Friday, December 28, 2012

2012 Wrap Up and Thank You

We would like to wrap up the year by saying thank you to all of our friends, families, clients, followers and supporters. We would truly be nothing without you. SI Real Estate is honored to represent you through your real estate transactions in the past, present and future. 2012 has treated the real estate industry quite nicely and we hope that next year sees similar, if not more improvements to the market in which we are all involved in.

We hope that you all stay safe through this holiday season. Whether you are visiting family and friends, remember the roads and airways will be busier than usual, so please exercise caution. Please keep all the less fortunate people in your thoughts and remember to be grateful of what you have and where you live. We have seen tragedies such as natural disasters to the East coast, innocent children’s lives taken and political / financial turmoil in foreign countries. 2012 also offered bright spots like amazing performances from the US Olympic teams, many of our troops return home from combat and continued growth in the real estate market. We hope that we can all learn something from the events that rang around the world and take something positive from it all.

Have a great New Year and a prosperous 2013!

Thursday, December 20, 2012

Tampa Real Estate | 2012 Year in Review

The real estate market has seen an abundance of activity in 2012, both positive and promising.  The local Tampa real estate market has shown significant growth since January.   It continues to point in the right direction.
We started the year off hoping that the unemployment rate would continue to fall. To our benefit, it has fallen over 1.7% which is far better than the national average.  There were also predictions of an increase in new home construction stemming from depleted inventory resulting in a more balanced supply and demand curve.
Jumping forward, September realized more new home starts than any month in the past four years!  Not only is this a strong indicator of builder confidence, which was the highest it has been in six years, but new home starts result in construction jobs created.  Economists from the Home Builder Group suggest that with each new home built, three additional jobs are created and about ninety thousand dollars in tax revenue are generated.        
Back to spring of 2012, home prices and home sales were on the rise, as expected. Chief economist Lawrence Yun suggested that this was due to a recent rise in job growth and the rising prices of rental properties. It made sense to purchase a home!  Tampa, Florida was mentioned as one of the highest ranking recovering cities by Clear Capital Research, only behind two other metro cities in the United States. The light at the end of the tunnel was clearly visible for the Florida real estate market in the early spring 2012.  However, there were still some claiming it was too early to say for certain.
As the year progressed, more and more real estate headlines offered data about home affordability.    The real estate experts explained the factors that were driving home affordability to new levels that made it a clear choice to be a property owner.  For example, in April the housing affordability index in Tampa, Florida market was higher than most cities in the U.S.  Moe Veissi, President of NAR, suggested that if mortgage rates continued to fall, we would realize a larger increase in real estate activity nationally, and in the Tampa market.   Little did he know that in November 2012, our national mortgage rates would drop to the lowest all time rate of 3.31%, while only a year ago, rates hovered around 3.94%!   National and international buyers fueled the Florida market during this part of 2012.  The Tampa / St. Petersburg areas made the “top ten” list of U.S. hotspots for foreign real estate investors. These cash ready investor buyers accounted for 31% of all real estate transactions in Florida!
As the summer continued in Tampa, Florida signs of growth were sustained.  The average listing price of a property had increased 14% from the previous year.  The gap between listing prices and home sales price was rapidly widening.  Further, we saw homes being sold for $126K when they were purchased for the $80k range only a year ago.  Now the average median sales price has increased about $15k. Property inventory plays a big role in this real estate market trend. A decrease of inventory in the range of 24% from the previous year, coupled with new short sale guidelines set forth by the FHFA,  are influencing factors to the upward trend of the real estate market as a whole in Florida. These guidelines have helped to diminish the activity of short sales and foreclosures, which previously were a drag on home values in many communities.  As a result of these influences, multiple offer scenarios became commonplace in Tampa.  Bidding wars produced quicker and higher home sale prices.  The burden of showing homes for sellers was minimal.   On the buyer side, the scenario spelled out higher initial offers and taking advantage of “cheap money” due to low interest rates.
As we close out 2012 on an encouraging note, it is prudent to recap this year’s improvements in Tampa, as well as on a national level. Real estate closings for existing home sales are up 25.3% from a year ago while the prices of these homes also increased 11.4%.  Even Dr. John Tuccillo, Chief economist of Florida Realtors, was impressed of the year over gains and took note of the depth of our real estate recovery.
We would be glad to discuss your real estate goals for 2013 at your earliest convenience. We encourage everyone who is able to take advantage of this market to do so, whether you are a real estate buyer, a conventional or short sale seller, an investor, this opportunity is golden. Best wished to you and your family in 2013!
SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

