New Year's Eve Tampa Bay - What To Do???

If you are like us 2010 is a strong glimmer of hope on the horizon! 2009 has been tough on so many levels that the thought of a New Year (and new beginning) can't help drive some pent up enthusiasm! As in most cities, there are numerous ways to enjoy New Year's Eve... from hotel packages and concerts to late night fine dining. Or do you simply stay home and watch the revelers in Times Square as the ball falls???

After a review of possibilities around the Tampa Bay area, the venue that continues to impress is First Night St Pete. St Petersburg, with its waterfront downtown area, makes a habit of opening up its streets to live entertainment on the first Friday of each month. Beginning in 1993, the city moved its January First Night to New Year's Eve in order for St. Petersburg to ring in the New Year with music, lights, dance, fire, bubbles, stories, creative fun, fireworks and much more! Their down loadable map shows multiple venues with family oriented festivities to get the year started right. From 5pm to midnight, it makes a perfect area to bring the family, stroll along the waterfront, hear a wide variety of entertainment... and beginning at 9pm enjoy a fireworks display on the hour until the GRANDE FINALE Fireworks Show at Midnight! You won't want to miss it... Click Here for How To Get There.

2009 Perspective - cont'd

In all fairness, we should give credit where credit is due for some efforts made during 2009 to help kickstart the house industry recovery. An unprecedented $8000 first-time home buyer tax credit sparked the motivation to get out there and buy now. Cash actually delivered by the federal government to first-time buyers and extended to many "trade-up" buyers on December 1st encouraged many fence-sitters to make their move. The simultaneous push was to see the real market statistics encouraging "Buy now before the prices go up."

The state helped, too. Supported by Florida Realtors, the 2009 Florida Legislature created a law that enables buyers to use the federal tax credit as part of the down payment on a home. It essentially became a bridge loan for the buyer to use prior to actually receiving the tax credit check from the IRS. There are still funds available for use that will flow into 2010.

Recent signs seem to indicate that the economy - while fragile - is slowly starting to stabilize in our area, though analysts' reactions to the actual date are mixed. Still, at the end of 2009, most economists foresee a steady, yet very slow, improvement by Summer 2010.

2009 - A Year In Perspective

To say that 2009 was a challenging year is quite the understatement, don't you think? Many of us are looking forward to a new year with hope and anticipation for continued economic recovery with an unprecedented vote of confidence.

As we reflect over the past year, the obvious thing that will be remembered about 2009 is the Economic Meltdown. It seemed the government tried a variety of steps to stop the bleeding, but it kept coming. Going forward will be critical to avoid the magnitude that this crisis has effected on so many people's lives. So, for 2009, let's talk about the impact on real estate... and what to expect for 2010.

Overall, 2009 saw improvements in the residential area of real estate... particularly in the second half of the year. Not so good for commercial real estate which seems fated to withstand another tough year in 2010.

Here in Florida, we are definitely seeing the market strengthen. Watching the monthly statistics, we have noted a continuing decrease in inventory along with continuing increase in the number of home and condo sales. Actually, as of November, it marked the 15th month of increases over the prior year. As we saw this trend unfold, we began including the monthly Market Statistics right on our website in August of this year and you can access each month directly from our Home Page.

So now... the question on most people's mind. What's in store for 2010??? A rash of foreclosures impacted prices in 2009. Beginning in 2010, many adjustable-rate mortgages (remember those 5-year interest only loans that were easily attainable in 2005 and 2006?) will begin to amortise. The question is whether homeowners facing this increase in their monthly payments will keep up. Fortunately, unemployment seems to be stabilizing but will it continue to moderate from the staggering 10% level it got to in 2009? Mortgage rates hit a record low in November 2009, but government plans to pull back on mortgage-lowering programs may change that trend.

On a local level here in the Tampa Bay area, we are seeing a mix of properties in the prime locations. In waterfront condos, for example, in a highly desired building there is not one of the 55 units for sale any more (there were 11 on the market in 2008). In another, there is no unit price under $1M although earlier this year there were two in the high $800's. And yet, there are still foreclosure opportunities in a new gated community to get a beautiful unit for HALF of what it sold for in 2007! But only a couple and those will be gone as well. We are getting a rash of calls for long term rentals which has many would-be sellers taking their home off the market (with a renter in place) to wait out this slump and command a higher price as the upturn begins.

More tomorrow...

Santa's Wish List - The Perfect Retirement Destination

Does Santa have a magic answer? You've worked HARD for 40 years or more, and now the time has finally come to consider retirement. But how to decide where to live out your glorious retirement years???

Do you picture yourself in a cozy mountain cottage or kicking back in a small, low maintenance condo on a sun-drenched beach? Or perhaps moving into a fun-filled retirement community (or does the thought of endless hours playing Bunco with gossiping neighbors give you hesitation).

Santa offers 5 subjects to consider when making such an important decision:

1. Cost of Living: One of the most important considerations, be sure to do your research about where you can realistically afford to live, and move forward from there.

2. Healthcare Concerns: The cost and quality of healthcare varies dramatically from location to location. In your advancing years, you may want to know that top-knotch, yet affordable healthcare is readily available. Do your homework.

3. Climate: We just did a Blog Post on living in sunny locations and how it improves your outlook. One way to be sure you can handle the freezing cold or scortching heat of a location is to actually experience it first hand. That's why it makes sense to visit your dream town in its most severe weather season.

4. Family: There are pros and cos to living just up the street from your children and grandchildren.... including becoming a glorified babysitter during these more flexible years. If your parenting days are behind you, your location choice is an important one. On the other hand, you may want a place with the space to enjoy large family visits. Definitely an important factore in the mix is the location choice proximity to family.

5. Definition Of Paradise: The encouragement is to test the waters in a location you are considering to be sure it is what works for you! Your idea of paradise may be different once you get there.

The PURTEE Team is right there with their interactive website full of information about real estate in the Tampa Bay area on the west coast of Florida. PLUS, find Corporate and Seasonal Rentals to come visit while you consider the area.

So... Are People Who Live In A Sunshine State Truly Happier?

