Short sales lose appeal among first-time buyers

A short sale occurs when a seller, sells his/her home for less than the amount owed. For example, seller A owes $100,000 for their single family home, but sells to buyer A for $50,000.  Since the home is sold for less than what the seller owed, this transaction is called a “Short Sale”. Short sale homes relieve the seller of a mortgage they could no longer afford and allow a buyer to purchase the home at a great price point. The short sale process could be cumbersome and takes a lot longer than traditional sales. The turnaround times can be anywhere from 90 days to nine months, sometimes even longer. According to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, short sale purchases for first time buyers have dropped to 39.7% of total transactions for the month of August. The survey further explains that buyers are frustrated with the approval response times, the extended time to close and the unexpected delays. Some buyers consider placing multiple offers on different homes and choses the home that wins the race to the closing table. When looking to purchase a short sale, hire a Realtor who can help you uncover all that you can about the home. 

Stop Child Trafficking (SCT) Now Walk/Run Tampa 2011

The 2011 SCT Now run/walk event in Tampa was a success. There were over 100 participants. Everyone who attended was vehement supporters of the efforts to stop child trafficking. They advocated the importance of being the voice of those who are still trapped in the sex trade. The charity serves a great cause that is often times forgotten. However, this crime does exist. For more information, please visit www.sctnow.com.

Cash Is Still King

In May 2011, cash buyers accounted for 30 percent of existing home sales for the fifth-straight month, up from 25 percent in May 2010, according to the National Association of Realtors. Cash buyers often get better deals since sellers are more secure knowing that their offers won’t fall through due to lack of financing. So if you are thinking of owning a home or investment property and have the cash to do so, this is the time. Call or email me to discuss your home owning possibilities in Tampa Bay.

Happy Graduation! Here’s Your New Home.

Over the last year, more parents have been purchasing apartments or condos to give to their children. These parents want to take advantage of dropping real estate prices and low interest rates while also viewing the purchase as an investment. Brokers are seeing that most of these real estate gifts are often studios or small one-bedroom condos.

“The parents see it as a long-term investment and a good place to park their money,” Barry Silverman, an executive vice president of Halstead Property, told The New York Times. As for how the “gift” of real estate is structured, some parents buy it as a gift for their children and take advantage of tax gift exclusions, others buy it as an investment property and retain ownership, and some are buying it through a family trust or joint ownership. In some cases, the parents don’t even live in the city but are buying the condo for themselves so when the child decides to move on, they can move in.

Richard Koenigsberg, a certified public accountant, says it’s a good time to be purchasing property as a gift because of some tax exclusions on gifts. “We are in a remarkable period of time at the moment,” Koenigsberg says. The tax exclusion on gifts and estates has increased to $5 million from $1 million until the end of 2012. In other words, a parent can give a child as much as $5 million tax-free. “It’s a big opportunity for parents who might want to help their children,” Koenigsberg says.

Calling All Investors to the Rental Market

I recently read an article from Money Magazine entitled, “Cashing in on Rental Property”. This article solidified my belief in the rental potential of the current real estate market. Low priced homes become available on the market, week after week, many with tenants already in tact.

According to a recent study, nearly 35% of occupied U.S. homes were rentals in 2010, which is a 33.8% increase from 2000. The demand for rentals is apparent. Homeowners who have lost the loan modification battle have circumstantially become renters.  Over 500 cities nationwide are experiencing an increase in home rental demand.

From an investment perspective, this rise in rental demand yields an opportunity for increased rental income. According to the real estate research firm Hotpads.com, the price of rent increased 11.6% nationally in 2010 to $1,320 a month on average. The ‘flipping’ opportunities that were prevalent back in 2005 may be slim in today’s market; however, if investors are looking to own rental properties and build their real estate portfolio, this is the time to capitalize. According to a survey by the National Association of Realtors® (NAR), investors say they plan to hold onto their rental property for 10 years before selling.

