The Housing Finance Authority of Pinellas County announces the return of its popular Making Pinellas Home down-payment program. The program will offer interest-free, deferred payment assistance to help qualified home buyers achieve the dream of home ownership.

Loans of up to $15,000 are available to households with incomes up to 80 percent of area median income. Loans can be used for a down payment and closing costs. The program is available anywhere in Pinellas County.

There are no payments for the first five years and no interest, ever. Homes must be priced at or below $240,158. For more information about the Making Pinellas Home program, or for referral to an approved lender, contact the Housing Finance Authority of Pinellas County at (727) 464-8210 or visit www.pinellascounty.org/ community/hfa.

Merry Christmas to all...have a great week of fun and relaxation...maybe Santa will bring us some good news in 2009!

November was bleak, as expected. Overall home & condo sales rates were about a point lower than October’s sales rates. Pending home sales ticked up (as reported by several media outlets) but many of those don’t make it to closing the next month (or at all!). Pricing is still homeseller’s strongest sales tactic – distressed properties in Tampa Bay sold at an AVERAGE PRICE 23% LOWER than non-distressed properties, which is very stiff competition.

Below is a 5 year lookback at our inventory in Tampa Bay – November’s inventory dipped below 38,000 units for sale for the 1st time in AT LEAST 2 YEARS! Our current rate of supply decay from Nov ‘07 to Nov ’08 is 10%...at current rates, barring any major increase in buyers or inventory, it would take 10 YEARS to get back to healthy, sustainable levels, i.e. 12,000 – 14,000 units! I think the turnaround will be quicker, but no sooner than 2010 until we see that “healthier” market.

Expect December to be as slow as November. I am experiencing more showing calls and also taking clients out more often. I also expect a mental shift in homebuyers in the 1st quarter of 2009 as 1) confidence in a new administration 2) low mtg rates 3) low prices and 4) increased job stability encourage homeowners to explore our market.


TAMPA BAY AREA (tri-county) Homes Condos Total Units

Total Units Available: 26,040 11,446 37,486

Total Units Pending: 1,789 523 2,312

Total Units Sold: 1,406 394 1,800

Absorption rate: 5.40% 3.44% 4.80%

Avg Days on Market 97 days 106 days 99 days

Months of Inventory 18.5 mons 29.1 mons 20.8 mons

Sold vs List Price % 93% 92% 93%

Sold vs Original List Price % 83% 83% 83%


PINELLAS COUNTY Homes Condos Total Units

Total Units Available: 9,089 6,570 15,659

Total Units Pending: 576 270 846

Total Units Sold: 458 204 662

Absorption rate: 5.04% 3.11 % 4.23%

Avg Days on Market 96 days 120 days 103 days

Months of Inventory 19.8 mons 32.2 mons 23.7 mons

Sold vs List Price % 92% 91% 92%

Sold vs Original List Price % 84% 82% 83%


N. BEACHES (476-478, 370-375) Homes Condos Total Units

Total Units Available: 707 1800 2,507

Total Units Pending: 29 72 101

Total Units Sold: 27 48 75

Absorption rate: 3.82% 2.67% 2.99%

Avg Days on Market 91 days 120 days 110 days

Months of Inventory 26.2 mons 37.5 mons 33.4 mons

Sold vs List Price % 92% 90% 91%

Sold vs Original List Price % 83% 82% 83%

Good day! I apologize for the delayed entries - my 2 month old is keeping my wife and I busy!

It's hard not to get depressed about real estate these days - agents, brokers, oweners, and buyers who have trouble qualifying. Every segment has it's challenges, but there is a silver lining: AFFORDABILITY!

Homes have certainly become more affordable these days and, coupled with the low, low interest rates, it's a recipe for INCREASED HOMEOWNERSHIP - in the future, that is. Our economic recession and job losses will delay this increase, but like the tides, it will come.

Hillsborough County experienced just a slight 6% increase in home sale from Nov 07 to Nov 08. ONE THIRD (1/3) of all those sales were CASH!!! Average home prices dropped 27% over the same 1 year time frame, which greatly increases buying power.

The rub is that our supply of homes in the tri-county Tampa Bay area have decreased MINIMALLY...At one point, we were at 41,000 properties for sale - we are currently down to 37,000 and change. Look for a bottom when supply falls through 20,000 units...until then, it will be a "race to the bottom" for home sellers, as they compete with the HUGE tide of bank-owned foreclosures and distressed properties.

Hang in there, it will get better.

Real estate continues to take a hit in the Tampa Bay area as we grapple with 3 times the normal amount of inventory and only 6 out of 100 available properties selling in the Tampa metro area.

The beaches, spurred by investors and "flippers", are still in sticker shock as only 3 out 100 available properties sold in October.

The global credit crises may be to blame for the lower than anticipated numbers, but in the end we are still in a supply vs. demand correction. Condos are doing only half as well are SFH, but both types of homeowners are seeing sales prices at appr 80% - 85% of the original sales price...


MLS MONTHLY REPORT October ‘08


TAMPA BAY AREA (tri-county) Homes Condos Total Units

Total Units Available: 26,431 11,677 38,108

Total Units Pending: 2,074 534 2,608

Total Units Sold: 1,671 446 2,117

Absorption rate: 6.32% 3.82% 5.56%

Avg Days on Market 95 days 107 days 97 days

Months of Inventory 15.8 mons 26.2 mons 18.0 mons

Sold vs List Price % 93% 90% 93%

Sold vs Original List Price % 84% 82% 84%


PINELLAS COUNTY Homes Condos Total Units

Total Units Available: 9,253 6,672 15,925

Total Units Pending: 627 239 866

Total Units Sold: 547 227 774

Absorption rate: 5.91% 3.40 % 4.86%

Avg Days on Market 88 days 110 days 95 days

Months of Inventory 16.9 mons 29.4 mons 20.6 mons

Sold vs List Price % 92% 89% 91%

Sold vs Original List Price % 85% 81% 84%


N. BEACHES (476-478, 370-375) Homes Condos Total Units

Total Units Available: 700 1785 2,485

Total Units Pending: 26 57 83

Total Units Sold: 20 48 68

Absorption rate: 2.86% 2.69% 2.74%

Avg Days on Market 104 days 125 days 118 days

Months of Inventory 35.0 mons 37.2 mons 29.9 mons

Sold vs List Price % 90% 87% 88%

Sold vs Original List Price % 83% 79% 80%

THE FOLLOWING CONCERNS ALL HOMEOWNERS AND POTENTIAL HOMEBUYERS IN FLORIDA AND TAMPA BAY!

This was an excellent article in the St. Pete Times. I have been telling my clients this for a while now as it relates to private appraisals for the purchase/sale of a property...appraisers have long ignored a foreclosure sale as a comp, but how can you if the last 3 sales of comparable homes were all bank-owned foreclosure re-sales??? You can't...this change will be bittersweet:

1) Home values will dip even more
2) Homes will continue to become more affordable
3) On average, taxes should go DOWN as a result of the lower values

http://www.tampabay.com/news/localgovernment/article902726.ece

Foreclosures may alter home values
By Will Van Sant, Times Staff Writer
In print: Friday, November 14, 2008


In a sign of how the real estate market has imploded, property appraisers plan to figure in foreclosure sales when they value homes next year.

State Department of Revenue rules advise county property appraisers to ignore foreclosures and other types of "distressed" sales in favor of arms-length deals between willing buyers and sellers.

The belief is that such open market sales are truer indicators of home values. But that's only the case when foreclosure sales are relatively rare, not rampant like they are now, property appraisers are saying.

"The number of foreclosure sales we are dealing with now is so much greater than I have ever seen that I believe they have become part of the market," said Pam Dubov, Pinellas County's property appraiser-elect.

Warren Weathers, Hillsborough County's chief deputy appraiser, said that Dubov is right and that his office also will look at how to gauge the effect of foreclosure sales on values. In Pasco County, Appraiser Mike Wells has already done so for this year's tax roll.

"Some of the Department of Revenue rules are for a normal market," Weathers said, "and this is not a normal market."

Dubov and Weathers have yet to come up with a method for weighing how the inclusion of foreclosure sales will effect homeowners' property tax bills.

It's complex and uncharted territory, they said. Next week, appraisers from across Florida are meeting in St. Petersburg, and Dubov said she plans to raise the issue.

"We have to do some gaming of this and see what it looks like," she said. "I just know we can't do business as usual."

