Homes hit the auction block-Tampa, FL

Homes hit the auction block

An unusual auction draws bidders to the Seminole Hard Rock.

By EMILY NIPPSPublished February 25, 2007

TAMPA - Inside the Seminole Hard Rock Hotel & Casino, thousands of slot machines jingled loudly over the blare of Peter Gabriel's Sledgehammer.
Straight-faced men and women sat hunched over hands of Texas Hold 'Em. Cigar smoke drifted around patrons at the center bar.

It seemed like an odd place to shop for a home. Yet about 250 curious guests gathered in the casino ballroom Saturday and had the chance to bid on an array of Florida properties while sipping free cocktails and eating hors d' oeuvres. Some watched online.

Within a few hours, the "All In Mega Auction" was over, and 26 of the 46 properties had winning offers. Judging by some of the offers, it appeared that the festive casino setting and large turnout didn't do much to offset the current buyer's market.

The winning bid on a three-bedroom Sarasota home? $50,000.
An 1,800-square-foot Bradenton home with a pool? $100,000.
A two-bedroom house in West Palm Beach's historic Flamingo Park? $115,000
.
"The deals here are surreal; it's so hard to believe it," said Joey Anderson, a 22-year-old Tampa man who recently began investing in real estate.

It was Anderson's first time at a property auction, and he took his chance: a three-bedroom, two-bathroom, two-car garage home on Clearwater's Coronet Lane. After competing with a few others in the ballroom, he won with an offer of $195,000.

It was unclear Saturday how many sellers would accept the offers, since none were obligated to do so.

Angelina Lochridge, who hoped to sell her parents' home in Valrico and watched the live bidding online, was disappointed with the top offer of $235,000. The home was originally listed at $324,000.

"I think we'll look into doing a lease option or renting," she said. "We're not going to sell at a loss. I seriously don't think a lot of those homeowners are going to sell at those prices."

Yet winning bidders like Steve Ward were optimistic. The Land O'Lakes real estate broker came to the auction with no intention of buying. Then he saw a six-bedroom New Tampa home flash across the large projector screen and found himself in a bidding war. He won at $215,000.
"I could sell that all day for $375,000," he said, though he knew it wasn't a sale yet. "I'll be more excited when it closes."

The event was the brainchild of Jay Bailey, who owns Bailey's Realty & Estate Auctions and served as the auctioneer. Before Saturday, he said he expected 400 people or more and a frenzy of bidding. He also predicted that such "mega-auctions" will be the wave of the future.
Although the event might have fallen short of those expectations, some sellers did get reasonable offers that might result in sales.

A three-bedroom home in Sarasota received a winning bid of $410,000. A Tampa couple looking to buy a 758-square-foot house near a canal in Hudson thought their $105,000 offer was fair and waited around the casino for the seller's answer.

"We're hoping," Jackie Henderson said. She felt like some of the other offers were ridiculous.
"There's no way the sellers are going to accept some of those."

To search for homes in your area visit our Real Estate Website covering all of the Tampa Bay area.

Want to live in Seminole Heights?

Want to live in Seminole Heights? Here's some history and an example of a 1940's Bungalow.

Known for its historic background. Seminole Heights is popular due to the craftsman style bungalows from the early 20th century that remain. Certain buildings in the neighborhood existed back in the early 1900's, including the Seminole Heights Methodist Church, Seminole Heights Elementary School, Broward Elementary, Hillsborough High School, and St. Paul's Lutheran Church. Nebraska Avenue, which runs through Seminole Heights, is also U.S. Route 41, a major commercial road through the neighborhood. The road contains several retailers including Publix, and a few corner stores. Garden Center, a neighborhood park, is used for many events such as art festivals and picnics. Seminole Heights has the longest stretch of Riverfront parkland in the city of Tampa. Rivercrest, Epps, and several unnamed pocket parks provide access to the Hillsborough River.

Original in Character, updated with contemporary furnishings.

In recent years the region has seen rising property values and a decrease in crime. The area is popular among young professionals and their families who are seeking an alternative to master planned communities. The area contains two designated historical districts including Seminole Heights (local and national designation), Hampton Terrace (national designation).

An ever evolving neighborhood tradition is the "porch party." Some are sponsored by one of the three active neighborhood organizations and others by individuals. There are also two annual home tours. Old Seminole Heights Home tour has become an April tradition. Southeast Seminole Heights conducts a holiday home tour in December.

