Just Listed - $2,499,900. This 3.78 acre parcel off Gulf Of Mexico Drive and Bay Isles Road lies just North of Longboat Key Club on beautiful Longboat Key. Initially zoned commercial, the property was rezoned to accomodate 12 residential units. Contact Steve Eckhardt, Broker, Cornerstone Properties & Investments, Inc. at (813) 765-1182 for more information.
2 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • March 07 2010 10:22PMFannie Mae, the country's largest mortgage financier, says it needs another $15.3 billion to tide over the current housing crisis. The company posted a loss of over $ 70 billion in 2009 compared to $ 58.8 billion losses in 2008. Fannie's losses were mainly on account of $11.9 billion in credit expenses, which included bad loans and costs incurred in maintaining foreclosed properties. The company also took a $5 billion write-down on low-income tax-credit investments. About 5.38% of Fannie's single-family loans were more than 90 days delinquent, up from 2.42% a year earlier. Total nonperforming loans of the company were $216.5 billion at year-end, compared with $119.2 billion in the prior year-end. Fannie has so far received over $ 60 billion in bailout money. Losses are likely to continue through 2010.
Steve Eckhardt, Broker, Luxury Real Estate Professional
Contact me at (813) 765-1182
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1 comment • Steve Eckhardt, Tampa & Sarasota Luxury Broker • March 02 2010 03:09PMFor the second month in a row, homes sales in the Sarasota area bucked a national decline, but the region saw pricing erode for the first time in months. Sales were up 30 percent in the Sarasota-Bradenton market compared with a year ago. While January's median sales price in the Sarasota-Bradenton market was up 8 percent to $156,700 from $144,800 a year ago, the most recent price was down 6.4 percent from $167,400 in December, data released Friday by Florida Realtors showed.
Statewide, 10,465 homes changed hands during January, up 28 percent from a year ago. But the median was down 14 percent, to $130,900 from $151,500, and down 6.8 percent from $140,400 in December. The national median sales price was $164,700, unchanged from a year earlier and down 3.4 percent from December.
The inventory of unsold homes on the market nationally was down slightly at 3.27 million. That is a 7.8-month supply at the current sales pace, up from a recent low of 6.5 months in November.
Steve Eckhardt, Broker, Luxury Real Estate Professional
Contact me at (813) 765-1182
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0 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • February 27 2010 12:47PMAccording a quarterly report from the National Association of Home Builders and Wells Fargo, the typical American family, who makes the nation's median income of $64,000 a year, could afford to buy 70.8% of all homes sold in the United States during the last three months of 2009. That's off just a tad from the record 72.5% reached during the first three months of 2009, but up substantially from the second quarter of 2008 when only 55% of homes sold were affordable. "Favorable mortgage rates and sliding house prices that have now started to stabilize nationally have both contributed to a record year for housing affordability in 2009," said NAHB chairman Bob Jones, a home builder from Bloomfield Hills, Mich. The NAHB judges a home to be affordable if a family making the metro area's median income could devote no more than 28% of their take-home pay toward housing costs.
1 comment • Steve Eckhardt, Tampa & Sarasota Luxury Broker • February 18 2010 09:23PMStarting early this summer, the Federal Housing Administration (FHA) is tightening lending standards in an effort to bolster its dwindling reserves. The new lending standards will make it tougher for prospective FHA buyers to purchase a home by requiring a higher down payment than the typical 3.5 percent, higher insurance premiums and reduced seller concessions.
The new rules - which are temporary and take effect this summer - come after more than a year of stringent standards from lenders. Among them:
Another FHA rule change could help foreclosure-plagued markets in Florida and make it easier for investors to "flip" houses to buyers who use FHA-insured loans.
Effective Feb. 1, the federal government will waive for one year an FHA anti-flipping rule that prohibits insuring a mortgage on a home owned by the seller for less than 90 days.
The new rule lets investors buy today and re-sell as quickly as possible. The move is to allow REO homes purchased by investors to resell as quickly as possible, helping stabilize real estate prices and revitalize neighborhoods after the U.S. housing market collapse.
This new rule will open up a new pool of homes to buyers. Waiving the 90-day flip rule is being heralded by many real estate investors as a boon to their ability to buy, rehab and resell foreclosed homes on a more efficient time line.
Steve Eckhardt, Broker
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2 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • February 11 2010 09:12AM
This afternoon I was invited to attend the re-listing of Matt Geiger's (former NBA star and Tampa Bay native) 30,000+ square foot Estate about a half hour North of Tampa in Tarpon Springs. Initially listed back in May of 2007 for almost $20 million, the new listing brokerage, Engle & Volkers, has repriced the home at a more realistic price of $11,999,000. This premier estate sits on almost 28 acres and has a seperate 4900 square foot guest quarters and garage space for 6 cars. The second (entrance level) and third floors of this home are elegant and well appointed. The main house has 6 bedrooms, 8 full baths, four half baths, and the master bath is probably one of the most incredible I have ever seen.
The rest of the home is made for entertaining. I'll start with the resort style pool with a large fire pit in the center, a full outdoor cabana, outdoor bar, & chef's kitchen. Between the outdoor bar, the lanai off the living room, and the seating around the pool, you could easily accommodate over 100 people comfortably. Add the 1st level kitchen, full bar area, dance floor, DJ booth, 20 person theater, card room, cigar room, and a jacuzzi room (with a Jacuzzi that could hold 12 6'6" pro athletes) and you could easily host a party for 200 of your closest friends without disturbing the main living area.