Tuesday, December 11, 2012

Why Choose SI Real Estate to Sell Your Home


SI Real Estate prides itself on first class personalized services that are second to none. Client’s needs and expectations are highest on our list of priorities and we do our best to exceed them at every opportunity. Our real estate professionals have extensive experience in the field and are equipped to handle any situation that may present itself through the selling process. We have sold homes that come in all shapes and sizes and will not be satisfied until the job is done and YOU are happy.

So you ask yourself, why sell my home now?  While many consumers are still may be sitting on the fence, others are getting reconnected with the changing real estate market. One reason we encourage home owners to list with SI Real Estate now is because of the limited housing inventory available. Inventory in our local Tampa, Florida market has dipped 23% from levels of one year ago!  A healthy real estate market should have six months of property inventory available. The average “shelf life” for homes in our market today is a short 69 days. This causes multiple offer scenarios, which usually produces higher selling prices and shorter time on the market. 

Being that housing inventory is dwindling, builders too have stepped in and taken action.  Tampa home builders have started building at rates we haven’t seen in over four years. While new construction creates options for buyers, it also crates competition for sellers. Sellers haven’t seen the supply and demand curve in their favor in years, and it is finally beginning to look that way.

Along with reduced inventory come other factors such as record low interest rates and buyers wanting to take advantage of prices before it’s too late. A sense of urgency has been created and it has sprung from buyers realizing that the bottom was reached some time ago and the only way to go is up. This coupled with interest rates hovering around 3.3% are allowing consumers to seriously consider the advantages of purchasing a home.

Selling your home for a price you want is our number one goal. It involves more than balloons on the mailbox and a sign in the yard. Our experienced team of professionals at SI Real Estate will invest time, energy and effort in getting your property fully exposed on more than 85 local, state, and national websites. Your home will be added to the MLS (Multiple Listing Service) for other realtors to see and act on if they have a serious buyer lined up. Your property will be presented in the most professional way possible.  Pictures, virtual tours, and descriptive listings of the features and benefits of your home are only a few of the options we have in our marketing arsenal that we are ready to deploy at YOUR command.

Call SI Real Estate today to simply discuss some of your options. We can give you raw data on homes recently sold in your area as well as provide a comparable market analysis at no cost. We promise to lend expert advice as to how we can help achieve your real estate goals.

Wednesday, November 28, 2012

New Homes in East Tampa for Sale! The Claypool starting at $205K!


Feature Property of the Week
Come home and enjoy this community of newly constructed homes which are conveniently located in Tampa Bay. This community provides the perfect blend of amenities such as resort style pools, playgrounds, and wetland preserves and is conveniently located only 10 miles from the downtown Tampa business district.
If you are looking for a luxurious home with space to grow and stretch, look no further. Upon entering the home, you are treated to a flex room which would be great for office space or a play room. The kitchen and living area provide great open space for a large gatherings or relaxing with family and friends. The kitchen boasts stainless steel appliances and a sizeable dining space. The double sinks are conveniently located in the kitchen island providing ample counter space. The laundry room and guest bathroom; also located on the first floor.
The only bedroom downstairs is the huge master suite. Never worry about counter space in the master bathroom that is equipped with double sinks and a walk in shower. Access the large walk in closet, which can easily fit not only clothes but dressers or bureaus, by passing through the bathroom. Space will never be an issue!
The top floor is a penthouse suite in its own. Upon walking up the stairs, you are greeted by a game room/den that is larger than the living room downstairs. Perfect for watching movies, getting homework done, or entertaining, this space will not disappoint.
Two of the three bedrooms upstairs have walk-in closets, and share the second full bathroom which is also equipped with double sinks and a garden tub/shower combo. The split floor plan allows for a great separation of space, while also providing adequate room and amenities for all.
SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

