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joe murphy: Manatee real estate inventory stable?- The numbers don't lie (2009 in Review) - 01/11/10 02:21 PM
This past 4th quarter has been busy as compared to the previous year.  This can be attributed to the 8,000 first time home buyer tax credit, and also to the lower overall sales prices.  
In December there was 442 SALES compared with December of 2008 when only 328 homes closed.
Pending sales have also increased with December's having 481 homes go pending, compared to 348 in December of 2008.
 
Overall inventory has seemed to level out through the last quarter of 2008 with inventory hovering around 4,700 total units.  From my unofficial perspective the typical jump in inventory for … (6 comments)

joe murphy: Is selling your home as a short sale worth the work? - 12/22/09 11:55 PM
So you have to sell your home, but you owe more than it is worth. Here are your options if you have to sell.IF you would rather stay in your home, but are having trouble afford the payments a loan modification should be your first step.  
But,
Tried to modify and the payments are still to high.  ( I can help with this too.)  Need to relocate for work or change in family reasons. Can't afford to stay in a home that has too high of a mortgage payment. Your property is "UNDERWATER", and you are prepared to walk away … (9 comments)

joe murphy: Waterlefe Golf Cart Parade- December 15, 2009 at 6pm - 12/13/09 11:13 PM
We have been living here in Waterlefe golf and river club since 2003 and the annual holiday golf cart parade is an event that we look forward to every year.
Last year there was over 25 carts, and about 10 motorcycles, all decked out with holiday decorations, and plenty of lights.
Even Santa Clause was there too!
The parade starts at 6pm in front of the river club.  From there the route will lead through the majority of the neighborhood.
After the parade, there is a nice holiday party, with a buffet served and live music too.  Reservations can be made … (1 comments)

joe murphy: What happens when half of Florida's Homeowners are "underwater"? - 12/13/09 07:25 PM
What does it mean too the market if half (48.5%) of the homeowners with mortgages, owe more than their home's worth?
With this kind of grim statistic it could be easy to get pretty down on the market, but I think it could be worse.  The Wall Street Journal's report shows the percentages of homes that have mortgage balances over the value of the property.
Some Considerations:
The majority of the short sales and foreclosures are homes that were either bought, or refinanced during the housing boom years of 2004-2006.   Pretty much all homes in the Manatee County market are worth about 20-50% … (8 comments)

joe murphy: Vote to allow judges to reduce principle balance on loans TODAY....take action - 12/10/09 10:17 PM
Loan Modifications with PRINCIPLE REDUCTION does not happen hardly at all.  It should, and it makes sense.  This is a good call to action, and I would support this bill.  Please spread the word if you can

Via Mark Archer (REC Real Estate Consulting Services LLC):
CONTACT CONGRESS: Support Judges Modifying Mortgages NOW! Otherwise, It's All Up to the Banks. Posted: 10 Dec 2009 06:20 PM PSTSCROLL TO BOTTOM FOR BUTTON THAT MAKES IT SIMPLE TO CONTACT YOUR REPRESENTATIVE IN CONGRESS.  YOU DON'T EVEN NEED TO KNOW HIS OR HER NAME... JUST YOUR NAME, ADDRESS AND ZIP CODE.
In the next … (0 comments)

joe murphy: A Short sale deal that fell through, and I couldn't be happier! - 12/10/09 09:24 PM
I just withdrew a short sale listing off the market.  It was a typical short sale.  The owners were having a struggle making their payments, and then one got laid off from work.  The bill collectors start calling, and they start getting behind in the mortgage.  I meet with the owners and gave them their options.
1.  Try to work on a Loan Modification.(which they had been doing.. unsuccessfully) , OR,
2.  Start the short sale process.
They had tried, as many do, to do the loan modification on their own with no success.  I did not "do" their loan modification.  I only gave them advice … (9 comments)

joe murphy: Did You Know? Deduct taxes paid on a new vehicle purchases -ends 12/31/09! - 12/09/09 10:33 PM
Taxpayers who buy a new car or several other types of motor vehicles this year may be entitled to a special tax deduction when they file their 2009 federal tax returns next year. The tax break is part of the American Recovery and Reinvestment Act of 2009.  Thanks to our local news station for helping to get the word out ABC Action 7 news here in Sarasota.
And you don't even have to bring in a clunker either.  It would be nice if this credit did not have such a quick expiration. 
 
