South Tampa Homes

TORONTO – Aug. 6, 2010 – Mary and Ron Ethier long believed a getaway home in the Florida sun would remain a retirement dream, but when a recent real estate turnaround opened the border to a growing flock of snowbirds, the couple suddenly saw an opportunity too tempting to pass up.

“We just felt with the prices that were happening down there, that it was out of our reach financially,” said Mary Ethier from her home in Pembroke, Ont. “But when their real estate market basically took a big hit and the Canadian dollar came up, we thought if we’re ever going to do it, now’s the time to get off our butts and go and do it.”

The couple, too busy with their lawn-care franchise to enjoy Ontario summers, toured homes in the Fort Myers, Fla., area in the fall of 2007 and made a lowball offer, expecting to negotiate, but instead found their deal accepted.

By January, they owned a condo in a gated community, a property foreclosed upon when the U.S. housing bubble burst and home prices began to plummet and many American homeowners realized they could no longer pay their mortgages.

The loonie has since risen to hover around parity while U.S. home prices have stagnated, creating new financial incentives for Canadians to act fast and scoop up American real estate deals.

“It’s a once in a lifetime opportunity for Canadians,” says Mark Dziedzic, a Canadian Realtor with Cross Border Realty and a snowbird himself.

The Sun Belt states of Texas, Arizona, California and Florida are favorites, while there are also deals to be had in Nevada and Georgia. The average price of a home in Phoenix, Ariz., is US$144,600, compared to $432,253 in Toronto.

“People are buying $40,000 to $50,000 condos in Phoenix right now. Condos (in Toronto) are selling for $400,000 to $500,000,” Dziedzic said. Taxes, condo fees and closing costs are also generally less expensive in the U.S., he added.

Prices in most U.S. regions have steadied after falling for three years, but a high number of foreclosures persist, lowering prices, especially in Florida and Nevada, said Bank of Montreal mortgage specialist Laura Parsons.

“This is the time to buy if you’re going to,” she said.

“I think you’ve got to look at this as a long-term investment because you’re getting such a deal. You’re going to have to hang on to it for a while,” and ride out any further downturns before the market picks up again, she said.

There is a fine balance between rushing to buy and waiting for lower prices. Economists predict the U.S. housing market will remain soft, but it’s futile to make decisions based on where a currency or a housing market is going.

“I don’t think you need to rush down and get a place, but the good stuff in the lower price range … those are moving. The good ones come up and they’re sold,” Dziedzic said.

Buying real estate in the U.S. is becoming easier for Canadians as more snowbirds snap up getaway homes. But experts caution that the buying process, which takes about three to four months, is a different beast.

© The Canadian Press 2010

ORLANDO, Fla. – May 24, 2010 – Sales of existing homes in Florida rose 27 percent in April, which means that sales activity has increased in the year-to-year comparison for 20 months, according to the latest housing data released by Florida Realtors®. Another positive sign: Last month’s statewide existing-home median price of $140,100 was 1 percent higher than the statewide median price in April 2009.

Existing home sales rose 27 percent last month with a total of 16,781 homes sold statewide compared to 13,244 homes sold in April 2009, according to Florida Realtors. Statewide existing home sales last month increased nearly 3 percent over statewide sales activity in March. Meanwhile, April’s statewide existing-home median price was 2.3 percent higher than March’s statewide existing-home median price of $137,000. It marks the second month in a row that the statewide existing-home median price has increased over the previous month’s median.

“Buyers responding to the federal homebuyer tax credit before it expired helped to boost home sales across Florida,” said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. “And buying conditions remain favorable, with a variety of housing options available in local markets at attractive and affordable prices. Plus, current mortgage interest rates are at historically low levels, which gives buyers more ‘bang’ for their buck.”

Florida Realtors also reported a 55 percent increase in statewide sales of existing condos in April compared to the previous year’s sales figure; statewide existing condo sales last month rose 2 percent over the total units sold in March. Though April’s statewide existing-condo median price of $103,600 was down 3 percent compared to the year-ago figure, it was 6.9 percent higher than March’s statewide existing-condo median price.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in April while all but one MSA had higher condo sales. A majority of the state’s MSAs have reported increased sales for 22 consecutive months.

Florida’s median sales price for existing homes last month was $140,100; a year ago, it was $138,100 for a 1 percent gain. The median is the midpoint; half the homes sold for more, half for less.

