New Construction Projects in Tampa Bay

Top 5 reasons why we shouldn’t let Florida voters decide on Property Taxes

Posted on March 22, 2007. Filed under: Buying Tips for Tampa Bay Real Estate, Clearwater Beach Real Estate Report, Florida Property Taxes, Life, Marc Rutenberg Homes, New Construction Projects in Tampa Bay, New Port Tampa, Trump Tower Tampa, Waterchase Real Estate and News, Westchase Real Estate and News, Westshore Yacht Club |

I’m glad to see that Florida property taxes and the negative effects of the “Save Our Homes” amendment are finally being addressed in this year’s legislative sessions. What concerns me the most however is that the new house proposals are leaning toward letting the voters decide on the new property tax structure. I have 5 top reasons why we shouldn’t let voters decide.

1. One needs to remember that it was the Florida voters that got us into this unfair property tax mess to begin with when they passed the “Save Our Homes” amendment back in 1992.

2. Amendments tend to get approved by “headlines” or misleading proposal names like “Save Our Homes” and can get us into a bigger mess than we started with.

3. A voter approved amendment will take to long. If we let individual counties approve whatever they want it will take to 2010 and beyond. We need relief yesterday.

4. What happens if the voter amendment does fix what was broken when it is passed? Look how long its taken to discover that the “Save Our Homes” amendment was a mistake.

5. What happens if the amendment doesn’t pass? Then we are back to square one and have lost the momentum for real tax relief.

Why don’t we set out to fix the problem that was started back in 1992. I’m proposing that we go back to that year’s property base and then add back 3% per year for inflation and whatever percentage the growth rate has been for those years to arrive at the amount are taxes would be today had the “Save Our Homes” never got passed in the first place. Then going forward we cap government spending every year to 3% plus growth rate instead of capping homesteaded property. This would bring much needed relief to second home owners, vacation properties and business owners. We could still keep the $25,000 homestead principle in place but the yearly cap of 3% would no longer be needed because of the cap on government growth. This would eliminate the problems and tax inequality that “Save Our Homes” has brought. Sometimes its the things that are the simplest that makes the most sense in solving complex problems. If you would like to contact your legislator about the recent tax proposals a county by county list is at http://politics.tampabay.com or visit www.tomburkett.com

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Real Estate Update 3/15/2007

Posted on March 16, 2007. Filed under: Belle Harbor on Clearwater Beach, Buying Tips for Tampa Bay Real Estate, Clearwater Beach Real Estate Report, Highland Park, JMC Developments, Life, Manadaly Beach Club - Clearwater Beach, Marc Rutenberg Homes, New Construction Projects in Tampa Bay, New Port Tampa, Trump Tower Tampa, Uncategorized, Waterchase Real Estate and News, Westchase Real Estate and News, Westshore Yacht Club |

There’s been a lot of interesting news out the past two days so I’m combining them into one article.

2007 FLORIDA LEGISLATURE

One hand may not know what the other hand is doing: The Florida House wants to get rid of property taxes; at the same time, however, it has told local school boards to increase property taxes if they need more money to operate. Read complete story.

In Tallahassee yesterday, the Senate began their debate on property tax reform, focusing on a priority of commercial Realtors to change the tax basis of “highest and best use” to one that considers how a property is actually used. In the House, debate continued as Democrats offered their own reform plan.

Read the full story

SUBPRIME MORTGAGES

Subprime mortgage market troubles already make it more difficult for some homebuyers to secure a mortgage, but fear of a broad collapse has caused Congress to consider tougher standards for the industry.

Read the full storyMORTGAGES

HUD is preparing to punish some subprime mortgage lenders under investigation for discriminatory practices it announced yesterday. HUD also suggested that the largest mortgage companies, Fannie Mae and Freddie Mac, should consider giving strapped homeowners more time to make their payments.

Read the full story

CITIZENS PROPERTY INSURANCE

Florida officials approved a new business plan for Citizens Property Insurance, allowing the state-run insurer to be more competitive and offer some savings to policyholders. Under the plan, Citizens will offer a complete policy that covers windstorm damage, as well as fire, theft and liability.

Read the full storyREAL ESTATE FORECAST

The real estate market faces unique conditions right now, such as the subprime mortgage market problem and unusual weather. Consequently, NAR predicts that things will likely get better this year but hesitates to say exactly when that turnaround will occur.

Read Full story

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Trump Tower Tampa

Posted on March 15, 2007. Filed under: Buying Tips for Tampa Bay Real Estate, New Construction Projects in Tampa Bay, Trump Tower Tampa |

trump-tower-tampa-building.gifThis is the lastest update regarding the development status of Trump Tower Tampa which is timely due to today’s St. Pete Times article.
Simdag now has a signed Letter of Intent with The Related Group of Florida, who will serve as a co-developer of the project. The Related Group has a long history of developing luxury high-rise buildings in South Florida, and are currently developing several Trump projects in the Miami area. PCL will remain as the General Contractor for the Trump Tower Tampa project.
With The Related Group involved with this project, they are confident that they will be able to negotiate significantly better construction costs and much more favorable lending terms. Related has already begun re-bidding subcontractor contracts, and those bids are all due this week. They will be reviewing all new subcontractor bids, and will be awarding contracts shortly. Once this process is complete, they will be able to go back to their lenders with a new construction cost figure to secure the required financing.
Simdag also states that soil and geotechnical studies are complete, and they now have the remedy for the soil abnormalities which have contributed to the construction delays. The additional costs for these remedies are not uncommon in large scale developments and are being factored into the new construction financing.
According to Simdag, the purchase price as stated in the original purchase contracts will not be affected.
According to Simdag the new completion date has been moved to late 2009 with construction scheduled to restart in june 2007.

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Tampa Bay’s Premier Mortgage Broker

Posted on March 13, 2007. Filed under: Buying Tips for Tampa Bay Real Estate, Life, New Construction Projects in Tampa Bay |

I wanted to introduce everyone to one of Tampa’s Premier Mortgage Broker’s in the Tampa Bay Area. His name is Mike Carrier and he specializes in contruction loans and purchase money mortgages in Tampa and is based out of the Carrollwood office. I’ve known Mike for years and feel very comfortable referring my Real Estate clients to him. I know they will receive the best service and I can feel secure knowing that the loan will be approved. He is definitely a valued Partner of “The Burkett Collection. He can be reached at 813.391.5356 or email him at michael_carrier@countrywide.com

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2007 FLORIDA LEGISLATURE

Posted on March 12, 2007. Filed under: Belle Harbor on Clearwater Beach, Buying Tips for Tampa Bay Real Estate, Clearwater Beach Real Estate Report, Highland Park, JMC Developments, Manadaly Beach Club - Clearwater Beach, Marc Rutenberg Homes, New Construction Projects in Tampa Bay, New Port Tampa, Trump Tower Tampa, Waterchase Real Estate and News, Westchase Real Estate and News, Westshore Yacht Club |

An alternative House Republican plan to swap property taxes for sales taxes began to gather steam Friday. The idea is to eliminate the portion of property tax bills that go to school districts and pay for education through a higher sales tax. To read the entire story click here.

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Trump Tower Tampa

Posted on March 1, 2007. Filed under: New Construction Projects in Tampa Bay, Trump Tower Tampa |

The word on the street is that the Related Group is going to finally build the Tower. Simdag is out. I don’t think that the tower will be done now until sometime in 2010. Which would actually be ok because the Condo Real Estate Market should rebound by then. Right now the condo market on the beaches and in Tampa Bay is non-existent.

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