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Luxury Tampa Bay Real Estate Journal

Luxury Tampa Bay Real Estate Journal
Luxury Tampa Bay Real Estate Journal provides news and information on luxury Tampa homes, mortgage trends, business and market news.

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Articles

How To Make Your Home Worth More in 2007
2007-01-04 05:27:00
Boosting the value of your home is never an easy task. It takes time, money, and – when your kitchen’s covered in plastic tarp – weeks of pizza delivery. And with home prices still sliding in many parts of the country, getting a return on your investment is now tougher than ever. Luckily, there is a secret to smart remodeling in a buyer’s market: do as much as you can with as little as possible.Home owners may have learned this lesson last year, when big spending on home improvement did not lead to big profits. According to Remodeling Magazine’s 2006 “Cost vs. Value” report, prices for most remodeling projects increased last year while their resale value decreased. Major, mid-range kitchen remodels, at an average cost of $54,000, returned just 80.4 percent in 2006 vs. a 91 percent return on $43,862 in 2005. Even the most profitable project in 2006 – upscale fiber-cement siding replacement – recouped just 88 percent of its total cost.Americans spent $155 billion on h...
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Homeowners Insurance Is Top Legislative Issue
2007-01-02 16:05:00
The issues Floridians consider most pressing - the homeowners insurance crisis and property taxes - dominate the roster of bills filed by lawmakers for 2007.That's not to say state senators and representatives don't have their pet causes, from raising the legal smoking age to 21 to keeping children from riding in the beds of pickup trucks.And a few new issues could land on the floor of the House and Senate, maybe even reaching the governor's desk.Remember those annoying computer-generated, prerecorded campaign phone calls that interrupted your dinner during the election season? Rep. Stan Jordan, R-Jacksonville, considers them "an epidemic-proportion nuisance" and has introduced legislation banning the practice.Lawmakers will gather in Tallahassee on Jan. 16 for a weeklong special session on insurance. The regular session begins March 6.Sen. Mike Fasano, R-New Port Richey, had been expecting insurance to top lawmakers' concerns."A few years ago, it was fighting crime, and educati...
More About: Insurance , Legi , Owners , Homeowners , Homeowner

No End in Sight in Cheval Fight
2006-12-31 23:35:00
The country club is partly boarded up. The homeowners association is hemorrhaging legal fees.Yet for many residents of Cheval, one of north Hillsborough's most esteemed gated neighborhoods, December was to be a month of hope.They expected a jury to end a 21/2-year court fight and decide whether townhouses can squeeze in beside the driving range of Cheval Golf & Country Club. Instead, new battle lines have sprung up.Two young developers, heirs to vast fortunes earned in the Outback and Shoney's restaurant chains, have entered the fray, seeking to rearrange the golf course. They want to build 93 townhouses that would cover up the 18th fairway and green, split the eighth and ninth holes and crowd the first tee.Separately, new houses have been proposed in place of the barn and paddocks of the 25-acre Cheval Equestrian Center.Cheval means "horse" in French and originally was marketed as a polo community. But under this proposal, Cheval's horsehead logo would be the last horse left in ...
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Office Demand Mark Commercial Real Estate in 2006
2006-12-29 18:25:00
New elements altered the Tampa skyline in 2006 while existing structures continued to trade at slightly reduced prices after two years of feverish investment.Sales of longtime office buildings attracted far less money over the past year compared with prices approaching the $200-a-square-foot mark during 2004 and 2005. The 38-story Tampa City Center building was purchased in late September for $87.8 million, or $119 per square foot.Park Tower, Tampa's oldest office skyscraper, went for $50 million, or $105 per square foot, in mid-January with Colonial Bank's logo replacing the Lykes family brand atop the 35-story structure.While office sales lost their lead, investment in retail property entered record territory with the April sale of Northbay Commerce Center in Oldsmar for $28.9 million, roughly $300 a square foot. Also, the Walter's Crossing complex in Tampa sold in July for nearly $35 million, around $100 a square foot.Making progressProgress Energy Florida's 16-story headquar...
More About: Office , Commercial , Estate , Real Estate , Real