Thenational median sales price for existing single-family homes in March 2010 was $170,700, up 0.6 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $301,790in March; in Massachusetts, it was $280,000; in Maryland, it was $235,785; and in New York, it was $209,900.

According to NAR’s latest outlook, two trends are influencing a broader stabilization of home prices in housing markets across the nation: months of increased sales activity and lower levels of inventory. “Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” said NAR Chief Economist Lawrence Yun. “With home values stabilizing, a revival in homebuying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears.”

In Florida’s year-to-year comparison for condos, 7,291 units sold statewide last month compared to 4,703 units in April 2009 for an increase of 55 percent. The statewide existing condo median sales price last month was $103,600; in April 2009 it was $107,200 for a 3 percent decrease. The national median existing condo price was $170,600 in March, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.10 percent in April, up from the average rate of 4.81 percent during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s smaller markets, the Panama City MSA reported a total of 128 homes sold in April compared to 108 homes a year earlier for a 19 percent increase. The market’s existing home median sales price last month was $160,000; a year earlier it was $156,800 for an increase of 2 percent. A total of 65 condos sold in the MSA in April compared to 53 units sold the same month a year earlier for an increase of 23 percent. The existing condo median price last month was $187,100; a year earlier, it was $172,900 for an 8 percent gain.

© 2010 Florida Realtors

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RISMEDIA, April 26, 2010—If you are reading this, it means you’ve survived. Congratulations. You might be surprised to know you’re not alone.

According to the very encouraging results of RISMedia’s 22nd Annual Power Broker Survey, more than 1,200 real estate firms weighed in on their success in 2009, reporting a total $585,508,645,713 in sales volume. Although this total sales volume is down by more than $163 billion over 2008, overall transactions for 2009 have increased by more than 100,000. These numbers clearly reflect the increasing sales of distressed properties last year, a healthy step toward moving these properties off the market, reducing inventory and stabilizing prices.

So, while the market is still rife with troubles, such as short sales, foreclosures and underwater homeowners—and stands to be for the remainder of 2010—the positive signs cannot be denied and most agree that we’ve bottomed out and are beginning a slow climb back up.

2009: The Year in Review
“Last year was really rough,” said Prudential Real Estate and Relocation Services President Earl Lee at the company’s annual sales convention last month. “Real estate professionals were knocked down and pushed around but their resilience is an inspiration to all of us.”

Resilience in 2009 was demonstrated by those who were willing to embrace market realities and reorganize their businesses accordingly. As Bill Plattos, executive vice president of First Team Real Estate in Southern California, reports, 2009 revealed signs of stabilization in his market and increased business for companies that planned properly.

“We tried to read the market correctly and see where it was going and we focused on short sales,” he explains. “Plus, in our larger areas (Orange County, Riverside, Long Beach, etc.), our offices seemed to be cycling through the downturn faster than others. We developed our business plan specifically for getting the most we could out of the market that was presented to us. We also made agent training and marketing priorities.”

Even brokers in some of the country’s hardest hit areas are looking at 2009 as a positive year. Rei Mesa, president and CEO of Prudential Florida Realty, for example, describes 2009 as “an excellent year”…relatively speaking.

“Our transactions for single-family homes were up 31% and our volume was equal to 2008, which is an indication that Florida has become a very affordable state to live in,” explains Mesa. “For our other family of services, our mortgage group had a 9% increase year-over-year in loans and our title company saw a 13% increase year-over-year in the number of closed transactions, so it was an excellent year in looking at transactions as well as our bottom line. We have exceeded expectations from our business plan, based on our right-pricing approach, which is finally starting to impact our bottom line now.”

“Looking back, we had a reasonable year,” reports Dick Schlott, chairman and CEO of Gloria Nilson GMAC Real Estate in New Jersey. “We sold more houses than the company sold in 2008, but the average sales price was lower, which marks a continuation of what the market has been like the past few years. Looking back on the past year, we are pleased with how 2009 turned out, but are concerned that a majority of the activity came about because of the extended and expanded stimulus package.”

Many Power Brokers agree that government-sponsored programs helped shore up sales in the latter half of 2009. According to Georgianna Finn, broker/owner of Coach Realtors in Long Island, New York, “2009 matured throughout the year exactly as expected. No one was holding out on a realistic expectation for a return to a robust market. The last quarter of the year brought a substantial increase in business and profitability to the company, which is an encouraging sign. The increase in business came about through the government programs kicking in. Sellers decided to deal with the market instead of waiting for a miraculous change to occur.”

