There were 11,823 homes for sale in Pinellas County as of June, a 7.35% decrease from last year.   Meanwhile, the Pinellas MLS reports that single family residential sales were up 7.5% since June of ‘09 and condo sales remained at the same level.   So yes, despite what you hear on the news, homes are still readily selling.   And 51.08% of June sales were CASH transactions (hint hint to you ’regular’ home buyers – investors are out in full force!).  

What’s happening with pricing?  The Pinellas MLS reports that the median price for single family homes dropped slightly—1.2% while condo sales experienced a 17% drop year over year.   The average sales price for single family homes and condos combined only dropped 3.1%.   This is corroborated with S&P’s July 27, 2010 Case-Shiller Home Price Index for Tampa (single family homes and condos combined) which reports a 1.5% drop year over year. 

Meanwhile, our friends at Trulia (yes, I’m being facetious) are reporting a 17.3% drop for Tampa Bay and our other favorite friends Zillow are reporting a 6.5% drop for Pinellas County.  Lesson learned?  Friends shouldn’t let friends do Zesstimates!

Head spinning?   You’re not alone.  Trust us, the Pinellas MLS stats are the best source of data.  

Are you concerned about what the numbers will tell us next month?  Hit the ‘Submit Your E-mail’ button below and you won’t miss our next update on Pinellas County Home Values.

Interest rates are now at their lowest level ever according to the latest Freddie Mac survey released on 6/24.   And on Friday the Florida Association of Realtors reported the same with interesting added predictors.  Only 5% of experts predict rates will go lower and a whopping 40% think they will go HIGHER in the short term.    Rates now for a 30 year fixed are 4.57%, the lowest level since Freddie Mac began keeping records in 1971! 

This is great news for those considering refinancing and for families looking at buying or selling a home.  The reasons are obvious.  Lowering your interest rate just 1% on a $200,000 loan will save you an estimated $125 each month.  

Our thoughts on all of this?  While, yes, a home is an investment just like buying stocks and bonds and now is a sound time to invest with the lowest prices in decades, a home is also a place to raise your kids, garden, sleep, well … live.   If you have savings, a steady income and can afford a home, what in the world are you waiting for?!!  The silver platter is there .. waiting.  ~ Matt

Some of our favorite Ozona Florida things…

• Ozona is eclectic waterfront community with an ‘Old Florida’ feel.  There’s nothing pretentious about it though homes can get quite pricey.
• It is a rare golf-cart friendly community.  Parents drive their kids to school in golf carts!
• The fact that Ozona is not really a city – a somewhat secret part of unincorporated Palm Harbor. This is great for our home buyers who want to avoid living in a covenant controlled subdivision.
• The annual Ozona Christmas golf cart parade – funkadelic!
• Ozona Blue Restaurant – the only restaurant we know of in north Pinellas with a pool, the gulf, great food, drinks AND live music!
• ‘Downtown Ozona’ is only a block long and we love the long-time staple Chocolate Studios now expanded into Ozona Pizza.
• Molly Goodheads – fab grouper sandwiches and cold beers and a really fun ‘yesteryear’ setting.  A favorite biker (the Harley kind) hangout.
• Ozona Elementary School – home of the ‘Ozona Ospreys – the best loved school by parents all around Pinellas. It has a reputation that people out of state looking to move here even seem to find out about.
• The Osprey nests on top of light poles around town. Seeing Osprey flying over head all the time coming in from the gulf with fish in mouths headed back to the light poles.
• The abundance of funky, cute marinas – our personal favorite just for the sheer cuteness of it is The Spreckled Trout

Click the link if you would like to learn even more about the Waterfront community of Ozona FL!

