New Port Richey, Florida Real Estate Blog: Daniel J. Hunter (REALTOR®)

Bake Sale in November at Ventana Townhomes at Waters Edge subdivision in New Port Richey

There will be a bake sale every Saturday in November from 8am to 2pm

at the entrance to Ventana Townhomes

which is at the intersection of  MoonLake Rd & Randee Rd

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Sinkhole Rates go up THROUGH THE ROOF!!!!!

Hopefully you are already aware, but if not put on your seatbelt.  Citizens is raising the premium for Sinkhole coverage by as much as 20x higher.  One report has Pasco Counties sinkhole rates going from ~$1700 to almost $6000

I have never advised a client to drop any portion of insurance, but Citizens may drive more policies to not carry Sinkhole policies.  You see Sinkhole policies cover damage from sinkhole activity.  And yes there has been massive fraud, but instead of addressing that, they do this.

However a basic homeowners policy from citizens covers Catastrophic damage from Sinkholes.   What does that mean to you?

If you home is damaged, you pay out of pocket if you do not have Sinkhole coverage.  But if you let the damage grow over time, the house will eventually be unlivable.  And your regular homeowners policy does cover catastrophic damage.

Citizens seems determined to make Sinkhole coverage unattainable for most people, meaning they will have to pay catastropic claims instead of fixing the problem, before it gets catastrophic.  Backwards thinking in my opinion.

June 2010 market report and

Houses for sale in River Ridge, New Port Richey, Fl

Less than four months inventory, not too bad.  Actually pretty darn good for Home sales in Pasco County.  Some would attribute this to the fact that River Ridge is highly sought after with buyers, especially families.  River Ridge is the school district in New Port Richey that I have had the most requests.

Just like the whole market in our area 1/3 if homes are distressed in River Ridge, New Port Richey.  And yet despite that they are closing at a higher ratio than the greater area.  With one of the lowest inventory levels in Pasco County, based on months of inventory, I think this speaks volumes to the quality of owners in the community.

Average days on Market (DOM) for Homes For Sale in River Ridge is ~4 months.  Yet when priced right you will see that the average DOM for homes under contract is 2 months or less.  And the average days on market for Homes that sold in June 2010 in River Ridge New Port Richey was on the market for an average of 63 days.  So if your house is languishing on the market, among other issues, you might want to revisit the list price

View River Ridge, New Port Richey, Florida in a larger map

View River Ridge, New Port Richey, Florida in a larger map

Homes for sale in New Port Richey with Market Report for July 2011

As you can see in the graph below, we are seeing a little bit of an uptick in prices (black line), however the overall trend is to the downside.  This uptick is most likely a few extra highend homes sold.  On top of that there is usually a surge as families relocate in summer before the new school year starts

See the charts at My Home on the Internet

Sinkhole Rates go up THROUGH THE ROOF!!!!!

Hopefully you are already aware, but if not put on your seatbelt.  Citizens is raising the premium for Sinkhole coverage by as much as 20x higher.  One report has Pasco Counties sinkhole rates going from ~$1700 to almost $6000

Read the Rest of the story at My home on the web

Investor Alert!!  Fire Sale in Pasco County, Florida

I am currently aware of 16 Single Family Residences for sale under $25,000

actual prices range from $15-25,000

Give me a call or email me if interested

West Pasco, Florida Waterfront July 2011 Market Report and Homes For Sale

As usual, the waterfront market is moving slower than the rest of the market.  Price and Insurance being the two biggest hindrances to that segment of the market.   But it is moving, albeit slower than the rest of the county

read the full story at my Home on the Internet, which includes graphs and charts

disregard my babbling and jump the actual content below. Just helping to spread the word about a community member, just to make sure everyone knows 25 words yet? apparently not because it was rejected by the new Overlords

Chris Nocco appointed Sheriff of Pasco County, FL

A native of Philadelphis, Mr. Nocco was a Major with the Pasco County Sheriffs when Sheriff Bob White announced he was stepping down.   Sheriff Nocco will finish out the remainder of Sheriff Whites current term which ends in 2012.  I would like to congratulate Sheriff Nocco and wish him the best going forward.

That is right folks, this year the Majority of Tampa is being bought up by People with Cash.  This was the front page of the St. Pete Times Real Estate Section.   

In Hillsborough County 50.1% of properties went to Cash Buyers

avg price - $140,360

In Pasco County 58.77% of properties went to Cash Buyers

avg price - $132,000

In Pinellas County that number struck 65%

avg price - $165,700

Keep in mind, nationally cash buyers account for only ~35% of solds.  Another consideration is that these numbers are from Snow Bird season.  Snowbirds rent a season or more, while getting to know the area, and than buy before the end of the season, so they have a place set up for next season.  As they are closer to, or in retirement, they are not looking to take on more debt, so they tend to pay cash.

Of note in the report was that there are more than 2,500 homes priced under $50,000 for sale

Some are speculating that the bottom has arrived.  Personally, prices can not go much lower.  Some houses have sold for around $10,000 (yeah they need work.)  New construction is available for under $100 per square foot.  So if you are thinking about purchasing, you might want to pull the trigger now

I say that because if you wait, not only could you miss the bottom, but interest rates CAN NOT stay this low for very much longer.  The result of waiting for a cheaper house, could be way more offset by a higher interest rate.

Original source for the statistics posted are located at the St Pete Times