New Port Richey, Florida Real Estate Blog: April 2010

West Pasco County, Florida Single Family First Quarter Market Report

✽ West Pasco County, Florida Single Family First Quarter Market Report 

Well given the reports I have posted on the previous months this year, there rally is no surprised here, and in fact the shapes sure are starting to look the same.  By Dividing the number of homes for sale, by the number of homes sold in the First Quarter you get how many months of inventory are on the market.  At the rate of current sales, there is ~10 1/2 months.

So excluding any new homes coming on the market, it would take 10 months to sell all the current inventory.  But since homes will come on the the market for sale the inventory levels fluctuate.  The trend this creates indicates whether the West Pasco Single Family Real Estate Market is improving or getting more depressed.

West Pasco County, Florida Single Family First Quarter Market Report

In the Chart below we again see the same pattern as is the 'new normal' for West Pasco County, Florida Real Estate.  Although, going just by eye, there seems to be a softening in the contrast between normal and distressed properties based upon previous charts.  But we need more data to see if all that is occuring is an improvement or a breath of relief  before the so called shadow inventory gets dumped on the market.  For now I will with a description of Partly Sunny, but unable to make a forecast

West Pasco County, Florida Single Family First Quarter Distressed Market Report

 

$8,000?  $10,000?  $20,000  $11/sqft?  Are you kidding me?  How is it investors are not pouring into this county.  The bargains are extraordinary.   You can actually buy a home for less than most new cars. 

West Pasco County, Florida is having a fire sale with prices not seen for many years.

 

West Pasco County, Florida Single Family First Quarter Distressed Market ReportWest Pasco County, Florida Single Family First Quarter Distressed Market Report

SOLD for $13,500 in West Pasco County, Florida.  That 594% is an data entry error in the SP/LP column.  I tried to get the realtor to correct it, but as you can see...

If you are looking to buy your first home, if you are an investor, or a soon to be retiree, I think you can see that there is not much room left for the housing market in West Pasco County, Florida  to go down

 
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New Port Richey, Florida Real Estate Market Report for March 2010

New Port Richey, Florida Real Estate Market Report for March 2010

While we see an increase in Active listings compared to February, the number of Solds is also up a whopping 32% over February, so market inventory actually remains constant at 10 months (interesting development analyzing #'s in the 2nd graph.)  

Now if you considered Market inventory based on what is under contract you would think we have only 3 months inventory, but that is the illusion of Short Sales, which is broken down in the 2nd graph.

New Port Richey Real Estate Market Report March 2010

Even though some of the numbers have changed the Distressed Market Graph (below) shows the same trend.  More Homes for Sale in New Port Richey are not distressed.  However there are more distressed homes under contract.  But more normal homes actually get to the closing table.  This has to do with the drawn out Short Sale Process.

What I find interesting is that there are 12 months inventory of NON-Distresed homes

yet only 7.4 months of distressed property.

 To calculate the number of months inventory you divide the # of Actives by the # of Solds.

New Port Richey Distressed Real Estate Market March 2010

High end homes have languished on the market for yet another month.  And does it get much cheaper than $23,000.   I do not suspect this to be an auction, because they are usually priced at $10,000 to garner interest.  But $24 per square foot is just absurd.  You could possibly get a 30 mortgage for $23,000 at 5% APR with a payment of less than $100 per month.  How absurd is that?  Of course you are going to have to put some money and work into this New Port Richey Home, that is why the investors are stepping back into the market 

And it just keeps getting absurd.  In the Pending Sale section below you will see a low price of $18,000.  Flashback to March 2007 and the lowest priced sale was $60,000

New Port Richey Real Estate Market Report March 2010New Port Richey Real Estate Market Report March 2010

Well it took a couple of months after a year on the market but a Multi-million Dollar listing has sold in Gulf Harbors in New Port Richey.  Now this skews the average's.  So after I remove the highest and the lowest sales the new numbers become:  

Average Sold Price = $112,000   and the Avg Sold Price per Square Foot = $65

Keeping the average sold price needs to stay above $100,000 or I fear the decline could accelerate.


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Es bueno ser latino en Tampa, Florida: el poder adquisitivo español ocupa el lugar # 2 en la nación

provided by Google Translate.  Sorry for any inaccuracies. 

