New Port Richey, Florida Real Estate Blog: July 2009

  Panoramic view of Cape Cod Bay from Plymouth, Mass by a Realtor in Hudson, FLorida

http://87seaview.lovethegulf.com

DIRECT OCEAN FRONT. Has its own private stairs to the beach. Multiple decks on the ocean side with a panaramic view of Cape Cod Bay. The 2005 renovation was archicturally designed from the first floor up. State of the art gas stove, butcher block island, central air conditioning, hurricane proof windows & doors. This is truly "A GREAT BUY", $200,000 Less than you would have paid in 2005-06.

http://87seaview.lovethegulf.com

Upscale Log Home just outside Knoxville TN by a Hudson Florida Realtor http://1947rivermist.lovethegulf.com

UTOPIA ON THE HOLSTON RIVER! Who says you cant have it all?! Upscale country living, yet minutes away from shopping and the city lifestyle of Knoxville! Enjoy the solitude and energy of the river on your expansive back deck overlooking and hearing the rapids! Or, cast your line and fish one of the areas top fishing rivers! River Mist on the Holston is the areas newest and premier subdivisions, and NOW is the opportunity to have an elegant 3476 square foot custom log home with 125 ft of river frontage! The logs are hand hewed, all upgraded fixtures and appointments, custom built-ins including a plasma TV, dramatic center, local-stone fireplace, wood floors and a master bath fit for royalty! Available immediately!

http://1947rivermist.lovethegulf.com

THIS LISTING HAS, SINCE PUBLICATION, EXPIRED.  

FEEL FREE TO CONTACT ME TO DETERMINE WHO CURRENTLY HAS THE LISTING.  

Huge Price Reduction On New Port Richey Waterfront Real Estate by a Hudson Florida Realtor

For full details & pics/satellite/birds eye view ----> http://5525bamboo.lovethegulf.com

Waterfront 1920s estate on the Cotee River! This sprawling Spanish style historical treasure is just the perfect example of a past where elegance and waterfront entertaining are a way of life. This home boasts French doors leading to a beautiful veranda with fountain overlooking the pool, patio with tiki bar, screened cabana, covered dock and boat lift. The many features of this home include chandeliers, hardwood floors, butler quarters, sun-room and open hearth fireplace. You will also find GE monogram appliances, chestnut and hickory wood flooring, granite in the butlers pantry and travertine marble in the master bath just to name a few elegant updates. This renovated home offers 5 bedrooms with two master suites, and 5 and 1/2 bathrooms. A private studio apartment for guests. This is the Florida lifestyle that we all miss so much. Please make an appointment to see this lovely estate today.

now offered at $999,000

For full details & pics/satellite/birds eye view ----> http://5525bamboo.lovethegulf.com

Renting vs. Buying?  Which way does it make sense to spend the money now. by a Hudson, Florida Realtor

I just posted a Listing I have which can be found at http://activerain.com/blogsview/1168289/affordable-housing-in-port-richey-listed-by-a-hudson-florida-realtor

It is an updated end unit condo villa.  I am not going to focus on the Unit persay, but whether it makes sense to buy this as opposed to rent somewwhere else.  Rental prices for properties similar to this, in my area, is $600/mo plus utilities. 

Now for years the market here was upside down.  You could not buy a house with the intention of renting it.  Many of the investors I work with use the 100 X rule.  They find a property they like, I find out how much you can get for rent, and than they offer 100 X that monthly rent as their purchase price.  Working it backwards, my condo is listed at ~$49k so, as long as you can get $490/mo in rent, it makes sense to them.  And as i previously stated, this unit would easily rent for $600/mo.

Before the crash, that was long overdue, but far worse than I had anticipated, the 100 X rule was useless for years.  You could not buy a gulf access water front SFR  for less than $300k.  Using the 100 X rule it would require $3,000/mo rent and that just wasn't happening at the entry level of this niche of the market.   If memory serves ~$1,200/mo was the max you got on a typical waterfront gulf access home

But now the market has corrected.  i am not claiming that we have bottomed, but there is not much farther down we can go.  You can buy Mobiles and Condos for under $20,000.  *crazy*

And while the apartment complexes are offering a free months rent to move in, you do not build equity paying rent.  There are also other incidentals involved in owning a home, as opposed to renting.  If something breaks, there is no property manager to call.  Which is why I always recommend a buyer get a Home Warranty, which can usually be negotiated into the contract to purchase at the seller's expense.  And you also have landscaping as well as other upkeep issues like cleaning gutters.

so there are times when it make sense to rent, but there are also benefits of ownership one will never have renting

Affordable Housing in Port Richey, listed by a Hudson, Florida Realtor

For the full listing details http://Dan1.LoveTheGulf.com

Prime investment oppurtunity, but also great for a First Time Home Buyer or an Empty nester.  Snow Birds also love this charming little community of ~60 condo Villas.  NO Stairs, nobody stomping above you either. NO AGE RESTRICTIONS. PETS ALLOWED up to 20 lbs. Seller willing to help with closing costs up to 3%. $260 Monthly maintenance INCLUDES INSURANCE on the Building. Beautifully updated unit. Tile in Common Areas, NEW Wood Laminate in Bedrooms. New Refrigerator. End Unit with nature views. Convenient location for retirees and first time home buyers, and a steal at < $50k. Includes Home Warranty with acceptable offer.

