From the monthly archives:

October 2009

VENTANA CHANNELSIDE CONDO AUCTION! TAMPA, FL

by Rae Catanese on October 29, 2009

in Bankrupt Developments, Condo Market News, Condos & Lofts, Downtown Tampa News, Home Auctions, Luxury Home Communities

CHANNELSIDE CONDO AUCTION! VENTANA-TAMPA, FL

33 Luxury Channelside Condos For Sale• Minimum bids from $145K

Pricing Example:

A 1 bedroom 2 bath condo, 1,143 square-foot condo at Ventana has a minimum bid of $145,000.

It’s last asking price: $473,100.

Total units in building 84. There are only 33 remaining.

Maintenance fees are calculated at .33 per sq ft.

Includes: water, trash, basic cable, concierge, wireless internet throughout entire community, pool, fitness center and 2 parking spaces per condo!

From Ventana Condos Channelside Tampa

CLICK HERE TO SEE PHOTO SLIDE SHOW

With an intimate collection of unique residences, Ventana is a window to a world all your own.

Expansive picture windows illuminate each residence with natural light and are the focal

point of open floor plans that spill out onto large terraces and balconies overlooking downtown,

Channelside and the waterfront.

Designed by renowned architect Walton H. Chancey, AIA, and the Chancy Design partnership, these uniquely

gracious and sophisticated residences include concierge services, and exceptional features and finishes not found

in most urban residential offerings. More refined than lofts. More intimate than towers. This is Channelside’s

most livable take on downtown living.

All condos have granite countertops, hardwood flooring in living room and dining rooms, tile in bathrooms, carpet in bedrooms, Kitchen Aid stainless steel appliances

33 Available units ranging in size:

1 b/2b 1,143 sq ft

2b/2b 1,381 sf – 1,521 sq ft

2b+den, 2 bath 1,753 sq ft – 1,797 sq ft

3b/3b 2,541 sf

This is the BEST deal in Channelside and the BEST time to buy! Don’t miss out on this incredible opportunity!

When is the auction?

AUCTION will be held on Saturday,

November 14th at 1pm.

Previews of all condos are available by appointment until November 13, 2009

Please email: info@thetamparealestateinsider.com to schedule your showing and for further details. Or you may call us at 813 784 7744.

Rae Catanese, Real Estate Agent

All sales must close on or before December 28, 2009 (31 business days after the auction).
If financing you must use Fanne Mae Approved Preferred Lenders: MetLife and Bank of America.
20% of the purchase price is required to obtain financing.

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CNN Reports-Senators agree to extend home-buyer tax credit

by Rae Catanese on October 28, 2009

in First Time Home Buyers, Home Buyer Tax Credit, Housing Bill and Tax Credits

Here’s an update on the home buyer tax credit which is hopefully going to be EXTENDED until June 2010. This will make a big impact on Tampa Real Estate, since many buyer’s have now run out of time to purchase a home by Dec. 1st. Glad to see they are working on extending it!

WASHINGTON — Senators agreed Wednesday to extend a popular tax credit for first-time home buyers and to offer a reduced credit to some repeat buyers. The tax credit provides up to $8,000 to first-time home buyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6% in September, and some industry representatives blamed uncertainty about the tax credit.

Senators agreed to extend the existing $8,000 tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to home buyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

Please contact me with any questions: 813 784 7744-Rae Catanese, Realtor

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Buyers research troubled neighborhoods in Tampa BEFORE purchasing-Tampa, Fl

by Rae Catanese on October 20, 2009

in Best Neighborhoods in Tampa, First Time Home Buying Advice, Home Owners Associations, Most Desirable Neighborhoods, Relocation Resources

One problem we are experiencing in the Tampa Real Estate Market is a very large quantity of short sales and foreclosures. This leads to not only abandoned homes, but an even larger problem with HOA fees not being paid by the homeowners.

A good buyer’s agent can tell you which neighborhoods are in trouble. Imagine buying a home and then being assesed a huge amount to make up for the back HOA fees! Call the Home Owners Association president and get the current financials. Finding out this information should be a contingency of the contract in today’s real estate market.