1. They always want “a great deal”.   Translated:  Value.
2. Value.
3. Value.
4. Everyone’s downsizing.  It’s the new chic.  If you have a house with extra square footage to romp in – buyers see it as a minus.  Gone are the days when extra room was a good thing.   Now it’s an extra added expense in utility bills and upkeep. 
5. Value.
6. Updated kitchens and bathrooms.  If they ALL don’t have modern fresh cabinets, counters and flooring – then our price better reflect that.  It’s the SINGLE difference – aside from price – that gets buyers to write an offer.  
7. Value.
8. Our palatial mansion is going to be up against the small shack next door.  In many ways, the shack next door is more appealing, if it’s clean, well-staged and offers the same basic features.
9. Value.
10. Did I mention that it’s all about value?  In a buyer’s eyes – value is price versus what they get out of a home.   They want home to feel good.  Are there just enough bedrooms for little Johnny, Jack and Jill?  Maybe Johnny and Jack can share a room.  Terrific!  Is the back yard big enough for a game of catch?   Maybe it does’t need to be big enough for that swingset -because the park is only 2 blocks away and who needs one anyway?  In challenging economic times why over-extend?    

Gone are the days of bigger, better and bragging.  ‘Rightsizing’ is in.  Right pricing is critical.  And here’s more of the ugly truth – even if our home for sale has all of those things – and is being marketed with the most aggressive plan out there – if we aren’t getting 7 to 10 showings per WEEK or offers - we aren’t at the right price.

Buyers – what say you?  Is there anything we missed here?  Help our sellers out by sharing what it is that’s important to you!

Top 4 Dangers in Buying Foreclosure Homes for Sale In Pinellas County

1. We might not close.  There’s a new dangerous and unscrupulous trend now where banks aren’t getting clear title (from outstanding liens and deed-in-lieu sign offs from Sellers) before listing Pinellas County homes for sale.  We’ve experienced and also heard about this first-hand from several insiders at several well-known banks and closing attorneys that represent these banks.  In other words, they are sometimes offering properties for sale that have no business being on the market!
2. We might not close on time.  Same explanation as above.  We recently represented a wonderful buyer who HAD to be in her new home by a certain date – and the closing was delayed over THREE weeks.  Trust me, the pain she went through due to the delay – not to mention the stress of not knowing IF we would even close - was unbelievable.   I can’t stress enough why it’s so important to have Pinellas Realtors that will go the extra mile for you.  In this case, it took contacting the CEO at a massive firm – and everybody else there – about 10 times a day – every day - to finally get it done.
3. You’ll ALWAYS have to pay extra fees that are paid for on ‘regular’ and short sale properties.  These include normally paid for by seller title insurance, state doc stamps (taxes) and other title fees.   This is a significant extra expense that can be easily made light of by your buyer’s agent and certainly the selling institution.  Make sure you get an estimate of these costs prior to signing any contract.
4. Almost ZERO contract protection.  The standard FARBAR and FAR contracts have ample protections for buyers regarding inspections, property defects, disclosures, clear title, etc.   However, bank REO contracts can not be altered in ANY way.  We have to take what they dish out – and trust us, they are all in the bank’s favor.  

Absolutely, there are great buys to be had buying foreclosure homes for sale in Pinellas County, yet let the buyer beware.  If you have questions about the process, these Pinellas Realtors would be glad to chat with you.   Feel free to contact us with questions. 

By the way, the truth is that a ‘regular’ sale home can often be a better buy than a foreclosure or a short sale – it just all depends!!   We see it all the time and feel free to ask us why.  We’re here to help.

This immaculate Palm Harbor Home for Sale is newly remodeled 3BR 3BA has 70′ of protected deep waterfront(4′ at low tide)and is just 30 seconds from the Gulf of Mexico. This delight of a home with fantastic curb appeal is truly move-in ready. First, there’s a new master retreat and bath which features include vaulted ceilings, beautiful tile, his and her sinks w/ granite counters and a soaking tub with a luxurious separate shower. Pretty kitchen with two breakfast bars overlooks the family room. The remodeled family room features 15′ high ceilings with double French doors opening to your exquisite outdoor Florida paradise. Newer (2003) pool surrounded by gorgeous pavers. Just beyond are two (2!) boat lifts for a quick and easy trips out to the Gulf. Upgrades include new 2008 roof, two zone AC, 200 AMP electrical service and hurricane rated garage door. Separate laundry room, too. This home has been meticulously maintained inside and out. Innisbrook PGA Golf, The Pinellas Trail, area parks and white sandy beaches are just minutes away.

