Consumer Confidence Rising

On February 28, the Conference Board’s Consumer Confidence Index, which had decreased in January, announced an increase of 9.3 points in February. The Index now stands at 70.8 (1985=100), up from 61.5 in January. The Present Situation Index increased to 45.0 from 38.8. The Expectations Index rose to 88.0 from 76.7 in January.

According to Gallup's Economic Confidence Rating, confidence has been improving steadily over the past five months and is continuing that monthly trend during February. The stable nature of confidence in recent weeks suggests that surging gas prices have yet to dramatically affect Americans' perceptions of the national economy.

The proportion of consumers expecting business conditions to improve over the next six months increased to 18.7 percent from 16.7 percent, while those anticipating business conditions will worsen decreased to 11.8 percent from 14.6 percent. The PURTEE Team, with Realty Executives, keeps you informed about the emerging real estate market along the beaches of Tampa Bay and how to best navigate the buying or selling process. Contact Us Today: info@floridagulfproperty.com

Inventory At Record Lows - Sign Up For Monthly Updates To Stay Informed!

The PURTEE Team keeps their clients informed about the Tampa Bay beach real estate market with informative monthly updates via their email list. These updates include the current statistics on Absorption (inventory turnover), Condo and Single Family Home Active Listings Inventory & Sales.

In order to navigate this recovering market, buyers and sellers need to be informed. Real estate is not the same from county to county across the country... it is very much localized. The worst thing we are seeing is buyers who think they are more knowledgeable about the market and where it is headed. They often do not listen nor do they look at the facts or trends... these are the buyers who will miss the opportunities that exist here on the water in Florida TODAY!

Take a look at the chart above in regards to inventory being absorbed. 2008 was even worse, but look at the trend since February 2011! Look again at the start we had in March to June 2010. What happened there??? The Gulf oil spill happened which halted that momentum. However, we have been in double digit absorption for a year. Inventory is at record low levels... and the trend of moving to Florida has picked up again, primarily due to its affordability.

If you are interested in learning more about the Tampa Bay beach real estate market, join our monthly update email list. It is easy. Just us our CONTACT US ez form to send us your email and start getting information this month! Just tell us you want to be on the email list in the notes section. You, too, can own your piece of paradise and enjoy the Florida lifestyle that we all love so much!

Tampa Bay Beaches Continues Decline In Active Real Estate Listings

Click Here To Enlarge Chart
We continue to talk about inventory here along the beaches of Tampa Bay. January 2012 has continued the trend of dwindling real estate that is actively for sale. The chart at left represents the entire Pinellas County inventory! Active inventory is down 31% from last January with 3,672 fewer listings. Foreclosures alone are down 56% from last January!

According to the Pinellas Board of Realtors, there are fewer than 2 houses for sale for each buyer actively looking in the market. On the other hand, pending contracts were up 22% in January from this time last year. We will be talking about other market statistics in the days to come, but this trend is here in realty... right now. The PURTEE Team monitors the market and its evolving trends. You can sign up to get their monthly updates by sending your email address to info@floridagulfproperty.com

Retirement On The Horizon? Florida-Bound!

78 million 'baby boomers' begin their approach to retirement this year when those born in 1946/47 turn 65 and start qualifying for Social Security benefits. In 2003 and 2004, over 1000 people were moving to Florida a day! Builders were struggling to keep up with the demand. However, that process slowed dramatically as a result of increased property costs, insurance and the economic downturn.

As this determined generation gets back on its feet and once again looks toward retirement, Florida is returns as a top destination with its current depressed prices, no state income tax, pleasant climate, recreational and cultural activities and excellent senior care.

Tampa Bay offers the three dynamic cities of Tampa, St Petersburg and Clearwater... with the eclectic 23 miles of sandy white beaches and diverse beach communities. According to a recent survey, 58% of relocating baby boomers plan to purchase a home or condo in their destination city. So where are these seniors going to go??? Home building virtually stopped in 2007. Inventory has dried up back to 2005 levels. Very few building permits are even being pulled because building new can't be done at the prices we are at right now. So with no new building on the horizon, what will this mean for the retiring senior planning to come to this area in 4-5 years? It means start looking NOW while there are still some of these incredible value deals! Who can you trust to help you through this process? The PURTEE Team specializes is real estate along the beaches of Tampa Bay. With a diverse background or business, financial planning, negotiation, construction and design, Mark, Garges, Lambdin and Kathy are ready to help. Find out what they can do for you to get you on your way to living the "Florida Lifestyle". Read the article...

