak for themselves.
Click on the Chart to View
As always, we go straight to the Absorption Rate (or Inventory Turnover) to cut to the chase on what is happening in our real estate market. This is determined by dividing the number of units sold during the month by the total number of listings in MLS. After the huge jump in March, everyone was waiting to see if April could keep up the momentum. Well... not only has it kept up, but it has leaped forward!

In Single Family Homes, the Absorption Rate went from 11.5% in March to 13.0% in April. The 13.0% compares to April 2009's 8.5%! And in Condos... 9.5% in March to 10.6% in April, compared to April 2009's 5.3%!!! WOW! A 100% increase year to year in condos!!

We hear from many of you, "We don't think condo sales will come back as quickly as home sales." But the answer is right in front of us! It amazes me how many buyers are convinced that values are still depressed and will go down even further. Being right here in the middle of it, we see first hand what inventory is available along the beaches of Tampa Bay and often what is in the pipeline waiting to be listed.

There is an inner circle of the most productive real estate agents who specialize along the Tampa Bay Beaches and we are all seeing the same thing... the tide has finally turned. Here are some additional pertinent facts in the April Stats and you are welcome to see the entire report right from our website:

2010 Single Family Home Sales:
For the month of April, compared to 2009... sales are up 30.1%!
Year to date, sales are up 21.1% over 2009, yet listings are down 17.0%!

2010 Condo Sales (Hold on to Your Seat Belt!):
For the month of April, compared to 2009... sales are up 67.1%!!!
Year to date, sales are up 57.3% over 2009, yet listings are down 17.8%!

When we say the time is now to buy, it is time to pay attention. Actually, the buyers that made a move 4 months ago hit the timing perfectly. We are seeing a new low price base in the prime properties... and this low base still has sellers choking and giving away huge discounts. At some point when the distressed seller properties are depleted, there is no where for prices to go other than UP. You don't want to miss out.

Consumer Confidence Jumps In April!

2010-04-29T09:55:00.004-04:00

Getting the report on this new April 2010 survey from BEBR, I did some research as to the credibility of the source. Established in 1979 to conduct research on consumer attitudes and buying behavior in Florida, the Bureau of Economic and Business Research (BEBR) Survey Research program has grown into a state-of-the-art survey research program. Renamed in 2001 to the UF Survey Research Center (UFSRC), the program conducts a regular monthly survey of some 500 households in Florida and issues their Florida Consumer Confidence Index.

The April Consumer Confidence Survey showed some very positive signs, in spite of the state's record unemployment. Confidence spiked in April 6 points to 77 over March's 71 level. Expectations of U.S. economic conditions over the next year rose 10 points to 80. However the biggest jump was in the perception of whether it is a good time to buy big-ticket item... which rose a whopping 14 points to 87!

Consumer confidence has not been this high in Florida since October 2007 when it was at 79. "Florida's consumers have been full of surprises the past several months," Dr. Chris McCarty, director of the program, says. "Much like the reading for January, this rise in confidence was completely unexpected. Last month Florida broke its all-time record for unemployment at 12.3 percent. Yet Floridians are far more optimistic this month than last."

"Consumers are clearly optimistic that the United States is in recovery and that the economy will at least not get any worse," McCarty says. "Therefore, some of the spending may be pent-up demand from households that were cautious about spending when the recession was at its height and when job losses were on the rise."

Although long-term unemployment remains a serious problem in the near term, it appears that layoffs have mostly stopped.

Rays Baseball - A Tampa Bay Jewel

2010-04-22T07:01:00.004-04:00

Tampa Bay is certainly getting fired up about its baseball and with the current game tally at 11 wins to 4 losses, the Rays fans have a lot to be excited about!

Tonight is the last game in the series with the White Sox and the Rays come home tomorrow to begin their home series with the Toronto Blue Jays right here at Tropicana Field. A great addition for Friday home games is the spectacular fireworks show at the end of the game. And Saturday begins the Summer Concert Series with a free concert after the game. This week will feature a performance by John Fogerty.