Existing-Home Sales Ease, Supplies Tighten -- 2006 Historically High

Existing-Home Sales Ease, Supplies Tighten --

2006 Historically High Existing-home sales eased but prices stabilized as inventories tightened in December, while 2006 was the third-highest sales year on record.Total existing-home sales – including single-family, townhomes, condominiums and co-ops – eased 0.8 percent to a seasonally adjusted annual rate of 6.22 million units in December from a level of 6.27 million in November.

Sales were 7.9 percent lower than a 6.75 million-unit pace in December 2005.There were 6,480,000 existing-home sales in all of 2006, down 8.4 percent from a record 7,075,000 in 2005. The second highest total was 6,779,000 in 2004; NAR began tracking home sales in 1968.

David Lereah, NAR’s chief economist, said home sales remain historically high. "Despite all of the doom-and-gloom stories and dire predictions over the last year, 2006 was the third strongest year on record for existing-home sales," he said. "It looks like we're moving beyond the low for the housing cycle last fall, and buyers are responding to historically low interest rates and competitive pricing by home sellers.

In addition, a tightening inventory of homes on the market is supporting prices."Total housing inventory levels fell 7.9 percent at the end of December to 3.51 million existing homes available for sale, which represents a 6.8-month supply at the current sales pace – down from a 7.3-month supply in November.

The national median existing-home price for all housing types was $222,000 in December, which is unchanged from December 2005. The median is a typical market price where half of the homes sold for more and half sold for less.

For all of 2006, the median price was also $222,000, up 1.1 percent from a median of $219,600 in 2005.


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Florida Insurance Crisis Update, Tampa, Fl

Florida governor freezes property insurance rates

By Michael PeltierReuters
Tuesday, January 30, 2007; 12:13 PM
TALLAHASSEE, Florida (Reuters) -

Florida Gov. Charlie Crist on Tuesday froze property insurance rates and blocked insurers from canceling policies as the state prepares for another hurricane season and insurance reforms kick in.

One week after state lawmakers signed off on a sweeping package of property insurance reforms, Crist said the remedies needed time to work and that he feared insurers may attempt to drop customers and raise premiums that do not reflect the recent changes backers say would reduce their risk.

"It's fundamental that we make sure no policies are canceled and we make sure that no rate increases are slipped under the door before this law becomes effective," said Crist, a Republican.

Soaring homeowners insurance rates, coupled with rapidly rising property taxes, were a threat to Florida's fast-growing economy, according to Crist and others.
Crist's emergency rule, which remains in effect for 90 days, took the industry by surprise. The order will not affect companies that have recently had rates approved by the state's Office of Insurance Regulation.

Private insurers say the freeze, though temporary, may cause their bond ratings to drop, which will directly affect their bottom lines.

"We think the rule will have a drastic negative impact on some of our members," said Guy Marvin, president of the Florida Insurance Council, an industry group that represents most private property insurers still writing business in Florida.
Last week, Crist signed into law a bevy of fixes aimed at resuscitating Florida's property insurance market. Property owners in Florida have been reeling from skyrocketing rates and an exodus of private carriers after eight hurricanes hit the state in 2004 and 2005.

The new laws more than double the size of the Florida state hurricane catastrophe fund by putting policyholders on the hook for as much as $36 billion in hurricane losses that would be paid by assessing holders of property, automobile, commercial and other lines of insurance.

In response, Standard & Poor's Ratings Services and Fitch Ratings in the past week have downgraded ratings on outstanding bonds from the Florida Hurricane Catastrophe Fund Financing Corp. The new laws could significantly increase the amount of bonds issued by the fund, according to the Wall Street ratings agencies.
With access to cheaper reinsurance, insurers must pass on savings to their customers, who on average could see rates fall by more than 20 percent, state officials estimate.

In addition, Florida's biggest property insurer, state-run Citizens Property Insurance Corp., would expand by selling other types of coverage to some of the 1.3 million policyholders who have wind insurance with Citizens.

Lawmakers also froze Citizens' rate at 2006 levels, a move that negated planned increases of more than 75 percent.

© 2007 Reuters





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The Arlington Historic Lofts-Downtown Tampa

The Arlington is a Historic Renovated Loft Residential building.

Only 1 unit remains!

Rooftop terrace overlooking Downtown Tampa.

By MICHAEL CANNING
LOCATION: 1209 N Franklin St., downtown.
DEVELOPER: Stephanie Ferrell and Russell Versaggi as Arlington Partners LLC.

DESCRIPTION: Two-story circa 1910 brick vernacular building with 31,000 square feet. The ground floor is being converted into 10 units ranging from 1,200 to 1,620 square feet for retail, commercial, residential or live-work use. The upper floor will have 11 residential units, seven of which will be one-story flats. They will range from 680 to 1,200 square feet. Four other units will be two-story townhomes ranging from 1,200 to 1,500 square feet.