According to a new study conducted by the Centers For Disease Control and Prevention, people in sunny, outdoorsy states -- Hawaii, Florida and Louisiana --- say they're the happiest Americans. The 'happiness' ratings were based on a survey of 1.3 million people across the country comparing self-described pleasant feelings with objective measures of good living. The places where people are most likely to report happiness also tend to rate high on studies comparing things like climate, crime rates, air quality and schools.

The survey used data collected over four years that included a question asking people how satisfied they are with their lives. Economists Andrew J. Oswald of the University of Warwick in England and Stephen Wu of Hamilton College in Clinton, N.Y., compared the happiness ranking with studies that rated states on a variety of criteria ranging from availability of public land to commuting time to local taxes.

"We wanted to study whether people's feelings of satisfaction with their own lives are reliable, that is, whether they match up to reality -- of sunshine hours, congestion, air quality, etceteras -- in their own state. And they do match."

It is true... at least for us... especially hearing all the stories about the "Blizzard of 2009"! Being able to play tennis or golf year round, take long walks on the beach and absorb all that great Vitamin D right from the sun!!! You may want to consider life in Tampa Bay, too. It won't be long before you understand our tag line, "Come For A Visit, Stay For A Lifetime."

Where Were You During The Blizzard Of 2009?

The North American Blizzard of December 2009 was a severe nor'easter that formed over the Gulf of Mexico and dropped snow in North Carolina, Kentucky, Tennessee, West Virginia, Virginia, Washington, D.C., Maryland, Delaware, Ohio, Pennsylvania, New Jersey, New York, Connecticut, Rhode Island, Massachusetts, and Nova Scotia. The storm produced whiteout conditions in many areas, and dumped about 16–20 inches (41–51 cm) of snow in many places, including major cities along the Eastern seaboard!

By the afternoon of December 19, it was well on its way to creating havoc along the east coast from North Carolina to Maine... and the Canadian Atlantic provinces (with portions of Nova Scotia, Newfoundland and Labrador)! On one of the busier travel weekends, just before Christmas, flight delays were rampant as a result of gusty winds, power outages and whiteout conditions in Washington, New York and Baltimore. This photo of the cars blanketed in snow in Maryland is amazing!

This is a HUGE travel week for people coming for the holidays to Florida. One family we know got re-routed to Orlando by midnight Saturday and had to rent a car to get over to the Tampa Bay beach area. Fortunately, Orlando is a less than 2 hour drive! We have a page on our website dedicated to getting right to the weather here in our area. Many of our "snowbirds" are anxiously awaiting their visits here and often go to the page to monitor what to expect. Click on Tampa Bay Weather. Whew! I just looked and thankfully we will be back into the mid-70's by Wednesday!!!

November Market Statistics Posted

There are significant numbers in the statistics that have now been posted on out website. Go to http://www.floridagulfproperty.com/ and click on November 2009 Statistics from the Home Page. As we review the numbers, some very important trends continue.

Single Family Homes
November '09 Listings - Down 28.6% From 2008
2008 - 8539
2009 - 6096

November '09 Sales - Up 36.6% From 2008
2008 - 429
2009 - 586

Condos
November '09 Listings - Down 23.1% From 2008
2008 - 7001
2009 - 5382

November '09 Sales - Up 29.8% From 2008
2008 - 235
2009 - 305

Prices remain flat or down slightly reflecting Sellers willing to compromise their price in order to make the sale... but more significantly the short sales and foreclosures impacting the price points. But one thing is for sure... inventory being reduced combined with increasing sales signifies we are on the way toward recovery. Sharing this information with help others feel more confident that the time to make a purchase is now. Also, be sure to take a look at the Blog on Mortgage Qualification.

Mortgage Qualification Tightens

Remember when five years ago, if your application for a mortgage included a 20 percent downpayment, your bank would have approved your loan by sundown and sponsored a parade in your honor? With the onset of tightening credit, a large down payment no longer guarantees you’ll qualify for a mortgage. "Starting this week, mortgage finance giant Fannie Mae will require borrowers with a 20 percent downpayment to have a credit score of at least 620. Previously, the cutoff was 580. Fannie Mae buys loans, providing an important source of financing for lenders. For that reason, its guidelines are considered the gold standard for mortgage loans. Most banks are expected to adopt the new standards, if they haven’t already. 'Credit scores have never mattered quite as much as they do now,' says Bob Walters, chief economist for Quicken Loans. In addition, Fannie Mae won’t approve loans for borrowers with a 20 percent downpayment if more than 45 percent of their gross monthly income goes toward debt. Fannie Mae didn’t disclose the previous debt limit, but it was higher than 45 percent, says Fannie Mae spokesman Brian Faith."

If you’ve already found a home you’d like to buy, there’s not much you can do to raise your score before you apply for a loan. But if you’re just starting to tour open houses, there are steps you can take to improve your credit profile, including:
• Review your credit reports for errors. Go to AnnualCreditReport.com and order your credit reports from the three main credit-reporting bureaus: Experian, TransUnion and Equifax. You’re entitled to a free credit report once a year from all three of the bureaus, but only if you go through this website. Once you receive your credit reports, go through them and look for inaccurate information, such as accounts you never opened. All of the credit bureaus provide a process to dispute errors, says Craig Watts, spokesman for Fair Isaac, which created the widely used FICO score.
• Pay off credit cards and other debts. One of the factors used to calculate your credit score is your “credit utilization ratio,” which measures the amount of credit you have outstanding vs. your total available credit. This ratio accounts for 30 percent of your score. Paying off balances will increase the amount of unused credit you have available, which will help your score. But even if you’ve decided never to use credit cards again, don’t close your accounts. Closing a credit card account won’t help your credit score and could hurt it, Watts says. When you close an account, you reduce the amount of your available credit, which could hurt your credit utilization ratio.
• Avoid opening any new accounts. “Every new account you open is likely to drop your credit score, at least a little,” Watts says. Checking your score When you order your free credit reports from AnnualCreditReport.com, your credit scores aren’t included; you’ll have to pay a fee to get them. In recent months, though, several services, such as Quizzle, Credit Karma and Credit.com have launched programs that provide free credit profiles. These websites can provide a useful snapshot of your credit standing and provide tips on how to improve it, Detweiler says. If you’re planning to buy a home a year from now, she adds, it doesn’t make sense to spend a lot of money to buy scores that could change by the time you apply for a loan. But house hunters who plan to apply for a loan in the next few weeks should know their actual FICO scores, because that’s the score most potential lenders use, Detweiler says. You can buy your FICO score and credit report from TransUnion and Equifax at http://www.myfico.com/ for $15.95 each. Earlier this year, Experian stopped selling to consumers the FICO scores it provides lenders, Watts says. You can buy a credit score based on Experian’s own scoring model for $15 at http://www.experian.com/ .

