January, 2010 Home Sales Volume Increase

In January, 2010, 1,830 homes were sold in the Tampa Bay area which includes Hillsborough, Pasco and Pinellas Counties. This compares with the 1,628 homes sold during January of 2009. The average price of homes sold was about $161,500 while the median price (the point at which half the homes sold above and half sold below that level) declined slightly to $123,000.

This positive news is at least in part due to the extension of the Federal Home Buyer Tax Credit Program which offers up to $8,000.00 to first time buyers (or buyers who haven't owned a home in the last 3 years) and up to $6,500.00 to those who already own a home. Owners who currently own a home must have lived in their current home for 5 consecutive years over the past 8 years. Certain income limits do apply so you may want to contact me at (813) 263-6806 for those details.

Most real estate professionals believe we are either at the bottom of the market or close enough to it that this is the right time to take advantage of both the low prices and the tax-credit program. Buyers seem anxious to snatch up good deals now since all deals under this program must be under contract by April 30th and closed by June 30th, 2010.

The inventory of unsold homes on the market has been reduced to it's lowest level in several years with a 24% decrease in the number of homes for sale from January 2009 to January 2010.

Whether your interest is in a home or a condo, a newly-built home or an existing home or a bank-owned or short sale property, I can help you find exactly the right property for you and your family. E-Mail Me or call me at (813) 263-6806 today. I would be pleased to answer your questions and show you the many great bargains available right now here in Tampa Bay.

The Gasparilla Invasion of Tampa is Imminent

On Saturday, January 30th, the world’s only fully-rigged pirate ship, the Jose Gasparilla, will magically appear at the south end of Hillsborough Bay. A multitude of pleasure crafts, all determined to defend the city, will boldly sail forth to meet the ship. But upon quickly seeing the error of their ways, they will join forces with the Captain and his Krewe’s flotilla. The tall-masted a 165' long Jose Gasparilla pirate ship with cannons booming will then sail across Hillsborough Bay and and attack the defenseless city of Tampa.

The colorful Tampa Bay "Gasparilla Invasion" will have begun.

In this annual re-enactment of Tampa’s historic pirate invasion, the Gasparilla Flotilla, led by the pirate ship Jose Gasparilla will dock at the Tampa Convention Center where the Mayor will surrender the Key to the City of Tampa into the hands of the Captain of Ye Mystic Krewe of Gasparilla.

Shortly thereafter, the jolly Krewe will launch a victory celebration in the "Parade of the Pirates" down beautiful Bayshore Boulevard. During the lavish parade, the captain and krewes will toss beads, coins and other items from their floats while shooting blank pistols as they proceed along bayshore Boulevard.

Average attendance for the parade event exceeds 400,000, so if you plan to attend go early to find a parking space, or better yet, take advantage of the many alternative ways to get to the event.

A week before the "Invasion" and the main parade, Ye Mystic Krewe of Gasparilla sponsors a family-oriented Children's Parade and "Piratechnic Extravaganza," with fireworks over Tampa Bay..

Shortly after the invasion celebration, a more adults-oriented Sant'Yago Knight Parade is held in the Ybor City district of Tampa running well into the early morning.

The annual Gasparilla celebration is just one of the many high-spirited events that make Tampa Florida amd its suburbs in Hillsborough, Pasco and Pinellas counties such fun places for families of all ages to live.

Another popular Tampa celebration is "Guavaween," held at the end of October. During the day, the family Fun Fest features live music, food, activities, and a children's costume contest. Other Tampa events include the annual Climb Tampa event, Race for Sight, the Gasparilla Distance Classic Marathon, the Bloom & Garden Festival and the USF Botanical Gardens Spring Plant Festival. There is an also almost constant flow of arts and cultural performances and events, many free to the public.

If you'd like to learn more about why Tampa and Tampa Bay may be just right for your next home, E-Mail Me or call me directly at 813-263-6806.

Fannie Mae Boosting Tampa Bay Condo Sales

Fannie Mae just announced that it will start a thorough review of hundreds of Florida and Tampa Bay condominium projects with the prospect of providing them with a new "special approval" label. Fannie Mae wants to restructure mortgage approvals for certain projects that currently do not fit into Fannie Mae guidelines, which has made them difficult to sell.

To this point Fannie Mae, acting under guidelines enacted in March, 2009, has refused to approve and guarantee mortgages on condominium developments where more than 15 percent of owners are delinquent on their association dues.

Under the new program Fannie Mae will also consider the building's occupancy, association dues and the financial stability and physical condition of the development. The program will still be somewhat restrictive in that it will only accept new or newly-converted developments where at least 70 percent of the units are sold or under contract. Nonetheless, this program is expected to provide a huge boost to condominium sales over the next 9 to 18 months across Florida and particularly here in Tampa Bay.