What is gratifying to see is the Rays dedication to giving back and supporting the community that supports their team. Through its corporate partnerships throughout the community, the team encourages environmental education programs in the Tampa Bay area. In addition, from its foundation... to recognizing our country's military heroes during Sunday home games... to helping make a child's wish come true, to helping others play the sports they love, the Rays have partnered with other corporate citizens to reach out to the Bay Area Community.

Take me out to the ball game...

Mortgage Rates Fall Last Week In Spite Of Rising For 4 Straight Weeks

2010-04-19T07:27:00.006-04:00

We have been watching (like so many others) mortgage rates to see any impact from the Federal Reserve backing away from government backed mortgage bonds as of March 31st. See our March 27th BLOG Post. The big question was whether once those bonds had to be financed by the private sector... rates would have to rise to attract those investors.

Rates for long-term mortgages dropped last week but still remained above 5 percent, Freddie Mac said last Thursday. The average rate on a 30-year fixed rate mortgage was 5.07 percent, down from 5.21 percent the week before. It had our attention when the week of April 5th showed an average rate for a 30-year fixed mortgage at the highest since mid-August, when it was 5.29 percent. Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve campaign in backing the mortgage bonds.

The average rate on a 15-year fixed-rate mortgage was 4.40 percent, down from 4.52 percent last week. Rates on five-year, adjustable-rate mortgages averaged 4.08 percent, down from 4.25 percent a week earlier. Rates on one-year, adjustable-rate mortgages dipped to 4.13 percent from 4.14 percent.

Although the program ended at the end of March, the Fed has left the door open to reviving the program if the economy weakens. Lower rates mean more affordable mortgages for Buyers. According to Bankrate.com, the Mortgage Rate Trend Index shows experts mixed in their forecasts with 39% believing rates will rise over the next week or so, 22% thinking they will fall and the other 39% thinking they will remain unchanged.

Don't hesitate to use our website for Mortgage Rate Comparison... and you can even apply online!

National Flood Insurance Program Back In Force

2010-04-19T06:42:00.005-04:00

Our April 6 Blog Post discussed the problem that has occurred because Congress had recessed without extending authority for the National Flood Insurance Program (NFIP) which expired on March 28, 2010.

As we forecasted, and with the help of the insistence by the National Association of Realtors, Congress approved an extension of the NFIP at the end of last week and President Obama signed it into law within the hour. The change, part of a larger bill that covers unemployment, extends the flood insurance program to May 31, 2010; and coverage is retroactive to March 28 when the current program ran out.

The extension, which needed to be addressed immediately upon Congress coming back into session, will serve as a patch while the larger more comprehensive bill that would extend flood insurance through December 31, 2010.

“In theory, the NFIP will now return to normal operations and, since the extension is also retroactive, any new policy applications or renewals that were signed and submitted during the hiatus will be effective from the date of application (or in the case of waiting periods, the waiting period will start from the date of application),” say officials of the Independent Insurance Agents and Brokers of America.

Spotlight On Seminole, FL - Just Listed At Monterey!

2010-04-15T08:23:00.012-04:00

The Tampa Bay Area is surrounded by water, from its Bays to the Intercoastal to the Gulf of Mexico. In addition, Lake Seminole provides a pristine setting in a park environment for its Seminole residents. Seminole remains a popular destination for home buyers with its highly rated schools and central location. The city of Seminole has about 18,500 residents, enjoying access to Clearwater, St Petersburg and the Gulf Beaches within minutes. Many areas in Seminole are in non-evacuation zones, meaning the area is high enough to avoid being in a flood zone during a hurricane or storm surge.

The Purtee Team has just listed a 3BR/2BA condo in the gated community of Monterey at Lake Seminole. Built in 2007 to the latest building codes and block construction, Monterey enjoys amenities such as its lake front community pool, fitness center and fishing pier. This 4th floor condo with direct lake views has 1890 square feet of spacious living area, as well as a screened in balcony with extra storage closet. You will find it filled with beautiful appointments such as crown molding, 42" cabinetry, high ceilings, elegant master bath and much more! It is vacant and ready to move right in! At $277,000... this elegant condo is a MUST SEE! MLS #7458871

Open House Event A Success!

2010-04-12T07:25:00.005-04:00

Many thanks to those of you who came by our Open Houses over the weekend. The feedback we got on our new listings was exceptional and we were thrilled with the response!