Wednesday, November 21, 2012

Florida Real Estate: Impressive Year Over Gains

A recent report by Florida Realtors reports that Florida’s pending sales, median home price and closed sales all increased in the month of October. Real estate closings for existing home sales were up 25.3% from a year ago and totaled 17,779 transactions. Florida boasted a median sales price for existing homes of $184,300 in September which is up 11.4% from this time last year, according to the National Association of Realtors. This is actually higher than the national average. 
The President of Florida Realtors, Summer Greene, reported that the state’s unemployment rate fell to the lowest it has been in four years! This coupled with the increases in pending homes sales, closings and prices will bring an even brighter outlook to the real estate market in Florida. Condo sales saw a year over increase of 16.4% and a median price of $107,000, which is also up 20.2% from a year ago. 
On a national level, housing starts experienced a 3.6% uptick as well, reported by the US Census Bureau. This may seem like a small percentage, but when you look at this time compared to last year, it is up 33.6%! Builder confidence still remains higher than previous months, as we can expect to see the number of newly constructed homes continue to rise and create a healthy balance between the supply and demand curve. Dr. John Tuccillo, chief economist of Florida Realtors stated, “As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery.”
SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

Thursday, November 8, 2012

Q3 Activity: Stay in-Tune with Your Real Estate Market

Both home sales and home prices saw positive annual growth during the third quarter according to the last report published by the National Association of Realtors. The national median existing home price rose 7.6% from a year ago. This is significant because it represents the highest increase we have seen in any quarter since 2006. At a local level, real estate in Tampa, Florida we saw an increase of 14.3% in median home sales price compared to a year ago. Tampa, Florida also posted a 7.6% increase in the National Association of Home Builders “Improving Markets Index” which identifies areas that have improved from the low point of the downturn.  This is the third consecutive month Florida metropolitan cities showed a gain, but what’s even more encouraging is that this also represents an even larger improvement when looking at the number of cities that posted a gain this time last year.
CoreLogic recently reported that the third quarter brought about the most building permits and new home starts in four years. Builder confidence is obviously high enough and, consequently, new home sales ticked up to the highest annual pace in the last two and a half years!
NAR Chief Economist, Lawrence Yun attributes these favorable increases to simple supply and demand. He said, “Housing inventories have been gradually trending down from a record set in the summer of 2007.” He stated that a more balanced and equal number of buyers and sellers has created a “sustained upturn in home prices. He expects to see this throughout 2013.
NAR president, Moe Veissi cited affordability conditions as a major role player in our improving real estate market conditions. “Historically low mortgage interest rates are encouraging many buyers who were on the sidelines, “he said. He also mentioned that “safe and sensible” mortgage underwriting standards would help push the surge along further.
The real estate market is something we all have in common. It is something that is vital and pertinent in all of our lives at one or many points along the road. It is our hope to share information with our clients, readers and friends so that everyone can benefit from being informed, and are enabled to make sound decisions with regards to real estate.
If you have questions or wish to discuss your real estate goals, please give us a call and put a professional in your corner today.
SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

Wednesday, October 31, 2012

Home Prices Turning the Corner: Are You?


Tampa’s premier home builder, Standard Pacific has recently published an article that sheds light on market conditions and trends in our area. The article is based on a report done by Barclays Capital that forecasts home prices rising as much as 5% – 7.5%!

The article also reveals some significant factors that are pushing home prices in an upward direction and how this is being done in two different types of markets. It gives an interesting look into the prime “A and B” markets, and also tells why the “C, D and F” locations will soon become more desirable.

On a local level, we are seeing this first hand. New homes in New Tampa are in higher demand than previous years and inventory is quite scarce. We are constantly in multiple offer situations and sometimes loosing the bidding war due to home buyers submitting low ball offers that do not hold up. Standard Pacific has a great presence in the New Tampa area and will soon run out of homes to sell. Don’t miss out on a home of your dreams because you still think the market is at the bottom..

Prices of New Homes

New Home prices have turned the corner and forces are driving rising prices in the foreseeable future. In this article, we discuss these forces and reveal the trends that are not evident to those who rely only on publicly-available data to form their views on home prices.

