The Celebrity Real Estate Market - Sell, Sell, Sell

Published by julia | Filed under Buyer / Seller Tips, Celebrity Real Estate, Cool Listings, Real Estate

If you think the common man is the only one selling out of their homes, rest assured, the celebrity is also selling. Most of the time celebrity real estate will have some sales and some purchases, but not this time around. Shaquille, Barry and Britney are all selling.

Shaquille O’Neal was just signed to a contract with the Cleveland Cavaliers. This means no more Miami Heat and no more mansion (sorry MTV Cribs). What it also means is that the mansion needed to be sold and fast in order for the basketball star to buy a new home. For those who worry about reducing the price of their homes a few thousand, listen to this one. The original listing price for the Shaquille O’Neal mansion was $32 million in 2005. The home was finally sold for a mere $15 million. That is a price reduction of more than 50%.

Barry Manilow is also on the selling block. This world renowned singer has reduced the price of his beach front home from $12 1/2 million to nearly $11 million. Manilow is not as brave as Shaquille O’Neal, however. Barry Manilow purchased the beach house for about $4 million in 2002, so no one is going to buy this home until the price reaches near that again. Count on it!

Britney Spears has managed to keep her name out of the main stream news for a few weeks now, but her real estate dabbles are still front page news. She owns a home Hollywood Hills and has reduced the price of the home in the past. Again Britney took a trip to the real estate agent and told them to, “Cut That Price!” Her home is now listed for $6.5 million (originally listed for $7.9 million).

BONUS NEWS: For those keeping up with the most popular celebrity news, there may be a new home purchase to report in the near future after all. Kevin Jonas, oldest brother of the popular teen group The Jonas Brothers, has recently been engaged. This means there will be a need for additional square footage and larger closet space. Watch out cribs, this could be the next big story in flaunting real estate.

Finding Homes For Sale With Seller Financing - Part 3

Published by peter | Filed under Real Estate

One key piece of information about owner financing is that there are no rules or specifically defined specifications for what we call seller financing. Any method of thinking outside of the box when selling a home is an acceptable solution. Here are a few to stimulate your thinking:

• The seller holds a 2nd mortgage in an amount equal to 23% of the sales price (down payment plus closing costs).
• The seller requires no payments on the 2nd mortgage until a balloon date in the future (allowing the buyer to make payments on the portion of the home that he or she can afford).
• The seller holds a 2nd mortgage with an interest rate that brings the total mortgage payment to the level the buyer can afford.

By now, I hope you have considered that the best way to find homes for sale with seller financing is to “create them.”  We have already addressed the fact that most sellers do not understand the benefits of utilizing owner financing to sell their home.  Because of this, we need a great real estate professional to present offers to home owners and explain to them why they should consider financing all or a portion of their home.

That’s right, every home on the market is a home for sale with seller financing, if you work with a great real estate agent. Rather than run out and talk to every home seller that advertises “Owner Financing,” first start with somebody who will work for your best interests and find you the single-best home to buy!

Sales are Still Climbing in Tampa Bay

Published by julia | Filed under Buyer / Seller Tips, Market Trends, Real Estate

Despite tough financial times for everyone here

It goes to show you that if you market it properly, it will sell. Even as the prices are still falling, the ability of people to get financing is a sure sign that something good is happening. Whether it be conventional or owner financing, it is happening.

A lot of short sales and foreclosure sales make up some of the numbers, but these same houses are being brokered to someone, who then has to sell them to someone else. And they need a real estate professional to list it for them. Being resilient and creative right now will pay dividends.

If you can hook up with a trusted wholesaler of houses, you can still make a decent living and feel good about it. There are a lot of people that really need a break right now. Having the ability to help someone by selling them a smaller, more affordable home will give you the ability to sell homes and make someone’s dream come true.

Hard times have fallen on hundreds of thousands of people in this market. Many have been forced from their homes and are living on the street or in shelters. There are good, honest and hardworking people that need a home to live in. Finding them a home is a prospect that should be welcomed by any real estate professional, especially right now.

While statistics show that many of the home sales are from short sales and foreclosures, there are more and more conventional sales happening every day as well. Being a successful real estate professional right now means to be flexible and able to be diverse in what you will sell. Now more so than ever if you want to survive in this market.