For the full listing details http://Dan1.LoveTheGulf.com

14.4 Acres MOL of prime Hudson Real Estate 

For full details please see http://12709Wynn.LoveTheGulf.com

Oppurtunities abound on this 14.4 acre (mol) estate.  This propety boasts one of Pasco counties highest elevations.  It boasts a new commercial grade well, and massive oaks throughout the property & a fireplace.  The large 4 bedroom home overlooks a pond .  It property is located on a private road.  The current owners operate this as a naturist park (nudist colony).  All this country living yet you are still just minutes from McDonalds, The Mall, Hudson Beach & the hospital.  All the privacey while still having all the conveniences of modern living

For full details please see http://12709Wynn.LoveTheGulf.com

Spectacular Gulf Views from this Unique Home on the Pithlachascotee  River (hudson, Florida Realtor Real Estate)

CUSTOM waterfront with panoramic views of the Gulf of Mexico and the Pithlachascotee River! And built to "V" zone building requirements with concrete block and foam on all three floors! Enter the elegant entry through 10ft Brazilian oak and iron double doors, you are welcomed with travertine marble floors with granite accents, and a grand entry with 26ft foyer, and let the views begin! Large open kitchen overlooking the family room with 14ft ceilings, built in entertainment armoire and double insulated windows for breathtaking sunsets! Kitchen is adorned with only the best, Thermador appliances with commercial gas 6 burner range, Sub-zero refrigerator, granite counters, double ovens & maple cabinets. Formal dining area, den/study with maple paneled walls and couffered ceilings. The master suite is highlighted with double sided fireplace, elegant bath with whirlpool, walk in closet, and private balcony. A large billiard room, up to 6 car garage, and maple paneled elevator, clay tile roof, and much, much more!

offered at $1,695,000.00

full listing info available at http://4729Ebbtide.LoveTheGulf.com/

 A Hudson Florida Realtors take on Florida Homebuyer Opportunity program

In an effort to jumpstart the lagging home sales in Florida, as well as to reduce inventory, The Florida Legislature has passed a bill that sets aside some $30 million to provide bridge loans to home buyers to be used at closing, in liew of the Federal governments Tax Credit, so the funds are readily available for down payment and closing costs.   There have been issues raised as a result of this.  One of the major hurdles was getting the IRS to allow the State to be assigned the Tax Credit, so instead of collecting it from the buyer they aided, the State of Florida would just collect it directly from the IRS.

This program, obviously follows the same guidelines as the Federal First time home Buyers program.   You must qualify:

• you, or your spouse,have not bought a house in the past 3 years, regardless of how whether your significant other is on the current contract to purcahse
• under $75k/year adjusted gross income ( $150k if filed jointly)
• for use on SFR, condo's and Townhomes
• and it is also important  to remember that the federal tax credit is actually 10% of the purchase price, with a limit of $8,000.  In a lot of areas in the country, it is a given that you can not buy a house for under $80,000, which is the lowest purchase price with the maximium tax credit.  But here in Florida and other hard hit states
• And lastly, the last day you can use this is Nov 30, 2009.  Come December the Federal program ends, and therefor so does the State program
• you can get the full details of that in my previous blog below, or here: http://activerain.com/blogsview/1161789/i-am-sorry-but-you-do-not-qualify-for-the-1st-time-homebuyer-credit-by-a-realtor-in-hudson-florida

While this sounds great it is estimated that this will only help less than 4000 First time Home Buyers, or the entire state of Florida.  Which is not bad if you are one of the, but  now is not the Time to procrastinate.  Funds availability can be checked, and more detailed information can be found at State Housing Initiatives Partnership (SHIP) will administer the program, under the overall direction of the Florida Housing Finance Corporation.  Additional info can be found at https://www.floridarealtors.org/AboutFar/homebuyercenter/upload/Homebuyeropportunity.pdf

And remember to always use a Professsional Realtor when you decide to enter into a Real Estate Transaction 

I am sorry, But you do not Qualify for the 1st Time Home-buyer Credit, by a Realtor in Hudson Florida

How devastating would that be if, because you and your agent were not fully versed in the complexities of this Program.  You found the home of your dreams, you laid out all the costs to get it through the inspection period, and you think it is clear sailing to closing.  Well if there is anything a Realtor has learned it is that there is no such thing as Smooth Sailing To Closing.  Until you close, you have NOT closed, and anything can go wrong.

