Sam Zell's Interview on housing market-CNBC 2008

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


Faces In The NewsGrave Dancer Augurs Housing Recovery

Andrew Farrell, 02.26.08, 4:30 PM ET

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Read full article

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

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

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

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

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

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

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

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

Written By:
Rae Catanese,
Realtor-Tampa, Fl

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

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

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

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

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

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

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

Read more about the seller tax credit in Florida


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Central Park Village-Tampa Heights Redevelopment Plans

Hillsborough River Photo by kellogg

Developer In For Long Haul
By JOSE PATINO GIRONA,

The Tampa Tribune
Published: March 8, 2008

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

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

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

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

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

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

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

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

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

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

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

View the Tampa Heights Redevelopment Project Map Here.

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


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Looking at Homes for Sale? Find out how our new tax law will benefit you!

What you should do to receive benefits of Amendment 1

Many buyers we have that are looking at homes for sale in the Tampa Bay area are also looking at how Amendment 1 will benefit them. I hope this will clarify some of your questions and also encourage people who are looking to buy homes.

Citizens voted January 29th to change the property tax system in Florida. To receive
some of the benefits of the changes enacted January 29th, certain citizens must take action
by March 1, 2008.

The Constitutional amendment created four new opportunities for taxpayers to obtain tax
relief:

1. Increased homestead exemption to 50,000
2. Portability of “Save our Homes” benefit
3. $25,000 exemption for tangible personal property
4. 10% annual assessment limitation for non-homestead property

What taxpayers must do to receive these new benefits:
1. Increased homestead exemption – Homeowners that are currently receiving the
homestead exemption will automatically receive the increased homestead
exemption. No action is necessary.

2. Portability of “Save our Homes” benefits – If you received the homestead
exemption in 2007 on a home that you sold or otherwise abandoned during 2007
and have purchased a new home by January 1, 2008, you are eligible to take some
or all of the benefit of “Save our Homes” to your new home. In order to receive
this benefit, you must apply by March 1, 2008 to your property appraiser for
your new homestead exemption and for the transfer of the “Save Our Homes”
benefit to your new homestead for 2008.

3. $25,000 exemption for tangible personal property – Tangible personal property
taxes apply only to certain taxpayers in Florida – typically businesses and certain
owners of mobile homes. The tax does not apply to homesteaded property. In
order to receive the $25,000 exemption for tangible personal property, taxpayers
subject to the tax must file a tangible personal property return with their
property appraiser by April 1, 2008.

4. 10% limit on annual assessment increases for non-homestead property – The 10% limitation does not apply until next year. No application is necessary for 2008.

If you have any questions about what action you must take to receive these new benefits,
please contact your local property appraiser. For information on how to contact Florida’s
property appraisers, go to http://dor.myflorida.com/dor/property/appraisers.html.


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Seminole Heights Home Tour-Tampa, Fl 2008

To search for homes for sale in Seminole Heights Click Here
to search by zip code enter 33604 and 33603


The 2008 Seminole Heights Home tour starts presale of tickets.

Tickets can be purchased in advance at Sherry's Yesterdaze at 5207 N. Florida Avenue and Tampa Antiquarian Books at 6116 N. Central Avenue.

The day of the Tour, please visit the Seminole Heights Garden Center, at 5810 Central Avenue, to purchase your tickets.

The advanced ticket price is $10 and the day of the Tour, tickets are $12. Please save the date and join us on April 6th 2008 from 11:30a.m. to 5:30pm to see and enjoy our wonderful neighborhood and explore these fantastic homes!

Visit
http://www.oldseminoleheights.com/. for more info on the Seminole Heights Home Tour.

Annual Historic Hyde Park Home Tour-Tampa, FL

Looking to buy a home in the Hyde Park Historic District?

This Saturday, the Hyde Park Home Tour will be the perfect venue to not only see the homes on the home tour, but most Realtors that have homes for sale in the area will also be holding open houses.

Why not stroll the streets and take advantage of the opportunity to see what is available for sale?

Here's the information on the home tour. If you would like a list of available homes for sale in Hyde Park just send us an email with your request.

