Tampa, FL Real Estate News

By Russ Perlowski, Tampa Real Estate
(People's Choice Realty Services LLC)
A Pops in the Park concert will be held in New Tampa by the Florida Orchestra.  The 80 piece orchestra will hold a concert on May 13th starting at 7:30 p.m.  The concert will consist of both classical music and movie themes, including Tchaikovsky's 1812 Overture.  Dress casually when you attend this concert at the Grace Episcopol Church at 15102 Amberly Drive in Tampa Palms, and remember to take a blanket and food and beverage.  This is the perfect time to pack a picnic basket!Russ Perlowski:  Tampa Real Estate--Selling homes in Tampa, Land O Lakes, and Wesley Chapel, FLSource:  St. Petersburg Times
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By Nancy Collado Suarez, PA
(Keller Williams Realty - New Tampa)
I have a client who is looking for a house to rent or even a lease-to-purchase with 2 bedrooms, 1-2 bathrooms in the Pasco or Hillsborough County area.  She has a day care license and would like to use the home to live in it and run her day care center.  She is looking for a home next to an elementary school.  If anyone has a listing that fits the above description, please contact me.Thanks for your help!Nancy Collado Suarez, PA, Keller Williams Realty - New Tampa 
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By Russ Perlowski, Tampa Real Estate
(People's Choice Realty Services LLC)
The Ybor City Arts Fiesta will be held in Ybor City on May 5th and 6th.  The location will be near historic Ybor Square.  Established more than 15 years ago, the Fiesta will place more emphasis on fine art than arts and crafts, and prizes will be awarded.  Additionally, the Hillsborough Community College will have an art display by its students, faculty, and alumni in Centro Ybor.                                                                           Russ Perlowski:  Tampa Real Estate
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By KATERINA VILLA-GARCIA
(RE/MAX Premier Group)
If you are looking to buy or sale in Live Oaks Preserve Tampa Florida make sure to contact me, there are excellent things to know about this community. Did you know that the elementary and middle school are next to the community? and the high school is just across the street. Kids in the Live Oaks Preserve community can walk or ride their bikes to school. These schools are wonderfull, just to prove it the principal of the elementary school Ms Ares was chosen the Principal of the Year by Hillsborough county PTA. Live Oaks Preserve has a beautiful clubhouse with tennis courts, basketball courts, pool, spa, gym, billards room, playground and more..There many more excellent things to know about Live Oaks Preserve, do not hesitade to call to find out more about this great community. A great ...
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By Russ Perlowski, Tampa Real Estate
(People's Choice Realty Services LLC)
While home sales have shown an increase over previous months, this is to be anticipated as we are now in the spring when there is typically more activity.  The inventory of homes for sale on the market remains high in the Tampa area.  Please note that the figures reflected below do not include private home sales and all new home sales.                       
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By Leah Ross, Tampa, Florida Mortgage
(Your Tampa Bay Mortgage Source)
Over the past couple years, homebuyers have been able to take advantage of Down Payment Assistance Programs, such as AmeriDream, Neighborhood Gold and many others.  How do they work?  For example: a homebuyer is purchasing a home in Tampa for $200,000.  As a first time buyer, they didn't already have established credit scores, so their lender was able to qualify them for an FHA Government Loan.  However, this loan requires a 3% down payment, which our Tampa buyers don't have to put down on their new home.  With the down payment assistance program, the seller could "gift"the 3% down payment plus an administration fee, typically $395, to the program and the program would then give it to the buyer at the closing table.  It has been a great way for buyers to take advantage of "no down payme...
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By Russ Perlowski, Tampa Real Estate
(People's Choice Realty Services LLC)
Transeastern Homes' troubles continue.  The parent company of the developer for Live Oak in New Tampa, TOUSA is involved in multiple lawsuits.  Transeastern lost $468 million in the year ending November 30th and TOUSA's stock has fallen from close to $30 to below $4 per the St. Petersburg Times.  The Times further reports that "since June 2006 Transeastern Homes obtained only four building permits for Live Oak and nearby The Hammocks".  Additionally, nearly 50 earlier permits expired due to inactivity.  Clearly this has caused concerns for owners of homes in Live Oak and townhomes in the Hammocks, both New Tampa communities.