Florida Realtors have been asking Fannie Mae to revise its overly restrictive condo lending guidelines for some time. Summer Greene, vice president and regional manager with Prudential Florida 1st Realty, said "This is good news for Florida and a step in the right direction for the state's condominium market." He believes this review will help put a more positive spin on the Florida condo market that has been decimated by the housing slump. It will begin to reduce reduce the enormous inventory of unsold condo units as more prospective condo buyers are approved by lenders for loans on these properties.

More than half of all mortgages in the U.S. are backed by Fannie Mae and the similar organization Freddie Mac. It is hoped that once the Fannie Mae program starts to show success, Freddie Mac will similarly restructure its approval process.

If you have been considering buying a condo in Tampa Bay but been reluctant because it has been difficult to find attractive mortgage terms, this program may very well be just what you've been waiting for.

E-Mail Me or call me at 813-263-6806 for assistance in learning which Tampa Bay condo developments qualify and offer the best value for your money. Then let me help you pick out the condo unit that fits exactly the dream you've had of a Tampa Bay condo of your own.

You may also want to visit my Tampa Bay real estate website to learn more about the attractive lifestyle offerred here in Tampa Bay, Florida.

Festive Holday Boat Parades - A Tampa Bay Tradition

New York City may have its Macy’s Thanksgiving parade but here in Tampa Bay, we have a tradition of our own, the Tampa Bay Holiday Boat Parades.

These holiday boat parades feature boats of all sizes and shapes, adorned with festive lights, inflatable holiday characters and just as often, partiers aboard dressed as Santa and his elves or other holiday personalities. Some boats even feature live bands.

The parades are generally competitions, with judges determining awards in a variety of categories. After the parades, party-goers gather in local watering holes or go shopping for holiday presents in Tampa’s retail districts. Boat parades have become major Tampa Bay holiday events.

The city of Tampa holds two holiday boat parades this year, one held at the Davis Island Yacht Club parade on Dec. 13 and another, the Holiday Lighted Boat Parade, coming up on December 18th beginning at 6:30PM . Festively decorated boats will illuminate the sky and spread holiday cheer throughout the Channel District.

The Rough Riders will be accepting Teddy Bear donations during the parade and theirs will clearly be the boat to beat as they light up one of their best floats in honor of this holiday tradition.

Both Tampa holiday boat parades sail from the tip of Davis Island, through Sparkman Channel before turning west at Garrison Channel toward Channelside,

For those in the more southern part of Hillsborough County, Apollo Beach also holds a holiday boat parade that is generally well-attended and lots of fun.

Holiday boat parades, like so many other events that occur during all seasons of the year, are examples of why the Tampa Bay Florida is such a wonderful place for you and your family to live.

If you'd like to learn more reasons why the Tampa Florida metropolitan area is such a wonderful place to live and why right now is probably the very best time in years to buy a home or condo here, visit my Tampa Florida website or E mail me for more information. I'd be delighted to answer any questions you have and to show you the many wonderful home and condo bargains available right now throughout Tampa Bay.

You Don't Have to be a First-Timer to Take Advantage of the New Home Buyer Tax Credit

The first-time home buyer tax credit, that Realtors have reported jump-started home sales this Summer and Fall, but due to expire at the end of this month, has been extended through April 30, 2010 by Congress and is on its way to President Obama for his promised signature.

The extension expands eligibility for the home buyer tax credit to people with higher incomes as well as to people who have already owned a home for at least the past five years. In either case, the buyer must sign a purchase contract on or before April 30, 2010 and close on the purchase by June 30, 2010. The $8,000 maximum first-time buyer tax credit will continue but will now be available to individuals with incomes up to $125,000 and joint filers with annual incomes up to $225,000. Home buyers with incomes up to $145,000 and couples with incomes up to $245,000 will be eligible for somewhat reduced tax credits.

Under similar income limits, a $6,500 maximum tax credit will be available to people who already own a home and want to move up to a larger home.

Under the new income limits, two-thirds of all American families owning a home today may be eligible to buy a new home. While buyers will not be required to sell their current home to qualify, the tax credit must be used to buy a new "primary residence", not a vacation home or investment property.

To keep speculators out of the program, people who claim the credit but then sell the home or no longer use it as their primary residence within three years will be required to repay the credit. The intent is to exclude from the program speculators who might purchase a home intending to flip it for a fast profit, according to Max Baucus, chairman of the Senate Finance Committee.

Here's a "heads-up" to those who may have considered buying a first home under the prior program but didn't quite get around to it.

"Contact a Realtor and get started now. You only have until April 30, 2010."

