Dispatches from the green front: projects becoming more 'doable'
Tampa Bay Business Journal - April 20, 2007
by Michael Hinman
Staff Writer
Darren Brinkley of REAL Building in St. Petersburg sits atop old roof trusses that will be used in the future landscaping of the home. A single-family home near a canal in St. Petersburg and a 33-story residential tower in Tampa's Channelside District might not seem to have a lot in common.
But they represent momentum in what has become an increasing trend in building environment-friendly structures in Tampa Bay -- one some advocates claim is becoming a new local construction standard.
Darren Brinkley has started construction on his 2,000-square-foot house at 216 84th Ave. N.E. in St. Petersburg that will double both as his home and a model for his new development company, REAL Building. It just became the city's first home certified by the U.S. Green Building Council's Leadership in Energy and Environmental Design, and will be exactly what REAL Building will look to construct in the future, Brinkley said. Tree-hugging aside
"Everybody has concerns about their health, and everybody has concerns about the rising costs to run a house," said Brinkley, who gutted an existing single-story home built in 1973 and will build two stories on top of it. "I think green building is definitely maturing, and people are recognizing it. Education is key."
Building a LEED-certified house requires a developer to be creative to meet specific goals like drastically reducing water and energy use, recycling materials that normally are sent to landfills and taking advantage of the environment around a structure without disrupting it.
"People used to say that this is all craziness, that those who were promoting green building were nothing but a bunch of tree huggers," said Colleen Mackin, executive director of the Green Building Council's Florida Gulf Coast Chapter. "But people are realizing that's not the case. Companies like Wal-Mart (NYSE: WMT), Bank of America (NYSE: BAC), Starbucks (NYSE: SBUX), they are going green because they are seeing the bottom line, they are seeing the benefits."
Saving on utility bills in the long-term might get the accountants excited, but building custom green structures costs between 10 and 20 percent more. On a single-family house like Brinkley's, such a hit might not be apparent. But for The Del Villar, a planned 33-story, 120-unit condo project on Channelside Drive and Whiting Street, those costs can compound quickly.
Towering green "I think it's just the general movement within our office and in the industry in general," said Rich Simmons, an architect with Urban Studio Architects in Tampa, which is working with Wilson Miller and Mercury Advisors in planning The Del Villar.
"Typically, we'll see a little bit more upfront in construction costs, but it lowers the maintenance cost in the long run."
The Del Villar received initial approval from the Tampa City Council earlier this week. It will include an undulating roof where plants and soil will replace concrete to provide a natural insulation, and cars will be parked automatically using a 265-space robotic parking garage system.
"Having a LEED-certified building is definitely more marketable than not having a LEED-certified building," Simmons said. As green building becomes more common, competition on the supply side of construction will bring down upfront costs too, said REAL's Brinkley.
"The only obstacle, which is the cost, is going to come down soon," Brinkley predicted. "With more competition and more demand, supply can only get better."
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Monday, April 23, 2007
Going Green-Tampa, Fl
Wednesday, April 11, 2007
Feather Sound, Most Desirable Neighborhood for Commuters
Audubon Condos located in Feathersound is an attended, gated community with two and three-bedroom and loft residences featured in a tropical setting surrounded by panoramic views of the golf course, walking trails and nature preserve.
“The truth is that Feather Sound itself is just about built-out,” explains Phil Massey. “There will be no more new developments, which leaves only existing homes on the market. Those who want to live in a luxury community, with resort-style amenities and beautiful well-appointed floor plans would do well to check out Audubon.
Massey says the area surrounding Feather Sound has become more and more of an attraction over the past few years as it has grown. Fine restaurants, shopping, new schools, sports amenities and night life options abound close by and proximity to I-275 brings downtown Tampa, St. Petersburg, two airports, the beaches and all the other cultural and recreational choices of the bay area within easy access.
Spanning to over 1500 square feet, the residences at Audubon offer a variety of floor plans, all with scenic golf course or lake views. Owners will also enjoy deluxe kitchens with GE appliances, full-size washer and dryer, stone tile flooring, ceramic tile baths, crown molding and screened porches or patios.