Call 727.366.0324 for additional information on this home.

Sand Picture Taken by Accident Somewhere in Florida That Has Absolutely Nothing to Do with this Post!

I just enjoyed a Business Week article by Prashant Gopal.  In it, she (or help me Peach readers is that a “he” name?! – I digress – sorry…) Anyway, SHE OR HE quotes that  Richard C. Davis of the TV show Flip This House as saying

“Everybody made money on the way up.  Then the market turned.  Amateur hour is over.”

It reminded me to remind you that now is when the experienced, serious investors are buying up the homes for sale in Pinellas County.  Because it’s a great time to buy!

Feel free to start your Pinellas MLS search with Realtor access.  Or give us a call at 727-366-0325 and we’ll do it for you!

Most challenging is that while there are over 6,358 single family homes listed in the MLS with about 2,500 or so under $250,000.  The reality is that of these, about 80% are on the market and only 20% are actually in the market.  The 80% are either in disrepair, overpriced, or both. 

That leaves us with about 500 affordable homes in all of Pinellas, Pasco and portions of Hillsborough Counties.  Using rough numbers, after we wipe out about 40% of those which are short sales or bank owned, we’ve got all of the first time home buyers clamoring for only about 300 homes!  There was even a story last week on Fox News 13 about how many lenders are going to cut off applications starting tomorrow!

Unless Congress extends the credit, the party’s just about over.   

On 9/11/01, I was on a 6:00 AM United Airlines flight from Oakland, California to Denver, Colorado, for a shareholder’s meeting for the Real Estate Investment Trust that I worked for at the time, when the pilot announced that there were 3 simultaneous hijackings taking place, and that one of the World Trade Centers had been “blown up”, but had no further details. 

It was a surreal and scary moment - I tried to tune into the pilot’s station with those cheap head phones they give you.  Instead, I got Pink Floyd’s “Wish You Were Here”.  I hadn’t even had my coffee.   

My boss, Anne, and I, ended up hitch hiking back from Las Vegas, where we did an emergency landing with two very unusual characters.  A business man and a hippie.  We traveled through Yosemite, where my husband, Matt, and I, had been camping, hiking and fishing just the month before.  A day I’ll never forget.  It’s a small, inconsequential story for most, yet I have to share that I’m grateful for it, and those that gave their lives that day, to save others. 

We got home 9 hours later, and saw the pictures, and heard the news (they weren’t announcing on the radio about the plane crashes).  Horrific.   As it was for all of us.  

What do I miss from that time?  The unity that the country experienced after the attacks on the world trace center.

The Upside of 9-11 for us?  It was that day, a pivotal moment in our lives, that we decided to live differently.  We gave up the big salary commercial real estate develpment/aquisition/construction jobs that had us traveling the US like maniacs.  We took time off, did hot Bikram yoga, went to Paris, Monaco, Lago Migorre in Italy (we were the only guests on a quaint island with about 100 cats), and about a half dozen other memorable places.   Then, we had our son.  We moved to Palm Harbor Florida and made the commitment to work for ourselves again, as Pinellas Realtors with Keller Williams Realty Clearwater Florida, that love this country, and love helping people.  The upside of tragedy is that it can be much needed kick in the rear. 

Have we forgotten?  I hope not.

What are your stories?  Thoughts?  What have you done, or what would you like to do, differently?   Subscribe to The Pinellas Peach.  Share.  We’d love to hear your story.