Luxury Living On The Beach - Focus On Sereno!

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

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

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

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

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

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

Tampa Bay Housing Market Brighter!

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

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

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

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

International Home Buyers Focus on Florida

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

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

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

Bargain Prices Reducing The Foreclosure Excess?

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

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

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

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

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

*Associated Press, April 27, 2011

Tampa Market Heating Up FAST!

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

The Full Moon Is AMAZING!!!

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



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

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

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

Is The Tampa Bay Beach Real Estate Market Finally Rebounding?

Click On Chart To Zoom

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

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

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

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