Community amenities are a significant part of Audubon’s appeal. The Clubhouse complex, surrounded by beautiful lake vistas and a scenic fountain, attracts owners and their guests for daytime and evening activities. There they can relax on the sundeck beneath the bougainvillea-covered pergola, cool off in the expansive swimming pool, polish their tennis skills on the lighted courts or enjoy a refreshing pick-me-up at the juice-bar nearby. Inside the clubhouse more choices abound. Perhaps its time for a work out in the state-of-the-art fitness center or for a friendly game on the basketball court. At the convenient Cyber Café business center owners can plan a conference room meeting via fast-access internet and fax. Later on, they can prepare for a big family party at the Clubroom with its adjoining catering kitchen. Owners know they can count on Audubon’s concierge for assistance and special services when they are needed.
“Audubon at Feather Sound is a community that’s guaranteed to exceed your expectations in every way but one … the price,” says developer Adam Schlesinger. “With our resort-style amenities, gated privacy and stunning setting, it's little wonder people are so eager to call Audubon home.”
email us for a current list of condos or homes for sale in Feather Sound or call 813 784 7744
Prices at Audubon have come down significantly and start in the $120's for lofts, $150s for two bedrooms and $180's for three bedrooms.
Search MLS for homes for sale in Feathersound. See map of area, save favorites, findout what homes are selling for and more...Prudential Tropical Realty
Tuesday, April 10, 2007
Top Local Realtors Receive Awards -Prudential Tropical Realty, Tampa, Fl
April 10, 2007
Rae Catanese, Prudential Tropical Realty
Phone: 813-784-7744
Email: realtyrae@yahoo.com
Top Realtors Rae Catanese and Michelle Jordan -
NAMED TO PRUDENTIAL REAL ESTATE’S CHAIRMAN’S CIRCLE
Tampa, Fl- Rae Catanese and Michelle Jordan of Prudential Tropical Realty have been named to The Prudential Real Estate Affiliates, Inc., prestigious Chairman’s Circle –for 2006. The Prudential Real Estate Affiliates, Inc., is a company of Prudential Financial, Inc. [NYSE:PRU].
They were recognized during special awards ceremonies at Prudential Real Estate’s Sales Convention held in San Diego from March 18-20, 2007. Approximately 7,000 real estate professionals from the United States, Canada and Mexico attended the event.
They are both outstanding, professionals to have on our team,” said Zoe Green, Broker, Prudential Tropical Realty, South Tampa. “They are synonymous with integrity and quality service. We are proud to have Rae Catanese and Michelle Jordan as a part of the Prudential Real Estate family.”
Rae Catanese entered the real estate field in 2002 and joined Prudential Tropical Realty in 4/2004. Michelle Jordan became a team member in 9/2005. Together as a team, Rae and Michelle earned the top Realtor Team award by earning top gross commission in 2006 for the South Tampa Branch of Prudential Tropical Realty.
Prudential Real Estate Affiliates, Inc., consists of companies that are selected based upon outstanding performance records, high levels of customer service and shared business values. Upon joining Prudential Real Estate Affiliates, Inc., companies are provided with many benefits, including access to a free and private Web site that links sales professionals to a 24/7 resource, and increased media exposure through an advertising campaign that encompasses some of America’s most watched networks and print media. Prudential Real Estate Affiliates, Inc., is also the largest real estate advertiser in The Wall Street Journal.
Prudential Real Estate and Relocation Services is Prudential Financial’s integrated real estate brokerage franchise and relocation services business.
Monday, April 09, 2007
Tampa Bay Outlook-Florida Trend Magazine
TAMPA BAY: Fulfilling the Promise
By Art Levy - 4/1/2007
HIGH-TECH FOCUS: The entire region should benefit from SRI International's arrival in St. Petersburg and efforts between the H. Lee Moffitt Cancer Center & Research Institute and Merck to create a cancer research venture near the University of South Florida. "We need to help the SRIs and the Mercks of the world fulfill the promise that exists from attracting those kind of facilities to Tampa Bay," says Stuart L. Rogel, president and CEO of the Tampa Bay Partnership.
JOBS: According to a Tampa Bay Partnership report, which includes Manatee and Sarasota counties, the region generated more than 37,000 jobs in 2006 and created more than three times as many jobs as Charlotte, N.C., in the first quarter of 2006.
CHALLENGES: There are concerns over insurance rates, property taxes, transportation and the availability of affordable housing. The answer? "I don't think you can just sit there, be stagnant and press out widgets every day and survive," says Mike McHugh, director of the Hernando County Office of Business Development. "To be successful, companies pretty much have to be innovative. It's universal. I don't see anyone immune from that pressure."