AMENITIES: The flats and townhomes will feature much of the historic building's original trim work, including doors, transom windows, carpentry accents, 12-foot ceilings, plus hardwood floors and stone kitchen countertops. The townhomes will have rooftop decks.

WHAT THEY'RE SAYING: "I was definitely charmed and surprised by (the building)," said Stephanie Ferrell, a Tampa architect who specializes in historic preservation. She said much of the building's interior, "hadn't been disturbed for 50 years. The whole interior was a time capsule from 1910."

TIMELINE: The second floor used to house the 52-room Arlington Hotel. The ground floor had the hotel's lobby and other retail businesses. The hotel closed shortly after Badcock furniture store took over the ground floor, about 1946 or 1947, Ferrell said. The second floor was likely converted to low-rent apartments and eventually vacated, she said. Ferrell bought the building three years ago with former business partner Bob Harrell. Badcock moved out of in October, and renovations began in early January.

Resources for Relocating to the Tampa Bay Area

Tampa BayConvention & Visitors Bureau
Tampa Chamber of CommerceRelocation and Information Guide
Tampa Tribune"Tampa Bay Area Relocation Guide"
Tampa Tribunetourist oriented, "Florida Info"
Tampa Tribune"virtual tour of Tampa
Tamp Bay Home Search


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Tampa Heights, the first suburb of Tampa

Tampa Heights is a beautiful community. It is a picturesque neighborhood where stately oak trees, brick streets, and dedicated residents create a small-town feeling. The convenience of being close to downtown and Ybor City, as well as easy access to both I-4 and I-275, affords Tampa Heights a uniquely central location.

Its glorious past sets the stage for the renaissance now taking place. Established in the early 1880's, notable 'Heights' residents included Judge Joseph Robles, W.B. Henderson, and Wallace Stoval, founder of the Tampa Tribune. Thomas Puch Kennedy, the son of one of Tampa's earliest pioneers is credited with naming Tampa Heights when he moved just one mile north of downtown to the "Highlands". Thus began downtown residents' first flight into the suburbs. One hundred years ago, Tampa Heights was developed as the first suburb of Tampa. One hundred years later, the neighborhood is experiencing resurgence as downtown's newest/oldest suburb.

The picture you see above is of a typical 1925 Bungalow home that has been thoughtfully and beautifully restored. It is traditional in spirit and appearance, but modern in convenience. Many original bungalow features are present such as heart-of-pine flooring throughout with large base molding and double hung windows. There is a separate formal dining room, a laundry room and 3 bedrooms with 2 full baths. The brick wood burning fireplace is the center of family room life. A huge back yard is perfect for family gatherings and gardening. There’s even alley access in the back and a Porte cache that keeps you and your car shaded on those hot days. Large front and back porches are covered. Something you will not find often in Florida is a hidden wine cellar or basement which can be used for many things.

To search all homes in the Tampa Bay Area visit: http://www.tampabaydwellings.com/

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Best Websites for Tampa Real Estate- Tampa, Fl

It seems as every Realtor has their own website today. They are used to promote Realtors listings, MLS searches and even financing options.

One of the things we considered when developing our website is what would a buyer or seller want to know that they may not be able to get access to.

Real Estate Information such as statistics on the housing market. The data compares home sales with average days on market, average sales pricing and current inventory. The BEST information is through our local MLS board. It is more accurate than many other market analysis sites such as Truillia. Mainly, due to the extensive search capabilities Realtors are provided. When you are comparing homes sales, drilling down to specific upgrades you may have done will make a difference in your asking price when you put your home on the market.

It will also make it easier for Realtors that want to show buyers homes they are interested in. For instance; I have a buyer who only wants a home with hardwood flooring, gas appliances, and only specific neighborhoods. The search capabilities of our MLS allow Realtors to select these options. There is one catch! Some of the fields are not mandatory per MLS rules. If your Realtor isn't putting in every feature you may be missing buyers. In this down Real Estatee market, who can afford that?

Visit our Tampa Area Real Estate Website to request information on buying or selling your home http://www.tampabaydwellings.com/


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Are Waterfront Lots in Tampa a good investment?

What a great time to be a buyer. Waterfront lots in the Tampa Bay area are priced aggresively and owners want to sell. Think about purchasing your lot now and holding on to it until you are ready to build your dream home. It's like having an investment in your back pocket. A nest egg for retirement.

Like most sales cycles prices go up and they come down. Buy low, sell high is what they say. I just took a listing for a Waterfront 1/2 acre lot on the Hillsborough River last week. It's listed for 400K. When things were hot, the same lot could have sold for 550-600K.

