Friday, March 28, 2008

"When there is Blood in the Street & Is the TITANIC TURNING"??

Re: When there is Blood In the Street & Is the TITANIC TURNING??

Good day everyone! As reported to you on March 11 the Fed (federal reserve) did

lower interest rates on March the 18th. In another historic event today private hedge funds

will invest substantial cash into a high end mortgage lender (Thornburg Mortgage). Well what does this

mean for us regular folks?? I am glad you asked as I have tried to explain, this is part of the recent bottoming

out process. Recent events like the cash infusions first from the sovereign countries like Dubai, then the Federal

Reserve instituting the "swap" in mortgage back securites coupled with the recent lowering of interest rates, and the

bail out of the brokerage house Bear Stearns just days ago, now we are

seeing the private sector albeit hedge fund money ( can you say vultuors oops.. It slipped!!) Invest in the mortgage

market. Even though this is a high end mortgage provider, this is good news for the market and will help provide

some confidence and liquidity to the market.Thank goodness the old Wall Street adage still holds true today "when

Wall Street sneezes the world catches a cold".So I do see the TITANIC SLOWLY TURNING therefore it is a

Great time to buy with the "blood in the street"! Courtesy of Mr. Buffet. Get your Bargains NOW

'" the best time to buy real estate was 50 years ago...... the next Best time is Now"!



Make it a Great Day!!

Bonnie and Mark Fagoh

** in an effort to realease this update to you in a timely manner some grammatical and spelling errors were left alone ( .. i am human!!)

p,s. the legal stuff?? the opionions expressed are mine and are sent as educational and not for solicitation she said!! Would you like some special waterfront and coastal bargains sent to you in your living room???????? Simply replie and I will research and send them to you as they become AVAILABLE** by for now its Late!!

813 390-7606

Thursday, March 20, 2008

20 MARCH RUSKIN CURRENT MARKET CONDITIONS***

Your REALTOR:


Bonnie Fagoh
March 2008


Buyin' or Sellin'....Call Bonnie Helen! (Fagoh)
(813) 390-7606
Copyright © 2008 Realty Times
All Rights Reserved.


CONDITIONS REPORT

Market Conditions for Ruskin, Florida

Reported by Bonnie Fagoh, REALTOR

As of March 19, 2008.


Current Market Rating: 1
1
2 3 4 5
Buyer's

Seller's


Current Price Trend: 2

1
2 3 4 5
Falling

Rising


WELCOME TO RUSKIN!
Lately we have experienced a strong buyer's market with prices trending downward. It is a GREAT time to be a buyer!
Prices range from the low $100's for single family residences with the average being in the $200's. Waterfront homes (with bay access) start around $200k and go up to approx $2mil. We have something for everyone! FEEL FREE to call me anytime at (813) 390-7606.
Thanks,
Bonnie

ZIP Codes: 33570, 33573

Location Characteristics: Ruskin is a growing community (with a small town feel)centrally located 20 min south of Tampa, 30 minutes north of Sarasota, and directly east of St Petersburg with waterfront on the Ruskin Inlet, Tampa Bay, and the Little Manatee River.
We have a brand new high school, Lennard High, and Southshore's campus of Hillsborough Community College is opening this fall directly across the street.
If a new home is what you are looking for, you can find it here. We have many new communities with very desirable prices!

For More Information:

Visit My Web Site

View My Newsletter

Ask Me A Question

About Bonnie Fagoh:
I am a 40 year Florida resident of the Tampa Bay Area! My training in Real Estate has been extensive and on-going for the last 4 plus years, as I am very serious about my full time career. It is my goal to do the best job for my clients, putting their needs first. This has allowed me to reach Master's level the past 3 years, and be in the top 100 out of 4,000 agents. I tell you this
only to let you know I will put my expertise to work for YOU.
I currently live on the water in Ruskin with my husband and 3 children. I understand the importance of community and good schools to those raising a family.
Please do not hesitate to call on me if I can be of assistance in helping you find a new home. If you need to sell, I can help you get the HIGHEST price, in the shortest time, with the least amount of incovenience to you. I work at an office with a Sales FORCE of over 80 agents. There are well over 200 agents in our 5 offices that surround the Tampa bay area.
Please call me at (813) 390-7606 so that I can assist you with all your Real Estate needs.

