Archive for July, 2008
Relief for Palm Harbor Home Owners and Buyers is Here. HR 3221 - Passed into Law Today
July 30th, 2008 categories: National Real Estate Updates, Stop Tampa Bay Foreclosure
We’ve got breaking news for Pinellas home owners. Today, as reported by Reuters and just a handful of others, President Bush signed into law HR 3221 - The Housing and Economic Recovery Act of 2008, and it’s got a little something for a huge number of Tampa Bay home owners, including refinancing options, help for seniors and veterans, and a huge break for first-time buyers of Pinellas real estate.
You’ve probably heard a lot of debate about this housing bailout bill because it’s partially designed to help troubled homeowners - and some people that aren’t having trouble making the payments on their Dunedin homes feel like this is an unfair handout. So, all judgement and debate aside, I am just going to stick to the facts.
What’s In it For Me? The Lowdown on HR 3221
Renegotiate My Mortgage: Some Palm Harbor home owners will be able to cancel their existing mortgages and get new fixed-rate 30-year loans! The loan would be no more than 90% of what their property is worth today. You’re eligible if you obtained your loan before January 1, 2008, if it’s for your primary residence, you are able to verify your income, and, as of March 1, 2008, your total monthly housing payment must be at least 31% of your total household income. By the way, if you need help determining what your home is worth today, give us a call at 727-366-0324 or contact us here and we’d be glad to assist.
A couple of caveats: 1) Just because you ‘qualify’ with the restrictions above, your lender doesn’t have to agree to renegotiate. Talking to a professional Realtor experienced in negotiating Pinellas foreclosures and short sales is a great first step. 2) You will have to pay a 1.5% annual fee on the balance when you pay your annual taxes and you’ll only be able to keep 50% of the equity at best when you sell. Nonetheless, this is the best option you probably have if you’re facing a Pinellas foreclosure.
I’m a would-be First Time Pinellas Homebuyer: You’re eligible for up to a $7,500 tax credit! Hallelujah, there is such a thing as FREE money! Contact us for details or check out the scoop by Ron Lieber of the NY times. Although the story was posted before the bill passed - it covers all of the bases.
I’m a Veteran and/or a Senior: Lenders will have to wait 9 months instead of 3 to begin foreclosure proceedings on returning veterans from active duty, and seniors seeking Read the rest of this entry »
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Sandpearl Residences on Clearwater Beach: Where Donald Trump Would Stay in Pinellas County
July 21st, 2008 categories: Clearwater Beach Condos, Pinellas Luxury Homes
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Donald Trump won a small victory today in his lawsuit against the Developers of Trump Tower Tampa for the $1M still owed him for the failed development, and I bet he’s wishing he’d partnered up JMC Communities instead. JMC is the developer of the Sandpearl Resort & Residences on Clearwater Beach which knocked my socks off once again on a recent visit.
We took the photos in the slide-show above which features unit 505 designed by Robb & Stucky Interiors, Residence 801 by Beasley & Henley Interior Design and Residence 1008 by Marc Michaels Interior Design - all of which went under contract in less than a week. These units are part of the Phase II of this development and were in the $1M to $2M range. However, homes are available here anywhere from the low $500’s to the low $2M’s. Sizes range from 800 to 2,600 sq. ft.
The Sandpearl Residences has redefined luxury not only for the Clearwater Beach condo market - but frankly for all Pinellas County beach condos. This is the only community on the Gulf Coast that offers full concierge service including housekeeping, room service, auto detailing and even a personal chef. It’s adjacent to the 5-Star rated Sandpearl Resort, Beach Club, full-service spa and elegant dining.
The views of Clearwater Beach and the bay behind including Island Estates are stunning. I’ll try to keep myself from gushing further, yet let it suffice to say that if you’d like more information on these extraordinary homes, or would like to search any of the other fine Clearwater Beach condos available, contact us at 727-366-0324 and prepare to be dazzled.
With developments such as these it’s particularly important to have an experienced buyer’s agent representing your best interests.
For you locals who haven’t checked the place out yet and simply want to dream a little - you can’t go wrong with a cocktail or two at Tate’s Grill overlooking the pool and Clearwater beach, or better yet, dinner at Caretta on the Gulf featuring a ceviche and raw bar - both part of the Sandpearl Resort. Here’s the dinner menu at Caretta’s to get you going.
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Great News: After a Pinellas Short Sale You’ll be Able To Buy a New Home in Only 2 Years. Don’t Let the Bank Foreclose!
