Scott's Blog

Carrollwood Meadows - Affordable Single Family Homes

Scott Wells (REMAX Reflections) — Wed, 11 Nov 2009 10:44:07 -0600

Carrollwood Meadows just off of Erhlich Road and the Veterans Expressway. This community features no CDD no HOA and an established tax base....These homes often have far more affordable monthly payments because of lower taxes, HOA, etc.

We have lived in a nearby community for almost 10 years. We would love to help you find you a home at an affordable cost...

Sugarwood Grove: Great Local and no HOA..

Scott Wells (REMAX Reflections) — Wed, 11 Nov 2009 10:29:50 -0600

This community of nearly 300 homes is right in the middle of Citrus Park and a split second from the Veterans Express Way... This community is a great option for folks who don't want deed restrictions, but want to be in the middle of everything...

We have lived in a nearby community for over 10 years, and we would love to help you discover this community and nearby communities

Turtle Creek...Well Established Community with some Great Deals

Scott Wells (REMAX Reflections) — Wed, 11 Nov 2009 09:42:25 -0600

My wife and I actually live in this community and we have been happy here for almost 10 years. This community has always held price very well, but currently has a few Bank Owned Homes at very good pricing.

Aberdeen...Low HOA and No CDD Make for some super low payments

Scott Wells (REMAX Reflections) — Tue, 10 Nov 2009 21:20:50 -0600

Aberdeen has many advantages for buyers including location right off of 54, lower pricing than many neighboring communities, in many cases lower tax assessments due to home valuations, and Low HOAs...

If you are trying to get in a sligthly larger home as a firsttime homebuyer, but still want the low payments you have to consider this community...You can search Aberdeen and the rest of tampa at

http://www.infotampa.com

Townhomes of Meadowpointe...

Scott Wells (REMAX Reflections) — Mon, 09 Nov 2009 15:13:29 -0600

Meadowpointe is home to nearly 1000 really nice and somewhat inexpensive townhomes that range from 1200 sq feet to almost 2000. Some have garages and some don't, some a 2 and some have 3 bedrooms... And if you qualify all can get zero down 100% USDA Rural Development Financing....

We often have properties available..Sometimes we know of homes that aren't even on the MLS in these communities.

I can arrange a tour of these townhomes any time you like.

Belle Chase - A great Location

Scott Wells (REMAX Reflections) — Mon, 09 Nov 2009 14:59:52 -0600

This former Morrison Homes Community lies off the County Line Road about a mile from Bruce B Downs and an easy commuting distance to I75 and I275... The Builder is gone, There are often Bank Owned and Shortsales that are a perfect fit for homebuyers wanting no cdd...

Meadowpointe New Constrution...

Scott Wells (REMAX Reflections) — Mon, 09 Nov 2009 14:48:49 -0600

Not much new constrution in the New Tampa/Wesley Chapel area these days, but this niche neighborhood in Meadowpointe has some really nice new properties from Inland, and has some almost new properties Inland and Suarez Homes...

This would be a nice option for a Brand New or Recently Built..

I would be glad to send you a free list of new and barely lived in homes at no obligation...

Ashley Pines - A New Community with Low HOA and No CDD

Scott Wells (REMAX Reflections) — Mon, 09 Nov 2009 14:43:37 -0600

Ashley Pines is an area of Centax Homes at the 54 enterance to Meadowpointe. This community is often a great location to find very large homes that are available at very affordable pricing. For instance REOs have gone at around 3000 sq ft for as low as 150-160k in the last year...

This is a great place to avoid huge HOAs and CDD fees but still be in a great commute location...

Palm Cove - New vs Resale heats up...

Scott Wells (REMAX Reflections) — Sat, 31 Oct 2009 13:29:03 -0500

MI and Ashton Woods are building some solid offerings and are working hard on price. The occassional foreclosed home in here gets mutliple bids, but most are really worth it... No CDD...Low HOA...Nice Amenities... Country setting but close to everything...

This is a great place to consider in the Wesley Chapel Area just off of Boyette Road...

Variety is still Key in Seven Oaks

Scott Wells (REMAX Reflections) — Sat, 31 Oct 2009 13:24:11 -0500

From Brand New Townhomes that start at 130k by Mercedes (1300+ sq ft with a garage) to 750k+ single family homes (Almost 4000 sq ft). This community is really a bright spot on the county line between Hillsborough and Pasco Counties and right off of I75. This community has great amenities, is well landscaped, and it has a number of new builder, resell, and distressd homes to fill any appitite..