Feb 08 UPDATE!!** Thanks again to everyone as I was again awarded at the TOP AGENTS retreat for 2007!! This is a measure of how dedicated to the real estate industry an agent is.... ask how was your production for 2007?
--------------------------------------------------------------------------------





Copyright © 2008 Realty Times. All Rights Reserved.


- Back -


Bonnie Fagoh
E-mail: bonniefagoh@century21beggins.com
Web: http://www.TampaCoastalHomes.com
813-390-7606
Century 21 Beggins Enterprises
813-658-1344
6542 U. S. Hwy. 41 N.
Apollo Beach, FL 33572


Equal Housing Opportunity

E-mail this Newsletter to a friend


Previous Newsletters: February 2008January 2008December 2007November 2007October 2007September 2007August 2007July 2007June 2007May 2007April 2007March 2007February 2007January 2007December 2006November 2006October 2006September 2006August 2006July 2006June 2006May 2006April 2006March 2006February 2006January 2006December 2005November 2005October 2005September 2005August 2005July 2005June 2005May 2005April 2005March 2005February 2005January 2005December 2004November 2004October 2004September 2004August 2004July 2004June 2004May 2004April 2004March 2004February 2004January 2004December 2003November 2003October 2003September 2003August 2003July 2003June 2003May 2003April 2003March 2003February 2003January 2003December 2002November 2002October 2002September 2002August 2002July 2002June 2002May 2002April 2002March 2002February 2002January 2002December 2001November 2001October 2001September 2001August 2001July 2001June 2001May 2001April 2001March 2001February 2001January 2001December 2000November 2000October 2000September 2000August 2000July 2000June 2000May 2000April 2000March 2000February 2000January 2000December 1999November 1999October 1999September 1999August 1999July 1999June 1999May 1999April 1999March 1999February 1999January 1999December 1998

RealBiz360 Virtual Tour - On Wooded Conservation Area!!

RealBiz360 Virtual Tour - On Wooded Conservation Area!!

MLXchange

MLXchange

Wednesday, March 12, 2008

11 March 2008 Real Estate Imp Update*****

"When there is Blood in the Street, its Time to Buy!!"

"When there is blood in the street its time to buy!".....Warren Buffet, possibly the greatest investor to live.


The Federal Reserve "the fed" handed the US economy a shot in the arm today in a novel move. Historically the fed has expanded or contracted the money supply by adjusting the fed rate (loan interest rate). However since August 2007 this has had little effect due to the unique nature of the housing sector so in a move today the federal reserve in essence "swapped" treasury notes for mortgage backed securities which have been very difficult to move providing liquidity and some stability to the mortgage market.

This move coupled with a very likely rate cut on March 18th will bring some stability to the ailing mortgage industry. We can expect to see banks and mortgage companies finally start more lending in the next three months.

This presents a unique opportunity for home buyers, a good time to buy! Yes there is blood in the street, new home bargains are to be taken in the coastal communities of Tampa Bay.

For personal showings of some fantastic opportunites emailed with photos to the comfort of your home email Bonnie at BonnieFagoh@Century21Beggins.com

Make it a Great Day!!

Bonnie Fagoh
www.BonnieFagoh.com

Friday, March 7, 2008

DAILY REAL ESTATE NEWS FOR MARCH 7 2008

Your REALTOR:


Bonnie Fagoh
March 2008


Buyin' or Sellin'....Call Bonnie Helen! (Fagoh)
(813) 390-7606
Copyright © 2008 Realty Times
All Rights Reserved.