But both she and Weathers agree one likely result is that homeowners in areas with lots of foreclosure sales whose homes are assessed near market value will see their property tax bills drop next year, assuming governments don't raise tax rates.

In Pasco, Property Appraiser Wells said that in the spring he told his staff to consider foreclosure sales when developing the current tax roll. Wells said he did so after talking with his staff, his attorney and few others. He has yet to hear complaints from the state, or from homeowners who saw their tax bills dip.

"I believe it allowed me to come up with a fairer picture of the market, and what is going on out there," Wells said.

Jim Overton, Duval County property appraiser and president of the Florida Association of Property Appraisers, said he was unaware of Wells' move but isn't surprised others are eager to follow. The issue was discussed recently among appraisers at the national level, he said, and will be taken up by his association in coming months.

According to Dubov, Gov. Charlie Crist's office has asked the Department of Revenue for a review of the matter. Other than to say two or three appraisers have been in contact about the issue, the department declined to discuss what Dubov, Weathers and others plan.

Hernando County Property Appraiser Alvin Mazourek said he also was considering how to incorporate distressed sales into next year's values.

Though some homeowners may see their tax burden lift a bit, the decision by property appraisers to include foreclosure sales in their market analysis could reduce the amount of revenue going to already strapped local governments.

Incoming Pinellas administrator Bob LaSala said that in such a precarious economy it makes sense for appraisers to innovate and change their practices, even if it makes his job tougher.

"I wouldn't begrudge the home­owner who is struggling with a tax bill a solution that might make sense in this broader picture just because I've got constraints as well," LaSala said.

Florida is second only to California in the number of struggling borrowers who have lost their homes to lenders. In Tampa Bay area counties last month, 26 percent of real estate deals involved banks selling off properties reclaimed through foreclosure. Another 9 percent were "short sales," where borrowers behind on mortgages settle with lenders for less than what's owed.

That means in October more than one in three deals were distressed. The figure in September was 28 percent.

By comparison, in September 2007, 6 percent of sales were distressed; in September 2006, just 1 percent.

Peter K. Murphy, a real estate consultant with Home Encounter in Ybor City who provided the data on distressed deals, said that last month banks were selling foreclosed homes for 60 percent of market value.

Will Van Sant can be reached at vansant@sptimes.com or (727) 445-4166.

Now here is some real help for our real estate market...

OCT 29, 2008 - Realogy Corporation, a global provider of real estate and relocation services, today announced that the Company has approached the U.S. Department of Treasury with a practical solution to help stimulate the housing market and lead to a broader economic recovery. The Company also conducted separate national surveys with its real estate franchisees and U.S. homeowners, the results of which underscore the rationale behind its proposal.

“There are millions of credit-worthy people ready to jump back into the housing market, but they need to be motivated,” said Realogy President and CEO Richard A. Smith. “In our view, the incentive of substantially lower mortgage rates would directly stimulate the housing market — both in sales volume and price — and thus accelerate the overall U.S. economic recovery.”

Realogy’s proposal calls for a short-term government buy-down of mortgage rates to at
least 4.5%, or lower, for a 30-year fixed rate mortgage (down from current rates of
approximately 6.04%1). This homebuyer incentive would apply to the purchase of all new and/or existing homes sold up to $1 million in price. There are a number of ways in which the government ultimately could decide to structure and fund this program, which could be addressed as part of the stimulus packages currently being discussed in Washington.

Realogy is working with a number of other organizations to carry this message forward and encourage greater dialogue around solutions aimed at boosting the economy through a direct stimulus to the housing market.

The numbers are in and they're NOT, I repeat NOT as dreary as expected, given the turmoil in our markets. October may be worse...only time can tell. Simply put, only 6% of all homes in the Tampa Bay area sold, and if they did sell, it was at 84% of the original listing price!


TAMPA BAY AREA (tri-county) Homes Condos Total Units
Total Units Available: 26,462 11,639 38,101

Total Units Pending: 2,259 574 2,833

Total Units Sold: 1,791 463 2,254

Absorption rate: 6.76% 3.98% 5.92%

Avg Days on Market 103 days112 days 105 days

Months of Inventory 14.8 mons25.1 mons 16.9 mons

Sold vs List Price % 93% 93% 93%

Sold vs Original List Price % 84% 85% 84%


PINELLAS COUNTY Homes Condos Total Units

Total Units Available: 9,066 6,638 15,704

Total Units Pending: 737 298 1,035

Total Units Sold: 565 229 794

Absorption rate: 6.23% 3.45% 5.06%

Avg Days on Market 92 days 113 days 98 days

Months of Inventory 16.0 mons 29.0 mons 19.8 mons

Sold vs List Price % 90% 92% 91%

Sold vs Original List Price % 82% 85% 83%


N. BEACHES (476-478, 374, 375) Homes Condos Total Units
Total Units Available: 227 862 1,089

Total Units Pending: 15 37 52

Total Units Sold: 10 28 38

Absorption rate: 4.41% 3.25% 3.49%

Avg Days on Market 148 days 116 days 124 days

Months of Inventory 22.7 mons 30.8 mons 28.7 mons

Sold vs List Price % 82% 92% 88%

Sold vs Original List Price % 74% 88% 82%

I was recently contacted by a homeowner in a condo complex in Florida with a question that is probably all to common...

"If I feel that the Monthly Maintenance Fee is too high (based on what it was when I moved in and the minimal Common Area assets we maintain) and if I only continue to pay the old MMF amount, what will happen?"

Speaking generally, we must assume that these annual increases are calculated correctly and applied per the condo bylaws and rules. If not, that's a whole 'nother story!

In my experience, a homeowner in a condo community is obligated to pay the full assessment as approved by the Board of Directors, even if they disagree. Should one only pay a partial amount (for example the old MMF amount), the difference will become a late payment and/or deficient amount. At that point, any future MMF payment would first be credited to the late amount and then applied to the current month. As you see, after 6 months, this could be a large deficit.

PLEASE understand: an association, at least in Florida, can and will foreclose on an owner for late fees owed and take possession of the property!

Consider the following story:

By MICHAEL SASSO The Tampa Tribune

Published: June 2, 2008

NEW PORT RICHEY, FL - Tired of the nagging letters from your neighborhood homeowners association, the threats of liens on your home?

Before you ignore the homeowners association, consider the fate of Gregory Green.

More than three years ago, Green's body seemed to be falling apart. Overweight, he suffered two blood clots in his lung, then he needed surgery for a back injury, then he was diagnosed with diabetes. On his doctor's advice, he left his job at an Alzheimer's care center in Tampa and began collecting disability benefits, which were about half his previous salary and put a strain on his family's finances, Green says.

By 2005, the family of five had fallen behind on dues to the homeowners association of The Glen at River Ridge, which represents about 150 homes in a west Pasco County subdivision.

The result: In September, the homeowners association foreclosed on the house for owing $580.

"These are neighbors," Green said of the board of directors of the homeowners association. "Neighbors are supposed to be compassionate."

The Greens' story isn't the norm for homeowners association disputes, but foreclosures that end with the sale of a debtor's home have become surprisingly common in the Bay area and throughout Pasco County, Florida, according to two lawyers who represent hundreds of homeowners and condo associations between them, Bob Tankel of Dunedin and Ron Cotterill of Tampa. Tankel estimates such cases have increased tenfold in the past four years, based on his firm's caseload.

In many situations, homeowners are losing their properties over a few hundred dollars in delinquent homeowners assessments....

I am not a lawyer nor does Florida State law allow me to dispense legal advice. That said, individual unit homeowners do have the ability to review the annual budget and see where the dollars are going. Owners also have the opportunity to speak to the Board of Directors and voice opposition to the raise in fees. Despite what others may say, unit owners also have a right to all Association financial data such as YTD budgets and balance sheets.

The ultimate option is to sell your stake in the complex, ie your unit.

Before you do that, I will venture that if you were to sit down with Board members and discuss finances, they wil tell you that operating expenses have exploded and many complexes built in the 70's and 80's are finding they must complete substantial repairs to maintain Association assets simply based on age. While it is disagreeable, in most cases I assume it's justified, as the Board members are obligated to pay the fees themselves.

