Second Home By The Sea?

In 2000, the US Census identified "Second Homes" as seasonal, recreational and for occasional use... versus "Investment Home" property purchased for current income (via rental) as well as potential profit upon its sale.

The destination has to be right for either scenario. That is why we chose Tampa Bay. The chain of barrier island communities from Clearwater Beach in the north stretches 25 miles to St Pete Beach in the south... with some of the most beautiful white sandy beaches! Being on the west coast of Florida, we enjoy nature's most spectacular sunsets (many have been featured in prior Blogs) every night! And yet, it is not like we are in some remote island with nothing else to see or do! Having St Petersburg and Clearwater only minutes away, Tampa less than 30 minutes... and even Orlando in just 1 1/2 hours, you truly have access to it all. Fine dining, shopping, sports, entertainment, theme parks and so much more!

As we see buyers choose our area to make a purchase, the lines between second home buyers and investors has become less defined. It used to be simple. Second home buyers did not want others using their home. It is for their family to enjoy seasonally when they can travel this way, possibly winter here, use for recreation and hold onto for retirement. Investors looked strictly by the numbers - would the rental income cash flow? Is the value there along with the potential for appreciation and is it the right diversification to their portfolio.

The market tumble has made second home buyers more cautious and more receptive to looking at their purchase as an investment. Investors are low-balling offers with no emotional attachment to the property itself... strictly to make the numbers work. Both scenarios are best explored with a real estate professional. Someone who knows the area and can help a buyer determine the right type of property for their needs. Baby Boomers born between 1946 and 1964 are the driving force behind the second home market, while the Generation X'ers born between 1965 and 1980 are leading the investment purchase.

In the coming Blogs, we will explore second home buying more in depth... including tax implications, financing options and more. When you are looking for a real estate professional to help you along the barrier islands of Tampa Bay, look no further than The PURTEE Team.

Downtown St Petersburg - A Mecca Of Culture!

As we continue our discussion on what the Tampa Bay area offers, we don’t want to lose sight of culture... especially in downtown St Petersburg! The arts are abundant in what is called the "Sunshine City"... from the new currently under-construction Salvador Dali Museum (opening Jan. 11, 2011) to the newly expanded Museum of Fine Arts, to the private art galleries that line its downtown streets. A center for both visual and performance art, St Petersburg is now the proud home of another legend!

As of last month, the Morean Arts Center at 400 Beach Drive culminated its efforts over the past 5 years to establish a gallery of works by famed glass artist Dale Chihuly. 16 installations of glass art represents works from throughout the glass pioneer’s career! And, along with this collection, the Morean will also be opening a Glass Studio & Hot Shop that will provide furnaces, kilns, studio space and seating for visitors to watch glass artists at work!

As a realtor in the area, we have access to some wonderful events with the opportunity to experience these cultural displays first hand. Last night, the Young Professionals Network, a chapter of the Pinellas Realtors Organization, hosted an evening social which included a tour of this stunning collection of Chihuly's artwork as well as a networking social at 400 Beach Seafood & Tap House. YPN is a growing group of career-minded real estate professionals interested in finding and using the best tools with which to service their buyers and sellers.

We were extremely impressed with the Chihuly exhibit and stimulating conversations about our market that followed. With the new Salvador Dali Museum on the horizon, we know we will be personally making downtown St Petersburg a regular outing! So much to see and do!!

Living On The Beach Series - BEACH NEWS #2

As we contemplate the many amazing visual delights we see on a regular basis, some of these really stand out! On a daily basis, we see dolphins swimming and playing... manatees are more infrequent and a special treat. Working with a window looking out to the beach offers some great opportunities. When a small crowd starting gathering by the shore, we knew something was up. Mark and I literally put down what we were working on and went to investigate!

A family of 3 manatees was slowly swimming north to south very close to the shoreline. Such amazing animals! Completely fascinated, we strolled along the beach with about a half dozen other equally fascinated beachcombers. We probably walked along with them for about a quarter mile before they veered off out to sea. What a great treat to take back to our home office and pick back up with the work waiting for us!

