It was the prospect of baby boomers retiring en masse to Florida that fueled the Florida real estate boom, and it now looks as though the actual arrival of thousands of baby boomer retirees over the next few years will be what it takes to help the Tampa Bay real estate market rebound from its current doldrums.
Speaking at a forum sponsored by the University of South Florida's Institute for Public Policy and Leadership, Brad Edmondson, the former editor of American Demographics magazine, said there has been some decline in the rate of population growth in Southwest Florida as evidenced by the fact that school enrollment is slightly below forecasted levels.
Edmondson predicted that Southwest Florida and Tampa Bay populations will not decline as some as predicted. Once the current housing correction passes, the region will grow again thanks to an influx of those new baby boomer retirees.
"The supply of retirees for the Tampa Bay, Florida area is about to grow explosively," Edmondson said. Edmonson believes that even though only 20% of Americans aged 60 and older move across state lines when they retire the Tampa Bay area will get more than its share. "The number of people entering their 60s will grow 5 times as fast as it did during the 1990s," Edmondson said. "This is an age group that thinks Tampa Bay is a very attractive place to live."
While not all forum participants were quite as positive, one area developer and home builder said he was sure that Florida will going to continue to grow.
If you're interested in buying Tampa Bay real estate, you may want to buy now before the big surge of baby boomer retirees starts driving prices back up again. For more information and assistance in achieving your retirement real estate goals in Tampa Bay, Florida, please contact me at (813) 263-6806 or visit my Tampa Bay real estate website today. You may also just E-mail me. I'd be happy to be of assistance to you.
Wednesday, March 5, 2008
Sunday, January 27, 2008
Gov Crist Addresses Florida Realtors on Property Tax Amendment
With “Vote Yes On 1” signs raised high, Florida Realtors greeted Governor Charlie Crist this morning with a standing ovation, thanking Crist for his efforts to cut property taxes. The governor addressed Realtors attending the Florida Association of Realtors® (FAR) Mid-Winter Business Meetings in Orlando.
“When was the last time you could go to the ballot box and pass yourself a tax cut?," he asked. "Tell everyone you see to vote for Amendment 1. It’s critical to Florida’s economy,” Governor Crist added.
Read the Full Story on the Florida Association of Realtors' website. Then please call upon me for assistance in buying or selling Tampa Bay real estate . You may also call me directly at (813) 263-6806 or email me at cheryl@cherylstimac.com
This story, copyrighted by the Florida Association of Realtors, is presented here for your information only
Friday, January 11, 2008
Why Move to Tampa Florida
Tampa Florida offers many advantages to those considering moving to a warmer climate.
Tampa has beautiful weather year-round. The average high temperature is 82 degrees. The average low temperature is 63 degrees.
The Tampa Bay area includes St. Petersburg and Clearwater and their beautiful beaches and is centrally located on Florida’s west coast on the Gulf of Mexico.
Many public companies have headquarters or major operations in Tampa Bay, creating a healthy business and jobs climate. And, the State of Florida has no state income tax and a sizeable property tax exemption for homeowners.
Tampa is rated # 8th in the nation for recreation. Tampa Bay offers many recreational activities including dining out, shopping, golfing, cruises, water sports, fishing and attractions like Busch Gardens, The Florida Aquarium and Lowry Park Zoo. Tampa Bay is less than 2 hours drive from Orlando with all its attractions.
Tampa Bay is home to many of Florida’s finest golf courses and country clubs.
Tampa was rated one of the Top 10 cities in the United States for the healthiest lifestyle. And it's cost of living is lower than the average of United States cities.
Tampa Bay is home to 25 colleges and universities including medical schools assuring a lively nightlife for singles and young marrieds as well as great health-care, academics and performing arts for residents of all ages.
If you'd like more information on Tampa Bay and its attractive lifestyle, visit my website at http://www.redshoerealty.com/
Tampa has beautiful weather year-round. The average high temperature is 82 degrees. The average low temperature is 63 degrees.
The Tampa Bay area includes St. Petersburg and Clearwater and their beautiful beaches and is centrally located on Florida’s west coast on the Gulf of Mexico.
Many public companies have headquarters or major operations in Tampa Bay, creating a healthy business and jobs climate. And, the State of Florida has no state income tax and a sizeable property tax exemption for homeowners.
