Properties, Houses and Condos for Sale in St Petersburg Treasure Island Florida

Do we have to disclose that the house next door is in foreclosure?

Here is the senario.

I am a single agent for the buyer and we made an offer on a house last week.

Asking price was $797,000 we offered $750,000 cash, closing asap, as is, no inspections, $50,000 in escrow.

I explained to the listing agent that we came up with this price because of an old roof and a seawall that was in very bad shape etc.

The seller countered with $795,000 with the argument that they had comps to support this price.

So, here we go again and this time I used what I though might be my best argument

I told the listing agent that the house right next door (no for sale sign, exact same location and lot size and view and age, same house, best possible comp you cold ever find) is a short sale and that the seller of this property had acceped $650,000 for it and was just waiting for bank approval and that once this deal closed, it will most  liklely bing the prices down a lot in the neighborhood.

I really thought she and the seller would be shocked by this news and evt be a little more negotiable.

Well, I was very wrong.

Her answer was "Oh yes, we know all about the short sale next door"

So here is my question

Listing agent and seller know about short sale or foreclosure next door - shouldn't they have disclosed it in their property disclosure?

In our standard disclosure there is one questions at the very end

which reads something like

Is there anything else that materially affects the value of the property?

So, here is my question to you

Should or would you disclose a short sale or foreclosure in the immediate neighborhood for a very comparable property?

 

Downtown St Pete is a fantastic place to live.

Lots of great restaurnats and things to do.

Is this you?   FSBO Trying to sell your property on your own.

Well, as you might know by now, it is a lot of work and can be frustrating.

Times have changed, there is lots of inventory in St Pete beach, your competition is huge.

In order to sell you home, in today's market, the 2 most important things are

1   Realistic asking price, priced at fair market value or below

2   Advertising, marketing, visibility.

 

As a FSBO you can have the best price in town, if you do not advertise and just have a sign in the yard, the house will never sell. You need to expose the listing to as many buyers as possible.

 

On the other hand, you can advertise all you want, all day long and spend a fortune, your house will never sell if it is over priced.

Buyer have done a lot of research on market value before they make an offer, if your home is overpriced, they will not even try to make an offer, but instead move on to the property next door.

So, in order to be successful and actually go to closing, you need to price it right and advertise it everywhere.

Pre approval letter before you make an offer on a house.

What a waste of trees (in my mind)

How long does it take to get a pre approval letter?

10 - 20 minutes on the phone?

Giving the "right answers" to a few questions without any verification other than credit score.

Ok. It is a start, but does it really mean anything?

I think it can be very misleading for buyers and sellers.

I do not know how many times it has happen, but the sellers are always thrilled to see a per approval letter with the offer.

Buyers feel like once they have a pre approval letter it won't be a problem to get the loan.

Well, all you buyers and sellers out there, a pre approval letter from the bank, lender, mortgage broker in most, if not all cases is just a piece of paper.

The lender does in no way, shape or form commit to anything or promises anything or for this matter can be held responsible for anything.

So, please do not fall into this "trap".

Talk to your Realtor, understand the process of buying and selling and get all the information about financing. Ask questions, educate yourself.

 

I wrote this post about 10 month ago and now it is even more important than back than. like I said before, I personally do not like to count on pre approval letters but times have changed a lot and nowadays, as a buyer, do yourself a favor and get one before you try to make an offer.

 

That is what every buyer wants, a great deal and it is very understandable.

Well, the sellers want exactly the opposite, get the most money for heir property and make a nice profit, also very understandable. On both parts it is human nature I guess.

As you can see, when you have two parties that want the exact opposite, it is difficult to find an agreement, it all comes down to motivation.

How motivated is the seller, and or how motivated is the buyer. For years the sellers had the advantage that the economy was great, we had a high appreciation rate in St. Petersburg and there were not too many houses or condos for sale.

This all has change; in today's market the buyer has an advantage.

Lots and lots of inventory, no appreciation and a scary economy.

