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Real Estate Trends in Pinellas County

by Doug & Gwen Campbell at Sun Bay Associates

If you are looking for a bargain in real estate, and think that chasing after foreclosures is the answer, take a look at these numbers and then consider if this is your best strategy.

In April 2014, there were 720 active foreclosure listings in Pinellas County.  The previous month there were 764.  In April, 299 foreclosures were sold, in March 323 sold.  The arithmetic says that if there are 720 available foreclosure, 299 sold, then the absorption rate is 41.5%.  The absorption rate means that there is only a 2.4 months inventory of foreclosed property.  The competition for foreclosed property is pretty aggressive.

According to statistics from the Pinellas Realtor Organization, foreclosures are selling at 97% of the list price and are going under contract in an average of 71 days.

So you might think that shifting to short sales is a better strategy.  In April, there were 438 short sales listed and in March there were 448.  In April 113 short sales sold, in March 83 sold.  The absorption rate for short sales is 438 active listings with 113 sales, thus a 25.8% absorption rate.  This works out to an inventory of 3.9 months for short sales in our market.  And, short sales are selling for 98% of the list price.

So far, I'm not sure I am seeing the proverbial "deal" in these distressed properties.

Let's take a quick look at non-distressed, or "traditional" sales.  In April, there were 5,798 properties for sale, March has 5,904.  In April, 1,367 sold vs. March when 1225 sold.  Now we have an absorption rate of 5798 active listings and 1367 sold for an absorption rate of 23.6%.  Meaning that there is a 4.2 months inventory of homes for sale in Pinellas County, and they are selling at an average of 95% of list price.

Of the three groups of property, short sales are going for 98% of list price, foreclosures for 97% of list price, and traditional (non-distressed)properties are selling for 95% of list price.

Part of your strategy should be to consider the cost of repairs, especially for a foreclosure property -   things like a new roof, plumbing repairs, possible mold remediation, etc.  The short sales have somewhat different issues, most notably the length of time from contract to closing, with the uncertainty of the final purchase price.  This uncertainty is caused by increasing real estate prices, which makes the bank often ask for thousands of dollars more after the house has been under contract for months at a lower than "market" value.  The buyer then has to determine if the short sale is worth the additional and unexpected cost, or should he simply move on.

Finally, with a traditional transaction, the price is agreed to, the loan is made and the deal can close in 30-45 days with often no significant repairs.  

So, in the current market for Pinellas County real estate, which transaction presents the best value for the time and money invested in a property?  You tell me.

Short Sales Are Affected by the Debt Relief Act

by Doug & Gwen Campbell at Sun Bay Associates

Short sales are affected by the Debt Relief Act, and that act has expired.  As of Dec. 31, 2013, the Mortgage Debt Relief Act expired and here is what that means.  If you, and this is a generic you, owed $300,000 on your house but could only get a market value of $200,000 when you sold it, and you are in a 30% tax bracket, you now are looking at having the $100,000 shortfall considered income.   This means that you are now on the hook for a $30,000 tax bill.  That is money due the IRS, and we all know the IRS does not fool around when it comes to collecting money owed.

Your congressman can get things started and re-enact the Mortgage Debt Relief Act so that you do not get hit with a tax bill of $30,000 or whatever you could be responsible for when your house is sold at short sale.  Say you "only" are forgiven $25,000 on a mortgage.  That still translates to a tax liability of $7,500 if you are in that 30% bracket.  Sounds like a tax increase to me.

Contact your congressman or congresswoman and tell them that it is time to extend the Mortgage Debt Relief Act so that we can get the housing market back on its feet, get the homeowners out from under crushing debt - or tax liability, and get our economy moving.  There are many homeowners who owe more than their houses are worth in today's market and they are not selling yet.  In Florida, where we are just about at the top of the foreclosure rate, short sales are still better than a foreclosure.  Couple this with the uncertainty of flood insurance, which is a topic for another blog, Congress can do something to help the real estate market moving forward.

Short Sale - A Happy Real Estate Story

by Doug & Gwen Campbell at Sun Bay Associates

Here is something you seldom see, a Realtor singing the praises of a bank with a short sale in the story line.  On May 26, 2013 we listed a condo, as a short sale, with two mortgages.  The two mortgages on the condo were both with Chase Bank.

Today, August 21, 2013, the short sale was completed.  Chase Bank is wonderful to work with!