***CONDO OWNER ALERT***

Since 2004, Florida's Condominium Act has required unit owners to maintain hazard insurance on their units - separate and above the hazard insurance on the common areas paid for by the condo association. It became apparent after the 2004 hurricane season, though, that the law wasn't being enforced when individual condos ravaged by Hurricanes Charlie and Jeanne weren't repaired or rebuilt because the unit owners lacked insurance. HB 601 provides condo associations a way to enforce THESE insurance standards by requiring unit owners to provide proof of insurance every year. If a unit owner fails to provide a certificate of insurance, the association may purchase insurance on the owner's behalf and assess the unit owner for the cost of the insurance.

Unit Owner Insurance: This bill also provides that as to individual unit owner policies, effective January 1, 2009, such policies must: (1) contain a provision stating that the coverage is excess coverage; and (2) include special assessment coverage of not less than $2,000 per occurrence. Individual unit owner policies may not provide rights of subrogation against the association. All improvements or additions to the condominium property that benefit fewer than all of the unit owners shall be insured by the unit owners that benefit from such property, or may be insured by the association at the expense of the unit owners who have the use thereof. Condominium property consisting of free-standing buildings may be insured by the unit owners if the declaration so provides.

Well, what a difference a week makes...bank failures...institutional brokerages running around like chicken little...gov't bailing out these institutions to the tune of BILLIONS of dollars...hmmm, this sounds eerily familiar. A credo I have adopted in light of our current political situation is "those who do not know history are condemned to repeat it".

This subprime crisis and the resulting gov't rescue is is literally a page out of the 80's and early 90's...the debacle known as the S & L crisis. Here's a quick summary of what happened then (notice the parallels) courtesy of Wikipedia:

"The savings and loan crisis of the 1980s and 1990s (commonly referred to as the S&L crisis) was the failure of 747 savings and loan associations (S&Ls) in the United States. The ultimate cost of the crisis is estimated to have totaled around USD$160.1 billion, about $124.6 billion of which was directly paid for by the U.S. government—that is, the U.S. taxpayer, either directly or through charges on their savings and loan accounts—which contributed to the large budget deficits of the early 1990s. The resulting taxpayer bailout ended up being even larger than it would have been because moral hazard and adverse selection incentives compounded the system’s losses.
The concomitant slowdown in the finance industry and the real estate market may have been a contributing cause of the 1990-1991 economic recession. Between 1986 and 1991, the number of new homes constructed per year dropped from 1.8 million to 1 million, the lowest rate since World War II."

How is this going to play out...initial reports suggest the creation of a RTC-type entity to spin off the bad debt and assets, which will, in the end, cost US - the taxpayers!

This may affect our long-term real estate outlook - i am expecting some add'l stabilization sooner than what we are currently forecasting...stay tuned...it will only get more interesting.

Hurricane Ike may be hundreds of miles away, but local homebuyers have still been stung by it's effects - Insurance underwriting was shutdown yesterday at 11a and as of 845a Tuesday morning, Florida is still on a resticted underwriting status. See below:


"No application for new, or endorsement for increased coverage may be bound, written, or issued, or monies received, regardless of effective date, when a Tropical Storm or Hurricane Watch or Warning has been issued by the National Weather Service for any part of the State of Florida. "

We are under storm restrictions.

Storm Name Start of RestrictionDate and Time End of RestrictionDate and Time

Hurricane Ike 09/07/2008 11:00 AM EST

Hurricane Gustav 08/29/2008 5:00 PM EDT 09/01/2008 11:00 AM EDT

Tropical Storm Fay 08/17/2008 5:00 AM EDT 08/23/2008 11:00 PM EDT

For Tropical Storm Advisories and Information visit the National Hurricane Center.

FLORIDA'S LANDLORD/TENANT LAW

Questions concerning landlord/tenant rights are one of the top inquiries I receive. Most people living in leased apartments and other rental housing know there are laws dealing with landlord/tenant relationships, but they often don't find out the details until there is a problem.

The following landlord/tenant information is provided to answer many of the questions frequently asked regarding landlord/tenant rental relationships, according to Florida's Landlord/Tenant Law (Chapter 83, Part II).


BEFORE YOU RENT*

When searching for a rental dwelling, be careful when leaving a deposit to hold an apartment for a short period of time in order to shop around for other possible dwellings. If the property manager says the deposit will be returned whether you decide to rent the apartment or not, always get that verbal promise in writing.*

• Make sure you have reviewed your rights and obligations as a tenant and the rights and obligations of the landlord, according to Florida's Landlord/Tenant Law (Statute 83, Part II). Just google it.
• Although Florida law does not require a written lease, you should request a written lease that clearly states all the terms. Oral leases are subject to misunderstandings and are more difficult to enforce.*
• If there is no written lease, the span of your rental payment (weekly, monthly, etc.) determines the length of the agreement.*
• Before signing a rental agreement make sure you understand the terms of the contract. If you don't understand, don't sign the lease! There is NO required grace period for canceling leases, so if you sign, you are bound to the agreement.*
• Before signing a rental agreement always conduct a preliminary walk-through in the actual premises you intend to rent in order to identify any problems that should be fixed before you rent. Verbal promises made by the landlord to fix the identified problems should be included or attached as a written agreement to the lease and signed by the landlord.*
• A damage deposit (security deposit) is one of the most common requirements of landlords. At the time of your pre-rental walk-through with the landlord, you should make note of damaged items or areas, worn rugs, broken fixtures, etc., and give a copy to the landlord. Keep a copy for your files. This may eliminate or minimize disputes later. If you can't do the walk-through before signing the lease, complete one immediately after signing the lease.
• Know the difference between a Security Deposit and an Administrative Fee or Processing Fee. Florida Statute Chapter 83 provides for the return of security deposits whereas administrave fees and processing fees are not the same as deposits and are generally not refundable.

THE LANDLORD'S RESPONSIBILITIES*

Florida Statutes, Section 83.51, require a landlord to comply with the requirements of applicable building, housing and health codes. This means:

• 1. The roof must not leak.
• 2. The walls must be weather-tight and in good repair.
• 3. The stairs must be safe for normal use and maintained in good repair.
• 4. Windows and doors must be weather-tight, water-tight, rodent-proof and kept in sound working condition. Outside doors have to have proper locks.
• 5. Window panes cannot have cracks and holes. Outside windows must have screens.
• 6. Inside floors, walls, ceilings must be basically rodent-proof and kept in sound condition and good repair and should be safe.
• 7. The house or apartment must have hot water that is connected to the kitchen and bathroom sinks, tub or shower.
• 8. All houses or apartments must have a flushin toilet in good working condition.
• 9. When cooking and heating equipment are provided by the landlord, they must be safely installed and in good working order.
• 10. There must be adequate garbage disposal facilities or garbage storage containers.
• 11. Every habitable room must have at least two separate floor or wall electric outlets and, additionally, every kitchen, bedroom, bathroom and hallway must have a ceiling or wall-type fixture, or an outlet controlled by a wall switch near the entrance to the room.
• 12. All electrical systems must be in good repair and good working order.

IF THE LANDLORD DOES NOT COMPLY* If your landlord has failed to comply with the previous listed code responsibilities and has ignored your request to undo their unlawful action, contact the appropriate City housing office. * If your landlord fails to do what the law or lease requires, you may be able to withhold a portion of your monthly rent until the property is brought into compliance. You must give written notice to the landlord of your intention to withhold rent and give the landlord time to make repairs in accordance with the procedures as set forth in Florida Statute Chapter 83, Sec. 83.56 (1)(a) or (1)(b). You must allow at least seven days for repairs and your written notice must give detailed information on the items that need to be repaired.

July’s sales data is very similar to June’s…here are some highlights:

• Across all segments, SFH sales are doing much better than condo sales.
• Roughly 6.20% of all homes for sale in the tri-county Tampa Bay area sold in July. Simply put, it’s appr 6 out of every 100 properties.
• Beach home sales rebounded from their low sales in June to “regular” sales volume in July.
• Beach condos are selling (on average) at 79% of original list price!
  

