Patricc Petti

The FTC is issuing the Mortgage Assistance Relief Services (MARS) Rule to protect distressed homeowners from mortgage relief scams that have sprung up

2011-02-24T11:29:00.000-08:00

Homeowners will be protected by a new Federal Trade Commission rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable.

“At a time when many Americans are struggling to pay their mortgages, peddlers of so-called mortgage relief services have taken hundreds of millions of dollars from hundreds of thousands of homeowners without ever delivering results,” FTC Chairman Jon Leibowitz said. “By banning providers of these services from collecting fees until the customer is satisfied with the results, this rule will protect consumers from being victimized by these scams.”

The FTC is issuing the Mortgage Assistance Relief Services (MARS) Rule to protect distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis. Bogus operations falsely claim that, for a fee, they will negotiate with the consumer’s mortgage lender or servicer to obtain a loan modification, a short sale, or other relief from foreclosure. Many of these operations pretend to be affiliated with the government and government housing assistance programs. The FTC has brought more than 30 cases against operations like these, and state and federal law enforcement partners have brought hundreds more.

Advance fee ban

The most significant consumer protection under the FTC’s new rule is the advance fee ban. Under this provision, mortgage relief companies may not collect any fees until they have provided consumers with a written offer from their lender or servicer that the consumer decides is acceptable, and a written document from the lender or servicer describing the key changes to the mortgage that would result if the consumer accepts the offer. The companies also must remind consumers of their right to reject the offer without any charge.

Disclosures

The Rule requires mortgage relief companies to disclose key information to consumers to protect them from being misled and to help them make better informed purchasing decisions. In their advertising and in communications directed at individual consumers (such as telemarketing calls), the companies must disclose that:

they are not associated with the government, and their services have not been approved by the government or the consumer’s lender;
the lender may not agree to change the consumer’s loan; and
if companies tell consumers to stop paying their mortgage, they must also tell them that they could lose their home and damage their credit rating.
Companies also must explain in their communications to consumers that they can stop doing business with the company at any time, can accept or reject any offer the company obtains from the lender or servicer, and, if they reject the offer, they don’t have to pay the company’s fee. The companies also must disclose the amount of the fee.

Prohibited claims

The MARS Rule prohibits mortgage relief companies from making any false or misleading claims about their services, including claims about:

the likelihood of consumers getting the results they seek;
the company’s affiliation with government or private entities;
the consumer’s payment and other mortgage obligations;
the company’s refund and cancellation policies;
whether the company has performed the services it promised;
whether the company will provide legal representation to consumers;
the availability or cost of any alternative to for-profit mortgage assistance relief services;
the amount of money a consumer will save by using their services; or
the cost of the services.
In addition, the rule bars mortgage relief companies from telling consumers to stop communicating with their lenders or servicers. Companies also must have reliable evidence to back up any claims they make about the benefits, performance, or effectiveness of the services they provide.

Attorney exemption

Attorneys are generally exempt from the rule if they meet three conditions: they are engaged in the practice of law, they are licensed in the state where the consumer or the dwelling is located, and they are complying with state laws and regulations governing attorney conduct related to the rule. To be exempt from the advance fee ban, attorneys must meet a fourth requirement – they must place any fees they collect in a client trust account and abide by state laws and regulations covering such accounts.

All provisions of the rule except the advance-fee ban will become effective December 29, 2010. The advance-fee ban provisions will become effective January 31, 2011.

The FTC rulemaking proceeding was conducted pursuant to Congressional legislation sponsored in 2009 by Senators Jay Rockefeller and Byron Dorgan. The Final Rule applies only to entities within the FTC’s jurisdiction under the Federal Trade Commission Act, which excludes, among others, banks, savings and loans, federal credit unions, common carriers, and entities engaged in the business of insurance. In June 2009, the FTC issued an Advance Notice of Proposed Rulemaking seeking comment on the practices of for-profit mortgage relief companies. In February 2010, the FTC announced a Notice of Proposed Rulemaking and sought comments from interested persons, including advocates for consumers, the business community, and the legal profession.

Home Renovation Scams To Avoid.

2010-10-29T08:46:00.000-07:00

Here is a great article about contractors and home renovations.
Home Renovation Scams To Avoid
By Michael Sanibel, Oct 18, 2010

1. One-Time Special
It's a very rare business that's had only one sale in its entire history. The reality is that most businesses hold sales throughout the year, and that's not likely to change anytime soon.

If a contractor approaches you with a special offer, ask for concrete evidence that the quoted price is lower than what they have charged in the past for the same work. This could include a past catalog, special mailing, a dated price list or evidence of identical work for a past customer.

Don't be pressured into accepting a deal that will expire before you've had a chance to do research, get competing bids and check references.

2. I Might As Well
Be wary of the contractor who knocks on your door and says he's working just down the street. He tells you he noticed a few things that need some work on your house and that you could save money by hiring him on the spot. Coincidentally, he just happens to have all the materials and tools to start right away.

This approach is often used to entice you into doing things that are visible from the outside like roof repair, painting, window caulking, deck restoration, driveway coating and chimney repair. If the contractor claims to have all the materials, ask him where they came from and who paid for them. If they are left over from an earlier job, there's some chance that the previous homeowner footed the bill.

3. Cash before Work
Nothing should set off more alarm bells than the contractor who wants to be paid in full for a project before it's started. This arrangement sets you up for a disappearing contractor who never starts the work.

A reasonable down payment is expected to cover startup labor costs and materials. Normally, this should not exceed one-third of the total contract value and it's wise to make it as small as possible. The balance of the money can be tied to completion milestones to keep the contractor motivated to stay on schedule. Hold a sizable portion of the money until the project is finished, and make final payment dependent on your personal inspection and satisfaction.

4. Financing Offers
Another warning flag is the offer to arrange financing to pay for your renovation, sometimes from a lender that the contractor knows personally. The offer may include a special interest rate for a limited time only. What won't be disclosed is that the contractor may be getting kickbacks or other favors from the lender.

If you don't review the loan papers carefully, you may later find out that you've signed up for a refinancing or high-interest home equity loan, or unknowingly transferred your deed. If the money goes to the contractor, there's no incentive to complete the work. Always shop around for the best loan available, and consult an attorney if you need help understanding the terms and conditions.

5. Fly-By-Night Contractor
Be extremely wary if a contractor pulls into your driveway in an unmarked truck. If you talk to him, do it outside in public view. Anyone that enters your home is a potential burglar, or worse. If the truck has out-of-state plates, don't even waste your time.

For all contractors, you should apply due diligence. Verify their name, business name and license number, address and telephone number. Ask for their insurance papers, and verify that they are bonded in accordance with applicable laws.

6. Model Home
Beware of the contractor who wants to fix up your home so he can show it off to other potential customers. In exchange for your agreement to the proposed work, you will likely be tempted with a deal that seems too good to pass up.

Chances are pretty good that some or all of the work he's recommending doesn't really need to be done. Reputable contractors don't need models to showcase their work and if they needed one, they wouldn't use an occupied home for that purpose.

The Bottom Line
Use resources such as the Better Business Bureau, Department of Consumer Protection, and the local license board to check the contractor's business reputation and credentials. A history of consumer complaints, lawsuits and expired licenses are all reasons to keep looking for a reliable contractor.

Common sense and good judgment offer the best protection from home renovation scams. If it seems too good to be true, it probably is. It's always wise to get multiple estimates before starting any project and if there are wide differences in the quotes, try to figure out why. Most importantly, don't sign any contract that you don't understand completely.

This is great advice to follow.

