Enjoying Florida Outdoors - Spotlight on Pinellas Trail

It has long been a goal to provide a safe place to enjoy outdoor living here in Florida and Pinellas County has been able to accomplish it well through its 34-mile long Pinellas Trail. At the same time, the county had a separate problem... what to do with a 34-mile corridor of CSX railroad right of way. The Seaboard Air Line and the Atlantic Coast Line Railroads both served St. Petersburg and Clearwater. When they merged into CSX Transportation, they kept the best routes and abandoned the remainder.

Now named the Fred Marquis Pinellas Trail, it now is composed of interlinking old railroad sections which travel from Tarpon Springs in the north to St. Petersburg in the south. The trail provides a unique, protected greenspace for walking, jogging, skating, and biking. The County's Parks & Recreation Department is responsible for the Trail's maintenance and operating costs.

Still underway, there is an additional section going east into downtown St. Petersburg that will make the entire corridor will be 47 miles. Just one more reason to enjoy the Florida lifestyle and find out why we always say, "Come for a visit, stay for a lifetime!"

Making Sense Of Property Appraisals In Today's Market

Here in Pinellas County, our Property Appraiser is Pam Dubov CFA, CAE. It is the duty of the Property Appraisers Office to establish a value of a residence in order to determine the property tax assessment for each year. This can be a daunting process with the impact of distressed sales and exemptions such as Homestead, Save-Our-Home, Senior and Veterans affecting two similar homes and resulting in a possible substantial tax difference!

How a property is valued is critically governed by the Florida Statutes and the Rules and Regulations of the Florida Department of Revenue. How is Residential Property Valued? This brochure is available onlin from the property appraiser's website. To put it in simpler terms, "before assessing the value of any parcel of property, the appraiser estimates the market value. Market value is how much a property would sell for, in an open market, under normal conditions." This should knock out properties that have sold under distressed circumstance.

There are 3 approaches that are used to determine Market Value:

• Sales Comparison Approach - Similar properties' sales prices are compared, using only sales where the buyer and seller both acted without undue pressure. Usually given the greatest weight in the process.
• Cost Approach - By calculating what it would cost, using today's labor and material prices, to replace the structure with a similar one. If the structure is not new, the appraiser estimates how much it has depreciated since it was built.
• Income Approach - On rental income producing properties, by analyzing market rental occupancy rates, vacancy and collection allowances, and operating expenses to estimate what an income-producing property should earn.

It is often misunderstood that the assessed value that is used to determine the taxes represents 100% of the market value as determined by the above three approaches. In actuality, all property must be assessed as of January 1st each year at 100% of market value less the cost of the sale. The cost of the sale would include any closing costs, including doc stamps, intangible tax, title insurance, fees and commissions.

When a property changes owners during a sales transaction, the tax amount can also change depending on whether certain exemptions are given up or added. The Title Agency doing the title search normally contacts the property appraiser's office to determine the appropriate tax assessment in order to prorate the taxes on the closing statement. You can reach the Property Appraiser's office directly at http://www.pcpao.org/

Market Trend - January 2010 Statistics Just In!

As we continue to discuss where the market is heading, the best amunition we have is through the statistical data that supports the trends we are experiencing. The shift to an upturn in the market comes with a combination of 1) Decreasing Inventory; 2) Increase In Sales Activity; and 3) Increase in Units Sold. As soon as they are available, we post the Monthly Statistics on our website with links from our Home Page.

The new January Market Activity Report just came out today. It is provided by the Pinellas Realtor Organization and features information about new and active listings, units sold, average and median price levels, housing affordability and other data. You can use the link to review the entire report, but I am focusing on the 3-year comparison of the three things we are following above. Here is where January 2010 stands:

Active Listings: '08-21,223 '09-18,193 '10-14,263 (down 21.6% from 2009!)

*Pending Contracts: '08-735 '09-900 '10-1,478 (up 64.22% from 2009!)

Units Sold: '08-577 '09-608 '10-742 (up 22% from 2009!)

The extreme jump in the percentage increase in *Pending Contracts is due to the amount of Short Sales which are requiring longer time to close. In a normal market, most of those would have closed. Many of these sales are cash offers as financing is still difficult. As seasoned Realtors®, each one of us with The PURTEE Team work diligently to keep abreast of the market, its trends and financing options. Never hesitate to call on us for advice!

Focus - Island Way Grill Sunday Brunch!

Most of us have a favorite "Special Occasion" restaurant that we think of first. When it comes to Sunday Brunch, Island Way Grill does it for me! Every Sunday from 10am to 3pm, the restaurant opens its doors to a culinary feast of breakfast favorites, seafood, raw bar, sushi, carving station and delectable desserts!

From Clearwater Beach, at the roundabout, take 60 (the causeway that goes off the island). About mid-way across the causeway is stoplight and to the left is the neighborhood of Island Estates. Take a left and Island Way Grill is immediately on the left. And from Clearwater, take the route in reverse, heading over the causeway and Island Estates will be on the right.

Frank Chivas and Mark Resop partnered with NFL professionals Mike Alstott and Dave Moore to create this innovative restaurant. The addition of long time veteran chef Tom Pritchard raised the food and wine pairing to extraordinary.

As we approach Valentine's Day... which just happens to be on a Sunday... Hummmm, take a look at their feature Brunch celebrating this special day!

But be sure to make reservations - it books up quickly.

Florida A Top Destination For Overseas Buying!

The new issue of "A Place In The Sun" magazine features on its cover The 10 Best Places To Buy Abroad. Florida moved from its #8 position in 2009 to #2 in 2010!

