New Port Richey, Florida Real Estate Blog: Florida: New Port Richey

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

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

Cotee River Seafood Festival at Sims Park in Downtown New Port Richey

Ed Morse Auto Plaza is pleased to present the festivities this year, along with Bright House Networks, Lucas Green & Magazine, The City of New Port Richey, and Visit Florida

At the Cotee River Seafood Festival along with a free boat show you will enjoy live music, Boat dealers & vendors, delicious seafood, as well as an Arts & Crafts village and a Classic car show.  Bring the kids along they will have fun in the Kids Activities Zone

Lucas, Green & Magazine present Blues by the River Concert featuring

Saturday May 14th

Ed Wright                          12:00-1:20

Howlin' Buzz                       1:40-3:10

Lazy Boy & the Rockers       3:30-5:00

Mind Balm Showcase & Lee Pons & Franc Robert 5:20-6:50

Willie Lomax w/ Sean Brown 7:10-8:40

Debbie Davis                       9:00-10:30

Sunday May 15th

C-Side                                12:00-1:20

Cruzen for a Bluzen               1:40-3:10

Josh Lamkin & Automatic Heat 3:30-5:00

Boat show will be Sat 10-6 and Sun 10-5

Arts & Crafts Village will be open Sat 10-6 & Sun 10-5

Car Show will be Sat ONLY 10-3

A good time is to be had by all kids of all ages, so see you down at the Cotee River Seafood Festival at Sims Park in Downtown New Port Richey running from May 13th through the 15th.  Mark your calendars, set a reminder and enjoy why we are Loving Life in New Port Richey

Cotee River Seafood Festival - Good or Bad for Downtown New Port Richey 

New Port Richey is well known throughout the region for the numerous fun and entertaining community events they host throughout the year, including Cotee River Seafood Festival which is going to take place this year on May 13th - 15th

As with major events anywhere else in the country, or the world for that matter, road closures to make events pedestrian friendly are an issue, especially when family events occur.  Such events are vital to a community to grow, and even more important when times are as tough as they have been for the area, as a distraction from the drudgery of the everyday struggle of so many.

As a result of road closures business owners are expressing concerns about effects on their business due to the events.  Quite understandable as nobody goes into business to NOT make money.  So where is the balance?

Obviously the event has to be safe.  Road closures should be approached with practical common sense.  And the business' affected by the shut down should figure out how to capitalize on a gathering of 1000's of potential customers.  When roads are closed, I think it is safe to assume your storefront is getting the highest level of foot traffic it will ever get.

Instead of Cotee River Seafood Festival and other major events being a handicap, it should be an awesome oppurtunity to get in front of the consumer.  Success in business is not always about how much you put in the till 'that' day.  A successful promotion, especially one coordinated by a group of business can have long lasting affects on driving future recurring business.

Working together everyone can benefit, but having events right in the heart of Downtown New Port Richey does make it more challenging to deal with.  But shouldn't it be a win for all - organizers, participants, general public, and local business'.

In the end, have a fabulous time at the Cotee River Seafood Festival in Downtown New Port Richey on May 13th - 15th.   A good time is guaranteed to be had by all

5 Foreclosure myths exposed by Freedie Mac

there is a lot of misinformation out there these days with regards to the housing market.  Always do your homework/research and only use trusted professionals.   How will a foreclosure affect my credit?  How long until I can buy another home after foreclosure or a short-sale?

Well all the buzz, chatter and misinformation finally reached the Mortgage giant Freddie Mac and this is what they had to say.