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What can you do NOW with the finance package to generate buyer activity? With the current stagnant market, now is the time to partner with a loan officer that can provide some solutions to help generate some buyer activity.  If you're lending partner is offering nothing more than a phone call looking for loan activity, you may want to reevaluate this relationship.  This is the type of market that separates the "Loan Officers" from the order takers.Over the last few years, it's no secret that sellers have accumulated lots of equity.  Why not use a portion of that equity to stimulate interest for a buyer?  For example, a seller can contribute up to 6% as a seller concession with a loan to value of 80% or greater up to 95%.  With a loan to value of 75% or less, the seller concession can eq...
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By Michael Carrier
(FBC Mortgage, LLC)
Countrywide continues to lead the industry as the innovator in loan products.  As the originator of the Pay Option Arm, clients enjoy four montly payment options.  The first is a 30 year fixed payment, the second is a 15 year fixed payment, the third is an interest only payment and the fourth is a minimum payment calculated at a reduced rate, typically 1.25%.  This reduced rate may vary with changes in the loan such as occupancy, LTV etc.One of the limitations with the Pay Option Arm is that the underlying interest rate, which all these payments are calculated from, adjusts on a monthly basis.  They follow a predetermined index such as LIBOR, MTA or COFI and have an associated margin.  As the index moves, so does the underlying interest rate.  This results in an inability to calculate t...
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Have you heard these advertisements... mortgage broker's claiming "we make enough money on interest during the life of the loan" and  "why should we stick it to borrowers and make them pay closing costs".  What's really going on here?  Do you really think the state isn't going to look for their taxes (stamps on the note and mortgage)?  How can some lenders operate in a high fee state like Florida and effect a no closing cost loan?  The answer is...THEY CAN'T!Closing costs on refinances average about 2% of the loan amount.  This is primarily your state taxes and your new title policy and title closing fees.  In addition the lender will usually charge a minimum fee for processing and underwriting.  There is no magic here.  These brokers are merely paying the closing costs for the borrower...
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Countrywide continues to lead the industry as the innovator in loan products.  As the originator of the Pay Option Arm, clients enjoy four montly payment options.  The first is a 30 year fixed payment, the second is a 15 year fixed payment, the third is an interest only payment and the fourth is a minimum payment calculated at a reduced rate, typically 1.25%.  This reduced rate may vary with changes in the loan such as occupancy, LTV etc.One of the limitations with the Pay Option Arm is that the underlying interest rate, which all these payments are calculated from, adjusts on a monthly basis.  They follow a predetermined index such as LIBOR, MTA or COFI and have an associated margin.  As the index moves, so does the underlying interest rate.  This results in an inability to calculate t...
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Pay option ARM's or negative amortized loans have gotten a bad rap recently.  If used appropriately this can be a very useful financing vehicle.  For example, let's say that you have a highly compensated individual who is getting destroyed each year by the AMT (alternative minimum tax).  This AMT was originally put in place to "soak the rich".  More and more, it's affecting the middle class.  If the client is sensitive to taxes, he or she could defer his or her compensation in a deferred comp plan and stay under the income level of AMT.  The problem with this, however, is the client may not have enough cash flow to afford a home commensurate with their income level.  Solution....the Countrywide pay option ARM.  The pay option ARM has a minimum payment option that amortizes at 1.25%.  Th...
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With the current stagnant market, now is the time to partner with a loan officer that can provide some solutions to help generate some buyer activity.  If you're lending partner is offering nothing more than a phone call looking for loan activity, you may want to reevaluate this relationship.  This is the type of market that separates the "Loan Officers" from the order takers.Over the last few years, it's no secret that sellers have accumulated lots of equity.  Why not use a portion of that equity to stimulate interest for a buyer?  For example, a seller can contribute up to 6% as a seller concession with a loan to value of 80% or greater up to 95%.  With a loan to value of 75% or less, the seller concession can equal 9%.  Instead of continuing to cut sales prices, consider taking this ...
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By New Tampa Property Management
(Rent New Tampa, Inc.)
With so many people jumping into the rental market here in New Tampa, it is important to understand that renters generally have different priorities then home buyers. Maybe even more importantly, these tenants have very different priorities then the homeowners they will be renting from. Therefore, homeowner expectations need to be managed, along with marketing plans, to better serve the true customer... The Tenant!What are some of the things New Tampa Tenants are looking for:Bargains - With so many New Tampa Home Rentals available, some are very interested in "playing the market" and getting the lowest rent possible. Many will try to negotiate the rent or look for some form of move in special. Perhaps the most sought out rental properties in New Tampa are 3 Bedroom places for under $120...