The popular aggregate price indices have shown a modest turnaround in home prices, rising nominally in recent months, but these median readings obscure the dramatic cross-currents that are at work underneath the surface. Effectively, there are two housing markets, each exhibiting distinct price trends. One consists of residential developments that are within a reasonable commute of job centers, with developed shopping and entertainment options and good schools. These are the projects that the builders care about, characterized by strong new-home demand and an increasingly scarce supply of homes and lots. The other “market” is the massive collection of remote lots, struggling subdivisions, and mothballed master-planned communities that were developed during the last year of the boom (2005/2006). Projects with these characteristics are almost completely dormant, and have very little impact on the builders.

Factors that will keep home prices rising in the “A” and “B” (good) locations are:

• New-home inventories are so low that builders who have standing or nearly-finished homes can command higher prices.

• Lot scarcities, expected to worsen in 2013, will force builders to raise prices, and the limited supply of new homes for sale means that builders have more pricing power.

• Rising costs (materials, lot prices, permitting/impact fees, and labor) will force builders to raise prices in order to be profitable.

• Pent-up demand re-emerging (people who were doubling up are now finding jobs and forming their own households, and people who were waiting for prices to bottom are now taking advantage of the buying opportunity and record-low mortgage rates). Household formation rates are forecast to increase by 50% over the next three years.

Meanwhile, in the “D,” and “F” locations, plentiful supplies of bank-owned homes for the moment continue to make new home construction a money-losing proposition. If buyers are willing to commute to those areas (‘drive ‘til you qualify’), they can buy homes from banks, at auction, short-sales, or from investors who bought from the banks or the agencies, and they can often do so at a price that is below replacement cost.

The “C” locations are neither good nor bad at present. While not all “C’s” are created equal, within two years many will rise to “B” status. No builder wants to be “below C level.” (very punny). I like Mike Castleman’s (Metrostudy’s CEO) statement during a presentation to a national builder client that builders will soon be “gnawing at the bone of C lot supplies.”

The Housing Market and Available Lot Supply…or…The ABC’s of VDL’s

At first glance at our data, it appears that there are lots of lots. But are there really?

Builders are complaining that they can’t find lots to buy, yet there is a huge 80-month supply of vacant, developed lots in the markets we track. The problem is that the vast majority of the lots are in the far-flung suburban areas that are NOT on builders’ radar, because they are so overbuilt and over-lotted.

Residential subdivisions that are close to where people work and shop, and within good school districts, are talked about as being in the “A” or “B” submarkets. Those that are farther away from the core, or are otherwise in inferior locations, are given lesser grades.

Builders have little use for those “D” and “F” lots, but have a growing appetite for A, B, and C locations, and it calls to mind the lament of Coleridge’s Ancient Mariner: “water, water everywhere, nor any drop to drink.”

This distinction is of critical importance in the hard-hit ‘bubble markets.’ In South Florida, there are 26,037 vacant, developed lots, but only 7,811 of them (30%) are within what Metrostudy has determined to be “A or B” locations. In Phoenix, there are 83,866 lots, but only 15,998 (19%) are in A/B areas. In Atlanta, there are 140,000 lots, but only 18% are in the A/B locations.

The distinctions become even more striking when one ‘drills down’ to individual submarkets. A market might have a 100-month supply of lots overall, but the submarkets where builders are preparing to build homes might only have a 20-month supply.

It should also be remembered that not all of the A and B lots represent available supply. Most of them are owned by builders or other entities. The barriers to entry into these coveted neighborhoods are high.

There is one major reason why the quality of the location matters: pricing power. Builders who have lot positions in the A and B submarkets not only command a pricing spread over the lesser locations, but they are also (in some cases) able to raise prices. Until six months ago, we had not heard of very many cases of builders raising prices. The fact that some builders are raising prices is of great significance; they would not attempt it if they did not feel secure that the higher prices would stick. This speaks to the new confidence that the builders have that demand is strengthening.

By contrast, in the C, D, and F locations, there are no price increases to be had. In fact, prices of resale homes and REO may still be declining in those areas. It will take time, but sooner or later the price levels in the A and B areas will force more buyers to make longer commutes. “Drive ‘til you qualify” is the expression.