MLS MONTHLY REPORT JULY ‘08


TAMPA BAY AREA (tri-county) Homes Condos Total Units

Total Units Available: 26,748 11,918 38,666

Total Units Pending: 2,285 619 2,904

Total Units Sold: 1,885 513 2,398

Absorption rate: 7.05% 4.30% 6.20%

Avg Days on Market 99 days 125 days 104 days

Months of Inventory 14.2 mons 23.2 mons 16.1 mons

Sold vs List Price % 94% 93% 93%

Sold vs Original List Price % 86% 84% 85%


PINELLAS COUNTY Homes Condos Total Units

Total Units Available: 9,163 6,864 16,027

Total Units Pending: 683 328 1,011

Total Units Sold: 574 280 854

Absorption rate: 6.26% 4.08% 5.33%

Avg Days on Market 96 days 143 days 111 days

Months of Inventory 16.0 mons 24.5 mons 18.8 mons

Sold vs List Price % 92% 92% 92%

Sold vs Original List Price % 85% 82% 84%


N. BEACHES (476-478, 374, 375) Homes Condos Total Units

Total Units Available: 246 920 1,166

Total Units Pending: 12 38 50

Total Units Sold: 14 37 51

Absorption rate: 5.69% 4.02% 4.37%

Avg Days on Market 98 days 180 days 158 days

Months of Inventory 17.6 mons 24.9 mons 22.9 mons

Sold vs List Price % 90% 91% 91%

Sold vs Original List Price % 86% 79% 82%

Here are some quick "tidbits" for you:

1. The First-Time Home Buyer Tax Credit was just signed into law and it may be confusing for some to understand. The "credit" is actually a NO-INTEREST loan that will be repaid over a period of 15 years (read the fine print). It's a great deal, don't get me wrong, but it's not FREE MONEY ;-( To qualify, a buyers' date of first occupancy must be on or after April 9, 2008 and before July 1, 2009. Visit www.federalhousingtaxcredit.com for more info.
2. If you have a Citizen's Wind Insurance policy, you may need a new roof w/i the next 6 months. An article in the St. Petersburg Times describes a homeowner with a shingle roof more than 25 years old AND/OR any type of roof more than 50 years old (i.e. concrete tile) may have their policy non-renewed when it expires. Call your insurance agent with any questions.
3. Hundreds of foreclosed homes will be auctioned off in Tampa on August 13, 2008 and other parts of the state thereafter. Sponsored by Hudson and Marshall, (www.hudsonandmarshall.com), this aution may be a chance for investors to get in on a property with instant equity. If you go, make sure you register and bring the required downpayment in certfied funds (normally 5%-10%). The balance of funds are normally due within 30 days.

It's all things education this week...Pinellas County schools start August 19, 2008, which is closer than it seems - only 3 weeks away!

Pinellas County also had no schools that received an "F" this past year - and only 7 of the total 125 schools received a "D". In total, approximately 75% of Pinellas County schools received an "A" or "B".

Locally, Pinellas County has moved away from the old "School Choice" format of assigning schools to the "Closer-to-Home" method based on geography and population. THIS IS EXTREMELY IMPORTANT WHEN FAMILIES ARE DECIDING WHERE TO BUY IN PINELLAS COUNTY!

For detailed information on the methods and standards to which schools are assigned/requested, pleae visit http://www.pcsb.org/choice/files/StudentAsssignmentPlan_12_19_07.pdf. This information is too in-depth and detailed to explore in this blog. Suffice to say, schools are assigned on a capacity and geographical basis but there is still an option of "applying" for a different school for various reasons.

The change has to do with the complicated process of the previous 8 years that including applying for 3 different schools and hoping and praying your child was assigned to one of them (preferably the first choice). The end result was disappointment and frustration as some children would be bussed miles to a school farther away than a neighborhood school. District financial pressures also necessitated this change, as "closer-to-home" schools = less bussing requirements. As a soon-to-be-parent, I am in favor of this new assignment plan (i.e. I have not heard of any negatives associated with it).

To see these new assignment maps, go to:

• Elem. school map: http://www.pcsb.org/choice/files/08-9%20StuAsgntEL.pdf
• Middle school map: http://www.pcsb.org/choice/files/08-9%20StuAsgntMS.pdf
• High school map: http://www.pcsb.org/choice/files/08-9%20StuAsgntHS.pdf

http://www2.tbo.com/content/2008/jul/23/pool-builder-unfinished-projects-files-bankruptcy/

Pool Builder With Unfinished Projects Files For Bankruptcy

By MARK DOUGLAS
News Channel 8
Published: July 23, 2008

Customers Left High And Dry

For a handful of homeowners in Pasco and Hillsborough counties who dreamed of floating in their new pools by now, it's going to be a long, hot summer.

As many as a dozen customers of Tampa-based Capital Pools & Spas Inc. now have to look elsewhere for someone to finish backyard pool construction -- that began as long ago as November -- because the company suddenly closed its doors.

Tampa homeowner Kenny Patel says his two children have been waiting months to make a splash in the pool. "How do I tell my boys?" He asked while looking at tadpoles swimming in the stagnant brown water at the bottom of his unfinished pool. "You can't explain to a 4-year-old."
State records indicate Greg Luce has operated Capital Pools since he took it over from the former owners in 2005.

Luce says he is out of business, out of money and heading for bankruptcy court. "I feel very, very bad for these people, but I basically lost everything, literally everything, Luce said.
Subcontractors such as Largo-based Rush Concrete Inc. first sensed trouble in April when they began sending homeowners letters threatening liens because Capital Pools wasn't paying its bills.

Tampa homeowner Henry Alvarez says he already has paid Luce for his unfinished pool but has received a number of such letters. "I'm getting letters, liens, notice to owners from the shell, the concrete people, the paver people, the electrical people that he [Luce] still owes, Alvarez said.
A Target Eight investigation has uncovered customers in Pasco and Hillsborough counties who say they paid Capital Pools as much as $55,000 for pool construction that is incomplete or never got started.

Karen Taylor says she paid Capital Pools a $2,920 deposit on May 27, but the company never broke ground. She said Luce recently assured her pool construction should begin soon. "He said he was moving offices and I jokingly said, 'You're not going out of business are you?' and he said, 'Of course not, I wouldn't start your project if we were going out of business.' "

Taylor said days after that conversation she found out Luce closed his Linebaugh Avenue offices without leaving a forwarding address.

Luce concedes he still owes his former landlord two months back rent and said he is too embarrassed to return calls from customers that are filling up his voice mail.

Former Pasco and Hillsborough customers are now scrambling to find other ways to finish their pools and deal with unpaid subcontractors.

One homeowner has filed a complaint with consumer authorities and a number of others are in the process of filing complaints with the Florida Department of Business and Professional Regulations, the state agency that licenses Luce as a pool contractor.

Luce said he's working with subcontractors to finish the pools but that won't happen with any money from him.

Luce tells Target Eight he apologizes to everyone he's hurt by shutting down with so many unfinished projects, but has no resources left to finish the pools, pay subcontractors, or offer refunds to his customers. "I have nothing, absolutely nothing," Luce said. "I don't even have a job right now."

DO NOT DO BUSINESS WITH STEVE'S EXPERT TREE TRIMMING!

I am the first person to recommend a great vendor for all different kinds of home services, such as lawn-mowing, painting, roofing, etc. I have never had such a BAD experience that I have publicly declared that others should exercise EXTREME CAUTION when employing a certain vendor. But that's about to change. (PS...this is not libel as I am recounting my firsthand experience with this vendor)

I solicited a bid from STEVE'S EXPERT TREE TRIMMING for a rental property I manage. Steve Luttman, the proprietor, gave me a competitive quote which we signed off on. Despite the fact he kept calling me to start the job EVEN though I told him I would call him, I continued forward with our agreement. At one point, he started work without my authorization, at which time I promptly asked him to cease and desist. He did, but not before making a massive pile in the front yard. I felt he was trying to force my hand, which I did not appreciate.

When I gave him the green light, they started immediately (good) but delayed their return to finish the job for 5 days (bad). He asked for 50% halfway through the job, which was ok by me. After completing the full cut but before he took the 1st load to the dump, he asked for the balance. Stupid me should have gave him half of the remaining balance, but I made the regretful mistake of paying him in full, trusting that he was an ethical businessman who would not want to sour a future relationship. Plus, he only had 1 more load to take to the dump.Long story short, he never returned for that 1 load.

I had new tenants wondering why there was a heap of debris in their yard, neighbors were giving me dirty looks (I deserved it!), and I ultimately had to haul the rest to the Tarpon Springs dump at a cost of $50 + the 4 hours of my day. He never returned any of my phone calls, but that's what happens when 1 person screws another.

I ABSOLUTELY RECOMMEND STAYING AWAY FROM THIS LYING, UNETHICAL TREE TRIMMER. You will save yourself time, money, grief, and aggravation!!!

This just in from RISMedia.com, a great real estate news source!

