The Purtee Team will be participating in this event both Saturday and Sunday. You can read about it in our post from earlier in the week: http://floridagulfpropertypurteeteam.blogspot.com/2010/04/on-april-10-11-2010-more-than-35000.html
The four "Just Listed" Waterfront Properties that will be open are:
Saturday, April 10th
17717 Gulf Blvd. #502, Redington Shores Yacht & Tennis Club - 3BR/3BA Waterfront Condo @ $589,000
5396 Gulf Blvd., Seamark, St Pete Beach - 2BR/2BA Gulf Front
#902 - Updated @ $549,900
#802 - Completely Renovated and Remodeled @ $725,000
Sunday, April 11th
530 S Gulfview Blvd., Harborview Grande #406, Clearwater Beach - 3BR/2BA Waterfront Condo @ $575,000
Saturday, April 10, 2010
Friday, April 9, 2010
March Statistics Are In - What A Difference A Month Makes!
The March 2010 Market Statistics have just been posted for Pinellas County and they have been added to our website. As you see from month to month, the Absorption Rate (or Inventory Turnover) gives us the first blush overview... and take a look at this chart! The Absorption Rate is determined by dividing the number of units sold during the month by the number of active listings in the Multiple Listing Service.
Click On The Chart For A Clear View:
What a difference a month makes in Pinellas County!!! In March, the Absorption Rate on Single Family Homes jumped to 11.5% from March '09 7.7%, and Condos went right along at 9.5% over March '09 4.9%!
The median prices stabilized and actually began to move back up while sales results made a significant jump. Single Family Home sales improved 17.2% over March '09... with sales of 1667 homes. The median price of $138,500, although slightly down from March '09 $140,000... was significantly higher than Feb '10 at $130,000.
Condos made the most significant comeback with a 53.1% increase in sales over March '09... with sales of 1200 condos! The median price remained flat at $110,000.
As we continue to watch our depressed market rebound, the telltale sign is how busy we have gotten! We are posting Hot Deals to our website frequently... and watching them get sold quickly.
The February Market Statistics have just been posted for Pinellas County and we have added them to our website. Personally, I always go first to the Absorption Rate (or Inventory Turnover) to catch a trend. The absorption percentages increasing reflects the market absorbing the inventory that is available. This is definitely a result of the median price. In Single Family Homes, the highest price level occurred in October of 2005 at $276,000. In February 2010, the median price of homes sold was $130,000. Condos reached their high level as well in October of 2005 at $215,000. In February. the median price was $110,000.The inventory has had to experience this decrease in value to stimulate the market back into activity. This is the point investors, and buyers in general, start to look hard at which depreciated properties have the best chance to appreciate on the upturn.
Click On The Chart For A Clear View:
What a difference a month makes in Pinellas County!!! In March, the Absorption Rate on Single Family Homes jumped to 11.5% from March '09 7.7%, and Condos went right along at 9.5% over March '09 4.9%!The median prices stabilized and actually began to move back up while sales results made a significant jump. Single Family Home sales improved 17.2% over March '09... with sales of 1667 homes. The median price of $138,500, although slightly down from March '09 $140,000... was significantly higher than Feb '10 at $130,000.
Condos made the most significant comeback with a 53.1% increase in sales over March '09... with sales of 1200 condos! The median price remained flat at $110,000.
As we continue to watch our depressed market rebound, the telltale sign is how busy we have gotten! We are posting Hot Deals to our website frequently... and watching them get sold quickly.
The February Market Statistics have just been posted for Pinellas County and we have added them to our website. Personally, I always go first to the Absorption Rate (or Inventory Turnover) to catch a trend. The absorption percentages increasing reflects the market absorbing the inventory that is available. This is definitely a result of the median price. In Single Family Homes, the highest price level occurred in October of 2005 at $276,000. In February 2010, the median price of homes sold was $130,000. Condos reached their high level as well in October of 2005 at $215,000. In February. the median price was $110,000.The inventory has had to experience this decrease in value to stimulate the market back into activity. This is the point investors, and buyers in general, start to look hard at which depreciated properties have the best chance to appreciate on the upturn.
