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The decision to purchase a condo in the Tampa area has many buyers concerned as Condo Associations have been taking a hit with unpaid fees, due to homeowner’s walking away from their properties. The following is great news for anyone looking to buy in The Towers.
Towers of Channelside: As of February, 2010, 120 of the residential units have been sold, leaving 137 available residential units. Only 1 of the retail units remains available for sale. There are two separate condominium associations: one for the retail condominium, and one for the residential condominium; also, the two associations then share the costs for certain shared facilities that serve both portions of the project.
The remaining, unsold developer units are subject to a state-court foreclosure by the project lenders; however, a court-appointed Receiver is managing, operating and marketing the project during the pending case, and has court authority and lender approval to continue the sale of units on behalf of the developer, The Towers of Channelside, LLC. With the consent of the project lenders, the Receiver has entered into a new marketing arrangement with JMC Realty, an experienced and reputable luxury high-rise condominium development, management and marketing team. The new sales program is market-driven, and offers very competitive pricing at a superior real estate and entertainment location that is unique to Tampa Bay.
Here’s a link to a previous article, which outlines pricing of units and what the HOA fees include: The Towers of Channelside.
The condominium associations are professionally managed by Condominium Associates, one of the industry leaders in association management on the Gulf Coast of Florida. Condominium Associates provides an on-site property manager and promotes a concierge-style atmosphere for residents, in addition to providing the professional accounting, financial and management expertise for the Association. [click to continue…]
The Tampa Bay area is now experiencing situations that may involve mortgage scams. This was recently brought to my attention when I had a buyer who wanted to make an offer on a home that involved flipping a property two times in the same transaction. Basically, the owner of the home made a deal with a 3rd party buyer to purchase the property outright using cash. This was done using an option contract. The 3rd party then tried to obtain another buyer (which was my buyer) to sell the home at a higher price to make a quick profit. Only after digging through the public records and speaking with a title company, did we find out that the property had an option contract, which made it impossible for my buyer to obtain financing. My advice is to do your research before making an offer on a property.
Here’s the definition of a Straw Buyer:
Straw buyers are people who consent that their names and personal details are used by certain people with the purpose of obtaining mortgage loans with no purpose of ever inhabiting these homes. Sometimes a straw buyer will be offered several thousands for the favor, or they may never know that their name and information will be used on the loan application. Straw buyers are also asked to sign forged documents.
Straw buyers are usually involved in the so-called mortgage fraud rings. The initiator of the scheme usually leaves the country after successfully obtaining large loan amounts for overvalued properties, and the straw buyers may end up being sued by the lenders who extended the loan money.
Even if straw buyers claim to have participated in the mortgage fraud uninformed of the fraudulent activities of the perpetrator, they are responsible for participating in criminal offence.
Having a buyer’s agent is more important than ever in our housing market. If you need help purchasing a home you can reach me at 813 784 7744 or email
“Florida continues to be the worst state in terms of delinquencies with 26 percent of Florida mortgages one payment or more past due as of December 31st. 20.4 percent of Florida mortgages are 90 days or more past due or already in the process of foreclosure. Nevada is the second worst state with 24.7 percent of its mortgages one payment or more past due and 19 percent 90 days or more past due or in foreclosure.”
These numbers are quite shocking to say the least. I can say that the amount of buyer’s that are taking advantage of our foreclosure market here in Tampa Bay has greatly increased since last year. The largest trend I see as a Realtor, are people coming from the Northeast purchasing for retirement, or investment property.
Another interesting fact: our Tampa Real Estate market is experiencing the come back of the “bidding war” We haven’t seen that in our real estate market since it’s peak in 2004-2007.
When a foreclosure comes on the market in the lower end price ranges, 125K and under, there could be as many as 15 offers submitted. This has turned around our market making it very difficult for people to actually purchase a home. Even worse, is that the first time home buyer tax credit expires the end of April, making the competition is fierce.
Many people look at the national statistics which state “Delinquencies, Foreclosure Starts Fall in Latest MBA National Delinquency Survey” This is not the case here in Florida according to the latest numbers from the Mortgage Bankers Association. Some information was from this article is supplied by Source: Mortgage Bankers Association
Moving to Florida and need to get a driver license and your car registered?
If you have an out-of-state license, you may be able to convert your license without taking a written or road test. Review the requirements for citizens and non-citizens.
Obtain vehicle insurance from a company licensed to do business in Florida–in other words, visit a Florida insurance agent.
Take your proof of Florida insurance; your original out of state title and verification of physical inspection of the motor vehicle’s *vehicle identification number (VIN), completed on form HSMV 82040 or HSMV 82042 to your local Florida county tax collector’s office. If there is more than one owner on the out of state title for transfer, all applicants must sign the application or all applicants must be present.
In the state of Florida, a motor vehicle is required by law to be registered within ten days of the owner either becoming employed, placing children in public school, or establishing residency. Registering your motor vehicle goes hand in hand with the titling process.
VIN verification is required for all USED motor vehicles not currently titled in Florida, including trailers with a weight of 2,000 pounds or more.