This article was shared by Tampa’s premier home builder, StandardPacific. Information gathered for this article was found at the following sites.

http://www.metrostudyreport.com/national-housing-market/prices-of-new-homes http://money.cnn.com/2012/10/12/news/economy/housing-boom/index.html
http://www.metrostudyreport.com/national-housing-market/the-housing-market-and-available-lot-supply-or-the-abcs-of-vdls

Friday, October 19, 2012

New Home Building Data: Good News for All

A report by the Commerce Department showed that the rate at which builders started new construction on single family homes and apartments was the highest last month than it has been in four years. Plans for continued building are set at an even higher rate than we have recently seen, a clear sign of buyers taking advantage of record low mortgage rates, low inventory and builder confidence on the rise.
Not only is this good for the real estate market in general, but new home construction creates jobs which is essential in today’s economy.
In the last two months we have seen a fifteen percent increase in new construction. About two thirds of this increase deals with single family homes while the other portion is made up of apartment homes. This coupled with a twelve percent increase in building permits shows that there are no plans of slowing down anytime soon. Homebuilder stocks saw am increase as a result of the increase in permits and plans to keep building. The National Association of Home Builders reports that this new construction data pushes home builder confidence up to a six- year high, and is consistent with this year’s continual up-ward tick. Some people may ask just how much of an impact does this have on our economy. Economists from the home builders group estimate that with each new home built, creates an average of three new jobs and about ninety thousand in tax revenue.
New home sales are up twenty eight percent from this time last year. Many buyers are attracted to home builder’s warranties, higher energy efficiency standards, and a general feeling of more home for their dollar. The Florida market is part of plans for Toll Brothers Construction to continue building luxury homes in and around the coastal regions.
SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

Monday, October 15, 2012

Property Inventory Dropping: Tampa, Florida Among The Lowest Inventory

A report published by the web based real estate company, Zillow, shows that the amount of homes for sale fell by 19.4% in the last year! Zillow divided the statistics by price tiers. The greatest reduction of inventory has come from the top two tiers.

Three metro areas of Florida made the list with Tampa, showing a year over reduction of 19.8% for the top tier, and 23.3% for the mid-tier homes. The overall average reduction in inventory was 22.9% for Tampa Florida real estate market. This should make it easy for fence sitters who are waiting on the sideline for the “right time” to list their homes. Those who have questioned selling their home for the last year are beginning to realize that they missed the bottom a while back and may be scrambling to catch up.

As far as buyers are concerned, the time has passed for them to offer $10,000 under listing price. The days of low ball offers are over. Buyers are now starting to participate in bidding wars over properties that used to be great “steals” and are finding themselves out of luck. We have seen this mix of declining home inventory, record low interest rates, and the general supply and demand curve start to look normal again for some time.

Our question to you is, why wait? Call us today to discuss your real estate goals and options, and don’t be the one on the sideline wishing you would have acted sooner.

SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”



Friday, October 5, 2012

Multiple Offers: Commonplace in Today’s Real Estate Market

In many cities across the nation, and especially here in Tampa, Florida, we have seen a dramatic increase in multiple offer scenarios in our real estate market. This is of course a seller’s dream and somewhat of a “price is right” guessing game for home buyers and their real estate agents. However, this shouldn’t be viewed as a negative occurrence for either side of the transaction.

For sellers, having the option to consider multiple offers at various price points had been a thing of the past. This year, it is finally becoming more and more prevalent in our real estate market. An article published by Inman News identifies that most cities that are in real estate recovery (or beyond!), like Tampa, are seeing bidding wars on homes prices in all price ranges. This has nothing whatsoever to do with distressed homes. Other advantages of multiple offers for sellers include: generally quicker sales, less home disruption due to showings, and a “safety net” for the seller is created in case an offer falls through.