HGTV’s frontdoor.com posted a great article on How To Find The Best Neighborhoods. It’s guide for those just starting out in the home search process. If you are looking to relocate to the Tampa Bay area, I’ve posted articles specific to our area that will help you find the BEST neighborhoods in Tampa!

Need a buyer’s agent? Call 813 784 7744 or email me! Rae Catanese, PA-Licensed Real Estate Agent covering all of Tampa Bay

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More Bankrupt Developments Liquidated-Clearwater/St. Pete, Fl

by Rae Catanese on October 16, 2009

in Bankrupt Developments, Condo Market News, Foreclosures and Bank Owned, High Rise Condo Developments, Luxury Home Communities

It will be interesting to see what these condos will sell for, or if they will turn into rentals. In the Tampa Bay Real Estate Boom the Opus South Condo Tower Developments orginally listed at an average sale price of 700K. The two developments have been purchased for an average sale price of 137,00 per condo.

Wednesday, October 14, 2009, 2:46pm EDT

Opus South condo developments to change hands

Waters Edge Clearwater Condo

Tampa Bay Business Journal - by Janet Leiser and Michael Hinman

The winning bidder on unsold condominiums in two high-end Pinellas residential towers — Water’s Edge in downtown Clearwater and 400 Beach Drive in downtown St. Petersburg — is the lender, Wachovia Corp.

The bank, now part of Wells Fargo & Co., agreed to pay $30.6 million for the condos, plus undeveloped land adjacent to the $100 million Water’s Edge, in a deal expected to be complete by Oct. 16.

Wachovia, which holds an $82 million mortgage on the properties, was the highest bidder at an Oct. 1 auction in the District of Delaware, where developer Opus South Florida is liquidating through the bankruptcy court.

U.S. Bankruptcy Judge Mary F. Walmath approved the sales at an Oct. 7 hearing.

Three limited liability companies that have the same Charlotte, N.C., address as Wachovia Bank won the bids.

Water’s Edge Clearwater LLC agreed to pay $20 million for Water’s Edge where only 10 of the 156 units have previously sold, records show. The bank paid about $137,000 per unit.

The tower also has commercial space on the ground floor.

In addition, Redus Clearwater Bluff LLC will pay $1.6 million for adjacent undeveloped land.

On 400 Beach Drive, Redus 400 Beach LLC bid $9 million for about 21 unsold condos along with unsold retail space in the 93-unit building.

Atlanta-based Opus South, headquartered in Tampa until last year, filed for Chapter 11 on April 22, listing assets of $38 million and liabilities of $28.6 million.

It is one of five companies that form Minnetonka, Minn., real estate developer Opus Corp. Two others — Opus East LLC and Opus West Corp. — also have sought bankruptcy protection.

An investment group tied to the Tampa Bay Rays is the backup bidder on 400 Beach Drive. Downtown 400 LLC is managed by Randy Frankel and its address is Tropicana Field, home of the Rays, state corporate records show.

The back-up bidder on Water’s Edge is an entity connected to The Related Group of Miami.

NAI Tampa Bay broker T. Sean Lance said the investment groups were most likely testing the water to see how much Wachovia would pay for the properties.

“Those are two high-quality assets,” said Lance, managing director.

The Beach Drive units will sell for more than Water’s Edge, he said. “Downtown St. Petersburg is a much more vibrant downtown as opposed to downtown Clearwater, which is pretty sparse,” Lance said.

He expects the bank to evaluate the properties to determine the best way to minimize losses.

Wachovia will have to decide if it wants sell units individually or in bulk.

Most buyers, including The Related Group, are looking for huge discounts in today’s depressed market.

“The bid-ask gap is great,” he said.

Calls to lawyers at Greenberg Traurig, which represents Opus South, weren’t returned.

If you are looking to purchase condos in the Tampa, St. Pete or Clearwater area contact us: 813 784 7744 or email realtyrae@yahoo.com

Rae Catanese, PA-Licensed Real Estate Agent

View all homes, condos and lofts in the Tampa Bay Area. Save searches, get neighborhood information and more!