Es bueno ser latino en Tampa, Florida: el poder adquisitivo español ocupa el lugar # 2 en la nación

Me ha sorprendido realmente aprender esto, pero eso es lo que he leído en BayNews9 En EspañolTodos sabemos de la Florida está a la espera del Cielo en la habitación, pero para tener el poder adquisitivo de los hispanos ser tan alto aquí también, muestra cómo la zona es diversificada. Creo que es seguro decir que el Condado de Pasco despegó en la década de 1970 como un área de jubilación ha cambiado radicalmente. Y mientras ellos siguen luchando para crear puestos de trabajo en el área, el Suncoast Parkway ha hecho fácil y rápida de viajar a Tampa y Clearwater, donde están los empleos.

No me malinterpreten hay muchos negocios en el Condado de Pasco, pero la mayor parte de ellos están al sur. Dicho esto, es mucho más barato que vivir en el Condado de Pasco, y tienen algunas buenas escuelas también. Además de eso, las casas son más asequibles de lo que han estado en años.

Lo mejor de todo para los hispanos es la fundación de la Pasco Hernando Cámara Hispana de Comercio, que se centra en reunir a la comunidad y compartir y difundir conocimientos acerca de cómo triunfar en los negocios aquí. ¿Qué podría ser mejor que eso?

Es bueno ser latino en Tampa, Florida: el poder adquisitivo español ocupa el lugar # 2 en la nación

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Original Post

It is good to be Latino In Tampa Florida: Spanish buying power ranks #2 in the nation

I was actually surprised to learn this but that is what i read at BayNews9 En Espanol.  We all know Florida is Heaven's Waiting Room, but to have Hispanic buying power be so high here as well, shows how diversified the area is.  I think it is safe to say that Pasco County took off in the 1970's as a retirement area has changed dramatically.  And while they still struggle to bring jobs into the area, the Suncoast Parkway has made it easy and fast to commute to Tampa & Clearwater where the jobs are.

Do not get me wrong there are alot of business' in Pasco County, but the bulk of them are to the south.  That being said, it is much cheaper to live in Pasco County, and they have some good schools too.  On top of that, homes are more affordable than they have been in years.

Best of all for hispanics is the founding of the Pasco Hernando Hispanic Chamber of Commerce which is focused on bringing together the community and sharing and expanding knowledge about how to succeed in business here.  What could be better than that?

It is good to be Latino In Tampa Florida: Spanish buying power ranks #2 in the nation

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Things are looking up in the West Pasco Real Estate Market Report for March 2010

Things are looking up in the West Pasco Real Estate Market Report for March 2010

Well wish it was better news but lets see what the trend is.  We now have 8 months inventory in West Pasco Real Estate.  and as you can see we have a nice range of prices to chose from here.  Seems as the inventory goes up, so does the number of Days on Market (DOM), unless you priced it right, than it sells on average in ~90 days, as has been the case down here for some time.  Unless you are a 7 figure home.  There are 16 on the market today, and the good news, is 2 actually sold this month

West Pasco Real Estate Market

You will see in the Active with Contracts & Pending Sales that nobody is under contract on a home that would require a Jumbo Loan.  $695,000 it the highest Listed Price, which is just under the Jumbo Loan threshold.

West Pasco Real Estate Market Report

Above you see the absurd spread in prices we have in this county, from $14 - 550 per square foot.  Surprisingly two million dollar listings sold in March.  One was sold for $2.8 Million, surprisingly, with a new Conventional Mortgage.  And the one that was negotiated down 20% to under One Million Dollars was purchased with a VA loan.  And somebody scooped up a pieced of Real Estate for only $16,000.  

West Pasco Florida Real Estate is on Sale.  

West Pasco Real Estate Market

and we have plenty of inventory as the graph above depicts, and if you do not try to steal it, you can get a great deal on West Pasco Florida Real Estate

West Pasco Real Estate Market

And this familiar chart may have changed a few numbers, as well as colors, but the market conditions remain the same.  Most houses on the Market are not Distressed.   But most homes under contract are Distressed.  Yet only about 1/3 of homes sold in March were Distressed.  A perfect example of how difficult it is to get a distressed property to closing in West Pasco Florida

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All entries on this blog, unless noted otherwise, is the copyrighted content (2009-present) of Daniel J. Hunter, REALTOR®, and is believed to be true and factual, but it is not guaranteed or warranted.

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Enjoy the quiet of Twin Lakes Condo Community in New Port Richey

Enjoy the quiet of Twin Lakes Condo Community in New Port Richey

So everyone knows Florida got hit hard in the current market correction.  My area, just north of Tampa Bay area, got hit harder than most areas in Florida.  Drive down a street and you will see lots of For Sale signs.   However Twin Lakes has been bucking the trend, at least in volume.  Instead of a lot of foreclosures and distressed property sales, Twin Lakes has only one unit on the market.  It is offered at $36,500, but has only been on the market for 6 days as of today.  