2009-09-22T05:53:00.001-07:00

Short sales leave frustration in their wake CHICAGO – Sept. 21, 2009 – A few years ago, few people in the housing market had ever heard of a short sale.Mention the term today and people, whether they are homeowners or real estate agents, just roll their eyes.The practice, which involves selling a property for less than the amount owed on the mortgage, has grown in popularity as an exit strategy for financially strapped homeowners because it doesn’t ding a credit report as deeply as a foreclosure. But because the transactions have to be approved by first and second lien holders, they are languishing. Some real estate agents try to steer clear of them entirely and even specify in their listings that a property is not a short sale.The Obama administration is aware of the frustrations. In mid-May, Treasury Secretary Tim Geithner announced plans to streamline the process by offering financial incentives to mortgage servicers and investors that accept short sales, much in the same way that they are rewarded for refinancing or modifying troubled mortgages.Four months later, homeowners, real estate agents and lenders are still waiting for specific details of how the plan would work. A Treasury Department spokeswoman said an update on the program is expected in a few weeks.Meanwhile, homeowners like Dallas O’Day are in limbo.O’Day, a Chicago attorney, and his family relocated from California in June 2004 and bought a Mediterranean-style home in Chicago’s Beverly neighborhood for $395,000. They rewired the house, stripped and refinished the wood floors and the woodwork and did other work to restore its charm.Last year, personal circumstances prompted them to list the home for sale just as the housing industry’s meltdown was picking up steam. With no takers and no longer even expecting to break even on his investment, O’Day relisted the 2,700-square-foot home in January as a short sale.Four months and three price reductions brought the house down to $384,900, at which point a potential buyer made an offer in late May. O’Day accepted it and submitted the paperwork to the lenders holding first and second mortgages on the home.He has yet to receive a response. Meanwhile, the family has moved into a North Side apartment, the refrigerator has broken in the home and there’s evidence of mold in the basement.“The only thing we keep hearing is they keep wanting current payroll stubs, bank statements and taxes,” said O’Day’s real estate agent, Pam Decker at Prudential Biros Real Estate in Evergreen Park.“What has astonished me is that in the presence of one of the softest housing markets I can remember, we’re hitting up on four months and they’ve just had a person assigned to look at it, that they would move at such a glacial pace,” O’Day said. “My expectation is I’ll be renting until whatever blemish is gone. I’ve just accepted the fact that at some point it’ll be foreclosed upon because I just don’t think the banks will pull it together. I feel like I’ve done everything I can do.”During the second quarter, 14 percent of all home sales were short sales and they were made primarily to first-time buyers who may have more flexibility to deal with the long wait times, according to a survey by Campbell Communications. The sales volume could be much greater. Two out of three short sales never close.“In general, you have to have three offers for every completed short sale,” said survey designer Thomas Popik. “The first offer, the buyer walks before they get a yes or no. On the second offer they walk a good part of the time. The third offer is the charm because it’s been in process long enough at the lender that [the lender] knows they want to do this.“Home buyers are now putting in half a dozen verbal offers, hoping that on one of them the lender will say yes. What this is doing is bogging down the approval [process] at the mortgage servicers. It’s just gotten to the point that everyone has started engaging in unproductive behavior. It’s a vicious cycle.”The process of getting a short sale approved involves a packet of documents that includes bank statements, tax returns, letters explaining any other sources of income and a hardship letter explaining why a short sale is being sought.After the packet is submitted to a mortgage servicer, it has to be entered into the system, a person has to be assigned to it, and an appraisal has to be ordered for the property. On average, it took loan servicers 9 1/2 weeks to respond to a short sale offer, Campbell’s survey found.“You’ve got to stay on top of these banks,” said James Orrico, a real estate agent at Professional Residential Brokerage LLC in Oak Brook. “I call on my files every day. If you don’t stay on top of them, you’ll lose it.”But not every real estate agent is willing to deal with the process. Online realty company Redfin doesn’t show or write offers on short sale properties “because of the slim chance that you’ll get the home,” according to its Web site.A number of factors are contributing to the delay. Lenders say their top priority is keeping people in their homes, and their own and the government’s loan modification programs are taking the bulk of their resources.“The modification [program] was just like an atom bomb that dropped on [servicers],” said Matt McCabe of National Short Sale Center, a company that acts as a negotiator between borrowers and mortgage lenders. “They had a really hard time reacting to that increased demand.”Wells Fargo Home Mortgage, which services more than 8 million mortgages, said it has cut the average 60-day response time on short sale offers to 30 to 45 days.“We’re not satisfied with that number,” said Tamara Swain, senior vice president of real estate owned and short sales at the lender. “The current goal is 15 to 20 days. This has been a big learning process of a function that wasn’t very prominent a couple years ago.”Also delaying the process is that if a home can’t be saved, servicers are keen on trying to recover as much as possible for what could be multiple investors and that requires a fair amount of due diligence.“The challenge is buyers always want to pay as little as possible and sellers want to receive as much as possible,” said Tom Kelly, a spokesman for JPMorgan Chase, which services 10.3 million mortgages. “The bank is the server in the middle.”From a prospective buyer’s standpoint, purchasing a short sale property can be preferable to a foreclosure because if the borrower stills owns the home, he or she is likely to take better care of it.However, with so many distressed properties for sale, and other homes selling conventionally at drastically reduced prices, there’s a wealth of inventory available allowing buyers to get a quick yea or nay to their offer. Some buyers make offers on multiple short sales or write the offers so they can walk away if a lender doesn’t respond within a certain time frame.Xia Zhao and her family thought they’d found their next home when they walked into a Jefferson Park townhouse that was listed as a short sale. It was large and near her son’s school. However, they walked away from the offer after a month because they still hadn’t received a response and were worried they wouldn’t be moved in by the time school started.Instead the family bought a new town home with a price that was cut by the developer in the city’s Old Irving neighborhood.“I guess we’re not people with extreme patience,” Zhao said. “What if you wait for a couple months and this goes away? You have to start all over again.”“Most people really aren’t in a situation where they can deal with the uncertainty,” said Zhao’s real estate agent, Eric Rojas at Prudential Rubloff. “Even when you explain that it’s not accepted until the bank accepts it and you build these safeguards into the contract, people are dropping out, left and right. These sales would get done, but people just can’t wait.”Chicagoan Marie Cabrera, a real estate agent at Baird & Warner, is hoping she has found a purchaser with some patience.After being unable to sell her own condo in the luxury Palmolive Building, Cabrera decided she didn’t want to simply wait for her lender to foreclosure on it. Earlier this month she listed it as a short sale, priced at $1.15 million. Within a week, she had a cash offer of $1 million that she sent to her lender.“I have no idea whether the bank will take it,” Cabrera said. “I have an offer that’s solid and they’re willing to wait.”Copyright © 2009 Chicago Tribune, Mary Ellen Podmolik. Distributed by McClatchy-Tribune Information Services

2009-09-17T15:00:00.000-07:00

TALLAHASSEE, Fla. (AP) – Sept. 17, 2009 – Companies offering hurricane and other property insurance coverage may need to raise rates because they’re losing money, even though Florida hasn’t had any serious storms in the past couple years, the state insurance commissioner said Tuesday.Commissioner Kevin McCarty told Gov. Charlie Crist and Florida Cabinet members, who oversee McCarty’s office, that 84 companies writing policies in the state had underwriting gains in the first six months of the year compared with 102 that had losses.“There are only two alternatives: Increasing rates, which is really just affecting the symptom, or looking back at the core problems and what can be done,” McCarty told the panel.He later said it may take a combination of both.“We clearly have to have companies that are writing homeowners’ insurance in Florida that make money,” McCarty said. “Otherwise their appetite to continue to do business will go away.”Crist, who has led the charge to reduce rates, paused when asked about McCarty’s statements.“We’ll see,” Crist said. “Hopefully most of them don’t” raise rates.Crist also pointed out rates have dropped an average of 16 percent during the past 36 months.McCarty said some cost-drivers are outside the state’s control, including backup coverage called reinsurance that companies purchase on the global market. Losses elsewhere around the world have driven up reinsurance costs, he said.Jim Massie, Florida counsel for the Reinsurance Association of America, later said rates for the backup coverage actually have declined but costs are up because companies are buying more of it.Other factors include rising fraud, duplication in applying discounts to some policies, the expense of investigating sinkhole damage claims and the worldwide recession.Dealing with some issues will require legislative action on the state or national level, McCarty said. He has been pushing for a national plan similar to Florida’s Hurricane Catastrophe Fund that provides additional backup for insurance companies.Coastal states from Maine to Texas are having the same problems as Florida, McCarty said.“Large companies are managing their exposure,” he said. “That’s a code word for they’re not writing on the coast.”McCarty also provided the panel with figures on 29 new companies recruited in the past couple of years to help take up the slack from a planned pullout by State Farm Florida. The state’s largest private homeowner insurer, State Farm has about 700,000 policies.Of 21 new companies currently writing policies, only six had underwriting gains while 15 had losses in the first six months of the year, McCarty said.Older companies, though, are expected to pick up the bulk of State Farm’s policies, McCarty said.He also warned it’s not unusual for new companies to lose money because of startup expenses.“Companies do fail,” McCarty said. “That’s the reality we live in.”He said his office will try to make the transition smooth through mergers and acquisitions or receivership.McCarty said he’s also still trying to negotiate with State Farm to keep the company in Florida even at a smaller size.Copyright © 2009 The Associated Press, Bill Kaczor, Associated Press writer.

