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Sales Up 30 Percent In Sarasota Area Housing Market

Cornerstone Properties & Investments, Inc. — Sat, 27 Feb 2010 12:47:06 -0600

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

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71% of all U.S. Homes Are Affordable For A Family Making The US Median Income

Cornerstone Properties & Investments, Inc. — Thu, 18 Feb 2010 21:23:54 -0600

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.

Buyers Should Strike Before New FHA Guidelines Take Effect

Cornerstone Properties & Investments, Inc. — Thu, 11 Feb 2010 09:12:16 -0600

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:

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.
Allowable seller concessions will be reduced from 6 percent to 3 percent of the sale price. The change is intended to discourage inflated appraisals.
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.

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Video Of Matt Geiger's $12 Million Estate For Sale In Tampa Bay Area

Video Tour Of Matt Geiger's $12 Million Estate In The Tampa Bay Area

Cornerstone Properties & Investments, Inc. — Fri, 05 Feb 2010 20:18:31 -0600

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,

MLS Information About Matt Geiger's $12 Million Estate For Sale In Tampa Bay Area

Steve Eckhardt, Broker, Luxury Real Estate Professional

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U.S. Home Prices Rise for Sixth Straight Month

Cornerstone Properties & Investments, Inc. — Tue, 26 Jan 2010 15:59:47 -0600

According to the S&P/Case-Shiller U.S. National Home Price survey , U.S. Home Prices rose for sixth straight month.

Major Media Outlets Report Sales Are Down When They Are Actually UP

Cornerstone Properties & Investments, Inc. — Mon, 25 Jan 2010 11:29:57 -0600

Most 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.

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Read survey results available at the Florida Association Of Realtors

Foreign investors in real estate say they remain committed to the U.S. as their preferred real estate investment opportunity

Cornerstone Properties & Investments, Inc. — Tue, 19 Jan 2010 13:24:40 -0600

According 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.

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International Buyers Fuel Home Sales In Florida Market

Cornerstone Properties & Investments, Inc. — Thu, 31 Dec 2009 10:38:59 -0600

Florida 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

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10 of the Most Expensive Homes for Sale in the U.S.

Cornerstone Properties & Investments, Inc. — Sun, 27 Dec 2009 10:41:08 -0600

We see our share of expensive homes in Florida, but I wanted to give a glimpse of the most expensive homes nationwide.

Steve Eckhardt, Broker, Luxury Real Estate Professional

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www.southerncraftedhomes.com

Unfair Health Care Provision Targets the Construction Industry, Threatens Recovery and Jobs

Cornerstone Properties & Investments, Inc. — Wed, 23 Dec 2009 20:11:56 -0600

Senate Health Care Bill Threatens Home Building Industry December 21, 2009 - In a rush to pass a massive health care overhaul before Christmas, Senate Democrats have included a last-minute provision targeting the construction industry that is certain to derail the fragile housing recovery and threaten the solvency of countless small home building firms. In order to find the 60 votes needed to pass health care reform, a provision was slipped into the health care bill that unfairly targets small construction industry firms by mandating that they provide health insurance if they employ more than five workers. That is the same mandate required for big businesses. Meanwhile, all other small businesses - with the exception of the construction industry - would be exempt from providing mandatory health coverage if they employ 50 workers or less. "This narrow provision is an unprecedented assault on the construction industry and unjustly targets an industry trying to keep its doors open during the worst housing downturn since the Great Depression," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "If this provision were to be enacted into law, it would prove to be catastrophic for the home building industry. In short, this is a true jobs killer. Thousands of small builder firms struggling to stay afloat could go under. We strongly urge the Senate to reconsider and pull this onerous provision that threatens the viability of small home builders across the nation."

This is simply another blow to the construction industry and further threatens its recovery. For the national economy to recover the homebuilding industry must recover.

Reprinted with the permission Of Jim Deitch, COO Southern Crafted Homes

November Sarasota Area Home Sales 86 Percent Higher Than November 2008

Cornerstone Properties & Investments, Inc. — Tue, 22 Dec 2009 20:04:10 -0600

The Sarasota real estate market remained hot in November 2009 with overall sales nearly 86 percent higher than November 2008. Total sales stood at 578 in November, mirroring last month's total of 574 and much higher than the 311 sales reported in November 2008. The breakdown was 417 single family homes and 161 condos sold last month.

Pending sales stood at 793 in November, just below last month's total of 839, and far higher than last November, when only 504 pendings were reported. The statistic is a strong indicator for the next two or three months of sales, as pending sales are an indicator of current buyer activity.

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Greater Tampa Home Sales Statistics Can Be Found Here

Tampa Bay Area Home Sales 34 Percent Higher In November

Cornerstone Properties & Investments, Inc. — Tue, 22 Dec 2009 19:28:31 -0600

Tampa Bay home sales were 34 percent higher in November. Sales rose from 1,701 in November 2008 to 2,282 in November 2009, according to the Florida Association Of Realtors. The Greater Tampa Association of Realtors had already announced a 52 percent sales surge in November.

Steve Eckhardt, Broker, Luxury Real Estate Professional

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Tampa Bay Area Home Sales 34 Percent Higher In November

Cornerstone Properties & Investments, Inc. — Tue, 22 Dec 2009 19:25:04 -0600

Steve Eckhardt, Broker, Luxury Real Estate Professional

Contact me at (813) 765-1182