Finding that niche that appeals to everyone is tough. You can’t please everyone all at the same time, but you can make an effort to please most of them most of the time. Listing properties that others won’t even consider can keep you very busy, and amongst the sellers. A dollar is still a dollar.

I am not saying become a slum lord or the like just to make a dollar. I am not saying to lower your standards in any way, or sacrifice your ethics and morals either. This entire article suggests is to maybe be a little more creative when thinking about how to be more successful. Creativity is very vital right now. Every real estate professional can list a property, but can they sell it?

To be in the numbers that comprise the ‘SOLD’ list requires deeper thinking now more than ever. This doesn’t mean that the house has to given away either. Whatever the market will bear, you can get. If the house is worth it and if the seller can hold out a little longer, then be firm on the price. Maybe even get the seller to be creative with some partial financing. It just may get it ‘SOLD’.

The market has been allowing the prices to drop long enough. We all understand that in 2005 these prices were way over inflated. Now we are in the real world. Prices have fallen to historic lows after rising to unprecedented highs. But the time is now to stop the bleeding. Let’s get the prices to level off and begin to rise. Just as the sales numbers are rising, so to should be the prices. Not to levels seen in the last decade, but reasonable and affordable levels.

The bottom line is this. As more and more houses are sold, and more and more people are getting financing, the market is gaining strength. It isn’t going to happen overnight. But it will happen sooner than later if the price of each home sold from this day forward goes up instead of down. People are strapped right now, and need a hand. But what they don’t need is a handout.

Finding Homes For Sale With Seller Financing - Part 2

Published by peter | Filed under Buyer / Seller Tips, Real Estate

Continuing our discussion…I was looking through a list of topics and found one that really stood out: how to find homes for sale where the seller was offering some or all seller financing. Most people do not realize that even buyers with perfect, plentiful credit can benefit from seller financing when they purchase their next home. I try to counsel home buyers into understanding that the real estate transaction is much more than just “purchase price,” rather it is about the entire structure of the terms of the deal.
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Consider this question …“Would you buy a $10M home if I could show you how to finance it for just $500 per month?” While I do not know what your answer is, but mine will always be “heck yeah!” I would love to live in a big castle for only $500 per month. Unfortunately, I do not know how to do that at this time, but it does demonstrate that price is only one element of the deal.Owner financing, with some creative application, can help many people buy some or more home. The owner financed portion of the deal could be an amount equal to what is required by a mortgage lender for the down payment (for example, on a $250K sale, the owner could hold a $50K second mortgage while a mortgage bank does a new first mortgage for $200K).With no down-payment needed, many more people can qualify to buy that home. Don’t forget, this year in Tampa Bay, we are seeing a high failure rate of homes on the market.
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Every special skill or tool a home seller can implement might be the difference between selling their home or just being another statistic on the failed to sell list. Most home sellers never even consider offering seller financing to the prospective buyers of their home. This is a shame. It is too bad that their real estate professional did not spend whatever time required to get them to understand the importance of offering seller financing as one option for all prospective home buyers. All prospective home sellers should educate themselves on creative solutions for selling a home.
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To be continued…

Finding Homes For Sale With Seller Financing - Part 1

Published by peter | Filed under Buyer / Seller Tips, Real Estate

I was looking through a list of topics and found one that really stood out: how to find homes for sale where the seller was offering some or all seller financing. Seller financing is a topic about which many people could benefit from learning.Most real estate agents will never do a transaction involving seller financing, and most homebuyers would never even think about asking for this type of assistance. And finally, most home sellers would never even realize the benefit to themselves to offer some level of owner financing.The purpose of this post is to explore the benefits of seller financing for both home buyers and home sellers.Often times, we hear the term creative financing being used in real estate, yet few people really understand what this really means. For the sake of simplicity, I refer to “creative financing” as anything that occurs in financing a home purchase that falls outside of just working with a lender’s standard loan product. Seller financing (or owner financing) is one great creative financing technique.In a seller financed transaction, the current owner of the home will lend some or all (typically only some) of the money required for the purchase of the home to the buyer by using what is called a “purchase money mortgage. ”But it’s the seller’s home, why would he or she lend money to a buyer to buy it? There are quite a few answers that work here, but right now the best answer is because by offering to assist buyers in the purchase of their home, home sellers are making it available to more buyers. The more people who are willing and able to buy a home, the higher the value of that home will be. To be continued…

