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Jumbo Mortgage Rates Fall To Record Lows

Cornerstone Properties & Investments, LLC — Thu, 08 Dec 2011 23:03:37 -0800

The jumbo 30-year fixed mortgage rate fell to a new historic low of 4.68 percent, according to Bankrate.com’s weekly national research. The average jumbo 30-year fixed mortgage loan has an average of 0.4 discount and origination points.

According to Bankrate’s survey, the average conforming 30-year fixed mortgage inched lower to 4.24 percent while the 15-year fixed mortgage held stable at 3.48 percent. Adjustable rate mortgages were generally lower, with the (blank) 5-year ARM dropping to 3.18 percent and the 10-year ARM inching down to 3.8 percent.

Mortgage rates are very low, but based on the ultra-low levels of benchmark interest rates such as 10-year Treasury notes, mortgage rates could be even lower.

Since August, the European financial crisis has forced the spread between risk-free U.S. government bonds and those of various other bonds, such as mortgage-backed bonds, to the highest levels since the early spring of 2009. At that time, economic tensions were at a fever pitch, especially surrounding the well being of the U.S. banking system. This time, it’s Europe’s banking system in the crosshairs, but the result is much the same - a higher-than-typical cost of borrowing when compared to the rock-bottom government rates.

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

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Flood Insurance Program Reinstated

Cornerstone Properties & Investments, LLC — Thu, 01 Jul 2010 12:30:51 -0700

Great news for our customers purchasing waterfront properties in Greater Tampa Bay, Clearwater, & Sarasota. Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted.

Steve Eckhardt, Broker, Luxury Real Estate Professional

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http://blogs.wsj.com/digits/2010/12/13/internet-now-as-popular-as-tv-survey-shows/

Why We Advertise Our Listings Exclusively On The Internet.........

Cornerstone Properties & Investments, LLC — Tue, 14 Dec 2010 00:18:31 -0800

Internet usage has grown 121% in the past five years. So what are people doing less? Listening to the radio and reading things like newspapers and magazines. Did You Know ...

...For more than one-third of home buyers, the first step in the home-buying process was looking online for properties.

...90% of homebuyers used the Internet as an information source when buying a home

...77% of Internet homebuyers drove by or viewed a home they saw online

...36% of buyers first found the home they purchased on the Internet

...Americans spend nearly a quarter of their time online on social networking sites and blogs, up from 15.8 percent just a year ago (43 percent increase) according to new research released from The Nielsen Company. If you're not using Facebook & Twitter to promote your listings, you are missing the boat.

...June 2010 was a major milestone for U.S. online video as the number of videos streamed passed the 10 billion mark. The average American consumer streaming online video spent 3 hours 15 minutes doing so during the month. (Source: Nielsen VideoCensus). House Video is IMPORTANT. Did you know YouTube is the 2nd largest search engine behind Google?

Steve Eckhardt, Broker, Luxury Real Estate Professional

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Brookings Economic Recovery Ranking Shows Tampa Surpassing Miami and Orlando

Cornerstone Properties & Investments, LLC — Sat, 11 Dec 2010 23:46:49 -0800

The city of Tampa is showing its strength in recovering from the recession. In a study of the economies of 150 cities worldwide before, during and after the recession, Tampa ranked 74th in terms of economic growth from 2009 to 2010. This was a huge improvement from its 120th ranking over the 2007 to 2010 period. its ranking was even better during the 1993 to 2007 period, when it ranked 83rd.

The 150 cities studied by Brookings Institution in its Global Metro Monitor were chosen not by their per capita income, but by their positions as areas of high-value and high-impact economic activity in their respective regions and nations. Their gross per capita income varies from less than $1,000 in Kolkata, India to about $70,000 in Zurich, Switzerland or San Jose, California. Additionally, nearly 80 percent of these cities have average incomes that are higher than those of other cities in their regions or nations.

With the above criteria, the selection of Tampa as one of the 150 cities for the Global Metro Monitor means that Tampa is a high-value and high-impact city in Florida. Brookings carried out the study together with the London School of Economics and Deutsche Bank Research.

The two other high-value Florida cities chosen for the study are Miami and Orlando. Before the recession, Orlando had the strongest economy among the three, with a ranking of 40th. Miami followed with a ranking of 66th. Tampa was then 83rd. But over the 2009-2010 period, Tampa surpassed them in terms of economic growth rate. Miami ranked 78th while Orlando ranked 85th.