2009-09-17T14:59:00.001-07:00

WASHINGTON – Sept. 17, 2009 – The White House is considering extending an $8,000 tax credit for first-time homebuyers.Spokesman Robert Gibbs says the administration’s economic team is evaluating the tax credit’s impact on new home sales and will make a recommendation to the president.The federal tax credit covers up to 10 percent of the home price, or up to $8,000, for first-time buyers. Home sales must be complete by the end of November.The tax break is credited with helping the number of U.S. home sales rise slowly. Builders and real estate agents say that trend could be reversed if the credit isn’t extended.Copyright © 2009 The Associated Press. All rights reserved

2009-09-16T14:30:00.000-07:00

Credit crunch deters international homebuyers
2009 Profile of International Buyers in Florida
NAR also researched a report specific to Florida’s international homebuyers, which make up 23 percent of all international U.S. sales. It’s available on floridarealtors.org’s website here.WASHINGTON – Sept. 16, 2009 – Interest in U.S. real estate by international buyers declined due to the worldwide recession and severe credit crunch, according to the 2009 National Association of Realtors® (NAR) Profile of International Home Buying Activity, which surveyed Realtor members of NAR.The share of Realtors’ clientele who are foreign buyers is smaller than in previous years, but among those purchasing nearly half paid cash – bypassing the mortgage process. Twenty-three percent of Realtors surveyed had at least one international client in the 12-month period ending May 2009, down from 26 percent in the 2008 study. During this period, an estimated 154,000 homes were sold to foreign nationals, down from approximately 170,000 international transactions during the previous 12 months.The median price for a home paid by foreign buyers for the year ending in May 2009 was $247,100 – higher than the overall national price of $198,100 in 2008. A significant number, 45.8 percent of foreign buyers, paid cash, in part because obtaining a mortgage was more difficult than in prior years. The total dollar volume was $38.7 billion.Lawrence Yun, NAR chief economist, said recent improvements in the credit market will help reverse the slide in foreign buyers. “Stock market gains and improving bank balance sheets will permit a greater amount of lending for second home purchases,” he said. “In addition, expanding foreign economies for international buyers and favorable exchange rates give them more purchasing power, particularly in a period of record high affordability conditions in the United States. Property investment here generally builds wealth over the long term.”U.S. laws do not restrict or scrutinize most property purchases by foreign nationals. There are few barriers to owning property here, unlike transactions in many other countries, although immigration laws prohibit foreigners from remaining in the U.S. continuously for more than six months without a special visa. In addition, international investors are afforded the same property rights as those enjoyed by U.S. citizens.The top five countries of origin for foreign buyers were Canada, with 17.6 percent of buyers; the United Kingdom, 10.5 percent; Mexico, 9.8 percent; India, 8.5 percent; and China, 5.4 percent. The percentage of buyers from Canada, the U.K. and China declined from the previous study, while purchasers from Mexico and India increased.Although most buyers were from North America, Europe and Asia, buyers from Latin America, Africa and Oceania also purchased U.S. real estate.Foreign buyers were active in every state and the District of Columbia, with the most popular states being Florida, which accounted for 23.0 percent of all foreign purchases; California, 13.0 percent; Texas, 10.7 percent; and Arizona, 7.1 percent. These states are major gateways into the U.S. from other countries and also offer a relatively mild climate.California saw a notable rise in foreign interest as affordability conditions improved markedly in the state last year. “Florida is the most popular state for European and Latin American buyers, while Asian buyers are drawn to California,” Yun said.The study shows 69 percent of international purchases were single-family homes, while condos accounted for 18 percent. Townhomes made up 8 percent of transactions, with commercial property at 4 percent. Nearly 46 percent of properties were in suburban areas and 25 percent in urban environments. The rest were evenly split between resorts and small towns or rural areas.The prime purpose for purchasing a property in the U.S. is to use it for a vacation home, cited by 33.9 percent of respondents; for both investment and vacations, 23.5 percent; as a residential rental property for investment, 18.3 percent; and commercial property for investment, 3.5 percent.The 2009 NAR Profile of International Home Buying Activity is based on responses from 3,785 Realtors and describes international home buying activity in the U.S. over the 12-month period from the end of May 2008 to May 2009. The full report is available at www.realtor.org/research/research/reportsintl.© 2009 Florida Realtors®Credit crunch deters international homebuyers

2009-09-15T15:13:00.000-07:00

MANY buyers today — unsure whether prices have gone as low as they will go — aren’t looking for just a good deal. They’re looking for a steal.
For sellers, that means that to create even the slightest frisson to lure in buyers, they must either price their homes at distressingly low prices or present a property that is in turnkey condition.
Even if real estate values have started to level off, most buyers are still intent on paying rock-bottom prices. And once they have bought a place for a song, they are in no mood to spend a penny on remodeling. They want to do nothing more than unpack a toothbrush and move right in.

This means, of course, that any apartment with a 1980s renovation or more than slightly worn countertops is destined for intense scrutiny and many weeks on the market.
Some sellers are making the bold move of renovating their homes to sell them. Brokers say that this strategy can help keep the price out of the basement, and more important, help the home sell much more quickly.
…
“Buyers loved what they did to the place,” she said. “There’s no question it made it 100 percent easier to sell.”
A search of listings in recent weeks produced several sellers who went well beyond clearing out clutter, deciding to pour thousands of dollars into renovating their homes before putting out a for-sale sign. The improvements ranged from refacing cabinets and installing new appliances to gut renovations of kitchens and bathrooms.
Some of the owners suspect they may lose money when they finally sell, but they are united in the conviction that the wait will be shorter than it would have been without the renovations.
_______________________________
Real Estate sales in the Tampa Bay market has picked up over the past months, the sales have been the combination of the best product mixed with the best price. Buyers are willing to pay a little bit more for the home that is renovated and does not require spending further dollars to improve the home. Our website offers 2 great links to help you on your way to selling your home fast! Our preferred vendor list will help you with interior design, repair, or remodeling to get your home at the top level to sell. We also have a Smith & Associates Real Estate tailored CMA that will help you find out What Your Home is Worth. An agent will work on the information you provide to come with a suggested list price for the market. When determining the value of a home it is important to consider features such as the interior, the view, the street and surrounding neighborhood, and recent upgrades as compared to other available property in the area. Unlike the available national resources, our agents are experienced, local real estate professionals who know every nuance of every home in the neighborhoods we serve. It is only with our knowledge of the area and careful consideration that we can truly provide you with your home’s accurate value in the current market environment.
An excerpt from:
THE NEW YORK TIMES REAL ESTATE SECTION
By Vivian Toy

2009-09-15T15:12:00.001-07:00

Historically, the relocation industry has been challenged by such environmental issues as UFFI, asbestos, radon gas, synthetic stucco, and black mold… Some three hundred million board feet of Chinese drywall has been imported into the United States in the past eight years and its use could be a nationwide problem having a profound effect on transferees, relocation companies, and corporations.
What Is Chinese Drywall?Thomas Martin, president of America’s Watchdog, a private national consumer advocacy group based in Washington, DC, believes the suspect imported Chinese drywall is made from material taken from vats under a conveyor belt filled with coal. Gypsum is dripped into the coal to clean it. Martin’s sources say the liquefied vats are being shipped to drywall manufacturers without cleaning them, and turned into drywall…
Warning SignalsHow can a problem be detected?1. The drywall releases sulfur dioxide gas creating sulfuric acid. There is a smell like rotten eggs. Unfortunately, not all affected homes contain this odor.2. Look for pitting faucets, appliances, and chrome, or blackening of silver jewelry.3. Look inside your electrical outlets and fuse box. If you have a soot-like blackening on the copper wires, they are being eaten away and could short circuit and create a fire.4. Smoke and carbon monoxide alarms, cable boxes, televisions, and computers begin to fail, and light switches stop working.5. Copper air conditioning coils pit, creating holes and releasing freon gas into the homes. Open the back of your air conditioner and inspect the coils and pipe leading out. If they are soot black rather than normal tarnished copper, you may have a problem. Call an air conditioning repairman to confirm.6. Brass and other metal fittings in natural gas furnaces corrode. Look for possible leakage.7. Inspect drywall for a “Made in China” label.
If any of the above are discovered, you should follow up with your builder, county or state health department, the Environmental Protection Agency (EPA), and your insurance company…
Article Courtesy of: Alvin L. Wagner, Jr., SCRP, SRA, Ft. Myers, Florida… a consultant to A.L. Wagner Appraisal Group.

