What Do January Market Statistics Say? When Do I Buy???

The January Market Statistics for Pinellas County

are out and the full report is posted on our website. There are SO MANY people sitting on the sidelines reluctant to make a purchase. The media continues to be negative and buyers anxious to own property in Tampa Bay, whether as a second home or as a relocation, simply do not know whether to take the plunge.

With so many baby boomers nearing retirement... and the country experiencing one of the most brutal winter seasons this year... Florida has a lot of people anxious to not miss out on living the Florida lifestyle! Prices have reached unprecedented lows and over the last several months we have seen the results. We have targeted HOT DEALS for our clients and email them out within a day or so of them going on the market. It is amazing how many of these are under contract before the week is out! That is telling us something. The pent up demand is staggering. When you realize that in 2004 and 2005 over 1000 people were moving to Florida a day, once the pendulum does swing, it will be HUGE!

We keep a close eye on this chart and the Absorption Rate*... looking for trend lines. Look at the latter half of 2009 into 2010. There was a great deal of positive momentum! So what changed in June of 2010??? How about the understanding of how serious the BP oil spill in the gulf was? It took through the rest of the summer and beyond to cap the flow and throughout the world, people looked on in horror that beautiful Florida was now tarnished. It didn't matter that not one drop of oil reached our area. It was the PERCEPTION.

Our prediction is that it will unfold just like that. When the PERCEPTION changes (and the media says now is the time), there will be a feeding frenzy. There are a LOT of sellers out there not willing to sell at these current prices. Once this distressed inventory runs out, we will go to the owners willing to sacrifice what they have in their property. From there, we have those who won't. THESE DISTRESSED SALES RIGHT NOW ARE WHERE THE OPPORTUNITIES ARE!!!

Our recommendation... contact The PURTEE Team and get on the radar. What you are seeking may come on the market and be gone without you ever knowing about it.

*Absorption (Inventory Turnover) is determined by dividing the number of units sold during the month by the total number of listings in the MLS (Multiple Listing Service)

What To Look For In Finding Your 2nd Home!

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

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

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

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

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

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

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

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