Think you can't buy a home as an investment? Looking for a creative way to take advantage of the #2 in US foreclosure market here in Tampa?
I attended a 3 hour seminar the other day that was great!
Here are some different options you have to buy a home, land or to get a downpayment for a loan using tax deffers IRA'S AND 401K's.
Your tax deferred and possibly tax free investing choices are:
land, (raw large parcels or single lots)
A resale or builder inventory home (use as rental only)
Commercial property that you lease out.
Downfall:
The most important thing to remember is that you cannot live in the home. It has to be an investment, therefore a rental home, or vacant land are some of your options for purchasing. You can't even use a beach house for personal use. It has to be a rental property under the guidelines.
How do I use my 401K to buy real estate?
Move your 401K to a Self Directed IRA. Can only be done if you no longer work at previous job.
Need a downpayment of to get a Conventional or FHA loan?
You can borrow 50K or 50% whichever is less from your 401K
You can also use your business partner or spouse's IRA for a downpayment or to pay cash for a property. You have 50K, they have 150K, save closings costs from lenders which can be 3-6% of the total purchase price.
Right now in Pinellas, Hillsborough and Pasco Couties there are 7,309 properties that are 200K or under, 3 bedroom 2 bath.
If you have been thinking of buying land or rental and commercial properties in the Tampa Bay Area please give us a call to discuss your options. 813 784 7744 Rae. Emai: realtyrae@yahoo.com
All information is believed to be accurate. Always consult your financial advisior and CPA before making any changes to your assets!
Appraiser says not all communities in South Tampa are depreciating in value....that doesn't mean you can't get a great deal! If a home is listed in today's housing market you can bet that sellers are MOTIVATED. Owners are now competing with banks and short sales, therefore they are forced to lower their price.
The prestigious neighborhood has many canal front and open bay view homes, which attracts many homeowners looking for a boating community with all the conveniences of being close to the major highways and Downtown Tampa.
What makes the waterfront community of Beach Park in South Tampa one of the BEST Neighborhoods in Tampa? Appreciation.....Quaint Mature Oak Treed Lined Streets, and the Breezes from Tampa Bay.
The community is the closest luxury residential neighborhood to the Westshore Mall and Westshore Business District. Need to travel? Get to Tampa International Airport in 5 minutes. Fine Dining and the proximity to 3 major bridges provide easy access to Clearwater and St. Petersburg Beaches.
Aerial Map View-Beach Park, Tampa, FL
In 2008, The Tampa Bay Business Journal published a news article about the increasing value of some neighborhoods of South Tampa....
A large independent provider of residential real estate appraisals says some Florida neighborhoods are increasing in value, despite statewide averages indicating a drop in home sales prices of 15 to 20 percent.
The South Tampa market, for instance, has seen luxury waterfront and inland properties inBeach Park, Palma Ceia and Hyde Park rise between 5 percent and 8 percent in the past year, a release from Forsythe AppraisalsLLC, based in St. Paul, Minn. said. Forsythe has branch offices in Tampa, Miami, Orlando, Jacksonville and West Palm Beach.
Stats from the MLS show since May 2008 thru January 2009 there have been four Beach Park Homes Sold. *These are only Waterfront, Water view or homes with Water Access.
The lowest sales price was $1,020,00 with the highest being $1,308,00.
Currently there are four homes for sale ranging from 675,00 up to 2,394,000.
The lowest BEST priced home for sale in Beach Park with a water view is $675,000. at ($164.67 per sf)
This home is a beautiful new construction Beach Park Two Story Mediterranean style masterpiece w/Open Bay Views of Tampa Bay from 2nd floor. Master Bedroom has large balcony to watch sunsets over Tampa Bay.
No detail has been unnoticed with Crown Molding throughout, Coiffured ceiling in the Large family room, Wood floors, Travertine Marble, Granite in kitchen & Master bath, ornamental wrought iron railings & much more. This home is a 5 bedroom, 4 1/2 bath masterpiece boasting almost 4100 square feet.
To see this beautiful luxury home please contact Rae at Prudential Tropical Realty: realtyrae@yahoo.com or call 813 784 7744
TAMPA - Nearly half of the 257 condos at the Towers of Channelside have sold, including one in February to Tampa Bay Rays third baseman Evan Longoria, but those sales still aren't enough. The developer of the twin 29-story towers has notified its lender it's giving up on the project 15 months after it sought bankruptcy court protection and six months after it declared its reorganization a success.
"Unfortunately it's the economy. It's bigger than us. It's bigger than any one person," said Richard Sacchi, a principal of Towers of Channelside LLC.
