Dunedin, A Wonderful Yet Quiet Tampa Bay Waterfront Town

  If you’ve visited the West coast of Florida and cities like St Petersburg, you may have missed one of the nicest quiet towns in Pinnellas County, Dunedin. The name, Dunedin (pronounced “Done EE din”) comes from Dùn Èideann, the Scottish Gaelic name for Edinburg, the capital of Scotland

  Among its many amenities, Dunedin is the home to several wonderful beaches including Caladesi Island State Park, a beach consistently rated among the best in in the world. Dunedin also has beaches on Honeymoon Island and on the Dunedin Causeway.

  Dunedin is one of the few waterfront communities with access to the open waters of the Gulf of Mexico from Sarasota all the way north to Cedar Key. Here high-rise condos do not completely obscure views of the Intracoastal Waterway and the Gulf of Mexico.

  A quiet town, the downtown business district of Dunedin is noteworthy for the absence of large commercial signs, national franchise restaurants and big box retail stores. The Pinellas Trail, a 39-mile-long bicycle and pedestrian trail that traverses all of Pinellas County, runs through the center of Dunedin bringing lots of friendly folks into downtown to visit its quaint shops and boutiques. On any day, you’re likely to find locals and tourists strolling through downtown enjoying a homemade ice cream cone, shopping in its boutiques, fussing about their boats at the marina or just sitting in the shade at one of its many parks watching the day go by.

  As quiet a place as Dunedin seems, the arts are an integral part of its appeal. Whether you're looking for world-class gallery exhibits, award-winning art classes, a stage performance, or getting down with the beat of an inspirational drum circle, you’ll find it in Dunedin, a town in love with the arts. For almost four decades, the Dunedin Fine Art Center has offered exciting art opportunities. The Center offers year-round exhibitions in four galleries featuring national, regional and local artists as well as art classes for students of all ages in 15 studio classrooms. And, the Children's Art Museum is a hands-on experience your children should not miss. But come as you are, in your shorts and flip-flops. Dunedin is perhaps the ultimate casual art town.

  If you’re into baseball, Dunedin has been the spring training home of the Toronto Blue Jays since 1977 and the local Dunedin Blue Jays year round. Come out to the stadium and enjoy a major or minor league ball game complete with a hot dog and a foam finger. And, the major football, hockey and soccer sports teams in St Petersburg and Tampa are just a few minutes drive away.

  For dining, Dunedin offers a wide range of options from the most casual eateries to the 4.5+ star Black Pearl, a quaint restaurant in the heart of Dunedin offering fine food in an elegant setting and Bob Apetit, voted “Tampa Bay’s Best Waterfront Restaurant,” offering elegant indoor dining directly overlooking the waters of St Joseph’s Sound as well as casual outdoor dining.

  If there’s something you want that you can’t find in Dunedin, you’re just minutes away from the much larger cities of Clearwater and St. Petersburg. And metropolitan Tampa is a 30 minute ride away across Tampa Bay on the Courtney Campbell Causeway.

  Dunedin has so much to offer. I’m certain you’ll want to put Dunedin on your list of places to check out whether you’re moving to Tampa Bay for your career or as a retirement destination. Contact Me on my Tampa Bay Real Estate website or, just immediate answers to your questions, call me at 813.263.6806.

What's The Difference ? - A Short-Sale vs. A Foreclosure

RED SHOE REALTY, Inc Broker, Cheryl Stimac has earned the Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. "This training," says Cheryl, "means I am able to help homeowners who may be facing foreclosure."

But first, let's define what the terms Short Sale and Foreclosure mean. They are quite different ways to approach a distressed property sale.

A Short Sale allows a homeowner to repay the mortgage at the price that the home sells for, even though that amount may be lower than what is owed on the property. When real estate prices are plummeting, this can save many people from Foreclosure and even personal bankruptcy.

Lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Tampa Bay area, many homes are still in danger of foreclosing because while real estate prices have risen, some people who bought their homes when the market was "red hot," find that their homes are still not worth as much as they owe on them (never mind how much they paid for the home). This happens in all price ranges; even high-priced homes are not immune.

My training and experience in dealing with lenders in negotiating short sales will be invaluable as I work with sellers and lenders on complicated short sales. Here, at Red Shoe Realty, Inc, our focus is to help homeowners who may feel paralyzed by their circumstances.

Our Distressed Property Institute training in short sales can offer homeowners much better alternatives to foreclosure, which virtually destroys their credit rating. Having this training allows me to better understand market conditions and help sellers through this very emotional experience. Our goal is to help as many homeowners as possible.

The following chart compares the implications of going through a foreclosure with the implications of a short sale. I have also copied an article from the Wall Street Journal (June Fletcher, November 22, 2008) that illustrates some of the complexities of dealing with foreclosure compared to a successful short sale. (I hope you don’t have 12 properties in foreclosure.)

