Tampa Bay & Sarasota FL Luxury Real Estate Blog: Florida

While we’ve seen a few slow years in the non-waterfront luxury home segment, 2010 saw a welcome increase in the number of million dollar homes sold around the Tampa Bay area.  Within a 30 mile radius of Tampa, there were 51 properties sold with a price tag of $1 million or more. The average non-waterfront luxury property was a 5 bedroom, 5 bath, with 6039 square feet of living space and sold for $1,488,836, or $262 a square foot.

But, one area stood out as the clear “winner”.  Of the 51 luxury sales, 18 of the sales were in the zip code 33556 which covers Odessa and Keystone.  The communities of Dolce Vita, Northbridge At Lake Pretty, and Keystone Shores represented half of the recorded sales.  There was a 3 way tie for second with South Tampa zip code 33609 posting 5 sales, New Tampa zip code 33647 posting 5 sales, and the community of Avila in zip code 33613 posting 5 sales.

If we look at the numbers of the top 4 areas we can easily see why Odessa had so many sales.  Odessa was the only area in the top 4 with an average sales price below the average for the Greater Tampa area.  In fact, the average sales price for Odessa was almost 20% lower.  Add ease of access to downtown Tampa, great schools, convenience to shopping and dining, and it’s easy to see why Odessa was the clear winner in luxury home sales for 2010.

Steve Eckhardt, Broker

(813) 765-1182

Dr. Beach, America's preeminent beach expert, just named Siesta Key Beach in Sarasota the best beach for 2011.  Dr. Beach, who is also known as Dr. Stephen Leatherman of Florida International University, says, "The powdery sand is nearly pure quartz."  Wide swaths of open beach and gentle waves make it a paradise for anyone.  There's plenty of room to throw a blanket down and take in the sun's rays, walk along the water line or play a game of volleyball.

If you are looking for other great beaches where you can enjoy this Memorial Day weekend, check out my links to information about the other great beaches in the Tampa, St. Petersburg, Clearwater and Sarasota areas.  Happy Memorial Day Weekend!

SIESTA KEY BEACH

SAND KEY BEACH

FORT DESOTO BEACH

CLEARWATER BEACH

Tampa had the most active existing home sales market in the state with 7,710 sales, up 17% for the first quarter of 2011.  Florida existing home sales increased 13% and existing condominium sales increased 29% over the first quarter 2011, according to the Florida Association of Realtors

Florida's existing home sales surged in March, recording the single biggest month since late 2005. Sales of condos and homes jumped 36 percent from February to March, surpassing the national rise of 3.7 percent, according to figures from the Florida Realtors and the National Association of Realtors.  Seventeen Florida regions reported higher sales last month, and it's the fourth consecutive month that statewide sales have exceeded the same month in the prior year.  The study also noted that a full 35% of buyers were CASH BUYERS. 

With condos and homes selling for up to 60% off their all time highs, investors, move-up home buyers, and luxury home buyers are finding value in Florida real estate.  In December 2010, almost half of all buyers paid cash in the major markets in Florida. In the Tampa Bay area, over 44% of all buyers paid cash.  In Miami, over 54% of buyers paid cash.

Last year about 28 percent of all sales in the U.S. were cash transactions, according to the National Association of Realtors®. In 2008, the rate was only 14 percent.   In the last week, Zillow, The Wall Street Journal, and the Florida Association Of Realtors have all taken notice of this positive trend. 

Follow the green........when the cash buyers come back in significant numbers, watch for the market to improve!!!

Steve Eckhardt, Broker, Luxury Real Estate Professional

Contact me at (813) 765-1182

www.TheFloridaAuthority.com

www.SearchForTampaHomes.com

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Moody's Analytics economist Chris Lafakis said the Federal Reserve will remain aggressive, with a quantitative easing plan that he equated to "basically flooding the global monetary system." Lafakis predicted the strategy would lift asset prices, reduce corporate borrowing costs, and increase the willingness of consumers to spend.

Lafakis predicted substantial growth in Florida's economy, mentioning that the Miami, Orlando and Tampa areas are expected to recover "quite significantly" due to a rebound in population growth and an increased willingness of people to travel to Florida for vacations. "The story of pent-up demand is true in no place more so than Florida," he said.

Read Article At http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=250253

Steve Eckhardt, Broker, Real Estate Professional

Contact me at (813) 765-1182

www.TheFloridaAuthority.com

www.SearchForTampaHomes.com

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Now is the time to purchase a new home if you plan on taking advantage of Florida's homestead exemption next year!!  You will want to make the most of this Buyers Market in the next couple of weeks to benefit up to $50,000 in tax exemptions in 2011.

Realtor friend Maria Norton reminds us that technically part of the Florida Homestead Exemption, the Save Our Homes Amendment goes one step further in protecting homeowners by limiting the annual increase in tax assessment to 3 percent per year for properties that qualify. That means that even if the value of your home suddenly spikes (and hopefully it will) you won't get hit with an unexpectedly large spike in property taxes, as well. (Home construction and other improvements may disqualify you from receiving the 3 percent limit, so discuss the benefits or drawbacks of such projects before you take them on)

Starting in January 2009, Florida property owners also began receiving this type of protection on their second homes when a law went into effect stating that the rate increase on second properties would be capped at an annual rate of 10 percent per year.
   
When it comes to the Save Our Homes Benefit, another term you'll hear a lot is "Portability." Portability is the ability of a homeowner to retain the benefits they've accrued through SOH, even when they move to another home of greater or lesser value.
 
For instance, logic says that Florida homeowners benefiting from the Save Our Homes benefit are paying less-than-market value for the property taxes on their homes, as the amount they pay each year is capped (unlike taxes in the open market). As such, it's natural to assume that some residents would be reluctant to move and take on higher property rates, along with a potentially higher mortgage.
 
To prevent that, Portability allows you receive a similar benefit on your new home, even though it's assessed at current market value. Pretty cool, right? The amount will vary depending on the value of your new home, and whether you are upsizing or downsizing on your move. (If you're upsizing, you'll be able to keep the entire benefit. If you're down-sizing, you'll receive the same percentage of the benefit applied to the new home's value.)

Time to make your move...

Initially Posted in Sales, Towers of Channelside, jmc realty by Steve McAuliffe

Call Me At (813) 765-1182 To Find Your Perfect Home.

Steve Eckhardt, Broker

The median sales price for homes in Clearwater Beach FL for Jul 10 to Sep 10 was $710,500. Sales prices have appreciated 1.5% over the last 5 years in Clearwater Beach. The average listing price for Clearwater Beach homes for sale was $583,286 for the week ending Oct 20, which represents a decline of 0.8%, or $4,702, compared to the prior week and a decline of 1.6%, or $9,584, compared to the week ending Sep 29. Average price per square foot for Clearwater Beach FL was $170.

Rates on 30-year mortgages fell to the lowest level in decades for the ninth time in 12 weeks, pushed down by traders anticipating a move by the Federal Reserve to pump more money into the economy.

The average rate for 30-year fixed loans dropped to 4.27 percent, mortgage buyer Freddie Mac said Thursday. That's the lowest on records dating back to 1971, and down from 4.32 percent the previous week.

The average rate on 15-year fixed loans, a popular choice for refinancing, dropped to 3.72 percent from 3.75 percent. That was lowest on records dating back to 1991.