If you are looking to purchase a condo or have questions about developments in the Channelside and Downtown Tampa Districts give us a call
When I started thinking about a title for this article I came up with quite a few. The METHOD of the Short Sale was 2nd choice. Although, we are finding there is NO Methodology in the Tampa Real Estate Market. Both buyers and sellers are feeling the STRESS OF A SHORT SALE!
Putting in an offer on a Short Sale Home in the Tampa Bay Area?
Thinking of buying a short sale home is painful to many who can wait as long as 45 days to hear if the bank accepted their offer.
There is no Method!
I can certainly without a doubt, say that there are no rules when it comes to what the banks will or will not do. Every bank is different about the way they handle things. Some are using mitigation companies to negotiate the offer, and some are not. Banks each have their way of handling paperwork and disclosures which makes our job as Realtors even more challenging.
What Realtors and Sellers are doing to get offers on short sales:
A price you see listed on any website is not necessarily the price you can buy that home for. If you've seen wording or disclaimers stating "listing price may not be sufficient to cover all closing costs..." that is when you know the home is listed as a short sale. Try telling people who are qualified to buy a home, that we don't know if the price listed is a real sales price.Otherwise known as "bank approved short sale".
I've seen some listed for an unbelievable prices. When I contact the listing agent, I have to ask if that price "has been approved by the bank". Otherwise, the seller agrees to list the home for what ever they want.
What happens next??? Sellers are submitting multiple offers to the bank and the bank is then forced to either take one or foreclose on the home. Once the bank gets offers at the low ball price, it speeds up the short sale process.
How many properties are on the market in the metro Tampa Bay Area? (approximately 33,000.00 in the Pinellas, Pasco and Hillsborough Areas)
I'm finding there are several situations that would lead more people to buying a foreclosed home. First, they are probably getting a better deal after the bank owns the property. The bank will respond to most offers within 48 hours, 2 business days. You will also know if there are any other offers in the mix.
Most buyers I am working with are telling me that they want to stay away from short sales. If you are a seller, please take this into consideration before listing your home for sale with a Realtor.
In August 2008, a U.S. bankruptcy judge approved a relief package for WCI Communities that's designed to assure homebuyers would not be impacted for future purchasers at the Westshore Yacht Club here in Tampa Bay.
If you are looking for a great deal this is the time to invest.
This is GREAT NEWS for one of the premiere boating communities on the West Coast of Florida. Since August, West Shore Yacht Club has created the furious pace of the trading floor with a promotion that has people taking action. This is a very positive sign for the Tampa Housing Market; especially for those who are looking to invest their money NOW while prices are aggressive.
Unlike some other developments here in Tampa, The West Shore Yacht Club IS selling their townhomes, hi-rise condo tower, and accepting contracts for the single family homes yet to be built.
More good news.....They are not turning into rentals. Many other developments have caused the people who purchased in the begining to live amongst mainly renters; which is not what buyer's signed up for originally.
When you take a tour of the community you'll notice that the people who are living there are enjoying life and taking advantage of the wonderful amenities this luxurious, resort style community has to offer. There are so many things to do, you may just decide to stay home and relax on the weekends.
I love the tranquil Spa! The fitness center is state of the art with views of the water. They offer complimentary towels, a very nice locker room with showers, blow dryers, and toiletries. It's really everything you'd expect a high-end club to be. There are also 2 heated pools, 2 restaurants, 2 bars, a billiards room and a yacht shop for supplies.
If you've been looking to purchase in South Tampa, you'll know a single family home is nearly impossible to find under 400K. Other options are townhomes and condos. If you need a 3/2 and 2 car garage, approximately 1900 square feet of living space, you may want to consider one of the townhouses or condos for sale at the Yacht Club. They are solid block construction on all floors, built to current hurricane standards, and have many upgrades like granite, stainless steel appliances and high ceilings. Best of all, these properties are brand new and never lived in. Another nice feature of the community is that there is plenty of parking for guests. Something you don't find in a South Tampa Townhome communities.
This year there have been approximately 35 units sold by the developer due to their very aggressive pricing and incentives. These Townhomes were once selling for 450-650K two years ago. The same units are now listed for 325K and up.
The American Recovery and Reinvestment Act of 2009
ENHANCED HOME BUYER CREDIT
NOT JUST FOR FIRST TIME HOME BUYERS
Who Qualifies?: Anyone who has not owned a home for the preceding three years. That means you may still qualify for the incentive even if you and your spouse owned a home more than three years ago.
