You need to know about real estate!

“Real estate is at the core of almost every business, and it’s certainly at the core of most people’s wealth. In order to build your wealth and improve your business smarts, you need to know about real estate.” — DONALD TRUMP, Think Like a Billionaire

Check out this scary satellite view of Tampa Bay FL foreclosures!

The national average is depressing enough at 1 in 46 homes being in foreclosure but things get even more bleak when you look at our situation here in Florida. Literally 1 out of every 20 homes in the Tampa Bay area is currently in foreclosure. On the below map the red dots show homes currently in foreclosure.

How many properties are for sale right now in Pinellas County?

As of November 6, 2011 there are currently 8,262 properties for sale. Here is how those properties are distributed among the various styles:

• Single-family houses – 4,137
• Condos – 2,997
• Tonwhomes – 440
• Manufactured Home/Mobile Homes – 302
• Villas – 276
• Condo-Hotels – 67
• Co-ops – 27
• 1/2 Duplex = 15
• Modular – 1

And after looking up the 1 modular home I now see that this is really a condo and the Realtor has miscategorized it as a modular home.

Wells Fargo: Government aid won’t help housing market

FORT LAUDERDALE, Fla. – Nov. 4, 2011 – The Obama administration’s plan to help more homeowners refinance underwater mortgages may be a big deal in South Florida, but the lifeline won’t have a significant effect on the nation’s housing market, Wells Fargo Securities predicts.

Nearly half of homeowners with mortgages in Broward and Palm Beach counties are underwater, according to research firm CoreLogic. They’re hoping an expansion of the Home Affordable Refinance Program will help them refinance at current interest rates and get them out from under burdensome mortgages.

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Florida’s existing home and condo sales up in September

ORLANDO, Fla. – Oct. 20, 2011 – Florida’s existing home and existing condo sales continued their upswing in September, according to the latest housing data released by Florida Realtors®. Existing home sales increased 10 percent last month with a total of 15,036 homes sold statewide compared to 13,723 homes sold in September 2010, according to Florida Realtors.

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NAR: Existing home sales off in Sept. but higher than year ago

WASHINGTON – Oct. 20, 2011 – U.S. existing home sales were down in September on the heels of a strong gain in August but remain well above a year ago, according to the National Association of Realtors®.

Total existing home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 3.0 percent to a seasonally adjusted annual rate of 4.91 million in September from an upwardly revised 5.06 million in August, but are 11.3 percent above the 4.41 million unit pace in September 2010.

NAR Chief Economist Lawrence Yun said the market has been stable although at low levels, and there is plenty of room for improvement.

Read more

How many foreclosures are currently for sale in Pinellas, Pasco and Hillsborough Counties?

In total there are 19,1888 properties for sale in all of Pinellas, Pasco and Hillsborough Counties but only 900 of these are actually foreclosures. This means 4.7% of the homes in the Tampa Bay market that are currently for sale are bank-owned foreclosures.

The Most Expensive Home in Florida is Coming Soon!

VERSAILLES IS THE LARGEST MODERN DAY PALACE UNDER CONSTRUCTION IN AMERICA. 90,000SF UNDER ONE ROOF, SITUATED ON 10+ ACRE PENISULA WITH 1250FT OF PRISTINE SHORELINE ON LAKE BUTLER OF THE FAMED BUTLER CHAIN OF LAKES. 13 BE, 21.2 BA, 20 CAR GARAGE & 3 POOLS. SELLER WILL FINISH TO AGREED BUYER SPECIFICATIONS FOR $100M. $75M AS IS INCLUDES ALL EXTERIOR STONE AS SEEN IN CRATES. VISION BASED ON THE ROYAL RESIDENCE OF LOUIS XIV OF 17TH CENTURY AS SHOWN IN MLS RENDERINGS. THE 200X200 BUILDING IS 3 STORIES AND 67 FT TALL. UNPARALLELED FEATURES INCLUDE 60X120 GRAND BALL ROOM, TWO SWEEPING STAIRCASES 30FTX8FT STAINED GLASS DOME TOOK 3 YEARS TO CRAFT, 2 STORY WINE CELLAR, STATELY DINING ROOM SEATS 50, 10,000SF FITNESS & SPA WITH INDOOR BATH POOL, ARCADE ROOM WITH TWO LANE BOWLING ALLEY, MAIN CHEFS KITCHEN WITH 10 SATELLITE KITCHENS THRU-OUT, 4 FIREPLACES, 1/2 AC MAIN DECK WITH INFINITY POOL FLOWS OVER TO LOWER LAP POOL AND 3 PRIVATE GROTTO SPAS. EVERY FULL BATH READY FOR FULL SIZE JACUZZI TUB. 160 TRIPLE PANED WINDOWS AND BRAZILLIAN MAHOGANY FRENCH DOORS COST $4M ALONE. TRULY THE BILTMORE OF FLORIDA WHEN COMPLETED.

