Historic & Downtown St. Petersburg, Florida Real Estate

Office: 727.442.7000 | Cell: 727.851.6189

Archive for May, 2010

Published by David Price on 25 May 2010

Pinellas County – Know Your Evacuation Zone?

In order to know when to evacuate for hurricane surge flooding,
you must KNOW YOUR ZONE! Keep in mind,
you evacuate to avoid deadly surge flooding.

There are many ways to learn your zone.
Evacuation Lookup includes update features! Pinellas County’s Evacuation Level Lookup has a new feature for you. Enter your address and you will be provided not only information on your evacuation level, but also the closest shelter, the closest special needs shelter and the closest hotel accommodations.

Call the Pinellas County Interactive Hurricane Evacuation Inquiry Line at (727) 453-3150 begin_of_the_skype_highlighting (727) 453-3150 and key in your home phone number without the area code to hear your home’s evacuation zone.
Call Pinellas County Emergency Management at (727) 464-3800 (727) 464-3800 for help looking up your home’s evacuation level. Regular business hours are from 7:30 a.m. until 4:30 p.m. Monday through Friday.
Your evacuation zone is printed on your Pinellas County Utility bills and the Truth in Millage (TRIM) Notices sent by the Property Appraiser.
To learn more, go the the Evacuation Level FAQ page

Remember, all residents living in mobile homes/manufactured homes must evacuate, even if their homes are located in a non-evacuation area.

Should I Stay or Should I Go?

When it comes to evacuating there are many decisions to make. One of those choices is whether to stay in Pinellas County or drive hundreds of miles to an out-of-town location.

Finding high ground in Pinellas County is possible. The green areas on the map to the right are high enough to not be impacted by surge flooding from any hurricane. Even for a Category 5, a structure in these areas that is hardened to withstand high winds can provide safe shelter.

Evacuating tens of miles to shelter within the county has its advantages. You can avoid traffic jams and the uncertainty that comes with hitting the crowded highways as other counties evacuate along with Pinellas. You can avoid going elsewhere in the state only to find that the storm has shifted and now you are in harm’s way. And, you will avoid the crowds when it comes time to head home.

  • Share/Bookmark

Published by David Price on 25 May 2010

Florida’s existing home, condo sales rise in April

May 24, 2010 – Sales of existing homes in Florida rose 27 percent in April, which means that sales activity has increased in the year-to-year comparison for 20 months, according to the latest housing data released by Florida Realtors®. Another positive sign: Last month’s statewide existing-home median price of $140,100 was 1 percent higher than the statewide median price in April 2009.

Existing home sales rose 27 percent last month with a total of 16,781 homes sold statewide compared to 13,244 homes sold in April 2009, according to Florida Realtors. Statewide existing home sales last month increased nearly 3 percent over statewide sales activity in March. Meanwhile, April’s statewide existing-home median price was 2.3 percent higher than March’s statewide existing-home median price of $137,000. It marks the second month in a row that the statewide existing-home median price has increased over the previous month’s median.

“Buyers responding to the federal homebuyer tax credit before it expired helped to boost home sales across Florida,” said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. “And buying conditions remain favorable, with a variety of housing options available in local markets at attractive and affordable prices. Plus, current mortgage interest rates are at historically low levels, which gives buyers more ‘bang’ for their buck.”

Florida Realtors also reported a 55 percent increase in statewide sales of existing condos in April compared to the previous year’s sales figure; statewide existing condo sales last month rose 2 percent over the total units sold in March. Though April’s statewide existing-condo median price of $103,600 was down 3 percent compared to the year-ago figure, it was 6.9 percent higher than March’s statewide existing-condo median price.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in April while all but one MSA had higher condo sales. A majority of the state’s MSAs have reported increased sales for 22 consecutive months.

Florida’s median sales price for existing homes last month was $140,100; a year ago, it was $138,100 for a 1 percent gain. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in March 2010 was $170,700, up 0.6 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $301,790in March; in Massachusetts, it was $280,000; in Maryland, it was $235,785; and in New York, it was $209,900.