How Much?: The incentive calls for a credit of ten percent of the purchase price up to a maximum of $8,000 for a single resident or a married couple filing jointly.
Are There Limits?: The credit is phased-out based on your modified adjusted gross income (MAGI).
How Does It Work?: The tax credit reduces a your tax bill or increases your refund, dollar for dollar. It is fully refundable, meaning that the credit will be paid out to you, even if you owe no tax or the credit is more than the tax that you owe. Even better, there is no repayment requirements associated with this incentive if you keep your home for at least three years.
What are the valid dates to purchase a home?: The incentive is for homes that close between January 1, 2009 and November 30, 2009.
Principal Residences: The tax credit is available for purchases of principal residences. Purchases of vacation homes and rental property are not eligible.
To request more information on how to purchase a home using the new home buyer tax credit send an email to: info@thetamparealestateinsider.com
*This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details.
Great Deal on the Water; Indian Rocks Beach in the Tampa Bay Area!
Waterfront Beach House may be primary residence, vacation home or great lot to build your new home.
Waterfront Home
2Bedroom 2 Bathrooms 1800 sq ft home with tile floors, great fireplace, views from living area & bedroom, secluded and set back from the road.
Unique lot offers wide open views and protection for boat or yacht. Privacy at end of cul de sac with over 100` of seawall that wraps around the point.
Pre-negotiated Deal Seller has further reduced the price for a CASH offer or QUICK SALE
Dr. Lawrence Yun, NAR Chief Economist gave a speech last week at the Greater Tampa Association of Realtors in Tampa. Myself, along with 200 other Real Estate agents attended the informative lecture.
His main focus was to let Realtors know to inform clients that our Tampa Real Estate Market is NOT the same as the National Market. National figures and statistics are much different. He emphasized the importance of buyers and sellers to contact an agent who can provide detailed information for specific neighborhoods, and to compare sold, list pricing and days on market on each community.
For instance, a home located in the Hyde Park area may not be the same as a home in Westchase, or Seminole Heights for many different reasons. We factor in Days on Market, How much inventory is available and what homes are actually selling for. You've heard the saying "location is everything"?
When you are starting your search, a Realtor can be an invaluable asset in being able to differentiate what the best price to list your home for based on these numbers. The same applies to purchasing.
I personally have seen an increase in buyer activity over the last 6 months. Dr. Lawrence Yun confirmed this by projecting the 2nd half of this year to see a decrease in inventory and an increase in buyers who have been "sitting on the fence" to move forward in making their home buying decisions.
Yun also stated that FL, AZ, NV & CA saw the biggest boom and are now experiencing the largest decline. This is why we are one of the Best Places to Buy Real Estate! The bottom is here.
The media met with him afterwards. FAR Early Bird picked up the Tribune article CLICK HERE and the Times article is HERE When meeting with the media, Dr. Yun said that 20% appreciation would be conservative in the next five years in Tampa Bay and should actually be significantly higher...another reason to buy now on the low side. He also said that Tampa, like San Francisco, would be a "superstar city". He went on to say this is an anomaly that economists can't explain, but being surrounded by water was part of the drawing power. This corresponds to what I heard Dave Ramsey say on CNN's Larry King Live...that "people buying real estate now in Tampa Bay would look like geniuses five years from now".
To recieve the Tampa Economic Report, send us an email with a request.
Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question? Feel free to email or call us 813-784-7744 Rae Catanese and Michelle Jordan Realtors.
We couldn't have asked for a better Thanksgiving treat than the one we got on Monday: the lowest 30-year fixed-rate in over two years. That's right. For those of you who have been patiently waiting, here's your chance to save anywhere from $5,000 to $7,500 or even more on the mortgage financing you've been looking for. Do not miss this great opportunity to cash in on the lowest rates since October 2005.
Here's why you should act now: Monday saw the lowest 30-year fixed interest rate in over two years. However, each time this interest rate reached previous low points, both last year and earlier this year, it began increasing and didn't stop, climbing over 0.50% in the months that followed!
Fannie Mae and Freddie Mac tightened guidelines, announcing new Loan-Level Price Adjustments. In the first quarter of 2008, most borrowers who have good credit, but have FICO scores below 680, will now be forced either to pay more points at closing or incur a higher interest rate.
The amount that a borrower could be forced to pay, even if they've never been late on a payment, could be as much as 2.00% in points or an interest rate that's 1.00% higher than the going rate.