* December 15, 2009 - Information From USA Today

Games Of Chance In Tampa Bay?

Looking for a Florida casino? There are several gaming options in the Tampa Bay area. There are freestanding casinos like the ever-expanding Seminole Hard Rock Hotel & Casino Tampa, gambling at the track and offshore Florida casino cruises departing docks on the Tampa Bay beaches regularly. Fun awaits for Florida gamers!

Derby Lane Greyhound Track is not only home to dog racing, but also hosts Live Action & Tournament Play Poker Seven Days Per Week!

The Offshore Port Richey Casino is a Royal Casino 1 that stays offshore with regular water taxis ferrying guests to the 465-passenger vessel where Slots, Video Poker, Blackjack, Craps, Roulette, Three Card Poker, and Caribbean Stud Poker await.

No... there is no lacking for entertainment right here in Tampa Bay!

Why Buy Real Estate In Florida Over The Holidays?

While daily life is filled with shopping, holiday parties and trimming the tree... how can one be expected to focus their attention on a real estate purchase in Florida? Well, the savvy buyers are making it a point to jump start their search here in December.

By the beginning of January, the snowbirds will be descending upon the beaches of Tampa Bay as their warm weather oasis to remove themselves from the blistering cold and icy conditions back home. Our moderate temperatures and sunny weather are very addicting. As often happens, while they are here thoughts turn to owning their own piece of paradise. For that reason, sales traditionally increase with dramatic intensity during January, February and March. Once that starts, the competition for the best real estate opportunities that abound in this depressed (but recovering) market strengthens.

During this month of December, those in the know realize that burst of sales activity is on the horizon. Thinking of buying here along the beaches of Tampa Bay? Fill out your Dream Home Questionnaire today to begin your search right from your home or office computer. The PURTEE Team will take that information, along with their knowledge of the area to help find you the best possible deal!

Holidays In Tampa Bay

Over the weekend, I was asked what is so special about living on the beach during the holiday season here in Tampa Bay. WOW!

For one thing, when I woke up this morning to brisk weather and saw that it was 65 degrees (will go to the mid-70's by the middle of the day), so I naturally checked the temperature back in Atlanta. It was 36 degrees... burrr!!! I actually have to hunt in my closet to find a sweater.

For some reason, the various beach communities take their holiday decorations seriously. There is lighted decor on every light post along Gulf Blvd. The posting to the holiday light tour is expected out any day. And the number of people that decorate here is HUGE... so that going out after dark is a treat to behold! But most importantly, the Holiday Boat Parades that take place between now and Christmas are a treat we enjoy every year! There is no fee to join so boat owners from all around compete to see who can decorate their boat with the most imagination. Many have holiday music playing... and it is a joy to be invited to ride in the parade... as much as viewing one from the shore. Such fun!!! The Treasure Island Boat Parade leaves out of the Treasure Island Yacht Club this Sunday, December 13th. If you are in the area, you won't want to miss it!

A House Like No Other! JUST LISTED

Every now and then we get a listing that defies what we might consider a 'normal' listing. This is one of those properties! Here is what we had to say about it (and be sure to watch the video tour!!!)

Nestled in the distinctive gated community of Bayway Isles is a gem of a property that is a unique blend of opulance and seclusion. An estate sale makes this a golden opportunity for a savvy buyer determined to make an astute purchase.


From the moment you walk in the front door, it will take hours to absorb all the high end finishes, 14 painted murals, innovative Bonus Rooms such as the Music Room, "Alice In Wonderland" Children's Room, "Blues Brothers" Theater Room, Arcade Game Room & Mirrored Fitness Center... to the lavishly landscaped pool and lanai. When you add the enviable outdoor kitchen, hot tub, lookout tower, and oversized lot adjacent to the private pond... the secluded oasis is a property like no other.

Be sure to watch the video tour, but rest assured it only skims the true value of what awaits the buyer lucky enough to find this diamond. Minutes to the beach and Gulf of Mexico, Fort DeSoto, Skyway Bridge... with easy access to Tampa International Airport.

Listed at $1,599,000. For Video Tour, Click Here!

Spotlight On John's Pass At Madeira Beach

So, what is John’s Pass Village really all about? All December - John's Pass Village becomes fabulous Christmas Village for this month-long celebration! The lighting of the Madeira Beach Christmas Tree was on November 30th and the arrival of Santa Claus to the Village! John's Pass merchants offer Special Discounts throughout the entire Holiday Season.

But how did John’s Pass come to pass (sorry about the pun). Years ago, in the early 1800’s Florida was not a state yet… merely an American Territory with no law enforcement. The Native American tribe of Seminole Indians was joined by runaway slaves from the southern states. Together, they co-existed in a rugged terrain full of pine forests and mangrove-covered islands. What was also prevalent were bands of pirates!

John LeVeque, a Frenchman, set out to find his fortune in the new World by serving as a cabin boy on a Spanish Galleon in 1836. The ship was attacked by pirates and young John was enlisted into the pirate crew as a galley slave. He moved up the ranks to First Mate and finally Captain of his own pirate ship. According to legend, John LeVeque always allowed his victims to keep their lives and their freedom. His sailings took him throughout the Caribbean and up into the Gulf of Mexico where he discovered a beautiful beach on an island on Florida’s West Coast. He buried his treasure chest with his amassed fortune right off this very beach and it became a peaceful hideaway for him… and what would some day become Madeira Beach.