Tampa Bay Avoiding General Housing Gloom

When the Federal Reserve puts out their Beige Book report (issued about every 6 weeks) on current market sales trends, it is worth taking note. Here in Florida, we are part of the Atlanta District which spans the southeast. While other areas in the region experienced "soft" sales, the Sunshine State actually rebounded! The reason according to the Beige Report? INTERNATIONAL & CASH BUYERS!

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According to the Miami Herald, only Nevada and California vied with Florida for being hardest hit by the housing crash, so it’s natural for Florida to enjoy a stronger turnaround than places where prices didn’t fall as far.

Florida’s relative optimism on the sales front has been a recurring theme in the Beige reports this year. Here in Pinellas County, we have watched double digit Absorption Rates since the 1st quarter of 2011 gobble up our inventory and begin to push prices upward. For the latest Year End 2011 Market Statistics, view Single Family Home or Condo.

The PURTEE Team, with Realty Executives, can keep you ahead of the market trends. Just give us a try and see why we closed over $10.2M in sales in 2011 in a still depressed market!

The Art Of Flipping Property - A Thing Of The Past?

From 2004 to late 2006, appreciation of property here in the Tampa Bay area was spiraling upward at an unprecedented rate! The hunger for "flipping" properties drew buyers by the thousands, often resulting in long lines or lotteries just for the chance of purchasing. Combine that appetite with "anyone can get" financing and the bubble was well on its way... Pre-construction was a key choice for many. With 20% down, buyers could wait through the building process and find their property substantially increased in value by the time construction was complete and they closed on the property.

Many of those buyers were looking for a quick return on their investment, not looking to carry a property long term. Those are many of the investors that got caught when the market turned, resulting in short sales, damaged credit or foreclosures.

During 2011, we have seen prices plummet to a fraction of their previous value. As inventory decreased throughout the year (currently at a 6 year low), sales have increased bringing the absorption rate into double digits month after month. Although there continues to be great values in the market place, there has been a shift in demand for those properties that stand out and we are seeing some similar patterns to the feeding frenzy of 2004-2006.

The new "flipping" involves buying properties at highly distressed levels, fixing them up with either a slight face lift or a major remodel and putting it back on the market. There is a LOT of that practice going on and a LOT of $$ being generated! In Pinellas County, out of 7,931 active listings only 1,927 (just over 24%) are distressed. As the market gobbles up these distressed listings, the only direction for the appetite to go is to the lowest of the non-distressed properties.

On January 2, the Federal Housing Administration extended a temporary waiver of FHA’s anti-flipping regulations through 2012... primarily in order to allow the re-sale of foreclosures. “This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said Commissioner Carol A. Galante. “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”

While some buyers continue to sit on the sidelines wondering if the market has hit the bottom, others are taking full advantage. Schedule a meeting with The PURTEE Team and find out more... Email us at info@floridagulfproperty.com

Holidays At The Beach

In early to mid-December, living here in Tampa Bay is simply spectacular! Not only are we enjoying 78-80 degree days, the holidays are magical as well. All the colorful lights abound on every corner and all along the Gulf Boulevard corridor.

Holiday boat parades are celebrated in each community and hundreds of boats compete with their decorations for each coveted prize. Last Friday, we enjoyed the St Pete Beach boat parade with over 80 boats participating. The lighting of the tree, a visit from Santa and jolly elves playing live music brought a festive atmosphere to all of us lucky enough to have a great view.

Add to that the Geminid Meteor Shower that has been in full force the last two nights... out on the beach away from the lights is the perfect viewing position to see shooting stars every minute!

As we get ready for the new year and huge influx of tourists to our area, this is literally the quiet before the storm. What a perfect time to reflect on the beauty and amazing lifestyle living here brings...

Being realtors specializing in real estate along the beach area of Tampa Bay, The PURTEE Team is ready to share that lifestyle. If you find yourself contemplating a purchase in our area, fill out this short questionnaire and you will be on your way to seeing why life is so special here!