The Sixth Annual Historic Hyde Park Home Tour

Saturday, March 1, 2008 10:00 am – 2:00 pm

Tour starts at Kate Jackson Center821 S. Rome Avenue (Rome & Morrison)

Advance tickets are $16 and may be purchased beginning Saturday, February 9th through Friday, February 29th at the following locations:

Garden Party at 2832 S. MacDill Avenue
Casa Nova at 3119 Bay to Bay Boulevard
A Source for the Home in Hyde Park Village
Magnolia at 303 Magnolia Avenue

Blue Moon at 4203 W. El Prado Boulevard Tickets on the day of event are $20, and will be available for sale only at Kate Jackson Community Center.

For more information, or call Barbara Deakin at 251-5399 or Rosemary Henderson at 253-5777.

Click here for more information.

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Article about how you can save money if you buy NOW-Tampa, Fl

View this Westshore Condo for Sale

Thursday, Feb. 14, 2008
Ignore the Headlines
By Dan Kadlec
Correction Appended: February 19, 2008

Famed Money Manager is perhaps best known for his timeless wisdom that you can beat the pros by focusing on stocks of companies where you either work or shop or have some other edge. But a more relevant Lynchism today is this gem: Ignore the headlines.

That's no easy thing. How do you tune out all the chatter and ink on recession, housing, subprime woes, the credit crunch, rogue traders, insolvent bond insurers, $100 oil and nukes in Iran? It's enough to make you sit on your thumbs and wait before making any big moves. But what, exactly, are you waiting for?

There has rarely been a moment in history when you couldn't scare yourself into doing nothing. And yet, as Lynch observed nearly 20 years ago, "in spite of all the great and minor calamities that have occurred ... all the thousands of reasons that the world might be coming to an end--owning stocks has continued to be twice as rewarding as owning bonds."

A top reason to not buy stocks, in Lynch's view, is if you don't already own a home--in which case, that should be your first investment, since an owner-occupied home is nearly always profitable. Through a spokesman, Lynch reaffirmed these views to me--housing debacle and all.

When prices are falling, few people have the discipline to buy stocks, a house, gold, art or any other asset. But those who do pull the trigger excel in the long run. As John D. Rockefeller famously said, "The way to make money is to buy when blood is running in the streets." And the streets are stained crimson.

Start with stocks. They have been pummeled this year. GDP braked sharply last quarter, and there has been plenty of panic about a recession. The Federal Reserve is slashing short-term interest rates at the fastest clip in decades. But if you stick to your steady, diversified plan while everyone else is retreating, you will be happy years from now.

For one thing, Fed rate cuts always lift the economy eventually, and the stock market typically starts responding just as headlines get gloomiest. Sure, the market could fall again before recovering. But the recession may be half over already--or we may avoid one altogether. You just never know.

As for housing, certainly some skepticism is in order. Formerly sizzling markets in Florida, Nevada, Arizona and California probably haven't seen the worst headlines just yet, though they may well be close. And "jumbo" mortgages, those more than $417,000, are likely to remain artificially high for a few more months while banks work through their credit issues.

But let's say you are emotionally ready to be a homeowner. You have good credit, plan to stay put for five years and have been waiting for the perfect entry point. It's time to get serious--before an inevitable rise in interest rates wipes out your advantage. "The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher," says Jim Svinth, chief economist at mortgage firm Lending Tree. So anything you gain by a further drop in prices might be offset by rising financing costs.

Consider a typical home that sells for $218,900. You put down 20% and get a 30-year fixed-rate mortgage at today's rate of 5.5%. Monthly principal and interest come to $994.31. Let's say that 12 months from now the same house goes for 10% less, or $197,010. But by then the recession is history and the Fed is jacking up rates to stem inflation. If mortgage costs rise a point, to 6.5%, your monthly payment would be $994.94 and you'd have saved nothing.

Meanwhile, home prices might steady and sellers might become less willing to negotiate. And you have spent a year living someplace you'd rather not be.