LeVeque decided to retire to New Orleans and was making his way to retrieve his treasure from his hideout in Madeira Beach. As he sailed north a hurricane blew in on the horizon and he held back. The next morning, September 27, 1848, LeVeque found that the hurricane had cut his long skinny island clean in two, rendering his treasure map useless. The storm had destroyed the very area of the island where his treasure had been buried! As he sailed through the new pass, and as dolphins played alongside his boat, John LeVeque realized his treasure had been lost forever. Since that day, the inlet has been known as John’s Pass in honor of LeVeque’s discovery and maiden passage through the waterway. He never found his treasure, but did settle there watching his isolated island become a quaint fishing community.

It was Wilson Hubbard who, in 1978, saw the potential of a waterfront boardwalk with its marina facilities, restaurants and variety of shops. Recent renovations brought in Bubba Gump’s Restaurant which has been an instant success. In June every year, there is even a 3-day Pirate Invasion event to honor John LeVeque’s story.

December at John’s Pass should be fun-filled and well worth the visit!

Preparing For Retirement – Part IV

For many people, the bulk of their wealth is tied up in their homes. As people approach retirement with a PLAN (Part I), the home and whether to downsize… or to acquire a 2nd home is a key decision.

If you have been diligent about paying down your mortgage, selling the home can be a source of liquidity to make sure that you have enough cash to live on and establish an emergency fund. In an ideal world, the home’s value would have appreciated and this equity could be the foundation of your retirement ‘nest egg’. This scenario is a far cry from the backlash reality of the current market decline, as people are seeing their home values slide.

On the other hand, there are amazing opportunities for purchasing a dream home at a fraction of its original cost. If you are in a position to take advantage of the market with a purchase and hold out a while longer for the market to shift back toward positive, that may be the best answer. Each geographic area has unique market characteristics. Truly understanding a certain market will help in timing a sale or purchase. This is called “gaming” the real estate market. This decision is critical in the overall success of the retirement plan.

Pay close attention to trends in the region you are considering by reading the local newspapers, searching the Multiple Listing Service… and by all means, using the service of a professional Realtor®.

Thanksgiving Day - A Day To Be Thankful

As we approach another Thanksgiving Day, it seemed a great time to share what we are grateful for this year. What a perfect time to reflect and be thankful for all the positive things that have happened in the last 12 months? Granted, it would be easy to get caught up (like so many others) in just trying to survive and focus on the negatives around us. All that does is to create more stress. To merely focus on the negative, it is easy to miss things like the beauty of a sunset, the serenity in the reflection of the birds, the smile of a child or the encouragement of a friend.

Mark is always talking about the importance of BALANCE and in these difficult economic times there is no better time to make it a priority. Negative energy can come into your life through all those anxious moments and the toll of daily stress… not to mention the added impact of a down economy. What becomes important is to find something that will neutralize that energy and turn it positive.

The answer is right there in front of us. Every moment spent in gratitude creates a mindset that leaves no room for negative energy. A grateful heart and a grateful mind reminds us of all we have to be grateful for... the solid support of our family committed to helping each other in both difficult and easier times… the friends who remain steadfast year after year who with a mere word can lift our spirits… our family pets who are always right there evoking a smile… our clients whom we are able to help navigate this market and even in their difficult time say “thank you”.

Every day is a gift not to be taken for granted. What we do with that day to be grateful for its gift is what has the potential not only to reduce stress but add wonderful positive energy to our lives.

This Thanksgiving Day amidst all the family gatherings, parades and football games, stop for a moment to appreciate the wonder of living in a free society like ours… freedom in itself is a hard won miracle compared to all those in countries without those rights or freedom. The freedom of choice is yours… and ours. We are grateful to have this amazing opportunity to walk on the beach and see such glory!

And to all of our friends and family, have a very Happy and Healthy Thanksgiving!

Preparing For Retirement – Part III

Getting closer to retirement years? A move might be in order. Considering the cost of retirement that we went over in Part II of this series, finding an affordable living situation is definitely a factor.

Here are some other things to consider and is Florida (specifically Tampa Bay) for you:

• Proximity to family members: Is it feasible to live closer to family members or at least be easily accessible to them? As we age, that support system becomes invaluable. Our personal experience was that soon after we moved to the Tampa Bay Beaches, my mother moved here and soon after our daughter. The more you visit, the more you want to call it home.
• Access to healthcare facilities: Let’s face it… if we are planning to live a long and healthy life, being close to good health care facilities is important. (An example of what NOT be the best idea is to find an affordable home in a very remote area of a mountain that access gets impassable in snowstorms.) Morton Plant Hospital in Clearwater… with a network spreading throughout the county is a nationally recognized 687-bed facility providing highly technical and specialized care to more than 50,000 patients annually. Working in more than 50 specialty areas, Morton Plant Hospital's board-certified physicians, Magnet-designated nurses and other skilled staff help take research, diagnostics and patient-centered care in bold new directions.
• Access to entertainment (such as shows and sporting events): OK, you plan to stay active. Finding a location with great things to do can lend excitement to later years! Well, Tampa Bay never stops with something to do! From Spring Training baseball that is home to 9 major baseball leagues in the surrounding area (such as the Cardinals, Phillies and Yankees!) to major entertainment such as Busch Gardens (and only 2 hours to Disney, Universal and Epcot in Orlando) … to International Shopping and Outlets, the Annual Grand Prix in St Petersburg and the International Ironman Competition in Clearwater Beach… to the huge variety of Festivals & Shows… every day offers a new opportunity!
• Proximity to a major airport: If you plan to travel, access in and out to a major airport will not only make flight times shorter, but also save on costs. Tampa’s International Airport is ranked #26 among North American airports with an average of 30,000 passengers a day! But wait, there’s more! Tampa also is home to Port of Tampa. Both Carnival Cruise Line and Holland America sail every week from here.
• Year-round weather conditions: Maybe we aren’t as limber as we once were. But slipping and falling are quite intimidating when a broken bone or hip could be the result. For that reason, maybe it was easy to be in snowy conditions in our youth… but later on, not so sensible. Tampa Bay’s weather remains temperate year round and sunshine is a daily event. (The temperature rarely drops below 32 degrees and the last measurable snowfall was on January 19, 1977 with .2 inches.)
• Taxes (state income, property and estate tax): Florida is one of 7 states that have no state income tax.