So, yes, there are some really good deals here in St. Petersburg Florida,

you just have to find them, they exist.

One example is Tropic Breezes here in Madeira beach Florida

            

A small condo hotel complex right across the street from the beach, walking distance to nice shops and restaurant.

Great curb appeal, units are nearly all remodeled within the last two years, heated pool and great rental potential.

Right now one of the units is on the market, asking price $115,000

Pretty much the same unit, just one floor higher sold in Oct. 2005 for $ 195,000

How do you find deals like this?

You have to know the market, the sales history, the comparable properties, the inventory, the motivation of the seller, in short, you have to do your "homework" or find a Realtor that is an expert in the area and have him do all this for you.

 

If you want to sell your property here in St Petersburg Florida, you have to think real hard about pricing it right.

How do you do this? Find the right asking price for my property.

First thing is to find a Realtor that knows the market and the area.  This Realtor will do a comparable market analyses for you.

You have to look at everything that sold in your neighborhood over the last few months; this tells you what buyers were willing to pay for homes or condos in your area.

You also have to take into consideration that prices have gone down over the last year, and some areas have not bottomed out yet.

So what your neighbor got 4 month ago might be higher than what you can get now.

The next step is to look at all the listings that are under contract.

What were the sellers asking for it and keep in mind that they will most likely close way below asking price.

You are not done yet, also look at the active listings, or a better word, your competition.

What are they asking and how does this compare to the "sold and under contract" listings.

If you do these two things, you will end up with a very good and realistic idea of the market value.

Keep in mind; in this kind of market you have to be compatible otherwise you will not sell.

 

 

This is one of the days where I am a little frustrated.

I had a great real estate day today, but one thing really starts bothering me.

Pre qualifying buyers.

One of the first things I do with a "new buyer" is talk about the buying process and the financing.

I want them to understand what is involved and what they need to do in order to buy property. I also want them to find out exactly how much money they can spend on a purchase and still feel comfortable.

I do not want to waste their time and energy and show them properties that they can not afford.  What is the point?  In the end all you get is an unhappy and frustrated buyer that now doesn't even enjoy looking at properties in his or her price range anymore, because you have shown them the nicer and bigger homes already.

Why would you put your client or customer in this position?

Well, I think you get my point.

What I do not get is - in our area we have so many deals fall apart because people can not get a loan, they just do not qualify for the amount they need to buy the property.

In times like this, where it is so much more difficult to get a mortgage, I think it is even more important to pre qualify buyers.

I just can not come up with one good reason for NOT pre qualifying the buyer.

 

Do you think they will take less for the house?

There was a time in our St Petersburg Real Estate market when I answered this question by saying "They might be a little negotiable on the price, and we should try to make a lower offer, but if you really want to buy this property, be prepared to pay full asking price "

That was the time when we had a low inventory, lower property taxes, bank wanting to lend money, stable economy and we would get multiple offers on a house or condo within 30 days.

Well, this time has gone, the inventory is at an all time e high, banks are very careful when it comes to lending money, nobody can call our economy stable and houses and condos sit on the market forever, the only times when we see multiple offers is with foreclosures and short sales.

Today, my answer is much longer and not this easy.

Will they take less than asking price?

"There is a very very good chance that they will take less, it depends on how motivated they are. I have seen properties sell for 30 to 40 % less than they sold for in 2005"

What does the neighbor's sales price do to your home value?

I just showed some houses here in St Pete beach.

Wonderful waterfront, most houses are about 30 to 40 years old,

remodeled and have 2000 heated sf, give or take.

A few of them sold in the last couple of month and the sales price was around $850,000

Now we have one foreclosure and one short sale in the area, one is asking $650,000 the other $680,000.

If these two sell in the next few months, what does this do to the home in the area?

Well, the way the market has been going here in St Pete beach or for this matter Pinellas County, it will affect your value. I have seen some recent appraisals where they take the short sales and foreclosures in the area into consideration and that drops the prices big time. The "oh that was a "fire sale, it should not really count" is not working anymore

 

If you are thinking about selling your home in the near future,

keep one thing in mind.