2009-09-15T15:06:00.000-07:00

A year after the collapse of the housing market triggered the financial meltdown, lenders are demanding more money up front, high credit scores and proof of income. Paperwork must be in perfect order. Patience and persistence are required. And don’t even bother asking about a subprime mortgage.It’s a vastly different set of rules from earlier this decade, when home prices soared and mortgages were easy to come by.In some ways, it’s a return to the standards that emerged as the World War II generation bought its first homes in the suburbs: Buy what you can afford. Stick to a 30-year, fixed-rate mortgage. View your home as a place to live, not as a piggy bank.For people trying to sell their homes, the standards are different, too: Be patient and maybe even lower your asking price, because the balance of power has swung strongly to buyers.Housing bubbles have happened before and, experts warn, could happen again. Already, home sales and prices are rising slowly, helped by tax breaks for first-time homebuyers. But real estate agents, mortgage brokers, economists and homebuyers across the country say they’ve noticed a shift in attitudes that they expect will last for years.NEW REALITY: Selling your houseReal estate agent Scott Patterson hits the gas and weaves his black Mercedes-Benz across three lanes of Interstate 95 near Plantation, Fla., holding his iPhone with one hand and the steering wheel with the other.He is rushing to meet with potential buyers of a condo with an ocean view. When he arrives, he turns on lights and opens doors in the four-bedroom place. The prospective buyers, a couple from Venezuela, walk around, ask a few questions - and leave.Business may be up in South Florida, but the power has shifted to the buyer. And price is the key. “If you’re not getting showings, you’re overpriced,” says Patterson, an agent with Esslinger Wooten Maxwell Realtors Inc.The record number of foreclosed homes on the market gives buyers even more leverage. “They can afford to wait,” says David Baran, a broker with Prudential Preferred Properties in Chicago.Michael Davies and Nicole Anzia of Washington, D.C., got caught in their first bidding war when they bought their two-bedroom condo in 2003. The seller fielded eight bids within five days of listing. The couple waived an inspection to clinch the deal and paid $372,000.That was tame compared with what happened when they sold the condo two years later. They listed the property on a Thursday for $479,000 and held two open houses. More than 100 people showed up, and 11 bids were waiting for them by Tuesday. The final price: $605,000. The buyer waived the inspection, too.When they tried to sell their home this May, things were different. They listed the house at the purchase price and received just one bid. The negotiation process took longer, and they sold at a $21,000 loss. The buyer demanded an inspection.“We don’t feel like we went from boom to bust,” Davies says. “We felt like we went from boom to reality.”NEW REALITY: Getting a mortgageJim Sahnger, a mortgage broker in Jupiter, Fla., still chuckles over one borrower three years ago who landed a mortgage with no downpayment and two foreclosures and a bankruptcy in his past.Now, lenders pore over bank statements, tax returns and job histories. The average mortgage application today starts three times thicker than what it was at the start of the housing boom, and often gets thicker as the process drags on.Sometimes all the extra documentation still isn’t enough. Sahnger recently had a customer with a good job and a 20 percent downpayment who couldn’t get a mortgage because the lender said there were too many delinquent mortgages in the neighborhood.“Now, they want to know everything about the buyer,” Sahnger says. “It’s a true and full underwriting process on every particular loan.”It is common to require a downpayment of 20 percent - sometimes more. And it is virtually impossible to get subprime mortgages, which were written for people with poor credit histories and helped cause the meltdown when the interest rates jumped and borrowers defaulted. In 2005, one in every five mortgages was considered subprime. This year, it’s less than 1 percent.Another category of risky loans, Alt-A mortgages, which required little or no documentation of the borrower’s financial health, have plunged to $3 billion this year from $400 billion in 2005.NEW REALITY: Closing the dealMike Delano thought everything was in order. He was set to buy a $785,000 home in Washington, D.C., until he learned his lender now required a 20 percent downpayment instead of 10 percent.Unlike in years past, there was no wiggle room. He had to raise the extra money from his family. “It was a nightmare,” he says.It’s not uncommon nowadays for closings to take 60 days. One big reason: Appraisers have become more strict - or, some would say, more accurate.During the boom years, agents and brokers often pressured appraisers to “hit the number” that the buyer and seller had agreed on so the deal would close and everyone could collect fees.Under new industry rules, mortgage brokers are barred from ordering appraisals themselves. Instead, lenders order appraisals in-house or hire independent firms.Some real estate agents and homebuilders say the rules are causing delays in closing sales, or undermining sales because appraisals are coming in too low.NEW REALITY: The futureNearly everyone in the real estate industry agrees on this much: Another dramatic boom-bust cycle isn’t likely soon. Albert Saiz, assistant real estate professor at the University of Pennsylvania’s Wharton School, expects that new regulations and a different consumer mindset will help real estate return to a more traditional cycle.There will be some ups and downs, Saiz said, but in the long run, prices should move higher. “In the end, the United States is still growing,” he says. “We’re going to need more housing.”Pava Leyrer, president of Heritage National Mortgage in Michigan, notes that the majority of people are still paying their debts. She’s confident the market will rebound once the unemployment rate begins to fall.“I really can’t imagine we would go back to the same situation because it took an exact wrong mix of everything for that to occur,” she says. “If it ever did happen, I’ll be long dead.”Copyright © 2009 The Associated Press, Adrian Sainz, AP real estate writer. Associated Press real estate writer Alan Zibel and AP data specialist Allen Chen contributed to this report

Can the Housing Bill Rescue Your Home?

2008-07-30T08:02:00.000-07:00

CNN Money explains how the housing rescue bill can help you. Click on below link if you'd like to read the full article.

I'm available if you'd like to discuss your options. Call me at 813-293-9996.

The legislation - likely to be enacted soon (today!)- devotes $300 billion to helping troubled homeowners avoid foreclosure. See if you qualify. Click below:

http://money.cnn.com/2008/07/26/real_estate/housing_rescue_guide/index.htm

Best Regards,

Patricc Petti, Realtor
Keller Williams Realty
www.tampaluxuryhomespecialist.com
813-293-9996

President Bush signs massive housing bill

2008-07-30T07:44:00.000-07:00

According to today's article on MSNBC (www.msnbc.msn.com):

President Bush on Wednesday signed a massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets. To read full story, click on below link.

Homeowners, if you are struggling to make your mortgage payments and would like to know what your options are, feel free to call me at (813)293-9996. You may have heard about "Short Sales." I would be happy to discuss these further. Here's the full story from MSNBC:

http://www.msnbc.msn.com/id/25928299/from/ET/

Best Regards,

Patricc

Florida Beaches...

2008-07-29T12:45:00.001-07:00

Want to learn more about Tampa Bay's Beaches?

Here's some exciting information about improvements along Clearwater Beach:

(brought to you by The Official Web Site of the City of Clearwater, FL)

...a winding beachside promenade with lush landscaping, artistic touches and clear views to Clearwater's award-winning beach and the water beyond, a place where bicyclists, rollerbladers and pedestrians all have safe and convenient access and where visitors and locals can socialize, dine, play games, or simply enjoy the spectacular sun and surf.

This is Beach Walk

Five years in development, Beach Walk is designed to revitalize the community that surrounds Clearwater's popular south beach destination, which has played host to generations of visitors from all over the world. Part of the city's "Beach by Design" plan, it has already played a vital role in attracting new hotel development to the beach in a time when many older hotels are being converted into condominiums, threatening our community's tourism industry.

The project will transform the look and feel of south Clearwater Beach and bring new vitality to the area, providing a setting that complements the beauty of the true destination: our pristine, white beaches.

Why Beach Walk

Tourism is Clearwater's number one industry, and the beach is at the center of the tourism. City and tourism officials recognized that, in order to meet the expectations of visitors in the new millennium, there was a need to improve the atmosphere surrounding our beautiful beaches. With more permanent residences going up on the beach, it was important, too, to preserve overnight accommodations for the millions of visitors who come back year after year.
Beach Walk is designed to bring visitors closer to the beach and provide an environment that will draw new hotel, retail, entertainment and restaurant business for out-of-town visitors, residents, and day trippers. Already, several new hotel projects are in development in part because of the improvements promised by Beach Walk.

Modern amenities and a true "beachside experience" is what Beach Walk is all about. It will set Clearwater apart as a destination for Tampa Bay, the region, and the world. In short, Beach Walk is the future of tourism in Clearwater.

For more information, or if you're interested in scheduling a presentation about Beach Walk, please contact the City of Clearwater Public Communications Department at (727)562-4681.

The above information is brought to you by The Official Web Site of the City of Clearwater, FL

http://www.myclearwater.com/gov/depts/pwa/engin/projects/beachwalk/index.asp

If you are thinking of buying a place near Tampa, feel free to call me at (813)293-9996. As a Buyer's Specialist, I'd be happy to find a place that matches your specific needs.

Best Regards,

Patricc Petti, Realtor

Keller Williams Realty

(813) 293-9996

http://www.tampaluxuryhomespecialist.com/

Are Gas Prices making you want to buy a Downtown Condo?

2008-07-29T10:02:00.000-07:00

The West End Tampa housing complex is under construction near downtown Tampa. Across the country, downtown housing is gaining popularity because the price of gas makes commuting expensive.

Tribune file photo by JIM REED

Check out http://www.tampaluxuryhomespecialist.com/ for Condos for Sale in Downtown Tampa! Here's an article from Tampa Bay Online (The Tampa Tribune):

Gas Prices Drive Demand For Downtown Dwellings

The Associated Press
Published: July 29, 2008

Sick of filling up the tank for 60 bucks? Considering a place near work downtown and tossing the car keys?

Prepare to pay higher rents as more like-minded apartment dwellers flock to urban digs.

Nationwide, rents near job centers and mass transit are rising faster than other areas, according to New York-based real estate research firm Reis Inc. The trend is strongest in Boston, Philadelphia, Cleveland, Chicago, Seattle, Baltimore, Minneapolis and Portland, Oregon.