Holding on to Waterfront property is the way to go. You won't have any insurance to pay for until you build and the taxes are always lower on vacant land. Let's face it, they aren't making anymore waterfront in Tampa.

In recent years past, some Real Estate Investors choose to buy a 2/2 condo in Hyde Park and Channelside for about the same price. They are now competing with all the other owners trying to rent their units, or sell them because they can't cover their mortgage on what they are renting for.

The future of waterfront living in the Tampa Bay area can be displayed by The City of Tampa which will reshape the waterfront for everyone to have access to and enjoy by developing a Master Plan for the Tampa Riverwalk, a continuous pedestrian walkway extending from the Channelside area to Tampa Heights along the east side of the Hillsborough River. It will incorporate pedestrian amenities, art and interpretive elements, retail and restaurant uses, parks and open space, and other urban amenities.

Have a question about the Real Estate market in Tampa? Email us

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Tips for First Time Home Buyers, Tampa Real Estate

Top 7 Tips for First Time Homebuyers
by Eric Bramlett

Purchasing your first home is a big step, that comes with some very serious decisions. Many homebuyers are intimidated by the process, and continue renting much longer than they should, or need to. However, if you break the homebuying process down into these simple steps, and follow these important tips, you will find the process less intimidating, and much more manageable.

1) Before You Begin, Ask Yourself One Question
Will you live in your next home for at least 3 years? If the answer is "Yes," you should probably purchase, rather than continue renting. With average appreciation, you'll break even on your closing costs after 2 years, and start making money at year three. Every year after that will put more money in your pocket! The most expensive aspect of real estate is buying & selling, so the longer you can live in the home the better. However, purchasing makes sense if you can make as little as a 36 month commitment.

2) You Don't Need a Down Payment!
It always surprises me how many people want to purchase a home, but don't because they believe that a hefty down payment is required. Zero down programs are very common, and are quickly becoming the norm, rather than the exception to the rule. Because your new home is collateral for the loan, there are many banks that will jump at the chance to loan you 100% of its value. Perfect credit isn't a requirement, either. Because real estate typically appreciates in value, it's often easier to be approved for a 100% mortgage than it is to borrow 100% for a car!

3) Get Pre-Qualified
Pre-qualification is a very important step, and the step that first time home buyers dread the most. Qualifying to buy a home is pretty easy and requires relatively little work for you. Pre-qualification is what gives you buying power and allows you to make an offer on your dream home when you've found it. More importantly, pre-qualification will let you know how much your new home will REALLY cost - in monthly payments. A $150,000 or $300,000 home doesn't mean a lot to most buyers - but $1200 per month and $2500 per month are tangibles that everyone can understand. After your lender pre-qualifies you, ask them for a "payment table" that shows you a rough estimate of TOTAL monthly payment based on purchase price. Pick your payment, and you know the price range to shop in.

4) Consult a Real Estate Professional ASAP
Many first time home buyers avoid contacting a Real Estate Agent because they dislike high pressure sales. However, Real Estate Agents have an advantage over traditional salespeople because they have access to the Multiple Listing Service, which is a database that lists roughly 99% of the homes for sale in a given market. This means that your Real Estate Agent doesn't have to sell - he/she merely presents your options. The most important qualities to look for in your Real Estate Agent are his/her knowledge of your specific market and their willingness to help. Interview a few agents and choose one that will help guide you through the process, and best of all it doesn't cost you the buyer a dime! You'll find the help & insight will be invaluable - and you'll be glad you contacted your Real Estate Agent sooner, rather than later.

5) Make a List of "Must Haves" & "Wants"
Many new home buyers mistakenly think that they will "just know" when they "walk into the one." While some buyers DO fall instantly in love with a home, this is not the norm. You'll find your search is easier, and you will be more confident in your decision, if you take a systematic approach to your search. The best way to organize your search is to make two lists: Your "must haves" and your "wants." Your "must haves" are the absolute necessities in your new home - in fact, you don't even need to view a home if it doesn't have every "must have." Great examples of your "must haves" are price, school district, size, etc... Your "wants" are the qualities that you would like for your new home to have, but it's not a necessity. Great examples of "wants" are color, flooring, kitchen appliances, surround sound, and type of exterior. By taking the time to articulate what you need and want in your new home, you will know exactly what to look for when viewing prospective homes.