Those brokers who held on in 2009 were also those who wielded the red pen, cutting expenses where necessary to ensure survival.

“The fourth quarter of 2008 and first quarter of 2009 were just awful,” reports Prudential CA/NV President & CEO Ed Krafchow. “After that, it started to pick back up. There has been a lot of effort on everyone’s behalf to keep things going. By July of 2009, we were stable. That comes from cutting budgets and reorganizing.”

Operating in the New Landscape
As in any severe storm, the landscape often changes permanently in the aftermath. The real estate landscape is no different.

“We started the decade with a boom followed by a precipitous drop,” explains Lee. “The depth and speed of this decline caught everyone off guard. We knew a correction was coming but the severity and speed was not expected. But there are now positive signs for the future: home prices are no longer in a free fall and if you have good credit, you can get a mortgage—which, by the way, was the way it was always supposed to be.”

“This is the third downturn I’ve been through,” says Frank McDowell, broker/owner of Star Real Estate in Southern California. “It’s also the biggest. You have to be frugal and try not to expand too quickly. In the end, you’ll just end up cutting costs anyway as the market changes. I see between now and June to be very active.”

Succeeding in today’s market means accepting the fact that the real estate business has changed. “Today’s agents need to accept and embrace the market changes and then turn these changes to their best interest,” says Mesa. “Our successful agents have taken on REO business and figured out the appropriate process for short sales; they aren’t taking overpriced listings, they are focusing their marketing on the Internet rather than print and utilizing our family of services.”

Power Brokers are wary, however, about declines in the market this year once government programs come to a close.

“If the tax credit is not extended and if interest rates go up, I do see a slowdown,” says McDowell. “Because of this, I urge all of our agents to understand that this could happen and to take advantage of all the opportunities that are currently in front of them.”

“Once the stimulus package ends, we hope to see a pick-up in confidence in our particular market,” says Schlott. “After the stimulus package is abated, we anticipate that there will still be people buying and moving but at a more steady rate and within a higher price range over first-time buyers. As 2010 continues, we are forecasting an uptick in activity within our real estate market as well as stabilization within pricing. We are confident enough that things are going to continue to move in the right direction that we are opening two new offices in adjacent markets where we hope to get a piece of the market share.”

Planning for a Better Year, a Better Future
Like Schlott, savvy Power Brokers are well steeped in the realities of the new marketplace and honing their firms’ ability to make the most of the current and future real estate environment.

“We are continuing our business plan and focusing on short sales,” says Plattos. “We have learned and tackled every single point in short sales. In turn, our results are very good—85%-90% of the short sales close. In reading the market, it seems like the equity buyer and seller is coming back. The people who have owned a home and have a bit of equity have the opportunity to move up.”

“I don’t think the consumer confidence level has risen enough to stimulate the market. Nonetheless, well-run companies that are finely trimmed with a professional and hardworking sales force are going to be able to make it in this market,” says Finn.

Lessons learned from the current marketplace will serve Power Brokers well into the future.

“One lesson learned is to be careful of cost structure,” advises Krafchow. “Number two, if you’re not investing in the brokerage of the future you will get left behind. Number three, there’s this new generation of agents that have me fairly optimistic. I see Generations X and Y in this business and they have totally different behaviors and expectations.”

According to Lee, pent-up demand and low levels of building will soon result in reduced inventory.

“If history is any guide, the housing markets will rebound in advance of the labor markets and will help spark economic recovery,” says Lee. “Real estate is the locomotive that pulls the economy along. The biggest successes come out of the toughest times. You have choices. Choices you make will determine your destiny.”

As Prudential Americana CEO & Owner, Mark Stark says, the biggest lesson to walk away with for the future is to expect the unexpected.

“The things you think can never happen can happen,” explains Stark, whose company is based in Las Vegas. “While we couldn’t have planned for most of what has happened within the market recently, we have stayed ahead of the market. We haven’t lied to ourselves about what is happening—instead, we have been realistic and moved forward aggressively and quickly in order to protect our organization in the long term. No matter what happened within our marketplace, we were always prepared for it.”

“Even though there was a plethora of bad news, buying and selling of homes continues because families that couldn’t buy or sell over the last four years are able to now because of the low prices and interest rates,” says Schlott. “The market is certainly slower than it was four to five years ago, but we are entering the recovery phase now. While it is going to take a long time for prices to fully recover, this recovery period will bring prices back to 2003 levels and people are beginning to realize that now is an incredible time to buy or sell a home.”