Taking a deeper look at Twin Lakes activity and we find:

 

  1. One condo Sold last year ($37,000)
  2. One condo Expired last year
  3. One condo was Withdrawn last year
This most likely has to do with Twin Lakes being a 55+ community.  Typically that means they are retired, and on a fixed income, and probably smart enough to have gotten a fixed rate on the mortgage or payed cash in full considering how affordable the housing is here compared to most areas.  In another market, we would call this anemic.  But in this market I call it Stability

Enjoy the quiet of Twin Lakes Condo Community in New Port Richey

 

 


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All entries on this blog, unless noted otherwise, is the copyrighted content (2009-present) of Daniel J. Hunter, REALTOR®, and is believed to be true and factual, but it is not guaranteed or warranted.

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Sunset on the Gulf of Mexico. Hudson Beach, Florida April 12th, 2010

Sunset on the Gulf of Mexico.  Hudson Beach, Florida April 12th, 2010

Sunset on the Gulf of Mexico.  Hudson Beach, Florida April 12th, 2010

Sunset on the Gulf of Mexico.  Hudson Beach, Florida April 12th, 2010

Sunset on the Gulf of Mexico.  Hudson Beach, Florida April 12th, 2010

Sunset on the Gulf of Mexico.  Hudson Beach, Florida April 12th, 2010

Amazing where some people decide to stand, don'tcha think? LOL

Sunset on the Gulf of Mexico.  Hudson Beach, Florida April 12th, 2010

Sunset on the Gulf of Mexico.  Hudson Beach, Florida April 12th, 2010

And another person with impeccable timing.  But like I tell them all, with digital camera's it does not matter, because I just take another picture, unlike film.

Sunset on the Gulf of Mexico.  Hudson Beach, Florida April 12th, 2010

Sunset on the Gulf of Mexico.  Hudson Beach, Florida April 12th, 2010

Sunset on the Gulf of Mexico.  Hudson Beach, Florida April 12th, 2010

Sunset on the Gulf of Mexico.  Hudson Beach, Florida April 12th, 2010

 

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All entries on this blog, unless noted otherwise, is the copyrighted content (2009-present) of Daniel J. Hunter, REALTOR®, and is believed to be true and factual, but it is not guaranteed or warranted.

All information should be independently verified.

 

Follow Me on Twitter Add Me on Facebook Connect with Me on LinedIn Watch me on Youtube Love The Gulf's RSS Feed Love The Gulf's Google Page

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New Port Richey, Florida is the Sister City of Cavalaire sur Mer, France

New Port Richey, Florida is the Sister City of Cavalaire sur Mer, France

Like New Port Richey, Florida  Cavalaire sur Mer, France is a coastal city.  They both are renowned for their water activities

New Port Richey, florida

This stands on Main St. between US -19 (the main corridor) and the Pithlachascotee River on an island in the middle of the Street.

Hickory Hammock became New Port Richey, Florida  in 1915.

Cavalaire sur Mer, France has a much longer history in the French Riviera.  Of historic note, it was the landing site in WW II when the Allies were trying to take back France in Operation Dragoon

Where as New Port Richey, Florida  has over 25,000 residents, Cavalaire sur Mer, France has less than 7,000 permanent residents.

Welcome to New Port Richey

 


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You just never know when you will catch a Great Photograph

You just never know when you will catch a Great Photograph

But at the hand of God

I must admit, I saw the spectacular image while heading home.  What might surprise you is that I took the picture from my car traveling at 50 miles per hour.  Yet you have the imagery created by the illusion created by the clouds as well as the refelectve light.  This picture was shortly before sunset, but who really cares as it is spectacular on its fact, and is meant for your enjoyment.  All rights reserved

 

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All entries on this blog, unless noted otherwise, is the copyrighted content (2009-present) of Daniel J. Hunter, REALTOR®, and is believed to be true and factual, but it is not guaranteed or warranted.

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Dear Seller - Ten Sure Fire Ways to Distract Buyers from Focusing on Your Home.

 

 

There is some great common sense that some sellers do not consider when selling a home.  Let the buyer take emotional occupancy of your home and they are more likely to buy than if you make them feel uncomfortable in your house.   It really is that simple

 

Please give any comments to the original poster Noelle, link to it immediately follows below

 

 

Via Noelle Blazevich (John L. Scott):

 This may seem a bit harsh but it is just plain speaking honest commentary regarding my experience as a buyer's agent.  The statements below are taken directly from the comments and behaviors of buyers viewing homes for sale.  It not meant to be negative but rather is meant to give sellers a bit of a look into the buyer's head.  A chance to see things from the buyer's perspective without the candy coating we agents typically put on things.

