Tampa Bay Condo Market
August 4, 2010
Construction of condos is now a major episode in Florida’s Tampa Bay area. Condos that offer spectacular view of the Gulf are the most enticing developments. Seeing an influx of people en masse, camping out in Tampa Bay on the lookout for acquiring new condo units, one would realize that the mass appeal of Tampa Bay is really not about the Super Bowl. Most investors of the Tampa Bay condo market purchase units at pre-construction prices and then sell them at profits of as much as 25%, even before these condos are ever built. Many people say they would rather invest in condos than place their money in higher risk involvements, such as the stock market.
While a considerable number of investors have switched from stock to real estate as investments, because of projected higher returns as well as relatively greater investment security, other people buy condos as second homes with future plans to retire in beautiful, sunny Florida. Unsurprisingly, many small family-owned hotels are being snatched up by real estate developers to construct new condo communities.
Purchase popularity in the Tampa Bay condo market is seen by many as being fueled by low interest rates. The purchases, however, include buying with a mortgage, as well as with cash for condo units priced significantly higher $500,000. Prices, currently ranging from $300,000 to quite a bit more than $1 million, continue to escalate and will continue to do so as long as high demand flourishes.
In 2005, condo conversions dominated Tampa Bay condo market as 40 communities, equivalent to 14,231 apartment units, were purchased by real estate developers for conversion to condos. This figure reported for 2005 tops the corresponding figure for 2004 by as much as four-fold. However, in 2006 Tampa is witnessing a declining interest from conversion buyers after high conversion activity over the last three years.
The condo conversion craze significantly shrank the supply of apartments. The law of supply and demand triggers into action as seen in the current performance of the apartment market being experienced this year. Apartment deliveries, however, remain low, and this is because of a shortage of developable land as well as increasing construction costs. These two major factors are noteworthy in making it difficult for developers to enter the Tampa condo market. As the delivery of new rental units in Tampa continues to decline, strong rent growth at existing properties are expected to persist.
In the first quarter of 2006, Tampa’s average rent reached $819, increasing an average 5.5% over the corresponding period in 2005. Certain properties and submarkets reported boosts within the 10-20% percent increase range. Rents range from about $700 to over $1,000 per month, depending on the location. Prevailing averages are now between $805 and $834. Occupancy rates reached 98.1% in the first quarter 2006. This trailed the steady growth in occupancies since early 2003, and makes Tampa Bay one of the Florida’s most highly occupied rental markets.
The Tampa rental market showed minimal signs of new development over the past year. With developable land becoming scarce, developers moved north along the I-75 corridor into Pasco County which added approximately 1,460 rental units, showing one of the strongest increases in apartment supply throughout the state. Pasco’s growth, while significant, was still not enough to offset the more than 14,000 units purchased for conversion here in 2005.
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Earl Juanico http://www.tampa-realestate.biz Article Source: http://EzineArticles.com/?expert=Earl_Juanico |
Pasco County’s Fastest Growing City – Wesley Chapel Real Estate
February 9, 2010
Located in one of the fastest growing counties in the state and in Pasco County, Wesley Chapel is a progressive, growing community with an eye on the future and a view of the past. Tucked away from the hustle and bustle of tourist attractions, Wesley Chapel feels like home the moment your enter its gates. Yet, it’s not that far from Orlando’s attractions and the white sandy beaches of Pinellas County.
Once home to citrus groves and farms, Wesley Chapel has blossomed into a thriving residential community with a vibrant future. Just off US 75, the small city of about 45,000 people offers easy access to three major cities – Tampa, St. Petersburg and Clearwater. It has seen tremendous growth in the past five years, with population increasing nearly 90% since the year 2000, growing from a sleepy country town to an upscale suburban city in five years.
Most of the burgeoning development in Wesley Chapel is in brand new subdivisions built out from the center of town. The homes are brand new, and so is the city. From large to small homes, Wesley Chapel is sure to please. Its location in Pasco County offers all the amenities of Gulf Coast living, and all the friendliness of a small, suburban town. The economy is strong and growing stronger, with an unemployment rate lower than the state or national average, and a comfortable cost of living. Most Wesley Chapel residents work in or around Tampa, a short commute away, but the growing population means more service industries, shopping and recreational jobs closer to town. Tons of new shopping centers and malls are being built in this area.
If you’re considering a new home in sunny Florida, whether as a primary residence or as a vacation home, Wesley Chapel has a great deal to offer. With nearly a hundred lakes in the county, there’s always something wonderful to do under the sunny Gulf Coast skies. Boating, fishing, swimming and diving are all popular activities, and the nearby state and regional parks offer ample facilities and opportunities for all of them. For those who love nothing better than tee time, there are numerous golf courses, including public and private greens and country clubs nearby. The state parks trail system offers great hiking and natural wildlife preserves, as well as camping and a very different kind of nightlife under nature’s own glittering lights.