Our seller is happy, our buyer is happy, and the Realtors who dealt with Chase Bank are happy.

Thank you Chase Bank.  A closed short sale in less than 90 days.  Woo Hoo!!

Now that the good news is out, here is the kicker.  Not every story has a happy ending.  The Mortgage Debt Relief Act will expire at midnight on December 31, 2013.  Congress has no intention of extending it.  If you are in the position of having, or wanting, to sell your home and it is worth less today than your mortgage balance, you might be in a short sale situation.  You still have time to list your house and get it sold and NOT have the forgiven balance count as income.  After January 1, 2014, the forgiven amount of a "short mortgage" may be counted as income.  Thus, someone who sells their home for, for example, $100,000 and the mortgage balance is $150,000, the amount the bank forgives, $50,000 could count as ordinary income.  What this could mean is that someone who earns $75,000 a year, and has a short sale after January 1, 2014, could have the $50,000 added to their taxable income.  If you're in a potential short sale situation, act now.

A short sale does not have to be a big scary monster.  Talk to us and we can provide you with expert information, including finding an attorney who specializes in distressed property if that is necessary.

To learn more about what this might mean to you, contact us at Sun Bay Associates.  If you are not sure of the current market value of your home, click on our home valuation link and get an estimate of your current market value.

Cypress Run, Tarpon Springs - a 30 Day Real Estate Update

by Doug & Gwen Campbell at Sun Bay Associates

Today's real estate sales update is for Cypress Run, Tarpon Springs.  For this 30 day reporting period, there was one house sold in Cypress Run.

2909 Saint Andrews Blvd., Tarpon Springs, listed for $384,900 and sold for $352,000 after only 42 days on market.  This is a house with over 3,600 square feet of living space, a wood burning fireplace and incredible view of the Cypress Run golf course.  This was not a distressed property!

There are currently 7 other homes for sale in Cypress Run, a golf course community in Tarpon Springs.  Near to the Gulf of Mexico and its beautiful beaches, Howard Park, the fascinating Sponge Docks of Tarpon Springs and much, much more.

Of course you are welcome to create your own unique real estate sales activity search.  Simply visit our castle to go to Sun Bay Associates FREE home search site and design you personal real estate search.

The list prices of the homes for sale range from $370,000 to $799,900 and the days on market range from 82 to 536.  The average list price is just over $580,000 and the average days on market is 250. 

There are two distressed property listings in Cypress Run.  One is a 3,700+ square foot pool home with a one car garage that has 82 days on market.  The other distressed property is over 4,100 square feet, wiht a pool and 4 car garage.  Both of these beautiful houses are short sales.

A distressed property can offer an opportunity to get into a neighborhood that is priced higher than might ordinarily be affordable.  As a rule, distressed property that is in a short sale condition, sells for about 13% below market value.  There are even greated discounts available with bank owned, or REO, property.  These can sell for as much as 40% below market value.

For information on distressed property, click on the CDPE logo to get free reports on short sale, foreclosure, deed in lieu of foreclosure and more.

The real estate market may even be showing signs that it has stabilized, although it is not about to make a bull run recovery.  Companies are hiring again, and that is good news for real estate sales since people who have income can actually afford homes.

Happy House Hunting.

 

Pointe Alexis, Tarpon Springs - a 30 Day Real Estate Update

by Doug & Gwen Campbell at Sun Bay Associates

Today's 30 day real estate update is for Pointe Alexis South, Tarpon Springs.  Pointe Alexis is a community with a blend of single family homes and villas.  There is a heated community and spa, tennis courts, large clubhouse and a fitness center.  The beautiful beaches of Pinellas County are nearby, especially Howard Park with its sandy beach, grills, and stunning views of the Gulf of Mexico.

For the latest 30 day period, there are 8 houses being actively listed for sale, with one new listing in the last 30 days.  The prices range from $125,000 to $300,000 and the days on market range from 6 to 367.  The average price for the listed homes is $210,338 and the average days on market is 168.

Of these 8 houses, three are distressed property, short sales.   One, the least expensive is a single family home for $125,000 and it is an estate sale.  It has 56 days on market and is not a distressed property.

There are currently 5 homes under contract.  Of these 5, three are distressed property, two short sales and one is bank owned.  The bank owned house is a single family home, 1,462 square feet with a 2 car garage, is listed for $92,90 and has 132 days on market.

