Florida Foreclosure Update

Tampa, Fl.
The number of U.S. homes facing foreclosure surged 58 percent in the first six months of the year. Florida was the No. 2 state for homes in some stage of foreclosure, with a total of 64,250, an increase of 77 percent year-over-year.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n5-073107.cfm

Florida House Price Trends Report

Tampa, Fl July 12,2007.
NAR issued its latest forecast: A pickup in existing home sales by the end of 2007 with a recovery in 2008. A rebound in new home sales, according to the forecast, will shadow the resale industry, with a turnaround in 2008. Median existing home prices should drop 1.4 percent in 2007 and rise 1.8 percent in 2008.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-071207.cfm

Waterchase Real Estate Report for July 2007

As of 7/12/07 there are 52 Single Family homes for sale in Waterchase ranging from $329,900 for a 2046 sq.ft home to $1,149,900 for a 4929 sq.ft 4 bedroom 5 bath home. The avg. listing price per sq.ft is $208/sq.ft. down from $215 in May 2007 and the avg. days on market(DOM) is 100 down from 118 days in May 2007. So your avg. Waterchase home is 3,128 sq.ft in size and lists for $651,259 and is a 4/3/3. That amount is $32,643 less than the $683,302 avg. price back in May 2007 which is a decrease of 4.7%. Today, I will give you a run down on Mar Azul, Allicante and Savona. In the village of Mar Azul- There are currently 7 listings down from 8 in May 2007 and ranging from $869,900 for a 3737 sq.ft home to $1,149,900 for 4929 sq.ft. home with DOM currently at 119 down sharply from 141 in May 2007. The avg. house is listed at $249 sq.ft. down from $271 sq.ft. and has an avg. price of $949,628 which is down from $1,121,991 in March. Alicante - There are currently 6 listings which is down 1 from May 2007 and ranges from $719,900 for a 2993 sq.ft home to $949,500 for 3408 sq.ft. home with DOM 77 which is down from May's 80 DOM and listing for an avg. of $258 sq.ft. or an avg. price of $864,866. Savona - There are currently 7 listings which is unchanged from May 2007, ranging from $449,900 for a 2438 sq.ft home to $675,000 for a 3000 sq.ft. home with DOM currently at 73 down sharply from 159 DOM in May 2007 and listing for an avg. of $199 sq.ft. which is unchanged from May 2007. The Waterchase Community seems to be slightly favored toward a buyers market but is starting to firm up on the sellers side.

Tampa, Fl. July 10, 2007
Freddie Mac’s top economist released his forecast for 2007 home sales yesterday: a total of 6.28 million new and resale homes for a decrease of 6.7 percent from 2006 numbers.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n4-071007.cfm

Luxury Homes in Tampa Bay

July 7th 2007, Tampa, Fl.
Football fans with money represent a new market niche for upscale condos. Most say they would live in the stadium if they could, but instead buy a unit – some selling for over $1 million – that they use only when attending a game.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n4-070507.cfm

Top Mistakes Seller Make when Listing Their Homes.

Buyers can be skittish and reject a listing out-of-hand based on easily-fixed problems. According to an online survey conducted by the National Association of Exclusive Buyer Agents, broken locks lead the top list of turn-offs.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n4-062807.cfm

Florida Property Insurance Update

Tampa, Fl June 29,2007. How do property insurance rates compare in your county? Homeowners and buyers can now find comparison info on a state-run Web site, which creates a fictional house and then shows how much it would cost to insure, by company and county, based on rate filings submitted to the Florida Office of Insurance Regulation. Gov. Charlie Crist announced the launch of the “Shop and Compare Rates” Web site – http://www.shopandcomparerates.com/.
Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-062707.cfm

Florida House Price Trends Report

Florida’s housing market, thought to be stabilizing earlier this year, deteriorated in the latest quarterly UF survey, a situation likely brought on by uneasiness about lending practices, insurance rates and the state’s property tax structure, according to UF analysts.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-061907.cfm

What's Sells in a slow Real Estate Market?

What’s selling in the new-home market? According to many homebuilders, their top-selling models are priced between $500,000 to $2 million and offer numerous specialty rooms without expanding the home’s square footage.

