Sam Zell's Interview on housing market-CNBC 2008

This is one of the most encouraging articles I've seen for a recovery this year. This also follows my personal opinion as a Real Estate Agent in Tampa, Fl. The trends we are seeing are a huge increase in buyer activity here in Tampa because the word is out "Now is the time to Buy" We are also noticing an increase of overseas investors interested in our Tampa Bay Real Estate Market, which tells me that the word is getting out on a global level.


Faces In The NewsGrave Dancer Augurs Housing Recovery

Andrew Farrell, 02.26.08, 4:30 PM ET

With the housing market moribund, it's fitting that the man dubbed the Grave Dancer sees the long-awaited end to the slump. "I think (new home) starts have already pretty much bottomed out," said billionaire Sam Zell. "I think the housing market this spring will begin its recovery phase." Zell made the comments on Tuesday morning on CNBC.

Zell is calling the bottom of one of the worst housing slumps in decades. Standard & Poor's said Tuesday that home prices plummeted 8.9% during the fourth quarter from a year ago, the largest decline in the 20-year history of S&P's home price index.

When Zell speaks about real estate, it's worth listening. The 52nd richest American earned his moniker by buying run-down properties nobody wanted and then flipping them for a handsome profit. Last year, Zell sold his Equity Office Products, which owns 540 office buildings, to The Blackstone Group for $39 billion.

Office and retail property have faced headwinds over the past year, but the housing market is struggling against gale-force gusts. Supply is abundant after years of heavy building. Mortgage companies are restricting lending to potential buyers following the subprime meltdown. Toss in the daily parade of negative headlines and its no surprise many buyers are sticking to the sidelines.

Zell sees the market righting itself because slipping home prices throttled new construction. The U.S Department of Housing estimates that new home construction was down 33% this January from a year ago.

Many investors are agreeing with Zell's assessment that the bottom is near. They are rushing into homebuilders, which were battered throughout 2007, in anticipation of better times ahead. In the past three months, shares of D.R. Horton, Pulte Homes, and Lennar have each rallied at least 40%.

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CNN MONEY Report, Housing: Best time to buy in four years-Tampa, Fl

Home values have declined across the country, giving homebuyers the best buys they've had since 2004.

By Les Christie, CNNMoney.com staff writer
Last Updated: March 5, 2008: 10:40 PM EST

NEW YORK (CNNMoney.com) -- It may be the best time to buy a house in more than four years.

Home prices have dropped so quickly and so far that valuations - the difference between what a home should cost and its actual price - are the lowest they've been since 2004, according to a report.

The Cleveland-based bank National City Corp. (NCC, Fortune 500), together with financial analysis firm Global Insight, revealed Tuesday that more than 88% of the 330 housing markets surveyed showed price declines and improved affordability during the last three months of 2007.

"Housing valuations are almost back to long-term norms," said National City's chief economist, Richard DeKaser. He called current affordability "the best in the past four years."
But DeKaser cautioned that home prices could fall even further.

"This isn't to say home price declines are over," he said. "We could move below historic norms. By the end of 2008, housing markets could be broadly under valued."

"Declines are no longer confined to once-frothy markets," said DeKaser. The survey covered home valuations during the last three months of 2007, but DeKaser pointed out there's reason to believe that valuations are even more favorable for buyers today.

Price declines have continued into 2008 and interest rates, although they have inched up lately, have been steady or lower compared to late last year. There have even been wage gains; personal income rose 0.5% in December. Soaring foreclosure rates have added inventory to many housing markets, depressing home prices further.

The biggest gains in affordability occurred in California, Michigan and Florida, which are areas that have also been some of the hardest hit by foreclosures. Those states registered 43 of the 50 biggest price declines.

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See also:real estate market tampa (11)
real estate news (5)

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Residents of Feather Sound Communty take advantage of Country Club-Clearwater, Fl

If you are looking to purchase a home for sale in the Feather Sound Community, you may also want to join the Golf and Country Club at Feather Sound.

Feather Sound Country Club in Clearwater has entered into an exclusive agreement with the partnership of Carillon Development LC and White Development Co. Inc. in Clearwater.
Carillon and White purchased 5.5 acres in the Carillon Town Center.

In addition to a Publix Super Market Inc. store, a Starbucks, Panera Bread, and an AmSouth Bancorp banking facility, the group plans to build 65 luxury condominiums lofts and flats with the possibility of developing an additional 70 to 140 units.

The multilayered agreement also includes Carillon purchasing 50 social memberships with the country club with an option for as many as 120. "This unique relationship will provide purchasers a private country club membership into the newly renovated Feather Sound," said Renee Puchalla-Rood, director of marketing and membership at Feather Sound Country Club.
"We also have many people pursuing memberships that are looking for real estate in Feather Sound, so now we have a first-class development to refer them, too."