Daily News And Advice

Updated 09:32 AM CST Today
Today's Feature Stories


Investor Report: Booming Farmland Acreage


Prices may be sagging in housing, but they're booming in a segment of the real estate market that deserves a close look by investors: Prime farmland acreage, where global demand for biofuels and other agricultural commodities are driving up values to all-time highs. FULL STORY->



Hot Market: Oklahoma City Real Estate A-OK


The economy in Oklahoma City is outpacing the national level and that means good news for income and real estate growth in the area that boasts a population of just over a half million. FULL STORY->





Realty Viewpoint: The Bubble Is In Housing Prognosticators


Everybody's getting into the housing price prediction act. An index that has been tracking new home sales since 2005 says its historical data dates as far back as 1830. So what? FULL STORY->





Ask Realty Times


Can I be foreclosed if my mortgage has been sold? Must all lenders agree to a short sale? How far back do lenders check your credit? Peter G. Miller looks at the week's most interesting questions for Realty Times. FULL STORY->





Don't Get Caught In Mortgage Fraud


Mortgage fraud is among the top concerns of those investing in real estate. If you get caught in a mortgage fraud scheme it can create a financially painful and emotionally distressing situation. While there are many reputable and trustworthy mortgage providers, the lengthy documents filled with legal jargon make conditions ripe for misunderstandings. FULL STORY->





Weak Economic Reports Drive Mortgage Rates Downward According to Freddie Mac's Weekly Survey


Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.03 percent with an average 0.5 point for the week ending March 6, 2008, down from last week when it averaged 6.24 percent. Last year at this time, the 30-year FRM averaged 6.14 percent. FULL STORY->







Headlines


Real Estate Outlook: Housing Better Than Some Reports Indicate
If the housing market looks darkest just before dawn, then maybe we're close to dawn. There's no other word for it -- a lot of the numbers this week are just plain ugly. FULL STORY->

Interest Rate Update
Today's Interest Rates from Realty Times are based on a 30 year amortization rate, with good credit and no origination fees. Inflationary fears have rates on the rise. Wall Street is keeping a close eye on any hint of rising prices and that's going to translate into higher rates. If you like today's rates you might think about locking. FULL STORY->

Realty Viewpoint: The Consumer Is Overburdened By Services
In written testimony to the House Financial Services Committee, Nouriel Roubini, professor of economics at New York University made some startling statements. Not only are we in a recession, there is a "serious risk of a systemic meltdown in US financial markets ... ." One reason is overburdened consumers who simply can't carry the nation's gross domestic product on their backs anymore. FULL STORY->

Market Conditions: Anne Arundel County, Maryland
Local market expert for Anne Arundel County, Elizabeth Penttinen, reports that 411 properties went under contract in February, and 135 of those listings sold within 30 days. FULL STORY->

Foreclosure Rescue Specialists
tba FULL STORY->

Indoor Air Quality Management At Home
Do you know air "fresheners" can pollute? That some air "cleaners" emit ozone? Or that dust mites prefer wool and feathers to synthetics? Clean Air School is in. FULL STORY->

Making a Move in A Changing Market? Changing Seats on The Titanic Isn't A Plan!
Are you in a rut? Ever played musical chairs? A lot of folks in real estate do, but sometimes the way they play it … it's more like playing Russian roulette! FULL STORY->

IRS Issues Vacation Home Ruling
The IRS has just issued a new ruling that sets forth the guidelines for those taxpayers that wish to do a 1031 exchange involving a vacation home. By way of background, you can only exchange property held for investment or used in a trade or business. FULL STORY->

Achieving Success with the Strebor System
The Strebor system starts with a positive attitude that gives you the enthusiasm, optimism, commitment, and sticktoitism required to pursue and ultimately achieve your goals. Although some people are born with eternal optimism, others of us have to work at it. FULL STORY->

Condo Trends: Was That The Bottom?
Look around at blogs and news sites around the real estate side of the Internet and you'll see there's a lot of buzz about hitting the bottom in the condo market in various regions of the country. FULL STORY->

50 Ways To Sell In Any Market

Realty Viewpoint: As Banks Face Reality, Buyers Should Seek Bargains

Mortgage Moment: Stated Income Loans

Flying the American Flag

Market Conditions: Tempe, Arizona

Ins, Outs Of Equity Sharing

Obligation: A Dirty Word When You Work for Family?

Making it Rain: Simple Solutions for Making a Difference in Your Career

Ask the HOA Expert

New Homes: Kitchens for Our Times

Time For A Major Homeowner Bailout?