6121 KIRKSTONE LN, WINDERMERE, FL 34786
RESERVE AT LAKE BUTLER SOUND
$75,000,000

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The joys of waterfront living!

Bank of America offers up to $20,000 to entice short sales

By Mark Puente, Times Staff Writer
In Print: Saturday, October 8, 2011

Bank of America is offering up to $20,000 to select Florida homeowners willing to agree to a short sale instead of entering foreclosure.

To sweeten the deal further, the nation’s largest lender will consider waiving the deficiency on the loan, which allows homeowners to sell the house for less then they owe without having to make up the difference to the bank. It can save homeowners thousands of dollars.

Not every Bank of America customer in Florida will be eligible for the program, which pays a minimum cash incentive of $5,000. It’s targeted toward home­owners who cannot afford their mortgages.

To quality, the short sales must be submitted for bank approval by Nov. 30 and must close by Aug. 31. Sales already under contract are not eligible; neither are properties outside of Florida.

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Can I notarize documents for the blind?

On several occasions I’ve been asked to notarize documents for either blind or visually impaired people. Since a blind person cannot read the document and therefore understand the content of the document it is not legal for a Notary Public to notarize the document unless the Notary Public reads the entire document to the blind person. However, to avoid the unauthorized practice of law, a Notary Public must not attempt to explain the document (FS 117.05[14][a]}.

Q3, 2011: Cumberland Trace Townhomes of Largo update

In Q3 of 2011 there were 2 sales in Cumberland Trace of Largo:

1. 13304 Thoroughbred Loop sold for $72,000
2. 13309 Thoroughbred Loop sold for $73,000

As of 10/03/2011 there are 4 townhomes for sale in Cumberland Trace of Largo:

1. 13123 Thoroughbred Loop is Active at a current list price of $74,000
2. 8038 Thoroughbred Loop is Pending with a current list price of $77,900
3. 8013 Appaloosa Dr. is Active with Contract with a list price of $84,900
4. 13058 Thoroughbred Loop is Active with Contract listed at $90,000

UF: Rise in Florida’s consumer confidence

GAINESVILLE, Fla. – Sept. 28, 2011 – Florida’s consumer confidence index rose this month to 64, up three points from a revised mark of 61 in August. However, confidence still remains low, according to the University of Florida (UF) survey.

Of the five components used by UF researchers to measure overall confidence, four edged upward. Expectations that personal finances would rise in the coming year went up five points to 78, and consumer anticipation that the U.S. economy will improve in the coming year rose by one point to 52. There was also a four-point increase to 66 in the overall expectation that the country will see economic gains during the next five years. Confidence that now is a good time to purchase retail big-ticket items, such as laptops and cars, rose six points to 74.

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Cumberland Trace Townhomes of Largo – Market Update

A few people have recently been inquiring about current market numbers for Cumberland Trace Townhomes in Largo, FL so I’m going to answer their questions right here.

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Statistics showing bank-owned and Short Sales sell more than normal listings

I’d like to share some interesting statistics with you all. I’ve selected to run these stats for the city of Clearwater, but just about any city in the Tampa Bay area will give you the same results.

Let’s start with the total number of homes in Active status. This gives us 685 single-family houses listed for sale in Clearwater, FL.

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In 65 seconds why you need to hire a Realtor

Cumberland Trace of Largo – May 2011 Update

So you’re looking for an update on Cumberland Trace townhomes of Largo? You’ve come to the right place.

I get frequent phone calls from potential buyers interested in buying a Cumberland Trace townhome so I thought I’d make a post updating everyone on the current availability of townhomes in this subdivision. If you’re in need of more specific info just give me a call or shoot me an email. I’d be happy to help you.

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Tampa Bay, FL Home Prices over the past 5 Years

Tampa Bay, FL Home Prices over the past 10 Years

What do I need to do to sell my Florida home?

If you’re interested in selling your Tampa Bay, Florida home in 2011 you’re going to need to learn how to look at your situation as objectively as possible. By “objectively” I mean “Uninfluenced by emotions or personal prejudices.”

Easier said than done? Tell me about it.

But you’re going to need to do it nonetheless, so perhaps now is the time to start practicing. A good place to start is by walking out of your home and then back in the front door, pretending you’re an actual home buyer seeing the “property” for the first time. You’ve never been in the house before so look around at what you think a buyer would look at if they were seeing your home for the first time.

Is it clean and organized? Are there unfinished repair or maintenance projects obvious? How does the home smell? Is it light or are all the windows covered making the place feel more like a cave than an inviting home?