Tampa
ECONOMY: "We certainly have some challenges, in terms of the insurance issue and the property tax issue, but both of those are being worked on," says Kim Scheeler, president of the Greater Tampa Chamber of Commerce. "Our economic development folks are still working projects. It's not going to be as easy as it used to be, but I still think we're in a strong economy."
JOBS: Tampa attracted more "higher-paying" jobs than in past years, and the city succeeded in creating more "higher-skill-set" jobs, Scheeler says. That means more jobs in "life sciences, biosciences and financial services" -- and fewer call-center jobs.
LOOKING AHEAD: Scheeler points to the joint venture between the H. Lee Moffitt Cancer Center & Research Institute and drug maker Merck as an example of where Tampa's economy is going. "In a nutshell, they're going to make it easier and quicker to bring drugs to market, which means a much lower cost to the drug companies, which ultimately means a much lower cost to all of us," he says. "And then other companies are going to want to be a part of that. It has the potential to put us on the map and become a real engine to drive growth."
Innovators
» Network World magazine has named Persystent Technologies, a Tampa software company, one of its "10 management companies to watch." Founded in 2002, the company creates software that automatically fixes operating system problems when the computer is rebooted.
» The Tampa Bay Technology Forum gave its 2006 Quantum Leap Technology Award to Creative Recycling Systems, a Tampa firm that extracts useable materials from obsolete computer and electronic equipment.
» Researchers at the Johnnie B. Byrd Sr. Alzheimer's Center & Research Institute have developed a vaccine made from specialized blood cells that reverses memory loss in lab mice with Alzheimer's. The Tampa facility was created in 2004 to find a cure for the disease.
» Researchers at the University of South Florida have developed a simple-to-use biosensor that can detect pathogenic organism and microbial toxins in food, water, air and surfaces.
St. Petersburg
CONSTRUCTION: A slew of construction cranes still frame St. Petersburg's skyline, indicating that, despite the housing and condominium slowdown, the city's economy is still growing. "The super boom era has probably come to an end, but we still are seeing projects get out of the ground," says Dave Goodwin, St. Petersburg's economic development director. "We're still seeing a nice pace as far as the value of permits being issued during the first quarter of 2007. It didn't keep up with last year, which was far and away our record year, but it's pretty much on par with 2005, which, until 2006, was a record year."
COMMERCIAL: The city's office vacancy rate was at 7.9% during the third quarter of 2006. In 2005, it was 7.2%, which is way down from 16.5% in
2002. "Our office vacancy rate is very low. The inventory is just not there," Goodwin says. "We would love to see someone build a new office building in St. Petersburg."
CHALLENGES: The rising cost of housing is turning some prospects off. "There are probably certain companies, with certain wage rates, that probably aren't going to be looking at St. Petersburg, anymore," Goodwin says.
TARGET: Officials are setting their sights on attracting more high-paying jobs. "Our target industries include advanced manufacturing, IT and the financial services," says Mike Meidell, director of Pinellas County Economic Development.
Innovators (St. Petersburg)
» SRI International, among the world's leading independent research and technology development institutes, opened its St. Petersburg marine technology unit in January. The facility will focus on developing technologies related to marine technology and ocean science. Local officials hope SRI will attract research, development and manufacturing firms to Tampa Bay. Over the past decade, the California-based institute has sponsored more than $2 billion in research and development.
» The Tampa Bay Technology Forum named Kurt Long its 2006 entrepreneurial leader of the year. Long is founder and CEO of EpicTide, a St. Petersburg maker of healthcare industry software.
» St. Petersburg College will open a building for its College of Orthotics and Prosthetics this fall. "This is a crucial program because of an increase in diabetic patients and injuries from the Middle East war," says Carl M. Kuttler Jr., the school's president. The college is also working to boost lagging enrollment among men. Just 37% of SJC's students are male, compared to state and national averages of 43%. Its Man to Man program aims to change that.