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Buyers being unfairly scrutinized by lenders-Tampa, FL

by Rae Catanese on October 14, 2009

in Financing and Mortgage News, Tampa Housing Market

Ever hear of a “Motivation Letter?” You may if you are trying to purchase a home in today’s real estate market. Buyers in the Tampa Real Estate market are being put under the microscope by lenders. This is what one of my clients had to supply to get a loan approved days prior to closing. Shocking to say the least!

Email from Lender:

The lender is requesting a “Motivation Letter” to explain and willingness to increase payment from his current residence. The new townhome is located in Ybor City and their concern is with occupancy as the location is among warehouses and vacant lots. The borrower’s current unit is a high rise condo with amenities.

The new townhome may be larger but the borrower is single with less need for a larger home. Also stated is your current address is residential and that a Corporation owned a unit in your building as a corporate rental That may be the reason your address is showing as non residential on the credit report.

By the way, his payments are higher, however the monthly maintenance fee is lower than his current residence. The lender didn’t take that into consideration, as his total payment will actually be less than what he is paying now.

This is the letter my buyer supplied as his “motivation” for wanting to purchase a new home.

The Citilofts townhome offers the following:

A private garage to secure my vehicle
Walking distance to shops
Walking distance to restaurants
Walking distance to movies
Walking distance to my place of employment
Walking distance to nightlife
2 assigned visitor spots for my townhome alone and plenty of street side parking
Access to the city’s trolley system to “extend” my neighborhood from the Ybor District to include Downtown and the Channelside District entertainment and shopping areas

Therefore, it offers everything my current condo lacks. In addition, I am not sacrificing any amenities that my current condo offers since I don’t use them or benefit from them.

It has been noted that my current condo, One Laurel Place (201 W. Laurel Street) appears on some record as not being residential. I assure you, I have lived there for 9 years, it is 100% residential, a 97 condo unit 10 story building with no shops included on the property. There is one corporate owned unit used for corporate travelers that may be throwing your records off, but it in no way should be labeling the entire property as non-residential.

Has this happened to anyone else? Comments? email: realtyrae@yahoo.com Rae Catanese, Real Estate Agent-Tampa, Fl

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Developer of Seybold Lofts in South Tampa Neighborhood offers 97% owner financing

by Rae Catanese on October 12, 2009

in Condo Market News, Financing and Mortgage News, Historic Neighborhoods in Tampa, Hyde Park Neighborhood, Neighborhoods Near MacDill AFB, New Construction Tampa Bay, South Tampa Neighborhoods

South Tampa is considered one of the BEST areas to live. It’s a hip and trendy neighborhood offering shopping and dinning galore. Seybold Lofts, Located in the Hyde Park Historic District of South Tampa, is a unique loft stlye building, original in character of the 1920’s style brick buildings. In fact, the building was originally the Merita bread factory until it was purchased a few years ago.

Since the developer is now offering financing this means you can buy a condo in South Tampa without having FHA approval!! A struggle for first time home buyers to find in this desirable area of Tampa Bay.

TAMPA — Buying a condominium in today’s market is tough, especially with banks keeping credit for multifamily in virtual quarantine. But one developer of five communities thinks it has the answer: seller financing.

High Point Development of Tampa has offered seller financing quietly as a last resort to buyers since the condo market started to tighten two years ago. Now in an effort to sell out its properties before year-end, the developer is aggressive with the finance option.

The following Development are available for owner financing

Legacy Park,

Monticello City Homes,

Historic Seybold Lofts

Valencia Townhomes and

3405 Swann Citihomes,

The developer says that in most cases you can get 97 percent financing and a 30-year amortized mortgage at just under 5 percent interest. This is .5% less a buyer has to come up with for a downpayment versus FHA financing.

At Seybold Lofts, a converted 1920s bread factory in Hyde Park, higher unit prices created a slightly modified offer with a 30-year fixed mortgage. Click Here for visual tour of the Seybold Lofts

High Point is offering the program using a mix of available capital and some leeway with the developer’s original lender, Hudson said.