6) Pick Your Favorite Neighborhoods
You can always make changes to your house, but you can never change its location. Most home buyers already have a good idea of where they would like to live because of school districts, work, or other factors. However, neighborhoods can be pretty different, even in the same area of the city. Ask your Real Estate Agent to email you a list of homes in the specific area of town you're interested in. Take a drive through the different neighborhoods on the list your Real Estate Agent sends you, and choose your favorites. Pay attention to area amenities, how well the yards & common areas are kept, and if you see a lot of "for lease" signs - which can be an indication of a heavy rental area, and lacking in "pride of ownership." After you have picked your favorite neighborhoods, and you know your "must haves" and "wants," you can literally make a list of EVERY home available that meets your criteria, and view those homes.

7) Make Your Decision!!!
Homebuyers often hesitate after they've found the right home because they're not confident about their decision, or their decision-making process. Your home is probably the largest investment of your life, and it's normal to feel butterflies in your stomach before putting your first home under contract. However, if you do your due diligence - and you have if you followed the steps above - then you will have your bases covered. If you've found a home that meets all of your "must haves," most of your "wants," is in the right neighborhood, and in your budget - it's the home for you! Don't wait and let another buyer take YOUR home!
Buying your first home can seem very intimidating, but can be extremely exciting. If you think that buying a home is right for you, it probably is. Make sure and follow these important tips and you'll know you made the right decision when you find your first home.
To find an agent in your area send an email to: realtyrae@yahoo.com or visit www.TampaBayDwellings.com/forBuyers


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Tampa Real Estate Investor Group

North Tampa Sub-Group of TBREIA: The North Tampa Real Estate Investors Association meets from 6:30 to 9 p.m. on the second, third, fourth and fifth Thursday each month at Bull Rings Restaurant and Bar, 1241 East Fowler Ave. Meetings include seminars and networking. Visitors and prospective members are welcome. Call (813) 238-8833.

To recive a list of homes in your area visit www.TampaBayDwellings.com

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Back impact fees, commissioner-from the St. Pete Times

I thought this was worth reading. I know it's not in our County but it really says it all about the state of mind people are in now.

Editor's note: The following letter is addressed to Commissioner Gary Bartell and is being printed at the author's request.

I consider you one of the good guys and have voted for you as long as I have lived in Citrus County. Now, I am asking once again that you and your fellow commissioners exercise some fortitude and implement the recommended impact fees that we paid a consultant a lot of money to advise you all.
I gather from the newspapers that you are vacillating and leaning toward phasing the fees in. I would submit to you and the others that phasing in has been happening for many years. The only phasing in I have seen is exorbitant tax bills on those of us who own property.
If you do not implement the fees fully, our real estate tax bills are going to soar due to the downturn in real estate sales and property values. It's bad now, but you "ain't seen nothing" until that happens.
Have you considered the negative impact that not raising the fees is doing to those of us who want to sell our property? When are you all going to protect the homeowners rather than developers? All you have to do is look at the projected figures for the future and realize that all Florida is going to grow tremendously regardless of your raising impact fees.
Those fees are amortized over 30 years and the interest is tax-deductible and likely will only be paid for the five years that most live in a home. I believe it comes to about a pack of cigarettes a day. I hope I won't have to quit smoking so I can pay my taxes. Commissioners Joyce Valentino and Vicki Phillips are on the right side and it's time for you to vote the way we believed you would.

Frank B. Hill, Homosassa


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View MLS Sales & Inventory Data 2006, Tampa Fl

Download MLS Sales & Inventory Data

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Landlords in best spot to cash in...Tampa, Fl

Landlords in best spot to cash in...


One part of the residential real estate market isn't shedding tears in its beer: apartments. The Tampa Bay area is on a pace to be the 13th-hottest U.S. market for rents over the next year.

Boston's Property and Portfolio Research predicts rents will rise 7.3 percent, faster than anemic single-family housing values. Why? Condo conversions constricted supply. Renters might have better luck leasing a house. With thousands of unsold investment homes on the market, owners are, how shall we say it, motivated.

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Trump Tower Tampa Acquired, Tampa Fl

An Orlando-based private-equity firm has acquired Trump Tower Tampa, a glitzy, high-rise project that recently broke ground on the Hillsborough River but stalled for lack of financing. Mirabilis Ventures Inc., which boasts a growing collection of about 70 companies in a range of businesses including real estate, said it purchased the tower project from SimDag Investments LLC. The price and terms were not disclosed.