» Housing Slowdown (St. Petersburg, Tampa and Clearwater)
53,183 -- Realtor sales for single-family homes in 2005
34,322 -- Realtor sales for single-family homes in 2006 (down 35% from 2005)
13,094 -- Realtor sales for existing condos in 2005
8,510 -- Realtor sales for existing condos in 2006 (down 35% from 2005)
Source: Florida Association of Realtors
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Monday, April 02, 2007
Tampa high-rise pioneers to plant seeds of urban chic
Tampa high-rise pioneers to plant seeds of urban chic
Downtown condo developers have high hopes the lifestyle spreads like a contagion.
By MICHAEL VAN SICKLER
Published March 19, 2007
TAMPA - The view from Bobby Neale's home in Land O'Lakes is a field of cows.
From his Brandon townhouse, Ian Markowitz scans a retention pond.
Rock Scaglione looks out his window in Seminole Heights and sees a street of bungalows.
In the coming weeks, they will swap these standard Tampa Bay neighborhood backdrops for something entirely new: high-rise urban chic.
By late April, Neale, Markowitz, Scaglione and a few hundred soon-to-be neighbors will be part of a historic migration to downtown's first major offering of urban living: 777 Ashley Drive. SkyPoint, the $80-million 32-story tower with 381 condos, is the biggest residential high-rise in downtown's history. Its future residents will pioneer a way of life in a downtown known for its office towers, parking lots and deserted after-hours streets.
"Downtown is very transitional," Neale said. "Sometimes it's pretty vacant. But with all the things that are projected to come, I just see it getting better and better."
Will this experiment work? SkyPoint's developers are betting it will.
Novare Group, an Atlanta development company, and Intown Group, a local firm, are doubling down on an acre lot across from SkyPoint. There, they recently started building Element, a 34-story condo tower along Franklin Street.
On Thursday, they will seek zoning approval for another tower on Ashley Drive. This one would be called Twelve, part- boutique hotel, part-condo. As proposed, it would be the tallest condo high-rise yet at 47 stories.
When it comes to downtown's so-called condo boom, forget about Trump Tower Tampa, the project that became the media darling but has yet to find the financing to start construction.
The developers transforming downtown are Novare and Intown. SkyPoint, Element and Twelve would add 1,185 condos and 135 hotel rooms to a downtown that so far can claim fewer than 100 completed condos. With a fourth project pending next to SkyPoint, no other developer comes close to keeping up.
Gregory Minder, Intown's president, said with SkyPoint sold out and Element selling briskly, he doesn't buy the doom-and-gloom talk about a slowing condo market. "We're not worried," he said. "We know there are a lot of people in Tampa who want this type of housing."
City officials have calculated that the tax windfall from SkyPoint, Element and other condo projects will finance a $40-million overhaul of downtown for the next 12 years.
A new waterfront park, better public transportation, and a revamped Ashley Drive are some of the projects that might be financed from the taxes paid by downtown's newest denizens. "This evolutionary stage for downtown will take place in the next two years," said Michael Chen, director of Tampa's urban development department. "Downtown will become not just viable, but a desirable place to live."
So who exactly are the people moving into these condos, which fetch from the $170,000s (for the 650-square-foot units) to more than $500,000? Downtown will soon find out. The target market for Novare's and Intown's projects are those between the ages of 25 and 40.
See also:
skypoint condos for sale
investing in condos
skypoint resale
For an updated list of downtown developments please email realtyrae@yahoo.com
or call 813-784-7744
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Monday, March 26, 2007
Outlook of Tampa Bay's Real Estate Market-Tampa, Fl
Tampa Bay having a growing economy and great climate, is really a wondrous haven to live in. Money magazine predicted that Tampa Bay real estate market will be one of the toughest in the US in the next years to come.
Even Fiserv Lending Solutions has the same prediction; in the recent survey it actually forecast a 2.8% growth in the housing prices in the Tampa Bay real estate market in 2006. Florida is jumping with the rise of real estate property prices. The increasing demand of the real estate properties that are most remarkable are its residential and commercial real estate markets.
There are array of reasons why the homes are being bought. Holiday makers like the European and American, actually finds Florida as the greatest summer holiday site. So usually heaps of people gather to the place every summer. Florida has a lot of attractions to offer and a lot of it is in Tampa Bay, that’s why masses of visitors and tourists are fond of visiting the place.
Because of the speeding growth of Tampa, Super Bowl will come here in 2009, which is actually the fourth Super Bowl held in Tampa. This has verified to have dramatic effect on Tampa’s success.