With all the beauties and amenities of Central Coast Florida, Wesley Chapel is still surprisingly affordable, but experts warn that the time to buy is now. Right now there are great deals in new construction, foreclosures, and short sales. There’s a wealth of properties on the market, from detached single family homes to townhouses and condominiums for families, couples and singles. And, to top it all of interest rates continue to be at all time lows. Come see what one of the many communities of Wesley Chapel has to offer you and your family.
Author: Bob Lipply sells Tampa Bay Real Estate and Safety Harbor Real Estate. Now Wesley Chapel Real Estate is really becoming popular. Don’t miss all the bargains!
Article Source:http://www.goarticles.com/cgi-bin/showa.cgi?C=943234
Buying Real Estate Using Rent-To-Own And Lease-Purchase Options
January 27, 2010
Owing a home is a big part of the American dream. But not everyone is fortunate enough to become a homeowner due to delimiting factors such as insufficient income, bankruptcy, bad or no credit, loss of employment, etc. For people with such troubles, owning a home is a distant dream and some of these people resign themselves to a lifetime of renting. But such people are not without options. Rent-to-own, which is also known as a lease-purchase option, can be an excellent alternative available to some people who are currently unable to buy a home.
A rent-to-own or lease-purchase option is an agreement between a prospective home buyer and a home seller. The agreement is basically a rental contract with a right to purchase the property after a period of time (usually 1 year). When a home seller offers a lease-purchase option, what they are really offering is the option to rent the house at some monthly rate, and to lock in the sales price of the home now, even though the prospective buyer would not actually purchase the house until a later time (if at all).
Here is a hypothetical example. Let’s say the monthly rent for a home is $1700. Under a lease-purchase option, a prospective buyer would rent the home for the $1700 a month, but would also pay an additional premium (e.g., $200-$300) every month for the option to buy the home after a period of time (usually 1 year). So in this example, the total monthly rent is actually $2000, but $200-$300 of the money will be applied toward buying the house at a later time. In other words, the home seller would apply the $200-$300 extra paid every month toward the prospective buyer’s down payment at the end of the year.
The good news for prospective home buyers is that it allows them to lock in the purchase price of the home now, even though they are not purchasing the home until a later time. The bad news is that if a buyer decides not to purchase the home at the end of lease term, the seller often keeps the premium amount paid over the year, although this is usually a point of negotiation.
Prospective home buyers should know that many of the terms described above are negotiable such as how much the monthly rent will be, how much extra has to be paid every month for the option fee (if any), the length of the lease term, etc. The other issue to consider is if it makes sense to lock in a home purchase price now in markets where real estate prices are still declining.
When compared to renting, a lease-purchase can be an attractive alternative because it gives prospective buyers an opportunity to own a home before they normally would be able to. There are some advantages to a lease-purchase option such as:
1) Low or No Initial Down Payment. Many lease-purchase options do not require an initial down payment.
2) Equity Advantage. At the end of the lease term, the value of a home may have appreciated over time, which benefits the purchaser.
3) Living Experience. Prospective home buyers have the opportunity to try out a home and neighborhood before purchasing the property.
4) Leverage Advantage. With just a small investment, a prospective buyer can control a property; yet still have the option of not buying the home if market conditions don’t warrant it.
Rent-to-own or lease-purchase option can be an effective strategy to home ownership. However, there are both positive and negative aspects to this type of approach (as described above). A good real estate agent can help you navigate the complex world of rent-to-own and lease-purchase option properties.
Real Estate Advisor
http://www.articlesbase.com/real-estate-articles/buying-real-estate-using-renttoown-and-leasepurchase-options-83575.html
Florida Real Estate Pinellas Hillsborough Pasco The Main Real Center
January 16, 2010
Duration : 0:1:38
The Commercial Real Estate Market in Florida
January 5, 2010
Florida has a lot of things to offer. It actually plays as a run away paradise for tourists and visitors because of its beauty.
Florida has many beaches get away ideas. And there are heaps of recreation to take advantage with such boating, skiing, dock to yacht, and the like. Having all this makes tourists to be attracted to take advantage its privileges.
Commercial real estate in Florida for shopping malls is considering an alteration for the adapting the needs of the present day shopper. Florida commercial real estate re-sales are rising. Those you are raring to buy real estate come from minority groups such as Latin Americans and Asians.
A new concept in Florida real estate is the Open-air commercial real estate, which is taking charge lately. Enclosed malls are gradually surrendering their control to open air centers. Since open air centers has a lot more features and space to offer than traditional walled mall.
Adaptation and redevelopment are actually the key ways to increase in commercial real estate business in Florida. Since people are usually looking for convenience and ambience, and Florida have these factors to offer.