One house has sold in the last 30 days in Pointe Alexis, Tarpon Springs.  It is at;

988 Spinnaker Ct., Tarpon Springs, was listed for $149,995 and sold for $141,000 after 125 days on market.  It has 1,462 square feet, 3 bedrooms and 2 baths with a 2 car garage.

For information on a specific neighborhood, visit Sun Bay Associates' Market Snapshot and get real time real estate sales info for that area.

Should you want more general info on real estate sales activity in the greater Tampa Bay area, click on the dolphins and design your own unique real estate sales search for Tampa Bay homes.

For information on distressed property, including short sales and bank owned property, and the differences between doing a short sale or going to foreclosure, visit Sun Bay Associates' distressed property site for free reports.

Happy House Hunting!!

Indian Trails, Palm Harbor - 30 Day Real Estate Update

by Doug & Gwen Campbell at Sun Bay Associates

Here is the January 30 day real estate sales update for Indian Trails, Palm Harbor.  This is a terrific neighborhood in Palm Harbor, just off the Pinellas Trail, and has streets lined with big live oaks.  At Christmastime, Indian Trails has some of the finest holiday lights on the homes in all of Pinellas County and people come from miles around to cruise through this beautiful community to look at the festive decorations.

In the past 30 days, here is the real estate sales activity in Indian Trails.

One new listing, at 1401 Indian Trail South, listed at $216,000 and only 6 days on market.  This is a large house with 2404 square feet and a pool.  This is a distressed property, bank owned house.

Another listing in Indian Trails is 1300 Indian Trail South, listed for $244,900.  This is a distressed property, short sale.

Three houses are under contract in Indian Trails.

1429 Rolling Ridge Rd., listed for $240,500 with 129 days on market.  This is a home with 2,599 square feet, a pool and a 2 car garage.  This is a distressed property, short sale.

2437 Seneca Ct., listed for $189,900 and under contract after only 42 days on market.  This is a 2,279 square foot home wiht pool and 2 car garage.  This is a distressed property, bank owned house.

1392 Indian Trail North, listed for $227,000 and under contract after only 5 days on market.  This is a 3,136 square foot home, with a 2 car garage.  This is a distressed property, short sale.

For professional assistance to purchase a home in Indian Trails, please contact us, or a Certified Distressed Property Expert (CDPE) to ensure that you can navigate the complex process of securing a distressed property.

All the above houses are distressed property.  To learn more about distressed property, both for investment purposes or to get a home at below market price, visit Sun Bay Associates' distressed property site and get free reports on short sales and foreclosures and the differences between them.

For those who would like to learn more about the real estate sales in a specific neighborhood, visit Sun Bay Associates' Market Snapshot and get real time information on real estate sales in whatever specific neighborhood you care to research.

If you prefer to create your own real estate search for the greater Tampa Bay area, visit Sun Bay Associates' FREE home search and get real time information on real estate sale through the Tampa Bay area.

Baywood Village, Palm Harbor - 30 Day Real Estate Update

by Doug & Gwen Campbell at Sun Bay Associates

Today's 30 day real estate update, the first of the new year, is for Baywood Village, Palm Harbor.  This charming waterfront community, on the Gulf of Mexico, is a mix of gulf front and canal waterfront homes, has a great location close to downtown Old Palm Harbor, is very near to the Pinellas Trail, and just may be the best kept secret of a waterfront community in Pinellas County.

In the last 30 days, there were 14 properties listed for sale in Baywod Village, Palm Harbor.  Nine of these are waterfront homes.  The list prices range from $107,900 to $935,000 and the days on market range from 103 to 736.  Of these 14 properties, 3 are distressed property, two short sales and one bank owned property.

There are 4 houses under contract in Baywood Village.  Of these, 3 are distressed property, two short sales and one bank owned property.

357 Westwinds Dr., listed for $124,000 with 80 days on market is a distressed property, short sale.

225 Westwinds Dr., listed for $125,000 is a distressed property, short sale, with only 1 day on market.

332 Westwinds Dr., listed for $159,500 with 19 days on market is a distressed property, bank owned.  This is a waterfront home.

335 Crosswinds Dr., listed for $360,000 with only 32 days on market is a waterfront home and is NOT a distressed property.  This is a 2347 square foot home with a 2 car garage.

