Towers of Channelside
The Towers of Channelside has been in receivership for the past couple months. Receivership is a form of bankruptcy in which a company can avoid liquidation by reorganizing with the help of a court-appointed trustee.
During that time they have taken most of the condos off the market in order to re-structure pricing. They are negotiating with the 5 banks that were investors in this luxury high rise; trying to determine what price they will sell the remainder of the units for.
There are several units for sale listed as resales, short sales and by the developer, but they represent only a very small fraction of the total inventory.
If you would like to be notified when new pricing becomes available (which I hear is going to be very aggressive) please send me an email: realtyrae@yahoo.com with the subject Towers of Channelside. You may also reach me on my cell phone @ 813 784 7744 for current availability opportunities.
With the amount of short sale and foreclosures on the market in the Tampa Bay area, the 203K loan program may be a great opportunity to purchase a distressed property and renovate it the way you want to. Most of these properties have been abandoned and need work. If you have the vision, and can put a little time into designing a house, a mortgage designed for renovations may be the best way to purchase.
When purchasing or refinancing a home, why not include additional money for renovations or repairs?
Many buyers plan to make changes to a home after closing.
A Renovation Loan allows buyers to purchase and renovate a home with one loan.
BENEFITS
- Mortgage based on after-improved value.
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One closing and then repairs begin (sellers avoid having to make repairs themselves)
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Perfect solution to older home problems
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Enables borrowers to buy a foreclosure property without having cash to do the needed repairs
ELIGIBLE REPAIRS
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Roofing, gutters and downspouts
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Interior or exterior painting
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Room addition or garage
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Remodel kitchens and baths
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Update appliances
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Flooring, tiling and carpeting
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Major landscaping, decks and fencing
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Structural alterations and additions
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Modernize plumbing, heating,
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AC and electrical systems.
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Install or repair well or septic system
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Energy conservation improvements
Call Katie Cook Hughes for more details on this loan program, Sr. Loan Officer,Prospect Mortgage, Cell: 813.546.0922
View all homes for sale in the Tampa Bay area.
Visit our MLS website! Save your favorite homes, get property alerts and more.
Many home owner’s are eagerly awaiting the public hearings to determine if Hillsborough County will increase the Millage rates for 2009, which could cause an increase in property taxes.
Yes, property values have come down, but that doesn’t mean your tax bill will be lower if the proposal gets approved.
I received an email today from the property appraiser that will provide you with the information you need to attend the public hearings.
2009 Property Tax and Millage Update
Here’s a reminder of the public hearing dates for the determination of 2009 millage rates Please pass this information on to your associates, family members, clients and neighbors.
Meetings are open to the public to give you an opportunity to express your input about the millage rates which affect all property owners in Hillsborough County.
Because the millage rates directly affect the property tax amount, this is the time to speak up to your local taxing authorities
- The three largest taxing authorities are: the School Board; Hillsborough County and the City of Tampa
Hillsborough County 2009 Budget Hearings
Where 2009 Millage Rates will be Determined
These Meetings are Open to the Public
| Taxing Authority |
Hearing Date Hearing Time |
2nd Hearing Date 2nd Hearing Time |
| |
|
All pm |
Hearing Location |
|
All pm |
| Hillsborough County – Countywide |
9/8/2009 |
6:00 |
601 E Kennedy Blvd Tampa |
9/17/2009 |
6:00 |
| School Board |
9/3/2009 |
5:01 |
901 E Kennedy Blvd Tampa |
|
|
|
| City of Tampa |
9/9/2009 |
5:01 |
315 E Kennedy Blvd Tampa |
9/23/2009 |
5:01 |
| City Of Temple Terrace |
9/10/2009 |
6:00 |
11250 N 56th St Temple Terrace |
9/22/2009 |
6:00 |
| City of Plant City |
9/14/2009 |
7:30 |
302 W Reynolds St Plant City |
9/28/2009 |
7:30 |
| Children’s Board of Hillsborough County |
9/10/2009 |
5:01 |
1002 E Palm Ave Tampa |
9/24/2009 |
5:01 |
| Transit Authority |
9/14/2009 |
5:30 |
601 E Kennedy Blvd Tampa |
9/28/2009 |
5:30 |
| Southwest Florida Water Management District |
9/15/2009 |
5:01 |
7601 Highway 301 N Tampa/237 |
9/29/2009 |
5:01 |
| Tampa Port Authority |
9/10/2009 |
5:01 |
1101 Channelside Dr Tampa |
9/24/2009 |
5:01 |
Business Week Article explains when conditions are favorable to own rather than rent.
Tampa Bay Ranked #5 in their report.
Tampa Metro (Fla.)