It is so gratifying to see Buyers back out in the market realizing this is truly the time to make a move. With interest rates still low, inventory coming down and pricing flat or slightly rising, many people understand the value of making a decision now.

We had many discussions about the buying process, understanding of short sales versus bank-owned, and financing options. In addition, we were able to introduce quite a few to our Buyer Program that allows buyers to automatically receive email notification of new listings of properties that fit their criteria.

If you were not able to attend this weekend, please review our Featured Listings to see the great properties we currently have for sale!

Don't Forget - Statewide Open House Event This Weekend!

2010-04-10T09:05:00.005-04:00

The Purtee Team will be participating in this event both Saturday and Sunday. You can read about it in our post from earlier in the week: http://floridagulfpropertypurteeteam.blogspot.com/2010/04/on-april-10-11-2010-more-than-35000.html

The four "Just Listed" Waterfront Properties that will be open are:

Saturday, April 10th

17717 Gulf Blvd. #502, Redington Shores Yacht & Tennis Club - 3BR/3BA Waterfront Condo @ $589,000

5396 Gulf Blvd., Seamark, St Pete Beach - 2BR/2BA Gulf Front
#902 - Updated @ $549,900
#802 - Completely Renovated and Remodeled @ $725,000

Sunday, April 11th

530 S Gulfview Blvd., Harborview Grande #406, Clearwater Beach - 3BR/2BA Waterfront Condo @ $575,000

March Statistics Are In - What A Difference A Month Makes!

2010-04-09T07:04:00.006-04:00

The March 2010 Market Statistics have just been posted for Pinellas County and they have been added to our website. As you see from month to month, the Absorption Rate (or Inventory Turnover) gives us the first blush overview... and take a look at this chart! The Absorption Rate is determined by dividing the number of units sold during the month by the number of active listings in the Multiple Listing Service.

Click On The Chart For A Clear View:
What a difference a month makes in Pinellas County!!! In March, the Absorption Rate on Single Family Homes jumped to 11.5% from March '09 7.7%, and Condos went right along at 9.5% over March '09 4.9%!

The median prices stabilized and actually began to move back up while sales results made a significant jump. Single Family Home sales improved 17.2% over March '09... with sales of 1667 homes. The median price of $138,500, although slightly down from March '09 $140,000... was significantly higher than Feb '10 at $130,000.

Condos made the most significant comeback with a 53.1% increase in sales over March '09... with sales of 1200 condos! The median price remained flat at $110,000.

As we continue to watch our depressed market rebound, the telltale sign is how busy we have gotten! We are posting Hot Deals to our website frequently... and watching them get sold quickly.

The February Market Statistics have just been posted for Pinellas County and we have added them to our website. Personally, I always go first to the Absorption Rate (or Inventory Turnover) to catch a trend. The absorption percentages increasing reflects the market absorbing the inventory that is available. This is definitely a result of the median price. In Single Family Homes, the highest price level occurred in October of 2005 at $276,000. In February 2010, the median price of homes sold was $130,000. Condos reached their high level as well in October of 2005 at $215,000. In February. the median price was $110,000.The inventory has had to experience this decrease in value to stimulate the market back into activity. This is the point investors, and buyers in general, start to look hard at which depreciated properties have the best chance to appreciate on the upturn.

Advance Notice - New Listing at Harborview Grande To Public Friday!

2010-04-07T18:14:00.013-04:00

Harborview Grande, a beautiful waterfront building completed in 2006 was completely sold out pre-construction! I remember going to the site where two little motels sat and thinking about the water in every direction. Plus with Clearwater Beach ranked as one of the most beautiful city beaches in the country, visitors flock to enjoy the beach, Pier 60 and its nightly festivities and the wide array of events featured throughout the year.

The Sand Pearl Resort and Hyatt Aqualea have just been built as premium hotels with high end amenities. The city of Clearwater Beach has been fervently working on their Beachwalk project which gives a universal upscale feel to the area.

What is the difference between one condo in Clearwater Beach versus another? There are only a handful of 7-day rental condos available for vacationing tourists. Most complexes require a 30-day stay. Harborview Grande, during the pre-construction phase got the right to do 7-day rentals which immediately made the complex a highly desirable destination. The stair-step design makes each of the 30-ft balconies feel like a corner... offering fabulous views of Clearwater Bay and the Gulf of Mexico.