It's more complicated if you must sell before you can buy. But that logjam won't persist forever--and if it appears you'll be trapped for a few years, try to refinance at today's lower rates. Risks always seem most acute when the headlines give you ulcers. But that's exactly when you should think long term--and get off your thumbs.

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How to research Crime and Sexual Predators in your neighborhood-Tampa, Fl

Some things we don't want to think about when looking for a new home is "how safe is the neighborhood". If you aren't sure why not find out? With as many homes as there are on the market in Tampa, buyers can be very selective.

If you are relocating from out of state, or just doing some research on your own, you can find the Sexual Predators in a specific neighborhood by searching the FLDE website.

This Neighborhood Search allows users to enter any address in Florida and search the Florida Sexual Offender/Predator Registry for any registered sexual offender or predator living within a 1 to 5 mile radius of the address entered by the user. You can also open a map of the search results by clicking the "Display Results in Map" link

You can also search Crime Statistics in the Tampa Bay area by going to TBO.COM and searching their crime tracker.


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Understanding Florida's New Tax Laws-Tampa, Fl

Everyone has money on their minds today and one of the ways property owners can save money this year by taking advantage of our property new tax laws.

Here's how you can save whether you are buying, selling or staying put in your own home.

AMENDMENT 1

On January 29th, citizens of Florida approved Amendment 1. This property tax amendment has four parts. Below is what you need to know about each provision.

Portability - Allows Florida homeowners to transfer their Save Our Homes CAP to a new homestead. If you had a homestead exemption in Florida in 2007, and are applying for a new homestead exemption for 2008, then you may qualify.

To benefit from portability, an application is required. Click the link below to download the application. To learn more about portability, click the Frequently Asked Questions link below.Portability Application and InstructionsPortability Frequently Asked Questions

Additional $25,000 Homestead Exemption - If you have a homestead exemption, there is no action required on your part to obtain the additional $25,000 homestead exemption. The exemption will be automatically applied to your assessment for 2008. The average savings for most homesteads in Hillsborough County is $250 - $300 depending on the millage rate (which won't be set until September).

Tangible Personal Property Exemption - To qualify and obtain the $25,000 Tangible Personal Property (TPP) exemption, business owners should complete the annual TPP Return and send it to the Property Appraiser's Office by April 1st, 2008. If a taxpayer files a TPP return in 2008, and the assessed value is determined by the Property Appraiser to be less than or equal to $25,000, the taxpayer is not required to file a return in subsequent years unless newly purchased assets cause the total value to exceed $25,000.

10% Assessment CAP for Non-Homestead property - An application is required for the 10% CAP, however, the application has not yet been provided to our office by the Department of Revenue. The CAP will not be effective until 2009, so the deadline to file has been extended to March 1, 2009. Once an application is provided to our office by the Department of Revenue, it will be available on our website.

For more detailed information about Amendment 1, click here for the Department of Revenue website.

see also:

property tax update

resources for statistics in housing market

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Rental Market showing signs of growth in Tampa, Fl

Apartment Rents Are On The Rise
By SHANNON BEHNKEN, The Tampa Tribune
Published: February 14, 2008

If you plan to rent an apartment in Tampa Bay area, you soon may have more options, but you'll have to fork over more money in rent, two area apartment builders said Wednesday at the International Builders' Show in Orlando.

"Rent increases will exceed historical averages over the next three to five years," said Steve Patterson, CEO of Zom Inc., an Orlando-based apartment builder with several Bay area projects.

That's because demand is expected to increase dramatically over the next several years, as a nationwide credit crunch makes it more difficult for people with poor credit to qualify for home loans. Also, more homeowners are expected to lose their homes in foreclosure and turn to the rental market instead.

Builders that have concentrated on condominiums in recent years have turned exclusively to apartment building, said Bill Donges, CEO of The Lane Co., based in Atlanta.
"Condos are over," he said. For example, the Watermark, an apartment complex under construction on Kennedy Boulevard near WestShore Plaza, originally was planned as a luxury condominium. Donges said his company now plans to rent the units.

The Lane Co. also has plans to build more apartment complexes in the Tampa Bay area this year, Donges said, noting that he plans to scout potential sites over the next couple of weeks.
"Tampa is a place apartment builders want to be right now," he said.
It hasn't always been that way.