Getting that mixture in place isn’t easy for many condo developers still trying to move inventory, and it likely won’t be easy for others to follow suit, said Byron Moger, director of apartment brokerage services for Cushman & Wakefield of Florida.

Selling prices for the High Point communities are about 60 percent of what they were originally intended, Hudson said, but deals are getting done.

At Seybold Lofts, where its 33 units are listing between $209,000 and $499,000, half are sold.

At Legacy Park, where listings are slightly lower, 15 units remain of 97 originally offered. Only six units remain from the other three properties.

For details and pricing give me a call 813 784 7744 or email: realtyrae@yahoo.com

Rae Catanese, PA Real Estate Agent

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2009 Development Studies and Reviews-Downtown Tampa, Fl

by Rae Catanese on October 12, 2009

in Condos & Lofts, Downtown Tampa News, High Rise Condo Developments, Tampa Housing Market

The Tampa Downtown Partnership has compiled the October – December, 2009 Quick Facts Report.

Downtown Tampa Residents: 2,500*

From SKYPOINT CONDOS

Skypoint Hi-Rise in Downtown Tampa

Studies and ReviewsResidential units under construction: 0

Total amount of residential development in 2008/09 (including completed, under construction and proposed): $244,000,000*

Average residential unit sale price: $300/sq. ft.

Average apartment rental rate (not including low income housing): $1.18/ sq. ft. per month

People living within 3 miles of downtown: 98,080

Click Here for detailed Downtown Tampa Report

Want to live in Downtown Tampa? Check out Skypoint Condo’s for sale. The ultimate luxury high rise in Tampa Bay

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Foreclosure Rates show 50% increase Tampa,Fl

by Rae Catanese on October 11, 2009

in Foreclosure Statistics Tampa, Foreclosures and Bank Owned, Tampa Housing Market

Foreclosure activity continues to rise in Tampa Bay-2009

Tampa Bay Business Journal

There is little good news in a new foreclosure report from First American CoreLogic that shows more increases year-over-year in families losing homes. But the Tampa Bay region is doing better than Florida as a whole.

Foreclosure rates in August 2009 were 8.58 percent in the Tampa-St. Petersburg-Clearwater market, according to the CoreLogic report. That is nearly a 4 percent change from its rate a year ago where 4.65 percent of homes were in foreclosure.

Florida overall had a foreclosure rate of just under 10 percent in August, however, a 4.72 percent change from 2008 when it had just a 5.24 percent rate.

With foreclosures, the 90-day delinquency rate remains higher for the region, growing from 7.44 percent in August 2008 to just under 14 percent this past August. The state had a similar increase, expanding from 8.51 percent to 16.47 percent.

Both local and state numbers remain well ahead of national averages. The United States is reporting a 2.86 percent foreclosure rate in August, up from 1.65 percent the year before, while 90-day delinquencies are up from 4.18 percent to 7.1 percent.

CoreLogic’s foreclosure rates measure the percentage of loans in some stage of foreclosure, including delinquencies of 90 days or more through properties sold at auction. It does not represent the number of new foreclosure filings but rather the current inventory of loans in the foreclosure process, which it says offers a comprehensive view of foreclosure trends.

First American CoreLogic is a member of The First American Corp. (NYSE: FAF) company group and is a provider of real estate, property and ownership data as well as advanced analytics for information on foreclosures, delinquencies, median home prices, home prices indexes, home valuations, sales activity and mortgage loan originations.

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Tampa Short Sales makes frontdoor.com top ten Real Estate Nightmares List

by Rae Catanese on October 6, 2009

in Short Sales Tampa

Top Real Estate Nightmares

My article for HGTV’s frontdoor.com, Top Ten Real Estate Nightmares, came in at #7 on the top ten list!!

Thanks to my buyers who helped contribute to this article.

Learn how you can avoid these hair-raising real estate horrors

By Shannon Petrie, FrontDoor.com | Published: 9/24/2009

Buying a short sale? Be prepared for plenty of obstacles between you and your home.

Nightmare #7: Scary short sale buyingDon’t let the name fool you: buying a short sale can be a long, tedious process. Just ask Rae Catanese, an agent with Prudential Tropical Realty in Tampa, Fla., who is representing three short sale buyers. After being under contract for four months, one of the sales is finally closing — maybe.