A 3BR/2BA condo in Harborview Grande commands a rent rate of between $1300 and $1700/week depending on the season! There is currently NOT ONE available for purchase! This Friday, we will be listing #406 at Harborview Grande for $575,000. It is designer furnished with beautiful touches and unique hand painting. For its launch, we will be holding it open Sunday from 1-4pm. The address is 530 S Gulfview Blvd. if you can come by. For the savvy investor looking for the right location with the right net income potential, this is well worth the consideration! Call The Purtee Team for information on this exciting listing... it won't last long. (The last one we listed in Harborview Grande was under contract in 1 week!) 727-480-8219

Closings During NFIP Lapse??? New Guidance Issued

2010-04-06T14:14:00.005-04:00

In order for mortgages to be created, lenders rely on federal regulations requiring the existance of flood insurance on the property being closed. The problem has occurred because Congress has recessed without extending authority for the National Flood Insurance Program (NFIP) which expired on March 28, 2010. By law, flood insurance is required for the purchase of real estate in a 100-year floodplain. Most of the property here in Tampa Bay is in a flood plain area.

Insurers may not issue new or renewal policies or increase the coverage of existing policies backed by the NFIP while it's expired. As a result of the National Association's call for action, regulators have issued guidance as to how to close properties during the NFIP lapse. Six of the nation's largest lending authorities have formed a consensus that loan closings may still occur during the NFIP lapse with verification of the submission of a NFIP flood policy application and premium payment submission to the insurance provider.

When Congress returns on April 12, NAR will encourage them to act swiftly to reauthorize and extend the NFIP, and insist that the reauthorization should be made retroactive to March 28, 2010, so that any properties that are flooded during this lapse will be covered by the program.

According to the Governmental Affairs website, FEMA, which administers the NFIP, issued guidance that:

Existing flood insurance policies that were in effect on March 28 (when NFIP expired) will remain in effect and would not be affected.
While new flood policies may not be issued after that date, new policies for which payment was received or in case of loan closings, the application was dated on or before March 28 -- will be issued.
Also renewal policies may not be issued until the NFIP is extended; however, there is a 30-day grace period during which the policy remains in effect following its expiration date.

Considering A Short Sale Over Foreclosure? New Fed Program May Help

2010-04-06T07:05:00.003-04:00

We are frequently asked, "What is a short sale?" A short sale is when you sell your home if you owe more than its worth and you can't afford to make the payments. If you consider what it was like to qualify for the mortgage loan in the first place, now you have to qualify in reverse... that you cannot afford to continue paying. Many homeowners have found their homes reduce in value to a point where they owe more than it's worth. A short sale can be a possible way to unload it.

Effective yesterday, the short sale process has been simplified under the Home Affordable Foreclosure Alternatives program, or HAFA, which gives $3,000 to borrowers for relocation assistance, $1,500 to servicers for administrative and processing costs, and up to $2,000 to investors who allow up to $6,000 in short sale proceeds to be distributed to subordinate lien holders. The program was created to help stabilize distressed inventory and create an alternative to undervalued homes facing foreclosure.

The National Association or Realtors is offering webpage with information on how HAFA works at: www.realtor.org/shortsales

The U.S. Treasury Department guidelines and forms (updated March 26, 2010): https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html.

April 10-11: Florida OPEN HOUSE Event

2010-04-05T07:19:00.007-04:00

On April 10 & 11, 2010, more than 35,000 blue balloons featuring the Realtor® logo will be flying above mailboxes at open houses from Tampa Bay to the Panhandle to Key West. It’s all part of the first-ever statewide open house weekend! But Florida Realtors aren’t the only ones showcasing properties during that weekend. State and local associations across the country have also designated April 10 & 11 as Open House Weekend. From coast to coast, the signature blue balloons will showcase thousands of open houses. It’s a buyer’s dream! The timing couldn’t be better for buyers. Interest rates are low. There’s a supply of homes at all price points. And the Florida Open House Weekend is two weeks before the April 30 deadline for the homebuyer tax credit.