In 2005 and 2006, the Tampa Bay area lost much of its apartment inventory to companies that bought the complexes and sold units off as condos. Since 2001, about 31,000 apartment units were converted to condos in Hillsborough, Pinellas, Pasco and Polk counties, the Cushman & Wakefield real estate firm has estimated. The condo craze took over and apartment building slowed, Patterson said. There weren't enough buyers to absorb all the inventory, though, and many of the units have reverted back to apartments.

Over the past year, rental occupancy rates have fallen from between 96 percent and 98 percent to between 88 percent and 92 percent in Hillsborough, Pinellas and Pasco counties, said Michael Slater, president of Triadd Research & Consulting in Tampa.

As a result, apartment owners have offered concessions such as a month or two of free rent to lure tenants. Rental rate growth declined to between 1 percent and 2 percent in 2006 and 2007, compared with 6 percent to 13 percent in 2005 and 2006, Slater said.

Because of the slower apartment construction, there won't be enough units to meet the demand over the next several years, unless builders start building more apartments soon, the builders said in Orlando.

In the Tampa Bay area, that is expected to happen this year; 18 apartment projects are under construction or planned to break ground soon, Slater said. At the Builders' Show in Orlando on Tuesday, three of the nation's prominent economists gave their views of the building industry.

David Seiders, chief economist with the National Association of Home Builders, which hosts the annual Builders' Show, said the stimulus package approved by Congress will spur some growth in the economy but won't go far enough.

What's needed, he said, is tax credit to stimulate home buying.
Interest rates are at a 2 1/2 -year low and are expected to dip more this year. This is intended to encourage potential homeowners to buy, but that may be offset by credit tightening in the lending industry, said Frank Nothaft, chief economist for Freddie Mac. "If you qualify and you are a prime borrower wanting a conforming loan, and you can make a down payment, it's a great time to buy," he said. "But those are big ifs."

The economists differed somewhat on projections for the coming year, but generally agreed the housing slowdown will continue until at least the third quarter. Prices are expected to continue falling across the nation and it will be difficult to sell homes.

David Berson, chief economist for The PMI Group, said he thinks the county fell into recession in early December, though some economists don't think recession has happened yet. He said delinquencies and defaults are expected to rise and will keep the market from turning around until 2009. "A lot of homeowners who purchased in recent years are under water. They owe more than their homes are worth," he said.

Reporter Shannon Behnken can be reached at (813) 259-7804 or sbehnken@tampatrib.com.

Find this article at: http://www2.tbo.com/content/2008/feb/14/bz-apartment-rents-are-on-the-rise

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Downtown Tampa News Update

Photo by:
by joerosh1675


Hello Everyone,

I subscribe to http://www.tampasdowntown.com/
which is a site focused on Living in Downtown Tampa and what's new.

If you are looking to relocate or just
want to know what's going on in Downtown Tampa you can register to receive updates on their website.

Here's the latest update that I thought you would enjoy.


Seeing is Believing

What do you think is cool about downtown Tampa? What do you wish more people knew about the urban core? Do you know about a hidden niche that needs some exposure? The Partnership launched last October http://www.hilifetampa.com/. This Web site is designed to inform viewers about the advantages of downtown Tampa. But not everything that’s cool about the city center is on the site. Therefore the Partnership is beginning to collect ideas for the next step in HiLife Tampa, which is HiLife TV. Find out how you can submit your ideas and suggestions by clicking here.

Soon, downtown Tampa will add another great coffee house to its growing list. Indigo Coffee is nearing completion of the build out of its first store, which will be located at 514 N. Franklin Street. Next time you are in the area take a look inside through the windows. The store is sure to be a hit.

Speaking of new restaurants, Bamboozle, a new Vietnamese fusion restaurant is just beginning its build out. The restaurant is opening at 514 N. Tampa Street. No announcement on when the restaurant will actually open, but this style cuisine is one that has not been served in downtown Tampa yet.