2006 Top 10 Real Estate Stories
2006-12-23 02:08:00
With 2007 around the corner, it's time to reflect on the major real estate events shaping the industry in Florida this year. Here are FAR's picks for the Top 10 Real Estate News Stories of 2006.1. Property insurance: The imperfect stormTake a couple bad hurricane years, an insurance industry that fears bankruptcy should a Category 5 hurricane hit, and a state-run insurer apparently charging too little to cover claims. Mix in a dash of new laws that help insurers more than homeowners and shake well to create a property insurance crisis. It’s a difficult issue to understand and even tougher to solve; but the problem now threatens residents throughout the state, with devastating consequences for property owners along the Atlantic and Gulf coasts. Many Floridians today can pay the mortgage but not the property insurance premium. Citizen’s Property Insurance Corp., the state-owned insurer of last resort, was created as a backup for homeowners that could not get insurance elsewhere,...
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Essay Helps Family Win Dream Home
2006-12-22 16:52:00
Ria Gumbs starts preparing in November for her shot at the American dream.The 33-year-old wife and mother of four from Trinidad enters an essay contest through an agency that helps people find affordable homes.The prize: a brand new house.Gumbs and her 10-year-old son, Israel, pour out their hearts on paper. The family desperately needs to leave behind apartment life, where Israel shares a room with his two brothers and sister.They keep the white walls free from shelves and too many pictures —holes might put a dent in deposit refunds. Furniture is at a minimum. Six people in a 975-square-foot box can make it hard to get around.Ria sticks the 500-word essay on the refrigerator door for safe keeping, but somehow it is lost. With only days before the contest deadline, mother and son sit down and start again.“We have no infirmaties or unfortunate circumstances to highlight,” they write. “Our need comes from a belief that if you work hard, follow the rules and have faith you will...
More About: Family , Home , Essa , Dream , Essay

Allstate Backtracks on Rate Hike Request
2006-12-22 02:21:00
Allstate Floridian is willing to cut its proposed 2007 rate increase in half. At least for now.When Allstate officials went before state regulators last month to ask for a 19 percent statewide rate increase, they were told to come back when they had reworked their numbers.Monday, Allstate did just that, returning with a request for less than half of what they originally sought - an average 8.1 percent increase for homeowners and 6.9 percent for condo owners.But the state's third-largest property insurer also left the door open for more increases."We are going to continue to pursue whatever options we need to ensure we have adequate claims paying capacity," Allstate spokesman Adam Shores said Tuesday. "This is an initial part of what we need."Regulators are in the process of reviewing Allstate's amended rate request.by Tom Zucco, St Pete Times
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Allstate Backtracks on Rate Hike Request
2006-12-22 02:21:00
Allstate Floridian is willing to cut its proposed 2007 rate increase in half. At least for now.When Allstate officials went before state regulators last month to ask for a 19 percent statewide rate increase, they were told to come back when they had reworked their numbers.Monday, Allstate did just that, returning with a request for less than half of what they originally sought - an average 8.1 percent increase for homeowners and 6.9 percent for condo owners.But the state's third-largest property insurer also left the door open for more increases."We are going to continue to pursue whatever options we need to ensure we have adequate claims paying capacity," Allstate spokesman Adam Shores said Tuesday. "This is an initial part of what we need."Regulators are in the process of reviewing Allstate's amended rate request.by Tom Zucco, St Pete TimesTampa Real Estate, Tampa Homes for Sale, Tampa Homes
More About: Request , Hike , Trac , Rate , Allstate

Investors Buying Commercial Properties at Record Pace
2006-12-15 15:07:00
The commercial real estate markets continue to grow with record investment, and individual sectors in many areas are seeing tighter vacancy rates and higher rents, according to the latest Commercial Real Estate Outlook from National Association of Realtors® (NAR).“The office and industrial markets continue to shine, supported by job growth and trade, while the rental apartment sector is seeing healthy rent increases,” says David Lereah, NAR’s chief economist. “The retail sector is essentially flat, but the hotel industry is doing better than at any time since 2001.”James Marrelli, NAR vice president of commercial real estate, notes there is a record flow of capital into commercial real estate. “Institutional investors, pension funds and foreign investors have focused on commercial-grade properties to diversify portfolio assets, with expectations of solid long-term gains.”Outside of the hotel sector, more than $236 billion in commercial real estate transaction volume w...
More About: Buying , Investor , Vest , Stor