10) Leave your "friendly" dog roaming free inside the house when you know we are coming to see it.

Not all buyers are dog people.
Many whether they are dog people or not will actually be scared of your dog.
I have had clients refuse to go into homes because the dog was out.  Or they go in but don't stay long because the dog is either scared of them or overly friendly.  It's hard to pay attention to a home when your nether regions are being inspected by Fido. 
If the buyers are true dog people they are going to focus on the dog not on the house.
Trust me I have seen it happen. 
One way or the other your pet has effectively distracted the buyer from looking at your home.

9) Leave something aromatic cooking in the crock pot for your dinner that night

Not all buyers are going to be fans of your food choices.  In fact if it is particularly aromatic and something the buyer's don't care for, they are likely to ask me if I think the smell will come out or leave quickly because they don't like the smell. 
They were so focused on your food choice they didn't look at your house.

8) Keep photos of your family up throughout the house

Guess what, buyers are going to look at your family photos to try to figure out who you are, do they know you, how many kids do you have?

Guess what they are not doing?  Looking at your house.

7) Keep all your nick knacks out

I know they are precious to you but honestly they are distracting to the buyer.  Instead of looking at the fabulous mantle the buyer will be looking at all the items on the mantel.  As with family photos, buyers will often comment on these items trying to form opinions on who you, the sellers, are rather than focusing on the home.

Pack them up in boxes so you have one less thing to do later on moving day.

6) Make it difficult for me to show your house

I know selling your home is a pain, that you have a life and the appointment time I'm suggesting might not fit into your schedule.   
But, hey I have a buyer that wants to look at your house. 
You want to sell your house right? 
Know what happens when you can't make that appointment time work?  The buyer goes and looks at other houses that are available to see at that time.  Do buyers reschedule to see your house at a later date?  Often times not.  Many buyers find another home that they like or are just not interested in going back to see one they couldn't see right away.  I am not saying that you have to turn your life completely upside down and backwards.  I am just saying that if our appointment time does not work for you don't be surprised when we don't reschedule.  The buyer is likely to have moved on.

5) To continue on the pet theme, leave your cat roaming free throughout the house with a note by the front door stating "Please do not let the cat out".

You are setting up a stressful rather than relaxing situation for the potential buyer and for me the buyers agent.  Buyers are forced to dash in and out of doors rather than wander freely throughout the home and property.  They miss out on the opportunity to call back into the house to their spouse or partner that "they have got to come see this garden, bbq area, hot tub etc" because they had to shut the door so the cat didn't get out.  If they do get wrapped up in looking at the house and forget to shut doors I have to remind them instead of pointing out the features and benefits of your property.  You just made me the nagging hall monitor instead of the helpful agent.  When your pet does manage a jail break, as I swear 99% of them do, I am forced to give chase to Houdini the Wonder Kitty.  Meanwhile my buyers are cooling their heals either irritated that we are off schedule or more likely worried that you are going to be mad if we don't catch your pet and get them back inside your home.

Again the focus has been shifted away from your home.

4) Don't replace burned out light bulbs or use low wattage bulbs.

Yes I know it's only the laundry room, a closet or the spare bedroom you never use but guess what? The buyer wants to see these spaces and when the buyer can't see it they can't form an opinion.  Use a good high watt bulb that appropriatley lights the space.  While the lower wattage bulb will save on your electric bill it will also make for a dark space.  Dark spaces do not impress buyers.  I will typically bring a flash light to help out when a bulb is out but it is still not the same as having a working bulb with the appropriate wattage to light the room to the best benefit.  Buyers will focus on the burned out bulb instead of the space.  Is it just the bulb?  Is there something wrong with the fixture?  If the bulb is dim buyers will focus on how dark the space is instead of how useful it might be.

Don't give them a chance to wonder and worry just replace the bulb and show off the assests of your home in the "best light".

3) Close all the curtains and turn off all the lights

When we walk into the house instead of immediately noticing the great things about the house we are going to be fumbling around looking for light switches.  It is likely that either I or one of the buyers may stub a toe on a hall table trying to find the switch.  Buyers are hesitant to enter dark areas.  In a home that is dark the buyers tend to follow me around as I turn lights on instead of lingering in various rooms to focus on what they might like about a room.  They feel more like they are intruding and less like they are welcome.  Instead of paying attention to the homes benefits they worry about whether they remembered to turn a light off as they left a room.   They also don't get as much of my attention because instead of being able to answer their questions about whether or not the fridge is included or what the square footage of the lot is I am running around opening and shutting drapes and turning light switches on and off.