Realty Viewpoint: Financial Press Gushes Over Incomplete Case/Shiller Indices

Getting Real With Real Estate

Market Conditions: Southwest Florida

Sharing Property with a New Spouse

Canada's Housing Boom has Lasted Almost 10 years

What Politics in 2008 Can Teach our Industry about Confronting Change

How to Get More Buyers in Today's Tough Market

Washington Report: HUD Unveils Proposed Changes to Mortgage Process

Wild, Wild West: Karma: California Foreclosures Outpace Sales










CURRENT
MORTGAGE RATES

Interest Rate Watch
30 yr fixed: 6.03%
15 yr fixed: 5.47%
1 yr adj: 4.94%

(U.S. Daily Averages)




LIBRARY

Buyers Advice

Sellers Advice

Homeowners Advice

Advice for New Homes

Advice For Borrowers

Rental Advice

Homeowner Association News

NAR News







- Back -






Bonnie Fagoh
E-mail: bonniefagoh@century21beggins.com
Web: http://www.TampaCoastalHomes.com
813-390-7606
Century 21 Beggins Enterprises
813-658-1344
6542 U. S. Hwy. 41 N.
Apollo Beach, FL 33572


Equal Housing Opportunity






E-mail this Newsletter to a friend


Previous Newsletters: February 2008January 2008December 2007November 2007October 2007September 2007August 2007July 2007June 2007May 2007April 2007March 2007February 2007January 2007December 2006November 2006October 2006September 2006August 2006July 2006June 2006May 2006April 2006March 2006February 2006January 2006December 2005November 2005October 2005September 2005August 2005July 2005June 2005May 2005April 2005March 2005February 2005January 2005December 2004November 2004October 2004September 2004August 2004July 2004June 2004May 2004April 2004March 2004February 2004January 2004December 2003November 2003October 2003September 2003August 2003July 2003June 2003May 2003April 2003March 2003February 2003January 2003December 2002November 2002October 2002September 2002August 2002July 2002June 2002May 2002April 2002March 2002February 2002January 2002December 2001November 2001October 2001September 2001August 2001July 2001June 2001May 2001April 2001March 2001February 2001January 2001December 2000November 2000October 2000September 2000August 2000July 2000June 2000May 2000April 2000March 2000February 2000January 2000December 1999November 1999October 1999September 1999August 1999July 1999June 1999May 1999April 1999March 1999February 1999January 1999December 1998

Wednesday, March 5, 2008

MARCH REAL ESTATE NEWS YOU CAN USE***

Your REALTOR:


Bonnie Fagoh
March 2008


Buyin' or Sellin'....Call Bonnie Helen! (Fagoh)
(813) 390-7606
Copyright © 2008 Realty Times
All Rights Reserved.


When Selling Your Home, Using Scents Makes Sense!


Even if now doesn't seem to be the ideal time to sell your home, you can take heart in knowing that small actions may make a difference in getting your home sold.
"Scentmosphere" isn't exactly new but it is rapidly becoming a way to attempt to attract buyers.
"When buyers walk into a house before they actually see anything in that house, because they breathe, they are smelling. So they are actually getting an impression, whether it's conscious or subconscious, of your home -- just by the way it smells," says Rick Ruffolo, senior vice president of brand, marketing, and

Mortgage Rates
U.S. averages as of February 28, 2008:

30 yr. fixed: 6.24%
15 yr. fixed: 5.72%
1 yr. adj: 5.11%




View current rates






innovation for Yankee Candle Company.
So, right now take a deep breath. What kind of "smellment" is your home making?
Choosing to proactively make a statement in the way your home smells

CONTINUED >>>





Wondering What Your Home Is Worth?

Let me show you.



Condos Pay Off As
Second Homes


Make a condo, townhome or other community association property your second home and, chances are, you'll be pretty happy with your choice.
More than seven in 10 condo and townhome residents say they are satisfied with their purchase, according to a recent survey conducted by Zogby International for the Foundation for Community Association Research.
The foundation periodically conducts the survey to keep tabs on the perceptions of those who live in condos and townhomes and to identify recent trends in the condo world.
Satisfaction is a big trend in housing communities governed by homeowners associations due to a host of reasons.
Compared to single-family homes, condos are generally less expensive.
That's particularly true in areas where condo speculation once ran rampant, including Florida, Nevada, California and other areas which are now loaded with bargains not seen in years. Cheaper prices make condos cheaper to operate
CONTINUED >>>