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By Russ Perlowski, Tampa Real Estate
(People's Choice Realty Services LLC)
The following homes in Tampa Palms were reported as sold by the Greater Tampa Association of Realtors.  Market conditions continue to show that we are in a buyer's market in the Tampa area.                                                              Russ Perlowski:  Tampa Real Estate--Selling homes in Tampa, Land O Lakes, and Wesley Chapel, FL                                                
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By Leah Ross, Tampa, Florida Mortgage
(Your Tampa Bay Mortgage Source)
Tampa, Florida - Home Ownership Accelerator is the new mortgage of choice for many home buyers looking for creative home financing options!  Have you heard of this mortgage product...The Home Ownership Accelerator?  This is a revolutionary home finance product sweeping our mortgage industry.  I am starting to see more lenders, REALTORS, and consumers in Tampa, St. Petersburg and Clearwater asking about the product.  As your Tampa Mortgage Source, I am going to give you all the information I know on it, in as much summary as possible.I do have a disclaimer...I am a conventional loan gal, I love a 30-year or 15-year fixed rate loan, no prepayments, no hidden fees, as basic as it gets.  So, when I first heard about this product, I was really skeptical.  I have done quite a bit of research ...
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By Lenny Gurvich
(Keller Williams Realty Tampa, Florida)
A few months ago we posted the first of what will be an occasional look at what's going on in the Channelside District with respect to the many new condos and lofts for sale. At that time there were 115 active listings of residential condos and lofts on the Mid-Florida Regional MLS. Some of the new buildings are now almost completed and the closings are beginning. As of this morning, there are 148 active listings of Channelside condos ranging in price from $215k to nearly $1.7 million dollars. For $215k you can get a 620 sqft studio at Grand Central at Kennedy. For the $1.7m you get a nearly 2500 sqft 3 bedroom/2.5 bath unit at The Place at Channelside. For less than $1.6m, you can get an almost 3000 sqft penthouse at the soon to be completed Towers of Channelside. Some averages for the...
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By Lenny Gurvich
(Keller Williams Realty Tampa, Florida)
A few months ago we posted the first of what will be an occasional look at what's going on in the Channelside District with respect to the many new condos and lofts for sale.At that time there were 115 active listings of residential condos and lofts on the Mid-Florida Regional MLS. Some of the new buildings are now almost completed and the closings are beginning.As of this morning, there are 148 active listings of Channelside condos ranging in price from $215k to nearly $1.7 million dollars. For $215k you can get a 620 sqft studio at Grand Central at Kennedy. For the $1.7m you get a nearly 2500 sqft 3 bedroom/2.5 bath unit at The Place at Channelside. For less than $1.6m, you can get an almost 3000 sqft penthouse at the soon to be completed Towers of Channelside.Some averages for the 14...
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By Russ Perlowski, Tampa Real Estate
(People's Choice Realty Services LLC)
The Greater Tampa Association of Realtors has released the most recent data on the Greater Tampa area for home sales and prices for February 2007.  The reported figures show an increase in home sales over January 2007.  Total units sold in February were 1,053 compared to 670 in January.                              Russ Perlowski:   Tampa Real Estate--Selling Homes in Tampa, Land O Lakes, and Wesley Chapel, FL
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By Lenny Gurvich
(Keller Williams Realty Tampa, Florida)
Looking to buy residential real estate in Tampa? Well, you’ve got more choices than ever! The number of brokered listings of properties in Tampa continues to rise, pushing 8400 as of this morning. That’s right. There are 8398 active listings in the City of Tampa today, over 1000 more than we saw at the beginning of this year. What about sales? Well, in the first 15 days of March 2006, there were 524 units sold in Tampa. We’ve seen 242 properties sold, same period, this year. But 154 properties did go under contract in the past 7 days. Buyers are buying. It’s just that supply (sellers) is out pacing demand, not good news for sellers as we enter the busier buying season. Take a look at what is going under contract in the areas that we typically service. Data used is from the Mid-Florida R...
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