Tampa is rated # 8th in the nation for recreation. Tampa Bay offers many recreational activities including dining out, shopping, golfing, cruises, water sports, fishing and attractions like Busch Gardens, The Florida Aquarium and Lowry Park Zoo. Tampa Bay is less than 2 hours drive from Orlando with all its attractions.
Tampa Bay is home to many of Florida’s finest golf courses and country clubs.
Tampa was rated one of the Top 10 cities in the United States for the healthiest lifestyle. And it's cost of living is lower than the average of United States cities.
Tampa Bay is home to 25 colleges and universities including medical schools assuring a lively nightlife for singles and young marrieds as well as great health-care, academics and performing arts for residents of all ages.
If you'd like more information on Tampa Bay and its attractive lifestyle, visit my website at http://www.redshoerealty.com/
Monday, November 12, 2007
How to get a good deal on a house! (but remember, good deals do not come perfect.)
If you want to get a great deal on a home, you must buy from a motivated seller. How do you find a motivated seller? Often, sellers that are going through a job relocation, a divorce, or some other life change are motivated. These sellers are likely to give away equity. And unlike a foreclosure, you get a property disclosure which will give you a history of any home repairs. Also, the seller warrants their statements about the condition of the property. These properties are often in better condition than a foreclosure because the sellers are keeping the properties in “marketing” condition. Your Realtor can help you locate motivated sellers and distressed properties.
Homes that are in the process of selling before foreclosure are often sold as “short sales”. A “Short sale” means that the bank or lender accepts less than the current mortgage balance for the property. Usually, before a lender will agree to a short sale, the seller must be in default (that is they must be behind in their payments, or have stopped making payments altogether.) In these situations, the seller is said to be “over-encumbered” and owing more than the home is worth. A short sale might bring the price in line with market value, but not below market value.
Speed is not a virtue of a mortgage company when they are dealing with short sales. These days, the bank mortgage representative has a stack of files with home sellers that are in the same situation. They are in no hurry to give you an answer as your contract is not on top of the pile. If you are patient, a purchase of a short sale can put you in a positive equity position but don’t make an offer on a short sale property if you need to move into a home quickly.
I have bought and sold many investment properties. My motto is “good deals do not come perfect”. You may not get the perfect floor plan. You may have to paint the interior. You will have to fix things and you will need to clean the carpet and chemically treat the “green” swimming pool. In the end, you will come out with a beautiful home and a strong equity position. This is the typical condition of a pre-foreclosure or newly foreclosured home. Neither the owner nor the bank wants to put money into a property that they are taking a loss on. It is on this type of home where you can get the strongest equity position.
When you buy the reduced price home for your primary residence, you will be able to make improvements and get a return on your hard work. Remember, the tax rules are now written that if a home is your primary home, in most cases, profit when you sell is not taxable. To maximize your profit, buy with the intent to stay in the home for a minimum of 3 to 5 years. This will allow time for the market to improve and for your investment to increase in value.
If buying homes that need work does not appeal to you, in our current market new home builders and sellers of existing homes are giving some wonderful deals. Many are paying all closing costs, and making changes to the home as requested by the buyers. To get a good deal, it is wise to buy when others do not want to. This is the kind of market where you will have them greatest power.
Homes that are in the process of selling before foreclosure are often sold as “short sales”. A “Short sale” means that the bank or lender accepts less than the current mortgage balance for the property. Usually, before a lender will agree to a short sale, the seller must be in default (that is they must be behind in their payments, or have stopped making payments altogether.) In these situations, the seller is said to be “over-encumbered” and owing more than the home is worth. A short sale might bring the price in line with market value, but not below market value.
Speed is not a virtue of a mortgage company when they are dealing with short sales. These days, the bank mortgage representative has a stack of files with home sellers that are in the same situation. They are in no hurry to give you an answer as your contract is not on top of the pile. If you are patient, a purchase of a short sale can put you in a positive equity position but don’t make an offer on a short sale property if you need to move into a home quickly.
I have bought and sold many investment properties. My motto is “good deals do not come perfect”. You may not get the perfect floor plan. You may have to paint the interior. You will have to fix things and you will need to clean the carpet and chemically treat the “green” swimming pool. In the end, you will come out with a beautiful home and a strong equity position. This is the typical condition of a pre-foreclosure or newly foreclosured home. Neither the owner nor the bank wants to put money into a property that they are taking a loss on. It is on this type of home where you can get the strongest equity position.