Timing Is Everything:
When And How To Move


In the next few months making a move can become increasingly more complicated say industry experts.
"June to September is really known as the high season for the moving industry," says John Bisney, Director of Public Relations for the American Moving and Storage Association (AMSA).
It's a popular time because kids are out of school and people are trying to get the move done before the children have to return to class.
"So if you can avoid moving during June to September you're probably going to get better service and have more options," Bisney.
However, Bisney says, "If you do have to move between June to September, then it's better to move in the middle of the month and the middle of the week as opposed to doing it at the end of the month when everybody wants to do it."
AMSA certifies movers and holds them accountable to higher standards and a code of ethics. The association says most people don't take moving very seriously and they assume that everything will go alright. But Bisney says careful consideration is a must when moving.
"Because people don't move that many times, maybe it's their first move,
CONTINUED >>>



Natural D├ęcor Better For
Earth And Your Wallet


Sellers are looking for ways to get the most for their homes and buyers, of course, are looking for the best value. A flowing floor plan, spacious layout, a not-so-crowded street, great curb appeal, low HOA or planned community fees, etc. are certainly big influencers for buyers. But so, too, are some of the items in your home that you might not give much consideration.
A changing environment and more talk of all the trash that's filling up our landfills is causing more people to go green by using recycled goods or products that are renewable and easily break down instead of sitting around in our dumps.
Did you know that nylon fabric takes 30-40 years to degrade in a landfill?

CONTINUED >>>



Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.



More Articles


February Round Up: Rates Jump Upward


How To Stop ID Theft Cold


Use Home Equity Protection

Super-Sized Homes Shrinking



Bonnie Fagoh
E-mail: bonniefagoh@century21beggins.com
Web: http://www.BonnieFagoh.com
813-390-7606
Century 21 Beggins Enterprises
813-658-1344
6542 U. S. Hwy. 41 N.
Apollo Beach, FL 33572


Equal Housing Opportunity

HOW TO PROTECT AGAINST IDENTITY THEFT!

Use Home Equity Protection

By Broderick Perkins



You don't have to abstain from spending against the unencumbered value of your home, but you do have to guard against home equity excess.
Home equity is the difference between your mortgage balance and the value of your home. When you buy a home with a down payment of, say 20 percent, you have a 20 percent equity stake in your home. Over time, mortgage payments and appreciation can give you a larger equity stake. Likewise, depreciation can reduce your stake.
Lenders allow you to borrow money against some, but not always all of your home equity, provided you qualify with good credit and adequate income. Home equity can be an emergency fund, investment pot, nest egg for retirement or a way to get out of more expensive debt. Just keep in mind, when you use it, you lose it.
A home equity loan, by it's very nature, is an equity-depleting loan. You don't have an unlimited amount of equity to bank on.
The most conservative financial planners advise not fooling around with your home's equity. Eventually pay off your mortgage so that when you retire on a fixed income you'll be home free with no mortgage payment.
However, emergencies do arise and it's nice to know you've got something to fall back on, other than credit cards. That's particularly true as you age and your health wanes and during hard economic times that threaten your employment.
Again, the conservative advice suggests, instead of using your equity, even during an emergency, you should have socked away an emergency savings fund of from three to six months worth of your income as part of a sound financial plan.
However, even if you don't use your equity, it's not a bad idea to take out a home equity loan as a financial backup while you are fully employed. Once you are already unemployed or fully aware you will be laid off, it's probably too late. If employment and income are necessary to qualify for the loan and you lie about your employment status, you are omitting a material fact and defrauding a lender. Lying on an loan application is a federal offense.
The best back up home equity loan is a home equity line of credit (HELOC). Like a credit card, if you don't use it, there are no payments, but it's there if you need it. HELOC's are almost always cheaper than a credit card, but it is a form of revolving credit, often with an adjustable interest rate.
A home equity loan for a fixed amount with a slightly higher fixed rate may be a good deal for set costs, financial endeavors, investments and the like. Because it is an installment loan with fixed payments, however, the loan forces you to begin making payments right away, even if you don't use the money right away.
Either loan could be a good choice for bill consolidation, but only if you have the will power to pay off bills and other credit that comes with higher interest rates and not use them again. The rates are lower than average credit card and retail store card rates.
Conservative and more liberal financial experts alike say if you must use your home equity, the best use is to reinvest it. The best investments include certain home improvements, education for the kids, new business finances, a second home and other financial moves that provide an equal or better return on your money than the cost of the loan.
Avoid buying big gas guzzling cars, boats, RVs, vacations, home theaters and other items that don't give you a return on your money.
Finally, don't overlook how economic conditions of the day can affect your home equity. This is especially noteworthy if you combine an adjustable rate mortgage (ARM) first with an adjustable rate home equity loan in a so-called "piggy-back" deal to finance most or all of the cost of a home.
With two mortgages, should interest rates rise and push up both monthly payments, you could quickly reach an affordability point of no return. For example, in a soft housing market, with flat and falling home prices, there will be little if any home equity growth to bail you out, say with a refinance because your home could be worth less than the mortgages you seek to refinance.