When first announced in early 2005, the 52-story tower was billed as an exclusive residential high-rise overlooking Tampa Bay, with units that would sell for $700,000 to $5.5 million each, sporting features such as imported-marble floors and valet service. But the project has been hampered by delays and a legal skirmish between the developer and original contractor over unpaid bills. SimDag, which specializes in waterfront properties, said it found itself juggling "an abundance of development projects" along with Trump Tower Tampa and needed the financial backing of Mirabilis to help it move forward."Now we can harvest the seeds of our work over the past several years and leverage the resources of Mirabilis to bring these projects to fruition," SimDag's chief executive officer, Frank Dagostino, said in a written statement. "The timing for this partnership could not be better."Mirabilis representatives said the company expects to acquire other projects from the real estate developer, which is based in the Tampa area but works in New Jersey and Maryland as well as in Florida. About $700,000 in unpaid liens owed to the Trump Tower Tampa's original general contractor, Turner Construction, will be paid by Mirabilis, a spokesman for the equity firm said.Earlier this year, another company owned by Mirabilis, a security outfit called AQMI Strategy Corp., made news when several of its employees were detained briefly in the Democratic Republic of the Congo during an assignment in the African nation. The men were working a security detail for an unsuccessful presidential candidate. They were released eventually without charges. Mirabilis was launched in 2004 by Frank L. Amodeo, a venture capitalist and former bankruptcy lawyer who provided the seed money. He was disbarred in Georgia and spent two years in federal prison after pleading guilty to defrauding a client in the 1990s. Amodeo, of Orlando, no longer has a financial stake in Mirabilis, said Woody Johnson, the company's executive vice president. Amodeo had a two-year agreement to generate business for the company, but that agreement expired in September, Johnson said."We bought back his ownership, of less than 1 percent, for $1 million," Johnson said Wednesday. Amodeo continues to act as an adviser under contract, he said, but holds no management position or equity stake.

Jerry W. Jackson

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Why use a Buyer's Real Estate Agent? Tampa, Fl

If Real Estate Buyer's Agents are free to use, why wouldn't you want to use one?

Answer: If you want to know the following information you won't be able to find it any other way:

• How much a home was listed for originally and how many price reductions were done?
• How many days the home has been on the market?
• If the home has been listed as a rental in the MLS?
• Any history of the home in MLS, i.e.... if it was listed prior with another Realtor and how much they were asking at that time?
• Information about property taxes and how much they will go up next year?
• Homestead Tax Exemptions and how they work?
• Capital Gaines taxes and what you need to know before you make a decision to purchase.
• Neighborhoods popularity and where the housing trends are?
• What homes sold for in a particular neighborhood, called a Comparable Market Analysis .
  
  Since a Buyer's Agent is compensated by splitting the Selling Agent's Commission it cost you nothing.

If you are a thinking of purchasing a home in the Tampa Bay Area and would like to be referred to an agent in your area, you can go to http://www.tampabaydwellings.com

You will be asked for some basic information regarding your home search preferences. A qualified Real Estate Agent will then be assigned to work with you at no cost.


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Has the bottom of the Real Estate Market already hit? Tampa, Fl

Waiting For the Bottom That May Have Already Hit?
by M. Anthony Carr

I've been getting asked this question now more than ever: "Is now a good time to buy a house?" Many buyers have been waiting for the bottom of the real estate market to hit before getting off the fence to make that next real estate purchase. When it has been officially deemed a buyers market by all the national real estate associations -- then yes, it's a good time to buy. You just better hope you haven't waited too late.

Could it be that the buyers market has begun to subside and we're going to return to the "glory" days of yesteryear? Hopefully not. Having less than a 1 month's supply of houses to serve a community of 1 million-plus, is not healthy. The good thing about the inventory (and this doesn't include the new homes) is that it's now going to take a while to eat up that inventory, which means buyers have a while now to choose from the homes they want and purchase with cheap money.

Ask most realtors in your market area about buyers' and sellers' movement in the marketplace and you'll find out the same result -- buyers are waiting for the bottom to hit and sellers are holding onto prices (or removing their homes from the market).
With this latest analysis, it may be that we've actually hit the bottom. So to answer the question: "Is now a good time to buy?"

Here's why I think buyers should get off the fence, get financed and purchase a home.

Money is cheap. We have historically low interest rates. Currently, for most borrowers, they can nab a mortgage in the 6-ish percentage range. Depending on the points you want to pay (and for those with good credit), loan rates are from 6.75 and down.

Inventory is high. This results in two things -- choice and negotiation power. For sellers who are set to take opportunity by the horns and get moving, the buyer can get thousands off the list price so the seller can turn around and do the same thing. Most sellers, in this market at least, can afford to take a $25,000 - $50,000 hit on the sales price because they'll be able to negotiate the same type deal on the backside of the transaction. (In some communities, there's more than a year's supply of houses on the market.)

Income is growing. The stock market is on the march, resulting in a growth of personal income and wealth. This also contributes to the buying power of buyers.
Is it a good time to purchase a home? Well, they don't call it a buyers market for nothing.

