Downtown St Petersburg - Focus on The Vinoy

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?

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

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!

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!

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

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

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!