The days on market is a very strong indicator of how well priced a home is.  When a home is for sale for over 100 days and has no offers, it is very likely priced too high for the current market conditions.  One should take note that of the four homes under contract, the days on market are 1, 19, 32 and 80.  This indicates that the market readily accepted the list pricing of these homes. 

The average days on market of the homes that are still for sale, and NOT selling, is 261.  This is a very strong indication that the market is not accepting the list price of these homes.  Each of the homes listed for sale in this last 30 day period in Baywood Village has more than 100 days on market, indicating that the market is not accepting the pricing of these homes.

Four houses listed in Baywood Village expired in the LMS in the last 30 days.  The days on market for these were 182, 211, 291 and 692.

For information on any listing in Baywood Village, Palm Harbor, simply contact us at 727-939-1515.

If you would like to perform a real estate search in a specific neighborhood, visit Sun Bay Associates' Market Snapshot for real time real estate information in that neighborhood.

If your preference is to create your own unique real estate search in the greater Tampa Bay area, visit Sun Bay Associates' FREE real estate search site and design whatever real estate search you want that fits your needs.

To learn more about distressed property, and short sales or foreclosures in particular, visit our distressed property website for free reports and other information.

Happy New Year!!

Wentworth Estates, Tarpon Springs a 30 Day Update

by Doug & Gwen Campbell at Sun Bay Associates

WOW!!  Luxury living at Wentworth Estates in Tarpon Springs.  This is a golf course community with absolute luxury homes and in the current market the prices are as good as they will be for years.

This 30 day update shows that there are 13 properties listed for sale.  Of these, 5 are distressed property, one is bank owned and 4 are short sales.

Of the 13 active listings, the average list price is $916,669 with an average of 170 days on market.  The average list price per square foot is $172 in this luxury golf course community.

In the last 30 days, two homes appeared on the for sale list.  For information on these, or any of the homes for sale in Wentworth Estates, contact us.

3021 Kensington Trace, Wentworth Estates in Tarpon Springs.  This is a stunning 4900 square foot home that is a distressed property, bank owned.  It has only 27 days on market.  It is listed for $559,900.

2985 Kensington Trace, Tarpon Springs, is listed for $1,095,000 and has 28 days on market.  This is NOT a distressed property, has 6 bedrooms and a 4 car garage.

There are 2 of the luxury homes of Wentworth Estates currently under contract.

2846 Roehampton Close is listed for $489,000 and was listed for 507 days on market.  This luxury home is a distressed property, short sale.  It has 3,761 square feet, 5 bedrooms and a pool, among many other incredible appointments.

3020 Kensington Trace is listed for $675,000 and was listed for 144 days on market.  This luxury home has 6,565 square feet, 5 bedrooms, 4 full and 2 half baths with much more.

For the homes that are under contract, the average list price was $582,000 and the average days on market was 325, although this could be skewed due to the fact that both are short sales.

There were no reported MLS sales in the last 30 days.

If you would like to learn more about distressed property, short sales or foreclosures, visit Sun Bay Associates' distressed property site for free information. 

For specific information on your or any individual neighborhood, visit Sun Bay Associates' Market Snapshot for real time information on current listings, sales and prices.

If you would like to create a broad search for real estate in the Tampa Bay area, visit Sun Bay Associates' FREE home search for real time data on sales, listings and pricing in the greater Tampa Bay area.

Happy House Hunting!!

River Watch, Tarpon Springs - a 30 Day Update

by Doug & Gwen Campbell at Sun Bay Associates

Today's 30 day real estate update is for River Watch, Tarpon Springs.  This is a waterfront community on the banks of the Anclote River in Tarpon Springs.  The community has a boat launch and dock for Gulf access.  The community also has a very well kept park and playground, making it a great neighborhood to relax in after a hard day at work.

Currently, there are 6 homes listed for sale, ranging in price from $189,900 to $399,000.  The days on market range from 2 to 234.  The average list price in River Watch is $264,650 and the average days on market is 89.

Of these six homes for sale,3 are distressed property, short sales. 

In the last 30 days, one new listing came on the market:  1175 Blackrush Dr., listed for $260,000.

In the last 30 days, two homes sold in River Watch, Tarpon Springs.

1998 Anclote Vista, River Watch, listed for $265,000 and sold for $255,000 with only 17 days on market.  This is a 2,537 square foot home, with a pool and 3 car garage. 