- Stephanie Andre and Paige Tepping contributed to this article.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Lots of bargains? Not so, Fla. homebuyers say

WEST PALM BEACH, Fla. – Feb. 12, 2010 – Think there are all kinds of crazy deals to be had in today’s real estate market?

That’s what 31-year-old Jason Bellak thought, too – a year ago. He’s been searching that long for something in the $150,000 price range in Palm Beach County. Short sale, condo, townhouse, foreclosure – he’s looked at them all, made offers on several, but is still living with his parents in Royal Palm Beach.

Despite a perception that three-bedroom, two-bath beauties with granite countertops and good schools can be yours for a song – or at least for 20 percent down – it’s not a market reality, say frustrated homebuyers and their Realtors.

Cash investors, sluggish banks and thorny financing are limiting the options for your average homebuyer, who, by the way, is sick of hearing, “It’s a buyers’ market.”

“I was like most people, thinking there were a lot of deals out there,” Bellak said. “But it quickly became apparent that it wasn’t going to be such an easy process.”

Competition is highest now in the $150,000 to $250,000 price range, said market analyst Jack McCabe of McCabe Research and Consulting in Deerfield Beach.

The median single-family home in Palm Beach County sold for $238,000 in January – 9 percent higher than in 2009, according to the Realtors Association of the Palm Beaches. Inventory in January was down to eight months, less than half of what it was in January 2009.

“Most people still think we’re in this terrible market, but the inventory tells a different story,” said Realtor Scott Smith, who has clients struggling to find homes in the Jupiter and Palm Beach Gardens area even though they’re willing to spend between $350,000 and $400,000.

Bellak can’t even recall the details of all the offers he’s made on homes in the past year. He bid on a three-bedroom townhouse in foreclosure but lost. He made an offer on a short sale condo – meeting the $141,000 asking price – waited three months, but then couldn’t get financing because the homeowners association had too many delinquent accounts.

In most cases, for a buyer to get a Federal Housing Administration-backed loan for a condominium, no more than 15 percent of the units can be more than 30 days past due on association fees.

Now Bellak has his heart set on a two-bedroom Jupiter townhouse.

“I think if this one doesn’t go through, I may hold off for now,” said Bellak, who has been working with Realtor Craig Fialkowski of Herman Group Real Estate in Palm Beach Gardens.

Realtors say part of the problem is that people hear the hype about the down market and expect to find a steal in a great neighborhood.

Last year, more than 500,000 Florida homes received some type of foreclosure notice, according to the Irvine, Calif.-based company RealtyTrac.

But while foreclosures are usually priced low, they’re not always good deals. They could be tagged with liens, have missing appliances or be in general disrepair.

“It’s not like everything just became half-price overnight with no repercussions,” said Realtor Shannon Brink of Re/Max Prestige Realty in downtown West Palm Beach. “Plus, many banks still sell homes off at auction or to capital investors, so not everything even hits the open market.”

Crystal Paul and her fiancé, Antonio Hester, both 25, have been working with Brink since December to find a home for about $150,000.

They’ve looked at a dozen or more properties and have made some offers. But they’ve lost out to investors with ready cash, which is more attractive to banks.

“You find a house you think you can live in, but then you lose it,” Paul said. “The cash investors have the upper hand and here we are just trying to get started.”

When a short sale off Military Trail popped up last week for $139,900, Paul and Hester made an offer that the homeowner accepted. But he owes more than $230,000 on the house, and in the end it’s up to the bank to OK the sale.

Brink said banks will sometimes set a low asking price on a short sale to attract buyers, but with no plans to actually settle for that price.

While short sales have traditionally taken months to settle, new federal guidelines that go into effect in April require banks to respond to short sale offers within 10 days.

More good news for buyers this year is the prediction of an increase in foreclosures that could further reduce prices.

G. Stacy Sirmans, a real estate professor at Florida State University, said the market hasn’t hit bottom and won’t for at least another year.

“It’s definitely a buyers’ market,” Sirmans said.

Copyright © 2010 The Palm Beach Post, Fla., Kimberly Miller. Distributed by McClatchy-Tribune Information Services.