*The VIN must be physically inspected by one of the following:
A law enforcement officer from any state.
A licensed Florida or out of state motor vehicle dealer. NOTE: If the VIN is verified by an out of state motor vehicle dealer, the verification must be submitted on their letterhead stationary.
A Florida DMV Compliance Examiner/Inspector, DMV or tax collector employee.
A notary public commissioned by the state of Florida.
Provost Marshal (an officer who supervises the military police of a command) or a commissioned officer in active military service, with a rank of 2nd lieutenant or higher or an LNC, “Legalman, Chief Petty Officer, E-7″.
If the out of state title is currently in the possession of an out of state lienholder, the tax collector’s office will assist you in contacting the lienholder to obtain the title. The lien will be recorded on the Florida title when issued and will be mailed to the lienholder.
Short Sales…A Rising Trend, find out your options and how to determine if you are a qualified candidate to sell.
Throughout Florida, the number of sellers facing financial difficulties is clearly on the rise in all price brackets. Many owners holding adjustable rate mortgages (ARMs) or interest-only loans are finding it tough to keep up with today’s higher monthly payments. Rising foreclosure rates throughout Florida and the rest of the country signal the seriousness of the problem.
At the same time, a decline in sales prices over the past two years has left some sellers with little or no equity in their homes—sometimes called an “upside-down” sales situation.
For instance, an owner who paid $300,000 for a Florida home in 2005 using a $30,000 down payment would have little to no equity if the current market value were $270,000. So, it’s not just those having trouble making mortgage payments that are affected by today’s market. For example, you may have purchased using 100 percent financing when the market was high. Because of a job transfer, you are forced to sell and they find yourself owing more than the home is worth.
Uncovering the Short Sale
A typical seller may not understand the terms of a short sale, or even be aware that they’re facing a financial problem. Instead, the issue typically surfaces after a listing presentation, when your suggested selling price is less than what the sellers owe on their mortgage.
Just because sellers are behind on their mortgage or are having financial difficulties doesn’t mean that the property is automatically eligible for a short sale. Your first clue is the market analysis compared to the mortgage amount. But, it’s vital to get an estimate of the net proceeds and then discuss options. Ask a Realtor who specialized in short sales to provide you with this information.
Many lenders are willing to extend the term of the mortgage, add any delinquent payments to the loan principal or adjust the interest rate. If the owners’ income has gone up, the lender might agree to a repayment plan with higher monthly payments to make up the deficiency.
To request a short sale, the owners typically present the lender with evidence of financial hardship and a current market estimate of the home’s value. Any potential sale is contingent on the lender’s approval.
There are several reasons alender will accept a short sale by owners facing a financial hardship:
• To avoid the cost of a foreclosure, which was estimated at about $58,000 in a study by the Tower Group.
• To avoid increasing its home inventory, usually called real estate-owned (REO) properties.
• New homes in the area are selling faster than existing ones.
• The area or neighborhood has depreciated in value.
• The property is in poor condition.
“In order to negotiate a short-sale package with a lender, the owner has to prove that a tremendous hardship exists,” adds Pappas. “It’s almost like qualifying for the original mortgage but in reverse.”
The Towers of Channelside is becoming more affordable, bad news for sellers.
Towers of Channelside, downtown’s most visible representation of a housing market that was, is now offering units at just 58 cents on the dollar, including what could be the first units to sell for less than $200,000 for one- and two-bedrooms, according to Realtor, Rae Catanese of Prudential Tropical Realty, who writes the Tampa Bay Real Estate Insider blog. That’s representing $141 a square foot compared with the original $242 a square foot listing price.
When Towers was announced in 2004, the cheapest units were $275,000 with penthouses listed for $1.5 million. Now a penthouse runs $770,000, a 49 percent drop.
Resales, however, have been an issue at Towers, Catanese said. These new prices could make a dent in resales, which are range between $136 and $385 per square foot. A short sale is listed at Towers at $194 a square foot.
Nearly half the 260 units have sold since the towers opened in 2007, and none for less than $219,000. There have been five sales since last summer, the most expensive closing Nov. 2 for $490,000 and the cheapest a week later at $251,000.
Thinking of relocating to MacDill AFB in Tampa? Here’s a great article on the benefits for first time home buyers for military personnel
Armed service, intelligence service and foreign service personnel on active duty and out of the U.S. for 90 days during any part of 2009 get an additional year to buy their homes – to May 1, 2011.
Another benefit is a waiver on the time of occupancy. Most home buyers using the tax credit must use that home as a principal residence for a period of no fewer than three years or forfeit the entire credit. But military, intelligence and foreign service members do not have to repay the credit if they sell their home in less than three years if they move because of official business.
“NAR is the leading advocate for private property and home ownership issues, and firmly believes that those who are in service to their country should be full participants in the home buyer tax credit law,” says NAR President Charles McMillan. “These men and women are often hindered by hardships from full participation in the American dream of home ownership because their duty disrupts them in the buying and selling of a home.” NAR was a main advocate for the home buyer tax credit extension into 2010 and its expansion to include present homeowners.