In downtown San Diego, for example, rents have jumped 15 percent in the past year to between $2,400 and $2,600 a month for a two-bedroom apartment, said Greg Neuman, owner of Neuman & Neuman Prudential Realty.

Young renters and empty nesters want to walk to work or drive against rush-hour traffic to save time and gas.

If they live a half hour or an hour away, "they could rent the same apartment for $800," Neuman said, "but they're now spending an hour commute and another $700 to $800 a month on gas."

In urban New York and New Jersey, Kamson Corp.'s apartments are filling up and pushing rents higher, while its suburban ones in Pennsylvania can't hold on to tenants.

"We're finding people asking more questions about mass transit, what kind of services there are in the immediate area," said Mike Beirne, Kamson's executive vice president.

Some apartment owners are including maps on their Web sites and brochures showing where amenities and public transportation are. Others are advertising their so-called walkability score from www.walkscore.com, a site that calculates how close an address is to businesses and amenities. Some landlords are giving gas cards to new tenants and offering discounted parking to those with hybrid cars.

Looking for bargain rents downtown? Try Miami, where a glut of condos left over from the housing boom are turning into rentals and flooding the market. Renters have more choices and more power to negotiate deals.

"Because landlords are motivated, rents are negotiable here," said Paul Sasseville, a real estate agent at Esslinger Wooten Maxwell. Some landlords, he said, will offer design changes, like swapping carpet for hardwood floors, to lock in a tenant for two years.

Renters there have been moving downtown for a few years already as traffic backed up around South Florida. The city has the sixth-worst commute in the country, according to Census data.

"People wanted to get more hours into their life," Sasseville said. "That started being an impact right before gas prices started to increase."

Now gas prices have become just another reason for renters to skip out on the suburbs and settle in the city.

Not surprisingly, many cities also are showing increases in public transit ridership this year, according to the American Public Transportation Association.

The suburban exodus is "both a function of traffic and congestion, spiced up by $4 a gallon gas," said John McIlwain, senior fellow for housing at the Urban Land Institute.

Americans spend more than 100 hours commuting each year, but all-time-high gas prices are forcing Americans to change their smog-producing habits.

If gas prices stay high, renters will need the money they save on dumping their cars to pay for that pricey apartment by the subway. But they can still feel good about being green.

Reader Comments
Posted by ( crystalblue ) on July 29, 2008 at 10:55 a.m.

It would be nice, but the ones build in the downtowns in Florida aren't priced for the avg income.

If you want to find out more about Downtown Tampa, give me a call at (813)293-9996.

Best Regards,

Patricc Petti

June Statistics for Tampa Real Estate

2008-07-24T06:26:00.000-07:00

Hi all,

Just wanted to give an update on the Current Real Estate Market in Tampa, FL. If you'd like to see the actual reports for further analysis, check out my website www.tampaluxuryhomespecialist.com where we'll have these posted in the next day or two. If you have any questions about the market, selling your home, buying a home or just want some basic real estate information, give me a call at (813)293-9996 or email me at patricc@kw.com. I'd be happy to help.

Well, the June numbers are here, and they continue to show signs of a strengthening real estate market!

The Mid-Florida Multiple Listing Service (MLS) reports that the Greater Tampa Association of Realtors (GTAR) closed 1,394 homes in June, up from 1,316 homes in May and up from 1,235 homes in April, and well north of the 791 homes sold in January. This is a little off of the 1,446 in June 2007 but higher than the 1,268 in July 2007, so we might see some press headlines that show the market is slightly off from the year ago period.

There are now 19,363 active GTAR listings, which is down from 19,758 last month and down from our height of 20,942 in October 2007. This is now the second time that we have dropped below 20,000 listings in 2008. In a very positive sign for our market, our months of inventory dropped to 13.89 from 15.01 last month. The months of inventory have not been this low since December 2006! In addition, the average list price is $242,261, which is down from $266,411 last month. The average sales price also decreased to $227,565 from $244,977 last month. Finally, the percentage difference between sell/list increased to 93.93% from 91.95% last month and the average days on market increased to 152 from 124 earlier (possibly due to the long process of short sales – third party approvals).

What price categories sold last month? 196 of the 1394 homes sold in the $200,000-$249,999 price range, making up for 14.06% of the saleable market. Another range that is moving, which represented 11.19% of all sales, is the $140,000-$159,999 range, where 156 homes sold.

The $1,000,000 and up range had a solid month -- 15 units sold for over $1,000,000, which is slightly off of the 18 units from last month but up from 11 in April and 10 in March. The upper end luxury market continues to hold its own, with over 70 homes selling for over $500,000 last month.

Hillsborough County continued its tidal wave of foreclosures with 1,659 in June, slightly off of the 1,671 in May, and up from 1,549 foreclosures in April. There were 615 foreclosures in Pasco County, down from the 733 in May and up from 593 foreclosures in April. Our neighbors over in Polk County saw a big increase with 888 foreclosures, which is up from 685 in May.

Feel free to contact me or visit my website for more information.

Best Regards,

Patricc Petti
Keller Williams Realty
www.tampaluxuryhomespecialist.com
(813)293-9996

Buying Vs. Renting in Tampa

2008-07-08T11:11:00.000-07:00

MSN offers this article on Buying Vs. Renting! Tampa made the list!

- Patricc Petti, Keep Reading...

66 cities where buying makes sense

Falling prices make homeownership increasingly realistic in some areas.

Just don't expect to make a fast buck.

By Marilyn Lewis, MSN Real Estate

With house prices falling around the country, many renters are wondering if this is the time to jump in and score a deal.

The answer, of course, depends on where you live. In much of the U.S., you're better off buying despite falling home values, say new data compiled by the National Low Income Housing Coalition and the Center for Economic and Policy Research.

Of the 100 most populous metro areas, 57 have average three-bedroom rental costs higher than the cost of a 6% loan for a typical low-priced house, including Little Rock, Ark., and Akron, Ohio. (The study's authors defined low-priced as 75% of the area's median.) Those renting two-bedroom apartments would be better off buying a low-priced home at a loan rate of 6% in 24 of the 100 largest metro areas.

Of course, a crucial component for renters looking to make the leap is credit history. A prospective buyer with credit worthy of a 6% mortgage will pay a third less in monthly payments than someone who qualifies for an 8% loan – in many cities that can be a difference of hundreds of dollars and push them over the line to where renting actually makes more sense.

Even more interesting to potential homebuyers is the chance to build equity. Here, too, there's good news for many major metros. In 66 of the top 100 markets, you'd be in the black in four years should you buy a low-priced home today.

You'd do best in McAllen and El Paso, Texas, where you could build roughly $90,437 in equity with a 6% loan, and just shy of that with a 7% loan. In Syracuse or Buffalo, N.Y., you'd stand to make close to $80,000. In these slow-growing, smaller cities, prices never got run up to the sky. Now, homes are still affordable. And most importantly, the prices aren't likely to come crashing down.

It’s a home, not a get-rich-quick scheme
Safe doesn't mean profitable, however. With prices falling in many markets, housing is too risky these days to expect you'll make money on a house deal, experts caution. The object now is to avoid losing money.

"Don't expect these markets to take off," says Danilo Pelletiere, research director for the National Low Income Housing Coalition and co-author of the study, "Ownership, Rental Costs and the Prospects of Building Home Equity."

"The housing boom passed them by because, in many cases, not much is happening in these towns."

Buyers should look at the purchase as a conservative investment that's unlikely to pay off like an oil-patch scheme and may even lose value, Pelletiere, says. Base the decision on more than profit, on intangibles like the chance to build stability, to join a community, to enjoy a neighborhood or love living in a particular home.

"I wouldn't want anybody to interpret this data as saying here's where you should put your money," Pelletiere says. "What I am saying is, if you want to put your money into a home, these are the cities where owning makes sense."

Visit this link to see the full chart: http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=8378117>1=35000

How much equity you'd have by 2012 if you bought a low-priced home today...

In the Tampa-St. Petersburg-Clearwater, FL area:

6% Loan = $41,847
7% Loan = $40,237
8% Loan = $38,843

Source: Center for Economic and Policy Research and the National Low Income Housing Coalition
* Metropolitan area extends across state borders

If you want more information, give me a call at 813-293-9996.

-Patricc

Homes Sales Rise 1% Across Tampa Bay Area

2008-07-07T12:47:00.000-07:00

I've got Great News to share if you haven't yet read this article in The Tampa Tribune:
Home Sales Rise 1% Across Tampa Bay Area

By RUSSELL RAY | The Tampa Tribune

Published: June 26, 2008

TAMPA - For the first time in two and a half years, home sales in the Tampa Bay area increased while condominium sales continued to plunge.
In May, real estate agents sold 2,270 single-family homes in Tampa, St. Petersburg and Clearwater, up 1 percent compared with the same month last year, according to figures released Thursday by the Florida Association of Realtors.
It's the first year-to-year increase in Bay area home sales since November 2005, when the median price was $222,900, the association said.
Meanwhile, local condominium sales plummeted 16 percent to 511, compared with May 2007.