RISMEDIA, July 14, 2008-Amidst the gloom on Wall Street about housing someone forgot to check the stats. The National Association of Realtors® has now reported four straight months of rising housing prices, but it seems no one is listening.

According to NAR statistics, the median home price has fallen from a high of $230,200 in July 2006 to a low in February 2008 at $195,600, a drop of 15%. Since February, however, it has risen steadily every month. By May the index (which will be revised on July 24) had risen to $208,600, up $13,000 and a full 6.6%. Another indicator, the mean home price (otherwise known as the average home price), has also shown strength and has risen from a low of $242,000 also in February of this year to $253,100, a rise of $11,100 or 4.5%. It, too, has risen every month since February of this year.

“I just don’t know where Wall Street’s brains are today,” said David Michonski, CEO of Coldwell Banker Hunt Kennedy in New York City. “Everyone on the Street is wringing their hands over housing when in fact the average American has been out this spring buying homes and pushing the median price higher. This has got to go down as one of Wall Street and Main Street’s biggest disconnects in history.”

In addition, on an annualized basis the volume of home sales has also risen somewhat from a low of 4,890,000 homes in January to 4,990,000 in May.

“Rising prices on expanding volume should not a crisis make on Wall Street,” says Michonski.
So why the crisis?

“They say that there are bulls and bears on Wall Street but there are also pigs. Pigs try not just to profit from a crisis but create one to profit from. Today there are just so many people who have positioned themselves to profit from a crisis that they refuse to admit the reality of what is happening on Main Street. It might hurt their positions.”

Is this the bottom?

“No one can know for sure, but the hard data is clear. The median price has risen four straight months. The average American is out there taking advantage of bargains in their local real estate market. They are not listening to Wall Street but following their own belief that the best time to buy is when no one else is, and they are out there buying. If this keeps up, February may prove to have been the low in prices.”

“It is possible that it will not be Hank Paulson or Ben Bernanke who will pull this country out of a housing recession, but the good common sense of the average American whose affordability to buy a home is at a five year high and is acting on it.”

I get questioned all the time As for our local real estate market, all the economists are now pushing the expected recovery from late '08 to '09...something I can easily do.

The rates are slowly creeping up (I have heard it will be around 7% start of '09 due to inflationary pressures). Our problem is sky-high SUPPLY and constant low demand. Some economists have predicted that demand will increase when the supply of available NEW homes diminshes...

I have read recently that NEW HOME STARTS are at a 16-18 year LOW, which leads me to believe we are exhausting (slowly) the supply of new homes.

Right now appr 6.2% of available homes in the Tampa Bay area are selling each month. It would take appr 16 - 17 months to deplete the inventory (given no more homes go up for sale). A traditionally healthy market will have a 3 - 6 month supply of homes, so you can see how far we have to go.

Honestly, with the economy experiencing recessionary effects, our high inventory, and the vast number of current and future foreclosures, I don't expect a "bottom" (whatever that may be)until late 2009 and a stabilization in 2010.

That said, there are many GREAT deals...I have noticed the bank-owned properties are carrying the most equity fro new buyers at closing.

Below is a 4 yr "look-back" home supply graph of the tri-county Tampa Bay area...remember, stay educated and these market surprises will become less "surprise" and more "expected".

RENTERS TAKE HEED!!!!

If you find yourself looking for a rental home to occupy, you will need to protect yourself. The mortgage fallout and Real Estate downturn has left many homeowners scratching to make their monthly payments, especially if the property was for investment. Some owners, unable to sell, have needed to move on and put the home up for rent.

The latest trend is for owners to advertise the home for rent, pocket the rental monies & security deposits, and let the property sink into foreclosure (if it's not already!). The newly moved-in tenant is now left with no security deposit and a Sheriff (in some cases) moving their possessions to the street.

So how can renters protect themselves? Here are a few ways:

• Request to see the last 12 Mortgage statements for the property you are moving in to. It's not a failsafe, but if they are current up until you move in, there's a great chance it will be kept current with the assistance of your rental monies.
• Check for a current foreclosure action with the county the home is located in. In Pinellas County, FL, all civil litigation concerning mortgage foreclosures can be found online. If foreclosure paperwork has been filed, the owner has some "splainin' to do!"
• Check the condition of the property - excessive cobwebs, green pool, overgrown lawn are all indicative of an abandoned property and/or an owner's unwillingness to maintain the property.
• If you are in a neighborhood or complex with deed restrictions and fees, check with the office to see if the owner is current with their dues. Believe it or not, HOA's will foreclose before a bank does and kick the owners out!

A little due diligence goes a long way to secure a successful tenancy.

MLS MONTHLY REPORT MAY ‘08

WE ARE BELOW 40,000 UNITS FOR SALE (TAMPA BAY AREA) FOR ONLY THE 2ND TIME SINCE FEBRUARY 2007! It’s certainly not a trend, but it’s a move in the right direction

I have added a new data line – “Sale Price vs Original Sold Price”. I touched on this stat last month and feel that it will really help my clients as they receive/review/decide offers on their properties. The average of sale prices are appr 85% of the original list price – simply put, sellers in the Tampa Bay area are pricing anywhere between 10% - 15% HIGHER than what the market is bearing.

There was a slight uptick in total sales in May, which was expected based on the uptick in Pending Sales in April. Sales of SFH on the N. Beaches DOUBLED from 6 to 12 sales in May, which cut the “Inventory in Months” from 45 to 22 months of inventory.

TAMPA BAY AREA (tri-county) Homes Condos Total Units

Total Units Available: 27,445 12,212 39,657

Total Units Pending: 2,544 678 3,222

Total Units Sold: 1,895 561 2,456

Absorption rate: 6.9% 4.59% 6.19%

Avg Days on Market 99 days 111 days 101 days

Months of Inventory 14.5 mons 21.8 mons 16.1 mons

Sold vs List Price % 92% 92% 92%

Sold vs Original List Price % 84% 85% 85%


PINELLAS COUNTY Homes Condos Total Units

Total Units Available: 9,291 7,199 16,490

Total Units Pending: 805 358 1,163

Total Units Sold: 634 321 955

Absorption rate: 6.82% 4.46% 5.79%

Avg Days on Market 85 days 110 days 93 days

Months of Inventory 14.7 mons 22.4 mons 17.3 mons

Sold vs List Price % 89% 92% 90%

Sold vs Original List Price % 84% 84% 84%


N. BEACHES (476-478, 374, 375) Homes Condos Total Units

Total Units Available: 264 963 1,227

Total Units Pending: 10 56 66

Total Units Sold: 12 38 50

Absorption rate: 4.54% 3.95% 4.07%

Avg Days on Market 88 days 145 days 132 days

Months of Inventory 22.0 mons 25.3 mons 24.5 mons

Sold vs List Price % 90% 90% 90%

Sold vs Original List Price % 89% 83% 85%

DID YOU KNOW...

- that, as of May '08, there are 20,000+ active foreclosures in the Tampa Bay area?

- that, due to incredible volume, there are untold numbers of preoperties that are in default but have NOT yet had foreclosure papers filed with the bank?...that may double the number of foreclosures to 40,000 in our area.

- that you can sell your home EVEN if you owe more than it is worth with NO penalty NOR monies required from you at closing?

- that you do NOT have to be in default to ask your lender for cooperation in completing a short sale?

- that a short sale costs you NOTHING, alleviates burdensome debt, and may save your credit?

- that the Mortgage Debt Relief Act of 2007 allows personal residences to be exempt from the IRS requirement that any unpaid debt be reported as income?

- that the same act may also apply to INVESTMENT properties?

If you need to sell your home and you owe more than it's worth, please contact me today. A short sale will save you money, frustration, and despair! Successful short sales are happeing at a record pace, even as you read this - don't you deserve it??? Call or email me to discuss your situation IN FULL CONFIDENTIALITY.

The stats are in for April 2008. Here are some trends that I noted:

1. Inventory levels remained virtually unchanged from the month before (GOOD)


2. Sales in the Tampa Bay area and Pinellas county edged up .5% to almost 1.0% from the previous month(GOOD)


3. Beach Condo Inventory levels dropped (GOOD)


4. Sales on the N. Beach area dipped (NOT GOOD)


5. Across the board, the ACTUAL SALES PRICE was appr. 89% - 93% of the LISTING PRICE


6. Across the board, the ACTUAL SALES PRICE was appr. 83% - 85% of the ORIGINAL LISTING PRICE (Not shown on stats)

#6 tells me that if you list at $500,000, expect it to sell (on average) at $415,000 - $425,000.

