It’s no secret that foreigners have been purchasing second homes here in Florida, and throughout the Tampa, St. Petersburg, and Clearwater Beach areas.  The information provided was complied from 3 recent news articles, and the Florida  International Survey-2011.

How do foreign home buyers impact the Florida Real Estate Market?

According to recent reports, International buyers are expected to buy even more in 2012. Florida has been the front-runner in International sales since 2009.  Condos continue to be foreign buyers’ residence of choice with condominium sales accounting for more than 70 percent of purchases.

International buyers are largely cash buyers and buy homes at a higher price point. Recent statistics show that 1 in 10 foreign home buyers purchase in the Sarasota-Bradenton area.  But they aren’t the only buyers attracted to our sunshine state.  Another study by Trulia  listed the Tampa- St. Petersburg- Clearwater area as number 4 in the top 10 Florida cities Chicagoans love.  Not a coincidence  for me, as I have clients right now from Chicago looking to purchase here in Tampa.  As a result, home prices have risen while inventory has fallen.

By now you’ve probably heard the term “buy a home, get a visa”.  Another possible boost in the International home buyers market is a bipartisan bill that two Senators will be introducing that would give any foreign home buyer a visa.  All they would need do is spend $500,000 in residential real estate and they receive a visa to live in the U.S.  

• Purchasers would be able to spend the entire amount on one single family house, condo, or townhouse, or they have the option of spending $250,000 on one home and spending the rest on other investment property they could rent out. This would be a complimentary bill to the current bill that allows foreign business owners a visa when they purchase property that will create jobs.

Find which countries are investing the most in real estate, what type of properties they buy and more.
You can download the full 47 page report here.

With these statistics, sellers can now feel free to put their property up for sale in what is looking like a better market every day. As for buyers, don’t expect the high inventory of homes that has been seen in the past few years. Homes are selling.

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

Still on the fence about buying a home in the Tampa Bay Area?  Here’s some statistics on our housing market.

Home sales were up in March across Hillsborough County as some real estate practitioners hope the housing slump is in the past.

Some 1,400 homes were sold last month in Hillsborough, according to the Greater Tampa Association of Realtors, the best figures since June 2007. The sales were up 25 percent over February and 20 percent from the year before.

The average sales price also is up from $160,145 in February to $168,071 in March, creating sales in Hillsborough of $235.3 million, compared to $179.4 million the month before.

“Our members have been saying they are seeing positive movement in the housing market. These latest statistics prove that they are indeed experiencing a more positive market,” said Carol Austin, GTAR chief executive officer, in a release.

Nearly 17,000 homes still remain for sale, representing an inventory of just under a year. However, that’s the lowest inventory Hillsborough has seen since October 2006, and inventory was more than 17 months just a year ago.

“These statistics are extremely positive,” said Jack Rodriguez, GTAR president, in a release. “Hopefully it signals a trend to better things ahead, both for real estate and the economy in general.”

Looking to buy or sell a home in the Tampa Bay area? Give us a call 813 784 7744 or search all homes for sale www.TampaBayDwellings.com

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.

 If California is number 1 in foreclosures in the U.S. and Tampa, Florida is number 2 in foreclosures;you can expect the housing markets to be similar.  California offers the same type of opportunities with regards to climate and beauty.

 

I thought this was a very interesting article about an investor who is planning on buying property to hold on to.

Some Investors Are Gobbling Up Homes Home sales doubled in California in the fourth quarter of 2008 as investors and speculators bought foreclosed properties—cheap. “This is the buying opportunity of our lifetime,” said Bruce Norris, head of an investment group that expects to purchase at least 100 homes this year in Southern California.

Norris Investment Group prefers properties built between 1980 and 1990 that are smaller than 2,000 square feet. Norris says these homes usually don’t have too many maintenance issues and are the easiest to both rent and sell.

Typically, Norris pays somewhere around $50,000 for these properties and spends another $30,000 on repairs. He expects to rent these properties for at least $1,200 a month until the market for them turns.

He expects that time won’t be too far away. “You cannot have this (low) level of pricing be permanent because it costs too much to build a home [in California],” Norris said. “That’s how you know you’re making a logical decision when everything is falling around you.

When you can buy a finished product someone will want to live in for $55,000, that just has to make somebody pretty wealthy someday.”

If you are looking to invest in Real Estate in the Tampa Bay Area give us a call:

Phone number: Rae Catanese 813 784 7744

Prudential Tropical Realty