I had just found out that as part … (2 comments)

joe murphy: Interesting home valuation site from BofA - 12/09/09 09:41 PM
This entry discovered a great site that Bank of America uses to evaluate home value.
If you ever wondered what Bank of America thinks your home is worth, you can just type in the address and there you go!
http://www.bankofamerica.com/modular/index.cfm?template=hc_home_worth_modular&app=OMA&state=NC&origin=

Via Guy Lofts CRS Real Estate Guy in Madison, Wisconsin (Keller Williams Madison Crossroads, Madison, Wisconsin):
It has been a while since i put pen to paper.  Just been so busy i haven't found time or energy.  My apologies to my loyal fan!!
I found this site thanks to ShortSaleSuperstars.com a great resource. 
Someone suggested checking the value in the case … (1 comments)

joe murphy: 2151 Datura Street Sarasota, FL 160,000 - 12/03/09 09:28 PM
Just Listed!  Short sale! This one is exceptional.  Location is superb.  you can be downtown in minutes. The beaches are super close too.
2 bedrooms, 2 full baths, and a one car garage.
The home has been updated with a new roof, and updated master bathroom.  Newer bamboo floors, and tasteful tile in all living areas.
Completely fenced back yard, with one of the largest oak trees I have seen in a while!
Call Joe Murphy today to see this amazing short sale deal.  941-780-3260
joe@manateemoves.com
www.manateemoves.com
www.activerain.com/manateemoves
 New roof, updated interior, great location too.
… (1 comments)

joe murphy: New listing 1/2 acre 275,000 - 3720 38th Ave East Bradenton, FL 34208 - 11/30/09 03:41 PM

Just listed this rare newer home built in 2007.  Has a great big lot, and NO DEED RESTRICTIONS!  Easy drive to SR 70, and Sarasota or Bradenton. 
The home features upgrades uncommon for a home in the area.  Granite Counter tops, wood cabinets, tile floor in the main living areas, and plenty of details that make this a fine home.  3 Full bedrooms, 2 Baths, and a separate den.  The home also has a spacious three car garage.
Call me today if you are interested to see this great house.  Move in ready, and ready for you today!
Joe Murphy, … (0 comments)

joe murphy: Where are all the bank owned homes? - 11/23/09 12:25 AM
It was front page news that the number of foreclosures filings here in Manatee County has had 5687 foreclosure filings to date this year, which is an increase from last year.  This is a lot of homes and as an active agent it made me wonder where are all the bank owned inventory?
There are 4696 total active residential listings as of this evening (11/22/09). 474 "normal" are pending There are 149 active bank owned homes 123 pending There are 920 short sales active there are 940 pending The Statistics show two big things.
The action is happening on bank owned, and … (4 comments)

joe murphy: Are New Home sales pulling down market values? - 11/20/09 05:03 PM
I have been working with a buyer this week, and after seeing all the resale inventory including short sales, and foreclosures they decided on a new build.  What is amazing to me is that the deal they got with the local builder is BETTER than any of the comparable resales in that area.
A resale home that was essentially the same home as they purchased was an option, BUT it was 45,000 dollars more, and a SHORT SALE too.  The new construction will take 8 months to close, but a short sale can take 90-180 days to close.  Plus the new … (5 comments)

joe murphy: Obama signs the First Time home buyer extension.. a collective sigh of relief. - 11/06/09 04:01 PM
It's finally really here.  Of course, this is a little old news, as people have been saying that the tax credit was approved fro the past week.  Nothing is in stone until the President signs the bill into law.
It would have been nice if this could be extended to ALL home buyers.  This would cause the investors back in the market in droves, and snapping up all the investment homes.  Could you imagine buying a rental home for 50,000 and getting back 8,000 of your taxes? 
Kind of like when everyone was driving HUMMERS because they could write off the … (5 comments)