Published: November 24, 2006


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Renovate or Build? "Whole House Makeover"-Tampa, Fl

Finz of Tampa featured their exotic salt water fish


Saturday Nov, 4th our home was featured in the "Tampa Bay Fall Tour of Homes" TM.

As some of you may already know, our Waterfront home was featured for the "Whole House Makeover" for the Tampa Bay Home Builder's Association.

The concrete floors were a hit, as many single family homes don't have them. You usually only see them in trendy lofts like The Place at Channelside or the Meridian. A lot of people were surprised because the outside has a very Spanish style and the inside is modern.

The home features many "hidden" upgrades: All lower third of bottom floor is Green board with sheet metal, hidden attic door, insulation in interior walls, wireless internet, laundry shoot, double insulated windows. This waterfront home on a beautiful lagoon style canal is a 4/2.5 bath with circlular paved driveway, 2 story block, polished & stained concrete floors, vessel sink, balconies overlooking water, courtyard, wall fountain, private entrance for office or bedroom, tile roof, new electric, plumbing, HAVC, drywall, large kitchen with rare granite, maple cabinets, butlers pantry, 2nd story balconies, Radius walls, gameroom/children's retreat, Japanese Soaking tub, wall mounted Fish tank, dock and deck.

Before:

After:

Left: John Velge, Contractor of Bayard Construction, Right: Alan Dobbs, Archectural Designer of Florida Design Studio Corp

Vendors were onsite to answer any questions regarding building, remodeling and Interior Design. Sponsors included Bayard Construction who was the Contractor on our home and Alan Dobbs ,from Florida Design Studio Corp, who transformed our home from the 1960's to what is now a Spanish Style 2 story contemporary design.

LAVOGA donated their unique floral arrangements, Ramos Marble and Granite supplied all the granite counters. Impact Pest Eliminations installed our Sentricon Termite System. Other sponsors include: Revere Title and Trust, Concrete-n-Counters featured their colored Concrete Flooring, Future Form Foam of Bradenton featured their foam moldings around windows and doors. De La Pava Painting provided paint services, including deck painting and refinished our original 1968 front Doors. Royalty Driveway Concepts installed our beautiful brick pavers.

Special Thanks to The Maids Home Services of Tampa for donating their time to get our home looking it's best for the show!

For questions regarding any of the vendors or to inquire about the home please email: realtyrae@yahoo.com

$400 million live-work development shapes up, pending zoning change. Tampa, Fl

TAMPA --Tampa Bay Business Journal - October 27, 2006 by Alexis Muellner, Editor

An expansive, 10-phase, mixed-use development is set to come together next year in the Westshore Business District.

Lindell Properties snapped up the former JP Morgan headquarters last year and has $28 million in the deal already. Over time, construction costs could reach $400 million on the site.


What was originally nine of 27 holes on the Rocky Point Golf Course became a one-tenant industrial park and now could morph into a new jewel for the city's tax base to include many small businesses, a structured garage, residences, ponds and green space. There could even workplaces employees could walk to from home, said Lindell Properties CEO Ron Weisser.

The City Council was scheduled to vote on a land use change late on Oct. 26 that would turn a purely office and industrial use to "CMU-35" to allow hotel and residences. (Monitor the newspaper's Web site, tampabay.bizjournals.com, for updates on the vote.) If approved, the change would need a second reading.

At deadline Wednesday, the developers were cautiously optimistic.

"After six months of knocking on doors and meeting with staff and hiring experts and talking to fellow developers and doing everything we could possibly do, we have broad support and no opposition," said Carl Lindell, principal.

Not your father's office park
The site has its original Development of Regional Impact, the standard development rights process that dictates concurrency thresholds for traffic and density, in place.

"Back then, all they had were these giant office parks, and you'll notice around the country that these are now going mixed-use and cities are discovering that if people can live where they work, there's an advantage," Weisser said.

The 44-acre site bounded is on the north by Memorial Highway and on the west by Independence Parkway.

"One of the most significant things for us and the city is that there's $250 million road program where the Veterans (Expressway) meets I-275 and the airport and Highway 60 to Clearwater and we're right there," Weisser said.

The property's existing structure is a 125,000-square-foot office building that housed a Johnson & Johnson unit originally. JPMorgan Chase bought the building and occupied it until just a few weeks ago, Weisser said.

In January 2005, the company announced plans to lay off 1,900 people in Tampa Bay.

Lindell Properties plans to renovate and retrofit the single tenant building for multi-tenants and add structured parking on the current surface lot.