MLS MONTHLY REPORT APR ‘08


TAMPA BAY AREA (tri-county) Homes Condos Total Units

Total Units Available: 28,003 12,455 40,458

Total Units Pending: 2,505 697 3,202

Total Units Sold: 1,779 524 2,303

Absorption rate: 6.35% 4.21% 5.69%

Avg Days on Market 103 days 117 days 106 days

Months of Inventory 15.7 mons 23.8 mons 17.6 mons

Sold vs List Price % 93% 92% 93%



PINELLAS COUNTY Homes Condos Total Units

Total Units Available: 9,431 7,436 16,867

Total Units Pending: 843 385 1,228

Total Units Sold: 602 285 887

Absorption rate: 6.38% 3.83% 5.26%

Avg Days on Market 96 days 122 days 105 days

Months of Inventory 15.7 mons 26.1 mons 19.0 mons

Sold vs List Price % 93% 90% 92%


N. BEACHES (476-478, 374, 375) Homes Condos Total Units

Total Units Available: 270 1,036 1,306

Total Units Pending: 16 59 75

Total Units Sold: 6 46 52

Absorption rate: 2.22% 4.44% 3.98%

Avg Days on Market 127 days 116 days 117 days

Months of Inventory 45.0 mons 22.5 mons 25.1 mons

Sold vs List Price % 91% 88% 89%

FRAUD ALERT!!!

FOR IMMEDIATE RELEASE – Pinellas County, Florida Once again Pinellas County residents have received an official-looking letter emphasizing the government’s recommendation to keep a certified copy of property deeds. Only this time the private company sending the letter hopes residents will see the value in paying $85.00 plus $4.95 for shipping and handling for a document they can obtain from the Clerk’s office for about $2.50, according to Ken Burke, Clerk of the Circuit Court.

“In the past another company was charging about sixty dollars for a certified copy of a deed,” said Burke. “This is a different company with an even higher price: nearly ninety dollars. These businesses often contend that they offer the convenience of avoiding the hassles of going to the Clerk’s office in person.”

“We already provide that convenience and Pinellas County residents don’t need to pay almost $90 for it,” said Burke. “They can send a written request with a check or money order and we will send them a certified copy of the deed if they don’t want to come into the office in person.”

The written request must have the deed’s Official Record (OR) book and page number. Residents can obtain this information online at http://www.pinellasclerk.org or from the Records department 727-464-4876, according to Burke.

“From our website people can print a free uncertified copy,” said Burke. “And from our Recording Services departments they can purchase one for $1 per page and have it certified for $1.50 more.”

The letter from Fastdeeds.com does include a disclaimer, which states the company is not affiliated with any state agency and that many records are available for nominal fees from government agencies.

For more information call 727-464-4876 or visit the website. A copy of a letter received may be viewed here: http://www.pinellasclerk.org/aspInclude2/images/DeedLetter08.jpg.

As confirmed by yesterday's edition of the St. Pete Times, business for existing Realtors has picked up dramatically. In speaking with my colleagues, business is beginning to return, as buyers sense "blood in the water"...frantic investors, over-burdened builders, and seller who just understand that our prices have fallen to '02/'03 levels.

Many banks understand it now, as well. One of my clients just closed on a beautiful N. Pinellas SFH...when the appraisal was completed, he found he had about $60,000 in equity! Bank foreclosures are also the subject of multiple offers and increased showing traffic. If you're out there looking for a great deal, ask your realtor about bank-owned foreclosures.

I just listed a beautiful, prime-location vacant lot in N. Clearwater Beach's exclusive Carlouel enclave. A corner parcel measuring 68' x 110', 987 Eldorado Ave is directly across the street from the world-famous sands of Clearwater Beach and offers deeded beach access to it's new owners. Utilizing the City of Clearwater's flexible building guidelines for the LMDR zoning, one can build a dream beach home with GULF VIEWS! This property is assessed by the county at $716,000 - we're selling it for $599,900!

So the negative effects of our market has finally hit home for me in a personal way. The business side as a Realtor has been phenomenal – 2008 may be my best year since starting in mid-2005! However, just the other week, my neighbor 2 doors down packed up and moved out overnight.

Before we go any further, I have to tell you I really don’t know the specifics of their quick departure. We were friendly, but I was never good friends with them. Just a wave here and a “Good Morning!” there…but I certainly feel for him and his family. What could be so overwhelming that a family makes a decision to up and abandon their home?

For one thing, the tax records show that the home is mortgaged WAYYYY over what it is worth. That makes it hard to sell and impossible to break even. Then there are the constant improvements that were done to the home – always new fixtures, cabinetry, and what-not being installed…the empty boxes were always out for the garbage man for all to see! Maybe he lost his job (my wife recently lost hers) and there was no way for them to continue meeting the payments for their 1st, 2nd, or possibly 3rd mortgage. Did the taxes and insurance put them over???

No matter what, now we, the neighbors, have to deal with the aftermath. After all, I want to protect my homes value – which is why I moved in there in the first place. Statistics show that homes within ¼ mile from a foreclosure lose 1% of their value. 5 foreclosures in close vicinity – you may be down 5% already.

So I have taken the position of caring for the outside of that home like it as my own. It sucks, to be honest. The grass will certainly die, thanks to the owner taking the sprinkler controller…which needs electricity to run it (shut-off). I have already trimmed the hedges and removed lawn debris, which cleaned it up a bit. I am going to run my mower over there soon…but how long can this home sit vacant and not fall into repair? Does the 1st lienholder know the home has been abandoned?? A bit of detective work (and personal time) will be needed to find out…

Is this the tip of the iceberg? The stats are overwhelming...only time will tell…

I recently found myself on the selling end of my own personal property - my first car that I got after college. A beautiful 2000 Chevy Blazer w/ 97,000 miles. I was presented with a unique opportunity to upgrade to a beautiful 2006 Nissan Altima. On Saturday night, I wrote up the following ad on Craigslist, and what do you know...I sold it the next morning!

1 owner (me) - NEVER SMOKED IN!

This was my first car out of college and I barely drove it during the first 5 years (airline pilot). I'm in real estate now and I have bought a new car with 1) 4 doors for my clients and 2) better gas mileage for all the city driving I do.

I have had ZERO problems with my Blazer and I wouldn't be selling it if not for the 2 reasons above. I completed every oil change on schedule and just had my first tune-up done last year (I don't even think I needed one). After 8 years, there are only a couple of items that need attention:

1) Fuel Gauge inop (I get about 340 miles per tank).
2) Driver's Side window "auto-down" feature doesn't stop when fully down (goes up and down like new).
3) Scratched on Pass. side rear quarter panel - backed into a small mailbox while showing clients (arghhh)

Just put 4 new brake pads on (WearEver Golds) - the left rear still squeaks occassionally and I don't know why. 4 Michellins with good tread depth (2006). Tow package installed in '05. 190 horses - great acceleration.

KBB has Private Party Value at $3930, hence my price. Pictures to be posted soon.

Here's my recipe for success:

1. DON'T OVERPRICE! We say this all the time, but it's hard to put into practice. The kicker here was I had a great deal I couldn't pass up, so I needed my asset sold asap. I saw what Kelley Blue Book had it at, saw what dealerships were selling it for, and listed it slightly below.
2. DISCLOSE DISCLOSE DISCLOSE! I was upfront and clear about issues I know with the vehicle. I had nothing to hide and my ad exemplified that point.
3. USE KEY WORDS! Words like "original owner", "never smoked in" and "Michellins" touch on what every buyer is looking for - high-quality, well-cared for, and brand name.

The same ideas are successfully used to sell homes...let's start on your ad today - call me!

This is the day we’ve all been waiting for…there is incredibly positive real estate sales news to report.

● The number of Realtor-assisted sales pending for single-family homes in Lee County was 1,088 on Feb. 14, up 33 percent from 821 a month earlier.

● The Realtor® Association of Greater Fort Myers and the Beach (Lee County) had an 85.4 percent upswing in pending single family home sales in the last 10 weeks. The number of months it takes to sell all residential properties has dropped to 12 months from a high of 22.98 months in December 2007.

● In Martin County, there were 182 pending sales on January 1. Today, there are 345 pending sales, representing an increase of 90 percent.

● Pinellas County reported 600 single family units under contract in February, up 23 percent from 489 a month earlier.