Study: $16.35/Hour Needed To Afford A Place in FL
2006-12-14 16:25:00
The Fair Market Rent (FMR) for a two-bedroom Florida apartment is $850. In order to afford this level of rent and utilities – without paying more than 30 percent of income on housing – a household must earn $2,834 monthly or $34,007 annually. Assuming a 40-hour work week, 52 weeks per year, this level of income translates into a housing wage of $16.35 per hour, according to the National Low Income Housing Coalition’s (NLIHC) annual Out of Reach report released yesterday.In Florida, a minimum wage worker earns an hourly wage of $6.40. In order to afford the FMR for a two-bedroom apartment, a minimum wage earner must work 102 hours per week, 52 weeks per year, according to the report. Or a household must include 2.6 minimum wage earners working 40 hours per week year-round in order to make the two-bedroom FMR affordable.According to NLIHC, the cost of affordable rental housing climbed again across the nation in 2006. The national two-bedroom housing wage climbed to $16.31 nation...
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PMI Paid in 2007 To Be Tax Deductible
2006-12-12 23:21:00
Homeowners who pay less than 20 percent down must many times pay for private mortgage insurance (PMI), but a law recently passed by Congress makes that cost fully deductible on income taxes starting in 2007. It applies to new loans for households making less than $100,000 per year.The change also applies to mortgage insurance issued in combination with a Federal Housing Administration (FHA) loan. Private mortgage insurance is often required of borrowers who don't have down payments of at least 20 percent, and don't take out a second “piggyback” loan. Government insurance is mostly offered through the to borrowers considered too risky for traditional loans programs, usually first-time home buyers. Military veterans also take it out.“Making the cost of mortgage insurance tax deductible helps those who need it most: low- and moderate-income Americans, primarily first-time home buyers, who are financially responsible but simply don’t have the means to amass a 20 percent down p...
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Developers Cry Foul as Infrastructure Law Takes Hold
2006-12-05 01:50:00
Legislative action meant to make building easier while tackling Florida's infrastructure deficit is not getting a warm reception from developers and even some government officials as new concurrency laws are set to go live Dec. 1.Based on the concept of "proportionate fair share," the ordinances being adopted by all of Florida's 467 jurisdictions are meant to provide another option for developers trying to move forward projects that would be otherwise stalled because they would overload neighboring roads.The new option would give builders a chance to pay an amount based on impact, but even a proportionate amount could be a huge price tag for the developer."This could be a very expensive proposition for the developers," said Bill McCall, a senior engineer for Hillsborough County's transportation division. "Say a development was impacting one mile of road. To widen a mile-long road from two lanes to four lanes could easily cost $10 million. If their proportionate fair share was 10 ...
More About: Developer , Infrastructure , Take , Developers , Hold

Attention Homeowners: Be on HGTV
2006-11-25 05:48:00
My House is Worth What? is a new series that began airing on HGTV in August 2006. Each show tells homeowners across the country what their current home is worth, where they should renovate if they are planning to or just how much equity is available to fulfill a life long dream (child’s college, wedding, trip around the world, etc.)Appear on the television show My House is Worth What? on HGTV and get a free evaluation of your home by the experts. Find out its current worth, what renovations are worthwhile and what you need to do to increase your value!If you live in the following locations and meet the requirements, call Schaaf & Vitorillo Realty or CondoLeaf.com, LLC now for an evaluation.These are urgent casting calls for the following cities:Chicago :: Honolulu :: Houston :: LA :: Maui :: Orlando :: Philadelphia :: San Diego ::Savannah :: TampaRead the Show's website for more details.
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5 Tips for Selling a Home in a Buyer's Market
2006-11-22 19:58:00
Home sellers take note: Buyer s are gaining more leverage.In many real estate markets during the last three years, sellers have wielded more power than buyers. That's still the case, but now buyers are choosier, homes are staying on the market longer, and prices aren't rising as quickly as they once did."It's a seller's market transitioning to a buyer's market," says David Lereah, chief economist for the National Association of Realtors. Sellers are reluctant to drop their asking prices, but a lot of them might have to "because the buyers now have a little more control, a little more power."Prepare yourself mentallyAccept that the market will set the sale terms. Don't take it personally if you don't get the price you expected."The big thing is you've got to accept what the market is, and make the most of it," says Jeff Lyons, general manager of RealEstate.com. "It doesn't have anything to do with you personally; it has to do with the market."He advises sellers not to expect ...
More About: Selling , Market , Tips , Home

As Real Estate Market Cools, 'Buys' Return
2006-11-19 20:06:00
After five years of sizzling growth, U.S. home price appreciation is showing signs of cooling.Pending home sales -- a leading market indicator -- are down from a year ago, according to the National Association of Realtors. In many of the nation's hottest markets, brokers also are reporting a growing gap between sellers' asking prices and what purchasers are willing to pay.For prospective home buyers, the market shift provides a chance to remaster an old negotiating tactic: the art of the lowball offer. Strategies for securing a below-market price vary by locality. In any region, however, experts say bargain-hunting buyers can close favorable deals by applying a few basic principles.Shop in the off-seasonThe best time to buy a house is the week between Christmas and New Year's Day, says Robert Irwin, a real estate author and investor. Why? No one is looking."The only ones out there are people who desperately need a home or investors looking for a bargain," says Irwin.By the same l...
More About: Estate , Real Estate , Real Estate Market , Market , Cool

Tampa Condo Gallery
2006-11-01 18:30:00
Free Info. The Best Way to Buy and Sell Condo s in Tampa Bay
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