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Monday, July 30, 2007

Best Places to Buy a Home-Tampa, Fl- Forbes Magazine

The Tampa Bay area ranks #1! Based on a report by Forbes magazine online issue, Tampa Bay is the best place in the country to buy a home. Forbes notes that the Tampa Bay area is in a V-shape recovery – an area that the market undergoes a freefall, but recovers quickly. The top markets for housing are:

Tampa -Click here to search Tampa Homes for Sale
Kansas City
San Diego
New York City
Atlanta -Click here to search Atlanta Homes for Sale

This report may explain why Saturday, July 21st Urban Home Tour was so well attended with many realtors reporting record number of people coming to see what downtown living is all about.

Seeing is Believing
Out with the old to make way for the new. Most reports in the “Seeing is Believing” section focus on projects already underway.
But what about future projects? This week, let’s take a look at what will soon be demolished to make way for future growth in downtown:

Tampa Museum of Art:
Officials report that the current building will close in December with all the artwork being relocated for safe keeping to Orlando. The building will begin to be demolished in January. The site will be brought down to grade and used to expand Curtis Hixon Park, which will undergo a complete renovation of its own.

The Slade:
Another condominium project is preparing its site in the Channel District. With a location book ended by 12th Street and Meridian Avenue, The Slade site is clearing away old warehouses that once dominated the entire Channel District. Construction of the new building is not yet set.

U.S. Post Office:
Located at 900 N. Florida Avenue, this post office location will move in November to 400 N. Tampa Street in order for the Florida Avenue location to be demolished. The building is being torn down to make way for a new parking facility and amenities deck for The Flordan Hotel, which is undergoing a full historic renovation.

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Friday, July 27, 2007

IKEA Coming to Tampa Formally Approved!

Tampa council OK's IKEA plans

Tampa Bay Business Journal - 5:49 PM EDT Thursday, July 26, 2007

The Tampa City Council on Thursday formally approved IKEA's initial plans to build a 353,000-square-foot store at the southeast corner of Adamo Drive and 22nd Street.

Pending approval of building permits, the Swedish retailer could start construction as early as next summer and target the opening for summer 2009. IKEA would replace the Tampa International Center business park on a 29-acre site that will include 1,700 parking spaces.
Privately owned IKEA International A/S announced March 26 it would build its third Florida store in the Tampa Bay area after nearing completion of others in Sunrise and Orlando, both which are slated to open this fall. Atlanta is the nearest current location to the Bay area, where IKEA estimates having roughly 100,000 customers.

"While we already knew many in the area were IKEA customers, the outpouring of interest since we announced our plans -- plus this approval by the city -- makes us feel so welcome," Michael Maier, IKEA real estate manager, stated in a release.

The council's approval comes as no surprise, given Mayor Pam Iorio's strong support for the project. The new store is expected to create 400 permanent jobs, along with 500 jobs while it is being built.

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Wednesday, July 25, 2007

Home Prices Expected to Recover in 2008-Tampa, Fl

Home Prices Expected to Recover in 2008 As Inventories Decline Says NAR Wednesday, July 11, 2007 -

Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR senior economist, said a good buyers’ market has evolved. “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets,” he said. “But with profit margins coming under pressure, homebuilders will limit new construction well into 2008.
This should help the overall inventory level to move steadily into a more balanced state.”
Existing-home sales are expected to total 6.11 million this year and 6.37 million in 2008, down from 6.48 million last year. New-home sales are projected at 865,000 in 2007 and 878,000 next year, compared with 1.05 million in 2006. Housing starts, including multifamily units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.80 million last year.Existing-home prices are likely to rise 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800.

The median new-home price should rise 2.2 percent to $222,700 next year following a 2.6 percent drop in 2007 to $240,100.“Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008,” Yun said. “Local conditions vary considerably, but with historically low mortgage interest rates this summer and sustained job gains, it could be a good time for first-time buyers with a long-term view to test the housing waters.”
Inflation, as measured by the Consumer Price Index, is projected at 2.6 percent in 2007, down from 3.2 percent last year. Inflation-adjusted disposable personal income should rise 3.0 percent this year, up from a 2.6 percent gain in 2006.

Originator Times, a BEXT Inc. publication http://originatortimes.com/ Copyright 2006 BEXT Inc. All Rights Reserved

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Monday, July 23, 2007

Five Key Factors in Selling a Home-Tampa, Fl

The Five Key Factors in Selling A Home
There are more than 5 key factors that in
fluence the sale of your home and the order is not as important as considering all of them when you are selling and pricing a home.

You have all heard the most important factor in selling a home is location, location, location, but there are four others to consider.


Home Condition

Market Conditions

The Realtor

1. LOCATIONThe location of a home cannot be changed. The better the location such as a quiet cul-de-sac, backing on to a greenbelt, or a view are more generally considered more desirable. Alternatively, a busy street, nearby power lines, proximity to a commercial or retail business or even too close to a school are often considered less desirable. It is important that you recognize the location and price and market your home accordingly.