These are the physical steps to attempting to see your home objectively – as buyers might see your home. You might also ask some friends to do the walk-through with you and to be honest about what they think a buyer might think. Read more

The risks of renting your house instead of selling

No, this not a reenactment. This is the real deal. I took these photos earlier today of a client’s duplex. His tenant abandoned the unit late at night about a week ago.

The scary thing is there is sufficient evidence to support the idea that this tenant was actually living in the property in this condition. Clearly, the water and power had been turned off for a long time at this address. Millions of maggots are pouring out of the refrigerator and flies are swarming. Everywhere you look there is food rotting on counters, in cabinets and all over the floor.

Read more

Where is the Shadow Inventory?

WASHINGTON – Sept. 20, 2010 – For the last year, the real estate industry has been talking about shadow inventory and the coming flood of distressed properties. Where are they?

Here’s what’s happening, according to a recent paper by Alan Mallach, a senior fellow the Brookings Institution:

• Some delinquencies have been resolved through loan modifications or people working out the problems on their own.

• Banks are getting better at managing short sales.

• Investors are aggressively buying up properties, sometimes in bulk, directly from the banks or at courthouse auctions so they don’t hit the market.

The likeliest outcome, Mallach predicts, is a steady flow of foreclosures over a long timeframe that will prevent another crash in home prices – but it will probably lead to low or no appreciation in home prices for a while.

Source: The Wall Street Journal, Nick Timiaros (09/16/2010)

Bill could speed up short sales

WASHINGTON – Sept. 17, 2010 – Homeowners underwater on their mortgage may find relief through a bill strongly supported by the National Association of Realtors®. The bill, if passed by Congress and signed by President Obama, would force lenders to respond to a short sale request within 45 days.

The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was filed yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.).

“The short sale, which requires lender approval, is an important instrument for homeowners who owe more than their home is worth,” says NAR President Vicki Cox Golder. “While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times. As the leading advocate for homeownership issues, NAR believes that quicker attention to the short sales process is vital to help homeowners … as well as the nation’s economy.”

The number of potential short sale properties is rising across the country. According to NAR data, in the second quarter of 2010, four states have a significant share of properties with short-sale potential: Florida has 27 percent, Nevada 32 percent, California 28 percent, and Arizona 24 percent.

“Unfortunately, homeowners who need to execute a short sale are severely hampered because lenders (loan servicers) are unable to decide whether to approve a short sale within a reasonable amount of time,” Golder said. “Potential homebuyers are walking away from purchasing short sale property because the lender has taken many months and still not responded to their request for an approval of a proposed short sale price. Many consumers have mentioned that the delay in short sale price approval exceeds 90 days, and in many cases never arrives.”

Golder says she commends Reps. Andrews and Rooney for their efforts on the bill and urges Congress to pass the bill quickly.

How long can you breathe underwater?

Inman News

Top 10 states with highest share of negative equity mortgages

1. Nevada (68 percent of 592,000 mortgages)
2. Arizona (50 percent of 1.3 million mortgages)
3. Florida (46 percent of 4.5 million mortgages)
4. Michigan (38 percent of 1.4 million mortgages)
5. California (33 percent of 6.9 million mortgages)
6. Georgia (28 percent of 1.6 million mortgages)
7. Idaho (24 percent of 243,000 mortgages)
8. Virginia (23 percent of 1.2 million mortgages)
9. Maryland (22 percent of 1.4 million mortgages)
10. Utah (20 percent of 470,000 mortgages)

Has the Gulf Coast oil spill affected Tampa Bay real estate?

This is a question I’ve been asked many times over the past few months. Has the oil spill out in the Gulf of Mexico had a negative impact on demand for real estate in the Tampa Bay area?

From what I know there haven’t been any reports of the oil spill reaching Tampa Bay beaches. At least not yet. Most of the oil damage was up in the Florida panhandle. Scientists are warning everyone that there is a tremendous amount of oil still to wash ashore and it could be years and years before we have any idea about the extent of damage to the environment.

With that said there has been a definite affect on the demand for waterfront real estate in the Tampa Bay area. Buyers for waterfront property have been much more reserved and cautious lately. Nobody wants to buy a waterfront home only to have the white sands and blue waters soon after closing turned into a tar field. This is a rational fear and one I’m not sure how to address. My advice is for buyers to do their homework and make their own educated decision on what they want to do. I share the same fears and cannot predict what will happen with the massive amounts of oil still out there in our Gulf. We can all only hope it doesn’t find its way to our beautiful Gulf beaches.

Am I a “normal” Realtor?

There is an article in the August 2010 edition of Florida Realtor” magazine that caught my eye.

Find out how much you have in common with the typical Realtor in Florida.

