Just Listed! Beach Front 3-BR In Indian Rocks Beach, Florida

Over the past few weeks, we have been discussing the shrinking real estate inventory here along the beaches of Tampa Bay. As non-distressed properties begin to emerge, this Indian Rocks Beach gem in Driftwood Sands is one to take special note of!

These particular owners purchased this condo in 2010... recognizing that it had all the good "bones" to give them an affordable 3 bedroom condo right on the beach. When they bought it, there was no furniture... it was white on white drab with carpet that was downright scary. Once they closed on the property, the work began. From painting with colors to coordinate with all the designer furnishings and window treatments, to brand new bamboo flooring in the master suite, to california closets throughout... the condo went through a transformation that is truly amazing! Check out the virtual tour

Unlike when it sold in 2010, this condo is being sold with all the bells and whistles included! Even down to the matching dinnerware! If you are looking for beachfront living but without the hassle of repairs and furnishing... this is the one. Driftwood Sands is a well maintained complex with resort style pool and sun deck area, along with outdoor kitchen/entertaining gazebo with multiple grills... and even shuffle board. You can start living the Florida Lifestyle RIGHT NOW! More details about this property, click here.

Cyber Monday - Finding Florida Real Estate Online!

With so many websites offering real estate searches such as Realtor.com, Trulia & Zillow, it is most common for potential buyers to explore the market themselves to see what is available. As the online experience continues to grow in every conceivable area, there is no reason logically that real estate shopping would be any different!

To a certain extent that is true. There is an abundance of information available through public records and a little research can uncover a great deal of information from property taxes to recent sale activity to status of liens against a property.

In order to improve the process, here are a few pitfalls to avoid:

1. All of the real estate websites pull their information directly from local Multiple Listing Services (MLS). There are some status categories that these websites do not have which can easily cause confusion. For example, when a listed property goes under contract and there are contingencies to work through - such as short sale lender approval, financing or inspections, the status goes to a category called "Active with Contract". The real estate websites pull these listings as "Active". For that reason, a buyer searching can easily waste a great deal of time researching a property that is actually already under contract.

2. It is very easy to listen to national media and think you understand what the trends are in the market. BUT, word to the wise... every market has its own quirks and trends. Many times it is hard online to determine the pulse of a specific local market.

3. There is no question every buyer wants to feel he or she made a good purchase at a great price. As real estate starts its comeback, there have been many buyers waiting on the sideline trying to decide if now is the time to buy. This pent up demand results in a lot of buyers looking for the same type of property... particularly in a market specific such as the beach area of Tampa Bay. The really good properties go extremely fast and many times are under contract before they can feed through to the other websites.

If you are a serious buyer contemplating a purchase here in the Tampa Bay beach area, The PURTEE Team can offer you a way to blend the ease of online shopping with the expertise of a local realtor. Through our website: www.floridagulfproperty.com , we offer a variety of searches that are available in 'real time'. You can choose to Search All MLS ; Search Distressed Properties ; or select HOT DEALS for our current picks of excellent value properties.

Let us show you how you can become knowledgeable about the specific market you are considering, and help direct you to properties that fit your criteria before others even know about it! Email us to learn more: info@floridagulfproperty.com and you will be on your way to Living the Florida Lifestyle...

WOW - Can Recovery Happen This Fast?

Two properties The PURTEE Team have been advocates of from their first pre-construction packages are Harborview Grande in Clearwater Beach and Redington Shores Yacht & Tennis Club in Redington Shores. Both are unique along the beaches.

Harborview Grande, finished in 2006, is one of the few 7-day rental minimum complexes in Clearwater Beach - most are 30 days or longer. With Clearwater Beach such a widely acclaimed vacation destination, a weekly rental is a higly desirable alternative to expensive nightly hotel stays! Plus the 55-unit building has 3-bedroom/2-bath condos right on the water within easy walking distance to the beach and Pier 60 with its nightly festivities. Units in Harborview Grande have 11 foot ceiling height and impressive 30-foot balconies that span both living room and master suite. Boatslips are available for separate purchase.

Redington Shores Yacht & Tennis Club, a gated community with a unique combination of private homes and waterfront condos, is one-of-a-kind along the Tampa Bay Beaches. Amenities include 24hr guard gate, clubhouse with fitness facility, lighted tennis courts, and boat slips available for separate purchased. The 4 waterfront condo buildings each have their own waterfront pool, hot tub and barbeque area. Condo sizes range from 2000 and 3000 square feet to a precious few 4000 square foot penthouses.

