Archive for November, 2007

The Power Of The Just Listed Postcard

November 27th, 2007 categories: Tampa Real Estate, Tampa MLS, Tips for Sellers

Notable e-mail of the day:

“Lenny,

The flyer looks very good and your pic is nice:).

Thanks a lot!”

Home Seller

Well, I’m not so sure about my mug, but the postcard to which she refers has produced 2 inquiries from interested parties. Both parties are renting homes in the same neighborhood as the subject property, and both parties have children that attend the schools within walking distance of the home. They each like the neighborhood so much that they each intend on purchasing some time soon.

Listing the home on the Mid-Florida Regional MLS gets exposure to 2 main groups, the general home buying public and other Realtors/real estate agents. Homes listed on our MLS are copied over to the Realtor.com database, the largest public home search site. Realtors working with buyers use the MLS database directly to search for homes that fit their client’s needs.

My brokerage, Keller Williams Realty, also has the Keller Williams Listing System, which syndicates our clients’ listings to other major public home search sites. And all of these listing databases are very important for getting maximum exposure on the web, where most buyers begin their searches.

But these databases and search sites don’t actively get the properties in the faces of those who may be in the market for a home. The buyer has to sit down and go looking for the properties. Or maybe they sit down and have to open an automatically generated e-mail that notifies them of a new listing.

The flip side of this passive method of marketing is the more in your face method of marketing a home for sale. Most good Realtors have a number of tools with which to accomplish this, word of mouth being a great one. But the good old postcard cannot be overlooked as a tool to get a property in the face of those who may be in the market.

Postcards, whether a Just Listed or a Just Sold, are a great way for us as Realtors to market ourselves, while also marketing a client’s property. And while the 2 parties that responded to my mailing maybe weren’t actively looking, they saw the opportunity and picked up the phone. I showed the home to each party, and each party has shown some level of interest.

While we don’t have competing offers just yet, it’s evident that postcards work. And any marketing plan that only includes passive marketing, has to be considered as incomplete.

Posted by Lenny Gurvich | No Comments »

November Tampa Real Estate Market Conditions

November 16th, 2007 categories: Tampa Real Estate, Tampa MLS, Tampa Market Conditions

Here is this month’s snapshot of the demand and supply of Tampa Florida residential real estate MLS listings.

If you follow what I have to say here you know I like charts. Charts put into perspective what numbers have to say. So in looking at what’s happening with Tampa real estate recently, you’ll note that the number of listings available for sale has remained pretty stable over the last few months. But the chart will also tell you that the number of homes under contract has plummeted over the same period. This is a trend that is to be expected, as buying activity always wanes as we approach the holidays and the end of the year.

What’s really worth noting here is the difference a year makes. As of today there are 841 properties under contract or in pending status on our MLS for the City of Tampa. At this time last year there were 1682 properties in pending status. It doesn’t take a math genius to realize that the number of pendings has been halved. Or simply put, there’s 50% less buying activity currently as compared to this time last year, along with almost 20% more homes on the market.

So what’s it take to get a buyer’s attention in this market?

• Have your home inspected and make all necessary repairs before putting it on the market.
• Do anything you can to make your home stand out among the rest.
• Price yours below all other active comparable area properties.
• Offer incentives to your buyers such as closing cost assistance, interest rate buydown, etc.
• Maximum market exposure to potential buyers.

Looking to sell?

Data used is from the Mid-Florida Regional MLS for City = Tampa, all brokers/agents included.

Subscribe to Tampa real estate market reports.

Posted by Lenny Gurvich | 1 Comment »

Survival Of Those Who Consider The What-Ifs

November 12th, 2007 categories: Tampa Real Estate

Should the government be assisting those borrowers who are facing foreclosure because they decided to take a loan that was loaded with risk unless the value of their home continued to appreciate?

A few months ago I wrote about the transparency of mortgage loan terms after reading an article in which Ben Bernanke said that borrowers should have access to a broader range of mortgage products that “could be designed to help avoid or mitigate the risk of prepayment shock and to be more transparent with respect to their terms”.

My point was that those terms are already pretty darn transparent. Many borrowers just choose to put the term blinders on and go for it, knowing that someone will be there to bail them out when things begin to unravel (like now).

Fast forward to today when our government is trying to assist borrowers who risk losing their homes because they can’t afford the adjusting payments. Is it the duty of government to help these folks out? “Speed is important,” says House Financial Services Committee Chairman Barney Frank. “Time is of the essence.

And now the government is considering new mortgage reform and anti-predatory lending legislation. Time to reel in the mortgage brokers and those who prey on the not so smart, or those who wear the term blinders all in the name of getting a bigger, better, more expensive home.

I’m all for protecting the people from those who wish to do harm, but don’t the people bear some responsibility as well? Should the borrower that chose to wear the term blinders, and sign where asked, really deserve help from the government? Sure, money was being thrown at anyone who wanted it a few years ago, but does that mean the lenders are at fault?

The craziness that was the residential real estate market of 2000–2005 provided for many borrowers who chose to wear the term blinders. And now the price for wearing such blinders is evident as estimates are that defaults could rise to 2 million or more in the next few years. And yes, I understand what could happen to home values if this happens.

But if the government is there to save those who didn’t think it through, then what happens next time? Does this do anything to make borrowers remember what happened last time? I understand cause and effect as well, and understand that many problems are due to the effect of declining home values. But the smart borrower considers declining homes values as a what-if.