Now the story doesn’t exactly read the same for buyers who are in a real estate arena where inventory is low and multiple offers are more common. The thing that many home buyers have to keep in mind is that the market is changing and that their offers have to change with it. An article published by Inman News stated that “money is cheap” and buyers who were once fence sitters, are beginning to step up to the plate and seriously begin the purchase process. With mortgage rates remaining at an all time low, more and more consumers are entering the market and competing for the same few homes for sale. Gone are the days when you can offer 10K under listing price, wait a few days, and hear back with an accepted offer. Many real estate professionals say swift acting, ready buyers have an advantage in a low inventory market, such as Tampa, Florida.

Whether you are on one side or the other, multiple listings are not always a bad thing. Both sides can see significant benefits if they are represented professionally. If you wish to discuss your real estate goals and how to take advantage of this ever changing real estate market, calls SI Real Estate today and at least start the discussion.

SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

Friday, September 28, 2012

Real Estate Market Pulse | Who’s Market is it?

As we continue to see the ever changing real estate market take a positive turn upward, some people are asking themselves what to do in these times. Based on recent home sale statistics, homes are being sold at a much faster rate than we have seen in years. A healthy real estate market usually has about 6 months of supply at any given time. Today we have seen that number cut in half, and the shelf life of homes for sale has dropped to about 69 days. A clear sign that the real estate has shifted to a seller’s market.
August 2012 posted numbers for existing home sales that surpassed 9% increases from this time last year! Chief economist of the National Association of Realtors, Lawrence Yun said, “The Florida market is experiencing inventory shortages, which are placing pressure on prices.” This shortage of real estate inventory could lead to other advantageous recovery factors like new construction projects, which in turn stimulates the market with job growth.


Lending conditions also play a significant role in the way the market continues to shake out. Yun also noted that at least a half million more homes could be sold in the coming year if the tight credit standards that exist today are modified. The time it takes to process a real estate loan application is far too long and the documents borrowers are required to show is considered excessive in the eyes of many realtors. Last month alone, 53% of loans went to borrowers with credit scores above 740. Last year the 12 month default rate was at 0.4% compared to 2007 when it was closer to 3%.

Shelf life, inventory, and recent home sale trends combined with loosening these tight restrictions and guidelines would all stimulate job growth in the related trade and service industry. All of these factors play a key role in how and who is influenced the most by these changes and trends in the real estate market.


SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!” How can we help you?

Friday, September 21, 2012

Tampa Florida Real Estate: Signs of Sustainable Improvement

As summer comes to an end, we take a look back to reflect on what has transpired over the last few months, especially in the Tampa Bay area real estate market.

On a national level, the real estate market saw an increase of 2.3 percent in existing home sales, while Tampa Florida experienced similar gains. Tampa, Florida saw an increase in median sales price of approximately $15,000 compared to this time last year. New construction home sales also saw a jump in the right direction, boasting a 25 percent increase according to a recent report by the Commerce Department. This increase can partly be attributed to the record low interest rates and shrinking home inventory the state has been experiencing this year. If the jobless rate continues to shrink as we have seen this year, the affordability rate will undoubtedly rise, causing more and more consumers to enter the home purchasing arena.

The National Association of Realtors reports a 9.4 percent increase in home prices compared to 2011. Even more striking, the 3.8 percent increase in home prices in July alone, was the largest since 2006! President and CEO of CoreLogic, Anand Nallathambi made a recent statement saying, “we are clearly seeing the light at the end of a very long tunnel.”

A very helpful factor that should not be forgotten is the shelf life that homes are experiencing. Compared to this time last year, there is nearly a 30 percent decrease in the average time a home stays on the market. Down from 98 to 69 days, this is a clear relationship between inventory supply and time spent on the real estate market.

SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

Thursday, August 23, 2012

Less Inventory + New Guidelines = Brighter Housing Outlook

Real Estate inventory could not keep up with the demand for homes during the month of July. This is now the fifth month in a row we have seen a correlation between supply and demand that is favorable to a thriving real estate market. The National Association of Realtors reported that the national median home price is up 9.4% from a year ago at this time, which is the strongest gain since January 2006! Our local Tampa, Florida real estate market has seen gains even higher than the national average and boasts a 12.4% increase in median sale prices from a year over perspective. Sales of existing homes are also up 10.4 % from this time one year ago. Chief economist for the NAR said, “Mortgage rates have been at record lows this year while rents have been rising at faster rates. Combined, these factors are helping unleash a pent-up demand.” The demand stems from a 23.8% decrease in listing inventory from a year ago and looks like it will continue to fall.

