Monday, August 10, 2009

Market Conditions for Tampa , Florida

Reported by Bonnie Fagoh, REALTOR

As of August 9, 2009.


According to the National Association of Realtors, its Pending Home Sales Index rose 6.7% to 90.7 for May 2009 over the 85.0 for May 2008. This is the FOURTH STRAIGHT MONTHLY GAIN; the last time there were 4 consecutive monthly gains
was in October 2004. Despite new appraisal rules for many transactions causing some contracts to be delayed or falling through, the pronounced increase in April and the fact that May sustained this rise indicates that actual existing home sales are poised to rise in the coming month or two.

We are seeing this on a local level at BellaSol Luxury Waterfront Villas in Apollo Beach as we put four units under contract in the month of June with 3 closed in July and 1 in August (so far) and another offer being considered. These are fantastic bargains with special financing that will not last forever! The developers are taking bids on finishing out 2 more buildings soon. (Those will be priced HIGHER). In nearby Mirabay, another waterfront community, 2 builders have started selling pre-construction again. Many bank owned and short sale properties in the Tampa Bay area end up with multiple offers. Just recently I was working with a buyer who was one of 13 offers on a short sale pool home. We were selected as the "highest and best" so we were fortunate on that one, but that was the third property the buyer tried to get under contract. Of course with a short sale there are no guarantees you will close. After at least a typically three month or more wait, the bank could ask the seller to sign a promissory note for part of the deficiency. If the seller refuses, no closing!
On the bank owned it seems the banks are making some strange decisions....another one of my buyers did NOT get the property she made an offer on because she did NOT ask for closing costs! Her offer netted the bank more than another offer, but the bank said they were afraid we would ask for closing costs later! Go figure. Just telling you this to prepare you for what may be a somewhat complicated process. You definitely need a professional helping you through.
If you are thinking of buying, stop just thinking about it! The best properties are being scooped up first, so what do you think will be left? Which BellaSol units do you think went under contract first? RIGHT, the ones with the best views! So, before all the best are gone and before interest rates go up anymore, call me so I can help you find the BEST DEAL!

South Tampa currently has 879 active listings with 380 sold from Feb-July. At this rate there is 14 months of inventory.

Search all Tampa Bay properties at or better yet,
call me for your FREE boat tour!

Call Bonnie at (813) 390-7606

ZIP Codes: 33606, 33609, 33629

Location Characteristics: South Tampa with Davis Islands and Hyde Park is probably the most desirable area of Tampa in which to live.
Its close proximity to downtown allows you to enjoy an easy commute to work, as well as the night life, the arts, clubs, shopping and restaurants. Bay Area bands crank out reggae, rock, blues, country, punk, salsa and jazz at clubs and bars all over town. New on the party scene as trendy spots for a sophisticated crowd are Channelside Bay Plaza and International Plaza's Bay Street. If you enjoy the waterfront there is plenty of that as well.
The area is excited about our Tampa Bay Rays playing in the World Series this year. AND the Super Bowl Committee is impressed enough with Tampa Bay to have us host the Super Bowl for the fourth time!! Come see for yourself why people love it here!

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About Bonnie Fagoh:
I am a 40 year Florida resident of the Tampa Bay Area!
Meet Bonnie FagohTuesday, February 3, 2009
For Immediate Release: Bonnie Fagoh again Awarded Masters**
Bonnie Fagoh of Tampa Coastal Homes at Century 21 Beggins in Apollo Beach Florida has again been awarded Masters level recognition for 2008***

In a year that experts have noted as the most difficult on record, Bonnie has quietly gone on with what she loves, and that is helping families find fantastic opportunities in this coastal community... and it shows! "What I have found in 2008 and 2009 is that many buyers are very frustrated with the "pre-foreclosure bargains" that they have tried to acquire. Some have wasted many aggravating months waiting to find out if their offer will even be accepted by the lender on a distressed property that is in need of repair. I have helped families buy brand new homes from builders with full warranties and even close in 2 weeks! That's 2 weeks vs the national average of a minimum 2 to 3 months with distressed property. AND their payments were even less than if they had bought that "short sale deal". Some big national builders need to keep the scaled down workforce busy even if that means selling at a loss (under replacement cost). The hassle of liens and second mortgages etc... does not exist with these brand new bargains." Of course, all the normal due diligence has to be performed. For example, what is the history of the neighborhood? How are the schools? Many of these factors cannot be determined from photos or a written description... No, in today's market it pays to go with a pro who is very knowledgeable about the local area. You need to know that a realtor is serious about the profession. I have lived in my area over 18 years and in Tampa Bay for over 40 years. 2009 will be another year of helping others live the dream!"

Let me 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 09 UPDATE!!** Thanks again to everyone as I was again awarded at the TOP AGENTS retreat for 2008!! This is a measure of how dedicated to the real estate industry an agent is.... ask how was your production for 2008?

Bonnie Fagoh
Century 21 Beggins Enterprises
6542 U. S. Hwy. 41 N.
Apollo Beach, FL 33572

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