Wednesday, April 7, 2010
Advance Notice - New Listing at Harborview Grande To Public Friday!
Harborview Grande, a beautiful waterfront building completed in 2006 was completely sold out pre-construction! I remember going to the site where two little motels sat and thinking about the water in every direction. Plus with Clearwater Beach ranked as one of the most beautiful city beaches in the country, visitors flock to 
enjoy the beach, Pier 60 and its nightly festivities and the wide array of events featured throughout the year.
enjoy the beach, Pier 60 and its nightly festivities and the wide array of events featured throughout the year.The Sand Pearl Resort and Hyatt Aqualea have just been built as premium hotels with high end amenities. The city of Clearwater Beach has been fervently working on their Beachwalk project which gives a universal upscale feel to the area.
What is the difference between one condo in Clearwater Beach versus another? There are only a handful of 7-day rental condos available for vacationing tourists. Most complexes require a 30-day stay. Harborview Grande, during the pre-construction phase got the right to do 7-day rentals which immediately made the complex a highly desirable destination. The stair-step design makes each of the 30-ft balconies feel like a corner... offering fabulous views of Clearwater Bay and the Gulf of Mexico.
A 3BR/2BA condo in Harborview Grande commands a rent rate of between $1300 and $1700/week depending on the season! There is currently NOT ONE available for purchase! This Friday, we will be listing #406 at Harborview Grande for $575,000. It is designer furnished with beautiful touches and unique hand painting. For its launch, we will be holding it open Sunday from 1-4pm. The address is 530 S Gulfview Blvd. if you can come by. For the savvy investor looking for the right location with the right net income potential, this is well worth the consideration! Call The Purtee Team for information on this exciting listing... it won't last long. (The last one we listed in Harborview Grande was under contract in 1 week!) 727-480-8219
Tuesday, April 6, 2010
Closings During NFIP Lapse??? New Guidance Issued
In order for mortgages to be created, lenders rely on federal regulations requiring the existance of flood insurance on the property being closed. The problem has occurred because Congress has recessed without extending authority for the National Flood Insurance Program (NFIP) which expired on March 28, 2010. By law, flood insurance is required for the purchase of real estate in a 100-year floodplain. Most of the property here in Tampa Bay is in a flood plain area.Insurers may not issue new or renewal policies or increase the coverage of existing policies backed by the NFIP while it's expired. As a result of the National Association's call for action, regulators have issued guidance as to how to close properties during the NFIP lapse. Six of the nation's largest lending authorities have formed a consensus that loan closings may still occur during the NFIP lapse with verification of the submission of a NFIP flood policy application and premium payment submission to the insurance provider.
When Congress returns on April 12, NAR will encourage them to act swiftly to reauthorize and extend the NFIP, and insist that the reauthorization should be made retroactive to March 28, 2010, so that any properties that are flooded during this lapse will be covered by the program.
According to the Governmental Affairs website, FEMA, which administers the NFIP, issued guidance that:
- Existing flood insurance policies that were in effect on March 28 (when NFIP expired) will remain in effect and would not be affected.
- While new flood policies may not be issued after that date, new policies for which payment was received or in case of loan closings, the application was dated on or before March 28 -- will be issued.
- Also renewal policies may not be issued until the NFIP is extended; however, there is a 30-day grace period during which the policy remains in effect following its expiration date.
Considering A Short Sale Over Foreclosure? New Fed Program May Help
We are frequently asked, "What is a short sale?" A short sale is when you sell your home if you owe more than its worth and you can't afford to make the payments. If you consider what it was like to qualify for the mortgage loan in the first place, now you have to qualify in reverse... that you cannot afford to continue paying. Many homeowners have found their homes reduce in value to a point where they owe more than it's worth. A short sale can be a possible way to unload it.