Not only are homes being sold at higher prices with every sale, but other major factors are influencing the real estate market. New guidelines set forth by the Federal Housing Finance Agency regarding the short sale process are warmly welcomed by many buyers, sellers, and realtors. The new guidelines call for a more streamlined paperwork process and offer up to $6,000 to second-lien holders. The FHFA will require little or no documentation from borrowers who are delinquent on multiple loan payments, suffered a financial hardship, or have low credit scores. For those who are still current on mortgage payments, servicers will have more flexibility to process short sales for homeowners dealing with hardships. The numbers of foreclosures will diminish once this goes into effect on November 1, 2012. This is supposed to have a positive effect on the value of communities that are suffering from homes being appraised at lower values.

Keeping homes occupied and avoiding the foreclosure process will undoubtedly raise the quality of communities and all around real estate market, especially in the Tampa, Florida market. This boost will contribute to an already up swinging number of short sales that make up the real estate transactions in Florida. 8.8% of all home sales were the product of short sales, which is up from 6.5 percent in 2010.

SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

Friday, August 17, 2012

Housing Market: Mid-Third Quarter Snapshot

If you are still looking for reasons to buy a home, look no further. The reports have been released. Real Estate consumers are finally beginning to act on their instincts. A brief comparison of Tampa, Florida’s housing market versus this time last year shows great improvements that will eventually lead to an even more stabilized real estate market.

Home sales have increased about 8% since this time last year. Not a huge increase, but positive activity nonetheless. What is most encouraging when looking at year over reports of Tampa, Florida is the month supply of homes on the market. This time last year, Florida was sitting at a 6.5 month supply of homes compared to only a 3.5 month supply this year!

Prices are obviously adjusting now and moving upward. The number of homes in the Tampa Bay market is around 7,600 compared to last year’s figures of 12,000 plus! This is indicative of a seller’s market and is encouraging to see the gap between supply and demand shrinking. Not only does this dwindling gap help home prices, but it also helps with unemployment rate and the economy in general. For each new home that is built, 3 additional jobs are created and about $90,000 in tax revenue is generated. Builder’s permits have hit a four year high, and have seen monthly increases since April 2012.

SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

Friday, August 3, 2012

Real Estate Prices and Values: Gap Widening Between Listing & Sales Price

So far, 2012 has provided countless signs of an enhanced real estate market. We are constantly being reminded of the historically low mortgage rates, median sales prices rising, and buyers’ confidence higher than the last several years. What we may be missing out on are the real life examples of how this impacts an agent and buyer relationship. Here are some valuable bullet points that will give you a real estate reality recap!

Listing price: - Usually properties do not sell for this amount. - Listing prices are most often a tool to trigger showings and offers. - Average listing price in Tampa is: $308,425 / Median Sales Price: $114,505, an impressive 14% increase from last yr. (updated mid-July) - Here is an example of a real life Tampa transaction: Recently one of our brokers sold a condo at $172K. Listing price was $155. Multiple offers were submitted. Read more about this trend here.

Comparative Listings: - Investors decisions based on ROI - Homes that were purchased at the beginning of 2012 will not yield the same return rate if you were to purchase it now. A townhome an investor client purchased last year at $80,000 are now selling for $126K. Be sure that the bottom of this real estate market was quite some time ago. - Median sales price last year in July were $99,000. July 2012 prices are now upward to the $115,000 range, and climbing as supply is diminished.

Other factors leading to a more stable real estate market: - Building permits for new homes has hit the highest number in 4 years - Lowest supply of homes for sale since 1963 (144K in June 2012) - Fewer foreclosures are making up the bulk of the real estate sales.. Excellent news. - All 20 cities that the S & P home price index tracks are seeing increases, including Tampa!