What Is Included In The Sale Of A Home? - Part 2

Published by peter | Filed under Buyer / Seller Tips, Real Estate

It seems that the best articles are born from the comments and questions of the readers and subscribers. It makes sure that the content is not only fresh, but it is also based upon the current interests of people active in the Tampa Bay real estate market.Recently, a friend had a question about an offer she is making which concerned the difference between an offer and a real estate contract. She asked:

When we looked at the house we put an offer on, the seller’s disclosure indicated that, among other things, the washer and dryer conveyed with the sale. We are still negotiating, but the washer and dryer have been removed from the premises. Our agent says that is perfectly acceptable, but I don’t understand how they could be put in the disclosure as included and then they aren’t. Is this really allowed?

So, the real question is when you negotiate a home purchase, what is included in the sale?Keep in mind, the real estate contract is the controlling documentThe key to the question above rests is the statement “we are still negotiating …” which means that no contract exists. The real estate contract is the controlling document, and any item included in the contract  is legally bound as part of the agreement. Once there is a contract, not just an offer, the included items become part of a legally binding agreement, not just an offer.The seller can change the offer at any time, but once there is a contract, it takes both parties to change anything about the agreement, including what is being conveyed in the transaction. So if you are buying a home and there is something in the house (not nailed down …), make sure that it is specifically included in the contract.Final point: a well-written real estate contract is legally binding.The important message in all of this is that there is a big difference between an offer and a contract. Offers can be changed at any time, but a well-written real estate contract is legally binding. Make sure you work with somebody who is an expert at both, it could mean the difference between your total satisfaction and happiness with the home versus confusion and heartache over a botched, expensive purchase.

Pinellas sales rise modestly

Published by peter | Filed under Market Trends

In May of this year, 971 homes sold in Pinellas. In May 2008, sales were 941. That’s a modest rise of 3.2 percent.

The median sales price declined 20 percent in that May-to-May period, from $175,000 to $140,000. The statistics come from the Pinellas Realtor Organization: Download Pinellashomesales.

The Pinellas report follows last week’s Hillsborough County home sales report for May. Hillsborough showed wilder swings in sales and prices. While Hillsborough home sales were up 9.4 percent in May - nearly three times the rate of Pinellas - prices dropped much further at 32.5 percent.

Single family home listings continued to decline in Pinellas. They stood at 6,910 in May. The peak was 11,003 listings in February 2006. Condo listings have also shrunk, but not as dramatically.

What Is Included In The Sale Of A Home? - Part 1

Published by peter | Filed under Real Estate

Recently, a friend had a question about an offer she is making which concerned the difference between an offer and a real estate contract. She asked:When we looked at the house we put an offer on, the seller’s disclosure indicated that, among other things, the washer and dryer conveyed with the sale. We are still negotiating, but the washer and dryer have been removed from the premises. Our agent says that is perfectly acceptable, but I don’t understand how they could be put in the disclosure as included and then they aren’t. Is this really allowed? So, the real question is when you negotiate a home purchase, what is included in the sale?

Remember, real estate offers can be changed at any time. Any disclosures and documents that you review before making an offer are, in a sense, part of the offer. But a home seller can change the offer at any time. Think about it. If you decide to sell your home and change your mind later, there isn’t a law that requires you to continue to try and sell your home! Just as a  homebuyer has the right to withdraw an offer at any time, so too can a homeseller.The same is true with any part of your home. The washer, the dryer, and everything else is no different. So, in the question above, the seller just decided that the washer and dryer were no longer being offered as part of the home for sale.

Selling Home May Be Influenced by What Buyers Can’t See

Published by peter | Filed under Buyer / Seller Tips

It’s not always what buyers can see in a home that causes them to want to buy it or not. Sometimes it’s the way the home feels. I’m not talking about staging, the size, or how spacious the home is, although those factors are important too. In this post you’ll learn how buyers’ allergies may be affected when they tour your home.“We have about 300 million Americans and about 60 million of them have allergies or asthma,” says, Mike Tringale, Director of External Affairs for the Asthma and Allergy Foundation of America (AAFA).Allergy problems can be debilitating for sufferers. Many will go to great lengths to avoid any possible influences that might bring on symptoms. Allergies and asthma are increasing, Tringale says, “some of that may actually be because of the houses we’re living in.” He adds, “it all comes down to the air quality in the home.” According to AAFA, there are some simple steps that you can take to help clear the air in your home and reduce any harmful fumes—making it more appealing to those with allergies and even those without. Read the rest of this entry »

Disaster?! What Happens to My Home?