Now, if you are searching for commercial real estate property in Florida, it is better for you to distinguish what kind of business you wanted to be into, and your preferred location. There is varying of array of commercial properties that you can consider, from office space to retail establishments.
Whatever commercial property you are looking and interested to, there are lot of categories of real estate properties to consider so limit down your search. Retail properties, is one category to consider, which covers shopping centers and malls, franchise locations, chain store sites, showrooms, retail sites and shops.
Office buildings, business parks, commercial rental properties, residential developments and net leased properties are investment properties. Industrial parks, resort properties, waterfront property and land tracts fall under land brokerages category. And there are also high-tech property areas which particularly for research and development parks, medical laboratories, and call centers.
Hotel and resort properties category covers hotels, convention centers, stadiums, motels and theme park sites. Distribution and industrial properties category covers warehouses, factory sites, airports, distribution facilities and mills.
Amidst of high prices, Florida is usually an attractive and popular place to start business. Hillsborough, Pasco and Pinellas Counties in Tampa Bay; Fort Myers and Cape Coral area in Southwest Florida; Martin, Miami-Dade, Broward, St.Lucie and Palm Beach Counties in South Florida; Sarasota and Manatee Counties in Sarasota; Duval, Clay, Putnam and Nassau Counties in Jacksonville/Northeast Florida; Orange, Seminole, Lake, Polk, Osceola and West Volusia Counties in Orlando / Central Florida and Leon, Franklin, Jefferson & Wakulla Counties in the Tallahassee area are all the place you can look up to choose which interest you the most.
Whatever places in Florida you can choose from to make an investment, you will definitely not regret it. Since Florida has the best commercial real estate to offer, all you have to do is choose which property you are interested to invest with. Florida is certainly known to be a good location for business.
Article Author Eliza Maledevic from Jump2top.com, a SEO Company.Know more about Florida Real Estate at http://siestakeyrealestate.com & http://floridamortgagebroker.us
Article Source: http://EzineArticles.com/?expert=Eliza_Maledevic
Real Estate Pasco
January 4, 2010
http://JillAndrus.com/ Pasco’s economy is most heavily concentrated on government contracting & agriculture. Realtor Jill helps property buyers finding you a nice location @ affordable price. For Real Estate Pasco inquiries call now @ 509-521-1882!
Duration : 0:1:4
Pasco Wa home locacted 1 block from the river $189,900
December 21, 2009
Want a home by the river but not near the price? Here it is! 2604 sf. 4 bedroom, 2.75 baths, full walkout basement with updates to include new carpet. Fenced yard with mature landscaping, large dog kennel and exercise yard or garden area. 1 block from the Moore Mandsion with river access right around the corner. New appliances, garage opener & door, new vinyl windows.
Duration : 0:3:47
Pasco,Washington – 4204 Meadowsweet Street – House for Sale
December 20, 2009
Large flowing floor plan with beautiful hardwood floors, solar tubes and custom blinds. The Kitchen has plenty of hardwood cabinets, tons of counter space, a breakfast bar and eat-in dining room. The Living room has a vaulted ceiling with large bay window. Great Room concept so everything is very open. Large Master Suite with remote controlled ceiling fan and lighting system, walk-in closet and large bathroom with garden tub and separate shower. This home has plenty of storage, a stylish interior, an abundance natural light and custom blinds. Full lap siding, & enclosed soffits w/xmas plugs. Located in a neighborhood that does luminaries at Christmas. This well cared for landscaped lot is fully fenced and comes complete with detached shop w/extra storage in the loft. Cascading patio%u2019s with a very private setting separate b-b-que area, sitting area, & built-in fire pit. Extra parking, w/space for an RV and/or boat.
Duration : 0:5:18
New Port Richey Offers Florida Life At Its Best
December 19, 2009
Florida’s Gulf Coast is home to some of the most beautiful beaches in the world, a fact that rightly earns it the nickname of ‘Florida’s Beach’. New Port Richey, a small city in Pasco County on the western coast of Florida, owes at least part of its popularity as a new home location to those stunning beaches nearby, but there’s far more to the equation than just the beaches.
New Port Richey is a largely residential with a vivacious, bustling downtown area that has been rejuvenated through the efforts of local businessmen and its strong city government. While the city’s location offers easy access to major metropolitan areas in the St. Petersburg / Tampa Bay / Clearwater area, there’s a great deal to see and do right in the center of New Port Richey. The local art gallery, Progress Energy Art Gallery, displays work by local artists, and features a monthly First Friday gallery opening of a new exhibit. In addition, the gallery has regular art auctions and hosts weekly events and daily gallery tours.
The art gallery is only one example of the difference that a strong, involved and caring community makes in the quality of living. The city also has a strong school system with four high schools and over twenty elementary and middle schools that consistently rate above the state averages in nearly all subjects. The economic projection for New Port Richey is also good, with unemployment below the national average and per capita income above it.