According to NAR’s latest outlook, two trends are influencing a broader stabilization of home prices in housing markets across the nation: months of increased sales activity and lower levels of inventory. “Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” said NAR Chief Economist Lawrence Yun. “With home values stabilizing, a revival in homebuying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears.”

In Florida’s year-to-year comparison for condos, 7,291 units sold statewide last month compared to 4,703 units in April 2009 for an increase of 55 percent. The statewide existing condo median sales price last month was $103,600; in April 2009 it was $107,200 for a 3 percent decrease. The national median existing condo price was $170,600 in March, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.10 percent in April, up from the average rate of 4.81 percent during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s smaller markets, the Panama City MSA reported a total of 128 homes sold in April compared to 108 homes a year earlier for a 19 percent increase. The market’s existing home median sales price last month was $160,000; a year earlier it was $156,800 for an increase of 2 percent. A total of 65 condos sold in the MSA in April compared to 53 units sold the same month a year earlier for an increase of 23 percent. The existing condo median price last month was $187,100; a year earlier, it was $172,900 for an 8 percent gain.

© 2010 Florida Realtors®

  • Share/Bookmark

Published by David Price on 11 May 2010

Florida’s existing home, condo sales up in 1Q 2010

Salesof existing single-family homes in Florida rose 24 percent in first quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 38,846 existing homes sold statewide in 1Q 2010; during the same period the year before, a total of 31,410 existing homes sold. It marks the seventh consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the first quarter rose 67 percent compared to the same time the previous year. This marks the sixth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

“The first quarter data release from the Florida Realtors paints a picture of a housing market continuing down the long road to recovery,” said Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “Transactions in the single family market have extended quarterly year-over-year gains for nearly two years, and condo sales have also risen sharply. Median prices in most areas of the state continue to fall; however, the rate at which they are falling has diminished significantly and this is indicative of a bottom approaching.

“How long prices stay at the bottom and when price appreciation will reappear will depend in a large part on the improving fundamentals in the economy and credit markets.”

The University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends also notes positive signs of recovery in the state’s real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

“Results indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types,” said Timothy Becker, the center’s director. Private capital – both foreign and domestic – continues to enter the state in search of quality investment deals, he added.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in 1Q 2010 compared to the same three-month-period a year earlier, while all of the MSAs showed gains in condo sales.

The statewide existing-home median sales price was $133,800 in 1Q 2010; a year earlier, it was $140,900 for a decrease of 5 percent. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

Inthe year-to-year quarterly comparison for condo sales, 16,897 units sold statewide for the quarter compared to 10,131 in 1Q 2009 for a 67 percent increase. The statewide existing-condo median sales price was $95,800 for the three-month period; in 1Q 2009, it was $110,000 for a decrease of 13 percent.

Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5 percent in 1Q 2010; one year earlier, it averaged 5.06 percent.

  • Share/Bookmark

Published by David Price on 01 May 2010

Pinellas County Real Estate Update:

If you have been waiting for a clear signal that the real estate market is recovering than look no further, home sales were up +9% in the West and +7% in the south. In most major markets including Tampa Bay we have see a large jump in home sales in the 1st qtr of 2010 over the 1st qtr of 2009

Builders are also starting to feel inventory move and new housing starts were up 1.6% for March 2010. This references the number of permits pulled to build new homes. These homes will be available in 6 months.

Consumer confidence was up by 6 point over just last month, inventory levels are down to the point where we have a 6 month supply of single family homes in Pinellas County, we have not see this level of inventory since 2006. This is just where we need to be, not a buyers market not a sellers market. From this point we should start to see more communities/neighborhoods showing price increases. However, there are still a huge number of foreclosure and short sale listings on the market which could slow this down.

Banks are getting faster at approving short sales so don’t shy away from them.

Wan to know what your home is worth today? Call us!

  • Share/Bookmark