Of particular interest are single family homes starting around 150k...Bank owned homes and resells priced to sell get multiple offers in this community so buyer need to understand that at the low end homes go fast..This might be a place where a well done shortsale might yield value...

Ashton Oaks...Builder Leave but the community remains

Scott Wells (REMAX Reflections) — Sat, 31 Oct 2009 13:11:59 -0500

Kimball Hill left Florida, but they completed a lot of nice single family homes and attached villas right off of State route 54 nearjust a couple miles East of I75... This community has the advantage of no CDD and relative small HOAs ... Seller's probably don't have equity yet, but it might be worth a free market valuation...Not much Inventory of resales yet for bueyrs

Bridgewater is Coming Alive...

Scott Wells (REMAX Reflections) — Sat, 31 Oct 2009 12:56:04 -0500

Multiple Foreclosures and a huge investor percentage had lots of folks down on this beautiful watered neighborhood off Curley Road in Wesley Chapel...While these things are corrected overnight, I am seeing more and more of these Lennar built homes closing with primary occupant home owners.

This are has the benefit of being in the mapping area for the USDA/RDA 100% financing program (If you don't know what this is feel free to call...Its worth knowing about)...

The Neighborhood still has a huge number of shortsale homes, Investor owned homes, and foreclosures in 2010 are very likely, but price for size and features are great here... Ownership/HOA Cost is very high here when you compare it to the limited amenities...

Seller's that bought new will likely want to hold on a while before selling, Seller's that bought REO in the last 2 years might want a market analysis, Buyers looking for a new home that can be bought fast might like this option..

Meadowpointe Outlook...What to expect

Scott Wells (REMAX Reflections) — Sat, 31 Oct 2009 11:59:35 -0500

Townhomes are finally starting to move in Meadowpointe but the pricing is still taking a beating with shortsales in the late 60-70s...I am seeing non-shortsales that could close fast going much closer to 90-100k...Have to start worrying about appraisals on regular sells since the REOs and Shorts are destroying comparable pricing..Only sell with equity or a real reason

Villas - Much the same problem as townhomes...REOs as low as low 100s and shorts in the same range have really hurt sales...Non-shorts that can sell quickly are running into single family pricing... Wth the smaller price spread between villas and non-attached single family is making it more important to stress the benefits like maintenence free living...Only sell with a real reason

Single Family - REO is getting more rare...Shortsales are erratic and I believe that it is time for single family to start to shine... Price should stabilize and might see a small bump if the credit is extended, but that window would close fast ... Will have a sells window in late 2009-early 2010 where pricing will likely bump...If you are thinking of selling in the next few years now might be the time to get a market analysis

New Trends that will be in , in 2010...

Scott Wells (REMAX Reflections) — Sat, 31 Oct 2009 11:40:59 -0500

We all know that foreclosures and shortsales are going to be with us in 2010 and beyond, but as professional Realtors with a committment to staying on the edge what do we think will make a difference in 2010. I have some ideas, comment back and let us know what you think:

1. Downsizing - In Florida I believe the balance will finally start to turn on some downsizing homes...Things like Reverse Purchases and cash out refinances will allow us to help seniors time the market and buy their downsized home while the pricing is low without having to make payments...They can then sell there previous home when the pricing improves... Will also have the option of improving cashflow... This could be a huge trend in 2010

2. WEB 2.0 - Zillow, Facebook, Web Sites with Mapping, Interactive Aites, myspace, blogging will continue a move in 2010... I'm getting a few showings from Social networking...Anyone else...

3. Dealing with Govenment - Government Stabilization Programs, Tax Credits, Down Payment assitance, and of course guaranteed loans... Learn about government or die i'm affraid...

4. First Time Home Buyers - They were the story in 2008-2009...They will still drive the bus in early 2010...But we better be ready for whats next...

5. Better List, List, List - We have been holding on with a larger percentage of buyers than usual...Our Listing percentages will go back to closer to boom levels...we must find a way to build inventory in 2010...Will FSBOs and expireds start working again???

What do you think ...Would love to have everyone's ideas...

Nice Home with an Excellent New Tampa location

Scott Wells (REMAX Reflections) — Tue, 14 Jul 2009 15:22:35 -0500

Why pay Rent...Own and Its like getting 8 months free

Scott Wells (REMAX Reflections) — Tue, 14 Jul 2009 15:18:16 -0500

Almost New Tampa Luxury...

