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
Tampa Home Sales Up 17%
0 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • May 11 2011 05:30PMMore Florida Buyers Are Paying Cash
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!!!
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5 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • February 09 2011 09:02PMMoody’s Hopeful On Recovery, Notes Pent-Up Demand In Florida
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
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5 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • November 15 2010 09:07PMHomestead Exemption… Now’s the Time to cash in!
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
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Steve Eckhardt, Broker
2 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • November 08 2010 10:10PMMortgage Rates Fall To 4.27%, The Lowest Point Since 1971
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.
6 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • October 11 2010 11:43AMFlorida's Population Grows Again After Taking A One Year Hiatus
In the years 1950 through 2008 Florida grew by more than 125,000 residents every year. But, for the year April 2008 through 2009, Florida lost residents for the first time in over 61 years. Last year's population decline, a result of the economic slump, was the first since 1946, when military personnel left the state at the end of World War II. It seems as if that slump has come to an end after just one year.
In the latest report from April 2009 to 2010, Stan Smith, director of The University Of Florida's Bureau of Economic and Business Research, estimates that Florida added a modest 21,000 residents between 2009 and 2010. "At the state level, foreign immigration continues to be relatively strong, and the state also continues to have substantially more births than deaths, which are really the drivers of Florida's growth in the last year," Smith says.
While population growth isn't the only factor that can affect housing prices, it is certainly a positive sign that the Florida market is stabilizing. The largest population gains were in some of the biggest counties. Miami-Dade led by adding an estimated 8,253 residents, followed by Hillsborough, 6,353, and Broward, 5,834.
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8 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • September 03 2010 11:07PMLuxury Homes Outperforming The General Market
Early last week NAR released the national numbers for July sales. Overall sales saw a large drop 27% from June and 25% year-over-year from July 2009. While the pundits debate whether the sharp drop in overall sales was a meaningful indicator of market activity or just a product of the expiration of the home-buyer tax credit and artificially time-shifted demand, they all seem to have missed the fact that while overall sales were sharply down, sales in the $1M+ price segment were UP in every region across the country and more than 6% nationally:
"Luxury homebuyers have been buying this summer," said Laurie Moore-Moore, CEO of The Institute for Luxury Home Marketing (ILHM). "After waiting in the wings, many affluent buyers spent the summer shopping for value and snapping up trophy properties."
Statistics would indicate that she's right. According to The National Association of Realtors (NAR), for 2009 million-dollar and above home sales were just 1.2% of total sales or about 61,500 sales nationally. In July 2010, million dollar plus market share was up to 1.9%. While sales of homes in the $500,000 and above range rose dramatically in June, the million-dollar-plus market segment was the only price range in July showing positive growth compared to last year. "The mix of what is selling has shifted in favor of homes priced at $750,000 and above," added Moore-Moore.
It is likely that the 0.7% increase in the national median sale price for July was largely function of this increase sales at the upper end as opposed to growing price strength in the lower-priced segments of the market.
Bottom line:
The luxury segment is outperforming the market overall, and this is a good news story that needs to be told!
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8 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • September 01 2010 11:42AMNew Listing - The Bellamy On Bayshore, Waterfront Views
Tampa's Bayshore Boulevard is synonymous with gracious Florida living. Here residents enjoy the finest conveniences and comforts, including private elevator entries, wine cellar with private storage lockers, theater, library, conference center, concierge services, two social rooms, two elegantly appointed guest suites - even a fragrance garden. Every detail in this 22-story collection of 64 homes has been finely tuned to this locale's unique characteristics. This 3 Bedroom, 3.5 Baths, plus study offers unsurpassed views of the water, Bayshore, and Tampa. The gourmet kitchen includes a five burner gas cooktop with upgraded hood/venting that will accomodate an indoor grille gas cooktop, wine refrigerator, and granite counter tops. Master suite features granite bath with his and her extended vanities, garden tub and oversized shower plus custom walk-in closet. Bedroom suites 2 and 3 have full baths and walk-in closets. Asking $695,000.
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5 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • August 26 2010 01:25PMFlorida Gulf Coast Relocation Video Series - Tampa Bay Area
In our effort to help home buyers relocating from different areas of the country, we have developed an 11 part video series to highlight the various cities we cover on the Gulf Coast of Florida. Our first video highlights the Greater Tampa Bay area.
CLICK ON THE PICTURE TO START THE VIDEO
CLICK HERE TO DOWNLOAD A PDF RELOCATION GUIDE
The Tampa area is one of the world's most desirable areas in which to live, boasting a booming employment rate, year-round festivals and activities, and a climate that is consistently pleasant and sunny. As a vibrant metropolitan area on Florida's beautiful West Coast, Tampa offers a unique blend of urban excitement set in a natural surrounding. Roar down roller coasters in the morning; row down the nature rich Hillsborough River in the afternoon. Catch a ball game from the bleachers; catch some rays on the nearby beaches. This central Florida location offers easy access to the rest of the state, but you're bound to stay for all the excitement Tampa has to offer. While originally the name of a body of water on the west coast of Florida, Tampa Bay has now come to represent the region made up of the many distinct communities connected by the Bay waters. The New York Times says, "Now, in fact, if not law, it's one big metropolitan area, laced together with bridges and freeways - everyone calls it Tampa Bay, and it is a prototypical example of the Sun Belt's explosive growth." Tampa Bay is not only the most populous and affluent metropolitan statistical area in Florida; it is also the largest television market in the state. If you're looking for a great way of life, it doesn't get any better than Tampa. With no state income tax and low property taxes, Tampa offers a lower cost of living than most other major southern cities. As a region, the commitment to excellence in education is impressive. Tampa is also one of the most Literate Cities in America, ranking 16th in the country among cities with more than 250,000 residents. You can choose to live in a historic bungalow - or a high rise by the Bay. You might live in a country club community, or a lakeside villa might be right for you. Tampa has a wide range of residential choices to fit every budget and lifestyle.
If you are looking for real estate in the Greater Tampa Bay area, please call or e-mail!
Steve Eckhardt, Broker, Luxury Real Estate Professional
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0 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • May 12 2010 05:54PMKPMG Study Reveals Tampa Ranks as the Least-Expensive Large U.S. Cities for Business
Very competitive labor costs along with moderately-low office/industrial leasing and sales tax costs help make Tampa the least-costly place to do business among 22 U.S. cities/locations with populations exceeding 2 million, according to a study by KPMG LLP, the audit, tax and advisory firm.
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0 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • March 31 2010 02:39PMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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