Own/rent ratio: 115%
Annual cost to own: $10,823
Annual cost to rent: $9,444
South Florida is has been hit hard by the recession, and home prices in Tampa have taken a dive. The metro was the country’s 19th-largest in 2007, with a population of more than 2.7 million. OSI Restaurant Partners (Outback Steakhouse) and WellCare Health Plans are headquartered here. The Tampa Bay area also relies on the tourism industry.
The metro areas were ranked based on the annual cost of owning compared to renting. The own/rent ratio represents the annual cost of owning as a percentage of the annual cost of renting. The lower the ratio, the more favorable owning is over renting and in any metro with a ratio below 100%, it’s cheaper to own than rent. To make a fair comparison between owning and renting, annual ownership costs were calculated based on a loan of 100% of the purchase price. (Of course, a down-payment is required for most purchases, but including it in our calculations would have skewed the results by lowering the cost of ownership). We also factored in tax rebates assuming an annual income tax rate of 30%. The ownership costs were calculated using a 30-year fixed mortgage with an interest rate of 5.5% and maintenance fees and property taxes were assumed to be about 3%. The second-quarter rental data, which was provided by REIS, is a blended average of all rental types and includes rent concessions. The second-quarter home value data comes from Zillow.com
Thinking of buying or listing a home for sale in the Tampa Bay Area? Give us a call
813 784 7744 or email realtyrae@yahoo.com
Rae Catanese, PA Real Estate Agent
View all homes for sale, get a market analysis on your home and save your favorite properties. Visit our Tampa Bay MLS site
A friend, author and colleague of mine Dan Auito, just released a new Real Estate Investing Book called
“Be A Real Estate Heavyweight.”
This is a real estate investing tool and resource. Learn how to invest in foreclosures and bank-owned REOs
There are many wanna be real estate investors out there and in today’s Real Estate Market it’s no wonder why everyone wants to get in on the foreclosure boom! We may never see another market crash, especially here in Tampa Bay, in our lifetime.
Why is Be A Real Estate Heavyweight the BEST Real Estate Investing Book?
This Real Estate Investment book boasts 95 authors that are sharing actual experience that is working in the field TODAY! This is post bubble real estate investing, these are the NEW methods being used NOW.
Click Here for the table of contents!
A brief Example:
Author Article
Jarom Adair ……………………The 7 Great Lies of Real Estate Investing
Peter Vekselman ……………Avoiding Real Estate Mistakes & Pitfalls
Preston Ely …………………….. 7 Steps to Real Estate Riches
Tyler Hicks ………………………How to Get Rich in Real Estate on Zero Cash 100% Financing
This manual gives investors a more comprehensive approach to intelligence gathering. Capitalize on the collective significance of the available information aggregated from some of our brightest real estate investors in their fields today.
In this real estate investing book, he literally maps out
the only systems that are working in
today’s real estate economy.
…And what’s really cool is the way
he explains it and makes it all so EASY
to understand.
There’s 2 really good chapters
of what is working in real estate today
download free
chapters.
Whether you are looking to purchase foreclosures, distressed homes, vacation property or a home for you and your family, this guide will give you the knowledge you need.
I’m sure you’ll like this and benefit
from the content …so check it out!
Prudential Tropical Realty Announces First Quarter Increase
TAMPA BAY, FL - Prudential Tropical Realty announced this week that it has posted an increase in sales during the first quarter of 2009. During the time period of January – March, 2009 the company posted a 20 percent increase over Jan.-March 2008 in pending dollar volume. Even more encouraging is that the company saw an increase in closed dollar volume of approximately 39 percent over the previous year.
This latest trend may be an indication that buyers are beginning to realize the benefits of buying now vs. waiting until later. “A better understanding of true market value, coupled with the lowest mortgage interest rates in more than 30 years, have at long last motivated buyers to move off the fence and make a home purchase,” explained Dewey Mitchell, Broker/Owner, Prudential Tropical Realty.
Furthermore, according to a February report produced by the Greater Tampa Association of Realtors, the Tampa Bay area is now experiencing a nine month supply of housing inventory. This is a significant improvement over the same time period in 2008 during which there was a 14 month supply of homes.
To View all homes for sale in the Tampa Bay area visit our website. You can also see what homes are selling for in your neighborhood and get a comparable market analysis.
Call us about listing or buying your home. Get results!
813 784 7744-Rae Catanese, PA-Real Estate Agent
First Time Home Buyers Seminar @ IKEA
“$500 certificate for closing costs to anyone that attends”
| |
Hosted by: Transcontinential Lending Group
Price: FREE
Infact we are giving away $500 dollars for attending
|
|
Here is what you will learn at this “FREE” presentation:
• Discover the seven secrets to hidden Tampa’s real estate values
• Learn how to find the right property to buy
• How to receive your $8,000 tax credit within a few weeks of closing
• The difference between renting and owning
• How to improve your credit score
• How to find the best mortgage program for your new home
• How to eliminate debt, maximize tax advantages and create wealth
Furthermore, please send this invite to friends, family, or anyone that would want to attend.
