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Tampa Real Estate Blog

Hurricane Confusion

August 19th, 2008 7:12 AM

Tampa, FL - Another Tropical Storm/Hurricane (Fay) has missed the Tampa Bay area. This is not a surprise for those of us who have lived in Tampa for many years. I have been here, on and off, since 1979. During that time, several hurricanes have formed and could have headed directly for us. However, to this date none have (knock-on-wood, as my grandmother used to say) directly hit us with severe hurrican force winds.

I suspect that there are those who may have wanted to move to, or purchase second homes in Florida but decided not to because of the hurricane threat. While it is possible that major storms can hit Tampa, it has been a very long time since one actually has.

Now, I understand that a statistician might evaluate this information and say that we are 'due' for one to hit. However, another argument is that some unknown or unseen force of nature (upper winds and area weather patterns?) prevents storms from moving through the Tampa Bay area.

The point here is: while hurricanes are very real and they do occasionally hit Florida... Tampa seems to be far less vulnerable than other areas of the state. So, for those thinking of moving to, or buying in Florida... Come On Down (to quote a very old orange juice commercial)! But forget about Miami, Jacksonville, or especially the Panhandle area... Set your sights on Tampa.

Posted by Bruce Bernstein on August 19th, 2008 7:12 AMPost a Comment (0)

Short Sale Misconceptions

August 11th, 2008 9:28 AM

Tampa, FL - There seems to be misconceptions about short sales... What are they? How can I purchase one? Does the Bank Own the Property? And other similar issues have come to my awareness lately. Given the new 'popularity' of the term, this is to be expected. What's disturbing, though, is all the misinformation that has been conveyed about the subject, with some of it coming from REALTORS. Just check the MLS and the problems are very evident, such as properties that have been listed as a short sale for over a year.

A true short sale, usually, could not be listed for that long as the bank likely would have foreclosed months earlier - the foreclosure process is only 6 months here in Florida - or the owner's request for short sale status would have been denied by the bank. In the latter case, the sale could not be a short sale as written authorization from the bank is required. So be careful what you read, and even more careful who you work with and from whom you buy.

Purchasing a Short sale property can be a good investment and doesn't have to be difficult. But it is a little different from the typical transaction and could take far longer to close. Many banks fail to respond to offers in a timely manner and, once a contract is accepted, can take longer than typical periods to close. If your agent/broker doesn't have an understanding of these issues, find a different agent/broker.

Posted by Bruce Bernstein on August 11th, 2008 9:28 AMPost a Comment (0)

Real Estate - Build Future Wealth

August 4th, 2008 12:16 PM

Tampa, FL - For those who are planning/investing for the future, there is a real buying opportunity shaping up in Tampa, Florida. Property values have plunged, in some areas, to 2002 levels. Although this may be difficult to believe at this time, things will turn around. When they do, according to many real estate economists, including Lawrence Yun, chief economist for NAR, they are very likely to rise quickly. The theory being, the faster they fall, the more quickly they will rise once the market has reversed itself.

Regardless, make no mistake, those who invest today will reap large benefits sometime in the future. Tampa real estate was hot once and it will be again... The only question is when? As such, we recommend a long term investment strategy and have developed an interesting plan to take advantage of this opportunity. Investors with cash to spend can purchase good properties, bail out the current owners, and have an instant, grateful tenant paying you rent. To learn more, please visit: www.PrettyDogRealty.com/invest.

Posted by Bruce Bernstein on August 4th, 2008 12:16 PMPost a Comment (0)