There are many good deals I’m seeing in the South Tampa market today that are foreclosures and short sales.  The short sales are a bit trickier to land, but I’ve experienced some recent success getting the lender to accept a low offer.  I just had one approved that was listed at $165K and we offered $135K.  The buyer thought I was crazy sending him that one because he was only approved at $135K.  I told him that you never know what they will take until you submit an offer.  To his delight, they accepted the $135K and he ended up getting the opportunity to own a much nicer home than he thought he would get.  It even had a very nice pool.  Foreclosures, REO’s (Real Estate Owned), and Bank Owned properties which are all the same thing, are a little easier to pick up.  Typically, we are seeing a 48 hour turn around on a response from the bank to an offer.  Unfortunately, you are up against cash buyers most of the time on the really good ones, but many will accept conventional financing and FHA.  Most are in an unacceptable condition for FHA, but not the FHA rehab loan which is becoming more and more popular.  I would be happy to go over any of the above information more in depth with you if you have interest in looking at your options.  To view South Tampa homes for sale, please click here and go to the featured listings page.

Many homes in the South Tampa area are in the $150,000 and below price range.  What a great opportunity for anyone to purchase a home at 3.5% down with FHA. It’s a buyers market and people should take advantage. Under the FHA guide lines a seller can contribute up to 6% of closing cost. I am a hands on Realtor which means that I help my clients find a home, have a professional inspect the home and help with finding the right professional to do the repairs if needed.  I try to create a long term beneficial relationships with all of my clients.

Six reasons why it’s still a good time to buy

NEW YORK – March 31, 2009 – The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.

2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.

Want to learn more about the home buyer tax credit? You can sign up for NAR’s upcoming Webinar, “Build Your Business Using the Improved Home Buyer Tax Credit” set for April 28.  For more information click here.

Source: The Wall Street Journal, June Fletcher (03/27/2009)

There are many good deals I’m seeing in the South Tampa market today that are foreclosures and short sales.  The short sales are a bit trickier to land, but I’ve experienced some recent success getting the lender to accept a low offer.  I just had one approved that was listed at $165K and we offered $135K.  The buyer thought I was crazy sending him that one because he was only approved at $135K.  I told him that you never know what they will take until you submit an offer.  To his delight, they accepted the $135K and he ended up getting the opportunity to own a much nicer home than he thought he would get.  It even had a very nice pool.  Foreclosures, REO’s (Real Estate Owned), and Bank Owned properties which are all the same thing, are a little easier to pick up.  Typically, we are seeing a 48 hour turn around on a response from the bank to an offer.  Unfortunately, you are up against cash buyers most of the time on the really good ones, but many will accept conventional financing and FHA.  Most are in an unacceptable condition for FHA, but not the FHA rehab loan which is becoming more and more popular.  I would be happy to go over any of the above information more in depth with you if you have interest in looking at your options.

Exit Bayshore Realty is rolling out the MacDill AFB Mover’s Rebate Program.  We will rebate a portion our commission when you buy a home from us.  This offer is extended to active and retired Military and anyone working on or affiliated with MacDill Air Force Base.  Our program is of more benefit to home buyers than the USAA Mover’s Advantage and Navy Fed’s Realty Plus programs as we don’t require you to use a certain lender or title company.  You choose to use whoever you wish which enables you to receive special incentives on financing at times and can save you money on your closing costs.  For more information about this program, feel free to contact Buster Levin at 813-294-1420.

Welcome to MacDill Air Force Base and the beautiful state of Florida! MacDill Air Force Base is located eight miles south of Tampa on the Southwestern tip of the Interbay Peninsula in Hillsborough County.

The region is referred to as “Tampa Bay,” which is a seven-county region on Florida’s west coast offering a variety of communities. The counties of Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota come together to shape a vibrant market where lifestyle options reflect the best of what Florida has to offer. The location of MacDill is ideal for tourism. The area is filled with activities that can be enjoyed by the entire family. Everything from parks, museums, concerts and a healthy nightlife can be found here.

MacDill AFB is home of the United States Air Force Air Mobility Command (AMC) 6th Air Mobility Wing (6th AMW) and is a part of the AMC’s Eighteenth Air Force.

The 6th AMW is a 3,000-person force capable of rapidly projecting air refueling power anywhere in the world. They are organized into five groups in order to carry out their mission to be America’s premier mobility team providing world-class air refueling, responsive airlift and airbase support to Headquarters U.S. Central Command, Headquarters U.S. Special Operations Command and 51 other mission partners that all call MacDill home.