Since Florida and Tampa in particular has gained a growing economy, it now becomes a good place for business and employment. Florida was ranked as the second best locations in the US for those who started a businesses. A lot of companies are being offered a corresponding grant program that has produced over $120 million in applied research, that’s why greater numbers of companies are relocating their businesses in Tampa. About 200 companies now are enjoying the benefits of the offer.
In comparison with the other parts of the US, Tampa Bay real estate market enjoying the benefits of having more flattering property taxes. There are no state income taxes and have more reasonably car insurance rates in Tampa Bay and at the rest of Florida. The Tampa Bay area even offers the greatest mode of travel to work. And at the recent years, the education system has been improving.
Tampa Bay is not only for those who wanted to have a second house, or for those who wanted to just enjoy the view of the beauty of Tampa Bay, or for those who wanted to increase their rental market but also for those who wanted to start up their lives or those who are in search for their retirement homes.
To sum up, Tampa Bay is an area for repositioning, investment, a second home; it is indeed one of the most striking places in the US. And will still be for the other years to come… Tampa Bay real estate market’s future is brighter and shinier. Tampa Bay is certainly to be a tough real estate market, as long as it will remain the alluring opportunities that it has to offer.
Search Homes & Condos here
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Thursday, March 15, 2007
Prudential Tropical Realty adds Quality Service Certified® professionals-Tampa, Fl
We're Held to a Higher Standard!
Prudential Tropical Realty's Quality Service Certified® professionals offer consumers the confidence of a reliable, consistent and accountable customer service process. Quality Service Certified® assures you the highest level of service in the real estate industry.
Our World Class Service Guarantee Ensures Your Real Estate Professional will:
Prepare a Competitive Market Analysis to assist in developing a pricing strategy
Create and present a written marketing plan with strategies, programs and buyer targets
Commit to regular communication and feedback
Monitor and communicate the status and satisfaction of contract contingencies
Complete a thorough market search to identify properties consistent with your needs and price range
Prepare a written offer to purchase the property of your choice reflecting your price and terms encompassing all required disclosures
Provide advice and negotiating assistance on all offers to purchase
Contact you and follow up after closing to assure the satisfactory completion of all service details
Offer you the opportunity to evaluate the services provided through the Quality Service Assurance Survey
QSC offers independent validation of service performance and provides an assessment for individuals, offices and companies. Associates earn the QSC designation following the completion of course studies and the passing of a detailed examination. A Quality Service Assurance Survey© is sent to each buyer or seller after a home purchase or sale closes to measure the customer’s satisfaction level of their real estate professional. The service performance assessment is produced from these surveys by an independent third-party organization and posted online to a public web site at
www.QualityService.org.
© 2007, An independently owned and operated member of Prudential Real Estate Affiliates, Inc. is a servicemark of The Prudential Insurance Company of America. Equal Housing Opportunity
Copyright Prudential Tropical Realty
Friday, March 09, 2007
Website offers one stop shopping for Condos & Lofts-Tampa, Fl
in the Tampa Bay Area?
When purchasing condos and lofts in the Tampa Bay Area, Downtown, Channelside, Ybor City and South Tampa, know what your options are.
Developments and inventory are abundant at The Slade, The Place, Victory Lofts, Channelside Lofts, The Lofts at Meridian, Ventana, Towers of Channelside, Box Factory Lofts, the Residences of Franklin St.,345 Bayshore, and The Arlington in Downtown Tampa.
Pre-Construction pricing and resales available in all developments. Pricing has now come down significantly to what sellers paid or less. Now is the time to buy in Tampa!
Includes:
The Slade, The Place, Victory Lofts, Channelside Lofts, The Meridian, Ventana, Grand Central at Kennedy, Box Factory Lofts, the Residences of Franklin St.,345 Bayshore,and The Arlington in Downtown Tampa.
For an updated price list of condos and lofts in the Tampa Bay Area, Downtown, Channelside, Ybor City and South Tampa. email or call us at 813-784-7744
Thursday, March 08, 2007
What you should know about selling your pre-construction condo-Tampa, Fl
What you should know about selling your pre-construction condo-Tampa, Fl
Many people may not realize what their options are when trying to sell a condo that they purchased during a pre-construction sale. How would people know until now, when the buildings in Channelside, Harbor Island, and Downtown Tampa are all starting their closings. There's no telling how many people invested in the big Real Estate boom, purchasing units expecting to make big bucks in the Tampa Real Estate Market.