If you are exploring where to relocate, check out Why Tampa Bay? We think you will discover what we did… The PURTEE Team has four seasoned professional Realtors® ready to help you.

Preparing For Retirement - Part II

Yes... you have this dream of how you want to retire. But, without that money tree out the back door, there is definitely some planning that needs to be done! But how do you know how much money you will need to retire? My guess it... more than you think. Whether it is extended life spans, reduced employer benefits, lower market returns or increased cost of living... saving more is the only way to secure that dream retirement in the future.

The problem is that most Americans do a very poor job of securing their future with saving. "The Employee Benefits Research Institure reports that if current trends continue, by 2030, the annual shortfall between the amount retired Americans need and the amount they actually have will be at least $45 billion." That is a pretty scary number! Planning today is necessary if you don't want to be looking for supplemental income at age 75!!! Our retirement depends largely not only on our own ability to save and invest wisely, but also on our ability to plan.

How Much You Need in Total? Obviously, the first thing is to determine how much you will need. Most studies agree that an estimate of 80-90% of pre-retirement income would be needed to maintain your current standard of living.

So, a reasonable target is one that will provide you with an annual income similar to the income you have now. The following table offers some quick estimates of how much you might need to accumulate before you can retire.

Annual Retirement Income Need = Total Nest Egg Required (Estimate)
$50,000 = $833,333
$100,000 = $1,666,667
$175,000 = $2,916,667
$250,000 = $4,166,667

There is no time like the present to begin saving! Learn more about how much to save to achieve your goal HERE. The PURTEE TEAM is here to help, too! Feel free to call on us!

Preparing For Retirement Series - Part I

In an economy that is uncertain at best, it may seem a bit odd to be speaking of retirement... but with the baby boomers getting closer to their early to mid-60's, it is time to start the planning process! As a refresher, it might be a good idea to review the Blog I did on the Aging Population.

On our website, we have a page devoted to Preparing For Retirement (specifically, Five Retirement Questions Everyone Must Answer). Let's address the Grand Plan first. If you live a life 'living for today', you may easily have been caught with the credit crunch and rising debt. Job losses are rocking solid families and unemployment has exceeded 10%. Check out the Blog on the importance of the Unemployment Factor. The key focus when looking toward a time when life is easier and less stressful is in understanding what kind of life you aspire to and what the best approach is to get to that desired place.

With people living longer and maintaining a more active lifestyle for well into the later years, there are questions about full retirement or semi-retirement. As you consider the way you want to spend your days... traveling, favorite activities, hobbies, family and neighbors... you want to plan to be in the best location that enhances those dreams. This played a large part in our decision to move to the Tampa Bay area from Atlanta.
We chose Tampa Bay because of 1) The temperate climate to enjoy our outdoor hobbies such as tennis, fishing and sailing; 2) Having the Gulf of Mexico, Intercoastal and Bay offering water in every direction...something that is very soothing to us; and 3) Having access to Tampa, Clearwater and St Petersburg within minutes so there is always something to do and somewhere to be entertained; and 4) Most importantly... a dynamic location with a vibrant population offering employment opportunities that could ease over time into semi-retirement.

So what is your idyllic lifestyle for your 60's and beyond? Work on the plan now to start your preparation early.

Do I Really Need To Use A Realtor?

The buying of real estate is the largest financial investment many people make. Whether buying for the first time or selling a family estate, Realtors take a complicated maze of requirements and, with knowledge of the local real estate market, simplify the process. They also maximize the profit. Realtors uniquely understand legal issues that affect real estate transactions, and they’re trained to negotiate the best possible prices and terms in the contract.

Perhaps more importantly, they offer professional advice and objective insight into a process that, for many, is very emotional. On the nuts-and-bolts level, Realtors have a complete list of area homes for sale, as well as all the data buyers need to know; they stay abreast of changing market conditions that can affect local real estate prices. (That is what we are doing with this Blog.) Realtors can also recommend reliable local lenders, real estate evaluators and insurers to help the transaction process proceed smoothly. Why a Realtor? Realtors adhere to a strict code of ethics approved by the National Board of Realtors (NAR). The code assumes that people conducting a real estate transaction must adhere to a higher set of standards that those people working in other business arenas. Realtors are, according to the Realtor Code of Ethics and Standards of Practice, "zealous to maintain and improve the standards of their calling."

The Florida Association of Realtors, the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 125,000 members in 67 boards/associations.

When you are ready to choose a Realtor along the beaches of Tampa Bay, let us show you why The PURTEE Team is your best choice!

IRONMAN 70.3 In Clearwater Beach Smashes Records!

Clearwater Beach draws quite the international crowd during the annual Ironman 70.3 World Championship, which was held over the weekend. The triathalon took place on Saturday. We had guests from Germany and Switzerland staying at our condos at Harborview Grande.

Germany's Michael Raelert and Great Britain's Julie Dibens both broke away from the pack and set course records. Raelert broke a course record with an overall time of 3:34:04. Dibens, a top finisher at the event in recent years, held off the field and set a 70.3 course record, crossing the line at 3:59:33.

Raelert was followed by Italian Daniel Fontana in 2nd place and American Matthew Reed in 3rd place. Dibens was followed by American Mary Beth Ellis and Canadian Magali Tisseyre.

The race began and ended right at Pier 60 by the Clearwater Beach Roundabout. First, they swam in the Gulf of Mexico... a 1.2mile/1.9km rectangular course. Wetsuits were permitted in the 72-74 degree water. Next, the bike race covers most of Pinellas County in the fairly flat, 56 mile/90.1 km bike course. And last, the 13.1 mile/21.1 km run that takes the athletes over the Memorial Causeway bridge, through various elevations taking them through some of the paved areas of the Pinellas Trail bringing them back to the finish line located south of Pier 60 in Clearwater Beach.

An absolutely gorgeous day and a great opportunity to see world class athletes!

1 in 20 Americans Plan A Home Purchase For 2010

According to the Associated Press yesterday, citing a Move.com survey, despite today's challenging economy, 5% of Americans plan to buy a home next year. Nearly 10% plan to buy within the next 2 years! The survey goes on to say that of those planning to purchase, nearly half are first time home buyers 34 years old or younger.