Read the full story:http://www.floridarealtors.org/NewsAndEvents/n5-061807.cfm

Towers of Channelside Construction Update

Tampa, Fl May 22, 2007. If you are looking for the latest update of the completion dates for the Towers of Channelside, a twin 29 story complex that is being build in Channelside you have come to the right place. The Towers of Channelside are twin 29 story towers located directly across from the Channelside Entertainment District. You have probably watched them grow daily and noticed that they are nearly complete. According to the Towers of Channelside Sales Manager, Tower 2 (the tower that is closest to the parking garage) is scheduled to be completed sometime in July 2007 and closings are planned to start that month as well. Tower 1 is scheduled to be completed in September or October 2007. The Towers of Channelside has advanced high-speed connections, forward thinking architecture, and progressive home systems. The Towers of Channelside have created a complete living environment offering comfort and flexibility for anyone looking for the best in Tampa Bay. The Channelside district is also home to some of Tampa's most coveted professional sports teams, including the Tampa Bay Lightening Hockey team and the Tampa Bay Storm Arena Football team. The Towers of Channelside has definitely changed Tampa emerging and growing skyline. If you are buying or selling your Towers of Channelside condo please call Tom Burkett at 727.278.8062 or visit him online at http://www.tomburkett.com/. To receive the lastest updates on any of the Tampa bay area construction developments please subscribe to insidetampabayrealestate.blogspot.com.

Tampa, Fl May 21, 2007. I would like to introduce you to one of the best Lounges in the Tampa Bay area. The Rack. If you haven't already discovered the Rack this gem located 1809 W. Platt St. you need to put it on the top of your to do list. Where else can you go and order chicken wings and Sushi at the same place. The Sushi at The Rack is some of the best in town and I've been everywhere in my search for the best. There is always a hip crowd and the staff is always friendly and fast. You can shoot darts,play pool, watch the latest sporting event on one of many plasma's located throuthout or just dine on a wide variety of cusine. They also have some new sushi rolls to try out. The best nights to go to the Rack are Thursday and Friday's although any night is good if you enjoy eating great tasting food. The Rack is one of my favorite places to go in South Tampa and if you go I think it will become yours as well. For more information of the Rack go to their web site at www.hittherack.com or call 813-250-1595.

Florida Property Tax Reform Update

Tampa, Fl May 18,2007. While a House-Senate committee discussing Florida property taxes has not reached any conclusions, negotiators said yesterday they’ve tentatively agreed on a method to use – expand existing exemptions, such as homestead, and create new ones for non-homesteaded properties.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n1-051707.cfm

Florida New Construction Update

Tampa, Fl May 17,2007. Construction of new U.S. homes posted a 2.5 percent gain in April compared to one month earlier, but applications for building permits plunged by the largest amount in 17 years. Year-to-year, construction was off by 25.9 percent.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n4-051607.cfm

CITIZENS PROPERTY INSURANCE RATE UPDATE

Tampa, Fl May 8th 2007

Citizens Property Insurance Corp. was always referred to “Florida’s insurer of last resort” . But no more. A just-passed bill’s key provision expands Citizens’ operations and allows it to compete with private insurers. And those currently insured won’t have a rate increase at least until 2009.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-050707.cfm

May 8th 2007, Tampa, Fl.
Remember a few years ago when everywhere you went you would hear people talking about all the Real Estate deals they were making money on and about how excited they are about their next deal? Well, today if you listen you hear people talking about what on earth am I going to do with all this Real Estate. As a Realtor and Real Estate investor myself, I'm facing the same questions. Realtor's should step up to the plate and give solid advice to thier clients thinking about walking away from deposits or how to manage being stuck in a property with either negative or no cash flow. Sure, we stand to lose some immediate commissions if the right thing to do is to walk away from the deposit and not close but if handled correctly we could also gain the loyality of a life long client.
One of the best ways to help investors stay afloat in this market is to generate income from vacant properties. Vacant Properties don't sell as fast and usually sell for a lower price. So, I suggest investors put a little money in painting the house with warm colors and furnishing the property. Then offer the home on a short term rental basis. The home will show better with furniture and furnished short term rentals are in demand right now. Also, when the home is decorated and furnished it makes it an easier tenant transition because they can move right in and out without having to move alot of furniture. How do you decide if you should spend the money to decorate and furnish the home? Just calculate the average days on market in your area and times that by your monthly carrying cost to arrive at an amount that you would spend if the home doesn't sell. Then take that money and furnish the home. This will allow you to weather the slow market and ease the negative cash flow if the home goes unsold after six months and beyond. The bonus is that you can also use the property when it is vacant for a vacation home or barter it to business cleints and or friends. Went it comes time to sell the home you can also recapture some of your furniture investment with a higher price by selling the home fully furnished and move in ready. This might not be the best fit for every investment property but it is definitely something one should look at, especially if the investment home is located in or near a vacation destination or is a condo.