Some believed it would never happen, but demolition of the old Tampa Museum of Art is in full swing. Started last Thursday (1/31) the removal of the underground parking garage is well underway. The building itself will soon begin to be dismantled. Curtis Hixon Park is also beginning to be demolished. Learn about what’s to come. Here are a few links to help you become familiar with how this part of downtown will be reshaped for everyone’s future enjoyment:

New Tampa Museum of Art, click here
New Curtis Hixon Park, click here
New Glazer Children’s Museum, click here

The projects listed above are not the only new public projects under construction. The Tampa Bay History Center is progressing nicely as construction continues of its new facility near the St. Pete Times Forum.

The Tampa Bay History Center is a unique project for several reasons. One in particular is that the building will be a LEED certified green building when completed.


see also:
What to know about relocating to the Tampa Bay Area
Relocation resources
Tampa Relocation Guide
Downtown Tampa Condos and Lofts

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Rae Catanese and Michelle Jordan
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SEMINOLE HEIGHTS- Historical Neighborhood Real Estate Market Update

SEMINOLE HEIGHTS- Historical Neighborhood Real Estate Market Update- Tampa, Fl

Are you relocating and looking for something unique and historical?

Most people who live here in Tampa know about a quaint area we call Seminole Heights.

Seminole Heights makes sense for first time home buyers looking for opportunities and affordable prices.

It seems that all you hear about it on the news is negative. I thought I'd shed some light on the brighter side of our "Heights Market" by going back in time to get a better perspective on the future.

Remember three years ago when real estate was really hot? You were looking for a home between 200K to 250K, and there just wasn't enough to choose from. You may recall that when you found a suitable home, 2 or 3 other people were looking to make an offer on the same place. And people were buying homes left and right. Back then, sellers were all too happy to make a big profit. There were bidding wars and buyers willing to pay the price.

So now we’re on the downside of that frenzy of activity. Insurance and tax issues have caused the whole state of Florida to fall into a real estate rut, but there’s still a lot we can learn from the boom of just a few years ago. There were signs then that Seminole Heights was up and coming: Whispers of a Starbucks being built, and a Cappy's Pizza - who would have thought?

Today, the Seminole Heights Market is priming for another growth spurt. The Starbucks Coffee Shop and Cappy's Pizza are thriving, and there's much more to look forward to, like the proposed Sangria's Restaurant coming. Now this is really turning into something big. All this and live only 10 minutes from Downtown Tampa.

Alan Dobbs, owner of Florida Design Studio Corp has moved his offices to the Heights, where he’s basing most of his projects. Alan's company focuses on traditional bungalow architectural design, and business couldn’t be better. "I think it's because I do work for home owners and not speculative developers or track home builders," says Alan. Alan also noted, "even though there has been a downturn in the real estate market, it does not seem to of had an affect on people wanting to improve or add-on to their homes. If anything, I think the projects have become bigger and more substantial because people, including me, realize we can't afford to move, but we can afford to add-on of improve what we have."

Other buyers are opting to build new in our area, while maintaining the historical look of the neighborhood. If you’re thinking of taking this route, you may want to jump on the opportunity when you see a lot for sale. It seems that parcels of land are becoming scarce in the Seminole Heights Historic District as more people are looking to build from the ground up.

As a Realtor, part of my job is to pay close attention to the Real Estate Market in our area so I can inform buyers and sellers what to expect, and what not to expect. My business partner Michelle Jordan & I work with buyers and sellers in the entire Tampa Bay Area, and we have noticed an increased interest in the Heights over the last few months. Prospective homeowners are excited by all the choices they have now that simply weren’t affordable 3 years ago. If you haven't yet looked at homes or lots for sale in seminole heights, now is the time to start.

If you're going to make Tampa Bay home, then Seminole Heights is still one of the first places you should look. Beautiful and affordable with a tightly-knit community, the Heights is still a boon for small businesses and a great place to call home.

This is a picture of a new construction home that was designed by Alan Dobbs. The home is in the Historic District across from Hillsborough High School ....

