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

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...

Homeowners - Can Living GREEN Make A Difference?

Can green living save the planet? Can it save money or improve the landscape?
The Purtee Team and RE/MAX think you can make a difference with even small changes around your home. For that reason, we have a checklist of things you, as a homeowner, can do to bring your home up to a greener standard. The list contains practical, easy fixes to make your home more eco-friendly for your family or potential buyers! GREEN HOME CHECK LIST

This Saturday, Oct. 24 from 9am to 3pm, experts from Pinellas County Extension/ University of Florida, Institute of Food and Agricultural Sciences (UF/IFAS) will join other professionals at the Science Center of Pinellas to explain how even small changes add up to make a big difference.

Representing the Extension and UF/IFAS are:

Mary Campbell, Extension director, “Florida’s Future: Climate Change and Coastal Communities,” 10 a.m.

James Stevenson, “Home Energy Savings and Financial Incentives,” 10:30 a.m.

Vestina F. Clayton, “It’s Not Just About the Environment,” 11 a.m.

Wilma Holley, “Rain Harvesting,” 11:30 a.m.

In addition to the educational sessions, local middle school students will be displaying sustainability projects on personal carbon footprint reduction, carbon sequestration, water conservation, composting and energy conservation.

Pinellas County is the first municipality in Florida to earn the Green Government designation from the Florida Green Building Coalition, an honor earned in 2007. The county continues to emphasize the importance of sustainability, in both practice and community outreach.

Great Job, Pinellas County!

Redington Shores Yacht Club On The Move!

We are DEFINITELY seeing the market in our area bottom out! At Redington Shores Yacht & Tennis Club, prices had moved down like there was no floor! From the high $800,000 range as it was completed in 2007 to recent short sales listed just under $400,000... it has been a HALF PRICE SALE and no one knew where the bottom would fall to.

THREE condos, listed as short sales at $369,000 and $399,000 have ALL gone under contract. The least expensive now is $400,000 even. After that one goes, the next lowest deal is $460,000. Then $529,000... then $549,000. At each stage of these being swept up by savvy buyers, the low threshold becomes higher. Currently listed, there are the two units in the $400's, then six units in the $500's. After that, there are only four in the $600's, one in the $700's and another in the $800's.

Homes are finally showing up under construction in the community making the gated community with private homes and waterfront condos truly unique along the beaches of Tampa Bay. The boat slips that are available for separate purchase add that much more value! I can foresee a time in the not-so-distant future that buyers will be scrambling to get those six units in the $500's. Our advice is don't get left behind!