1128 Riveredge Dr., River Watch, listed for $300,000 and sold for $289,000 with 462 days on market.  This was a short sale.  The house had 2,926 square feet, a pool and a 3 car garage.

This neighborhood has several distressesd property listings, and three active short sales.  The values are somewhat depressed with the presence of distressed property in River Watch and correct pricing is essential in today's real estate market.  After 90 days or so with no offers or contracts, the real estate market is telling the seller that the asking price is too high.  Being the highest price in the neighborhood is also not always a benefit when trying to sell your home.  Houses that are priced correctly will get viewings and offers quickly.  Houses that are priced too high will simply sit on the market and become stale listings that will get little or no activity.

In today's real estate market, it is far better to price your home competitively, get offers you can consider or reject instead of pricing your home too high to leave "room to negotiate".  A too high list price, in this real estate market, will have the opposite effect and instead of buyers coming to negotiate, they will simply go find another home or equal or similar value that is priced more competitively.  It is important to consider that in the Pinellas County real estate market, for every 100 homes listed for sale, only 8.3% actually sold in November.  This most likely means that about 80-90% were priced too high for this market.

If you would like to get real time information on your neighborhood, simply visit Sun Bay Associates's Market Snapshot.  For real estate activity in the greater Tampa Bay area, visit Sun Bay Associates' FREE home search and create your unique real estate search to get an accurate picture of the current real estate activity in the area. 

If you are more interested in getting information about distressed property including short sales and foreclosures, visit Sun Bay Associates' distressed property site.

Happy House Hunting!!

River Watch, Tarpon Springs - a 30 Day Update

by Doug & Gwen Campbell at Sun Bay Associates

Today's 30 day real estate update is for River Watch, Tarpon Springs.  This is a waterfront community on the banks of the Anclote River in Tarpon Springs.  The community has a boat launch and dock for Gulf access.  The community also has a very well kept park and playground, making it a great neighborhood to relax in after a hard day at work.

Currently, there are 6 homes listed for sale, ranging in price from $189,900 to $399,000.  The days on market range from 2 to 234.  The average list price in River Watch is $264,650 and the average days on market is 89.

Of these six homes for sale,3 are distressed property, short sales. 

In the last 30 days, one new listing came on the market:  1175 Blackrush Dr., listed for $260,000.

In the last 30 days, two homes sold in River Watch, Tarpon Springs.

1998 Anclote Vista, River Watch, listed for $265,000 and sold for $255,000 with only 17 days on market.  This is a 2,537 square foot home, with a pool and 3 car garage. 

1128 Riveredge Dr., River Watch, listed for $300,000 and sold for $289,000 with 462 days on market.  This was a short sale.  The house had 2,926 square feet, a pool and a 3 car garage.

This neighborhood has several distressesd property listings, and three active short sales.  The values are somewhat depressed with the presence of distressed property in River Watch and correct pricing is essential in today's real estate market.  After 90 days or so with no offers or contracts, the real estate market is telling the seller that the asking price is too high.  Being the highest price in the neighborhood is also not always a benefit when trying to sell your home.  Houses that are priced correctly will get viewings and offers quickly.  Houses that are priced too high will simply sit on the market and become stale listings that will get little or no activity.

In today's real estate market, it is far better to price your home competitively, get offers you can consider or reject instead of pricing your home too high to leave "room to negotiate".  A too high list price, in this real estate market, will have the opposite effect and instead of buyers coming to negotiate, they will simply go find another home or equal or similar value that is priced more competitively.  It is important to consider that in the Pinellas County real estate market, for every 100 homes listed for sale, only 8.3% actually sold in November.  This most likely means that about 80-90% were priced too high for this market.

If you would like to get real time information on your neighborhood, simply visit Sun Bay Associates's Market Snapshot.  For real estate activity in the greater Tampa Bay area, visit Sun Bay Associates' FREE home search and create your unique real estate search to get an accurate picture of the current real estate activity in the area. 

If you are more interested in getting information about distressed property including short sales and foreclosures, visit Sun Bay Associates' distressed property site.

Happy House Hunting!!

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Photo of Gwen and  Doug Campbell - The Campbell Team Real Estate
Gwen and Doug Campbell - The Campbell Team
at Keller Williams Realty
30522 US Hwy 19N, Suite 107 S
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908