Statewide, 12,175 single-family homes were sold in May, down 5 percent compared with the same month in 2007. The median sales price fell in Florida from $239,000 in May 2007 to $203,300 last month, a 15 percent decline.
"Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines," said Lawrence Yun, chief economist for the National Association of Realtors.

In the Tampa Bay area, the median sales price for single-family homes was $176,100 in May, down from $209,300 in May 2007.

Florida real estate agents sold 8.7 percent more single-family homes in May than the 11,200 homes sold during the previous month. Condo sales in May totaled 4,018, a 3 percent increase compared with condo sales in April.

"Once again, several of Florida's metropolitan statistical areas reported gains in existing home sales for the month," the Florida Association of Realtors said in a statement. "Realtors around the state reported an increase in buyer interest in their markets, noting more showings, telephone calls and other business activity."
Home sales typically rise in the spring.

During the one-month period, the median price for single-family homes and condos also rose. The median home price rose from $198,900 in April to $203,300 in May. The median price for condos jumped from $179,200 in April to $181,800 in May, according to the association.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.04 percent, down from 6.26 percent in May 2007.

Nationally, 4.99 million single-family homes sold in May, 16 percent below the 5.93 million homes sold in May 2007, a report from the National Association of Realtors showed.

Reporter Russell Ray can be reached at (813) 259-7870 or rray@tampatrib.com.

Reader Comments

Posted by ( pepe_santos ) on June 26, 2008 at 7:20 p.m.
In my community, sales have been up 4 months in a row.

Posted by ( Yertown ) on June 26, 2008 at 8:13 p.m.
This is the bottom, folks. If you hate to end up saying "I only wish I knew..." buy now.

Posted by ( nookienow ) on June 26, 2008 at 8:38 p.m.
Home sales are UP, but the average price is diluted because of "short" sales.

Posted by ( bslocum ) on June 27, 2008 at 9:59 a.m.
I guess this means it may be time to get off the fence & buy, 3 homes we have wanted in the last 2 weeks sold from underneath us! So my advice to others is if you see it don't wait to make an offer!

If you or someone you know are curious about whether to BUY or SELL in today's Real Estate Market, Call Me! I'd be happy to help.

Best Regards,

Patricc C. Petti, Realtor ®
Keller Williams Tampa Central
patricc@kw.com
(813) 293-9996
ALHS-Accredited Luxury Home Specialist
http://www.tampaluxuryhomespecialist.com/
http://tampaloftsandcondos.com

Buying Real Estate in the United States

2008-07-07T12:35:00.001-07:00

If you live in the United Kingdom and are considering buying a place in Florida, now is a great time! It’s a Buyers' Market! In other words, homes are plentiful and prices are reasonable.

Here are a few tips:

In the States, any real estate agent has access to all available homes for sale. This means you can work with one agent from start to finish (your home search all the way to purchase). This differs in the UK, where you (the buyer) meet with several different real estate agents depending on the property for sale. In the US, we have what is called Multiple Listing Service (MLS). This is the main database that Real Estate agents use to find their buyers the perfect home! And the best thing about this arrangement is that you can work with one agent who knows exactly what you are looking for and who will negotiate so you get the best deal. This saves you time and energy! In the US, a buyer can work with a real estate agent, known as a Buyer’s Specialist. This real estate agent helps you find a home, negotiate the purchase price and ensures a smooth process until completion (or as we call it in the U.S., closing).

Real Estate Terms that Differ between the United Kingdom and the United States.

U.K. = U.S.

Deposit = Down Payment
Survey = Home Inspection
Completion = Closing

If you would like more information on buying in the U.S., please contact me. As a Buyer’s Specialist, I’d be happy to assist in your home searching needs.

Best Regards,

Patricc Petti

More about Florida Beaches!

2008-07-07T12:06:00.000-07:00

The Coast Is Clear By Sam Dolson

Click link to see article as posted on the St. Petersburg/Clearwater Area Convention & Visitors Bureau website: http://www.floridasbeach.com/cms/index.php?id=385

Family beach-goers, welcome to a sand-lovers paradise with no worries.

That Swiss Family Robinson, sure, they lived on a gorgeous deserted island. But the threat of pirates kept them stuck in their treehouse. For families along Florida’s Beach, there are no such difficulties as those endured by their literary peers. The St. Petersburg/Clearwater area is ringed by a coastline that contains every sandy option imaginable for mom, dad and the kids. And the coast is clear from pirates.

Some might be interested in safety first. For the next family, playtime is the key, while still others might look for crowds (or seclusion).

It’s just a matter of what you’re seeking in a “family beach.”

Fort DeSoto Park - swimming, picnic areas, playground and trails.

When surveying your options, why not start with the best? . . . one of the best in the nation. Fort De Soto Park, at the southern tip of Pinellas County, earned the No. 1 ranking in America for 2005 from coastal geologist Stephen “Dr. Beach” Leatherman, whose annual rankings herald the beginning of summer.

It’s not like Dr. Beach just picks the name of his top beach out of a hat. Fort De Soto Park is No. 1 for a wealth of reasons – “North Beach and Fort De Soto Park just have so much to offer,” Leatherman says – and family considerations top the list.

There are 238 family camping sites, two swim centers, two fishing piers, 14 sheltered picnic areas, scattered playgrounds, miles of recreation and nature trails and a historic fort.

So a day at Fort De Soto Park is a full day. Start by sticking your toes in the sand and splashing among the gentle waves, but understand that you can branch out to nearly any activity from there. For an ideally balanced outing, take the afternoon to hike the mile-long nature trail in the Arrowhead Picnic area and scout out the 105-year-old fort for which the park was named. Then return to the water for a cleansing dip, followed by a sunset cookout.

Lifeguards - Clearwater Beach, Honeymoon Island, Tarpon Springs

Parents might be certain to look for beaches with lifeguards for safety reasons. Parents with teenagers, however, might find those kids happy for the lifeguards for a different reason (flirting, perhaps?).

Along Florida’s Beach there are plenty of spots where lifeguards are available, primarily in public parks. Most County Parks (such as Howard Park in Tarpon Springs or Sand Key Park, south of Clearwater Beach) will have them stationed, as will most State Parks (such as Honeymoon Island, off Dunedin).

For individual cities or towns, it’s best to check individually. The City of Clearwater, for example, staffs lifeguards at Clearwater Beach 365 days a year. Some smaller cities do not have lifeguards along their short stretches of sand.

It’s important to note that many beaches staff lifeguards only through peak beach months (late spring, summer and early autumn). To be certain about the availability of lifeguards, check with the individual park or city in which the beach is located.

Child Friendly

Those with younger children can appreciate the helpfulness of a quality playground. Whether a break from the water is needed, or it’s just for some land-based energy burning, kids rarely resist a chance to climb, swing, slide or tumble.

There are two separate play areas at the base of Pier 60 on Clearwater Beach, with rope ladders and climbable hard-rubber turtles. (The pier is renowned for its “Sunsets at the Pier” celebrations each day, which also feature plenty of kid-related fun.)

At Constitution Park in Redington Shores, an up-to-date playground is just a bit down Sunset Blvd. from the beach access. And in Pass-a-Grille, Hurley Park sits right across Gulf Blvd. from the sands of the Gulf of Mexico, and has swings and a jungle gym to go with its pavilions, showers, basketball courts and baseball field.

Dining

If your idea of an ideal beach day does not include a picnic basket, there are plenty of stops along Florida’s Beach to chow down. From the top of the area to the bottom, Gulf Blvd. follows the contour of the Gulf of Mexico’s shoreline. From mom’n’pop stops to the national chains, it’s all just that close.

Public access beaches at Clearwater Beach, Indian Rocks Beach, Treasure Island and St. Pete Beach and many other locales all provide simple access to a host of dining opportunities. They all range from the quick and easy to the sit-down and fancy, depending on your mood.

If you are considering a move to the beaches, feel free to contact me for more information. I'd be happy to assist!

America's Top Beaches - by Lynn Waddell

2008-07-07T11:55:00.000-07:00

If you love the Beach and are thinking of living in Florida, you should read the below information written By Lynn Waddell. Also, feel free to visit http://www.floridasbeach.com/topbeaches/ for more information.

Home to Caladesi Island State Park, America's No. 1-rated beach in 2008, we offer 35 miles of white-sand beaches on some eight major barrier islands. Our beach offering includes two other top-rated shores: Fort De Soto Park, America's No. 1-rated beach in 2005, and Clearwater Beach, ranked No. 1 for city beaches in the Gulf of Mexico area.