The PURTEE Team is looking forward to participating in this exciting event! Look for our Balloons at the following Featured Listings:

Saturday, April 10th 1pm to 4pm

12975 96th Ave., Seminole, FL - 4BR/2BA Single Family Home $359,000

17717 Gulf Blvd. #502, Redington Shores Yacht & Tennis Club - 3BR/3BA Waterfront Condo @ $589,000

5396 Gulf Blvd., Seamark, St Pete Beach - 2BR/2BA Gulf Front
#902 - Updated @ $549,900
#602 - New Kitchen & Marble Floors @ $589,000
#802 - Completely Renovated and Remodeled @ $725,000

Sunday, April 11th 1pm to 4pm

530 S Gulfview Blvd., Harborview Grande #406, Clearwater Beach - 3BR/2BA Waterfront Condo @ $575,000

5339 62nd Ave S., Bayway Isles, St Petersburg - Single Family Home 5BR/3.5BA Totally Customized @ $1.4M

If you get a chance, come by and take a look at these dynamic properties!

Tampa Bay Rays Ready For Baseball Season!

2010-04-04T15:01:00.007-04:00

This Bay area has eyes focused on what could be a breakout season for the Tampa Bay Rays. The season opener is this Tuesday, April 6th against the Orioles. But look out April 8-10! The first weekend of the season, against the Yankees, at home at Tropicana Field, and televised on Fox and TBS.
The American League East appears to be the toughest division for the year with the Yankees, Red Sox and Rays all viable to win 90+ games! We have just had a host of visitors in the area going to spring training games (the Tampa Area hosts 9 teams) and we see fans loving to watch teams such as the New York Yankees, Philadelphia Phillies and Toronto Blue Jays.

Actually, The PURTEE Team has had the pleasure to find luxury waterfront accommodations for the season for two of the Ray's most important players: Carlos Penya, First Base and Rafael Soriano, the new Closer in the Bull pen who was recently traded from the Braves. As beach real estate experts who handle both sales and rentals, we are ready to accommodate the most sophisticated needs. And we love to support our sport teams and other local celebrities! It simply makes us once again proud of where we choose to live... Tampa Bay!

US Consumer Confidence Recovers In March

2010-03-31T07:05:00.003-04:00

Yesterday, a survey was released by the Conference Board in regards to the Consumer Confidence Index.

According to the Conference Board, a business research firm, the consumer confidence index rose to 52.5 points in March, from a revised figure of 46.4 in February reversing some of the deep pessimism felt last month. The February 46.4 marked the lowest level since April 2009 and erased three consecutive months of improvement so all eyes were on this current survey due out yesterday. Analysts were expecting a number of about 50 so the 52.5 was very encouraging! That recovered at least half of what was lost in February.

The monthly poll asks 5,000 US households a series of questions about their level of confidence in the economy. The results produce an index were 100 points would signify absolute confidence, while zero represents absolute pessimism.

The confidence report came out the same day as a key home price index (up nearly 4 percent from its bottom in May 2009, but still almost 30 percent below its May 2006 peak). Housing along with Job Market challenges are the primary factors in slowing down a rebound. The Labor Department with report on Friday, but economists are expecting unemployment to remain steady at 9.7%. Florida's unemployment rate remains 6th in the country at 12.2%! That is why we are also watching the impact on job growth by the Rapid Rail project... about to ramp up its construction for a Tampa to Orlando Fast Train.

Advance Notice Of New Listing At Redington Shores Yacht & Tennis Club!

2010-03-29T08:25:00.006-04:00

Redington Shores Yacht & Tennis Club continues to shine as a favored destination along the barrier islands of Tampa Bay. Redington Shores is located mid-way between Clearwater Beach at the north end and St Pete Beach at the southern end of this 23 mile stretch of pristine white sandy beach and beautiful azure sea.

The Yacht Club sits on 25 acres combining custom built homes with waterfront condominium residences ranging is size from 2000 to 4000 square foot penthouse villas! With Boca Ciega Bay flanking it north side by the condos, the intercoastal heading north and south on the east side and the Gulf of Mexico directly across the street to its west, owners and guests at the condos find water views in all directions!