Published by julia | Filed under Buyer / Seller Tips, Miscellaneous, Real Estate

The time of year is here when natural disasters frequent the parts of the United States lying on the border of the ocean. While the sunny days and white sandy beaches are a beautiful thing to wake up to every morning, there is a small price to pay during the Hurricane season each year. The disaster kit is essential for anyone living in Hurricane territory, but preparedness has never been easier.

Making the Emergency Kit

Any home owner can search online for a full list of “essentials” for the emergency kit. Often these lists will be repetition of the same items like water and prescription medications. While these items are important, there is a huge gap between daily necessities and making it out of harm’s way.

What Do I Really Need in My Emergency Preparedness Kit?

1) An Action Plan - If there is no action plan in place for escaping a hurricane, things can go from nervous to frantic in minutes. The action plan should include important phone numbers and the precise things to take on the way out the door.

2) 10 Gallons of Gas - Deciding to flea a storm could be a last minute decision. No one wants to be stuck in the path of a hurricane just because their car is low on gas and the lines at the gas station are a mile long. Keeping 10 gallons of gas on hand will offer just enough driving time to locate a station that is open and not flooded with people.

3) GPS System - Many people try to escape a storm by heading in the opposite direction of the hurricane. This is a great idea, but getting lost could cause you to head in the wrong direction and right back into the heart of the storm. The best bet is to watch the course of the storm and plan a route to any major city in the opposite direction. Major cities have better cell phone reception in the case something happens.

4) Solar Charging Mat. You read that right. There are solar charging mats that can charge a GPS system, cell phone and even a laptop.

Preparing for a hurricane should not be all about food and water. While these things are essential for life, staying in the path of the storm is often not an option. Unlike the tornado, there is sufficient warning during hurricane season to pack up, head out and survive the storm surge.

Tampa Home Sales Best in Nearly 2 Years

Published by peter | Filed under Market Trends

Tampa area homeowners sold 1,440 home in May, the highest sales total in nearly 2 years, the Greater Tampa Association of Realtors said.May’s sales total represented a 9.4 improvement over the 1,316 homes that sold in May 2008. The last time so many homes sold was in June 2007. Here’s the chart: Download Gtarmay09Price is another matter. From year to year, the average sales price cratered by 32.5 percent from $244,977 to $165,425. Foreclosure sales accounted for the steepness of the drop.The inventory of unsold homes continues to shrink. Realtors reported 15,273 listings in May. The peak was 20.942 listings in October 2007.Tampa Realtors track sale in Hillsborough County and part of Pasco County.

Consumer Confidence Rising

Published by peter | Filed under Market Trends

If rising sales, rising consumer confidence, and rising new construction are keys to a rebound ahead in the home real estate market, it looks like we’re well into recovery mode.That’s because this week, all three of those important indicators are strongly positive. On top of that, we’ve got low mortgage interest rates…and an eight thousand dollar home buyer tax credit - working as well.Take consumer confidence if you really want proof: After six months in the doldrums, consumers’ attitudes about the national economy and their own personal financial situations took a major jump to the positive side in the past month.The Conference Board’s national Consumer Confidence index soared to its highest level in eight months, up 14 points in the span of just 30 days. That’s crucial for future home buying and selling behavior because when people are worried about their economic futures, they stay on the sidelines.Lynn Franco, director of the Conference Board’s research center, said the latest numbers show that consumers are now considerably more optimistic about everything from jobs to their own finances - more so than they’ve been for most of this recession.A second important indicator last week came with the National Association of Realtors’ monthly home sale report. Sales of single family homes, condos, townhomes and cooperatives jumped nearly three percent in April — with the biggest gains at the lower-priced segments that appeal most to first-time buyers seeking the $8,000 tax credit.In the Northeast, sales jumped nearly twelve percent, in the West by three and a half percent, and in the South by two percent. Only the Midwest saw a decline — by about two percent.New home building starts and permits are also on the upswing after months of negatives. In hard-hit California, new home starts increased 21 percent in April over March — the most dramatic jump since last October.Bob Rivinius, head of the California Building Industry Association, said “month to month increases (in sales) indicate that builders are (finally) clearing out their inventories and starting to build again.”Mortgage rates have hovered just under five percent, with the average thirty year fixed rate loan going for 4.8 percent last week … and 15 year money stable at 4.4 percent. But there are inflationary pressures at work in the market, so don’t be surprised if mortgage rates rise in the coming weeks.The main sobering news last week was on prices. According to the federal government’s home price index for purchases, prices were down by an average one half of one percent in the first quarter, and by 7.1 percent when compared with the first quarter of 2008.  — Ken Harney

