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The “Mexican Standoff” continues with an edge towards buyers

Posted on March 20, 2007. Filed under: Uncategorized |

I’m surprised everyday waiting for the other shoe to drop and an article to come out telling us what most Tampa Bay area Realtor’s already know. Absorption rates (Inventory Turnover) has been dropping since it hit a peak of 59% back in June 2005. The absorption rate is determined by dividing the total number of units sold in a month by the total number of listings in MLS. It looks like it may have bottomed out in January 2007 at 4.2%!! because last month it improved slightly to 5.4%. That means we how have about an 18 month supply of homes on the market with thousands being added every month. Up until now the sellers have been standing firm and the buyers have be waiting for prices to drop, hence the above mentioned “Mexican Standoff”. Who will break first is everybody’s guess but it would seem that the buyers have the statistics on their side. The condo market in Pinellas is even worst with a 3.5% asorption rate in February 2007, which rebounded a tad from a low of 2.8% in January 2007. On the bright side for sellers is that interest rates have dropped a little and are now around 6 1/4% which helps and will most likely go even lower by the end of the year with the economy continuing to slow. However, we haven’t seen the worst of the foreclosures yet which will put more strain of home prices. Having said all that, sometime later this year and into 2008 will be a good time to buy. Lower rates and lower home prices will be too tempting for buyers who have been sitting on the sidelines for over 2 1/2 years. The pent up demand for homes is growing everyday and will finally burst sometime in the next 2 years. Until then buyers and sellers will continue to just sit and stare at each other. To see more statistics go to Tampabayrealtor.com/stats

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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.

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HOME IMPROVEMENTS

Posted on March 14, 2007. Filed under: Uncategorized |

How long will a home improvement actually remain an improvement? How long do new wood floors last? New stoves? A new countertop? NAHB conducted a study that tries to determine the lifespan of home components. Read the entire story or visit www.tomburkett.com

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Posted on March 12, 2007. Filed under: Uncategorized |

A flock of Canadian snowbirds are banning together to call for property tax reform in Florida. Snowbird Phyllis Turek says she doesn’t expect the same concessions as full-time residents, but believes snowbirds should get some credit for paying taxes year-round and using services for only a few months. istock_000000771652smallskyway.jpgRead full story 

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SandPearl Resort Openning Summer 2007

Posted on March 12, 2007. Filed under: Uncategorized |

The newest hotel build on a Pinellas county beach in over 25 years is set to open this Summer. The Sandpearl resort is a 253 room 4 diamond rated resort hotel that will host conventions, weddings, socials and the like. It will be one of Tampa Bay’s landmark properties. I have a 1 bedroom penthouse suite at the Sandpearl that will be available for rent starting this summer. Check it out at www.SandpearlSuite.com or visit www.tomburkett.com for local Real Estate information.

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