About the Real Estate market in St. Petersburg , Tampabay. Hi Everybody is talking about the Stimpackage and the new housing package. I will not bore you with details but I will give you my personal opinion (hope my error and emission insurance covers that)
How will it affect St. Petersburg Real Estate?
The package will not turn the housing market on a dime and it will not increase the value of your home, but it will stop the bleeding in most of our neighborhoods. Some people will be able to modify their loans and stay in their homes, some people that have been waiting for the tax credit and low interest rates are now ready to sign an offer. I think it is not aggressive enough but it is a good start. We will see our inventory decline and in the end it is all about supply and demand (and affordability) for more info about loan modification or refinancing etc. please go to http://www.financialstability.gov/
More good news. Single family sales and pending contracts continue to outperform activity when comparing January 2008 with January 2009 in every metric except median price. Unit sales were up 14.4%, listings were down 11.4%, contracts written were up 48% (pending and active with contract), and months supply of inventory is down to 24 months -a drop of 23% from last year.
Ok, and this time I will give you a bit of bad news, or as some people might say Reality check. The median home prices are still falling and continue to fall-and it was HUGE drop at 29.5% in January 2009 compared to January 2008
So, yes, real estate inventory is going down, sales are going up, but the number of foreclosures, bank owned and short sales is still extremely high and that brings our prices down. I believe here in Pinellas County the beaches and waterfront property is pretty much balanced out but the rest of Pinellas still has problems.
Just an example of a great deal that is currently on the market here in the St. Petersburg area.
2 bedroom 2 bath 1500 Square feet 3 year old condo in Seminole Isle is now on the market for $194,000. The owner paid $344,000 for it in Sep. 2005
Or look at single family homes on the water, between St. Pete Beach and Madeira beach there are 54 active waterfront listings under $500,000
Spring forward. Daylight savings March 8th, do not forget. Reset your clocks when you go to bed on Saturday night. On Sunday you might think you wake up at 8 but it is actually already 9 am and you are late for everything.
It is this time of the year again the Spiffs folk fest is weekend of March 27that the Vinoy Park.
March 20 to 22 – Tampa Bay Blues Festivalat the Vinoy Park.
March 28 – Festivals of Speed: Motor Sports Collection & Luxury Lifestyle Services Pavilion.
N. Straub Park. Beach Dr. and 5th St. N. 10 a.m. to 4 p.m.
Also, the weather is beautiful; don’t forget to check out the Saturday morning market downtown St. Pete.
Or plan a night out and come to one of our local icon, the St. Pete Beach Theater. Tickets are only $7 and the atmosphere is great.
Here is my tip of the month
Since the BBQ season will soon start, Add Flavor with Food Waste: Save the loose skin on onions and garlic to toss into the fire just before grilling meats or vegetables.
Click on the link below and please enter your birthday for me. I am creating a birthday list for all my clients, friends and family. Would be great if you could sign in.
As always, go to my website www.SouthBeaches.info for more real estate information or visit my blog
Have a great weekend and enjoy the little things.