Featured Property of the Week- Lake Chase Condominiums

Tampa Buyers Choose Highly Desirable Westchase Area

Lake Chase is a lake front gated residential community surrounded by lush and tranquil landscape. Residents enjoy a resort style pool and sauna, a 24-hour fitness center, tennis courts, a playground, winding nature trails and a large community club house. Lake Chase, adjacent to the master planned and highly desirable Westchase community development in Northwest Tampa, is conveniently located near shopping, dinning, schools and entertainment.

Home owners enjoy an exciting, fun, and active community with access to numerous parks and recreational facilities, convenient retail shopping and outstanding schools, all within a few short miles. The Westchase Square retail center is located five minutes from Lake Chase and includes a grocery store, bank, dry cleaner and other necessary services as well as a wide variety of restaurants and entertainment. Along with the local conveniences offered by the community, Lake Chase is also located near three major highways and is within 15 minutes of Tampa International Airport and downtown metropolitan Tampa.

Homes can be found in a variety of floor plans and prices. A beautiful lake front condo for sale was recently listed by SI Real Estate in the Lake Chase community for $101,000. This home comes with the finest features including carpet and ceramic tile flooring, custom lighting, walk-in closets, washer and dryer, blinds, and a garden tub with shower. Among the amenities, this condo also features a fully equipped kitchen with range, dishwasher, disposal, and refrigerator. This property is move-in ready and is not a short sale, foreclosure or bank owned. The condo offers excellent value for any home owner and is an ideal choice for anyone looking to buy their first home.

Growth Comes to New Tampa and Wesley Chapel with T. Rowe Price’s Pasco County Land Purchase

T. Rowe Price paid $13.5 million last Wednesday for a 75-acre site on State Road 54 in Pasco County. The Baltimore based financial services firm plans to use this land as the site of its new Tampa Bay corporate campus that is expected to bring at least 1,200 new jobs to the Tampa Bay area.

The company, aimed at expanding in the region, plans to build three 150,000 square foot buildings on there new site. The relocation to Pasco County is part of an important expansion of T. Rowe Price’s overall operations. This move gives Pasco County a major global employer and is anticipated to bring significant growth to the region.

A county commissioned study said that T. Rowe Price could add more than $58.5 million in government taxes and school coffers during the next decade. The project will bring more high-wage jobs to Pasco and reverse some of the heavy commuting along the State Road 54 corridor, the state road that runs along New Tampa, Wesley Chapel and Odessa. With this new development, additional residential and commercial growth can be expected in this still expanding region of Tampa Bay.

How to Make FHA Work for You

One of the best real estate successes offering aid in this troubled housing market is the FHA loan program. What exactly is an FHA loan? For those who might still be confused about their financing options, an FHA loan is a United States federal assistance mortgage loan insured by the Federal Housing Administration. The loan program, usually issued by federally qualified lenders, can provide an affordable financing option for many first-time and second home buyers.

The current property prices offer an excellent opportunity for investing and because of this cash buyers have taken an active role in today’s real estate market. For home buyers who have had trouble competing with these cash investors but have 3.5 percent to put toward their purchase, finding an FHA approved condominium communities is an excellent option.

FHA recently came out with its long-awaited rules on condominium loans, and they are a mixed bag for investors, second home and other buyers and sellers.

FHA has said it will not insure units in condominiums where more than 25 percent of the total space is allotted to commercial uses, such as retail stores or offices. In fact, the agency made a point of emphasizing that it will reject loan applications from any property that it deems not "to be primarily residential" in character.

The agency won't endorse loans from projects where less than 50 percent of the total units already have been sold, or where less than 50 percent of the units are owner-occupied or sold to buyers "who intend to occupy them." FHA also won't insure condo loans if more than 10 percent of the units are owned by investors.

A small percent of condo communities in the Tampa area are FHA approved and finding these communities can be difficult. A mortgage broker or real estate professional can help buyers determine what properties are in fact FHA approved. Although they may not be as abundant, FHA approved communities do exist and it is important that buyers research their area of interest thoroughly. FHA guidelines were designed to protect home buyers from buying in high risk communities and working with a knowledgeable real estate agency will help ensure that buyers gain access to the best real estate in FHA approved communities.

Real Estate Market Rebound, Certainly Underway

According to a recent Realty Times article, “The most bearish of Wall Street economic analysts have made the same point for the past 18 months. There's no recovery or rebound in the housing market, they said, until home builders start building again.” The numbers that they have been waiting on are here. Last week the Commerce Department reported an unexpected rise of 7.5 percent in single family home starts during the month of May.