Both complexes were on a fast tract to be able to get one and prices continued to climb during construction. Condos in Harborview Grande topped out in the mid to high $700,000 range. RSYT began to close on their 2000 sq ft condos in the $700-$800,000 range and most were being appraised in the high $800's. Then the market shifted and the free fall began. Those in Harborview Grande who sold in the high $500,000 range and in RSYT who sold in the low to mid $600,000 range were the lucky ones! Inventory grew and prices dropped reaching lows no one could imagine. Short sales and foreclosures dampened the overall desirability of these two complexes. But, in the last 30 days, things have begun to change...

Inventory in Harborview Grande had dwindled down to 1 unit available. Three short sales had gone under contract as soon as prices hit below the $400,000 threshold. Now the only one left was at $429,000. We listed a beautifully appointed 6th floor corner (see earlier post) at $459,000 and it went under contract in less than a week!

At RSYT, three short sales sunk to a new low under $400,000 and they were scooped up in a matter of days. The new low was one condo at $400,000 and the next lowest available unit was at $460,000. I posted about this on Monday as the "half price sale". Well, that unit went under contract yesterday!

I do not believe I am the only one who sees the significance of this. My advice is to a potential buyer considering either of these complexes is to try to secure a unit in the $400's NOW. The $500's are on the way...

$1 Million - Champagne Wishes & Caviar Dreams? Look What It Can Get Today!

When we relocated to the Tampa Bay area from Atlanta in 2002, we were at the early stage of the amazing journey that would take hold of property value along the beaches of Tampa Bay! At that time, there was no such thing as a condo for a million dollars. That was a price threshold that no one dared to break through. We had listings in the $900,000 range that sat on the market for months... no one was even easily stepping up to that amount.

Then, in late 2004, two things seemed to happen at once. The $1 million threshold was broken through with a vengence AND all of the sudden there were builder's cranes on every corner. Driving down Gulf Boulevard, we often laughed that the new state bird of Florida was the crane! Developers were rushing to create slick promotional packages for new developments and buyers were lined up to take advantage of the early entry deals. It was then that the idea of "flipping" took hold and sometimes a property could be sold and resold several times before it was even built! The buyer that finally closed on the unit upon completion might have paid substantially more than his next door neighbor who was an original buyer.

Over 1000 people were moving to Florida a day, and property values were moving up at such a rate that investors were flocking to buy multiple properties. Add to that the interest only low rate mortgages and 'drive by' appraisals and quickly people got in over their heads... literally without knowing it. In 2006, you could not find any new property on water for under $700,000! And there seemed an endless appetite for those properties at any price. Yet underlying this euphoria was a stream of devastating hurricanes that sent a shock wave through those considering living along the coastline. Simultaneously, property insurance skyrocketed as did property tax. Now those carrying costs grew! Density laws were forcing larger and larger residences and price points continued to climb... $2 million, $3 million. Where was the ceiling?

By the beginning of 2007, the dam was bursting! New complexes that could see the writing on the wall were rushing to get their units closed... and being sure their corporate entities were secure that they would not face the final liability. Complexes that were still under construction found that many of their buyers elected to 'walk' and leave their deposits behind. In some cases, they were the lucky ones.

The buildings built after 2004 all fell under the newer, stronger building codes and after 2005, almost all new construction was block construction rather than frame. The point is that going forward there will be very little inventory that was built in 2008 or 2009... no one was building any more. The savvy buyer today will look for waterfront buildings built in 2005-2007 at 30-40% off their original appraised values!

The Purtee Team knows which buildings should be considered (and which ones have issues)... and can help determine the best opportunity within those buildings. Contact us today to learn more! www.floridagulfproperty.com

Featured Listings Are Only The Beginning!

As the use of our website (http://www.floridagulfproperty.com/ ) increases... with all of its tools from Free Reports to Daily Real Estate News to Rentals to lots and lots of Community Information... it is easy to understand why our Hot Deals Page and Featured Listings are reviewed most often. The thing that can be overlooked is that these are our client listings, not a selection from the whole market area.

Our listings continue to change, or sell. We keep you up to date with each of them, and move a property to the Hot Deals page when it becomes a pre-foreclosure, short sale or has a particularly motivated Seller. However, we know the market very well and know of deals that might be listed by other agents. We have total access to the entire Tampa Bay real estate market. As part of The Purtee Team, we are constantly searching for clients and keeping up with those special gems of properties that we know are available at an incredible value! For example, we had a client who wanted a condo in a certain new building in Clearwater Beach - but he did not want to pay over $400,000. Condos in that building sold up to the high $700,000's! Through mailings and keeping a close watch on the building, we actually were able to get two clients a purchase in there for just under $400,000. They are thrilled and have made a great purchase!

Refer back to the Exclusive Buyer Program. It really does work and can be an amazing tool in finding just the right property. There is not fee to get this service.