Each of the 4 residential condo buildings are individually named: Las Palmas, Las Flores, Las Brisas and La Bahia. By the end of this week, we will be listing a 5th floor condo in Las Flores for sale. The "standard" floorplan of 3 bedrooms/3 baths is where "standard" ends! Upgrades are many and include Cherry wood cabinetry with crown molding, tumbled marble back splash, built-in dry bar with wine chiller, high level granite counters and designer lighting over center island.

30 feet of waterfront balcony encourage outdoor living that our Florida lifestyle enjoys. Full laundry room is a pleasure, but the master bath is truly a dream... from the step-up garden tub to the oversize walk-in shower, everything is customized to make your daily life a treat. PLUS, the condo is fully furnished with everything you need down to the matching dinnerware. Simply bring your toothbrush and enjoy!

And when you're ready to step out, head over to the clubhouse or play a set of tennis... then head over to the beach for a sunset stoll... now that is the life!

All Eyes On Fed-Back Program Ending March 31st

2010-03-27T07:05:00.002-04:00

We have been keeping a close watch on mortgage rates with the March 31st deadline approaching. Rates have been kept down by the Fed’s $1.25 trillion program to buy up mortgage-backed securities issued by both Freddie Mac and Fannie Mae. That program is scheduled to end March 31st - this coming Wednesday. Rates on a 30-year mortgage had fallen to a low of 4.71 last December and has remained around 5% since then.

This week, mortgage rates on a 30-year fixed moved slightly higher to 4.99 but remained just below 5 percent. Many are concerned that mortgage rates could rise once the program ends, weakening the fragile recovery in housing and the overall economy. Once the Fed-based funding ends, these mortgage bond giants will be dependant on private funding. The looming question is whether private investors will demand a higher rate of return for their still somewhat risky mortgage bond investment. If that becomes the case, mortgage rates could climb quickly.

In addition this week, the average rate on a 15-year fixed-rate mortgage was 4.34 percent, up a bit from 4.33 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.14 percent, up from 4.09 percent a week earlier.

Rates on one-year, adjustable-rate mortgages rose to 4.20 percent from 4.12 percent.

Spotlight On Seamark In St Pete Beach!

2010-03-24T08:15:00.008-04:00

Each of the beach communities along the barrier islands of Tampa Bay is unique and St Pete Beach is no exception. Famous for its resorts like Tradewinds, Sirata and Alden, St Pete Beach is a beach wedding magnet and on any given weekends there are an abundant number of excited brides and grooms taking full advantage of this lovely stretch of beach and the amazing photo opportunities at sunset! People whose families have been coming to this area for decades are very familiar with Seamark, a residential gulf front complex that is nestled between Tradewinds and Sirata.

Built in 1973, Seamark features 1 and 2 bedroom condos on 11 floors. On the beach side of the building, there are two gulf front 2-bedroom corner residences per floor. The views from these units are stunning and feature TWO balconies to take full advantage! The PURTEE Team recently sold Unit #902 and currently has Unit #602 listed. This week, Unit #802 was just listed at $725,000. Information can be found in our Featured Listings. In this unit, a great deal of thought and upgrades sought to make this slice of paradise unique. Gone is the shotgun feel of enclosed walls! Kitchen area has been opened and expanded with full upgraded finishes. Walls to both bedrooms have been replaced with glass... yes, even glass doors! Since both bedrooms have stunning beach views, as well as the living room, one walks in and is simply WOWed by the full 90 degree view! And yet, a simple shutter system makes privacy quick and easy.

Ready to find your own place at the beach? Seamark is definitely worth considering!

Spring Break - Beach Magnet!

2010-03-21T08:07:00.008-04:00

Nothing draws spring breakers like the allure of warm weather, sandy beaches, bikinis, volley ball and a general sense of "good times". This picture was taken yesterday on the beach in Treasure Island, one of the barrier island communities along the shores of Tampa Bay.

Treasure Island with its buccaneer past is a "treasure" of a location for beach-goers. It's beautiful beaches include the extra wide beach near the Bilmar and Sloppy Joe's... the central location for concerts, Sunday evening jam sessions and magnificent firework displays... all the way to the pristine neighborhood of Sunset Beach at the southern end of Treasure Island.