See also:
Seminole Heights Historic District.
Bungalows, live in Seminole Heights, Seminole Heights history, Seminole Heights Homes for Sale, Traditional


Rae Catanese. P.A.
Licensed Realtor
Prudential Tropical Realty
813-784-7744
realtyrae@yahoo.com

Rae started THE INSIDER REAL ESTATE BLOG-TAMPA,FL in July 2005; her site focuses primarily on the Heights, South Tampa and Downtown Tampa Areas.

Bio for Michelle Jordan and Rae Catanese Shatto

Thinking about buying or selling a home or investing in land in the Tampa Bay Area? Have a Real Estate question? Feel free to email or call us 813-784-7744
Rae Catanese and Michelle Jordan
Realtors.

Search MLS
Prudential Tropical Realty

Towers of Channelside files for bankruptcy-Tampa, Fl

Towers of Channelside “DEVELOPER EMERGES FROM CHAPTER 11 ON OCT 1st”

read full story..click on link above!!

Towers at Channelside still selling.

The Towers of Channelside in the Channel District near downtown Tampa presold all 257 condominium units, but two-thirds of those buyers didn't follow through with the sale. Now the project developers have filed for bankruptcy protection.

For a current list of condos for sale at the Towers of Channelside please contact us.

Feel free to email or call 813-784-7744
Rae Catanese

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Prudential Tropical Realty

See Also:

Channelside Developments in Trouble

Historic Fed Move Cuts Both Ways for Borrowers-Tampa, Fl

Historic Fed Move Cuts Both Ways for Borrowers

Hot on the heels of its surprise inter-session rate cut of 75 basis points last week, the Federal Reserve cut key interest rates again, the fifth straight cut since September 2007. In its statement last week, the Fed said it had decided to cut the federal funds rate "in view of a weakening of the economic outlook and increasing downside risks to growth." In other words, economic data suggests the US is on the brink of recession, and the Fed is acting accordingly.

Who benefits from this cut?If you have a loan that is directly tied to the Prime Rate, you will see an immediate benefit. Home equity lines of credit (HELOCs) and variable rate charge cards are the types of loans that will have an interest rate reduction on their next statement.

What does this mean for long-term rates? Long-term mortgage rates, the lowest we've experienced in years, could actually increase after today's cut, based on historical performance and recent trends.

So if you're waiting for long-term rates to fall further, don't count on it. Your best chance to lock in the lowest rates since 2005 is now. Getting your application in process now will allow you to capture a great rate before it's too late.

Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question?
Feel free to email or call us 813-784-7744
Rae Catanese and Michelle Jordan
Realtors.

Search MLS
Prudential Tropical Realty



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Outcome of Amendment 1-Tampa, Florida

(Bay News 9) -- Florida voters have given a thumbs up to Amendment 1.
About 65 percent of voters voted yes on the amendment. The measure required of super majority of 60 percent to pass.


The property-tax cutting constitutional amendment will double the homestead exemption for primary homes except on school taxes and provide an average tax savings of $240 a year.
It will also deliver smaller reductions for businesses, second homes and other non-homestead properties.

Plus, it will let primary homeowners take their Save Our Homes tax benefits when they move. Gov. Charlie Crist pushed for the proposal.


Latest numbers from the election results page
Click the drop down box in the upper right
Choose your location
Click on the race(s) you're following on the left


Amendment 1 is projected to cost local governments more than $9 billion over five years. That includes a $1.5 billion reduction for schools.

See also:
Statistics on Housing Market
Housing Market News-Tampa, Fl
Looking to Buy?


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Update on Why you should Vote Yes on Tax Amendment 1

I think this is a very important issue and wanted to make sure everyone is aware and informed of what Voting Yes on 1 on January 29th, will do to benefit our economy and the Real Estate Market in Florida.

Please pass on and get the word out!


Jan 21, 2008 – Florida Association of Realtors
Should you vote for the property-tax amendment? YES

By John Sebree
Florida Association of Realtors

For 92 years, Florida Realtors have enabled millions of people to realize the American dream of homeownership. In those 92 years, the housing industry has become Florida's 24/7 economic engine, contributing more than $108 billion, or 20 percent of Florida's gross state product.
The immediate property tax cuts that will result from the passage of Amendment 1 on Jan. 29 would go a long way toward revitalizing Florida's economy and keeping the American dream alive.

