SI Real Estate Tampa and The Beaches

Fannie Mae Relaxes Florida Condo Standards There was considerable movement for certain sectors of the real estate market in 2009. Thanks to the 2009 Home Buyer Tax Credit, many first-time homebuyers were able to purchase properties and enter the arena of homeownership. Additionally, international, national and local investors were able to take advantage of record low prices that were caused by the foreclosure crisis. Condo sales were one segment of the real estate market that was largely left out due to difficulties with obtaining financing. Due to strict mortgage standards, condos were available primarily to only those who were cash buyers. According to the Palm Beach Post Money article, “Fannie Mae is seeking to prop up Florida’s ravaged real estate market by reviewing hundreds of condo projects in the state that don’t qualify for its loans. The mortgage finance company said Thursday that buildings deemed stable after the review will be given a special approval lasting up to 18 mont...

If the time is now, consider Tampa, Florida for your next luxury real estate purchase. Wealthy borrowers with real estate mortgages that exceed $1 million are foreclosing or turning to short sales at almost double the average U.S. rate. Payments on about 12% of mortgages exceeding $1 million were 90 days or more overdue in September, compared with 6.3% on loans less than $250,000 and 7.4% on all U.S. mortgages, according to data from First American CoreLogic Inc., a Santa Ana, Calif.-based research firm. Many home buyers are taking advantage of the current prices on these “McMansions” that will already have instant equity in them at the time of closing. Atlanta Falcons’ linebacker, Porter Michael Peterson recently purchased a mansion near Tampa, Florida for $1.1 million – That is almost half of what the sellers paid for it 3 years earlier! Before you try to find your dream home, keep a few things in mind: Know your budget and pre-qualify with a lender…Can you really affor...

Tampa’s real estate recovery has surely been underway in 2009, with changes in the housing market taking place throughout the Bay area. Appropriately priced Tampa homes spent fewer days on the market this year, banked owned property inventory saw depletion, and new home starts began to increase in mid-2009. The first-time home buyer tax credit gave way to significant results in the Tampa real estate market, with home sales soaring during the last few months leading up to its anticipated expiration date. Multiple offers were placed on discounted properties as many first-time home buyers hurried to take advantage of unprecedented deals. The Internal Revenue Services reported that more than 105,000 Floridians had applied for the credit prior to its extension. This positive rise in real estate market activity was not restricted to the Tampa Bay area in 2009. The St. Petersburg Times reported in November that all 19 Florida metro areas reported year-over-year gains in home sales. Tampa, bei...

With economic and housing market stabilization underway in many metropolitan areas, investors are becoming increasingly interested in the real estate market again. The abundance of available housing at rock bottom prices makes this an appealing time to boost property holdings. Markets such as the Tampa Bay area have seen an increase of both seasoned and new real estate investors interested in taking advantage of our developing city. If you are considering a real estate investment, there are many details you will need to take into account. Here are a few tips to help in your property investment decision: Weigh the rewards and risks –Investing in real estate carries great potential for wealth. However, such opportunities rarely come without making difficult decisions. Before investing, consider your options. Are you qualified to handle evictions, time management, repairs, reinvesting into the property, and keeping up with documentations and inspections on your own? If the demand seems t...

USA Today recently released an article naming the “ Destinations to watch in 2010 ”, and guess which booming metropolitan hub made the list? With its vastly expanding cultural and entertainment offerings, thriving business environment, swiftly stabilizing real estate market and its well-connected location to the rest of the U.S., 2010 is expected to be a banner year in Tampa Bay. Tampa Bay has continued to grow towards being one of Florida’s top business and leisure destinations, while gaining significant recognition on both national and international levels. New developments slotted for the bustling city in 2010 include the addition of Busch Garden’s newest theme park, the opening of a new children’s museum, and the finalization of the Tampa Museum of Art’s newest downtown facility, providing visitors with even more reasons to explore the Bay area. Foreign and national real estate investors are taking note in Tampa’s bright economic future as they search for the best buys in the Bay a...

Individuals with more than $800,000 to invest are poised to increase their property holdings, with real estate investments among wealthy individuals set to rise to 30 percent over the next few years, according to a survey covered by Bloomberg report. This recent global survey was conducted by the major global financial services provider Barclays and revealed several interesting statics regarding international real estate investing in the current market conditions. Investors foresee better long-term returns on property investments than from bonds and stocks. Three out of four investors surveyed said that residential real estate is looking attractive and two thirds of investors are interested in exploring commercial real estate investments, according to the study’s findings. The survey showed that the U.S. was the most attractive real estate market for investors outside their home country, with many investors believing that it is the country with the highest potential for return on inv...

Tampa Bay home sales had their best October in four years! According to recent data from the Florida Association of Realtors real estate sales in Hillsborough, Pinellas, Pasco, and Hernando counties totaled 2,758 in October, the month’s highest sales number since October 2005. This excellent progress in the Tampa Bay real estate market is largely attributed to first-time buyers purchasing sharply discounted homes while taking advantage of the $8,000 first-time home buyer tax credit. However, this positive rise was not restricted to the Tampa Bay area. According to an article from the St. Petersburg Times , all 19 Florida metro areas reported year-over-year gains in home sales. This greater number of home buyers was also seen nationally with interest and activity increasing throughout the country. Foreclosure and pre-foreclosure homes made up close to half of all sales in October. In addition to the activity from the first-time home buyers, Florida has also seen a great deal of recent...