The draw on this day was in Sunset Beach at a local beach bar & restaurant called Caddy's On The Beach . With its casual atmosphere, 7 days a week live music, grouper sandwich and awesome barbeque, as well as volleyball games and anchorage area for visiting boats, Caddy's has become a favorite place to spend a beach day!

Living in the area, we frequent the restaurant in the quiet times as well, so it is amazing to see it come alive during Spring Break to share with friends from all over the world...

What Will It Take To Recapture That Buyer Sense Of Urgency?

2010-03-17T07:56:00.011-04:00

It has truly been an eye-opener to observe the difference in Buyer behavior over the last 7 years. One of our gulf front listings back in 2003 was listed at $995,000 and we were very aware of that $1 million threshold that had not been broken. It sold to the the condo owner next door for $950,000. Since this upscale complex offered two condos per floor, the new owner was able to merge the two into one dramatic penthouse residence.

Once the $1 million threshold was broken, things really began to heat up. Buyers were able to get financing on a "drive by" appraisal, or with "stated income", or the ever so attractive "interest only". Interest only was a seemingly great choice because appreciation was occurring at an unprecedented 19-21%/year! "Flipping" a unit (or reselling it for a higher price due to an original low entry price combined with appreciation) became an obsession to many ready to earn a quick profit. There was a point in 2006 where you could not get a property on water here in Tampa Bay for under $700,000! And buyers were flocking in, competing offers for prime properties, and bidding wars. Over 1000 people were moving to Florida a day!

Then a series of things happened... the hurricanes of 2004 wreaked havoc in Florida as 5 named storms made landfall, 3 of which with sustained winds of 115mph. Charley, Jeanne, Frances and Ivan became names not to be forgotten. When Katrina hit New Orleans in 2005, bringing national concern and attention to the issue, Florida found insurance premiums drastically increasing and some insurance companies pulling out altogether.

Simultaneous to this boost in insurance, the tax man was also on the way. Home values soared and along with it property taxes. So owners got a double dose of increased carrying costs which made owning these properties MUCH less affordable. If that wasn't enough, interest rates began to rise. This was the point when things began to go downhill. Buying a $700,000 condo carried with it a much higher cost and had lost its star appeal.

As property values plummeted, the Buyers had become cautious. No one knew where the "bottom" was and the concern was buying too high. We saw potential buyers begin to rent the properties that they might normally have purchased... as the rent was less that what it would cost to own. Sellers now found themselves competing for the few Buyers ready to take advantage of this time. And the Buyer's market brought out the merciless tactics of driving hard bargains and leaving Sellers unable to even cover their mortgages. Thus, short sales, foreclosures or in many cases the Seller bringing the shortfall $$ to the table.
But things are beginning to shift again. Insurance premiums have come back down, property taxes have lowered with the decrease in property value, and interest rates are at significantly lower numbers. What sparks that sense of urgency? The picture left is a project called Signature Place in downtown St Petersburg that took a beating in value as it was completed in 2008. An auction took place March 7th with 41 units being offerred at a fraction of their original prices. Attendance was great! Every unit sold above the minimum bid price, ranging from $174,000 for an 859 sq ft unit to $742,000 for a 2,319 sq ft unit. At least 10 additional units were sold and there are plans to bring more units onto the market shortly.

An announcement came out late Monday about a Builder Closeout for 20 waterfront units in Treasure Island ranging from $129,900 to $239,900. They will begin taking contracts on these units this Saturday at 9am. Speaking with the agent, they already have commitments from 40 Buyers interested in making an offer and 60 others planning to attend Saturday to take a look! To take advantage of this kind of opportunity, Buyers will be forced to make a decision and "pull the trigger" quickly. These are the kind of deals that spurred Buyers on in 2004 and 2005. It should be interesting to see how this unfolds.

Anyone interested in participating in this Treasure Island opportunity should contact us as soon as possible at 727-480-8219.

Financial Implications Of The Current Recession

2010-03-15T08:28:00.004-04:00

An article came out last Friday written by Dave Carpenter and Jeannine Aversa, business writers for the Associated Press entitled, "Slowly, Americans are Regaining Their Lost Wealth ".