I've attached about 10 minutes of my "ametuer" video to let you get a glimpse of this beautiful home. Michael, the listing broker, was kind enough to let me take the video. He had already had 2 showings at the new price, but is well aware that all publicity is good. This is definitely a home for someone that enjoys their "play" as much as they enjoy their work!
If you are looking for this type of luxury estate home in the Tampa Bay area, please give me a call to set up a private viewing,
Video Of Matt Geiger's $12 Million Estate For Sale In Tampa Bay Area
MLS Information About Matt Geiger's $12 Million Estate For Sale In Tampa Bay Area
Steve Eckhardt, Broker, Luxury Real Estate Professional
Contact me at (813) 765-1182
Check Out Steve Eckhardt's Other Social Networking Profiles
My Blog http://www.luxuryhomeblog.com
Facebook http://www.facebook.com/CornerstoneProperties
Twitter http://www.twitter.com/theflbroker
Flickr http://www.flickr.com/photos/27264581@N08/
0 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • February 05 2010 08:18PMAccording to the S&P/Case-Shiller U.S. National Home Price survey , U.S. Home Prices rose for sixth straight month.
1 comment • Steve Eckhardt, Tampa & Sarasota Luxury Broker • January 26 2010 03:59PMMost of the major news outlets are busy selling the negative part of the most recent National Association Of Realtors figures that report December Sales fell by 17 percent. Every radio report has cried out the same message, "SALES DOWN 17%". If you dig further into the numbers, you will find that sales dropped 17% in December compared to November, but are actually up 15% compared to December 2008.
In fact, for all of 2009 there were 5,156,000 existing-home sales, which was 4.9 percent higher than the 4,913,000 transactions recorded in 2008; it was the first annual sales gain since 2005. And, the median sales price was $178,300, up 1.5 percent from a year earlier. It was the first yearly gain since August 2007. In addition, total housing inventory at the end of December FELL 6.6 percent to 3.29 million existing homes available for sale.
I'm not suggesting that we ignore the negative news, but when the bulk of the news on home sales was positive, why make the whole story about a month to month decrease? 2010 home sales will face challenges with foreclosures, unemployment, and the general economy. The fact that we've experienced a month to month decline means far less to me than the reduction in inventory and the increase of the median price. Too bad the media doesn't agree.
Steve Eckhardt, Broker, Luxury Real Estate Professional
Contact me at (813) 765-1182
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2 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • January 25 2010 11:29AMAccording to the results of the 18th annual Association of Foreign Investors in Real Estate (AFIRE) survey, foreign investors in real estate say they remain committed to the U.S. as their preferred real estate investment opportunity. Fifty-one percent of respondents identify the U.S. as providing the best opportunity for capital appreciation.
The survey was conducted in the fourth quarter of 2009 among the association's nearly 200 members. Survey respondents own more than $842 billion of real estate globally including $304 billion in the U.S. The survey was conducted by the James A. Graaskamp Center for Real Estate, Wisconsin School of Business.
Read survey results available at the Florida Association Of Realtors
Steve Eckhardt, Broker, Luxury Real Estate Professional
Contact me at (813) 765-1182
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0 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • January 19 2010 01:24PMFlorida has led the nation for years in purchases of homes by foreign buyers - one in four of the national total. According to a July survey by the National Association of Realtors of its members, foreign buyers accounted for 32% of home sales in Florida in the prior 12 months, up from 29% in 2008. A weak dollar coupled with discounted real estate prices make Florida even more of a bargain for international buyers.
| Foreign Buyers of U.S. Real Estate |
|
| Top States' Share of Foreign Buyers | |
| Florida |
23% |
| California |
13 |
| Texas |
11 |
| Arizona |
7 |
| Florida's Share of Foreign Buyers |
|
| United Kingdom |
47% |
| Latin America |
45 |
| Europe |
33 |
| International Buyers in Florida by Region |
|
| Canada |
26% |
| Latin America |
23 |
| Western Europe (excluding U.K.) |
22 |
| United Kingdom |
16 |
| Eastern Europe |
5 |
| Market Share of Foreign Buyers in Florida |
|
| Miami-Fort Lauderdale- Miami Beach |
27% |
| Bradenton- Sarasota-Venice | 11 |
| Orlando-Kissimmee |
11 |
| Tampa-St. Petersburg- Clearwater |
8 |
| Cape Coral-Fort Myers |
5 |
| Naples-Marco Island |
5 |
| All other areas in Florida | 32 |
| Source: National Association of Realtors |
While many of us in the industry have seen our share of International buyers over the years, the fact that the demand for Florida real estate has not waned over the last couple years only proves that, over the long term, Florida real estate is still a good investment. If you look at average prices in some of our largest "feeder" areas, like Canada and the UK, you can see why Florida real estate is considered such a bargain. The September 2009 Coldwell Banker Home Price Comparison Index shows that International home prices are MUCH higher than Florida prices. I've included some examples In U.S. Dollars:
Vancouver, BC average home price - $1,174,241
Toronto, Ontario average home price -$766,643
Dublin, Ireland average home price - $1,127,843
London, England average home price - $485,625
All of UK average home price - $257,105
When you consider that the average home price in Florida is around $138,000, our real estate is cheap by comparison.
Steve Eckhardt, Broker, Luxury Real Estate Professional
Contact me at (813) 765-1182
Check Out Steve Eckhardt's Other Social Networking Profiles
Facebook link http://www.facebook.com/CornerstoneProperties
Twitter Link http://www.twitter.com/theflbroker
Flickr http://www.flickr.com/photos/27264581@N08/
3 comments • Steve Eckhardt, Tampa & Sarasota Luxury Broker • December 31 2009 10:38AMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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