The price has to be right.

You have to make sure you are competitive.

Do your research, find out what other homes in the area sold for.

The market here in Pinellas county Florida is not as bad

as most of the media wants you to believe.

We are still selling homes and condos, but only if the price is fair.

Over priced listings sit on the market forever and once you drop the price,

you might be chasing the market.

So, best advice is to get it right in the first place.

Do your homework, talk to your realtor, look at the recent sales statistics.

 

 

Unbelievable, a really really nice condo hotel unit directly on the beach in Treasure Island Florida. More than 600 heated square feet, granite countertops, built in 2001, is now on the market for $250,000.

These units sold for $440,000 to $480,000 about one year ago.

Prices have come down so much even for me as a Realtor is hard to believe.

If you ever thought about buying property here in Pinellas County Florida,

this is the time to find a great deal. Lots of inventory and motivated sellers.

Do not miss this opportunity.

Treasure Island is a beautiful place to live or spend a vacation.

 

It doesn't really matter on which site of the deal I am, most home inspections are a nightmare.  Or maybe I should say Home inspectors.

It is perfectly understandable that buyers have a home inspection because they want to know if and what is wrong with a house or condo. The part that I do not understand it that most home inspectors do not make a difference between cosmetic items and warranted items.

I am a single agent for the seller on this deal and I just received a 3 page home inspection summery report (for a 5 year old home) of all the things that are wrong, or might be wrong, or might break in the future. Yes, the carpet has stains, but does this really belong in a report? The paint is 5 years old, so yes it has little chips and scratches, and yes, the AC is not brand new, but it is running fine, meet all the criteria's , so why recommend that the seller should have it cleaned avoid problems in the future. There is a little dent in the garage door - yes, it is a five year old home and these thing happen, but the garage door is working fine, and everybody can see the dent, so does this really blong in the summery of a home inspection report?

I just wish that there was a way that home inspectors had to identify what is a warranted item and what is cosmetic.

 

Treasure Island one of my favorite barrier islands here in the St Petersburg area.

I probably should not say this because I have a lot of favorite spots between Pass a grille and Indian Rocks beach.

Anyway, the fact that I live in Treasure Island tells you enough.

Treasure Island has beautiful wide beaches and you can take a long walk from Sunset beach /Blind pass, the most southern tip of Treasure Island all the way to John's Pass Bridge the most northern tip of the Island.

Treasure Island is 3.8 miles long walk and it is beautiful. On the way you can stop at Caddy's beach bar for some live music and a drink or you can get some great food at Sloppy Joes or just take a break in one of the small intimate little hotels bars.

Whatever you do, make sure you don't miss the beautiful sunset. Tresure Island is famous for them.

The population of Treasure Island is about 7500 and the medium income per family is about $65,000 per year. The city was incorporated in 1955 it is divided into tiny little neighborhoods like Paradise Island, Isle of Palms, Sunset beach and Isle of Capri. TI has 28 miles of bay front in addition to the nearly 4 miles of beach front.

As you can imagine, with all this waterfront, Treasure Island's real estate is in high demand. It is a great place to call home or buy a vacation condo or house.

Needless to say, with all the water around us, we are a prime destination for boaters, people that like to fish, beach and sun lovers, you name it. Treasure Island is only 40 minutes from Tampa airport and the new TI Bridge makes it easy to get on and off the island. Shopping is a pleasure, we have a lot of little beach stores and souvenir places along with a family run hardware store, surf shops, shell shops,  a seven eleven and 2 gas station, ice cream parlors and flower stores, it is all here.( brand new Publix will open in 2008)  When it comes to restaurants, we are also blessed, my favorite place here in Treasure Island is "The Perl" high end international cuisine. The "Middle Grounds Grill" and "Grouper's" feature wonderful fish dishes and at Rick T's you can get you traditional American food. Oh before I forget, we also have the Café Berlin which serves authentic German food. There are lots of other places, to many to mention. I read somewhere that Treasure Island is a unique blend of a small town laid back beach community and an internationally known vacation destination.  I could not agree more. If you are interested in buying or selling real estate here in Treasure Island Florida please contact us anytime.