Congressional legislators in both houses have indicated that this costly part of the stimulus program will not be extended a second time. Critics point out that only about one-fourth of the homes purchased under the prior program would not have been bought anyway without the costly tax-credit program. There are also concerns that the previous tax credit program encompassed high numbers of fraudulent transactions. In this version of the program, the Internal Revenue Service has been given much wider authority to oversee the process to root out fraud.

If you are considering buying a first home or moving up to a larger home in the Tampa Bay Florida area I invite you visit my Tampa Real Estate website or for more immediate service, contact me by phone at 813-263-6806. I would be delighted to answer any questions you have.

Tampa September Home Sales Statistics Are Encouraging

The following update on Tampa area real estate sales was recently issued as a news release by the Greater Tampa Association of REALTORS® (GTAR)

"With negative news emanating from virtually every area of the economy, September real estate statistics in Hillsborough County offer encouragement for the local market.

"In statistics released by the Greater Tampa Association of REALTORS® (GTAR) and the Mid-Florida Regional Multiple Listing Service, two important figures, total home sales and inventory of homes on the market, improved in September over the previous month. Sales rose to 1,345 last month, up slightly from the 1,327 sold in August. The number represents the highest monthly sales in the county since June, when 1,394 homes sold.

"The inventory of homes on the market in Hillsborough County dipped to 14.21 months, down from 14.68 months in August, the lowest inventory figure since June of this
year, but more significantly, the second lowest figure since December, 2006, when the
figure stood at 9.04 months.

“Most economists believe our recovery will be slow and steady,” says Carol Austin, CEO of GTAR, “and these latest figures, while not dramatic, reflect that forecast.” Deborah Farmer, President of the REALTOR® association, believes the latest statistics offer more hope for the real estate market in the future. “The fact that inventory levels are down significantly since the beginning of 2008 is a number that should not be overlooked,” she noted. “The January 2008 inventory stood at nearly 26 months. To see that figure at its current level is more than encouraging,” Farmer said."

My belief is in line with these thoughts. The Tampa and Tampa Bay real estate market is beginning to show real signs of life again. The $8,000 first-time home buyer tax credit has helped drive this upturn and it seems likely to me that Congress will extend, and may even expand, that program in 2010.

As it starts getting colder up North, it's time to start looking for that primary or seasonal home you've been wanting here in warm, sunny and inviting Tampa Bay Florida. Don't miss out on the current very attrative price levels. Prices will inevitably start moving up again as the economy improves and the inventory of unsold homes on the market contiues to fall.

Outdoor fun in New Tampa

Bicycle Riding is great in Tampa Bay
In my opinion, there is no better exercise for kids and adults than biking. And, there are many opportunities for bicycle riding in the Tampa Bay area. Whether you are interested in riding on the road or off-road trail riding, you can ride year round in west -central Florida. Local clubs schedule organized rides ranging from rides with just a few to hundreds of riders. The Tampa Bay Freewheelers lists several weekly rides for different skill levels and have longer organized rides with hundreds of participants. The Tampa Bay Freewheelers is sponsoring their Hilly Hundred Ride on October 18 2009, with varying distances of up to 100 miles and several hundred riders. Team New Tampa and Team Grupetto are other Tampa area groups dedicated to road biking. The SWAMP Mountain Bike Club is “an Organization of off-road cycling enthusiasts who share in the fun and excitement of Florida Mountain Biking”.
New Tampa has a great places to ride called Flatwoods Park, a Hillsborough County Recreation maintained park with miles of off-road trails for mountain biking and a seven mile paved loop road for road biking, skating, walking and running. In the Tampa area, hills are something we do not have too much of. Tampa bike riders looking for hills can travel to nearby San Antonio, FL. A local bike shop (San Antonio Cyclery), put out this map San Antonio, FL showing several hilly routes (40, 50 and 60 mile options).
New to biking? you might want to read Bicycling Street Smarts by John C. Allen. Need to buy a bike? Bicycle Magazine has a review of entry level bikes.

Want more information on Tampa and Tampa Bay ? May I invite you to visit my Tampa real estate and lifestyle website.

A Magical Hidden Property For Sale in Tampa Bay

MAGICAL is the word that describes this hidden property.

Calling old-time Florida lovers, this 7 acre tract in Hudson Florida, is a hidden time machine. The words tranquil, lush, wondrous describe this land.

Once you step on this property you will experience a transition to old Florida. Grand majestic oaks and enormous pines cover this private park. Own a magical piece of Florida, as this property has 3 fresh water springs. The property is mostly fenced.

Located close to the Hudson Marina, Hudson Beach, Hudson Elementary school, grocery stores and Bayonet Point Hospital. Owner financing is a possibility. Call to walk this property today. And, it is yours today for just $139,900. Call Cheryl Stimac, Broker at Red Shoe Realty, Inc. today at 813-263-6806 or cheryl@cherylstimac.com