For instance:

• when you last bought a house, you had bad credit so the home was purchased, 2 years ago in your spouses name, and now you think you can buy the new house, in your name only and get the $8000 tax credit.  I am so sorry, but you can not.  First of all, the tax credit is a credit of up to the 10% of the homes purchase price.  If you buy a $50,000 home, you would only be eligible for $5,000 (10%).  However when qualifying you for the credit the IRS will exclude you because your spouse did own a home in the previous 3 years.  They check everyone out regardless of whether or not they are a party to the contract.

• the next dis-qualifier would be Income.  If you earn an adjusted gross income up to $75,000 (or $150,000 if filing jointly) you qualify.  If you earn more than that you are not eligible.  There is no graduated tiers of payout.  You are eligible for all (depending on the value of the home purchased) or nothing

• Now the general public may not have much experience with Short Sales, but us professionals certainly do.  If you were counting on that $8,000 credit, which you qualify for, in full, but do it on a short sale, you risk not closing by the programs deadline of Dec. 1, 2009.  Banks have become a bigger hurdle to getting to closing, than ever before in my career, which is only since 2000, but still.  It is not uncommon for a closing to take 3 months. So if you go into contract in September the deal could easily drag into December, making you no longer eligible for the Credit.  And I can find no rational reason why the Banks are taking so long.  They are losing more money than they are saving by being understaffed, or poorly staffed.

• Next one would be buying the wrong type of property.  The eligible properties include Single Family Residences, Townhomes, & Condo's.  Do you see anything missing?  Thats right Mobile homes and Modular homes.

• Did you also know that this is an actual tax credit.  If you are eligible, for conversations sake, the entire $8,000, if you owed $10,000 in taxes you would only pay $2,000.  If you owe $8,000 in taxes, itis a wash.  If you owe less than $8000 you will receive a check for the balance..  If you are owed money on your Return, they are added together and returned to you.  Now you also need to evaluate your Financial situation, because the Credit can be applied retroactively on your 2008 return by amending it, or you can apply it to your 2009 Taxes next year.  At this point you need to consult your Accountant/Financial Planner.

• The last wrinkle you need to be fully aware of, is you are REQUIRED to live in this home for the next 3 yearsor you need to repay the credit, in full.  At this point in time, while their starting to be some optimism creeping up, I see nothing that says your house will appreciate by $8,000.  I know we just came out of a market where you were up $8000 while you drove home from the closing.   Those days however are long gone

All that being said, I hope you now feel better educated about the First Home-buyer's Tax Credit.  That you have a better footing on what is involved, because the value of current housing is very attractive.  Especially in Florida.  Now I can not say we have bottomed or we will soon, but nobody can pick a bottom.  A 1000 people will try and a year or two from now, we will notice somebody happened to have a lucky guess.    If you are considering moving up, downsizing, or are an actual First time home-buyer, it really si a great time to buy.  Just make sure you are represented by trusted property trained Professionals.

I am proud to say that my company Fruits Real Estate Services, a locally owned and operated independent Full Service Firm does not have a single blemish on any license's Our Mission Statement is strictly enforced and reinforced at every office meeting

• Founded on a bedrock of honesty, integrity and "good old-fashioned customer service.  Fruits Real Estate Services corporate mission is to provide our customers with the most professional real estate services available.   At Fruits we honor our Sales Associates and enhance their professionalism and commitment to excellence through superior training, sophisticated marketing and state-of-the-art technology.  The results are unsurpassed service to the consumer and a true feeling of family with the company.   We're Success because our people are.  Your Neighborhood Real Estate Specialist!

My Top 3 GOLF courses within a reasonable distance of Hudson Florida. 

1. I love golf even if I have yet to break 100 honestly
2. There are so many courses around, I still have pleny more to check out, but I have a list now.

My aboslute favorite local golf course for convenience is The Links at Beacon Woods off Hudson Ave. 

It is conveniently located in town, it is a modest course for a modest price, and it can sometimes get backed up during snowbird season, but all in all, well worth the few dollars they charge more info available at http://www.weather.com/outlook/recreation/golf/coursedetails/?clubId=1039516&from=golf_courseprofile

My absolute Favorite, disregarding price is World Woods Golf Club in Brooksville(http://www.worldwoods.com)

It is absolutely gorgeous.  Two top 100 Golf Courses in one place! World Woods Golf Club.  Now if the $100 +/- green fees are too expensive wait for the summer rates to check it out.  The reason this is my favorite local course(s) besides the quality of the course(s), is the location.    It is almost an hour trip to the northern end of the Suncoast Parkway but it is well worth it.  The holes in the old quarry are unbelievabe (pack lots of balls)  But best of all, there are no houses.  Most every course you go to down here is lined with houses.  this is nothing but trees.

My next high end local course would be Fox Hollow Golf Course in New Port Richey http://www.golfthefox.com/hollow/index.html

Fox Hollow Golf Club holds the enviable distinction of being the very last golf course in a long line of world famous golf course to be built and designed by Robert Trent Jones, Sr. It is in a more upscale group of gated communities, with a security guard at the entrace to the entire complex.  Very close to SR 54 & the Suncoast Parkway for easy access.  Or perhaps you would rather use the executive airport across the street from the community, if you have the means ;-)