	Foreclosure VS. Short Sale Homeowner Consequences
Issue	Foreclosure	Successful Short Sale
Future Fannie Mae Loan Primary Residence	A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.	A homeowner who successfully negotiates and closes a short sale will be eligible far a Fannie Mae backed mortgage after only 2 years.
Future Fannie Mae Loan Non Primary	An Investor who allows a property to go to Foreclosure is ineligible for e Fannie Mae backed investment mortgage for a period of 7 years.	An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.
Future Loan with any Mortgage Company	On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” this will affect future rates.	There is no similar declaration or question regarding a short sale.
Credit Score	Score may be lowered anywhere from 250 to over 300 points. Typically will effect score for over 3 years.	Only late payments on mortgage will show and after sale, mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale’s affect can be as brief as 12 to 18 months.
Credit History	Foreclosure will remain as a public record on a person's credit history for 10 years or more	Short sale is not reported on a credit history. There is no specific reporting item for “short sale”. The loan is typically reported “paid in full, settled”.

	Foreclosure VS. Short Sale Homeowner Consequences
Issue	Foreclosure	Successful Short Sale
Security Clearances	Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance, in almost all cases clearance will be revoked and position will be terminated.	A Short Sale on its own does not challenge most security clearances.
Current Employment	Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination.	A short sale is not reported on a credit report and is therefore not a challenge to employment.
Future Employment	Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.	A short sale is not reported on a credit report and is therefore not a challenge to employment.
Deficiency judgment	In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.	In some successful short sales it is possible to convince the lender to give up the right to pursuit a deficiency judgment against the homeowner.
Deficiency Judgment (amount)	In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sale in a declining market. This will result in a higher possible deficiency judgment.	In a properly managed short sale the home is sold at a price that should be close to market value and in almost all cases will be better than an REO sale resulting in a lower deficiency.

Wall Street Journal November 22, 2008
Short Sale vs. Foreclosure
In default and underwater on 12 properties, a reader wonders if selling at a loss is any better than just walking away

By JUNE FLETCHER

Q. I am in default on 12 jointly-owned properties that I am trying to liquidate as part of a divorce. All of my properties are currently worth less than the mortgage balances, due to the tough real estate market. I am aware that I will likely be taxed for the amount of the mortgage I had that is not satisfied by any particular short sale. It seems that this would not be the case if the house is foreclosed on, or becomes bank-owned.
This almost encourages homeowners to allow foreclosure, rather than to participate in helping to sell the property (when there is no equity left), because there is not "an amount forgiven" to be taxed on. I recognize that the benefit of short-sale is to lessen the effect on one's credit report, but if a homeowner is already missing payments, how much worse will a foreclosure look?
A. Although you own an unusual number of homes, your dilemma in trying to choose between a short sale and a foreclosure is, sadly, not at all unusual these days. So I asked Craig Watts, public affairs manager of Fair Isaac Corporation in San Francisco, to comment on your case. Fair Isaac is the company that created the FICO score, used by lenders to assess borrowers' creditworthiness.
Mr. Watts said that the company assesses every negative on a credit report by three factors: recency (how recently did the negative event occur), severity (how late is the payment) and frequency (how many times you've been reported delinquent on credit obligations).

A recent bankruptcy does the most damage to your score. Mr. Watts adds that if lenders are reporting all of your mortgages as in default, the damage to your FICO score would be akin to declaring bankruptcy on all 12 accounts. For more information on credit scores and how they are calculated, visit the "credit education center" at http://www.myfico.com/.

Although a short sale, where the lender agrees to take less than is owed on the mortgage, will drop your FICO score about as much as a foreclosure will, there is one advantage to it: You may be eligible to buy a home with an institutional loan backed by Fannie Mae or Freddie Mac more quickly than you would if it went into foreclosure.

Lenders encourage short sales over foreclosures because they generally net more from them, since foreclosures incur additional marketing, legal, processing and carrying costs. Borrowers can be considered for loans following a short sale after 24 months, if the sale was caused by extenuating circumstances outside of a borrowers' control, or 48 months if it was the result of financial mismanagement on the borrower's part, according to Freddie Mac public relations director Brad German.

As for your tax situation, you should definitely consult with your tax accountant as IRS rules change from time to time. And finally, as with all major financial decisions, do not attempt to figure out what to do by yourself. We can help you, but you would be well advised to seek additional professional tax and legal advice.

Myths vs Facts About Buying A New Home From a Builder

    There are several 'myths' about buying a home from a Builder and whether or not having a professional Realtor assist you in that purchase is a good idea or not such a good idea.

    The following information is from my own Tampa Florida real estate website, but I thought I'd share it here for those who visit my blog but haven't decided yet to visit my website. Here are the many popular "Myths" about buying a brand new home from a Builder.

Myth: A Builder will charge more for the home if I have a Realtor represent us.

Fact: In Tampa Bay, we have what are called "Builder - Realtor Agreements." The home you buy from a Builder will cost you exactly the same amount whether you use the services of a Realtor or not. In fact, when the builder set the price for any given model, he added into the price the fee he expected to pay a Realtor for bringing the buyer to him. So, in effect, you're paying for professional representation by a Realtor whether you take advantage of it or not. It costs you nothing to have a Tampa Bay Realtor like me assist you in the purchase of a home from a Builder. Let me give you the benefit of my experience.

Myth: Builders don't really like it when a Realtor is involved.