On the surface, this seems like a ray of hope moving beyond this economic downturn... the worst since the Great Depression of the 1930's. It is fairly inconceivable that American Household net worth that had soared to a pre-recession peak of $65.9 trillion had fallen to its low of $48.5 trillion in the first quarter of 2009. "Net worth is the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards." That is a 26.4% drop or over a quarter of each American family's net worth over that 2 year period! To recoup to pre-recession times, the net worth would have to climb over 21% from its latest 2009 4th quarter level of $54.2 trillion.

We have seen rebounds from previous recessions spurred on by consumer confidence and therefore more spending. Americans, in general, have had the wind knocked out of their sails during the last 2 years and are naturally cautious. However, what makes us strong as a nation is that we are a land of hope, entrepreneurism and determination to make things better. That is what will pull us out of this slump and lead us forward into a new period of prosperity.

It is a little like watching the impact of this long stretch of cold weather we have experienced the last 2 months on our beautiful palm trees here in Tampa Bay. They looked so brown and bleak from the cold. Now that our beautiful weather has returned, there are new bright green sprouts reflecting the new life and beauty just around the corner.

12 Days & Counting To The Honda Grand Prix Of St Petersburg

2010-03-13T06:25:00.012-05:00

Springtime is here and that means welcoming a host of activities in the Tampa Bay area! Right around the corner is the annual HONDA GRAND PRIX OF ST PETERSBURG. Racing along the downtown waterfront city of St Petersburg, Florida has been a traditions since 1985. Beginning in 2006, the race became an IndyCar Series and the first non-oval track for the Indy Racing League. The race includes 100 laps of the 1.8 mile track and to date the lap record is 1:00:98 by Sébastien Bourdais, Newman-Haas Racing in 2003.

For 3 days from March 26-28, 2010, downtown St Petersburg will come alive with this "grand" event! And to get things off to a great start... on Thursday night, March 25th, the 2010 Illuminated Night Parade & Fireworks will begin at 7pm. "Grand Marshall Ryan Briscoe, together with the other race drivers, will wind through downtown and along the beautiful waterfront to celebrate the official start of the Honda Grand Prix. The Illuminated Night Parade has been a favorite among audiences of all ages since 1969 with fabulous floats lighting up the night sky, music and beads!"

Just one more reminder about all there is to do and enjoy every day in Tampa Bay!

February Statistics Are In - Where Are We Headed?

2010-03-11T06:49:00.008-05:00

The February Market Statistics have just been posted for Pinellas County and we have added them to our website. Personally, I always go first to the Absorption Rate (or Inventory Turnover) to catch a trend. The Absorption Rate is determined by dividing the number of units sold during the month by the number of active listings in the Multiple Listing Service.

Click On The Chart For A Clear View:
The absorption percentages increasing reflects the market absorbing the inventory that is available. This is definitely a result of the median price. In Single Family Homes, the highest price level occurred in October of 2005 at $276,000. In February 2010, the median price of homes sold was $130,000.

Condos reached their high level as well in October of 2005 at $215,000. In February. the median price was $110,000.

The inventory has had to experience this decrease in value to stimulate the market back into activity. This is the point investors, and buyers in general, start to look hard at which depreciated properties have the best chance to appreciate on the upturn.

Can The Boomers Lead Us Out Of The Slump?

2010-03-09T06:58:00.002-05:00

If it truly is a numbers game, more than 78 million baby boomers... born between 1946 to 1964... will reach age 55 over the next 10 years. This group has taken a beating with declines in their home values, IRA's and other retirement plans. The dreams of early retirement and decades of carefree living may seem further off right now, but I have personally seen this group of people re-write the book on how things are done.

Last October, we featured an article about the aging population: http://floridagulfpropertypurteeteam.blogspot.com/2009/10/social-economic-implications-of-aging.html This is an innovative group with massive influence with their actions. They are not inclined to stay down. This hard-working group may have just the answer to analyzing what caused this economic downturn and how to propel it forward. Even though none of us has been immune to the implications of the last couple of years, I personally am so grateful we are already in the Tampa Bay area. As others discover its tremendous appeal, we as realtors are doing all we can to help ensure they get the same benefits of living in the area as we have.