According to the article, "The combination of theme parks, golden beaches and a fun-packed lifestyle becomes even more attractive when property prices in much of the Sunshine State are back down to 2005 levels. Plus, the year-round sunshine means a holiday home here can make you a tidy sum in rentals too."

The PURTEE Team takes our international buyers seriously! You will find our advertisement within the Florida section of both this issue as well as their upcoming Exhibition Show Issue. Our new listing at Seamark (St Pete Beach) was an editor's choice for a great buy in Florida! Produced in the UK, A Place In The Sun began as a TV Show about buying property overseas. It expanded into its Exhibition Shows located throughout the UK and then its monthly magazine.

According to their currency expert, Robin Haynes from Currency Index, "Florida has been one market which has remained reasonably robust throughout the financial turmoil of 2009. The two main reasons have been a large drop in property values (foreclosures, repossessions and distressed sales have typified the market), and the weak dollar. Although the pound has been extremely weak against most currencies in 2009, against the dollar we have seen a relatively stable exchange rate, with trading levels above $1.60 for most of the year."

On the homepage of our website, www.floridagulfproperty.com we offer a direct link to real time currency conversion in order to help overseas buyers. As preferred realtors, we can help an overseas buyer find their dream home and help guide the process through to closing.

What Does The Realtors® Code Of Ethics Really Mean?

When working with a professional, is it with a sceptical mind that you will find them honest and ethical in their dealings with you as a consumer? A Realtor® might help with one of your largest financial transactions. How do you decide if using a Realtor® makes sense for you and then how to select which one.

First of all, Realtors® must be licensed with the state in which they practice. In order to maintain the active status of that license, they are each subject to passing the state test of knowledge and a full background check. The continuing education requirements are enforced to keep the agent knowledgeable about any changes in the law or current practices regarding a real estate transaction. Handling a transaction without the aid of a professional Realtor® can leave you quite vulnerable to missing key legal ingredients or having an unbiased third party counsel.

We are often asked how a Realtors® can represent both a Seller and a Buyer in a transaction. The National Association of Realtors has strict guidelines for that exact occurance. The agent becomes a third party Transaction Broker for which there are 7 key things you have a right to expect in this representation. They include the following duties:

1. Dealing honestly and fairly.
2. Accounting for all funds.
3. Using skill, care, and diligence in the transaction.
4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the Buyer.
5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directing the licensee otherwise in writing.
6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the Seller will accept a price less than the asking or listing price, that the Buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to finacing terms other than those offered, or of any other information requested by a party to remain confidential.
7. Any additional duties that are entered into by this or by separate written agreement.

In this case of limited representation, the Realtor® is able to facilitate a real estate transaction by assisting both the Buyer and the Seller, but not to the detriment of one or the other party.

In addition, the National Association of Realtors® issues its annual Code of Ethics and Standards of Practice. This is available in a PDF form and you will be able to see how serious the standards truly are. What I like in the Preamble is "Under all is the land." What an amazing acknowledgement to help facilitate its highest and best use and change of ownership.
As in any profession, look for those professionals who have the highest standards and credibility... and who will represent your best interest in a real estate transaction. It would be our honor to show you how The PURTEE Team can help in the Tampa Bay area!

St Pete Beach - Focus On Don Cesar Beach Resort & Spa

The Don Cesar represents an historic landmark right on the beach at the south end of St Pete Beach... it was named to the National Register of Historic Places in 1975 and became a founding member of the National Trust Historic Hotels of America in 1989.

Its history began in 1924 when Thomas Rowe purchased 80 acres of land in St. Petersburg, Florida for $100,000 to begin his dream of building a "pink castle". The architecture combines both Mediterranean and Moorish styles modeled after different hotels and developments in Palm Beach, Coral Gables and Boca Raton. Arched openings, red clay tile multiple roofs, balconies, stucco over hollow tile and tower like upper stories were some of the elements that they borrowed. The original six-story hotel with 110 rooms and baths was later expanded to 220 rooms and 220 baths and cost over $1.25 million (300% over budget).

Rowe's "Pink Lady" opened on January 16, 1928, with an extravagant party attended by the elite of Tampa and St. Petersburg, and soon became a favorite destination of the "Great Gatsby Era". Although the Don Cesar made it through the Great Depression, things changed when Thomas Rowe died suddenly without a will. The "Don" was left to his estranged wife and began to fall into despair until the United States entered into World War II. Bought out by the Army for $450,000, it was converted into a military hospital in 1942 and then a convalescent center. At the end of the war, the Don Cesar was ordered closed and was converted into a Veterans Administration Regional Office by the end of 1945.

In 1967, the VA began to move out and by spring 1969, the once grand hotel was vacant. Plans to tear down the graffiti covered hotel was met with fierce opposition from local residents! Fortunately, in March 1972 the Don Ce-Sar was sold to C.L.Pyatt and William Bowman Jr., a Holiday Inn franchise owner, and was renovated and reopened in November 1973.

From that time, after receiving its historic recognition, the Don Cesar has undergone a variety of renovations. Managed by Loews Hotels, the addition of a 4000 sq ft spa and full Beach Club resulted in a name change to The Don CeSar Beach Resort and Spa. Definitely worth a visit to enjoy The Maritana Grille (the Don CeSar's signature Four Diamond restaurant) and simply breathe in a sense of lingering history in this beautiful hotel that has undergone so much history within its walls!

** Facts thanks to Wikipedia