I know that lenders (and many Realtors) do bear some responsibility for what is now happening. The mortgage loan process does need some tweaking, and some further rules and regulations need to be implemented. But I hate seeing so much government time and money being allocated for much of what could have been avoided if more people would simply take responsibility for their own actions and consider the what-ifs.

What is Truth In Lending?

http://www.hopenow.com/

http://news.yahoo.com/s/ap/20071102/ap_on_bi_ge/surging_foreclosures

Posted by Lenny Gurvich | 2 Comments »

KW Cares, Wine & Salsamole

November 7th, 2007 categories: Keller Williams, Tampa Realtor

Keller Williams Realty has a public charity, known as KW Cares, created to support Keller Williams Realty associates and their families in times of extreme hardship as a result of a sudden emergency.

Last night our firm sponsored a KW Cares benefit, graciously hosted by one of our agents at her beautiful Beach Park home. It was a sort of wine tasting, or wine consumption get together if you will. The wine was procured from Vintage Wine Cellars, a great wine specialty shop down the street from our offices. The benefit was for one of our staff members who needs some help with medical bills. It was a great time for great cause.

I was asked to bring to along a food item for the gathering, and agreed that I would whip up a batch of my guacamole. My brother is a professional chef in Bridgehampton, N.Y., and he makes a killer guacamole, which I’ve tweaked to my liking over the years. It’s a little more involved than your average guacamole and I refer to it as Kicked-Up Salsamole.

The salsamole was well received and I was asked for the recipe by a few folks. So I figured I would plug it in here, where anyone can come and get it.

So here goes:

• 4 ripe Haas avocados, meat scooped out and mashed (leave it somewhat chunky)
• 1 small to medium red onion, diced.
• 2 large tomatoes, peeled, seeded, diced.
• 2 fresh jalapenos, seeded and diced.
• Juice of 2 medium limes or about 1.5–2 ounces.
• 2 tbs of freshly chopped cilantro.
• Salt to taste (lots of lime and salt make your mouth happy).

Mix it all together in a bowl and chill for at least an hour before serving with chips, etc.

Here’s an entertaining 5 minute video on how to peel, seed and dice a tomato. As a bonus, the recipe for ice-water is also included.

¡Disfrute!

Learn about KW Cares

Posted by Lenny Gurvich | No Comments »

South Tampa Waterfront Condo Choices

November 6th, 2007 categories: Tampa Real Estate, Tampa Condos, Tampa Waterfront Homes, South Tampa Neighborhoods

The south Tampa area is a peninsula that splits Hillsborough Bay to the east, and Old Tampa Bay to the west. Surrounded by water, you’d think that buyers would have many choices when considering a south Tampa waterfront condominium community. And there are many choices if one is simply looking for a highrise condominium with bay views. You’ve got the many choices on Bayshore Boulevard which fronts Hillsborough Bay, with views of downtown and Davis Islands. Bayshore Boulevard residents also have easy access to the sidewalk/recreational trail stretching from Ballast Point northward to downtown.

But none of the Bayshore condominiums offer boating access to the Bay and the Gulf of Mexico beyond. So what choices does the buyer have on the Interbay Peninsula? There are basically 3 choices, all on the west side of the peninsula, on Old Tampa Bay.

Westshore Yacht Club

Starting furthest south, Westshore Yacht Club is a new, private, gated community of single family homes, townhomes and highrise condominiums. Castillo Tower is the highrise, set back from the bayfront, but with exceptional views to the west and east from all units. Prices begin at around $850k for a 3 bedroom, 2100sqft., 4^th floor unit. Most of what’s available now are resales with limited developer inventory remaining. Two additional towers are planned. Westshore Yacht Club has its own private 49–slip marina with ship’s store. Slip ownership begins at $170k, while the cost to lease a slip begins at $15/slip ft. Westshore Yacht Club also has club facilities (pool, fitness, spa, lounge) that all residents pay $5800 per year to use.

Browse Westshore Yacht Club For Sale

Culbreath Key Bayside

On the lower end of the price spectrum, and near the middle of the peninsula, is Culbreath Key Bayside Condominiums. Built in 1999 as apartments, Culbreath Key converted to privately owned condominiums in 2004, and has 47 private boat slips available on a small canal that accesses Tampa Bay near the Gandy Bridge. But most CK condos don’t offer any water views. The project has separate buildings, each only 4 floors up. The 2 buildings furthest west, buildings 8 and 9, have the only units that offer any decent water views. The units on the north side of building 9 offer the best water views, and are thus the highest priced within CK. The boat slips are privately owned, some are available for lease. CK condo buyers can search out a condo with a boat slip as a package, or purchase a condo and boat-slip separately. There is currently a 1/1 on the south side (canal/Gandy Blvd-view) of building 9, with a boatslip, priced at $275k, all inclusive. By contrast, there’s a 1/1 on the south side of building 8 priced at $179k, with a boat-slip available for an extra $50k. Culbreath Key is gated, has a pool and fitness center. Buildings 8 and 9 offer covered parking with an elevator.

Browse Culbreath Key Condos For Sale

Mariner Condominium

Mariner Condominiums, a 45 unit building rising 8 floors up, is situated near Kennedy Blvd, just off I-275, near Tampa International Airport. Built in 1973, Mariner Condos has very little turnover with only 5 units transferring ownership in the previous 24 months. There is a waiting list for the small group of boat slips on a small body of water adjacent to I-275. One unit is currently listed for sale, a second floor 2/1 at $469k.

Contact me for further information on these, and other south Tampa, Harbour Island and Davis Islands waterfront condominiums with Tampa Bay and Gulf of Mexico access.

Posted by Lenny Gurvich | No Comments »

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