Fact: A Realtor actually makes the home sale easier for the Builder by helping buyers sort through the many options and upgrades available. Realtors also answer lots of questions the Builder would just as soon not have to spend time answering. The Builder's sales agent's job is to "close the deal". The more work he or she can offload to a Realtor the better.

Myth: There is a real estate agent located in every model to help me.

Fact: Most Buyers don't understand that the builder's on-site sales person at a model home is acting as a “Seller’s Agent” and is acting only on behalf of the Builder. They must act fairly and honestly but their job is to get the best deal for the Builder, not you. And, by the way, not all Builder sales people are even licensed Realtors required to abide by the Realtors' Code of Ethics.

Not only are you, the Buyer, entitled to your own agent, you should absolutely have a licensed Realtor protecting your interests, just as the Builder has his or her representative, or sales agent, acting in their interests and benefit.

Myth: You can go at model homes by yourself and then if you decide to buy, bring in a Realtor to represent your interests later when you are ready to finalize the deal.

Fact: The agreement between most Builders and Realtors requires that you be accompanied by your Realtor the first time you visit the site and tour a model home. So, take me along even if all you want to do on this visit is look at models. I won't be upset if you aren't ready to buy at that point. And, I can offer you valuable information that will help you choose the right Builder and the model that will best meet your needs and wishes.

Myth: The builder you are considering is a national builder. They wouldn't be so big if they weren't a good Builder who builds good homes. And, they've won Home Builder's Association awards.

Fact: Just being big isn't always better. A national Builder can be much better in some parts of the country and not so good in another and recognize this. And, as those who bought a home that contained drywall made in China from a national builder found out, not all builders are good builders. Furthermore, awards given out by Home Builders Associations are almost always for home designs, not for construction quality.

    If you are interested in building a new home in the Tampa Bay real estate market, I will do all the following for you:

• Introduce you to the best Builders in the subdivisions that fit your needs and desires and fit within your affordability parameters.
• Help you choose the moel that best meets your needs and will be easiest to sell in the future. Help you choose the best lot and give you the pluses and minuses of each lot and exposure when it comes to enjoying your life there as well as when it's time to resell the home.
• Help you find the best financing and insurance and help you understand what kind of financing and insurance best fits your situation.
• Suggest home options and upgades that you may want to add to make your house more enjoyable for you and help you undestand what each of those will be worth when it is time to sell the home.
• Be your liaison and advocate on any issue or misunderstanding that comes up with the Builder from the time you sign the contract until closing day.
• Assist you with virtually anything else that comes up in your individual case as you pursue the purchase of your new home either from a Builder or in the resale market.

    I invite you to take a few minutes to read descriptions of many of the most popular Tampa Bay communities on my website.

    You deserve the best representation available to you on one of the largest investments you will ever make. And, that is "my job."

    For more information about my services for buyers of new construction homes in the Tampa real estate market, visit my website, E-Mail Me or, for immediate action call me at 813.263.6806.

For Summertime Fun - The Summer Circus Spectacular

  Looking for something to do by yourself or with the grandkids when they come to visit ? With about a one-hour trip from anywhere in Tampa Bay, you can visit the world-famous Ringling Museum and Ca’Da Zan, John and Mabel Ringling's mansion and while your there, the kid in you (and the grandkids, too) will enjoy the "Summer Circus Spectacular" running from now through August 1st.

  The historic Asolo Theater on the Ringling grounds and the Circus Arts Conservatory have teamed up again for the Summer Circus Spectacular, a six-week extravaganza for "Children of all Ages."

  For the ninth year, the Circus Arts Conservatory and The Ringling Museum of Art are collaborating in presenting short summer shows in the Asolo Theater every Tuesday through Saturday at 11AM and 2PM and on Saturdays at 2 and 5PM through August. 1st. Local families and museum visitors get a chance to sit down and be entertained in a cozy space in the theater.

  No one act in the Summer Circus Spectacular lasts very long and ringmaster, Bailey Sloan, a graduate of the famous Sailor Circus, keeps things moving along at a fast pace so the kids' attention will stay glued to the performance. Bailey's quick wit and natural charisma keep the audience engaged and entertained.

  The show opens with the Alvarez Family highlighting the gymnastic abilities of daughter Ariana and son Gianni. At one point during their act, the unbelievably flexible Ariana is used as a jumping rope for her brother. She also demonstrates her skills from the teeterboard onto her father’s shoulders, hands or head.

  Thirteen-year old juggler, Sebastian St. Jules performs several juggling bits including one where he uses balls to pound out songs on a keyboard. Dolly Jacobs makes high-flying aerialism look easy while the Anastasini brokers close out the show with their foot-juggling act, rapidly flipping each other in dozens of different ways.

  Throughout the show, clowns burst onstage unannounced with ridiculously funny skits and antics including times when popular clown, Kirk Marsh, goes into the audience playing with guests’ hair and using wigs, balloons and other props to entertain young and old. This one-of-a-kind production has become a celebrated Summer event for everyone from all over the Sarasota ansd Tampa Bay area. . Tickets to all this fun are just $15 for adults and $12 for children 12 and under.