St. Petersburg/Clearwater's Top 5 Beaches
From action-packed beaches to peaceful, protected paradises, the St. Petersburg/Clearwater area serves up some of the state's best shores.

When I first moved to the St. Petersburg/Clearwater area, sight unseen, I'd imagined its beaches to be Florida's typical slice of sand and surf. But it's been 12 years and I still marvel at their unique beauty, number and diversity.

Because these beaches are only a two-hour drive from Orlando and four hours from Fort Lauderdale, my friends and family have been able to discover them with me. Not surprisingly, we've seen several of these beaches regularly end up on coastal expert Stephen Leatherman's (a.k.a. Dr. Beach) national top 10 list. There's more than one to fit your mood, but here's a sampling of my favorites in no particular order.

#1: Fort De Soto Park
A giant American flag waves in the beach breeze as kayakers paddle along the mangrove shoreline. A grey-haired couple pedal along a winding palm-lined bike path, and a family with twins unload their chairs, cooler and pink and orange floats for a day on the sandy beach. It's a typical Saturday morning at Fort De Soto Park, where you'll find just about everything except hotel rooms and snow skiing. The 1,100-acre county park is accessible by car and includes a campground with waterfront sites, three miles of beautiful beaches (including one for dogs), a massive historic fort, a six-mile paved bike trail, kayak rentals, boat ramps, two fishing piers, hiking
trails, a concession, bathhouse and picnic pavilions. It's no wonder that Dr. Beach ranked it America's No. 1 beach in 2005.

#2: Caladesi Island State Park
Pristine island + inaccessible by car + gently sloped sandy beaches + clear blue Gulf = romantic getaway. If it sounds cliché, there's a reason for it. Caladesi Island, just off Honeymoon Island near Dunedin, has been a haven for romantics for more than 70 years. In 2006 and 2007, its sand quality and untouched flora ranked it America's No. 2 beach. In 2008, it was named the nation's best beach. Reach it by ferry or private boat. Although you can find a private spot on one of its beaches, it is not entirely primitive – there are chair and umbrella rentals on the main beach and there's an island marina, kayak rentals, bathhouse and rustic cantina.

#3: Pass-A-Grille / St. Pete Beach
When I'm in the mood to relax on the beach sans high-rises, but want a grouper sandwich within walking distance, I head to the old beach community of Pass-A-Grille, which is technically the lower end of St. Pete Beach. No matter where you stand on this slim strip of island you're never more than two short blocks from the Gulf or the Intracoastal, and you can drive along it with a direct view of the
beach. Its heart is home to the legendary Hurricane restaurant (grouper sandwich mecca), charming shops, other local restaurants and a couple of bars. There are a handful of small motels and an eclectic mix of rental cottages but the cozy community is primarily residential. The more developed and broader end of St. Pete Beach begins just north of the Don CeSar Beach Resort (the stunning Mediterranean-style "Pink Palace"), where Gulf Boulevard widens to four lanes and is lined with resorts, motels, restaurants, beach bars, surf shops, grocers and homes. This beach town still has a retro ambiance and its downtown, a vintage theater.

#4: Shell Key Preserve
There's something liberating about being on a primitive island with no structures – only man-high sand dunes, pines and palms, and white sandy beaches covered in shells. It's here I've seen giant sting rays scurry away across the ocean's floor and the most entertaining yellow-footed birds waddle along the shore. Shell Key is a favored nesting spot for more than 200 species of birds and a popular hang-out for local boaters and ferry passengers. Recently the county ruffled some feathers by forbidding dogs and alcohol on the island, but the decision only aims to preserve the island's natural beauty and protect the feathers of its natural inhabitants (the new rule goes into effect in spring 2008).

#5: Clearwater Beach
There are times to watch birds, and there are times you'd rather watch people. When I prefer the latter, I head to Clearwater Beach. Densely developed with hotels, restaurants, beachwear shops and a marina, the beach town has everything you might want within walking distance. Pier 60 is the nucleus of the beach's energy. By day you can often catch a championship volleyball game and at night watch craftsmen make tourist trinkets of glass, beads and shells. The nightly sunset festival with caricature artists, balloon sculptors and artisan wares is a big hit with families. Couples and singles party down on the dance floors of Shephard's Beach Resort and to live music at Frenchy's Rockaway Grille and the Palm Pavilion Beachside Grill & Bar. In classic St. Petersburg/Clearwater style, this beach truly offers something for everyone.

For more information on planning your in-state getaway to the beaches of the St. Petersburg/Clearwater area, call the St. Petersburg/Clearwater Area Convention & Visitors Bureau at 877-352-3224 or visit www.FloridasBeach.com.

Lynn Waddell is an award-winning journalist and editor who contributes to The New York Times, Newsweek, a variety of travel publications and more.

If you're thinking of moving to the Gulf Coast, I'd be happy to help you find the perfect place!

2008-06-27T07:54:00.000-07:00

Have you read The Tampa Tribune today? Great news for Tampa's Real Estate Market:

Home Sales Rise 1% Across Tampa Bay Area

By RUSSELL RAY | The Tampa Tribune

Published: June 26, 2008

TAMPA - For the first time in two and a half years, home sales in the Tampa Bay area increased while condominium sales continued to plunge.

In May, real estate agents sold 2,270 single-family homes in Tampa, St. Petersburg and Clearwater, up 1 percent compared with the same month last year, according to figures released Thursday by the Florida Association of Realtors.

It's the first year-to-year increase in Bay area home sales since November 2005, when the median price was $222,900, the association said.

Meanwhile, local condominium sales plummeted 16 percent to 511, compared with May 2007.

Statewide, 12,175 single-family homes were sold in May, down 5 percent compared with the same month in 2007. The median sales price fell in Florida from $239,000 in May 2007 to $203,300 last month, a 15 percent decline.

"Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines," said Lawrence Yun, chief economist for the National Association of Realtors.

In the Tampa Bay area, the median sales price for single-family homes was $176,100 in May, down from $209,300 in May 2007.

Florida real estate agents sold 8.7 percent more single-family homes in May than the 11,200 homes sold during the previous month. Condo sales in May totaled 4,018, a 3 percent increase compared with condo sales in April.

"Once again, several of Florida's metropolitan statistical areas reported gains in existing home sales for the month," the Florida Association of Realtors said in a statement. "Realtors around the state reported an increase in buyer interest in their markets, noting more showings, telephone calls and other business activity."

Home sales typically rise in the spring.

During the one-month period, the median price for single-family homes and condos also rose. The median home price rose from $198,900 in April to $203,300 in May. The median price for condos jumped from $179,200 in April to $181,800 in May, according to the association.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.04 percent, down from 6.26 percent in May 2007.

Nationally, 4.99 million single-family homes sold in May, 16 percent below the 5.93 million homes sold in May 2007, a report from the National Association of Realtors showed.

Reporter Russell Ray can be reached at (813) 259-7870 or rray@tampatrib.com.

Reader Comments

Posted by ( pepe_santos ) on June 26, 2008 at 7:20 p.m.

In my community, sales have been up 4 months in a row.

Posted by ( Yertown ) on June 26, 2008 at 8:13 p.m.

This is the bottom, folks. If you hate to end up saying "I only wish I knew..." buy now.

Posted by ( nookienow ) on June 26, 2008 at 8:38 p.m.

Home sales are UP, but the average price is diluted because of "short" sales.

If you or someone you know are curious about whether to BUY or SELL in today's Real Estate Market, Call Me at 813-293-9996! I'd be happy to help.

- Patricc Petti

Thinking of Buying Real Estate?!

2008-05-27T07:19:00.000-07:00

CNN offers another informative article! If you're thinking of buying Real Estate, take a look at these tips:

5 new rules for home buyers

There's no guarantee that prices have hit bottom yet - but that doesn't mean that you can't get a great deal now.

By Amanda Gengler, Money Magazine
Last Updated: May 12, 2008: 1:06 PM EDT

(Money Magazine) -- There's no telling how long the housing crisis will drag on. Here's what you need to know before you start shopping in a rocky market.

Rule 1: You can't time the bottom

Face it: The house you buy today will more than likely be worth less next year. That could get you thinking about trying to time the bottom. Resist. It's harder to do than you think, and this is the best buyers have had it in two decades, with inventories up and mortgage rates low.
Pace yourself, find the perfect place and drive a hard bargain: Ignore the seller's asking price and bid 10% below what comparable homes are selling for. If the seller balks, move on. Remember that if you're trading up, your home could sit. So sell before you buy.

Rule 2: One reason to buy now - mortgage rates

Homes are plentiful and will remain so, but financing will be getting more expensive. True, the Federal Reserve has slashed interest rates, but fixed mortgages don't directly follow the Fed. They reflect the bond market's expectations about inflation, which remains a concern. The 30-year, now at 6.1%, will likely reach mid-6% by December and 7% in 2009, says Celia Chen of Moody's Economy.com.

