From the monthly archives:

March 2008

Sam Zell's Interview on housing market-CNBC 2008

by Rae Catanese on March 21, 2008

in Tampa Housing Market, Tampa Real Estate Economic Report, Tampa Real Estate Market News & Updates

This is one of the most encouraging articles I’ve seen for a recovery this year. This also follows my personal opinion as a Real Estate Agent in Tampa, Fl. The trends we are seeing are a huge increase in buyer activity here in Tampa because the word is out “Now is the time to Buy” We are also noticing an increase of overseas investors interested in our Tampa Bay Real Estate Market, which tells me that the word is getting out on a global level.

Faces In The NewsGrave Dancer Augurs Housing Recovery

Andrew Farrell, 02.26.08, 4:30 PM ET

With the housing market moribund, it’s fitting that the man dubbed the Grave Dancer sees the long-awaited end to the slump. “I think (new home) starts have already pretty much bottomed out,” said billionaire Sam Zell. “I think the housing market this spring will begin its recovery phase.” Zell made the comments on Tuesday morning on CNBC.

Zell is calling the bottom of one of the worst housing slumps in decades. Standard & Poor’s said Tuesday that home prices plummeted 8.9% during the fourth quarter from a year ago, the largest decline in the 20-year history of S&P’s home price index.

When Zell speaks about real estate, it’s worth listening. The 52nd richest American earned his moniker by buying run-down properties nobody wanted and then flipping them for a handsome profit. Last year, Zell sold his Equity Office Products, which owns 540 office buildings, to The Blackstone Group for $39 billion.

Office and retail property have faced headwinds over the past year, but the housing market is struggling against gale-force gusts. Supply is abundant after years of heavy building. Mortgage companies are restricting lending to potential buyers following the subprime meltdown. Toss in the daily parade of negative headlines and its no surprise many buyers are sticking to the sidelines.

Zell sees the market righting itself because slipping home prices throttled new construction. The U.S Department of Housing estimates that new home construction was down 33% this January from a year ago.

Many investors are agreeing with Zell’s assessment that the bottom is near. They are rushing into homebuilders, which were battered throughout 2007, in anticipation of better times ahead. In the past three months, shares of D.R. Horton, Pulte Homes, and Lennar have each rallied at least 40%.

Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question?
Feel free to email or call us 813-784-7744
Rae Catanese and Michelle Jordan
Realtors.

Search MLS
Prudential Tropical Realty

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CNN MONEY Report, Housing: Best time to buy in four years-Tampa, Fl

by Rae Catanese on March 21, 2008

in Foreclosure Statistics Tampa, Tampa Housing Market, Tampa Real Estate Market News & Updates, Tampa Real Estate Statistics

Home values have declined across the country, giving homebuyers the best buys they’ve had since 2004.

By Les Christie, CNNMoney.com staff writer
Last Updated: March 5, 2008: 10:40 PM EST

NEW YORK (CNNMoney.com) — It may be the best time to buy a house in more than four years.

Home prices have dropped so quickly and so far that valuations – the difference between what a home should cost and its actual price – are the lowest they’ve been since 2004, according to a report.

The Cleveland-based bank National City Corp. (NCC, Fortune 500), together with financial analysis firm Global Insight, revealed Tuesday that more than 88% of the 330 housing markets surveyed showed price declines and improved affordability during the last three months of 2007.

“Housing valuations are almost back to long-term norms,” said National City’s chief economist, Richard DeKaser. He called current affordability “the best in the past four years.”
But DeKaser cautioned that home prices could fall even further.

“This isn’t to say home price declines are over,” he said. “We could move below historic norms. By the end of 2008, housing markets could be broadly under valued.”

“Declines are no longer confined to once-frothy markets,” said DeKaser. The survey covered home valuations during the last three months of 2007, but DeKaser pointed out there’s reason to believe that valuations are even more favorable for buyers today.

Price declines have continued into 2008 and interest rates, although they have inched up lately, have been steady or lower compared to late last year. There have even been wage gains; personal income rose 0.5% in December. Soaring foreclosure rates have added inventory to many housing markets, depressing home prices further.

