Rae Catanese

Prudential Tropical Realty

Cell: (813) 784-7744

Email Me

From the monthly archives:

March 2009

Tampa Skyline

Tampa Skyline

Tampa’s Community Redevelopment Areas include:

Central Park, Channel District, Downtown, Drew Park, East Tampa, Tampa Heights Riverfront, and Ybor

Under the direction of the Community Redevelopment Agency Board, seven

volunteer advisory boards made up of private citizens help provide community

insight as the city works to improve the quality of life and economic vitality in

these districts.

What is a Community Redevelopment Area?

A Community Redevelopment Area (“CRA”) is a geographic area in which the

physical and economic conditions meet the definition of slum and/or blight

as provided in the State’s Community Redevelopment Act of 1969 (“Act”) that

the local government formally designates for redevelopment. It is a powerful

tool that Tampa and municipalities throughout Florida use to help persistently

struggling commercial districts and neighborhoods.

What is the purpose of creating a Community Redevelopment Area?

The basic purpose of creating a CRA is to formally recognize that the designated

area deserves dedicated resources to reduce and/or eliminate the conditions of

slum and blight and to stimulate community and economic revitalization.

A CRA is a long-term, 30-year commitment.

To receive the  full 25 page Economic Report Released from the City of Tampa please email us with your request.

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GOP Plan Aims to Expand Home Buyer Tax Credits

By Renae Merle

Washington Post Staff Writer

Wednesday, March 25, 2009;

House Republican leaders plan to unveil a housing package today that would increase the tax credits available for home buyers and would direct law enforcement to crack down on mortgage fraud.

Under the proposal, borrowers refinancing their mortgage would be eligible for $5,000 to help cover closing costs or to reduce their principal balance. The plan also revives a $15,000 home buyer tax credit proposal that Republicans pushed last year. This time, the proposal would require the borrower to have at least a 5 percent down payment.

Both programs would expire in July 2010.

 ”We want to make sure responsible homeowners are able to purchase homes and stay in their homes,” said House Minority Whip Eric Cantor (R-Va.), who will introduce the legislation. “If you can get a $15,000 tax credit, that is a tremendous incentive to get qualified buyers back into the game.”

Currently the home buyer tax credit is 8,000 if you purchase a home before 12/31/2009

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Existing Home Sales Rise 23%

By SHANNON BEHNKEN

sbehnken@tampatrib.com

Sales of existing homes rose 23 percent in the Tampa Real Estate Market as bargain hunters snatched up distressed properties and continued to keep home prices lower. That’s the largest jump since September, when sales rose 29 percent.

In the Tampa, St. Petersburg, Clearwater metro area, 1,856 existing single-family homes changed hands in February, a 23 percent jump from a year ago. The median sales price, however, fell 27 percent to $131,400; it was $178,900 this time last year, according to the Florida Association of Realtors. The sales price did edge up a bit from January’s median price of $122,400. Experts think this is because some lenders slashed prices of foreclosed homes to get them off their books before the new year.

“The median price of an existing home has now round-tripped all the way back to September 2002 levels,” said Mike Larson, a housing analyst with Weiss Research. “We have a lot of upside-down homeowners in this country, and their ranks are swelling every day.” “Upside-down” means they owe more than the house is worth. Sales were up 20 percent statewide, and the median sales price in Florida dropped 29 percent to $141,900.

The $8,000 new homebuyer credit that was included in the federal economic stimulus package is expected to give an even bigger boost to home sales this summer. Lower prices are needed to work off the inventory of unsold homes, but there’s a downside, Larson said.

As prices continue to fall, more homeowners are finding themselves upside-down. This is tempting many to stop making payments. “We’ll have to see if recent government efforts to modify more loans and expand the ranks of those who can refinance will encourage homeowners to stick things out rather than walk away, mail their keys to the lender and rent elsewhere,” Larson said.

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You will want to read this news article pertaining to some of the largest tracks of land looking to be rezoned in the flight path.  

This is good information for home buyers looking to relocate to Tampa who want to be in a reasonable driving distance to Mac Dill AFB. 

Which neighborhoods are best for you?

Give us a call or email us with any Tampa Bay Real Estate questions 813 784 7744.

