Monday, January 12, 2015
Thursday, November 13, 2014
Growth Continues in Downtown St Pete - more new Apartments
It seems almost every day I see that something new is opening in Downtown St Pete and the surrounding areas. With the influx of new restaurants, shops, and condos/apartments in the area, it shows us that the area is growing. Its just been announced that a new apartment building is going up on Central Ave and 16th St. I am looking forward to seeing this go up. Rentals in the area are hard to find, so hopefully this helps some people. Its location is great. This area is very convenient. There are plenty of restaurants, gyms and stores in walking distance or you can grab the trolley and head downtown or to Kenwood and even out to the beaches! Heres the article about the new building.
http://www.tampabay.com/news/business/realestate/new-apartments-retail-coming-to-world-liquors-corner-on-central-avenue/2206321
http://www.tampabay.com/news/business/realestate/new-apartments-retail-coming-to-world-liquors-corner-on-central-avenue/2206321
Thursday, January 30, 2014
December 2013 Pinellas County Real Estate Statistics Report
Sales are up for the month of December after five months of steady declines. There were 191 more properties sold in December compared to November. New listings increased 13% year over year, and the average sales price increased as well.
Wednesday, January 2, 2013
New Year. New Challenges, New Opportuities.
New Year. New Challenges, New Opportuities.
2012 was quite a year but 2013 looks like it might be heading us in the right direction.
Inventory levels were at record lows in 2012. That leaves opporunities for 2013. Prices seem to be climbing and there are fewer Distressed homes for sale. Are we going to get hit with a boat load of them this year. Will Financing continue to be a record lows, allowing buyers to get great deals on mortgages?
One thing is for sure, we have hit bottom and are back on the way up. Unfortunately, there are many buyers out there who still are bargain hunting and are getting frustrated with the lack of opportunities.
I keep telling them, the deals are gone. If you dont believe it, just look around. They believe they can come in and underbid the listing price by unreasonable amounts. Sellers see the inventory levels are low and know if they can hang on, they can get a more reasonable price.
Too much of what some of clients see about Real Estate is on HGTV and on the House Hunters shows. First of all, those arent in Florida. Second, they arent totally realistic. Remember, its a show and they are looking for ratings.
Bad weather up north always seems to help the Florida economy. People get tires of snow, ice and the cold weather and then head south to get away. When the see the beautiful weather here, it makes them dream of the possibility of moving here, retiring here, or just having a place to escape.
And when they get here, they should realize that now is the time to buy, because the prices are rebounding and if they wait any longer, it will be more expensive.
2012 was a busy year and I see 2013 stacking up to be even busier!
Happy New Year to all!
Pete
www.yourhomeinstpete.com
2012 was quite a year but 2013 looks like it might be heading us in the right direction.
Inventory levels were at record lows in 2012. That leaves opporunities for 2013. Prices seem to be climbing and there are fewer Distressed homes for sale. Are we going to get hit with a boat load of them this year. Will Financing continue to be a record lows, allowing buyers to get great deals on mortgages?
One thing is for sure, we have hit bottom and are back on the way up. Unfortunately, there are many buyers out there who still are bargain hunting and are getting frustrated with the lack of opportunities.
I keep telling them, the deals are gone. If you dont believe it, just look around. They believe they can come in and underbid the listing price by unreasonable amounts. Sellers see the inventory levels are low and know if they can hang on, they can get a more reasonable price.
Too much of what some of clients see about Real Estate is on HGTV and on the House Hunters shows. First of all, those arent in Florida. Second, they arent totally realistic. Remember, its a show and they are looking for ratings.
Bad weather up north always seems to help the Florida economy. People get tires of snow, ice and the cold weather and then head south to get away. When the see the beautiful weather here, it makes them dream of the possibility of moving here, retiring here, or just having a place to escape.
And when they get here, they should realize that now is the time to buy, because the prices are rebounding and if they wait any longer, it will be more expensive.
2012 was a busy year and I see 2013 stacking up to be even busier!
Happy New Year to all!