Seating is limited so please email Rae Catanese, Realtor, Prudential Tropical Realty
or
call 813-784 7744
$8000 tax credit ends Dec 1st. Time is running out!
I just received a price reduction on my Waterfront Home for sale. This is NOT A SHORT SALE and the sellers can close quick! Offered at 325K
Waterfront Home Tampa, Fl click for details
Call me for details 813 784 7744
Rae Catanese
Decision Time Draws Near for First Time Buyer’s Credit
While the economy continues to show signs of improvement and many housing markets are beginning to heat up, scores of would-be buyers are still waiting on the sidelines for further positive housing trends. But for first-time buyers, time is running short on the federal government’s $8,000 tax credit.
Though the official expiration date of the credit is December 1, in reality on-the-fence buyers will need to make a decision one way or the other fairly soon. The reason: in order to qualify for the credit, the home purchase must close by December 1st. Merely having loan approval, an accepted offer or a signed contract won’t be enough to qualify for the Housing and Economic Recovery Act.
Decision-Making Timeline – While each transaction is unique, closing a real estate deal is no speedy matter. On average, closing takes place 45 to 60 days after the date that the contract is signed. In order to meet the December 1st deadline, this would mean having a signing date in late September or early October. Those who consider the tax credit an important incentive but are still unsure about entering the market will need to make a decision one way or another before many more summer days pass.
To have any chance at finding a home and having an offer accepted by early October, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, starting the mortgage pre-approval process and beginning the home search process online.
Potential for Delays - Buying a home is a complicated process, and it is not unusual for purchases involving first-time buyers to take slightly longer than those involving experienced buyers. Some of the delays that first-time buyers may face over the coming months:
Competition with Other Buyers
While home may be selling at a lower rate than in years past, in many areas changes in inventory have created extremely competitive buying environments. Foreclosures or other homes with greatly lowered asking prices are particularly sought after, and in many cases investors are very active in the marketplace.
Disclosures & Contingencies
The seller is obligated to disclose any material facts about the property, including any property defects or any lawsuits regarding claim to ownership on the property. Disclosures can stall negotiations and delay the contract signing depending on their nature and severity. Contingencies (written clauses in the sales contract that give protection to both the buyer and the seller of a home) can also result in some delay in negotiation, particularly if the contingency requires the seller to make specific repairs.
Appraisal: The lender will arrange for appraisal of the property, which will include a thorough inspection of the home’s interior and exterior. The appraiser’s report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. If the appraisal of the home’s value is lower than the agreed upon sales price, the buyer’s chance of loan approval can be in jeopardy. In addition, recently added rules for appraisers have been causing some delays based upon anecdotal evidence.
Loan Approval
While interest rates remain advantageous for buyers, lenders are being much more fastidious during the approval process. Obtaining pre-approval can help prevent many delays.
The Holiday Season
Buyers who submit an offer in mid-fall may likely run into another roadblock to a pre-December 1st closing date: the approaching holiday season. Closing a real estate sale requires the work and attention of a number of professionals; from real estate agents to attorneys to bankers. Like many Americans, it is not uncommon for individuals in these fields to use up vacation time in the last few weeks of November. Securing a closing date during Thanksgiving week may be something approaching miraculous.
Additional Delays for Short Sales and Foreclosures
Buyers who make an offer on a short sale property or bank-owned foreclosure may find that it takes a significantly longer time to receive a reply than expected. Overall, buying these types of properties is a longer process than buying homes listed on the market by individual owners.
Search all homes for sale in the Tampa Bay area.
Looking for a Real Estate Agent who can help you with the home buying process? Give me a call! Rae Catanese, PA 813 784 7744
Fannie Mae’s new HomePath REO Mortgage Loan Update! This program will be most beneficial for the Tampa Real Estate Market as we are #2 in the U.S for foreclosures.
Fannie Mae, the agency sponsored by the U.S. government to help make housing more affordable
to all Americans, now offers HomePath, a special new home loan to finance the sale of its current real estate owned [REO], (Bank Owned/Foreclosed) homes across the country.
Prospect Mortgage is among a select group of mortgage lenders nationwide who can offer the
HomePath loan to get you into one of these homes!
Here are the key benefits of a HomePath Mortgage Loan:
_ Only 3% down required on a primary residence property
_ No mortgage insurance required
_ No property appraisal required
_ Only 10% down on 1-2 unit investment properties
_ Get up to 6% in seller concessions on primary residence properties
For a list of qualified foreclosed homes for sale in the Tampa Bay area, send an email to Rae Catanese, Prudential Tropical Realty realtyrae@yahoo.com or call me at 813 784 7744