Tampa Bay’s housing underappreciated

Published by peter | Filed under Communities, Market Trends

 
Tampa Bay’s housing is undervalued, according to IHS Global Insight, a economic forecasting company based in Lexington, Mass.

IHS has taken a measure of our depreciated housing prices, population density, household income and historical attractiveness and insists our homes are 16.9 percent too cheap. That’s based on a 1st quarter 2009 median price of $130,900.  Three years ago we were 30 percent overvalued when our typical home sold for $186,400, IHS said.  The full report can be read at: Download HousingValuationQ12009Report.

Naked Again? Why People Choose Clothing Optional Real Estate

Published by julia | Filed under Cool Listings, Market Trends, Miscellaneous, Real Estate

Optional clothing resorts are hitting it big in both coasts of the United States. They are now abundant in Palm Springs, CA and Florida, both of which have sunny clement weather and lovely beaches. These resorts not only offer rental rooms but also sell real estate within the resort area. Optional clothing real estate is a great buy due to a number of benefits.

Great Place to Spend the Summer Vacations

Optional clothing resorts are a great place to beat the summer basking under the sun in your skin, snorkeling and learning to dive. Since most of them are located near nudist beaches they are an excellent venue to enjoy an exquisite tropical getaway.

There are mild optional clothing resorts which offer a relaxing environment with refreshments within your reach. At the same time there are also wilder nudist resorts that arrange dances and parties for the more adventurous nudist supporters.

No Trouble with Clothes

At an optional clothing resort you don’t have to worry about how you look in a swimsuit. You don’t have to fret about the waves carrying away your swim gear top. You will get a more uniform tan on your body and can do away with Vitamin D supplements and huge luggage.

These resorts do not compel nudity. You can carry on at these places wearing clothes too. So if you are not in the mood of becoming an avid naturist or a daring person, you can always carry out your activities with costumes.

Assured Safety and Security

These optional clothing resorts are safe and protected by security staff that work 24X7. They have strict rules to ensure proper behavior by the guests so that you are not troubled in anyway. The staff and guests are warm and affable so that you can enjoy your nude vacation carefree without feeling watched.

Good Investment

Clothing optional real estate investments are very lucrative. The value of such property is expected to double in the coming years due to rising demand. International clientele swarm to these resorts and condos for peace and enjoyment at the spas, bars, dance clubs and bistros there.

People who like to be innovative at their weddings also organize their marriage ceremonies in these resorts. So this implies that you can make quite a lot of bucks by reselling your real estate at a nudist resort or you can earn a steady income by renting it out.

So, invest in a clothing optional real estate and enjoy the blazing hot summer there.

Realtors: Tampa Bay home sales rise for 8th straight month

Published by peter | Filed under Market Trends

Tampa Bay area home sales rose for the 8th consecutive month in April, but prices continue to suffer from the drag of foreclosures.

According to the Florida Association of Realtors, single-family home sales in the Tampa area totaled 2,326 in April, up 11 percent from the 2,087 sales in April 2008.

The median sales price in April was $135,200, a drop of 23 percent from last year’s $176,000.

Orlando’s sales rose 38 percent year to year, nearly triple our sales increase, but in compensation prices fell 34 percent over the past year.

Perhaps I’m overreacting, but April’s report marked the fourth straight month in which Tampa Bay prices have pretty much stagnated.

January’s median price was $122,400. It kicked up a bit to $131,400 in February, rose to $135,800 in March and edged down to $135,200 in April.