74th - Tampa
78th - Miami
85th - Orlando

Among the three Florida cities, Tampa posted an income growth rate of 2.5 percent rate over the 2009-2010 period. Orlando posted 1.7 percent while Miami posted 1.6 percent.Before the recession - over the 1993 to 2007 period - Orlando was the most prosperous among the three cities. it ranked 40th on the Global Metro chart with an income growth rate of 2.2 percent and a job growth rate of 2.9 percent. Miami had an income growth rate of 2.1 percent.

Tampa has been recovering faster than Miami and Orlando partly because it didn't have the condo overbuilding problem of Miami and the sudden-growth challenges of Orlando. Additionally, Tampa has been able to maintain the community spirit that makes a city thrive amid challenges.

Posted by Orlando News Center on Dec 11, 2010

Steve Eckhardt, Broker, Luxury Real Estate Professional

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Just One Of The Many Reasons To Live On The Florida Gulf Coast!

Cornerstone Properties & Investments, LLC — Fri, 27 May 2011 17:37:15 -0700

Dr. Beach, America's preeminent beach expert, just named Siesta Key Beach in Sarasota the best beach for 2011. Dr. Beach, who is also known as Dr. Stephen Leatherman of Florida International University, says, "The powdery sand is nearly pure quartz." Wide swaths of open beach and gentle waves make it a paradise for anyone. There's plenty of room to throw a blanket down and take in the sun's rays, walk along the water line or play a game of volleyball.

If you are looking for other great beaches where you can enjoy this Memorial Day weekend, check out my links to information about the other great beaches in the Tampa, St. Petersburg, Clearwater and Sarasota areas. Happy Memorial Day Weekend!

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$1.4 Billion In Tampa Bay Real Estate Sales To Foreign Investors Over The Last Year

Cornerstone Properties & Investments, LLC — Fri, 04 Nov 2011 17:14:46 -0700

Over the last year an estimated $12.7 billion dollars in real estate was purchased in Florida by foreign investors. Over 86% of those investors bought these properties with cash. Factors that influenced these investors include a weaker dollar, discounted costs for property and increasing rent prices. The Tampa/St.Pete/Clearwater market came in at number 3 with approx. $1.4 billion in sales.

Read more about our huge influx of foreign investment in The Tampa Bay Business Journal.

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Foreclosures In Florida Drop 59%

Cornerstone Properties & Investments, LLC — Fri, 13 May 2011 14:15:40 -0700

Foreclosures in April were a whopping 59 percent lower in Florida than a year ago according to statistics compiled by RealtyTrac. Nationwide, foreclosure proceedings in April 2011 dropped 34 percent from April 2010.

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Tampa Home Sales Up 17%

Cornerstone Properties & Investments, LLC — Wed, 11 May 2011 17:30:55 -0700

Tampa had the most active existing home sales market in the state with 7,710 sales, up 17% for the first quarter of 2011. Florida existing home sales increased 13% and existing condominium sales increased 29% over the first quarter 2011, according to the Florida Association of Realtors

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Florida's Existing Home Sales Surged In March

Cornerstone Properties & Investments, LLC — Thu, 21 Apr 2011 09:06:15 -0700

Florida's existing home sales surged in March, recording the single biggest month since late 2005. Sales of condos and homes jumped 36 percent from February to March, surpassing the national rise of 3.7 percent, according to figures from the Florida Realtors and the National Association of Realtors. Seventeen Florida regions reported higher sales last month, and it's the fourth consecutive month that statewide sales have exceeded the same month in the prior year. The study also noted that a full 35% of buyers were CASH BUYERS.

More Florida Buyers Are Paying Cash

Cornerstone Properties & Investments, LLC — Wed, 09 Feb 2011 21:02:46 -0800

With condos and homes selling for up to 60% off their all time highs, investors, move-up home buyers, and luxury home buyers are finding value in Florida real estate. In December 2010, almost half of all buyers paid cash in the major markets in Florida. In the Tampa Bay area, over 44% of all buyers paid cash. In Miami, over 54% of buyers paid cash.

Last year about 28 percent of all sales in the U.S. were cash transactions, according to the National Association of Realtors®. In 2008, the rate was only 14 percent. In the last week, Zillow, The Wall Street Journal, and the Florida Association Of Realtors have all taken notice of this positive trend.

Follow the green........when the cash buyers come back in significant numbers, watch for the market to improve!!!

Steve Eckhardt, Broker, Luxury Real Estate Professional

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Is The High End Rebounding In The Tampa Bay Area?