The renovation includes a 12,000-square-foot grand lobby, main dining room, member's lounge and fitness center along with existing amenities such as a swimming pool and onsite security.
"We felt that our new owners needed access to amenities we are not providing, and the first class atmosphere of Feather Sound provided that and more," said Paul Cooley, president of Retail Assest Management Inc.

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What the Media Doesn't tell you about the Tampa Real Estate Market-2008

Written By:
Rae Catanese,
Realtor-Tampa, Fl

Just wanted to share with you some of the trends we are noticing right now in the Tampa Bay Real Estate market.

One, the buyers market is starting to pick up. You see all the ads, billboards saying NOW IS THE TIME TO BUY. That statement is true and here's why.

I've been working with 2 buyers and the usual amount of homes we see are six. In both cases, Two, of the the six are usually in a Short-Sale or Pre-Foreclosure status. Another two of the six are priced below what they paid if they purchased in the past 2 years. That's a total of 4 out of 6 properties that you can get a really good deal on.

People are selling their homes for various reasons now. Not because they want to "see what they can get. " Everyone already knows now is not the time to be a seller. Sellers and buyers are hearing that the market won't pick up until the end of 2008. Why wait? If a home is on the market it usually means they HAVE TO SELL. Whether it is because of a job relocation, divorce or they just can't afford to make the payment due to the increase in taxes and insurance the past 2 years.

Sellers have gotten in over their heads, and those who care about their credit would rather just take a loss, then risk foreclosure. The loss can be taken as a tax write off. People who make money need it anyway.

Sellers also receive a tax credit if they sold their home for less than what was owed; which is retroactive to 2007.

If you've been on the fence about buying a home in Tampa; and after reading this article you decide to start your search process, please contact us.

Read more about the seller tax credit in Florida


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Central Park Village-Tampa Heights Redevelopment Plans

Hillsborough River Photo by kellogg

Developer In For Long Haul
By JOSE PATINO GIRONA,

The Tampa Tribune
Published: March 8, 2008

TAMPA HEIGHTS - With a weak housing market and a waiting game for permits, patience is the operative word for The Heights, the $500 million, 48-acre development of condominiums, town homes, offices and commercial property adjacent to downtown. The developer may build fewer condos and town homes than the 1,900 initially proposed and might build commercial property first - a deviation from mixed-use developments, which typically build housing first.

There also are plans to lease out the historical Tampa Armature Works building, 1910 N. Ola Ave., and two single-story buildings on Palm Avenue. The developer, A Better Place Group, has set a 10-year timeline for the project. "If it all gets done in the last three years, it's still done in 10 years," development manager Darren Booth said.

The developer applied more than two years ago for permits from the Army Corps of Engineers and the Tampa Port Authority to allow construction of a sea wall and boat slips, dredging and other work in the Hillsborough River. Booth anticipates getting the permits by the end of the year.

The developer planned to build roads and install infrastructure before selling land to other developers. Now it's considering constructing some of the buildings in order to move the project forward, Booth said. The Heights is seeking city permits to build a three-story office building near Seventh and Highland avenues and is in talks with the Greater Tampa Chamber of Commerce to lease part of the building.

In five years, Booth anticipates that roads, water, sewer and stormwater lines, the sea wall, boat slips and a river walk will be completed or nearing completion. At that time, he also anticipates the completion of one or two restaurants and a small office building. Hotel construction should be under way along with residential sales. "If you can accept being patient, it is not frustrating," Booth said. The city approved the property's rezoning and a development agreement for The Heights in 2006.

Investors in the project include Bill Bishop, president of real estate development company Leslie Land Corp., and Don Wallace, the former president and chief executive officer of Lazy Days RV Center. Michael Hatchett, a city urban development manager, said the project's slower pace is disappointing but out of the developer's control.

"It is certainly a doable project," Hatchett said. "The major hurdle has been crossed, and that is the developer owning the property. If the developer doesn't own it, you can't build on it. Your project is never going to happen if you don't own the dirt." Given the economic circumstances, the project's pace and changes are logical, said Fran Roy, president of the Tampa Heights Civic Association.

"If anyone thinks that they are going to come out of the ground flying, you need a reality check," Roy said. He's excited that the developer is committed to the project, which he said will enhance the area. But he thinks the community can advance while The Heights finds its course.

The Bush Ross law firm opened its offices in December in Tampa Heights; the county bar association and bar foundation opened their two-story building Feb. 21 near the law firm; and a trio of investors is rehabilitating the 1927 Rialto Theatre to open a members club for business and social networking.

"The success of the neighborhood doesn't hinge on The Heights project," Roy said.
Booth said the project's success is inevitable, given its proximity to the river, parks and downtown.

"I think the location is what it's all about - being three minutes from downtown versus an hour," he said. "That is what ultimately will make this project successful."

View the Tampa Heights Redevelopment Project Map Here.

Reporter Jose Patino Girona can be reached at (813) 835-2110 or jpatino@tampatrib.com.


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