Pete
www.yourhomeinstpete.com
Thursday, November 29, 2012
Oct. pending home sales highest in over five years
Oct. pending home sales highest in over five years
WASHINGTON – Nov. 29, 2012 – Pending home sales rose strongly in October with mixed regional results, according to the National Association of Realtors® (NAR).
The Pending Home Sales Index (PHSI) based on contract signings increased 5.2 percent to 104.8 in October from an upwardly revised 99.6 in September. The PHSI is 13.2 percent above October 2011 when it was 92.6. The data reflect contracts but not closings.
“We’ve had very good housing affordability conditions for quite some time, but we’re seeing more impact now from steady job creation, and rising consumer confidence about homebuying now that home prices have clearly turned positive,” says Lawrence Yun, NAR chief economist.
Outside of a few spikes during the tax credit period, pending home sales are at the highest level since March 2007 when the index also reached 104.8. On a year-over-year basis, pending home sales have risen for 18 consecutive months.
Yun says there are clear regional patterns: “Contract activity surged in the Midwest and is showing very healthy gains in the South, but was down slightly in both the Northeast and West.”
“The Northeast saw some impact from Hurricane Sandy, but limited inventory in the West is keeping a lid on the market. All regions are up from a year ago, with double-digit gains in every region but the West,” says Yun.
The PHSI in the Northeast slipped 0.1 percent to 79.2 in October, but it’s 13.3 percent above a year ago. In the Midwest, the index jumped 15.6 percent to 104.4 in October, and it’s 20.0 percent above October 2011.
Pending home sales in the South rose 5.5 percent to an index of 117.3 in October, and it’s 17.4 percent higher than a year ago. In the West, the index declined 1.1 percent in October to 105.7, but it’s 0.9 percent above October 2011.
from: http://www.floridarealtors.org/
The Pending Home Sales Index (PHSI) based on contract signings increased 5.2 percent to 104.8 in October from an upwardly revised 99.6 in September. The PHSI is 13.2 percent above October 2011 when it was 92.6. The data reflect contracts but not closings.
“We’ve had very good housing affordability conditions for quite some time, but we’re seeing more impact now from steady job creation, and rising consumer confidence about homebuying now that home prices have clearly turned positive,” says Lawrence Yun, NAR chief economist.
Outside of a few spikes during the tax credit period, pending home sales are at the highest level since March 2007 when the index also reached 104.8. On a year-over-year basis, pending home sales have risen for 18 consecutive months.
Yun says there are clear regional patterns: “Contract activity surged in the Midwest and is showing very healthy gains in the South, but was down slightly in both the Northeast and West.”
“The Northeast saw some impact from Hurricane Sandy, but limited inventory in the West is keeping a lid on the market. All regions are up from a year ago, with double-digit gains in every region but the West,” says Yun.
The PHSI in the Northeast slipped 0.1 percent to 79.2 in October, but it’s 13.3 percent above a year ago. In the Midwest, the index jumped 15.6 percent to 104.4 in October, and it’s 20.0 percent above October 2011.
Pending home sales in the South rose 5.5 percent to an index of 117.3 in October, and it’s 17.4 percent higher than a year ago. In the West, the index declined 1.1 percent in October to 105.7, but it’s 0.9 percent above October 2011.
from: http://www.floridarealtors.org/
Thursday, September 20, 2012
Good news about Homeowners Underwater!
http://www.inman.com/news/2012/09/12/rising-home-prices-lift-13-million-out-underwater
Rising home values helped 1.3 million homeowners get out from "underwater" in the first half of the year, and another 2 million would get equity if national home prices increase by another 5 percent, data aggregator CoreLogic said today.
CoreLogic estimates that 22.3 percent of all residential properties with a mortgage were worth less than what was owed on their mortgages at the end of June, down from 23.7 percent at the end of March.
That translates into 10.8 million homeowners who owed more than their homes were worth at the end of June, down from 11.4 million at the end of March and 12.1 million at the end of 2011, CoreLogic said.