When you buy the reduced price home for your primary residence, you will be able to make improvements and get a return on your hard work. Remember, the tax rules are now written that if a home is your primary home, in most cases, profit when you sell is not taxable. To maximize your profit, buy with the intent to stay in the home for a minimum of 3 to 5 years. This will allow time for the market to improve and for your investment to increase in value.
If buying homes that need work does not appeal to you, in our current market new home builders and sellers of existing homes are giving some wonderful deals. Many are paying all closing costs, and making changes to the home as requested by the buyers. To get a good deal, it is wise to buy when others do not want to. This is the kind of market where you will have them greatest power.
Friday, October 5, 2007
What happened to expected property insurance reductions
According to an article in the WCTV Tallahassee Headlines, only about half of the insurance companies doing business in Florida have complied with a new rate filing law to date. Insurers are supposed to pass property insurance savings on to consumers from the state's assumption of $15 billion in risk. So far, the results are mixed at best.
“We’ve seen some increases and we’ve seen some decreases ... on their original filings from March,” said an Office of Insurance Regulation spokesman.
The most upsetting has been the request by Allstate Insurance for an average 42% hike with another 28% hike for a subsidiary. These filings come at the same time the state has issued subpoenas to insurance companies to find out why rates have not decreased as expected.
When asked about the insurance company filings to date, Gov. Crist said it looks like a violation of law when they ask for increases and don’t pass on the saving they’re supposed to under the reforms the legislature put through in the special session.
The good news for policy holders is that any property insurance rate increases won't take effect until they are approved and the governor says that it is doubtful.
Some of these rate increase requests are being driven by insurance ratings services who are also under investigation for possible collusion in insurance rate setting.
Need information about Tampa Bay real estate, call upon Cheryl Stimac of Red Shoe Realty.
“We’ve seen some increases and we’ve seen some decreases ... on their original filings from March,” said an Office of Insurance Regulation spokesman.
The most upsetting has been the request by Allstate Insurance for an average 42% hike with another 28% hike for a subsidiary. These filings come at the same time the state has issued subpoenas to insurance companies to find out why rates have not decreased as expected.
When asked about the insurance company filings to date, Gov. Crist said it looks like a violation of law when they ask for increases and don’t pass on the saving they’re supposed to under the reforms the legislature put through in the special session.
The good news for policy holders is that any property insurance rate increases won't take effect until they are approved and the governor says that it is doubtful.
Some of these rate increase requests are being driven by insurance ratings services who are also under investigation for possible collusion in insurance rate setting.
Need information about Tampa Bay real estate, call upon Cheryl Stimac of Red Shoe Realty.
Sunday, September 30, 2007
Florida foreclosures will impact home sales for a long time
September is the month when we usually enter a seasonally slow real estate market and it normally continues until about January of next year., August numbers show that foreclosure activity rose by 77% over the month of July. We expect continued record increases in the foreclosure rate in October. In total almost 34,000 foreclosures were filed in Florida, or one in every 243 households filed for foreclosure. While some so-called experts predict that the Florida real estate market will recover by the end of 2008, each new monthly report shows we are not on the path to recovery.. certainly at least not yet.
Reports also show that, based upon the number of home buyers that took out adjustable interest rate loans back in 2004 to 2006, many of whom are bow nowing into foreclosure, more and more home buyers will face financial difficulty and be forced into foreclosure. I believe this adjustable rate mortgage crisis will keeping forcing homes into foreclosure for many many months to come, maybe even for a few years. We could be looking at as much as four more years of declining Sarasota home prices, not just one year.
Buyers can get it great deal on a house right now but one ought to understand what is involved. Foreclosure real estate isn't usually that cozy little home in perfect shape you may envision. Read my article on buying foreclosure real estate to get an appreciation of what is involved..
If you find yourself needing to buy or sell real estate anywhere in Tampa Bay or Hillsbough County, Florida, call upon me. I'd be happy to help.
Reports also show that, based upon the number of home buyers that took out adjustable interest rate loans back in 2004 to 2006, many of whom are bow nowing into foreclosure, more and more home buyers will face financial difficulty and be forced into foreclosure. I believe this adjustable rate mortgage crisis will keeping forcing homes into foreclosure for many many months to come, maybe even for a few years. We could be looking at as much as four more years of declining Sarasota home prices, not just one year.