Investing in today’s real estate market is an excellent long-term strategy. If you are looking to build your real estate portfolio, give me a call. I’ve been working with investors since 2006. My niche is helping Tampa’s savvy investors own in today’s market. Whether you are looking for a fixer-upper, or a great deal in a desirable community, I can help you accomplish your goal.

Fully Furnished, Vacation Rental, Nevis West Indies

Picture yourself sitting on the terrace, overlooking lush landscape and the Caribbean Sea. Located close to Jones Bay on the beautiful island of Nevis, this three bedroom, newly built vacation rental will offer the home away from home feel. The fully furnished home features a large porch, one car garage, large yard, and a fully functional kitchen.

Nevis, West Indies is a quiet Island paradise with lots of great places to visit, dine, and socialize among other activities. Ranging from rain forest tours to secluded beaches, great local restaurants to world class dining, and catamaran adventures to your own private chartered yacht; all of these captivating activities can be found on the 36 square-miles island of Nevis.

Nevis is well known for many local attractions and have been featured on a number of shows include Travel Channel. Here are some stats for this beautiful Island:

• #4 on Travel Channel's Top 10 Caribbean Resorts (Four Seasons Hotel)
• #5 on TravelChannels Best Island Activites (Lobster Dive and Private Dinner)
• #6 on IBNLive.com's Top 10 Places to Get Married
• #10 on TravelChannels Top 10 Places to Play Golf
• Known for the Killer Bee (Yummy and Potent Alcoholic Cocktail)
  

Rental Terms:
* Monthly: $2,300; Weekly: $1,500

* Payments: Cashier’s Checks, Money Orders, or Credit Cards.
* 50% of the total rental fee is required and must be received within 5 days of the date of issue of the Rental Agreement. The remaining 50% is required no later than 60 days prior to the date of the Client’s arrival at the house. If Full payment is not received 60 days prior to the Client’s arrival at the house the owner reserves the right to cancel the booking, thus causing the Client to forfeit the paid deposit.

* Cancellation: All cancellations and any request for changes to your reservation must be made in writing. If you cancel more than 60 days prior to your arrival date 70% of your total rent will be refunded to you and 30% of your total rent will be retained by the Owner as full liquidated damages. If you cancel within 60 days of your arrival date, the owner will retain 100 % of your total rent as full liquidated damages. *Deposits received for rental during Christmas and New Year period (between the dates of December 15th and January 15th) are non-refundable.

* Security Deposit: The Client is required to provide the owner with a valid credit card number as collateral for any loss or damage to the house or its contents during the time of occupancy of the Client. At the end of the rental period the Owner reserves the right to charge the subsequent amounts to the Client’s credit card should there be any damages or lost items. The Client will be notified before any charges are applied to his/her credit card. An additional Deposit is required as collateral for any telephone and/or miscellaneous charges not included in the house fees. Provided no telephone or miscellaneous charges are incurred a Full Refund of the additional Deposit shall be made as directed by the Owner.

- Walk-in closet	- Tile floor	- Family room
- Living room	- Office/Den	- Dishwasher
- Refrigerator	- Stove/Oven	- Microwave
- Stainless steel appliances	- Washer	- Dryer
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

ForSalebyOwner.com Founder Uses Agent to Sell Home

How ironic. The founder and former chief operating officer of ForSalebyOwner.com, Colby Sambrotto, recently needed the help of a Realtor to assist him in selling his home. Mr. Sambrotto founded the popular for-sale by owner (FSBO) website, to help homeowners sell their home without the help of a Real Estate Agent.
Mr. Sambrotto had troubles finding the right buyer for his 2,000-square-foot, two-bedroom New York condo after it lingered on the market for over six months.He tried to sell the property FSBO by listing it online and through classified ads – but after six months of sitting on the market, he sought the help of a real estate broker.
The agent told Mr. Sambrotto that his  condo was priced too low and wasn’t attracting the right buyers. Mr. Sambrotto was hesitant of the price increase but after some consideration agreed to the listing price. The condo soon attracted multiple offers and ended up closing for $150,000 more than the original asking price.

This a true testament to our services as Realtors. We are equipped with the knowledge, resources and skills to make your real estate goals attainable.