It has come FULL CIRCLE...

the default rate among homeowners in Florida has increase so dramatically that, according to CNN.com, Florida now ranks #1 in the country for the number of foreclosed properties within our state.

Here's what we are seeing right now:

• Rising indices tied to risky mortgage loans are forcing homeowners to default on their payments
• Huge tax and insurance bills are financially destroying otherwise capable homeowners
• Short Sales by banks are on the rise (owners sell for an amount less than the balance of their loan).
• Some homeowners are not even able to make the VERY FIRST PAYMENT due
• Sellers now have to compete with foreclosed/pre-foreclosure properties IN ADDITION TO regular "for sale" properties.
• "Flipping" properties is not so likely to generate a guaranteed profit, as many investors are finding out.

Some have indicated that the market is stabilizing - I was of that opinion during February, which was incredibly brisk activity-wise. However, I believe this is just the tip of the iceberg. Property tax modifications may salvage the situation but make no mistake about it - the amount of foreclosed properties in Florida will increase dramatically throughout 2007.

Condos, Condos, Condos...

Deals abound on the Beaches and inland areas of Pinellas County - are you going to take advantage of them??? Inventory is sky high, interest rates are dirt cheap, and sellers need to sell (some need to sell really bad!).

On Sand Key, Clearwater Beach, and Island Estates, there are currently 818 condos available for sale. Only 37 are "Under Contract" to sell. That leaves plenty o' condos for sophisticated real estate entrepreneurs. 2 BR Gulf front condos on Sand Key are getting very close to the $300's...some say "Wait, they'll go lower", while others are recommending buying now to lock in instant equity.

It has been years since buyers had such comprehensive buying power! Want to know the least expensive units in certain complexes on the Beaches? Think you missed the chance to acquire Beach property at affordable prices? Don't be so quick - email me for the BE$T DEAL$ ON THE BEACH and own a piece of the beach right now!

To see what you're missing, click HERE

Happy Buying!

Rich C.

For those that may not be familiar, the Belleview Biltmore Hotel & Resort is nestled quietly on the Pinellas County coastline and is a nationally recognized historical treasure. For awhile, the fate of the Biltmore was unknown - is it saved or torn down. Time nor weather has not always been kind to the towering wood structure, but now a major investment firm has reportedly contracted to purchase the Biltmore and restore her to her former glory.

Click for the March 9th, 2007, St. Pete Times article

What does that mean for Pinellas County residents? Aside from recognizing the value of historically-significant buildings and landmarks, this move may revitalize an area whose appeal has lagged as the Biltmore's condition steadily deteriorated. That may also mean increased revenue generated from visitors, increased revenue generated by groups using the facilities for both personal and business means, and increased property values, especially within the gates of the Belleair Country Club/Belleview Biltmore complex.

For more about the Biltmore, please visit their website at:

http://www.belleviewbiltmore.com/

Cheers!

Check out my new Largo listing at www.richsellstampabay.com/featured_properties/12265Eldon.php.

When you're there, please click on the "Comp Report" button to see WHAT A TERRIFIC DEAL THIS HOME IS***

The Virtual Tour is at www.CirclePix.com/W8ATBN

Cheers*