Waterchase Real Estate Report for 5/2007

As of 5/1/07 there are 52 Single Family homes for sale in Waterchase ranging from $379,900 for a 2135sq.ft home to $1,599,900 for a custom Marc Rutenberg home that is 4935 sq.ft. The avg. listing price per sq.ft is $215/sq.ft. down from $220 in March 2007 and the avg. days on market(DOM) is 118 up from 112 days in March 2007. So your avg. Waterchase home is 3,171 sq.ft in size and lists for $683,302and is a 4/3/3. That amount is $14,466 less than the $697,768 avg. price back in March 2007 which is a decrease of 2%. Today, I will give you a run down on Mar Azul, Allicante and Savona. Mar Azul- There are currently 8 listings down from 10 in March and ranging from $873,900 for a 3942 sq.ft home to $1,599,900for 4935 sq.ft. home with DOM currently at 141 up sharply from 108 in March. The avg. house in listed at $271 sq.ft. down from $281 sq.ft. and has an avg. price of $1,088,852 which is down from $1,121,991 in March. Alicante - There are currently 7 listings which is unchanged from March and ranges from $719,900 for a 2993 sq.ft home to $989,900 for 3932 sq.ft. home with DOM 80 which is up from March's 54 DOM and listing for an avg. of $253 sq.ft. or an avg. price of $870,215. Savona - There are currently 7 listings down from 10 in March 2007, ranging from $449,900 for a 2438 sq.ft home to $749,900 for a 3926 sq.ft. home with DOM currently at 159 up from the 115 DOM in March 2007 and listing for an avg. of $199 sq.ft. up slightly from $196 or an avg. price of $611,071. For more info about Tampa Bay area Real Estate.

FLORIDA LEGISLATURE REPORT ON PROPERTY TAXES REFORM

The Florida Senate’s property tax plan, unveiled last Thursday, is generating mixed reactions. Proponents of lower taxes say it doesn’t go far enough, while local governments and business interests generally prefer it. It’s clear that there’s one tax change no one is considering, however: the creation of a state income tax.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-041607.cfm

HOW SHOULD FLORIDA PROPERTY TAXES CHANGE?

FAR leadership needs to know what you think about property tax reform and current proposals in the Florida Legislature. If you have not already done so, please link to an FAR survey designed to gauge members’ opinions on this year’s high-profile issue for the 2007 Florida Legislature.
http://www.floridarealtors.org/LegislativeCenter/LegislativeNews/Property-tax-reform-survey.cfm

Chico's Wood Fired Grill in Westchase

Chico's Wood Fire Grill located at 12217 W. Linebaugh Ave in the Westchase area is definitely worth the trip and they are ready to Salsa..Smoke...and Sizzle your favorite Tex-Mex dishes. This place is family friendly and is a favorite among locals in the Westchase area. The staff is always fast and friendly and Laura our server always gives us great recommendations. If you go make sure not to get filled up with the chips and salsa that come free with every meal. Although it is not that hard to do because they have the best salsa in town. My recommendation for first timers is the Pork Tacos made with slow roasted pork,mango salsa, red onion, cilantro and lime and is served with a side of black beans for $6.49. What a deal. In fact I would recommend that you try all their tacos especially the Filet Mignon Tacos. Tonight I tried the Smokin Chicken Wrap made with wood fired chicken breast, cajun spice, mixed greens, mango salsa, shredded cheese, roasted peppers, cilantro, lime dressing and crispy onions and it was excellent. My last recommendation is the Latin Barbecued Pork meal for $11.95 but you better be hungry if you order this one or you can share it with someone at your table. Chico's is also a great place to enjoy this year's Cinco De Mayo Fiesta from 3 -9pm featuring live music, drink specials, face painting for the kids and an outdoor tent. To find out more about Chico's Wood Fire Grill and see what else they offer visit them at www.chicosgrill.com or call them at 813.814.2023 and ask for Jason. This is truly a place I love to recommend because at Chico's Wood Fire Grill you come as strangers but leave as friends. They can be reached at 813.814.2023.

Samari Blue Sushi Restaurant in Westchase/Highland Lakes

I was so excited about Samari Blue opening up and enjoyed it the first couple of times but was disappointed with the way they decorated the inside and the owners don't seem to care to much about customer service. The sushi there is excellent and the "Volcano Roll" is a must along with their spicy tuna roll, however my wife and I received very poor customer service one night when we had to wait for over a hour for a table then another hour for our food. The waitress didn't even come take our drink orders during that time and the Manager said sorry but we are very busy tonight and that was that. Has anybody else had any customer service issues there? Maybe it's just the kinks being new. Now that Zen Bistro Bar & Grill has opened in the New Shops at Westchase Village and we have dined there several times, we prefer Zen Bistro over Samari Blue. We perfer Zen Bistro because it has a better sushi selection and the atmosphere there is warmer and actually more upscale. Check back for more Tampa Bay area restaurant reviews at http://www.insidetampabayrealestate.blogspot.com.

If you are considering a move to Tampa you owe it to yourself to visit Waterchase and the Westchase area as part of your home tour. The Burkett Collection at Charles RutenbergRealty has full time team members living in Waterchase to help you with your home search!