That means there could be a penalty for waiting to buy even if prices fall more. Today a $250,000 loan would set you back $1,500 a month. At 7%, a $1,500 payment gets you only a $225,000 mortgage. As for variable-rate loans, the spread between conforming ARMs and fixed loans is too narrow to do you much good.

Rule 3: Another reason to buy - rates on big mortgages

Mortgages in amounts greater than $417,000 - the limit for buying by federally sponsored mortgage agencies - usually run a fifth of a percentage point above conventional products. But investors are shunning jumbos, which now average 7.2% and are unlikely to drop much this year, according to HSH Associates.

Certain jumbo borrowers could get relief, however. A new law allows Freddie Mac and Fannie Mae to buy loans as large as $729,750 in 71 high-priced areas. So far "jumbo conforming" loans average 6.6%. The program has gotten off to a slow start; you'll need to shop around. And unless Congress acts, this bargain will disappear at year-end.

Rule 4: Don't buy cheap; buy good schools

By now you've heard from somebody who knows somebody who got a great deal on a foreclosed property. But when you buy a house, you're also buying into a neighborhood. And foreclosures tend to be bunched in areas where residents and speculators alike took out exotic mortgages to get into homes they subsequently found they couldn't afford. That's not a recipe for stability. Prices and quality of life could both decline further.

Similarly, avoid developments that popped up in the past few years. They too likely have a lot of owners with risky loans and little equity, says Mike Larson of Weiss Research. Instead, go for areas with highly rated schools. They generally fare better during downturns, and that pattern is holding today, according to a recent study by real estate site Trulia.com.

Rule 5: Make sure your agent has your interest at heart

The real estate game has a built-in conflict of interest, since the listing agent and your agent both get paid by the seller. And these days more sellers are offering extra cash to buyer's agents.
So make sure you're not being steered to a house that's better for your agent than for you. Agree up front on his commission (typically 3%) and that any extra payments will go to you, says Jon Boyd, past president of a buyer's agent trade group.

SEND FEEDBACK TO MONEY MAGAZINE
First Published: May 12, 2008: 5:41 AM EDT
Find mortgage rates in your area

As a Buyer's Specialist, I'd be happy to help find the perfect home for you. Feel free to call, email, or visit my website for more information.

Best Regards,

Patricc Petti, Realtor
Keller Williams Realty
813-293-9996
Patricc@kw.com
www.tampaluxuryhomespecialist.com

How to Sell Fast!

2008-05-27T07:03:00.000-07:00

CNN posted a great article for Home Sellers (see below).

5 new rules for home sellers

Whether you're buying or selling, the real estate game has changed. To win, you've got to learn a new playbook.

By Amanda Gengler, Money Magazine
Last Updated: May 12, 2008: 12:39 PM EDT

(Money Magazine) -- Selling a home is a lot trickier than it used to be - here's how to be smart about pricing, presentation and incentives.

Rule 1: Get real about price

Too many sellers set their price based on yesterday's market. Big mistake. "The first buyers in tend to pay the best price, so you need to price it right at the start," says Pamela Liebman, CEO of the Corcoran Group brokerage.

Have three area brokers prepare what's called a comparable market analysis. It will list asking and selling prices of similar homes, as well as amenities and sizes. If there's little inventory in your price range, list for what others are asking. If a lot of homes like yours are on the market, then look to generate buzz, says Liebman.

Set an asking price 10% below what homes like yours have been selling for. That raises the odds of your getting multiple offers. If your market is really frozen and you need to drop the price, make one large cut. No baby steps.

Rule 2: Vet your agent - especially if it's you

Selling on your own in an unprecedented slowdown means you'll have to work awfully hard marketing your home. If you aren't prepared for that, hire a broker. Avoid newbies. You want an agent who has been through good times and bad and who has a track record that you can verify with clients.

Rule 3: Pimp your house - hire a home stager

To sell today, you've got to glam up your home. A stager will help get rid of clutter (especially clutter you don't see); rearrange furniture to create attractive focal points; repurpose underused rooms, turning, say, that makeshift bedroom in the basement into a rec room; and pick paint and curtains that make rooms appear spacious. A consultation may run $200. Completing the plan could cost $1,000 or more. It's worth it.

Rule 4: Cash will make your home look even better

Given the number of listings out there, you want to throw in a little something extra to make your house catch the eye of buyers and their agents. Rather than hand out a cruise or a car - skeptics might wonder why you're so desperate -offer something that will make your home more affordable, such as paying part of the buyer's closing costs.

In the multiple-listing service description of your house that agents can see, let them know you're offering a $1,000 bounty or a 4% commission to the one who brings in the purchaser. It will mean more knocks on your door.

Rule 5: Underwater? Learn to swim

If you're a recent buyer, your mortgage may well top what your home would go for today. About a third of those who bought last year or in 2006 now have negative equity, according to Zillow.com. If a job or family issue compels you to move, your options aren't great, but you have a few.

First, you may be able to persuade your new employer to make you whole on the loan. Second, if the rental market in your area is strong (as is the case in many spots that were healthy but not overly bubbly during the boom), you can become a landlord and wait out the slump. Third, of course, is to sell for as much as you can (see Rule No. 1) and raid your savings for the difference.
Short sales, in which the bank agrees to take less than it's owed and release you from your debt, get a lot of media attention. That doesn't mean they're easy to come by. A bank usually will consider one only if you're at risk for foreclosure. Even then it may say, "No, thanks."

SEND FEEDBACK TO MONEY MAGAZINE
First Published: May 12, 2008: 5:39 AM EDT
Find mortgage rates in your area

If you'd like more information on selling your home, feel free to contact me or search my website for more assistance, www.tampaluxuryhomespecialist.com.

Patricc Petti, Realtor
Keller Williams Realty
813-293-9996

MLS Statistics for Tampa

2008-05-21T12:08:00.000-07:00

The Broker of Keller Williams Realty Tampa Central, Chris McLaughlin and Patricc Petti, Sales Associate would like to share the following information regarding Tampa's Real Estate Market:

Well, the April numbers are here, and they continue to show signs of a strengthening real estate market!

The MidFlorida MLS reports that the Greater Tampa Association of Realtors closed 1,235 homes in April, which is up from 1,162 homes in March and well north of the 791 homes sold in January. What truly shows that we've reached a bottom is the comparison over April 2007 numbers -- when we sold 1,249. So in essence we almost sold the same amount of homes that we did a year ago. IMPORTANT: This past April was the highest sales for GTAR since the mortgage crisis began in August of 2007, when we closed 1,384. Ever since August we have consistently closed under 1,235 -- this is important as it represents a "bottom" that has formed for our market, just as last month also did.

There are now 20,117 active GTAR listings, which is down from 20,141 last month and down from our height of 20,942 in October 2007. Our months of inventory dropped to 16.29 from 17.33 in March, but we are still very much in a buyers market. In addition, the average list price dropped to $237,227 from $244,670 last month and the average sales price declined to $222,254 from $230,204 last month. Finally, the percentage difference between sell/list dropped to 93.69% from 94.09% last month and the average days on market increased to 123 from 122 earlier.

What price categories sold last month? 188 of the 1235 homes sold in the $200,000-$249,999 price range, making up for 15.22% of the saleable market. This range made up 14.89% of last month's sales. Another range that is moving, which represented 10.20 of all sales, is the $140,000-$159,999 range, where 126 homes sold. There was also a nice increase in the $250,000-$299,999 range, where last month 110 homes sold versus 76 homes in March.

The $1,000,000 and up range continues to hold its own, with 11 closings last month, which was up from 10 in March. Its a very positive sign for our luxury market, over 70 homes sold for over $500,000 last month.

Foreclosures continued their onslaught. Hillsborough County had 1,549 foreclosures, which is up from 1,419 in March and 1,371 in February. There were 593 foreclosures in Pasco County, which is up from 581 foreclosures in March and 652 in February.

These statistics will be posted on my website within the next day or two.

-Patricc

Welcome to My Blog!

2008-05-21T11:22:00.000-07:00

Welcome to my blog! I’m a Top Realtor in Tampa Bay covering such areas as Davis Island, Harbour Island, Gulf Coast Beach Homes & Condos, South Tampa, Hyde Park, Palma Ceia, and Channelside.

I've lived in Tampa for 35 years. I've resided in Old Hyde Park, Palma Ceia, Boca Grande, and Channelside. I started my sales career in Telecommunications with GTE and transitioned to Real Estate full time 7 years ago. Completing over 150 transactions, I have an in depth knowledge of financing, contracts, inspections, marketing, negotiating, and closing the deal. I’m also a Certified Luxury Home Specialist.

On my blog, I will share useful information about Real Estate and Tampa in general. Feel free to leave your comments or ask questions. Also, check out my website for even more tidbits!

Stay tuned!

Best Regards,

Patricc Petti - Realtor