joe murphy: Conflicts of interest? Loan servicer pulls one on the investors too. - 11/03/09 05:47 PM
I just attended a Foreclosure rescue seminar this past weekend. One of the things that  I learned is their is another victim besides the homeowner, the INVESTOR.  These "mortgage backed securities" were supposed to be safe investments.  Triple AAA rated, SAFE, reasonable returns.  The kind of investments that were sold as low risk.  They too are being burned in this real estate bubble.
The people in the middle: servicer(s), and the firms that sold these mortgages to the investors got their profits and no consequence.   
 The homeowner loses their home and credit, and the INVESTOR that actually put up real money, takes the loss.  No one … (2 comments)

joe murphy: Can a Short Sale get approved for a Seller that does not provide financial info? - 10/09/09 09:05 AM
I have been doing short sales for quite a while.  Some things have changed. Today I got news that one with no Financial info provided was verbally approved.
Then-Hardship letter were more critical.  Divorce, Death, Relocation for work or Job loss were the situation with most sellers 3 years ago for short sales.  At least I thought so.
Now-  With many people doing strategic short sales who have much less "dramatic" hardship letters.  Slight income loss, will work just fine now for most deals.  Some of the sellers could afford the mortgages, but they do not want to keep paying for a … (1 comments)

joe murphy: My 2 year old saves a life, and teaches dad in the process - 09/30/09 01:39 PM
We were splashing about in the pool.  My son is not quite swimming yet, so we have to watch him carefully,  The pool we were using at our club is outside, and there are a number of coconut palms around.  One game we with the kids is fetching baby coconuts as a diving game. My daughter is quite a good diver, my son meanwhile hunts for fallen coconuts to use for the game.

"Daddy, Tete is in the pool".  Probably just a coconut I think, but I investigate.  It is a baby gopher tortoise just barely a week old.  It looked a lot … (1 comments)

joe murphy: 3 Reasons Sales are up in Bradenton, FL- August pendings jump 16%!!! - 09/15/09 11:09 PM

 
Sales are up in Manatee County. Inventory is down 35% down from last year.  The listing inventory in certain neighborhoods has dropped even more.
Here's why...(my opinion of course....)
 
1.  Federal income tax credit
 This is stimulating the entry level price ranges.  In my market this is 50,000-250,000.  This price range is getting fierce.  Two offers last week went into multiple offer situations.  Buyers who are trying to take advantage of the tax credit have really only 5 weeks to find, make an offer, qualify, and hopefully close within the 11/30 deadline.  These buyers are out in force, and are … (0 comments)

joe murphy: 7 things I learned doing short sales for past 3 years - 09/09/09 07:50 AM
I have now have closed a lot of short sales in the past three years. My words of wisdom for buyers, and sellers who are considering a short sale.  Short sales can be a great deal typically selling for 10-20% below current market value. BUT, they have a tendency to frustrate buyers, and sellers in the process.
Patience, involvement and realistic goals are helpful to get a short sale closed. Either everyone wins, or everyone loses. The buyer gets a great home, for a fair price. The seller gets rid of a home that is under water, and can potentially wipe … (18 comments)

joe murphy: First Time home buyers are scrambling to find homes - 09/04/09 10:30 AM
A sign of a recovery, or just a blip from the 8,000 dollar tax credit?? Here are the changes that I am seeing in my local market. comparing today to a year ago.  I am curious to see if anyone else is experiencing the same effects?  It feels like the tax credit is working like the "CASH FOR CLUNKERS" deal. When the government announced that the program was ending in a few days people were clammoring to get a car.  A friend that sells new cars, had not been as busy, ever, than the weekend prior to the end of the … (0 comments)

joe murphy: This is the Time.. "to be greedy is when others are fearful" - 02/12/09 05:30 PM
I am inviting you to my "Waterlefe Tour of Homes" for this coming Sunday February 15, 2009 from 1-4pm.  If you have been considering buying a larger home, downsizing, or perhaps buying a home for investment, there has never been a better time to be a buyer for this great community.       Waterlefe is a jewel that offers the rare combination of BOATING and GOLF at one address. 
Our neighborhood is not too big, or too small.  There is a great variety of residences from the 200's to the multi-million. Convenient location close to shopping, airports, and a reasonable drive to some … (0 comments)