July 5th, 2008 categories: Stop Tampa Bay Foreclosure
As Pinellas Short Sale experts, we are regularly flooded with inquiries from people wanting to know why they should bother doing a short sale. Many have given up hope and seem resigned to the fact that it doesn’t matter a hill of beans if the bank forecloses on their Dunedin home.
We’ve been spreading the word that a foreclosure is much more damaging to your credit report than a short sale or even a Chapter 7 bankruptcy . If you are able to do a short sale and avoid BK altogether, then you’re in a fantastic position to get on with your life. Of course, one should always consult with an attorney and a CPA for advice specific to their situation.
That being said, Fannie Mae in their Announcement 8-16 last week came out with the proof in the pudding.
Effective August 1st, Pinellas homeowners will be able to qualify for new loans only 2 years after a short sale! The waiting period is 4 years after a discharge date on a Chapter 7 bankruptcy. On a foreclosure there’s a whopping 5 to 7 year waiting period, with the added mandate that the person must have a minimum of 10% down and will be permitted no cash-out refinancing.
If you or someone you know is having trouble making their Palm Harbor home payments, please urge them to contact Julia at 727-366-0324 or Matt at 727-366-0325 for a confidential assessment of their situation.
By the way, having a certified short sale company with specially qualified Pinellas real estate professionals managing your short sale is FREE - it costs the homeowner nothing.
There are other ramifications in this bill that will effect investors - more on that soon.
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Relocating to Palm Harbor, FL? Consider Ozona for ‘Old Florida Style’ Living
July 1st, 2008 categories: Ozona, FL Homes
Whether you’re relocating from Ann Arbor or your Palm Harbor East Lake home, and if you want a fantastic Pinellas home community with that ‘Old Florida Style’, then Ozona is a Palm Harbor treasure worth the dig.
It’s a tad confusing, but Ozona, FL and Crystal Beach, FL are actually both part of the unincorporated city of Palm Harbor, just South of Tarpon Springs and North of Dunedin and Clearwater Beach.
Ozona, FL and Crystal Beach, FL are seaside treasures. Here you can enjoy boating to Caladessi Island or Three Rooker Bar, and if you prefer an eclectic community over suburban development, and think you may also enjoy the thrills of riding to dinner in a golf-cart (and saving gas $$ and the earth at the same time), then this is may be the place you want to call home.
Suncoast Partners@ Keller Williams Realty, Palm Harbor put this virtual tour of ‘downtown’ Ozona together (all 2 blocks of it) earlier this year. Take the tour and also get a glipse of some of the Ozona, FL homes and the Spreckled Trout Marina. Or check out all of the Ozona marinas where you can launch your boat.
The real beauty of owning Ozona, FL real estate is being part of this seaside community who’s residents call Ozona home. Ozona, FL home prices are generally higher per sq. ft. than the rest of west Palm Harbor, and to click on the tour will only give you a small part of the reason why that’s the case. This eclectic community offers multi-million dollar waterfront homes next to funky seaside beach Read the rest of this entry »
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Top Story: Interest Rates Creep Up
July 1st, 2008 categories: Mortgage Updates
A recent survey and a rate increase could mean more competion for Pinellas homes.
Recent indication is that first time home buyers are getting tired of sitting on the sidelines. According to a recent online poll taken by the National Apartment Association, 17 percent of renters plan to make the jump to home ownership in the next year; 41 percent of the 2,041 respondents planned to be home owners within two years. Only 31 percent planned to still be paying rent five years from now.
Another factor that could very soon contribute to an increase in Pinellas home buying could be rising mortgage costs. Fixed-rate mortgage rates rose to 6.32 percent, the highest it has been since October. After months of aggressively dropping interest rates, many lenders are worried that the Fed will be forced to raise rates back up. As interest rates rise, so do mortgage rates. According to a press release on freddiemac.com, Frank Nothaft, Freddie Mac vice president and chief economist said that, “Mortgage rates jumped this week after a number of Federal Reserve officials, most notably Chairman [Ben] Bernanke and Vice Chair [Donald] Kohn, expressed concern over a threat of inflation.” We may very well be seeing the beginning of the end of the super-low mortgage and potential buyers may realize that with rising rates, now may be the time to jump in. Nothaft added, “Moreover, pending home sales for April unexpectedly rose by 6.3% and mortgage applications for home purchases … were also up last week.”
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