After three years of staggering price declines, Americans are finally getting the wake-up call that the fragile housing recovery is on its way. The number 1 reason for purchasing is the belief the market has bottomed out and the second is a fear of rising interest rates. "This latest Homeownership Survey validates what many had hoped to see in the housing markets -- affordable prices and ample inventories are restoring the appeal of real estate to investors while providing opportunities for first time home buyers to enter the market," said Move, Inc. Chief Revenue Officer, Errol Samuelson. "In today's environment, regardless of whether you're an investor or interested in purchasing a home to live in yourself, residential real estate is a more attractive investment today for many than is has been in recent years."

Home prices have rebounded this past summer at an annualized rate of almost 7%, according to Standard & Poor's/Case Shiller home price index. Low prices and foreclosure bargains have been the primary motivating factors.

We have found a great way to help with buyers seeking to purchase in the Tampa Bay area... through our Home Buyer Program. It is so simple and lets a potential buyer program in the specifics they are looking for in their purchase. We can enter that data directly into the realtor site of the multiple listing service to determine current matches. What really works is after that. Now any price reduction or new property that fits your criteria is automatically emailed to you. This has been a great tool for many of our clients!

13th Annual Veterans Boat Parade

When living in Florida, a boat parade is sure to bring out the crowds! Last Saturday, on November 7th, the Veterans Boat Parade was a remarkable tribute to veterans and active service men and women from all branches of the military. Each boat is fully decorated in patriotic style and about 45 boats participated. In addition, there were 8 parade boats, including the Dolphin Quest carrying area Pearl Harbor survivors.

The route started at American Legion Post 273 just north of the Tom Stuart Causeway through John's Pass and headed south to the Treasure Island Bridge and back. Even though the wind had kicked up a bit, the turnout was great! Started in 1996 to raise awareness, support our veterans, and have a great day honoring those that have and are currently involved in defending and protecting our freedom every day, the Veterans Boat Parade is one example of how many ways you can live at the beach and yet remain involved... quite a combination. Why Tampa Bay?

Rebuilding Your Life After Foreclosure

Recent statistics indicate that foreclosure filings could reach as high as 2.4 million by year’s end! Unfortunately, the impact of a foreclosure filing will follow these families around for a long time. If you have recently lost your home to foreclosure, it is perfectly natural to feel overwhelmed and depressed. It may even seem that life will never be the same again. But, one step at a time and you can get past it. This is a rough spot in the road, but like most things… it too will pass.

The immediate concern following a foreclosure is finding a new place to live. In many cases, in order to retain the home, cash reserves get depleted. Combine that with a lower credit score due to the foreclosure and a prospective landlord can be leery about approving an applicant in this situation. Here are a few options:

1. Write a letter of explanation that accompanies the lease application. Putting a story behind the current situation (along with a detailed solution) can go a long way. Don’t be embarrassed to tell the landlord that you are in the process of starting over.

2. Offering a larger deposit than is normally required (even if it is borrowed or saved for just this reason during the last stages of a foreclosure) may lessen the perceived risk to the landlord. Good personal references help as well.

3. If there is a solid income history, leasing a property at a small fraction of the total income may ease the concerns of the landlord. Families may have to adjust to housing that is not as spacious as they are used to. Try to make plans as soon as you know a foreclosure is inevitable.

Even though a foreclosure shows on your credit report for 7 years, if you have worked to re-establish some credit, most banks will consider you after 3 years. You may find that household expenses have dramatically gone down due to the reduced housing expenses. For the first time, you may be in a position to save money. This is the time to start an emergency fund. The rule of thumb is to have at least 3 months of living expenses.

This is the time to start on a new financial plan… one that includes a college fund if you are raising a family and adequate life insurance to protect your loved ones. Start putting aside 10% of your income every month and in a few years you can have enough to use for a down payment on your next house! Focus on learning from the mistakes of the past, because they are just that – PAST. Move forward and quit blaming yourself or others for what has happened. The future is limitless… filled with opportunity.

Life After Foreclosure: What To Expect

I am sharing a 2-part blog today and tomorrow regarding the impact on people going through foreclosure. Today will be about what you need to know and tomorrow will be about rebuilding your life and your credit.

Going through a foreclosure is stressful enough, but once it is final the turmoil... both financial and emotional... is far from over. There is a 5-year and 7-year benchmark where various rules apply that determine how to press forward. According to Fannie Mae, in their Guidelines Regarding Bankruptcy and Foreclosure, certain timelines take effect.

• A 5-year elapsed time period from completion of foreclosure is now required to reestablish credit. This has increased from 4 years to deter what Fannie Mae sees as "reckless debt decisions."
• The purchase of a principal residence is allowed with a 10% down payment and a minimum credit score of 680.
• Purchase of a second home or investment property is not.

Finding a new home can be a challenge. A homeowner's credit score will see the impact of a foreclosure for 7 years, although the impact will lessen over time. If you are looking to rent, the credit report will reflect the foreclosure. We have found that putting together a resume of sorts that explains why the foreclosure happened (or any other credit problems). Having cash for a larger deposit will help, as well as building to a minimum credit score of 580. Making plans early is critical to navigating through this time.

Creditors are also watching consumer credit history and credit cards have a "default rate" that could result in rates jumping to as much as 30%. Getting a car loan or any other advance from a lending institution will most likely also be impacted.

Getting hit with a tax bill can really be a burden. If you lose your home, a tax bill can still arrive for taxes on the amount of the mortgage the lender was not able to recover from the sale of the property. (Whenever debt is forgiven, it is a taxable event which the IRS sees as income.)

Exceptions can be filed if a foreclosure is an isolated event as a result of extenuating circumstances ( a long history of good credit and a solid job). In that case, credit can be reestablished in as short a time as 24 months.

With the record-breaking foreclosure statistics, the number of foreclosures may lessen the stigma. There are a multitude of advisers with tips on coping with stress, which bill to pay first, what to tell creditors, etc. We found one at http://www.ToughTimes.Illinois.edu that has some good advice.