Scott Wells (REMAX Reflections) — Tue, 14 Jul 2009 15:16:29 -0500

Almost Brand New...All the High End Touchs on Davis Island

Scott Wells (REMAX Reflections) — Tue, 14 Jul 2009 15:13:46 -0500

Lake Mag Area Pool Home

Scott Wells (REMAX Reflections) — Tue, 14 Jul 2009 15:05:26 -0500

The Case for Upgrading your Home...NOW

Scott Wells (REMAX Reflections) — Wed, 08 Apr 2009 10:42:22 -0500

Many homebuyers are lamenting the fact that they would love to purchase a new home and take advantage of some of the great deals and lower interest rates, If only they could sell their current homes.

Since February when the economic stimulus package's $8,000 tax credits provision for first time home buyers took effect this market segment has expoloded. In fact almost 50% of all buyers have never owned a home before. In a more normal market, the percentage of total buyers that are first timers would be closer to 25%. This rush on the starter home market is actually causing some mini-sellers markets to form in the price point. Many well priced homes are actually seeing multiple offers much the same way as they did in the boom. Pricing hasn't recovered to peek, nor is it likely to anytime soon, but when taken as a percentage of peek, the under 200k price point is fairing much better than the next level of homes.

It is actually a pretty alarming contrast do in part to the fewer than expected move-up buyers, the oversupply of homes in the price point, and the discounting from banks and builders. In many communities the pricing differential between "Executive Models" and "Starter Models" are so razor thin as to almost disappear. If you figure in the ability to move your homestead savings from house to house with Florida's new portability laws and the historically low interest rates, Many people are actually able to dramatically increase their home size without increasing the payments.

Move up buyers might even be in a better position to buy than a firsttime homebuyer because of the huge discounts in the luxury and near-luxury homes. This is particularlly true as USDA/Rural Development loans consider changes to income limits for zero down payment loans and FHA raises lending limits to values high enough to purchase homes in this market segment.

As with any investment, Great deals are made buying when others are selling and selling when others are buying. This is a good time for move up buyers to do both.

The author is Scott Wells is a Realtor and Tampa Market Realty Analyst and can be contacted at , RE/MAX First in Real Estate, 813-961-6405, scottwells@remax.net, http://www.infotampa.com . this article can be freely distributed as long as it is distributed whole..

Any Thoughts on How to market to Asset Managers and Loss Mitigators

Scott Wells (REMAX Reflections) — Sun, 01 Jun 2008 20:02:18 -0500

I would love to start doing REO Listings, but really don't want to be a BPO Mill. Does anyone know of companies that assign REO listings without sending 10 BPOs for every listing.

Any advise on How to get the most out of Active Rain

Scott Wells (REMAX Reflections) — Sun, 01 Jun 2008 19:55:42 -0500

Still relatively new to Active Rain. I would love some advice on how to get the most out of it. For instance...I am in Tampa Florida and have been wanting to get involved with selling REO homes. I would love to hear how people in other areas have been able to get started.

Would love to know what others are doing to survive the slower market. I have switched focus from predominately a lister to working many New Home and Bank Owned Home Buyers... Anyone else have stratagies they are using that they would like to share..

Tampa Area Buyer Activity

Scott Wells (REMAX Reflections) — Sat, 02 Feb 2008 06:49:22 -0600

Beth and I are noticing a big increase in buyer activity. How are most of you seeing changes in the market. Are transaction volumes increasing...

I am seeing under 5% fixed rates from builders. under 6 from banks , great inventory pricing, and best of all a few people that are starting to get it. Will some of the inventory that have been hesitant to reduce still drop pricing, I think so... But Will we be able to find buyer for agressively priced homes without further reductions. I think we can finally say yes to that.

http:/www.infotampa.com

Amendment One in Florida...

Scott Wells (REMAX Reflections) — Sun, 27 Jan 2008 22:10:38 -0600

Amendment one is obviously not a slam dunk, but lots of our collective market hopes have been placed on the impact of Amendment one. Particularly the impact of the Portability... Though I believe that this will free up some people to think about that move up, but what concerns me is that those folks will have to sell a home before they by the move up... Won't this just add more inventory to a already over-dupplied market..

I believe the Key to a market turnaround in Tampa Bay is for us to re-educate the public on the benefits of home ownership...

I am interested in others opinions on this subject...

http://www.infotampa.com

Short Sales..

Scott Wells (REMAX Reflections) — Sun, 27 Jan 2008 21:48:32 -0600

Does anyone know of a site that has an insite in to how individula mortgage companies deal with short sales. I am seeing some pretty different approaches. Maybe we should start a new blog or something similar to let our members have an idea of what to expect.

I was thinking of something like mortgage implode that would blog how long the short sale approval took, what percemtage of loan value, what was reported on client credit, how hard it was to obtain a release...etc

http://www.infotampa.com