And one of my favorites? A full moon setting over the water, for sure! Everyone knows our sunsets are spectacular, but this special event... when the moon is full and has transited the sky overnight then slowly begins its decent into the Gulf of Mexico is a WOW! What makes it unique is timing. Weather conditions have to be right, the setting needs to take place while it is still dark or close to it... many things can disrupt this grand event. But when it happens, it is mesmerizing!!! I have included this photo that I took because of its rarity. As the moon was setting, the sun was starting to come up in the east, so the clouds to the right started picking up an amazing glow. Like I said, camera always needs to be close at hand!

Living On The Beach Series - Beach News!

To say we never tire on living on the beach right here along the barrier islands of Tampa Bay is an understatement! When we first moved to the area in late 2001, we weren't sure if "living on the beach" would be the answer for us. We had sold one business and closed another... and the tragedy of 9/11 had affected us all, leaving us ready for a change.

People had asked us, "Why would you want to live on the beach??? With all the salt and the sand... and you know, it's just black after dark!!!" Hummm, we decided to see for ourselves and I have to say... we have never looked back! Every day, there is something different that catches our attention. We began to refer to these occurrences as BEACH NEWS and would call family or friends back home expressing the wonder of what we were seeing. Since that time, many of them have moved here themselves! This series will feature some of the amazing scenes we witness on a regular basis... which keeps our binoculars and camera close at hand!

We just uploaded a video of a full RAINBOW that started out coming out of the gulf, then as we looked in amazement... it began to open up into a full rainbow. SIMPLY AMAZING...

JULY Hiccup In Market Statistics

The link to the new July 2010 Market Statistics for Pinellas County has been posted on our Home Page. From March through June, we saw steady increases in our market absorption as inventory decreased and sales picked up. By the end of June, however, the fears of the BP Oil Spill in the Gulf of Mexico along with slower than anticipated economic recovery and double digit unemployment... that energy lost some of it sizzle. In addition, sellers who felt they could finally put their home on the market and do a little better brought a new source of inventory.
Click On The Chart To Enlarge
We use this chart to get a sense of how much inventory is being reduced in the market and it is determined by dividing the number of units sold during the month by the total number of listings in the MLS. In July, 8.3% of single family homes were absorbed compared to 11.1% last year. 6.1% of condos were absorbed compared to 6.9% last year... not quite the falling off of single family homes (showing a little comeback on the part of condos in general).

51% of all new transactions in July were cash purchases, with 27% getting conventional loans and 16% FHA. 45% of all residential sales to date in 2010 have been priced between $120,000 and $399,900.

Waterfront property appears to be getting the most attention as international investors are taking full advantage of these prime real estate opportunities...

Canadians - Buying Florida Property In This Market!

Canadians are taking advantage of this market with the combination of a strong currency and devalued property value in Florida! We added an article published On August 6th by The Canadian Press... http://www.floridagulfproperty.com/canadian-snowbirds.html

“It’s a once in a lifetime opportunity for Canadians,” says Mark Dziedzic, a Canadian Realtor with Cross Border Realty and a snowbird himself.

Canadian realtors looking for a realtor who specializes in waterfront property along the beaches of Tampa Bay need look no further. The PURTEE Team will help your clients find the special opportunities! Prices at a fraction of original purchase price are attracting cash buyers ready to snag these deals up and those are gone in a matter of days. That is why you need to be aware of where those special properties are!!!

BP Oil Spill Finally Winding Down In Gulf Of Mexico

The news we have all been waiting for during 4 months of oil gushing into the Gulf of Mexico finally came yesterday! Efforts to stop the well through what’s called a ‘static kill’ appear to be working—and a report out today by scientists show that the vast majority of the spilled oil has been dispersed or removed from the water. So the long battle to stop the leak and contain the oil is finally close to coming to an end. The relief well should be in place on schedule by mid-August. As we walk along these beautiful beaches of Tampa Bay, we are truly thankful we remained unharmed. http://www.restorethegulf.gov/

We have all heard about the impact of the spill on our friends in the panhandle and along that area of the northern gulf coast. Efforts to restore the damage will be going on for a long time. As we see vacationers and home seekers choose our area, it is a mixed blessing. The Tampa Bay barrier island beaches... from Clearwater Beach in the north to St Pete Beach in the south... are among the most beautiful in the country, and always ranked among the top favorites for their environmental efforts as well as their beauty. We love to share its assets as an exceptional destination. Come see for yourself what the beaches of Tampa Bay have to offer!