Effective yesterday, the short sale process has been simplified under the Home Affordable Foreclosure Alternatives program, or HAFA, which gives $3,000 to borrowers for relocation assistance, $1,500 to servicers for administrative and processing costs, and up to $2,000 to investors who allow up to $6,000 in short sale proceeds to be distributed to subordinate lien holders. The program was created to help stabilize distressed inventory and create an alternative to undervalued homes facing foreclosure.
The National Association or Realtors is offering webpage with information on how HAFA works at: www.realtor.org/shortsales
The U.S. Treasury Department guidelines and forms (updated March 26, 2010): https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html.
Effective yesterday, the short sale process has been simplified under the Home Affordable Foreclosure Alternatives program, or HAFA, which gives $3,000 to borrowers for relocation assistance, $1,500 to servicers for administrative and processing costs, and up to $2,000 to investors who allow up to $6,000 in short sale proceeds to be distributed to subordinate lien holders. The program was created to help stabilize distressed inventory and create an alternative to undervalued homes facing foreclosure.
The National Association or Realtors is offering webpage with information on how HAFA works at: www.realtor.org/shortsales
The U.S. Treasury Department guidelines and forms (updated March 26, 2010): https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html.
Monday, April 5, 2010
April 10-11: Florida OPEN HOUSE Event
On April 10 & 11, 2010, more than 35,000 blue balloons featuring the Realtor® logo will be flying above mailboxes at open houses from Tampa Bay to the Panhandle to Key West. It’s all part of the first-ever statewide open house weekend! But Florida Realtors aren’t the only ones showcasing properties during that weekend. State and local associations across the country have also designated April 10 & 11 as Open House Weekend. From coast to coast, the signature blue balloons will showcase thousands of open houses. It’s a buyer’s dream! The timing couldn’t be better for buyers. Interest rates are low. There’s a supply of homes at all price points. And the Florida Open House Weekend is two weeks before the April 30 deadline for the homebuyer tax credit.The PURTEE Team is looking forward to participating in this exciting event! Look for our Balloons at the following Featured Listings:
Saturday, April 10th 1pm to 4pm
12975 96th Ave., Seminole, FL - 4BR/2BA Single Family Home $359,000
17717 Gulf Blvd. #502, Redington Shores Yacht & Tennis Club - 3BR/3BA Waterfront Condo @ $589,000
5396 Gulf Blvd., Seamark, St Pete Beach - 2BR/2BA Gulf Front
#902 - Updated @ $549,900
#602 - New Kitchen & Marble Floors @ $589,000
#802 - Completely Renovated and Remodeled @ $725,000
Sunday, April 11th 1pm to 4pm
530 S Gulfview Blvd., Harborview Grande #406, Clearwater Beach - 3BR/2BA Waterfront Condo @ $575,000
5339 62nd Ave S., Bayway Isles, St Petersburg - Single Family Home 5BR/3.5BA Totally Customized @ $1.4M
If you get a chance, come by and take a look at these dynamic properties!
Sunday, April 4, 2010
Tampa Bay Rays Ready For Baseball Season!
This Bay area has eyes focused on what could be a breakout season for the Tampa Bay Rays. The season opener is this Tuesday, April 6th against the Orioles. But look out April 8-10! The first weekend of the season, against the Yankees, at home at Tropicana Field, and televised on Fox and TBS.The American League East appears to be the toughest division for the year with the Yankees, Red Sox and Rays all viable to win 90+ games! We have just had a host of visitors in the area going to spring training games (the Tampa Area hosts 9 teams) and we see fans loving to watch teams such as the New York Yankees, Philadelphia Phillies and Toronto Blue Jays.
Actually, The PURTEE Team has had the pleasure to find luxury waterfront 
accommodations for the season for two of the Ray's most important players: Carlos Penya, First Base and Rafael Soriano, the 
new Closer in the Bull pen who was recently traded from the Braves. As beach real estate experts who handle both sales and rentals, we are ready to accommodate the most sophisticated needs. And we love to support our sport teams and other local celebrities! It simply makes us once again proud of where we choose to live... Tampa Bay!
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