After taking nearly three months to approve the sale, the bank then took another two weeks to determine that the buyers only had 30 days to close. If the buyers couldn’t close in 30 days, they would be assessed a $1,350 fee and a to-be-determined per diem penalty. “Any mortgage person can tell you that getting a loan to close in 30 days is going to be difficult,” Catanese says. “This is especially true for those that are using FHA financing, which is now taking 45 days.”

Fortunately, Catanese and her buyers were able to convince the bank to give them 30 days to close without the penalties. But the problems didn’t end there. After the lender took nearly two weeks to set up an FHA account and schedule an appraiser, the buyers decided to change lenders, fearing that their bank would not be able to close and they would lose the home. Two days before close, everything seemed to be going smoothly, until Catanese found out that the sellers had received a notice of foreclosure. For the buyers, this means they have until the end of the month — or eight business days — to close on the home before they lose it for good.

TIP: Even under the best circumstances, short sales take a long time to close and may take extra effort from the buyer. If you want to buy a short sale, be sure you have plenty of patience and an agent who has experience with the process.

If you need help buying or selling a short sale home, please give me a call 813 784 7744 or email: realtyrae@yahoo.com Rae Catanese, Real Estate Agent

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Tampa’s Historic District, Seminole Heights-Still a GREAT Neighborhood

by Rae Catanese on October 6, 2009

in Historic Neighborhoods in Tampa, Neighborhoods Near MacDill AFB, Seminole Heights, Tampa Real Estate Statistics

Seminole Heights Historic District has the largest inventory of foreclosure and short sales in the Tampa Bay Area

The pricing has come down dramatically over the past few years making this neighborhood one of the most affordable areas to live in the Urban Corridorof Tampa. Close to MacDill AFB and Downtown Tampa, makes this a desirable place for many first time home buyers.

Zillow sent me an email that I thought I’d share with you regarding the Seminole Heights Real Estate Market.

You can also see values in other areas of Tampa Bay as well.

Did you know Zillow’s local Seminole Heights pages contain continuously updated data for ALL homes – not just those recently sold or currently listed?

For example, the latest Zillow Home Value Index for Seminole Heights is $128,628.

Here’s more:

Housing data on Seminole Heights:

•Median list price for homes for sale is $144,900

•Median home value per square foot is $103
•19.7% of listings have had at least one price cut

Demographic data on Seminole Heights:

•Median Age: 35
•Homes With Kids: 23%

Zillow Home Value Index

See all posts about the

Seminole Heights Area!

Looking to buy or sell in the Seminole Heights Historic District? Already live in Seminole Heights? Love to know your thoughts!

Email Rae Catanese, PA-Prudential Tropical Realty-813 784-7744

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← Previous Entries

Rae Catanese

October 2009

Pricing Example:

A 1 bedroom 2 bath condo, 1,143 square-foot condo at Ventana has a minimum bid of $145,000.

It’s last asking price: $473,100.

With an intimate collection of unique residences, Ventana is a window to a world all your own.

Expansive picture windows illuminate each residence with natural light and are the focal

point of open floor plans that spill out onto large terraces and balconies overlooking downtown,

Channelside and the waterfront.

Designed by renowned architect Walton H. Chancey, AIA, and the Chancy Design partnership, these uniquely

gracious and sophisticated residences include concierge services, and exceptional features and finishes not found

in most urban residential offerings. More refined than lofts. More intimate than towers. This is Channelside’s

most livable take on downtown living.

33 Available units ranging in size:

1 b/2b 1,143 sq ft

2b/2b 1,381 sf – 1,521 sq ft

2b+den, 2 bath 1,753 sq ft – 1,797 sq ft

3b/3b 2,541 sf

This is the BEST deal in Channelside and the BEST time to buy! Don’t miss out on this incredible opportunity!

When is the auction?

Opus South condo developments to change hands

Waters Edge Clearwater Condo

Foreclosure activity continues to rise in Tampa Bay-2009

Top Real Estate Nightmares

Zillow Home Value Index

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