● Marco Island (Collier County) reports pending sales numbers on March 1, 2008 at 135 while a year ago (March 1, 2007) this number was 104. Their pending sales on January 1, 2008 were 77 and in March 1, 2008, pending home sales were 135, up 75 percent.

● The Realtor® Association of Greater Ft Lauderdale (Broward County) has a forecast of pending sales that is quite impressive. Their single family pending sales (which includes condos and townhomes) totaled 529 in January but their pending inventory forecast for the month of February is 871. That is an increase of 65 percent.

● Palm Beach County has seen a drastic increase in single family homes sold between January and March this year. Between January 14 and February 14, 2008, 672 homes were sold. Between February 15 and March 10, 2008, 827 homes sold for an increase of nearly 30 percent month to month.

● The Venice Area Board of Realtors® (Sarasota County) reported 110 pending sales in February 2008 compared to 85 in January 2008. This is an increase of 29 percent.

● Naples Area Board of Realtors® (Collier County) had 513 pending sales in February 2008 compared to 413 pending sales in January 2008, an increase of 24 percent. Also, the pending sales for February 2008 are 10 percent higher than pending sales in February 2007 (464).

● The Orlando Regional Realtor® Association report s an increase in pending sales in both Orange and Seminole Counties. In Orange County, pending home sales increased by 29 percent from February to March and in Seminole County, pending home sales went up from 331 to 404, a 22 percent increase.

● The Sarasota Association of Realtors® MLS (Sarasota County) reported 654 sales pending (single-family and condo) in February 2008, an increase of 27 percent over the 516 sales reported pending in January 2008. In addition, Sarasota had 418 closed sales in February 2008, up 28 percent from the 327 closed sales in January 2008.

It’s a Great Time To Buy Florida Real Estate
http://media.floridarealtors.org/GreatTimeToBuy

From Mike Mayo, Communications Director, Pinellas Realtor Org:


Today was a significant day in the property tax arena - the Florida Tax and Budget Reform Commission met to consider numerous property tax reform measures.

The highlight of the day was the passage of CP 002 by McKay and many others. This proposal does NOT include a mandatory services tax. FAR and our coalition successfully removed the services tax provision several weeks ago.The proposal now does away with the $9.5 billion Required Local Effort (RLE) that School Boards raise in property taxes at the direction of the Legislature, starting in 2011. It requires the Legislature to fill the "hole" created with an increase of up to 1-cent statewide sales tax (currently at 6%), repeal of sales tax exemptions (primarily on goods), money generated from a recovering economy, budget reductions, and other revenues identified or created by the Legislature.The commission voted 21-4 in favor of the measure and this will now appear on the November ballot. This proposal has two minor technical stops left before final passage, but significant debate is over. CP 002 must then be approved by 60 percent of voters. Commissioner and 2007 FAR President Nancy Riley voted in favor of CP 002.

This proposal will reduce property taxes by an average of 25 percent for ALL property types. Those actual savings will vary depending on which city and county the property is located. The proposal also includes a 5 percent assessment cap on non-homestead property – a reduction from the 10 percent approved in Amendment 1 this January.While the property tax reductions and lower non-homestead assessment cap are proposals FAR has supported, some concern remains that the Legislature may have to consider taxing services or other tax increases to make up the very large amount of money the RLE represents. There were some business groups that testified today pointing at the uncertainty of what would ultimately be subject to sales tax in the future.

Another proposal considered today was CP 021 by Commissioner Carlos Lacasa that provides, among other things, an eventual 25 percent minimum exemption for all property owners, in addition to the $50K exemption for homestead property. FAR testified in favor of the percentage exemption in order to allow recent- and first-time homebuyers to benefit from property tax savings immediately. This proposal was temporarily postponed so that some differences can be worked through but the Commission plans on revisiting this proposal in the near future. FAR will advocate the percentage exemption be included in this and other proposals that are moving through the process.

Finally, the Commission advanced a statutory recommendation to the Legislature, SP 013 by Commissioner Barney Barnett, that urges passage of legislation changing the presumption of correctness the property appraiser currently enjoys during Value Adjustment Board hearings to “the preponderance of evidence.” FAR supports this change, and testified today that a similar constitutional proposal, CP 042, be placed on the November ballot if the Legislature fails to act on the TBRC recommendation.

I received the following comment this morning on my blog. To Anonymous, I EMPATHIZE with you. While I did consider going to law school and even took my LSAT entry test, I am by no means a legal "eagle" nor does the State of Florida Dept of Business & Professional Reg. allow me to dispense legal advice. What I can do is forward your email to some people who have been very helpful to me in the past. I make no promises, but maybe we can get some attention to your plight and shine a light on what is really going on. Hang in there. FWIW, I am familiar with this community off of East Bay.

Below is the post I received:

Anonymous said...

To whom it may concern, Can it get any worse than this.

We appreciate your review and empathy towards our situation, as detailed below.

Over the past two years, more than 70 home owners were scammed into buying into a property that is currently, ultimately valueless. The developer in charge has filed for bankruptcy, and owners have little cause for relief. Let me tell you our story, in brief:

• In 2005, PUIG Development Company purchased several apartment buildings with the intent of converting them to condominium units for resell.

• One in particular – now named Venetia Country Club – is in extremely bad shape, and is the topic of this letter.

 First and foremost, the entire property and all of the buildings on the property have no certificates of occupancy, and owners are living there unlawfully. PUIG initially filed for contract/renovation permits but then fired the licensed contractors and had unskilled and unsupervised laborers do complicated electrical and plumbing work.

 The City of Largo knew the building was not being brought up to code, but still allowed PUIG to continue working and selling units, with the developer’s promises to correct the problems. Even after over a year of shirking responsibility and more than $20,000 in accrued fines, the city still continued to allow PUIG to work and sell.

 The City has now levied more than $95,000 in fines against the condo association, which will be ultimately turned over to the owners of condo in the next month. In addition, since PUIG filed for bankruptcy, the city has made it each individual unit owner’s responsibility to bring his/her unit up to compliance – a feat which could cost each owner several thousand dollars.

 If the city cannot get people to comply with a lengthy and expensive inspection and correction process, they have threatened to kick people out on the streets. In fact, owners in one building were actually removed from their units for a period of time.

 Also, many contractors and businesses have large claims against unpaid bills that PUIG has gathered, which will become the responsibility of the board at turnover.

 Repeated requests for relief and review to the Florida department of Business Regulation have been denied since PUIG is in bankruptcy. • Your first question might be, “Why weren’t the owners more careful when buying?”

 PUIG provided fraudulent documentation to each owner, including:

• What many claim to be fraudulent termite inspections in the condo documents (an investigation is ongoing), which has now resulted in the need to tent and repair multiple buildings.

• Inspector reports in the condo. docs which highlighted satisfactory engineer reports. Once they had that, then they did undocumented work on the buildings and did not alert purchasers that the reports were invalid.

• A letter from the City stating that Certificates of Occupancy were not needed unless major renovations were done. Most owners did not realize that the work done invalidated the details in that letter. In fact, the city is now claiming that even with no work done in an individual unit, that letter is no longer valid.

• In the short term, owners have banned together to beg PUIG to assist with paying for basic bills, such as the Utilities and general maintenance to prevent homes from completely falling apart. They have refused to repair the laundry facility and have – some think intentionally - destroyed the pool. Yet, recent monthly budget filings (under the bankruptcy court), still show payments to employees who are supposed to be working on Venetia’s behalf. The owners have not seen, or been able to reach via phone, an employee in quite some time.

• Venetia owners cannot sell their units, and many will be unable to afford the massive costs of special assessments and increases in monthly dues, created by poor development and hidden under fraudulent activity. Although several owners got together to collect money for an attorney, that process could be lengthy and may not lead to any positive outcome.

• Help is hard to find, since help requires money, and with a developer in bankruptcy, money is in short order. The bankruptcy proceedings and depositions focus on shifting and structuring assets, and other such legal-ease, and do not even touch on the fear and concern that the owners of this complex are facing.

If you can, please considering helping us. The Owners of this complex purchased in good faith, only to find our homes are valueless and falling apart around us. Many owners are low to mid income earners, some are elderly and others are pregnant mothers. Most have invested their entire savings into a dream that is now going to be defunct. While this country was founded on the principal of “caveat emptor”, it is also known for its giving spirit towards people in times of need. We are in great need, and any resources that you could assist us with would be greatly valued.