Here's how:

1) Thousands of Floridians who can't afford to buy up or down will finally be able to move, thanks to a provision in Amendment 1 called "portability." Homeowners will be allowed to take up to $500,000 of accrued Save Our Homes benefits to a new home. In Palm Beach County alone, portability could save taxpayers $2,145, according to the Office of the Majority Whip, state Rep. Ellyn Bogdanoff, R-Fort Lauderdale. In Martin County, it would be $2,114, and in St. Lucie $1,261.47

The transactions resulting from portability would generate documentary stamp tax income for much-needed affordable housing throughout the state. The moves also would pump millions into local economies for goods (furniture, appliances, draperies, carpeting) and services (appraisals, home inspections, pest control, painting, electrical work, landscaping). In the first year after their purchase, home buyers typically spend nearly $9,000 for property improvements, furnishings and appliances, according to the National Association of Home Builders.

There's a trickle-down effect from these purchases, too, as these companies maintain offices, pay employees and independent contractors, buy cars and trucks for their businesses, use phones, computers and other business tools and much more.

2) The average homeowner in Palm Beach County would save $274 in property taxes immediately by the increase in the homestead exemption to $50,000 for almost all properties. That's $274 per property owner going toward local retailers and service providers, not local governments that should already be flush with cash from the rapidly rising property values of the past several years. Martin County homeowners would save about $215, while St. Lucie homeowners would save $331.

Local governments have a spending problem. While saying that they are "living within their means" or even "lowering property taxes," they've been collecting and spending millions more in new tax dollars. Firefighters and police officers were protecting our communities before the property tax surge and they'll be here to protect our communities without your savings from Amendment 1. In these economic times, all of us must tighten our belts.

3) Small business owners benefit from Amendment 1 as well. The amendment includes a $25,000 exemption on the tangible personal property tax paid on computers and office equipment. The state estimates that about 1 million businesses would save about $500 a year. Do the math: That's an additional $50 million to channel into the state economy at a time when it's sorely needed.

4) Second and vacation homes would become more attractive to out-of-state buyers who might otherwise take their dollars to Georgia, North Carolina or some other state. Amendment 1 caps property-tax assessments on non-homestead property at 10''percent. Current owners of commercial buildings, rental properties and second homes have seen their property taxes spike in recent years, particularly those located in high-value markets. Amendment 1 would protect these owners from unpredictable tax increases year-to-year, and free up millions for other commodities and services.

Florida's economy is in trouble. State economists estimate a deficit in the budget of $2 billion. Amendment 1 has the ability to produce $9.2 billion in savings over the next five years - again, money that could generate more, sustainable economic activity and taxes statewide.
Cut your taxes. Save the dream. Vote Yes on Amendment 1.
http://www.yeson1florida.com/


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What Mortgage Rates mean to you when buying a home

Fed Surprises with Deepest Cut since 1984

The Federal Reserve surprised everyone Tuesday with an emergency intersession rate cut of .75%, the deepest cut in the Fed Funds Rate since 1984. The Fed Governors are acting in direct response to recent reports that the country is on the brink of recession.

If you have credit cards, auto loans, HELOCs, or an Adjustable Rate Mortgage, the Fed's decision to cut this key interest rate is great news. For long-term mortgage rates however, this could signal the beginning of the end for the lowest 30-year home loan rate borrowers have experienced since 2005.

Let's look at the impact of a few recent Fed Funds Rate cuts and the corresponding impact to home loan rates to see what this could mean for you:

Fed Funds Rate Cut vs Impact to Home Loan Rates
January to June 2001
Down 2.25%
Rose 0.10%

October to December 2001
Down 0.75%
Rose 0.45%

May to August 2003
Down 0.25%
Rose 0.78%

Rates are predicted to be cut again when the Federal Reserve meets at the end of this month. Many believe Tuesday's action was taken because of a dramatic downturn in the stock market, where the Dow dropped 464 points, the worst single day drop since September 11, 2001. Since the Fed's announcement, the Dow has recovered much of those losses but volatility is likely to remain a consistent theme throughout the week.