Equal Housing
Opportunity
Bonnie Fagoh
813-390-7606
bonniefagoh@century21beggins.com
http://www.BonnieFagoh.com

Century 21 Beggins Enterprises
813-658-1344
6542 U. S. Hwy. 41 N.
Apollo Beach, FL 33572






March 2008 Real Estate Update
Copyright © 2008 Realty Times. All Rights Reserved.

US HOME EQUITY PROTECTION

You don't have to abstain from spending against the unencumbered value of your home, but you do have to guard against home equity excess.
Home equity is the difference between your mortgage balance and the value of your home. When you buy a home with a down payment of, say 20 percent, you have a 20 percent equity stake in your home. Over time, mortgage payments and appreciation can give you a larger equity stake. Likewise, depreciation can reduce your stake.
Lenders allow you to borrow money against some, but not always all of your home equity, provided you qualify with good credit and adequate income. Home equity can be an emergency fund, investment pot, nest egg for retirement or a way to get out of more expensive debt. Just keep in mind, when you use it, you lose it.
A home equity loan, by it's very nature, is an equity-depleting loan. You don't have an unlimited amount of equity to bank on.
The most conservative financial planners advise not fooling around with your home's equity. Eventually pay off your mortgage so that when you retire on a fixed income you'll be home free with no mortgage payment.
However, emergencies do arise and it's nice to know you've got something to fall back on, other than credit cards. That's particularly true as you age and your health wanes and during hard economic times that threaten your employment.
Again, the conservative advice suggests, instead of using your equity, even during an emergency, you should have socked away an emergency savings fund of from three to six months worth of your income as part of a sound financial plan.
However, even if you don't use your equity, it's not a bad idea to take out a home equity loan as a financial backup while you are fully employed. Once you are already unemployed or fully aware you will be laid off, it's probably too late. If employment and income are necessary to qualify for the loan and you lie about your employment status, you are omitting a material fact and defrauding a lender. Lying on an loan application is a federal offense.
The best back up home equity loan is a home equity line of credit (HELOC). Like a credit card, if you don't use it, there are no payments, but it's there if you need it. HELOC's are almost always cheaper than a credit card, but it is a form of revolving credit, often with an adjustable interest rate.
A home equity loan for a fixed amount with a slightly higher fixed rate may be a good deal for set costs, financial endeavors, investments and the like. Because it is an installment loan with fixed payments, however, the loan forces you to begin making payments right away, even if you don't use the money right away.
Either loan could be a good choice for bill consolidation, but only if you have the will power to pay off bills and other credit that comes with higher interest rates and not use them again. The rates are lower than average credit card and retail store card rates.
Conservative and more liberal financial experts alike say if you must use your home equity, the best use is to reinvest it. The best investments include certain home improvements, education for the kids, new business finances, a second home and other financial moves that provide an equal or better return on your money than the cost of the loan.
Avoid buying big gas guzzling cars, boats, RVs, vacations, home theaters and other items that don't give you a return on your money.
Finally, don't overlook how economic conditions of the day can affect your home equity. This is especially noteworthy if you combine an adjustable rate mortgage (ARM) first with an adjustable rate home equity loan in a so-called "piggy-back" deal to finance most or all of the cost of a home.
With two mortgages, should interest rates rise and push up both monthly payments, you could quickly reach an affordability point of no return. For example, in a soft housing market, with flat and falling home prices, there will be little if any home equity growth to bail you out, say with a refinance because your home could be worth less than the mortgages you seek to refinance.