New Port Richey offers Florida living at its best. The laid back atmosphere is the perfect contrast to the busy bustle of the more tourist-inspired townships. Powder white sand public beaches nearby in neighboring cities and sheltered bays and coves are perfect for lazy days under the sun, swimming, sailing and diving. From sunrise to spectacular Gulf sunset, there’s always something to do, with hiking and biking trails nearby, and beautiful wildlife sanctuaries within an easy drive.
Like most of west central Florida, New Port Richey has seen home prices start to drop slightly in the past year, making this the ideal time to buy real estate in the city. Interest rates are still low, and experts expect that home prices will begin to rise again over the next several months. Pasco County real estate is a buyers market right now, as owners who bought with the expectation of cashing in on the recent real estate boom scramble to sell. There are a wide variety of properties on the market, and the slowing in sales can inspire price cuts and special incentives for lucky home buyers. Whether you’re looking for your dream house or a second home, for yourself or as a vacation rental, this is the time to buy, and New Port Richey is the ideal place.
Robert Lipply
http://www.articlesbase.com/real-estate-articles/new-port-richey-offers-florida-life-at-its-best-111890.html
Net Lease Properties are More Popular With Passive Investors
November 26, 2009
You see them every day, drive past them regularly and frequent them as a consumer, but you may rarely realize how single-tenant buildings have changed the real estate investment outlook for the Tampa Bay area.
There is no doubt that the region has seen some of its most dramatic development and population growth over the last several years. So why is this area seeing such an increase in net lease investments, the single-tenant real estate vehicle structured to generate a long-term income stream for the owner while transferring the responsibilities of taxes, insurance, and property maintenance to the tenant?
Triple-net leased investments, as they are termed, have become the investment of choice for area investors while developers and tenants see this type of lease structure as mutually beneficial to their respective business models.
Demographics changing
It’s easy to quantify what’s happening locally and why these buildings are becoming more prevalent. Bay area demographics are changing drastically and with that the entire infrastructure must change along with them. The influx of people has climbed dramatically, as have businesses to service their growing needs for retail, office, and industrial requirements.
The Census Bureau reported an estimated 2005 population of 3.3 million people throughout the Bay area, up 11 percent over the previous five years. However, Pasco and Hernando counties showed huge increases in that time, growing 24.5 percent and 21.1 percent, respectively.
Breaking down the total population growth, one could estimate that roughly 220 new people move to the area every day. Retailers and corporations took note of these palpable trends and began expanding their businesses in the region. That usually requires developing and expanding local infrastructure with buildings and roads.
The single-tenant asset class has become more popular for many retailers because those sites typically bring the business more prominence, allow them to control their own operations, and permits them to focus on their customer base in order to keep them in their stores longer.
Lastly, Florida’s unemployment rate, at around 3 percent, is well below the national average. Therefore, the mere demographic enhancement of the area solidifies the need for increased infrastructure and business development.
Simplified ownership
From a real estate perspective, building the structure and having the tenant sign a long-term triple-net lease are the basic requirements for the business to begin its operations in the new growth area. The investor is attracted to these types of investments because they are purchasing a simplified ownership position — i.e., there is only one or a few incomes to focus on and the tenant is responsible for all of the building’s operations, leaving the landlord with the sole duty of collecting monthly rent.
Tenants and investors both desire quality locations in high-growth areas that can support their concepts. Also, the underwriting of the tenant’s creditworthiness allows for a more calculated investment risk as opposed to buying raw land or a building with management-intensive multifamily housing.
Additionally, the Bay area’s growth has attracted the attention of out-of-state developers and investors. The intrinsic real estate value of commercial properties has increased demand based on the area’s demographic growth and desire for corporations to develop new sites within the region.
Price vs. return
With new attention to the area, the demand and desire for net lease assets has increased tremendously. Many investors have second homes in the area and are interested in purchasing assets that they can occasionally visit without having to make daily decisions about the property.
Compared to other parts of the country, Tampa investments typically offer a slightly higher return than assets along the West Coast. California, the nation’s most aggressive real estate market, has real estate investment returns that are 100 to 200 basis points lower than what many Tampa assets offer.
Even though traditional local investors may deem current investment prices high and returns somewhat low, West Coast investors are infiltrating their investment dollars to the area to increase their long-term yield.
Lastly, tax-deferred exchanges are also driving the net lease market as investors sell assets and defer capital gains tax payments by using Section 1031 of the Internal Revenue Code, which allows them to purchase a like-kind investment.
So the next time you pass your neighborhood pharmacy or coffee shop, realize there’s a lot more to that building than meets the eye.
Additional information about the firm and its listings may be found at www.calkain.com.
Media Contact: David Sobelman, Vice President | (813) 282.6000
David Sobelman
http://www.articlesbase.com/real-estate-articles/net-lease-properties-are-more-popular-with-passive-investors-686741.html