I'm going to step away from real estate and discuss a topic that has NOTHING to do with selling homes or working with buyers or short sales or where our market is going. It has everything to do with safety and awareness - if just one person is helped by this article, then I have done my job and earned a peaceful night's rest.

If you live in Florida, you may not know that the last 2 weeks of February and most of March are the most likely months in which we will experience TORNADOES. I was 1 class short of earning a minor in "Weatherology" (as my wife likes to call it) so let me explain...

As spring approaches, we begin to experience warmer, moister weather. The cold arctic blasts don't arrive as quickly and many die before they reach this far south. Howver, these High pressure systems (dense cold air) sometime drive south like a wedge over the Appalachians and across Florida. When this happens, that wedges moves in underneath the warmer, moist Spring air, driving it upward...the air becomes unstable and !voila! you get very violent storms.

Tornadoes are unpredictable and cause localized damage that may be spread over many miles.

So what can you do?

1) Be vigilant. Tornadoes may be unpredicatable, but the ingredients that cause them are essentially the same. Anytime a cold High pressure system is forecast to sweep through your area, stay alert. Listen for Tornado Watches and plan accordingly. Tornadoes are likely when there is a clearly delineated line of Severe Thunderstorms.

2) If you're at home, have a plan. Where will you go if there is a Warning for your area? Interior rooms are the best - if you don't have one, pick an area with minimal windows.

3) Look for the signs. You may not be near a tv or radio, but it doesn't mean you won't see one coming. In my experience, anytime the sky turns a weird shade of gray with a greenish tint, be careful. Airborne debris such as leaves are also a good indication of updrafts and potentially dangerous weather. If the wind all of a sudden picks up, stay on your toes. And if you hear a train when you don't live anywhere near tracks, seek cover immediately.

If your area or home is impacted by a tornado, most likely you will be a first responder. Tornadoes typically leave much debris in roads and nails, lumber, and downed trees make it almost impossible for emergency vehicles to respond immediately.

While it's easy for me to type "Don't Panic", most of us will. And you know what? It's ok. You have insurance for your house and furniture can be replaced. People cannot be replaced and that's why you need to be aware and have a plan.

Now go enjoy that Spring weather ;-)

Wow, what a difference a year makes. No, not a calendar year but an actual different year! 2007 vs. 2008. ’07 exited with a sleepy sigh as realtors around our area kepting checking their cell phones to ensure they were actually on. Mortgage brokers around the country took a holiday sabbatical and sellers received coal in their stockings.

But look out in ’08! Our office motto is “From Good to Great in ‘08” and so far, we are doing great. Why, you may so inquisitively ask? Personally, I have wrapped up deals and have made 3 offers in 2 days! My buyers are keeping me busy and my sellers are thanking me for bringing them offers!

But truthfully, it’s because of the blood and sweat from ’07 – the constant price reductions, the commitment to advertising, the endless Open Houses, etc.

So why are we seeing this tremendous upswing in activity? Here are a couple of reasons:

First, interest rates are fast approaching 5.0% - If one has excellent
credit, they can get sub-5% loans. They are the lowest in 4 years.

Also, Amendment 1 was passed on Tuesday. Essentially, it doubles the
homestead exemption and also allows homestead "portability" meaning
buyers who have a current homestead WILL NOT have their new property
re-assessed at full purchase price when they purchase, thereby allowing lower tax values.

Additionally, new home starts are at a 16 year low. The former Chairman
of the Federal Reserve, Alan Greenspan, has pegged our recovery at when the existing inventory of new homes begins to decrease and ultimately hits a historical low. It makes sense that less “NEW” inventory will buoy “EXISTING” inventory prices.

Finally, Moody's Economy.com has pegged Tampa Bay as the #1 area to
experience a v-shaped recovery. Read the article at
http://www.sptimes.com/2007/07/25/Business/No_1_spot_to_buy_a_ho.shtml

Just some things to consider. Buyers, now is the time to make that move. REMEMBER, BY THE TIME YOU START READING POSITIVE ARTICLES IN THE PAPER AND ON THE NEWS, THE RECOVERY WIL HAVE ALREADY BEGUN AND YOU WILL HAVE MISSED THE BOTTOM!

Get out there, find the beach home you have always wanted, and make the seller an offer they can’t refuse (sans the horse’s head). Rates are good, sellers are much more flexible, and inventory is relatively high – a triple treat for you!

Best of luck!

California always was a little eclectic, but they have cornered the market on firsts - first in the nation with the most fuel-efficient cars, first in the nation with 2 Hollywood-actors-turned-Governors, and now first in the nation to have a homeowner sue their realtor because their home has lost value in the nationwide real estate downturn.

Yep, you heard right - a husband and wife are suing their realtor over the $1.2M San Diego home they purchase last year. They claim the realtor did not disclose to them that homes in the neighborhood were selling for less money.

Hmmm...at first glance, you may be agreeing with their suit. I was intrigued to say the least. After watching the story and the interview on the MSNBC.com, my lasting impression of the suit was laughable. I suddenly remembered George Bush's rallying cry for tort reform in '04 and wished he had follow through.

Obviously, my career as a realtor means I have a vested interest in the outcome of this case. But where has personal responsibility gone?? Did not the Buyers have an obligation to do their Due Diligence with the purchase. My Latin is rusty, but "Caveat Emptor" comes to mind - "Let the Buyer beware."

Unless the Realtor intentionally hid something from the buyers, there can be no fraud. The buyers, of their own free will, sat at the closing table and signed documents purchasing the home at $1.2M. Ignorance must be bliss...

Don't go by what I say...you be the judge...and let me know if I'm crazy!

http://www.msnbc.msn.com/id/21134540/vp/22838905#22838905

WOW...what a week, huh?

Who thought the Fed would have an emergency meeting?

Who thought the Fed would cut the rates 3/4 of a point, which is the LARGEST CUT IN 27 YEARS?

Who thought the housing market would begin to bounce back so soon?

Did I just say that? I DID!!!

Now, let me preface that comment that I am referencing my tiny corner of the Tampa Bay Real Estate market. I have seen a tremendous increase in buyer activity, which has led me to ink 3 contracts w/i the last 14 days! My sellers are happy, my buyers are looking...all is getting right in that sector.

Let's put it in perspective - don't go planting that sign in your yard and expecting Buyers to beat a path to the closing table. I have insisted that my Sellers price their properties correctly so that when Buyers do present themselves, the properties are positioned to solicit an offer. I can advertise a home in every major media publication in the 48 states, but if it's not priced where a Buyer sees value compared to the myriad properties out there, it's a dead listing.

I can't tell you the number of listings i have walked away from. Since I make a monetary investment in every home I list, I actually make money when I walk away from over-priced listings.

The Tampa Bay area is experiencing about a 5.3% absorption rate - simply put, only 1 of every 20 homes on the market at any given time are being sold. The North County beaches are experiencing about 3.35% - or 1 out of every 30 properties!!!

So I have 2 questions:

1) Are you one of the 19 (or 29) listings just sitting there?
2) What are you willing to do to become that 1 home that sells?

Answer those questions and you will be a successful seller.

Sorry I haven't posted on time...I have been inundated with Buyers, Sellers, writing contracts, and selling properties!

Coldwell Banker has a unique program called TrendGraphix that culls sales date from our MLS systems. That data is ordered and release to Coldwell Banker realtors on or about the 10th of each month for the preceding month.

After reviewing the December sales data, we are definitely on an upswing. In fact, we experienced a contracting supply of properties for sale AND and an increase in existing sales. That indicates a stabilization in our marketplace.

Obviously, 1 month does not a trend make - but maybe there is a light at the end of the tunnel.

In other news, here is one of my new listings:

14130 Rosemary Ln #6215

Largo, FL 33774

LAKEVIEW BEAUTIFUL! Welcome to Lakeview Largo, Largo’s premier 55+ community. This warm and inviting **Completely Remodeled** gorgeous 2/2 condo offers: Tiled floors throughout, new custom kitchen with newer appliances, new remodeled Bathrooms, newer A/C (2002), all new thermal insulated windows (2000), sunroom (not incl in sf), ceiling fans in every room, plantation shutters in Master, filtered water, lots of storage, and so much more! Enjoy a beautiful view of the peaceful lake and community pool from your sunroom, Master Bedroom, Living Room & Kitchen! When you’ve seen the rest, come and see the best and you will fall in love!

Visit my listing at:

http://richcornelius.point2agent.com/Listing/ViewListingDetails.aspx?ListingID=1462042