Buyers can get it great deal on a house right now but one ought to understand what is involved. Foreclosure real estate isn't usually that cozy little home in perfect shape you may envision. Read my article on buying foreclosure real estate to get an appreciation of what is involved..
If you find yourself needing to buy or sell real estate anywhere in Tampa Bay or Hillsbough County, Florida, call upon me. I'd be happy to help.
Tuesday, September 18, 2007
New Hillsborough County Tax Exemption Calculator
The Hillsborough County Property Appraiser’s website has a great tool that homeowner’s can use to gauge the benefits (or lack thereof) of the so-called Super Exemption that will be on the ballot come next January.
Should the Super Exemption get the required 60% of the voter’s approval, which is iffy at best at this point, homeowners will have the option to stick with their current "Save Our Homes" exemption, or accept the new "Super Exemption" instead.
The current Save Our Homes program reduces the taxable assessment of your residence by $25,000 and adds a 3% cap on annual assessment increases. The Super Exemption has a much larger exemption off of the assessed value, (75% on the first $200k of assessed value plus 15% on the remaining assessed value.) But it's annual cap will be tied tied to personal income growth which averages about 4% per year in Florida.
So, assuming the "Super Exemption" gets the required 60% or more approval in the January, 2008 voting, which option should you choose ? Confusing isn't it.
The Hillsborough County Appraiser's Office has developed a tool to help Florida residents make the decision. To use that calculator, go to http://www.hcpafl.org/www/search/index.shtml . Input your last name to access your property record, then click on "Super Exemption Calculator".
These exemptions apply only to a Florida resident's primary residence, not to a second home, or investment or commercial property. Remember, also, that if you give up your "Save Our Homes" tax benefit for the "Super Exemption" when the time comes, you will not be allowed to change your mind later on.
For more information on this or any Tampa Bay real estate topic, feel free to call me at 813-263-6806 or visit my website at http://www.tampafloridahomes.net/
Should the Super Exemption get the required 60% of the voter’s approval, which is iffy at best at this point, homeowners will have the option to stick with their current "Save Our Homes" exemption, or accept the new "Super Exemption" instead.
The current Save Our Homes program reduces the taxable assessment of your residence by $25,000 and adds a 3% cap on annual assessment increases. The Super Exemption has a much larger exemption off of the assessed value, (75% on the first $200k of assessed value plus 15% on the remaining assessed value.) But it's annual cap will be tied tied to personal income growth which averages about 4% per year in Florida.
So, assuming the "Super Exemption" gets the required 60% or more approval in the January, 2008 voting, which option should you choose ? Confusing isn't it.
The Hillsborough County Appraiser's Office has developed a tool to help Florida residents make the decision. To use that calculator, go to http://www.hcpafl.org/www/search/index.shtml . Input your last name to access your property record, then click on "Super Exemption Calculator".
These exemptions apply only to a Florida resident's primary residence, not to a second home, or investment or commercial property. Remember, also, that if you give up your "Save Our Homes" tax benefit for the "Super Exemption" when the time comes, you will not be allowed to change your mind later on.
For more information on this or any Tampa Bay real estate topic, feel free to call me at 813-263-6806 or visit my website at http://www.tampafloridahomes.net/
Friday, September 7, 2007
Tampa Bay A Real Estate "Bounce-Back" Locale
Forbes magazine recently declared Tampa Bay is the #1 place in the country to buy a home right now. Because of Tampa Bay's strong and growing economy and modest housing prices, Forbes calls Tampa-St. Petersburg-Clearwater a prime bounce-back real estate market.
There is currently 20 months worth of homes and condos inventory on the market. Some of those sellers need to sell, and sell now. So, since the Forbes article, the Tampa Bay real estate market has begun to pick up as buyers grab "bottom of the barrel" home prices available right now.
This opportunity will not last for long. It is my belief that we've got a few more months at these bottom level real estate prices before the market starts recovering early in 2008.
If you're interested in Tampa Bay real estate, please contact me at (813) 263-6806 or visit my website today.
There is currently 20 months worth of homes and condos inventory on the market. Some of those sellers need to sell, and sell now. So, since the Forbes article, the Tampa Bay real estate market has begun to pick up as buyers grab "bottom of the barrel" home prices available right now.
This opportunity will not last for long. It is my belief that we've got a few more months at these bottom level real estate prices before the market starts recovering early in 2008.
If you're interested in Tampa Bay real estate, please contact me at (813) 263-6806 or visit my website today.
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