Cornerstone Properties & Investments, LLC — Thu, 06 Jan 2011 00:13:30 -0800

Back in February I featured video of Matt Geiger's 30,000+ square foot estate after a private open house. After three and a half years on the market and several reductions from an initial asking price of $19,900,000 to $9,995,000, the Geiger property has finally sold for $8 million. The $8 million dollar sales price is the highest since May of 2008 when a 13,000 square foot waterfront estate in Belleair sold for $10,250,000. The January edition of Forbes Magazine said a recent Bain Consulting study indicated that sales of luxury goods for 2010 nearly reached the 2007 peak of $235 Billion. Maybe the high end in Florida is ready for a rebound!!!

CLICK HERE TO SEE THE INTERIOR VIDEO -

VIDEO HAS BEEN REMOVED TO PROTECT THE PRIVACY OF THE BUYERS. IF YOU ARE INTERESTED IN VIEWING THE VIDEO AND NEED HELP FINDING A SIMILAR HOME IN THE TAMPA BAY AREA, PLEASE CONTACT ME AT 813-765-1182.

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. 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.

Steve Eckhardt, Broker, Luxury Real Estate Professional

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Moody’s Hopeful On Recovery, Notes Pent-Up Demand In Florida

Cornerstone Properties & Investments, LLC — Mon, 15 Nov 2010 21:07:48 -0800

Moody's Analytics economist Chris Lafakis said the Federal Reserve will remain aggressive, with a quantitative easing plan that he equated to "basically flooding the global monetary system." Lafakis predicted the strategy would lift asset prices, reduce corporate borrowing costs, and increase the willingness of consumers to spend.

Lafakis predicted substantial growth in Florida's economy, mentioning that the Miami, Orlando and Tampa areas are expected to recover "quite significantly" due to a rebound in population growth and an increased willingness of people to travel to Florida for vacations. "The story of pent-up demand is true in no place more so than Florida," he said.

Read Article At http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=250253

Steve Eckhardt, Broker, Real Estate Professional

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Florida’s Existing Condo Sales Up 15% For 3rd Quarter 2010

Cornerstone Properties & Investments, LLC — Thu, 11 Nov 2010 14:14:07 -0800

Sales of existing condominiums in Florida rose 15 percent in third quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 16,938 existing condos sold statewide in 3Q 2010; during the same period the year before, a total of 14,793 units changed hands.

Meanwhile, in the year-to-year quarterly comparison for existing single-family home sales, 41,122 homes sold statewide for the quarter compared to 44,451 homes in 3Q 2009 for a 7 percent decrease. The statewide existing-home median sales price was $135,200 in 3Q 2010; a year earlier, it was $145,300 for a decrease of 7 percent. 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, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less.

Steve Eckhardt, Broker, Real Estate Professional

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Homestead Exemption… Now’s the Time to cash in!

Cornerstone Properties & Investments, LLC — Mon, 08 Nov 2010 22:10:27 -0800

Now is the time to purchase a new home if you plan on taking advantage of Florida's homestead exemption next year!! You will want to make the most of this Buyers Market in the next couple of weeks to benefit up to $50,000 in tax exemptions in 2011.

Realtor friend Maria Norton reminds us that technically part of the Florida Homestead Exemption, the Save Our Homes Amendment goes one step further in protecting homeowners by limiting the annual increase in tax assessment to 3 percent per year for properties that qualify. That means that even if the value of your home suddenly spikes (and hopefully it will) you won't get hit with an unexpectedly large spike in property taxes, as well. (Home construction and other improvements may disqualify you from receiving the 3 percent limit, so discuss the benefits or drawbacks of such projects before you take them on)

Starting in January 2009, Florida property owners also began receiving this type of protection on their second homes when a law went into effect stating that the rate increase on second properties would be capped at an annual rate of 10 percent per year.

When it comes to the Save Our Homes Benefit, another term you'll hear a lot is "Portability." Portability is the ability of a homeowner to retain the benefits they've accrued through SOH, even when they move to another home of greater or lesser value.

For instance, logic says that Florida homeowners benefiting from the Save Our Homes benefit are paying less-than-market value for the property taxes on their homes, as the amount they pay each year is capped (unlike taxes in the open market). As such, it's natural to assume that some residents would be reluctant to move and take on higher property rates, along with a potentially higher mortgage.

To prevent that, Portability allows you receive a similar benefit on your new home, even though it's assessed at current market value. Pretty cool, right? The amount will vary depending on the value of your new home, and whether you are upsizing or downsizing on your move. (If you're upsizing, you'll be able to keep the entire benefit. If you're down-sizing, you'll receive the same percentage of the benefit applied to the new home's value.)

Time to make your move...

Initially Posted in Sales, Towers of Channelside, jmc realty by Steve McAuliffe

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