On a $250,000 home loan, a borrower could have to pay up to $5,000 in order to receive normal market rates! Borrowers choosing the higher interest rate, under the worse case scenario, would stand to lose over $7,500 in just the first three years of the loan.
Choosing to wait could cost you money both in the form of higher market rates and points. This could well be the greatest holiday present you could treat yourself to this year, but only if you act fast!
For Real Estate questions contact Prudential Tropical Realty Rae Catanese, Realtor at 813-784-7744 or email us.
SEMINOLE HEIGHTS- Historical Neighborhood Real Estate Market Update- Tampa, Fl Call Rae at 813 784 7744 for updated pricing on this Seminole Heights Lot for Sale Behind the new Starbucks! Possible mixed use or commercial zoning
Are you relocating and looking for something unique and historical? Most people who live here in Tampa know about this quaint area we call Seminole Heights. Seminole Heights makes sense for first time home buyers looking for opportunities and affordable prices. It seems that all you hear about it on the news is negative. I thought I'd shed some light on the brighter side of our "Heights Market" by going back in time to get a better perspective on the future.
Remember three years ago when real estate was really hot? You were looking for a home between 200K to 250K, and there just wasn't enough to choose from. You may recall that when you found a suitable home, 2 or 3 other people were looking to make an offer on the same place. And people were buying homes left and right. Back then, sellers were all too happy to make a big profit. There were bidding wars and buyers willing to pay the price.
So now we're on the downside of that frenzy of activity. Insurance and tax issues have caused the whole state of Florida to fall into a real estate rut, but there's still a lot we can learn from the boom of just a few years ago. There were signs then that Seminole Heights was up and coming: Whispers of a Starbucks being built, and a Cappy's Pizza - who would have thought?
Today, the Seminole Heights Market is priming for another growth spurt. The Starbucks Coffee Shop and Cappy's Pizza are thriving, and there's much more to look forward to, like the proposed Sangria's Restaurant coming. Now this is really turning into something big. All this and live only 10 minutes from Downtown Tampa.
Alan Dobbs, owner of Florida Design Studio Corp has moved his offices to the Heights, where he's basing most of his projects. Alan's company focuses on traditional bungalow architectural design, and business couldn't be better. "I think it's because I do work for home owners and not speculative developers or track home builders," says Alan. Alan also noted, "even though there has been a downturn in the real estate market, it does not seem to of had an affect on people wanting to improve or add-on to their homes. If anything, I think the projects have become bigger and more substantial because people, including me, realize we can't afford to move, but we can afford to add-on of improve what we have."
Other buyers are opting to build new in our area, while maintaining the historical look of the neighborhood. If you're thinking of taking this route, you may want to jump on the opportunity when you see a lot for sale. It seems that parcels of land are becoming scarce in the Seminole Heights Historic District as more people are looking to build from the ground up.
As a Realtor part of my job is to pay close attention to the Real Estate Market in our area so I can inform buyers and sellers what to expect, and what not to expect. My business partner Michelle Jordan & I work with buyers and sellers in the entire Tampa Bay Area, and we have noticed an increased interest in the Heights over the last few months. Prospective homeowners are excited by all the choices they have now that simply weren't affordable 3 years ago. If you haven't yet looked at homes for sale in seminole heights, now is the time to start.
If you're going to make Tampa Bay home, then Seminole Heights is still one of the first places you should look. Beautiful and affordable with a tightly-knit community, the Heights is still a boon for small businesses and a great place to call home.
This is a picture of a new construction home that was designed by Alan Dobbs. The home is in the Historic District across from Hillsborough High School ....
Alan C. Dobbs Florida Design Studio Corp.5310 N. Central Ave., Suite D Tampa, FL 33603 (813) 232-6242 office(813) 732-4268 cell adobbs@verizon.net
Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question? Feel free to email or call us 813-784-7744 Rae Catanese and Michelle Jordan Realtors.
TAMPA BAY AREA REAL ESTATE UPDATE FOR BUYERS & SELLERS, TAMPA FLORIDA REAL ESTATE MARKET, INVENTORY OF HOMES IN TAMPA, TAMPA HOME SALES, BUYING A HOME IN TAMPA, PROJECTS, NEW CONSTRUCTION, RELOCATION, SOUTH TAMPA, LOFTS, CONDOS, HOMES, TOWNHOMES, MLS SEARCH, REAL ESTATE CONTRACTS, WATERFRONT, LAND, LOTS
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
His main focus was to let Realtors know to inform clients that our Tampa Real Estate Market is NOT the same as the National Market. National figures and statistics are much different. He emphasized the importance of buyers and sellers to 
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