Under the tax credit extension, eligible first-time home buyers can get a tax credit up to $8,000. Current homeowners are eligible for a $6,500 tax credit, provided they have lived in the home they are selling, or have sold, as their principal residence for five consecutive years in the past eight years.
Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples.
The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.
If you are buying or selling a home near MacDill AFB and would like to speak with a Realtor, please feel free to call me (813) 784 7744
Towers of Channelside Update- Many of you have been patiently waiting for the new pricing and release of condos in The Towers of Channelside.
Now that the bank has taken over, your opportunity to buy at amazingly low pricing is here.
FOR A LIMITED TIME ONLY:
Bank Released New Pricing
Price Ranges are as follows:
1 bedrooms 1.5 bath 160K- 213K 1,136 sf
1 bedroom-1.5 bath w/Den223K 1,281 sft
2 bedrooms 2.5 bath 199K-304K 1,363 sf
2 bedroom-2.5 bath 199k- 356K 1,571 sft
3 bedrooms 3 bath 249K-395K 1,778 sf
3 bedrooms 3 bath 340k-364-K 1,973 sf
3 bedrooms 3 bath w/den 360k-364k 2,166 sf
Jr Penthouses starting at 500K 2,696 sf
Grand PenthouseCall for pricing 4,849 sf
Maintenance fees are approximately .46 cents per sq ft and include:
Chilled Water Unit which replaces majority of A/C cost in your unit; management of Association, Concierges, 24 Security Officers; Pool & Landscaping & all exterior building maintenance; Waste Removal & Water/Sewer. Brighthouse agreement: High Speed Internet, Standard Cable TV; Voice Over Internet Protocol-Unlimited local and long distance telephone calling within US
Rising 29 stories into the sunlit sky, The Towers of Channelside have it all. Dive into each and every captivating view, from the bustling, metropolitan skyline, to the sparkling, pacifying waters of beautiful Tampa Bay.
Through advanced high-speed connections, forward thinking architecture, and progressive home systems, The Towers of Channelside create a complete living environment offering comfort and flexibility for anyone looking for the best in Tampa Bay.
Please contact me to schedule an appointment. Also provide the best number to reach you.
813-784-7744 or email: realtyrae@yahoo.com Rae Catanese, PA-Real Estate Agent
STAY IN TOUCH WITH THE TAMPA BAY REAL ESTATE MARKET
Figures recently released by Florida Realtors show a changed housing market punctuated by levels that can be likened to the more normal events of the ‘pre-boom’ era of 2002.
Reports illustrate that in 2009, home sales rose statewide 31 percent with a total of 163,148 homes sold compared to 124,168 homes sold in 2008. Florida’s median sales price at year-end 2009 was $142,600. Statewide sales of existing condos increased 47 percent compared to year-end 2008.
Here, in the Tampa Bay area, 2009 home sales were up 21 percent with 28,617 homes sold. Even more impressive is that condo sales were up 40 percent in 2009 over the previous year. Back track to 2002 when approximately 26,000 homes were sold and the median price was $133,300. (Forget about 2005, a time everyone will agree was grossly over-valued when more than 53,000 homes were sold in the Tampa Bay area—more than double that of 2002. Those days were anything but ‘normal’
It is encouraging to note here that December’s median prices finished higher than final figures compiled for 2009, which is a good indication of recovery—possibly as early as spring according to industry analysts. The outlook appears even brighter when taking into consideration the federal tax credit which is scheduled to expire in June. NAR Chief Economist Lawrence Yun said an additional 900,000 first-time buyers will qualify for the tax credit beyond the 2 million nationwide who have already purchased. And now 1.5 million repeat buyers are also expected to benefit from the credit.
As Real Estate Agents we get bombarded with information from companies who are trying to promote the latest and greatest tools for our buyers and sellers. I received an email today, from a newsletter that I subscribe to, that I thought was interesting to say the least!
A company called “Homethinking” has recently launched a new site that researches Neighborhoods all over the U.S. The website allows you to search a neighborhood by identifying which are most similar to where you currently live and compare how they are similar. You would think this would be a great tool for people who are relocating to the Tampa Bay area. My search was based on moving from NEW YORK CITY TO TAMPA, F.L.
If you live here, and have been to New York City, you’ll quickly know that these comparisons are not even close to being on the mark. I have to wonder, sadly, if Homethinking will ever get used.
If you are relocating to the Tampa, St. Pete or Clearwater areas let us show you the neighborhoods that best match your needs. The internet can be a great tool, unfortunately the results are not always accurate. Email: info@thetamparealestateinsider.com or call 813-784-7744
project lenders; however, a court-appointed Receiver is managing, operating and marketing the project during the pending case, and has court authority and lender approval to continue the sale of units on behalf of the developer, The Towers of Channelside, LLC. With the consent of the project lenders, the Receiver has entered into a new marketing arrangement with JMC Realty, an experienced and reputable luxury high-rise condominium development, management and marketing team. The new sales program is market-driven, and offers very competitive pricing at a superior real estate and entertainment location that is unique to Tampa Bay. 