Tax Credit Extension Confirmed

As expected, President Obama signed H.R. 3548 this morning which, among other things, extended the $8,000 tax credit for first-time buyers into 2010.

“Florida residents enjoy two additional advantages,” says Florida Realtors Vice President of Public Affairs John Sebree. “The Florida Homebuyer Opportunity Program (FHOP), created by the Florida Legislature earlier this year, still has approximately $28 million that first-time homebuyers can access and use toward their downpayment. And move-up buyers now have the ability to ‘port’ their current property tax savings to a new home.”

Under the new law:

• A purchase must be under contract by April 30, 2010
• A purchase under contract by April 30 must close no later than June 30, 2010
• After Dec. 1, 2009, income limits rise to $125,000 for singles and $225,000 for married couples; up from limits effective through Nov. 30 of $75,000 for singles and $150,000 for married couples. The tax credit phases out incrementally at each $20,000 increase in income.
• Effective immediately: The maximum home value purchased cannot exceed $800,000. Prior to the law being signed, first-time homebuyers had no limitation on a home’s cost.

$8000 Homebuyer Tax Credit Extension Likely

This afternoon, the extended life of the $8000 first time home buyer credit looks like a "go" to extend it beyond its scheduled November 30th deadline! The extension was added as an amendment to an existing bill, HR 3548, that extends unemployment benefits. The U.S. Senate passed that bill on Wednesday and, after debate, the U.S. House passed HR 3548 this afternoon. It now needs only President Obama’s signature to become law, and the White House has indicated it will sign it, perhaps as early as tomorrow.

In addition to extending the tax credit for first-time homebuyers, the bill adds a smaller tax credit for homesteaded homebuyers who have lived in the house for five of the past seven years that are looking to make a move to a new home. This could bode well for those looking to relocate here to the Tampa Bay area and planning to sell their home up north. More about the $8000 First Time Home Buyer Credit.

The bill also increases the income limits of homebuyers from $75,000 (single) to $125,000; and from $150,000 (married) to $225,000. After the president signs the bill and extends the tax credit, the Florida Homebuyer Opportunity Program – a down payment and closing costs assistance program relating to the federal tax credit –automatically gets extended too. The state still has about $28 million available for homebuyers.*

The money is essentially a loan to first-time buyers; they receive it upfront, use it for a down payment or other costs, and pay it back once they get their federal refund.

La Vistana - A Gem Of A Location In Redington Shores!

We have said it before that in 2005 it appeared that the national bird should be the crane (the construction one)! Once the market dived in 2007, all new construction literally came to a standstill. Finding a construction crane today is an interesting task and when we find one there is an innate curiosity as to what they know or are banking on.

But the task at hand is to convey that, as the market recovers, finding new property that meets the 2004 updated building codes and is block construction brings the number of properties to a precious few. La Vistana is one of those. Completed in 2006, La Vistana was planned to be a direct gulf-front two-building project with a coordinating retail area right on Gulf Boulevard. The building shown was completely sold out pre-construction and offered a sophisticated gated complex with a dynamic center open air atrium. The large pool and two hot tubs right on the beach were designed to accommodate both buildings.

As buyers closed on their condos in the second half of 2006 in Building 1, Building 2's future was looking bleak. Because of the limitation on density ruling for the space, the units were designed to be sprawling and had price tags to go along with it. At this point, the Building 2 property is tied up in foreclosure and the retail area is an extra parking lot with green space. What did make it, however, is La Vistana's Building 1 that is situated on an absolutely pristine beach location. Gorgeous views of the Gulf and the nightly sunset extravanganza! The 30-day rental policy keeps the building with a residential feel and each 3-bedroom/3-bath unit is definitely noteworthy. The occasional unit that has taken the pricepoint freefall that the market impacted has been swooped up by eager buyers ready to live the lifestyle La Vistana affords... at a fraction of the original pre-construction purchase price!

Response To The Trick or Treat Question About The Market...

Well... I was looking for an answer, once that could clearly define when the real recovery is underway in Florida and especially here in Tampa Bay. Did the question in the sand - and no, the answer wasn't written back. BUT, while reading the St Petersburg Times over the weekend, I got their take on that exact question.

According to the article, there are 5 signs that we want to look for to indicate we are truly on our way back. As realtors, we see the increase in sales and more buyers considering a purchase as a chief indicator. Here are the 5 signs to go along with that observation:

1. Single Digit Unemployment: Nationally, unemployment is expected to peak at 10.5% in 2010. In Florida, unemployment is now at 11% and could go as high as 12%. (However, see prior blog posts on unemployment statistics and rapid rail increase in employment.) These numbers need to be in the single digits and to be truly healthy, we are looking at a goal of less than 6%!

2. Small Businesses Growing: The credit freeze that began over a year ago and brought small businesses to its knees has eased slightly in recent months. "A July survey by the Federal Reserve found that 35% of banks had tightened lending to small firms and 79% of small business owners reported that their credit card lines had been cut significantly. For the Small Business Administration's fiscal year that just ended Sept. 30, business loans were down 43% in the Tampa Bay area."

3. Florida's Housing Pipeline Ramps Up Again: We have that covered and are watching as prices inch back up. This will tie directly in to retirees up north and their ability to sell their homes there in order to relocate to the Tampa Bay area.

4. Banks Stop Bleeding Loan Losses: Essentially, this is referring to the difference between the large financial companies invested in trading stocks and bonds versus more regional and community banks heavily invested in commercial real estate. The recent bank failures are up to 106 nationwide and the tally is expected to grow.

5. Retail Sales Pick Up: For the first time in a year, a small increase in sales has been reported by the International Council of Shopping Centers (a measly .1%). According to the article, store owners are anticipating this holiday season to be the second worst (the worst was last year). In a survey released Thursday, Consumer Reports said 65% of Americans plan to cut back on holiday shopping, travel and entertaining.

So... stay tuned as we include these 5 signs in our following of the market!

Trick or Treat... What Does The Market Have In Store???

On this Halloween eve, it is a good time to reflect on the origins of this spook-filled holiday dating back to the Celts who lived 2000 years ago. Natives of the area that is now Ireland, the United Kingdom and northern France, the Celts celebrated their new year on November 1st. This day marked the end of summer and the harvest and the beginning of the dark, cold winter... a time of year that was filled with hardships and often associated with human death.