Equal Housing
Opportunity
Bonnie Fagoh
813-390-7606
bonniefagoh@century21beggins.com
http://www.BonnieFagoh.com

Century 21 Beggins Enterprises
813-658-1344
6542 U. S. Hwy. 41 N.
Apollo Beach, FL 33572






March 2008 Real Estate Update
Copyright © 2008 Realty Times. All Rights Reserved.
Your REALTOR® Bonnie Fagoh
March 2008
Copyright 2008 Realty Times All Rights Reserved.
-->
Super-Sized Homes ShrinkingBy Phoebe Chongchua
We're a nation of super-sized everything -- from food to homes -- but developers are scaling down in some areas of the country in an effort to make houses more affordable. "Over the years the size of homes has expanded as the market grew hotter and hotter. But now that the market is going through an adjustment period and costs have ramped up, builders are exploring different ways of reducing costs. One of those is to reduce the size of the homes in terms of overall square footage in different sections of the home," says Joseph Narkiewicz, executive vice president of the Tampa Bay Builders Association. According to an article in the St. Petersburg Times, builders are shrinking homes. Some are scaling back from 2,200 square feet to 1,800. They are even building two-bedroom houses that only offer a little more than 1,000 square feet. The down-size allows for homes to be reduced to more feasible prices. Lest you think the news is all bad, Narkiewicz says this is just a strategic move -- not a sign that times are taking a turn for the worst. "The state of the economy is improving somewhat so there is some degree of optimism that we're looking forward to. In fact, one of our economists in Florida estimates that as we work through 2008, things should get better as the year progresses," says Narkiewicz. In fact, Narkiewicz says there will still be super-sized homes for those whose lifestyles demand it and incomes support it. However, for others things may be getting a bit back to normal. "Some things may have gone to the extreme and I think buyers are now going through a realty check and finding they don't really need those huge bathrooms like developers were building. They don't really need all the extra space that developers were building and, to try to mitigate the higher pricing, they're bringing the square footage down," says Narkiewicz. So is this a passing trend that will fade as market conditions improve? "I don't believe it's going to be a passing fad. I think
that homes will be down-sized somewhat and that will probably remain there until people decide they want more space. But this is probably going to become a more permanent thing," says Narkiewicz. Also on the way out are some amenities, "The large clubhouse with the elaborate swimming pools in certain communities may be gone simply as a cost-saving measure as well as people may not want to have the maintenance costs of those facilities through homeowner's association dues," says Narkiewicz. He also says gated communities may be on the decline in certain markets. He says buyers are also opting for less expensive materials in their homes. "There are some people who may forgo granite countertops in favor of the Formica tops -- the less costly countertops -- for the initial construction phase. Later on they can always replace them as money becomes more available," says Narkiewicz. Another challenge adding to the current real estate conditions is dealing with growth management laws. Narkiewicz says some planners and neighborhood activists oppose land-use plan changes or zoning that would increase population density. Narkiewicz says, "Sometimes it's a matter of the numbers game. At two units to the acre, the lot costs 'X'. At four units to the acre the lot might cost half that amount." He adds that some of the growth management trends are to establish urban service boundaries. "So that within those boundaries is where all the growth is to occur, which then artificially limits the supply of land that is available for development -- and when you limit the supply of something it just bids the price up. When you bid up the price of raw land, obviously, the price of finished lots goes up and therefore the price of the finished homes goes up. So government has a tendency, through its regulatory process, to artificially inflate the cost of housing and these are some of the issues that we've been battling throughout the country," says Narkiewicz.
Equal HousingOpportunity
Bonnie Fagoh 813-390-7606bonniefagoh@century21beggins.com http://www.BonnieFagoh.com
Century 21 Beggins Enterprises 813-658-1344 6542 U. S. Hwy. 41 N.Apollo Beach, FL 33572