We are now going to experience foreclosures and defaulting of contracts in the areas that became over saturated in condo construction. Our blogsite has been receiving hits over the past month with searches pertaining to "how to get out of a real estate contract" and "are condos good investments". This suggests that people are trying to get out of their contracts, finding out they can't, and then defaulting.
It was customary to put down 10% of a purchase price for a pre-construction project. So figure 300K on the low end=$30K. Are people really willing to loose that much money or will they take the chance that they can re-sell for a profit or break even?
Recently, my Real Estate partner Michelle Jordan was contacted by a former co-worker who is in such a position. He purchased a pre-construction condo in the Channelside area due to be completed sometime this year.
It was purchased for investment purposes and he was curious what his options were when it comes time to sell. This particular "new project" (which will have 392 units in it) still has 40 plus units for sale by the builder.
When he decides to sell, he will more than likely be competing directly with the builder and will have to price it competitively. This could mean selling it for less than his original purchase price. At this point, it's possible he may be out the money he put down as well as the closing costs. He also has to keep in mind that all the other investor/owners who close on their units may be be putting theirs up for sale as well.
With at least a years worth of inventory and the influx of other new condos coming to the market, along with with a shortage of buyers to go around, owners will have to carefully weigh their options. Keep it and move in, sell or rent it. Either way, it's more important than ever to consultant a professional.
For questions regarding the Tampa Real Estate Market, please feel free to contact Realtors, Michelle Jordan (813) 695-5677 or Rae Catanese (813) 784-7744. Prudential Tropical Realty
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Wednesday, March 07, 2007
10 Simple Rules of Thumb for First-Time Homebuyers-Tampa, Fl
10 Simple Rules of Thumb for First-Time Homebuyers Find out if you qualify for homebuying help. The U.S. Department of Housing and Urban Development has programs to help teachers, firefighters and others buy affordable homes. Federal Housing Administration loan programs offer lower down payments to help first-time buyers. Go to HUD's website (
Handy tips and tidbits to help you make the big decision 
Know what you can afford to spend. You'll find Qualifying Calculators on sites such as Bankrate.com and E-Loan.com. What they don't add into the equation is home owner's insurance, taxes and any association fees. Get a lender who is local and can provide you with a "good faith estimate" which will outline in greater detail what your monthly payments will be once you factor in these additional costs.
- Get a Realtor who understands the Real Estate Market, what you are looking for, and can guide you in the right direction. A buyer's agent is compensated through the sellers agent's commission so it costs you nothing!
Don't spend time looking at homes you can't afford. Staying only with homes in your price range reduces the temptation to over-extend your budget.
Realize the neighborhood you choose is at least as important as the house. Make sure you are comfortable there. While houses can be modified, finding a community that is a good fit for your family is vital.
Think about resale value. When you spot a home you like, consider how it will look to future buyers. For instance, proximity to a busy street can turn some buyers off.
Investigate ongoing maintenance costs and other factors such as taxes, insurance and utilities.
Have the house inspected, and carefully review the report. Come up with a negotiation strategy, remembering that the seller is obligated to fix a leaking roof but not a hole in the carpet.
Examine the pre-closing statement provided by your agent or lender, and ensure that you have enough cash to swing the deal when you go to settlement.
Rae Catanese is a licensed Realtor with Prudential Tropical Realty. To contact her call 813-784-7744 or email: realtyrae@yahoo.com with any questions.
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Tuesday, February 27, 2007
Homes hit the auction block-Tampa, FL
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.
Monday, February 26, 2007
Want to live in Seminole Heights?
Want to live in Seminole Heights? Here's some history and an example of a 1940's Bungalow.
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.
Wednesday, February 21, 2007
Existing-Home Sales Ease, Supplies Tighten -- 2006 Historically High
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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Wednesday, February 07, 2007
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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Wednesday, January 31, 2007
The Arlington Historic Lofts-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.
Tuesday, January 30, 2007
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.
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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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Tuesday, January 23, 2007
Are Waterfront Lots in Tampa a good investment?
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.
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Monday, January 22, 2007
Tips for First Time Home Buyers, Tampa Real Estate
Top 7 Tips for First Time Homebuyers
by Eric Bramlett
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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