Celts believed that on the night before the new year, the boundary between the worlds of the living and the dead became blurred. On the night of October 31, they celebrated the festival of Samhain (Video: Timothy Dickinson tells the intriguing tale of why we celebrate Halloween, and it's evolution from Samhain, an ancient Celtic Harvest Festival.), when it was believed that the ghosts of the dead returned to earth. In addition to causing trouble and damaging crops, Celts thought that the presence of the otherworldly spirits made it easier for the Druids, or Celtic priests, to make predictions about the future.

Do you think we need that now??? Shall we conjure up a spirit or two to help unfold the future direction of this economic crisis and real estate upheaval? I don't know about you, but I plan to put a scary mask on a pole right on the beach with one question written in the sand... "Is the recovery for real and how long will it take?" Do you think there will be an answer as the sun rises Sunday morning?

Spotlight on Ft DeSoto - Award Winning Beach!

The allure of a beautiful beach continues to be the number one recreational destination for Americans. These sandy playgrounds that line our Tampa Bay coastal communities are the most extensive natural parks in the country!





Today's focus is on Fort De Soto Park, whose North Beach consistently heads the Top 10 Beaches list. Named America’s Top Beach for 2009 as a Pristine Area Favorite and Lauded as “Portrait of Tranquility”, Fort De Soto Park was named America’s Top Beach for the second consecutive year by TripAdvisor, the world's largest online travel community. Citing a “spectacular combination of soft white sand, calm, clear water and a laid-back atmosphere,” the popular online travel network put the park’s North Beach at the top of its annual best-of list, based on TripAdvisor's Popularity Index. This marks the second time in three years the pristine Pinellas County beach has received top honors on an annual “best-of” list. In 2005 Dr. Stephen P. Leatherman, a.k.a. “Dr. Beach,” named Fort De Soto the nation’s #1 Beach .



The largest park within the Pinellas County Park System, this park consists of 1,136 acres made up of five interconnected islands. First opened on December 21, 1962, when the state toll road named the Pinellas Bayway was completed, this park was dedicated May 11, 1963, in perpetuity as a public park. Annual park attendance averages more than 2.7 million visitors.*





With over 7 miles of waterfront, including 3 miles of spectacular sandy beach, Ft Desoto offers a wide range of activities from its active camping ground to its notable nature walks. Shell collecting and bird watching are also high on the "must do" list at the park.

Living here in Tampa Bay, we have access to Ft Desoto Park on a daily basis! But our beaches remain consistent for their breathtaking beauty along all the beach communities. As always... "Come for a Visit, Stay for a Lifetime!"

Lowering Unemployment Rate = Faster Recovery

Reading in USA Today, this report came in yesterday and again... the news we are getting casts a positive spin on where the recovery is heading. According to an economic survey that came out of Washington yesterday, the third quarter saw customer demand increase for the first time in more than a year and the jobs outlook brighten.

"For the first time since the recession began, the portion of companies planning to add employees in the next six months outnumbered those expecting to cut jobs, according to this month’s quarterly survey of economists at 78 firms by the National Association for Business Economics.Twenty-four percent plan to grow their workforce, 20 percent say they’ll trim staff and 57 percent expect no change. In July, 18 percent expected to add workers, while 28 percent said they would scale back. 'It’s a little ahead of what I was expecting,' says Ken Simonson, chief economist at the Associated General Contractors of America, who helped conduct the survey."**

According to Simonson, unemployment (now at 9.8%) will peak in the second quarter of 2010 at 10.5% (which coincides with other economists). However, his take on this survey was that it could mean the jobless rate will crest earlier and at a lower level. This would surely be good news!

"Most bullish were services companies: 31 percent say they’ll add workers in the next six months, up from 16 percent in an April survey. Just 3 percent say they’ll cut staff. By contrast, 12 percent of manufacturers plan to beef up their workforces."**

Some other key factors that came out of the survey:**

• 44% of firms reported rising customer demand, vs. 21 percent with falling demand, the first time gainers outpaced losers since July 2008. Only the transportation, utilities and communication sectors posted a net decline

• More respondents reported an increase in capital spending from the prior quarter, for the first time in a year

• Companies that had rising profits compared with the previous quarter outpaced those that had drops for the first time in nearly two years

• The portion of firms chopping jobs fell to 31 percent from 36 percent in July. Those adding rose to 12 percent from 6 percent.

**USA Today - Washington, October 26, 2009

September Marked 13 Months Of Florida Sales Increases!

According to the National Association of Realtors, September marked the 13th month of increased sales activity of existing Florida home sales in the year-to year comparison. September also increased over August in BOTH single family home and condominium existing markets.

"Existing home sales rose 34 percent last month with a total of 14,419 homes sold statewide compared to 10,778 homes sold in September 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.1 percent over statewide sales activity in August. Florida Realtors also reported a 77 percent increase in statewide sales of existing condos in September compared to the previous year’s sales figure; statewide existing condo sales last month rose 8.9 percent over the total units sold in August."*

These undeniable statistics help underline the trend of recovery in Florida. There is no doubt the lower mortgage rates and first time buyer home credit have helped fuel this momentum. (Interest rates for a 30-year fixed-rate mortgage averaged 5.06 percent last month, a significant drop from the average rate of 6.04 percent in September 2008, according to Freddie Mac. )

So... sales are on the rise and buyers agree this is the time to make a move. Where are the pitfalls? Two things come to mind immediately. We are seeing financial lending institutions tightening their lending standards to a point where getting the financing can be an issue for even credit-worthy home buyers. Secondly, because of the distressed sales that have already taken place, getting appraisals to come in at the new sales level can be a challenge. As professional realtors, we are here to help that process through... whether helping connect a buyer to the right lender or support the sales price to an appraiser. It is still the best time for an all-cash "AS IS" contract to get the best price. Other than that, it is not the best time to navigate through a real estate transaction without the help of a professional.

The PURTEE Team is made up of four seasoned professionals with years of financial, business and real estate experience... working together to best navigate their buyers and sellers through this market.

**According to the National Association of Realtors