I know it may not be practical to leave all the drapes open and all the lights on all the time.  At least leave the drapes open on the windows with the best views and leave a few lights on so we can find our way around the house.  If it was on when we got there I will leave it on when we depart.  If it was off I will turn it off.  Please at least leave the porch light on.  I do carry a flashlight but it is just not the same as pulling up to a home with a welcoming porch light on.

2) Turn the heat down

I know especially if you have already moved out that you would like to save on that energy bill but if it is colder in your house than it is outside buyers don't want to linger.  They don't get a warm cozy feeling from your home.  They just feel cold and that feeling transfers to an emotional opinion of your home.  If you can't keep the heat all the way up at least keep it at 55 so we are comfortable in our coats and for heaven sake if you are going to turn the heat down don't expect us to take our shoes off, leave some shoe covers.

One of the quickest ways to drive a potential buyer out of your house is to make them view a cold house in stocking feet.  It is hard to admire the spacious kitchen when your feet are being flash frozen by the cold tile floors.

1) Stay in your home while we are showing it

This is the BEST most SURE FIRE way to make a large majority of buyers uncomfortable.  Buyers don't even come close to paying attention to the features and benefits of a home if you are there.  They are so nervous about offending you and so uncomfortable looking at your home while you sit in your living room or worse follow them around that they rush through. They will tell you thanks for letting them look and dash out. Upon leaving they can't begin to tell me if they noticed what colors the wall were, if there was carpet in the living room or if they liked the kitchen or not. 

What they do tell me is "That was uncomfortable", "I don't like looking at homes when the seller is there" and "Can you make sure the seller will be gone at the next one, if they are there I don't want to see it"

Leave, even if you go sit in your car, take a walk around the block or dash over to your neighbors, just leave.  The buyer will stay longer and pay more attention to your home then if you are there.  If they are interested in your home and have questions I will call your agent and ask.  Think about it.  Would you feel comfortable wandering through someone's master bedroom and checking out the closet space while they were sitting in the living room?

If the buyers fall in love with you home and decide to make an offer there will likely come a time where they will want to meet you and discuss your home at length and in detail with you. Typically buyer's and seller's agents are more than happy to set up this meeting.  It is just not the first time the buyers are viewing your home.

Again, Please keep in mind these statements are meant to be helpful to sellers and give them a chance to look at things from the buyer's perspective.  These are just some of the things that may not typically be thought of as a big deal but do in fact distract buyers focus. 

Noelle Blazevich
John L. Scott - North Bend
noelleblazevich@johnlscott.com
When you work with me it's about YOU!

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All entries on this blog, unless noted otherwise, is the copyrighted content (2009-present) of Daniel J. Hunter, REALTOR®, and is believed to be true and factual, but it is not guaranteed or warranted.

All information should be independently verified.

 

Follow Me on Twitter Add Me on Facebook Connect with Me on LinedIn Watch me on Youtube Love The Gulf's RSS Feed Love The Gulf's Google Page

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Note to Buyer's Agents involved in Short Sales-Your purchase agreements need some "substance" and discipline!!!!!!

Via Elliott S. Topkins Massachusetts Real Estate and Title Atty (Topkins & Bevans-etopkins@topbev.com):

"Same old, same old" really doesn't work very well when you are representing a Short Sale Buyer. The reason: Your client can get eaten alive by upfront costs, and end up not even getting to purchase the property in question, because the Lender withholds approval or makes the approval price prohibitive.

These are my suggested solutions,:

     1. Do not put up any substantial deposit (more than $500) until your Buyer has written Short Sale Approvals in hand,

     2. Do not do a home inpsection until your Buyer has written Short Sale Approvals in hand,

     3. Do not file a mortgage appication, again, until your Buyer has written Short Sale Approvals in hand.

AND FINALLY

     4. Pick a date for the written Short Sale Approvals to be "in hand" and "crater" the transaction on the day after that date.

This approach requires some discipline, and you are going to have to do a great sales performance to convince your customer or client of the wisdom of your ways. Bottom line!!! This is the only way to get involved in a Short Sale, and if your clients go any other way, they are playing Russian Roulette with their money.

 

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New Port Richey, Florida Real Estate Blog

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All entries on this blog, unless noted otherwise, is the copyrighted content (2009-present) of Daniel J. Hunter, REALTOR®, and is believed to be true and factual, but it is not guaranteed or warranted.

All information should be independently verified.

 

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