New construction has been one of the weakest segments of the housing market since 2007. May’s increase was the third consecutive monthly gain in single family starts, bringing total starts, including multifamily apartment starts and condos, up by 17.5 percent. Not only were starts significantly up, but so were other key indicators of future home building activity such as single family permits, which saw an increase of 8 percent. Consumer confidence, which is extremely important for home buying, was also up for the fourth consecutive month.

Sales of previously occupied homes rose from April to May, representing the third monthly increase this year. The National Association of Realtors also reported that the number of unsold homes on the market at the end of May fell 3.5 percent to nearly 3.8 million. These numbers provide additional evidence that the real estate market’s much anticipated rebound is clearly underway.

Consumer Confidence on the Rise

Consumer confidence recently saw its most dramatic rise in eight months, showing Americans are regaining their confidence in the U.S. economy. According to the Conference Board Consumer Confidence Index, which had improved considerably in April, May saw an even larger increase. The Index now stands at 54.9, up from 40.8 in April. May’s level is the highest since last September’s level of 61.4

According to Lynn Franco, Director of The Confidence Board Consumer Research Center, consumers are considerably less pessimistic than they were earlier this year, and expectations are that business conditions, the labor market and incomes will improve in the coming months. The survey also reported that there was a rise of 23.1 percent in consumers who are expecting business conditions will improve over the next six months.

While confidence is still weak by historical standards, it seems that as far as consumers are concerned, the worst is now behind us. According to a Bloomberg article, the gains in stock prices, consumer confidence and residential and commercial building permits that are propelling the leading index higher bolster forecasts that the economy will start growing again in the second half of 2009.

This increase could mean even more positive news for the real estate market, with housing starts soaring 17 percent, as construction of single-family homes gained for the third straight month. The economy shows signs of recovery and this trend is clearly expected to continue.

Featured Property of the Week - Cordoba Beach Park

Affordable real estate prices and adequate market availability have made owning at Cordoba Beach Park, one of the most desired luxury townhome communities in South Tampa, a reality for many. Hard wood and ceramic tile flooring pair with vaulted ceilings, dramatic interior views, fully equipped kitchens with granite countertops, cherry cabinets and black appliances, abundant storage space, walk-in closets, garden bathtubs, private garages, and three story spacious floor plans are just some on the features that accompany the townhomes of Cordoba.

Mediterranean inspired architecture partnered with fountains and lushly landscaped courtyards brings charm to this upscale community. Residents enjoy access to a community fitness center, a 24-hour business center, clubhouse, sundeck and resort-style pool and spa.

Cordoba Beach Park is located in South Tampa at the heart of the Westshore business district. Westshore is the economic and business epicenter of Tampa Bay, boasting over 11 million square feet of office space and hosts more than 4,000 companies. The townhomes of Cordoba are within walking distance to the Westshore Plaza, Tampa’s finest restaurants, world-class shopping, and several luxurious hotels. Clearwater and St. Petersburg, home to some of Florida’s award-winning beaches, Macdill Air Force Base and the Tampa International Airport are also just a short commute from the community.

Cordoba Beach Park offers one, two, and three bedroom floor plans and homes can now be found priced as low as $170,000. Rentals are also available and a one bedroom unit can be leased for as little as $1,150.

Virtual tour: http://tinyurl.com/cordobabeach

Reasons to Cheer for U.S. Property Investments

Although U.S. real estate prices have taken a hit during the troubled economic conditions, there are reasons to cheer if you are looking for diversity in your investment portfolio. While the discounted prices may not be good for short-term investors who wish to purchase real estate in a booming economy and then immediately resell it for a profit, investors with a long-term vision see bigger opportunities. With the ever changing conditions of the U.S. real estate market, right now appears to be the best time for bargain hunters to grab cheap properties that will grow in value over time.

According to “Three reasons for cheer for the overseas property investors” published by Assetz Property News Services, “whenever the recovery may come, be it in the next few months, not until the end of the year or even well into 2010, the acquisition of something for a low price now may look like a very good deal in 2014 or 2015.” With evidence of U.S. market conditions turning around, investment decisions should be made while the opportunities are attractive and available.

An official at the money exchange firm Currency Index stated “With property prices and mortgage repayments now significantly lower than in 2008 in many of the UK’s favorite foreign holiday home destination, we are seeing a renewed demand for currency exchange as people pick up property bargains in Spain and Florida.” Florida properties have consistently been an ideal investment for many international investors and are a notable opportunity now with the lower prices and an improved exchange rate.