Steve Eckhardt's Tampa Area Blog

For 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

www.TheFloridaAuthority.com

www.SearchForTampaHomes.com

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/

Linked In   http://www.linkedin.com/in/cornerstoneproperties

YouTube http://www.youtube.com/csmtggrp85

According 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. 

Starting 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:

1. New borrowers will have to have a minimum credit score of 580 to qualify for a 3.5 percent down payment. Those with lower scores will have to make at least a 10 percent down payment. The average credit score of FHA-insured borrowers is 693. 
2. Allowable seller concessions will be reduced from 6 percent to 3 percent of the sale price. The change is intended to discourage inflated appraisals.
3. Buyers will have to pay an upfront mortgage insurance premium of 2.25 percent of the total loan amount, up from 1.75 percent now. A $150,000 mortgage would require a payment of $3,375, or $750 more.

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

Contact me at (813) 765-1182

www.TheFloridaAuthority.com

www.SearchForTampaHomes.com

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/

Linked In   http://www.linkedin.com/in/cornerstoneproperties

YouTube http://www.youtube.com/csmtggrp85

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

www.TheFloridaAuthority.com

www.SearchForTampaHomes.com

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/

Linked In   http://www.linkedin.com/in/cornerstoneproperties

YouTube http://www.youtube.com/csmtggrp85