"Surging home prices this spring and summer, lower levels of inventory, and declining REO sale shares are all contributing to the nascent housing recovery and declining negative equity," CoreLogic Chief Economist Mark Fleming said in a statement.
Nevada had the highest percentage of mortgaged properties that were underwater (59 percent), followed by Florida (43 percent), Arizona (40 percent), Georgia (36 percent) and Michigan (33 percent).
Those five states accounted for 34.1 percent of the $689 billion of negative equity in the U.S.
CoreLogic estimates that 22.3 percent of all residential properties with a mortgage were worth less than what was owed on their mortgages at the end of June, down from 23.7 percent at the end of March.
That translates into 10.8 million homeowners who owed more than their homes were worth at the end of June, down from 11.4 million at the end of March and 12.1 million at the end of 2011, CoreLogic said.
"Surging home prices this spring and summer, lower levels of inventory, and declining REO sale shares are all contributing to the nascent housing recovery and declining negative equity," CoreLogic Chief Economist Mark Fleming said in a statement.
Nevada had the highest percentage of mortgaged properties that were underwater (59 percent), followed by Florida (43 percent), Arizona (40 percent), Georgia (36 percent) and Michigan (33 percent).
Those five states accounted for 34.1 percent of the $689 billion of negative equity in the U.S.
Wednesday, August 29, 2012
July 2012 Pinellas County Real Estate Statistics
The positive housing trend continues, although the inventory levels continue to drop, making it harder to find properties for buyers. As long as the inventory stays low, the prices will continue to climb.
Here is the month of July 2012 stats from the Pinellas Reator Organization:
Single family sales were up almost 19% from 759 to 900 over the last 12 months. This puts further pressure on the months-supply of inventory, dropping it 42%, from 6 months to 3.5 months. The median sale price increased by almost $15,000, from $122,000 to $137,600 over the last 12 months. Condo sales were up almost 16% with the median sales price increasing by about 2.5% from July 2011 to July 2012. Condo listings fell by 25% pushing down the month’s supply of inventory to 6 months.
In the distressed market short sales made up 19% of total sales for July and foreclosures accounted for 14%. This was a significant shift from last year when the two were neck and neck. The median sales price of short sales over the last 12 months has dropped by almost $32,000 from $122,000 to $90,000. The median price of foreclosed properties and non distressed properties had a negligible drop over the last 12 months.
One bright spot has been the days on market for both short sales and foreclosures haves dropped by almost three weeks over the last four months. Hopefully this trend continues and indicates that banks are processing their inventory more efficiently. Unfortunately, the days on market for non-distressed properties has increased by two weeks over the same time period. This is most likely due to increased problems with appraisals, mortgage financing, and insurance.
Here is the month of July 2012 stats from the Pinellas Reator Organization:
Pinellas County Real Estate Statistics for July 2012
Residential sales were up just over 17%. Median sales prices were up 4.5% from $114,000 to $120,000 from July 2011 to July 2012. Listings continued to slide by almost 30% for the same time period.
Single family sales were up almost 19% from 759 to 900 over the last 12 months. This puts further pressure on the months-supply of inventory, dropping it 42%, from 6 months to 3.5 months. The median sale price increased by almost $15,000, from $122,000 to $137,600 over the last 12 months. Condo sales were up almost 16% with the median sales price increasing by about 2.5% from July 2011 to July 2012. Condo listings fell by 25% pushing down the month’s supply of inventory to 6 months.
In the distressed market short sales made up 19% of total sales for July and foreclosures accounted for 14%. This was a significant shift from last year when the two were neck and neck. The median sales price of short sales over the last 12 months has dropped by almost $32,000 from $122,000 to $90,000. The median price of foreclosed properties and non distressed properties had a negligible drop over the last 12 months.
One bright spot has been the days on market for both short sales and foreclosures haves dropped by almost three weeks over the last four months. Hopefully this trend continues and indicates that banks are processing their inventory more efficiently. Unfortunately, the days on market for non-distressed properties has increased by two weeks over the same time period. This is most likely due to increased problems with appraisals, mortgage financing, and insurance.
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