Tampa Bay Real Estate Investor Information

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The Tampa Bay Top Team

TAMPA BAY REAL ESTATE UPDATES

UPDATE - The Number 1 Question we are asked is ......Has the Market Finally Bottomed in Tampa Bay Florida?

YES it has!  For Individual Buyers picking up Great Deals dealing with experienced real estate agents doing the required extensive homework

Record-low mortgage rates, pent-up demand and a large selection of properties bode well for Buyers. The Hot Florida real estate market from 2003 to 2005 has dissipated. From 2006 to the present, there has been an increasing inventory of listings with asking prices well below the actual purchase price and multiple foreclosures, short sales and bank owned properties. The majority were speculators that got caught up in the frenzy. No one can predict the bottom for national, regional or even local real estate.

The one thing that is certain is the amount of bargains that now exist...that may not be on the market for those waiting for the bottom. A detailed comparable analysis, days on the market, sellers purchase price, sellers current mortgage outstanding, use as an investment or permanent residence is the first step to review on any property that interests. The second step is not to deal with the Sellers Listing Agent...but to use a Buyers Agent... with strong experienced negotiating skills to help you determine an offering price on the property you want to purchase.
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2010 Update
Don't let the real estate doom and gloom news control you. Do you SEE the light at the end of the tunnel?
Some buyers are going to bask in the sunshine...
while others are going to get run over by the train.

Much of this cash buying has centered on foreclosed properties. In the first quarter of 2010, REO transactions accounted for fully 31% of all residential sales. To put that in context, there were 1.2 million foreclosure sales in 2009, more than 25 times the amount logged just four years earlier in 2005 at the top of the housing bubble.

While short sales have traditionally taken months to settle, new federal guidelines that go into effect in April 2010 require banks to respond to short sale offers within 10 days.
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2009 Update - Forbes magazine sought areas where prices wouldn't fall cataclysmically, so that buyers wouldn't be booking a fare on a sinking ship. Based on Moody's figures, Tampa Bay home prices should bottom out in late 2008 to early 2009, once the region burns off excess inventory from speculators who went hog wild in 2005.

Each transaction is individual. Many recent sales were rock bottom purchases for the Buyers.

A few recent examples for your consideration...................
2BR 2BA Waterfront Condo MLS #: 7256439 Orig List Price: $525,000 Reduced to List Price: $484,500
2007 SOLD Sales Price: $250,000 Address: 895 Gulfview Blvd S 303 Clearwater, FL

3BR 2BA Waterfont Condo MLS #: 7251356 Orig List Price: $639,000 Reduced List Price: $574,000
SOLD Sales Price: $480,000 Address: 530 Gulfview Blvd S 702 Clearwater Year Built: 2006

2BR 2BA Gulf Front Condo Clearwater Beach
Orig List Price: $524,900 - SOLD Sales Price $406,250

Tallahassee Fla - Jan. 30, 2008 - Realtors around the state expect buyers and sellers’ pent up demand to generate an immediate increase in home sales following passage of Amendment 1, which allows buyers to take their Save Our Homes tax savings with them when they move. “People who buy now are getting a great deal because home prices have fallen,” says 2007 FAR President and St. Petersburg Realtor Nancy Riley. “These price reductions, combined with portability, will mean a great deal on the taxes owed on their new home.” "Those who have been dreaming of buying their first home will find this the best market in many years,” Riley adds.
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Update November 2007 - On Average - Property under 250,000 is in a stable buyers market. $250,000 to $500,000 is in a good buyers market. Property over $500,000 is in an extreme buyers market...meaning more price reductions and better negotiating.

The market has stabilized in certain areas of Tampa Bay Florida. Overpriced properties still exist and sellers are hoping for an uniformed buyer to show up. That will not be you, when you use my exclusive buyer representation.
I do not list properties for sellers. I only represent buyers. Two years ago many Investors played musical chairs with investments and bought overpriced real estate they intended to 'flip' or sell for a profit. Not my buyers! Many since....have sold for losses...sometimes substantial. I represented and negotiated a deal recently for a buyer and the seller took an $85,000 loss on a $425,000 investment property that was a vacant and on the market for over 9 months.

Proper research and facts in this current market are critical. Don't judge real estate nationally...but locally.

Remember, you are probably considering buying only one property at this time. It's up to me to do the homework and relay it to you...such as: How much did they pay and when? How much mortgage debt remains on the property. Was it a secondary residence? Is it vacant? What did others pay going back to when the unit was first built. How many days has it been on the market with the current listing agent? How many other listing agents marketed it and for how long? What are comparable properties selling for in the last 6 months. What is the condition of the property?

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