Wednesday, July 25, 2012

Real Estate Pulse: Continued Growth for 2012

Fannie Mae chief economist Doug Duncan recently stated that the U.S. will continue to see economic growth through 2012. He noted that although the growth may not be as fast paced as the beginning of the year, it will be heading in the right direction, none the less. The housing sector has shown positive signs thus far in 2012, and while mortgage rates remain at an all time low, more and more real estate consumers are starting to cash in and take advantage. Compared to the same time last year, home sales are up by 9 percent. Duncan also pointed out that residential home investments are expected to increase this year and should help contribute to the general economic growth that has been thirsty for such activity since 2005. Homeowners are showing greater levels of confidence in regards to the housing market and more specifically to home price expectations and outlook.

A more local real estate report for Tampa, Florida also shows optimistic signs of progression. Median home sale price is up almost 15% compared to this time last year. The average listing price saw only a small increase and is at $308,425. Tampa Florida’s most popular communities include Old Seminole Heights and Tampa Palms. The New Tampa area which encompasses Tampa Palms, Hunters Green, and Live Oak are showing higher sale prices than other parts of Tampa Florida which makes it an attractive market for both single family home buyers, as well as investors looking for a high return on their money. For more information on New Tampa homes, visit our website and leave an inquiry.

SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

Friday, July 13, 2012

Tampa Florida Real Estate Makes Top 10 Foreign Hot Spot List

2012 has provided us with many exciting and eye opening real estate headlines. Foreign cash buyers have been in the news and their acquisitions are helping our local Tampa Florida real estate market recovery. The Tampa / St. Petersburg area made the top ten list of most attractive hot spots for international home buyers to purchase real estate. This data was compiled by DataQuick which is a real estate analysis firm in the U.S. Earlier this year, we saw that foreign buyers accounted for about 8% of U.S. home sales. Florida accounted for 31% of all international home purchases, with the Miami, Tampa, and Orlando markets seeing the most activity. Condominium purchases surpassed those of single family homes and townhomes. Some see it as a status symbol and take pride in owning real estate in America. Tampa Bay condos usually represent the greatest return on investment for international buyers. While the median home prices are up from last year, median sales price for condos are down; partly due to the amount of distressed properties in or surrounding condo communities. Foreign buyers are usually more apt to purchasing a condo that presents a good return, even if it is a bank owned property or foreclosure. Rental market is up as well in Tampa. For investors, it’s all about the numbers and what makes financial sense. SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

Friday, June 29, 2012

Home Prices on the Rise

For a few years now, consumers from Florida to California have been hearing more and more that now is the time to buy your home, or real estate in general. Well that time is now quickly passing by as home prices continue to push upward. The S & P home price index showed improvements for the second straight month in 19 of the 20 cities they are tracking. Tampa, Florida is high on the list of cities being tracked. Not only is our local Tampa real estate market our performing most, but as whole national prices rose 1.3% in the last month of the first quarter. It is indisputable that we are seeing the consistent upward movement in housing prices. The first time in over six months that national prices are also showing such an increase. This is the hottest real estate news this week! MSNBC and all major networks are giving this news its proper headline… Real Estate News: Prices are UP! Sales of newly constructed and re-sale homes are also up! People are viewing the purchase of a new home as a more significant sound investment. Another positive component is that stemming from home prices moving upward, many buyers are gaining confidence in regard to home appreciation; and are real estate buyers are more willing to make an investment in a home in which they clearly see value . The fear of falling prices has taken a back seat and is now in the rear view mirror. Increased buyer confidence, supply and demand are both fueling the rising prices. These and other factors directly impact new construction. So much so that last month builders requested more permits to build homes and apartments than in the last three in half years! Homebuilder stock spiked upwards after this data was released. Lennar, Pulte, and DR Horton all saw favorable stock increases from 3%-5%. Tampa, Florida is home to some of these major communities and has seen inventory drop in many of these new construction communities. The inventory of previously occupied homes is back down to levels we saw in 2006. In May 2012, there were only 145,000 new homes for sale. That figure is barely higher than April 2012 which recorded the least amount to new homes for sale since 1963. Buyer confidence coupled with record low mortgage rates are leading to an increased number of consumers ready to make a purchase. As home prices rise in major cities like Tampa, Florida, consumers are encouraged to analyze their real estate goals and make decisions that will help them in the future. SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”