 

MacDill fights zoning change

By Elisabeth Parker, Times Staff Writer

Published Wednesday, March 18, 2009

military-macdill

INTERBAY — The neighborhood surrounding MacDill Air Force Base might be described a number of ways.

People who live there call it home.

Others call it a buffer for military operations.

And those who own property in the area, including two with parcels of 25 and 26 acres, say it’s an area in transition.

The two landowners have asked the city of Tampa to rezone their properties from light industrial to mixed use, which would pave the way for more homes to be built.

City Council members voted last August to amend the Future Land Use Map to allow the change.

But officials at the base and at the Florida Department of Community Affairs, the state’s land planning agency, want to limit density and have filed an objection. They say more neighbors limit the hours of operation for military airports and increase the potential for accidents.

They also expect more complaints if more residents come. Air traffic noise is easier to tolerate during day hours in an office or warehouse than at night, while sleeping.

Now, the case is headed in May to the Florida Division of Administrative Hearings for a ruling.

Military bases across the nation are grappling with land-use conflicts in surrounding areas as more houses are built and people move closer.

Florida enacted a law in 2005 intended to keep land development and base plans in harmony.

The law says land use around bases must be “compatible with base operations.” It lets base commanders voice their opinion about safety and noise standards when potential zoning changes come up near their bases.

James Miller, spokesman for the Department of Community Affairs, says the city’s plan violates that law and increases the people who would live in a potentially dangerous area, which the military calls an “accident potential zone.” The zone includes about 866 acres extending from the base runway almost to the east end of Gandy Boulevard.

Also, people living directly outside the zone may be inconvenienced by aircraft noise.

Miller wants the city to notify current, as well as future, residents within a mile or so of the base that military aircraft will fly overhead.

Stephen Diaco owns property a half mile north of the base along Hillsborough Bay.

In a letter last year, he asked a MacDill official to consider building an east-west runway “to protect residential areas from an accident and mitigate the noise issues.”

In response, Col. Timothy Smith reminded him that the base was there first, having been dedicated in 1941. “We … pride ourselves on being a good neighbor,” Smith wrote. “I am not aware of any Department of Defense initiatives to add an additional east-west runway.”

The two property owners requesting the latest zoning change are Florida Rock and Tank Lines Inc. and Spray Miser International.

“They’re the two biggest vacant tracts of land down there,” said their attorney, Mark Bentley. His clients’ zoning requests should be granted because most land in the area has already been rezoned to mixed use, he said.

If the zoning is changed, owners plan to sell, although Bentley said he couldn’t speculate on who the buyers might be. One property south of Interbay Boulevard is home to an old processing company.

City attorney Chip Fletcher said the request to rezone is consistent with the land use map for the area. Tampa’s planning commission recommended that the City Council approve the request with conditions, leading to its vote last fall.

Because of the flight path, building heights would be limited and housing would be restricted from wetlands. However, buildings could be created directly under flight paths on both parcels.

With these exceptions, Fletcher said the zoning change complies with the law and is compatible with the trend in the area near the base.

“We can’t figure out what their issues are,” he said of base officials and the state’s community affairs department.

Miller, on the other hand, said he’s surprised by the city’s request. “What will be accomplished by adding people?”

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Pasco approves $20 million in home buyer assistance
Times staff
In Print: Wednesday, March 11, 2009

COUNTYWIDE
$20M will be spent to help home buyers

More relief for low to moderate income home buyers is on the way soon, courtesy of Uncle Sam. Pasco County commissioners gave final approval Tuesday to a plan to spend nearly $20 million from the U.S. Department of Housing and Urban Development on a rescue program to be run through the county’s Community Development Department.

HUD officials recently signed off on the plan, which requires the money to be spent in 180 days. The bulk of the money will go toward fixing up distressed properties and selling them by offering qualified buyers no-interest loans. The rest is for down payment assistance. County officials expect to roll out the specifics to residents soon, said Community Development manager George Romagnoli.

Information will also be available at Chasco Fiesta and on the county’s Web site, www.pascocountyfl.net.

 Another $2 billion in federal money is expected to become available this summer, Romagnoli said, but governments will have to compete for the grants.