The biggest gains in affordability occurred in California, Michigan and Florida, which are areas that have also been some of the hardest hit by foreclosures. Those states registered 43 of the 50 biggest price declines.

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What the Media Doesn't tell you about the Tampa Real Estate Market-2008

by Rae Catanese on March 10, 2008

in First Time Home Buying Advice, Tampa Housing Market, Tampa Real Estate Market News & Updates

Written By:
Rae Catanese,
Realtor-Tampa, Fl

Just wanted to share with you some of the trends we are noticing right now in the Tampa Bay Real Estate market.

One, the buyers market is starting to pick up. You see all the ads, billboards saying NOW IS THE TIME TO BUY. That statement is true and here’s why.

I’ve been working with 2 buyers and the usual amount of homes we see are six. In both cases, Two, of the the six are usually in a Short-Sale or Pre-Foreclosure status. Another two of the six are priced below what they paid if they purchased in the past 2 years. That’s a total of 4 out of 6 properties that you can get a really good deal on.

People are selling their homes for various reasons now. Not because they want to “see what they can get. ” Everyone already knows now is not the time to be a seller. Sellers and buyers are hearing that the market won’t pick up until the end of 2008. Why wait? If a home is on the market it usually means they HAVE TO SELL. Whether it is because of a job relocation, divorce or they just can’t afford to make the payment due to the increase in taxes and insurance the past 2 years.

Sellers have gotten in over their heads, and those who care about their credit would rather just take a loss, then risk foreclosure. The loss can be taken as a tax write off. People who make money need it anyway.

Sellers also receive a tax credit if they sold their home for less than what was owed; which is retroactive to 2007.

If you’ve been on the fence about buying a home in Tampa; and after reading this article you decide to start your search process, please contact us.

Thinking about buying or selling real estate in the Tampa Bay Area?
Have a Real Estate question?
Feel free to email or call us 813-784-7744
Rae Catanese and Michelle Jordan
Realtors.

Search MLS
Prudential Tropical Realty

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Central Park Village-Tampa Heights Redevelopment Plans

by Rae Catanese on March 8, 2008

in Historic Neighborhoods in Tampa

Hillsborough River Photo by kellogg

Developer In For Long Haul
By JOSE PATINO GIRONA,

The Tampa Tribune
Published: March 8, 2008

TAMPA HEIGHTS – With a weak housing market and a waiting game for permits, patience is the operative word for The Heights, the $500 million, 48-acre development of condominiums, town homes, offices and commercial property adjacent to downtown. The developer may build fewer condos and town homes than the 1,900 initially proposed and might build commercial property first – a deviation from mixed-use developments, which typically build housing first.

There also are plans to lease out the historical Tampa Armature Works building, 1910 N. Ola Ave., and two single-story buildings on Palm Avenue. The developer, A Better Place Group, has set a 10-year timeline for the project. “If it all gets done in the last three years, it’s still done in 10 years,” development manager Darren Booth said.

The developer applied more than two years ago for permits from the Army Corps of Engineers and the Tampa Port Authority to allow construction of a sea wall and boat slips, dredging and other work in the Hillsborough River. Booth anticipates getting the permits by the end of the year.

The developer planned to build roads and install infrastructure before selling land to other developers. Now it’s considering constructing some of the buildings in order to move the project forward, Booth said. The Heights is seeking city permits to build a three-story office building near Seventh and Highland avenues and is in talks with the Greater Tampa Chamber of Commerce to lease part of the building.

In five years, Booth anticipates that roads, water, sewer and stormwater lines, the sea wall, boat slips and a river walk will be completed or nearing completion. At that time, he also anticipates the completion of one or two restaurants and a small office building. Hotel construction should be under way along with residential sales. “If you can accept being patient, it is not frustrating,” Booth said. The city approved the property’s rezoning and a development agreement for The Heights in 2006.