If you are waiting for long-term mortgage rates to fall further from here, don't count on it. Your best chance to lock in the lowest mortgage rates since 2005 is now. Getting your application in process will allow you to capture a rate near all time lows and, with many experts predicting home values could continue to decline, waiting could kill your chance to capture a great rate if your home doesn't appraise.

This is an unprecedented market and things are moving fast. Regardless of your current mortgage.

In light of these market movements please give us a call if you are thinking of buying a home in the Tampa Bay area.

Rae Catanese, P.A.
Prudential Tropical Realty
813-784-7744
email

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Why Buy a Florida Home Now? Large Inventories Offer Options, Say Florida Realtors(R)

Florida's real estate market has started a new year with the largest selection of homes and condominiums available for buyers in more than a decade. But factor in a continuing inflow of new residents to Florida and that means inventory levels are likely to decline in 2008.

"Buyers have a lot of choices throughout the state," said Nancy Riley,
a broker with Coldwell Banker Residential Real Estate in Pinellas County
and the 2007 president of the Florida Association of Realtors(R) (FAR).
"It's a great time to buy because there is large inventory."
While statewide inventory figures are not available, more than 125,000
homes are listed for sale in Florida's three largest markets, creating
ideal conditions for buyers, according to Riley.

In South Florida, Ron Shuffield, president of Esslinger Wooten Maxwell
(EWM) in Coral Gables, says there are approximately 80,000 homes and condos
for sale in Miami-Dade and Broward counties, compared with 64,000 a year
ago, and just 25,000 in late 2005. "South Florida is still growing in
population -- a clear sign that we will have more buyers in the future,"
said Shuffield. "We expect the inventory level to fall in 2008 as more
people make their homes here."

In the Tampa Bay market (Hillsborough, Pinellas and Pasco counties)
there were roughly 29,000 homes for sale in late 2007, up from 25,500 in
December 2006. "Buyers have a great selection of homes to choose from and a
once-in-a- lifetime opportunity to get a great value," said Cynthia
Fazzini, sales associate with Coldwell Banker's Palm Harbor office, who
compiled the regional sales figures.

More than 26,300 homes are for sale in the greater Orlando area,
compared with 21,300 a year ago, according to MLS figures provided by Randy
Martin, broker-associate with RE/MAX 200 Realty in Winter Park. "There are
plenty of choices out there as sellers are becoming realistic in their
expectations," Martin says.

While inventory levels are high in most Florida markets, the number of
for-sale homes is expected to begin to decline in 2008. Economist Hank
Fishkind, president of Fishkind & Associates in Orlando, expects Florida to
grow by about 265,000 new residents and add 130,000 new jobs in 2008.
At roughly 2.2 people per household, that would create demand for
roughly 135,000 new homes, helping to soak up excess inventory in many
markets.

Meanwhile, the production of new homes in Florida is expected to remain
flat. Sean Snaith, director of the Institute for Economic Competitiveness
(IEC) at the University of Central Florida in Orlando, expects about
116,000 starts in 2008 compared with 117,000 home starts in 2007.
However, the decline will be much sharper in some markets, such as Lee
County (Naples), where Fishkind is projecting about 5,000 new home starts
compared with 30,000 in the peak year of 2005.

Across the country, National Association of Realtors(R) (NAR) Chief
Economist Lawrence Yun forecasts in NAR's latest outlook that housing
starts will fall to 1.09 million in 2008, from 1.36 million in 2007 and
1.80 million in 2006. "A cutback in housing construction is a positive sign
for the market," he said, "because it will help lower inventory and firm up
home prices."

The Florida Association of Realtors (FAR), the voice for real estate in
Florida, provides programs, services, continuing education, research and
legislative representation to its 150,000 members in 67
boards/associations. FAR's Media Center Web site is available at
http://media.floridarealtors.org.

Editor's note: This is the first in a series of five articles focusing
on the advantages Florida's residential real estate market currently offers
to buyers.

SOURCE Florida Association of Realtors

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