The Pasco County CDD can be found at http://portal.pascocountyfl.net/portal/server.pt/community/citizens/299/department_page

Looking to buy a home? Email me: realtyrae@yahoo.com  or call 813 784 7744

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 When I started thinking about a title for this article I came up with quite a few.  The METHOD of the Short Sale was 2nd choice.  Although, we are finding there is NO Methodology in the Tampa Real Estate Market.

Putting in an offer on a Short Sale Home in the Tampa Bay Area?  

Thinking of buying a short sale home is painful to many who can wait as long as 45 days to hear if the bank accepted their offer. Tampa Bay Sunset

There is no Method!

I can certainly without a doubt, say that there are no rules when it comes to what the banks will or will not do.  Every bank is different about the way they handle things.  Some are using mitigation companies to negotiate the offer, and some are not.  Banks each have their way of handling paperwork and disclosures which makes our job as Realtors even more challenging.  

What Realtors and Sellers are doing to get offers on short sales:

A price you see listed on any website is not necessarily the price you can buy that home for.  If you’ve seen wording or disclaimers stating “listing price may not be sufficient to cover all closing costs…” that is when you  know the home is listed as a short sale.  Try telling people who are qualified to buy a home, that we don’t know if the price listed is a real sales price.  Otherwise known as “bank approved short sale”.

I’ve seen some listed for an unbelievable prices. When I contact the listing agent, I have to ask if that price “has been approved by the bank”.  Otherwise, the seller agrees to list the home for what ever they want. 

What happens next???  Sellers are submitting multiple offers to the bank and the bank is then forced to either take one or foreclose on the home.  Once the bank gets offers at the low ball price, it speeds up the short sale process.

How many properties are on the market in the metro Tampa Bay Area?  (approximately 33,000.00 in the Pinellas, Pasco and Hillsborough Areas) 

I’m finding there are several situations that would lead more people to buying a foreclosed home.  First, they are probably getting a better deal after the bank owns the property.  The bank will respond to most offers within 48 hours, 2 business days.   You will also know if there are any other offers in the mix.

Most buyers I am working with are telling me that they want to stay away from short sales.  If you are a seller, please take this into consideration before listing your home for sale with a Realtor.

Rae Catanese, PA

Prudential Tropical Realty- Tampa, Fl  813 784 7744

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Owner’s of Million Dollar Homes on the Water in South Tampa finally get the approval on Canal Dredging by the City Of Tampa.  If you are looking to purchase a home on one of the canals that is scheduled for dredging; this is very important information to know. 

As a Realtor working with buyers, I would advise you to visit a property at low tide, as there could be a difference of 3′ in water levels between high and low tides.  This may also be the best time to buy on the water, as property values will increase significantly once the waterways become navigable.canal20muck 

How did the City determine affected homes?

A recent survey identified approximately 600 properties that do not meet the stated Level of Service(LOS) of 3 feet of water at mean low tide in the center of the canal.  These “possibly affected” properties will be confirmed by a final professional survey.  Properties below LOS will be included in the plan.

My canal has much less sediment than others, why do I have to pay the same amount?

Tampa canals vary greatly in size, shape and amount of sediment.    Having unique costs associated with precise sediment removal would require the City to establish a Special Assessment Area on a per property or per canal basis, which is not feasible.  

Why was the LOS chosen to be three feet at mean low water?

This is a common engineering practice and will provide reasonable depth for navigation and tidal flow.

What’s the benefit?

  • Environmental benefits from improved water circulation, creating and restoring marine habitat, and improvement to the Tampa Bay estuary system
  • Residents benefit from usable canals and a maintenance program that secures the future condition of our waterways
  • City of Tampa benefits by solving a problem that has plagued the City for decades and will improve the quality of life in the area

What are the environmental enhancements?

This dredging will enable the canals to again be habitats for marine life and vegetation.  Submerged invertebrates and emergent vegetation will be used to create healthier, cleaner water.  Environmental details will be finalized as a part of the engineering study, and shared with all affected property owners

 The schedule from this point may extend based on permits, as well as, other external management issues.

December 2010 is the estimated date for the Canal Dredging Construction to be Complete 

More information can be found at the City of Tampa Official Canal Dredging Website 

Please let us know if you would like a list of waterfront homes for sale in the Tampa Bay area. Mailto: realtyrae@yahoo.com 

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