You’re a normal Realtor in Florida if you have nine years of experience and a personal website, and you performed eight transactions in 2009. According to the 2010 Florida Realtors Member Profile, here are some other characteristics of Florida members:

• 81 percent of members specialize in residential brokerage in Florida and have nine years of experience.

Yes, this describes me. I’m a residential Realtor with about 9 years of experience.

• About two-thirds of all Realtors in Florida reported having a website, one in 10 members reported having a real estate blog and more than half use social media.

I have a real estate blog. You’re actually reading it now. I also have several other real estate sites including a Facebook page and Twitter account.

• The median gross income of Realtors in 2009 in Florida was $34,000.

My gross income in 2009 was significantly above the median gross income.

• The typical Realtor is a 54-year-old white female who attended college and owns a home. In fact, 56 percent of Florida members are female.

I’m a 41-year old white male with a BA in Business Administration, emphasis in marketing, from the University of South Florida. Yes, I’m a home owner.

• The typical Realtor earned 18 percent of his or her business from past customers.

I earn well over 50% of my income from past customers and referrals. And if you’re one of them….thank you!

• Realtors’ media business expenses fell to $4,960.

I spend more than this per year just advertising on Realtor.com.

The complete report is available online at floridarealtors.org/Research/index.cfm

Largo Florida Townhomes & Condos

Are you looking to buy a condo or townhome in Largo, Florida? You owe it to yourself to take a look at Cumberland Trace townhomes. Built in 2004 Cumberland Trace is one of the newest and nicest townhome or condo subdivisions in the city of Largo. Next time you’re out take a drive through the community and you’ll see that Cumberland Trace not only makes a nice investment, but it’s a fantastic community to call home.

Town houses, by definition, have 2 stories. The town homes in Cumberland Trace of Largo all have 1,271 square feet (not including the 1-car garages) with both huge bedrooms upstairs. The master bath is incredible featuring dual sinks and a garden tub larger than I have personally EVER seen in any townhome, condo or even house. You can almost swim in it. The master baths also have volume ceilings so they feel extra large. Walk-in showers too.

Cumberland Trace has a great swimming pool – and it’s heated year round! The pool is fenced in and private to residents only. There are bathrooms and a shelter for family BBQ’s.

If you’re interested in additional information about the townhomes of Cumberland Trace please call Chris at 727-804-5319. I’d be happy to help you find your next home, whether it be a purchase or a rental.

National Flood Insurance Program and Homebuyer Tax Credit Closing Deadline Both Extended

Congress has passed an extension of the closing deadline for the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The legislation is designed to create a seamless extension; the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.

NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.

Additionally, the Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension. NAR members sent more than 250,000 letters to Members of Congress encouraging them to extend the program.

Source: National Association of Realtors, Community and Political Affairs & Government Affairs

http://www.realtoractioncenter.com/

Pending home sales drop as expected

WASHINGTON – July 1, 2010 – Following a surge driven by the homebuyer tax credit, pending home sales fell, according to the National Association of Realtors® (NAR). To qualify for the credit, homebuyers needed a signed contract by April 30, 2010.

The Pending Home Sales Index (PHSI), a forward-looking indicator, dropped 30.0 percent to 77.6 based on contracts signed in May from a reading of 110.9 in April, and is 15.9 percent below May 2009 when it was 92.3. The falloff comes on the heels of three strong monthly gains as homebuyers rushed to take advantage of the tax credit.

The data reflects contracts and not closings, which normally occur with a lag time of one or two months. However, many closings have been delayed recently from a rush of buyers into the system and slow processing of short sales, in addition to the heavy volume and a more thorough loan underwriting process.

“Consumers are rational and they rushed to meet the (April 30) tax credit eligibility deadline in April,” says NAR chief economist Lawrence Yun. “The sharp decline in contract signings in May is a natural result with similar low levels of sales activity anticipated in June. Surprisingly, though, some local markets such as Portland, Maine, and Jacksonville, Fla., actually experienced an increase in contract signings from a year ago without the tax credit.

“Existing-home sales that close in June will remain elevated, but we’ll then see a notable decline for July and August.” Read more

May shows continued strong pace for existing-home sales

WASHINGTON – June 22, 2010 – Existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates, according to the National Association of Realtors (NAR). Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, were at a seasonally adjusted annual rate of 5.66 million units in May, down 2.2 percent from an upwardly revised surge of 5.79 million units in April. May closings are 19.2 percent above the 4.75 million-unit level in May 2009; April sales were revised to show an 8.0 percent monthly gain.

Lawrence Yun, NAR chief economist, said he expects one more month of elevated home sales. “We are witnessing the ongoing effects of the homebuyer tax credit, which we’ll also see in June real estate closings,” he said. “However, approximately 180,000 homebuyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales. Read more

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