Pricing your home correctly is critical to the sale. The homeowner wants to sell their house for as much money as possible, but if your asking price is too high your
house will only help sell other houses in your area.

There are at least three negative outcomes you can expect from overpricing a property:

a. The time your home sits on the market will increase, making buyers think you are more likely to accept a lower offer than the home’s fair market value.

b. You will be missing out on buyers who should be looking at your house, but because it is out their price range they will miss it. This often happens when you price outside of a range such as choosing $ 765,000 instead of $ 749,000.

c. You receive low offers or no offers at all. A higher asking price does not always equal a higher sales price.The more you overprice a property, the more likely you are to eventually sell it at a price lower than it isworth.

So how should you price a home? Price your house to attract appropriate buyers for your neighborhood and location. The more buyers that come to see your home, the more they will compete for your house, which will drive your sales price up. Competition will result in receiving offers over and above your asking price. Don’t let a Realtor buy your listing by agreeing to sell it for more than it’s worth as it will only be a matter of time before they are back suggesting a price reduction.

3. CONDITION Buyers will pay more for a home that is clean, has great curb appeal and is in good condition. Few people can see past the purple paint and worn carpet and even fewer can get past the clutter. Most people find it hard to visualize what your home will look like as theirs so if you are not taking the necessary steps to stage your home to appeal to the widest number of buyers you will simply have to have more buyers come through until one can see them selves living in your home.

4. The MARKET The real estate market is always in one of three types of markets.
A. Seller’s market where there is low inventory and more buyers which, in turn, drives selling prices up.
B. Normal stable market where there is an equal number of buyers in proportion to the number of homes forsale. The result is home prices remain stable.
C. Buyer’s market where there are more homes for sale than buyers who want to buy. This causes home prices to decline.

Knowing the market conditions will help you price your home effectively and know what to expect.

5. The Realtor You Choose- Depending on where you live there are more Realtors than there are lawyers so sifting through them to find the right one can take time. I think it is fair to say any Realtor you contact will eagerly tell you they are the right Realtor to list your house for sale . But there is more to marketing a home than simply putting it on the MLS and if don’t interview a number of Realtors before choosing one you are definitely limiting the exposure of your home.

Here are a few things to consider

Their experience at marketing houses in your price range and in your area.
Their presence on the internet through a web site and/or blog.
Their demonstrated knowledge of home prices in your area.
Their marketing plan for your home.
Their track record.

If you have any questions related to Buying or Selling a home contact Realtors- Michelle Jordan & Rae Catanese Shatto at
Prudential Tropical Realty Phone: 813-784-7744 Cell: 813-695-5677 or visit their website at http://www.tampabaydwellings.com/

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Monday, July 09, 2007

Most Resilient U.S. Real Estate Markets-Tampa, Fl

So which metro area markets stand the best chance of recovery, and when will that upturn occur?

Behind The Numbers Market corrections follow three basic recovery patterns. A V-shaped recovery where a market experiences a sharp, fast decline but comes out strong once it hits bottom; a U-shaped recovery, where prices decline gradually and recover slowly; and an L-shaped curve, a hard, fast fall with paltry price bounceback following the market trough.

The differences between a V-shaped market and a U-shaped one has to do with barriers to growth. High vacancy rates and high investor share can hurt a market, but if the local economy remains strong and housing stock affordable it's only a matter of how long it takes to absorb the excess inventory.

Tampa is a perfect candidate for a V-shaped recovery, according to research from Moody's Economy.com, an economic analysis, forecasting and credit risk firm. The local economy remains strong, and subprime lending is relatively low.

Tampa's problem? A high investor share that lead to high vacancy rates. When the market turned sour in 2005, more than 25% of Tampa homes were owned as investment properties. Investors are quicker to flee during a downturn, thus creating a glut of available housing stock. In Tampa's case, vacancy rates now stand at 3.5%.

"As investors exit, the market revives," says Mark Zandi, chief economist at West Chester, Pa.-based research firm Moody's Economy.com, as fewer speculative buyers results in a more stable market. "Tampa's a pretty affordable market and first-time buyers can come in once prices fall."

Based on Moody's Economy projections, Tampa should burn off its excess inventory and hit a price trough in the first quarter of 2008, at which point prices are expected to increase by 10.6% the following year.

These projections take into account housing affordability, vacancy rates, the strength of the local economy and job market, investor share in 2005 and the share of subprime mortgages. Data comes from Moody's, the Bureau of Labor Statistics and the Federal Reserve's Home Mortgage Disclosure Act.

Predicting the bottom of any asset market, especially real estate, is a difficult thing. While these projections are based on sound data and advanced modeling by Moody's, no one can predict futures markets with absolute certainty.

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