The property is 25 percent ponds and 25 percent green spaces, and the plan is to reconfigure the ponds and wrap the buildings around them, Weisser said.

Lending partner
Wachovia Bank (NYSE: WAC) helped finance the sale of the property and will continue to lend on the project.


The bank has a comfort level with the project based on the developer's track record of landing prime sites, developing successful projects and land entitlement, said Ted Starkey, the bank's Florida real estate manager.

"When this opportunity on the site came up, we helped them take down the site and are a big fan of the location," Starkey said. "It's hard to find an infill location of this size with the potential density you can put there and create a unique live-work environment."

The Evans Group in Orlando, which has experience in infill urban projects, is the architect. Grady Pridgen Inc., a St. Petersburg-based developer, is a minority partner.

Despite 10 phases, the whole site including sewer lines, ponds and drainage will develop at once. There could be six to 10 buildings, all master planned, added over time.

The current DRI has certain maximums: 1,100 residential units; 650,000 square feet of office; 250 hotel units and 100,000 square feet of retail.

"We'll probably have 1,000 dwellings and 30,000 feet of retail, and that'll all blended together and won't hit the maximums," Weisser said. "These are all trade-offs. We never will exceed the traffic to the site if it was only office."

Intuitive vision
Strangely, the location has been one of the most overlooked, said Ron Rotella, executive director of the Westshore Alliance.

"They were very intuitive to look at that property," Rotella said. "If you look at the Westshore Business District, it's no longer a commercial office market, it's a regional activity center and has mixed use spaces, dining and restaurants to fit any budget -- and adding residential cuts down those commute trips on the highways," he said.


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Million-dollar St. Pete townhome plan betting on Old Northeast allure

Tampa Bay Business Journal - October 27, 2006
by Michael Hinman
Staff Writer


ST. PETERSBURG -- J Square Realty Associates is working with Samter Homes to develop five $1 million townhomes on the corner of Beach Drive and 11th Avenue North to be called Merecido.

The project is being proposed just ahead of zoning changes coming in March, but the developers behind the five-unit building in the midst of Historic Old Northeast say they are not looking to stand out.
The tri-level units will be 3,000 square feet and will utilize an architectural style that pays homage to the homes predating the 1960s that surround it.

"There's a lot of 1950s and 1960s vintage condominiums on this section of Beach Drive, but no one has built anything new there in a long time," said Jay Miller, president of J Square Realty. "It has a little bit more of a residential ambiance for those who are attracted to the historic charm of the Old Northeast." Hedging bets.

The developers have yet to put a price tag on the construction of the property but feel they can sell each unit for a little more than $1 million. That would be a significant change over the single-level rental units now on the site that Samter President Peter Bennett said were renting for $300 to $500 a month.

With new condominium sales continuing to drop in the region, it is risky trying to build in a climate that has been favoring buyers over sellers, Bennett said. But he believes absorption of existing inventory will be more rapid than some think.

"I lose a lot of sleep over it, but I have to believe the fact that all of the studies are saying people are moving to Florida and that they are going to need houses," Bennett said. "The marketplace is just going to be back to what it used to be a few years ago before it was inflated by investors."
Samter is hedging its bets on a few other multifamily projects as well, including the mostly complete 175-unit Villas of Carillon in North Pinellas County, a $70 million project offering 2,000-square-foot units beginning at $400,000. Samter also is getting ready to start a 52-unit project on the Anclote River near New Port Richey, also expected to sell at about $400,000 a unit.

"People aren't interested in projects that will be done 10 or 12 months down the road," Bennett said. "They want product that is going to be ready 30 days out. It's back to if you build it, you hope they come."

Staying consistent Samter and J Square are expecting to pre-sell two Beach Drive units and then market the others when the structure is finished in spring 2008.

With a lot of the St. Petersburg market is completely built out, more and more infill projects are popping up, especially in what is considered to be historic neighborhoods, said Susan Ajoc, St. Petersburg's Neighborhood Partnership director. Because of that, the city council is trying to concentrate more on maintaining the character of its neighborhoods through new zoning regulations set to be put in place by next March.
"We don't have a lot of vacant land, and we have quite a number of houses that have been in existence for a long period of time," Ajoc said. "What we want to do is make sure that what is being built is compatible with the rest of the neighborhood. The intent is to add some language to our zoning code to protect the character of our neighborhoods."

Old Northeast
The Historic Old Northeast Neighborhood, one of the oldest neighborhoods in St. Petersburg, was first built in 1911. It overlooks Tampa Bay and is home to some 9,000 people living in a mixture of home styles that range from old Mediterranean to bungalow. It's located between Fourth Street North to the bay between Fifth and 30th avenues north.

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