Investors in the project include Bill Bishop, president of real estate development company Leslie Land Corp., and Don Wallace, the former president and chief executive officer of Lazy Days RV Center. Michael Hatchett, a city urban development manager, said the project’s slower pace is disappointing but out of the developer’s control.

“It is certainly a doable project,” Hatchett said. “The major hurdle has been crossed, and that is the developer owning the property. If the developer doesn’t own it, you can’t build on it. Your project is never going to happen if you don’t own the dirt.” Given the economic circumstances, the project’s pace and changes are logical, said Fran Roy, president of the Tampa Heights Civic Association.

“If anyone thinks that they are going to come out of the ground flying, you need a reality check,” Roy said. He’s excited that the developer is committed to the project, which he said will enhance the area. But he thinks the community can advance while The Heights finds its course.

The Bush Ross law firm opened its offices in December in Tampa Heights; the county bar association and bar foundation opened their two-story building Feb. 21 near the law firm; and a trio of investors is rehabilitating the 1927 Rialto Theatre to open a members club for business and social networking.

“The success of the neighborhood doesn’t hinge on The Heights project,” Roy said.
Booth said the project’s success is inevitable, given its proximity to the river, parks and downtown.

“I think the location is what it’s all about – being three minutes from downtown versus an hour,” he said. “That is what ultimately will make this project successful.”

View the Tampa Heights Redevelopment Project Map Here.

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Looking at Homes for Sale? Find out how our new tax law will benefit you!

by Rae Catanese on March 1, 2008

in First Time Home Buyers, Hillsborough County Property Taxes, Housing Bill and Tax Credits

What you should do to receive benefits of Amendment 1

Many buyers we have that are looking at homes for sale in the Tampa Bay area are also looking at how Amendment 1 will benefit them. I hope this will clarify some of your questions and also encourage people who are looking to buy homes.

Citizens voted January 29th to change the property tax system in Florida. To receive
some of the benefits of the changes enacted January 29th, certain citizens must take action
by March 1, 2008.

The Constitutional amendment created four new opportunities for taxpayers to obtain tax
relief:

1. Increased homestead exemption to 50,000
2. Portability of “Save our Homes” benefit
3. $25,000 exemption for tangible personal property
4. 10% annual assessment limitation for non-homestead property

What taxpayers must do to receive these new benefits:
1. Increased homestead exemption – Homeowners that are currently receiving the
homestead exemption will automatically receive the increased homestead
exemption. No action is necessary.

2. Portability of “Save our Homes” benefits – If you received the homestead
exemption in 2007 on a home that you sold or otherwise abandoned during 2007
and have purchased a new home by January 1, 2008, you are eligible to take some
or all of the benefit of “Save our Homes” to your new home. In order to receive
this benefit, you must apply by March 1, 2008 to your property appraiser for
your new homestead exemption and for the transfer of the “Save Our Homes”
benefit to your new homestead for 2008.

3. $25,000 exemption for tangible personal property – Tangible personal property
taxes apply only to certain taxpayers in Florida – typically businesses and certain
owners of mobile homes. The tax does not apply to homesteaded property. In
order to receive the $25,000 exemption for tangible personal property, taxpayers
subject to the tax must file a tangible personal property return with their
property appraiser by April 1, 2008.

4. 10% limit on annual assessment increases for non-homestead property – The 10% limitation does not apply until next year. No application is necessary for 2008.

If you have any questions about what action you must take to receive these new benefits,
please contact your local property appraiser. For information on how to contact Florida’s
property appraisers, go to http://dor.myflorida.com/dor/property/appraisers.html.

Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question? Feel free to email or call us 813-784-7744
Rae Catanese and Michelle Jordan
Realtors.

Search MLS
Prudential Tropical Realty

Share and Enjoy:

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Rae Catanese

March 2008

Sam Zell's Interview on housing market-CNBC 2008

CNN MONEY Report, Housing: Best time to buy in four years-Tampa, Fl

What the Media Doesn't tell you about the Tampa Real Estate Market-2008

Central Park Village-Tampa Heights Redevelopment Plans

Looking at Homes for Sale? Find out how our new tax law will benefit you!

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