We know the neighborhood and we know Real Estate.

Anne Hensel

If you think about buying or selling a house or condo in the Saint Petersburg Florida area, please give me a call. Ask me about waterfront homes or condos in St. Pete beach, Treasure Island, Madeira beach, Seminole and other Clearwater Tampabay neighborhoods. Find out what we can do to sell your home or condo and what the value of your property is. Check out great real estate deals or visit condo associations like Seminole Isle.

We also work with short sale bank owned and foreclosures. Find a property or go to my website for more real estate information or simply contact us.   727 409 8706

 

 

 

About Madeira Beach, Tampabay  Florida

Yes, another barrier Island in Pinellas County. Right in the middle between Treasure Island and Redington beach

Madeira beach is a little different than the other beach communities

Locals call it  "A little fishing town with a drinking problem" The first part is correct the second part is not anymore. A lot of people lovingly also call it "MAD beach"

Madeira beach has changed. Years ago it was all about fishing and drinking, nowadays it is a combination of fishing and tourism.

One of the biggest attractions for visitors to our general area of St. Petersburg Clearwater is John's Pass in Madeira beach.

It is a long board walk right on the water overlooking John's Pass Bridge, with lots of shops and restaurants and bars and gift stores. You can spend a whole day and even for locals we feel like we are on vacation when we go to John's Pass (I do this often since my office is in Madeira beach) It is just wonderful, you can rent a boat or jet ski, or go out on a fishing trip or take a gambling cruise, it is all right there in the Pass.

Madeira beach verses St Pete Beach hardly has any hotel rooms, but lots of condos and houses that you can rent for a couple of days or even months.

When it comes to fish, Madeira beach is it. We have a lot of fishing boats go out of Madeira on one day trip or even 3 week trip, commercial and recreational fishing is the big thing here and this makes Madeira somehow different than the other barrier Islands.

It has the same beautiful beaches, great restaurant, you have to go to the Beach Bistro, wonderful French cuisine or  the little mom and pop place called Mario's, incredible Italian food, prepared right in front of you. If you are in a steak mood try Leatherbacks or for local food go to the Hut. The daiquiri deck offer live music and soon (Jan 2008) we will have a Baba Gump Shrimp restaurant.

Real Estate is still affordable; right now we feature a one bedroom one bath condo hotel unit that sleeps 5 people for $115,000

You can not beat this price. Do the numbers, it is a great investment and rental property and it is located right on Gulf Blvd. just walk across the street and your feet are on the sandy beach.

Madeira beach is our backyard; call us anytime you need assistance with buying or selling property. Tjis was the short version for About Madeira Beach, Tampabay  Florida

 

If you think about buying or selling a house or condo in the Saint Petersburg Tampabay Florida area, please give me a call. Ask me about waterfront homes or condos in St. Pete beach, Treasure Island, Madeira beach, Seminole and other Clearwater Tampabay neighborhoods. Find out what we can do to sell your home or condo and what the value of your property is. Check out great real estate deals or visit condo associations like Seminole Isle.

We also work with short sale bank owned and foreclosures. Find a property or go to my website for more real estate information or simply contact us.   727 409 8706

 

 

This is the time to buy Real Estate here in St Petersburg Florida.

I have been in the business for nearly 15 years and I have seen a lot of changes,

but never has the market been this good for buyers.

There are incredible deals in St Pete, Treasure Island, Madeira beach you name it.

Waterfront single family homes for under $400,000

A wonderful 2 bedroom 2 bath condo in prestigious Harbourside for $278,000.

A 1 bedroom condo motel unit in Madeira beach

across the street from the beach for $115,000.

Vacant direct beachfront lot for $1,100,000

and the list goes on.

Foreclosures and Short sales everywhere.

Do not miss the boat, don't wait too long, business is already picking up.