Thursday, September 22, 2011
Move into Westchase under $200,000 and have all the benefits of the fabulous amenities but with little maintenance.
Homeownership is a big part of most people’s American dream. Many may believe that home ownership under $200,000 is not an option in the heart of Westchase. That may have been true in the past but now, if you take the time, wait for the right property you could own in Westchase as your first home or it may be the perfect downsize for the retiree. Instead of paying rent to someone else, your monthly mortgage payment pays down a portion of your mortgage balance each month. For a first time home buyer or a retiree trying to stay within a prudent budget and manage monthly expenses, a home with low or no maintenance may be the perfect fit. Fixing costs associated with home ownership is especially important in this economy when people are …
Thursday, September 8, 2011
Multi-generational living is trending up as the average household size is getting bigger. What does this mean for the Westchase homeowners?
According to a recent report by CNBC, the size of an American household appears to be on the rise. All signs point to more multi-generational living than we've seen in the past decade. In this day and age multi-generational living could mean aging parents moving in with their children or an adult child who may not have landed a job after college. Through the mid-2000s, the average household size had been about 2.5 people. In 2010, that number had increased to 2.6, according to CNBC's report. While the increase may seem small, Green Street Advisors indicates that even a 1/10 of percent increase could have a significant impact on housesold size, according to the CNBC story. As retirement funds are in jeopardy due to a volatile market and …
Thursday, July 14, 2011
A breakdown of real estate statistics in Northwest Hillsborough County.
As we entered 2011, Westchase had faired the best out of Westchase, Countryway and Keystone-Odessa regions and showed a strong stabilization coming into the year. As of March 31, 2011, I reported that sales were up and short sales were flat. Where are we now 3 months later and in the midst of the hot Spring/Summer selling season? Let’s look at the statistics first quarter over second quarter. 33626 33556 33635 Sold Q2 over Q1 166/136 110/63 38/50 Sold Foreclosures Q2 over Q1 30/27 28/15 7/21 Short Sales Q2 over Q1 29/33 19/18 11/17 Normal Sales 107/96 63/28 20/12 Current Pending Sales 170/169 112/119 70/47 Current Active Listings 188/246 234/239 69/26 What percentage of Active Listings are Foreclosures? 3.72% or 7 3.84% or 9 5.79% or…
Thursday, June 30, 2011
Camden Westchase, the newest slated apartment complex will add 348 rentals, to the Westchase area.
By my count we have 10 apartment complexes. When the new Camden Westchase is complete the number will increase to 11. You may recall in my article “Landlord’s Market means Tenants must do their Homework” that I highlighted that it’s a landlord’s market so the market is prime for apartment complexes to thrive on those that won’t or can’t buy a home now. Nadia White, leasing specialist with West Park Village Apartments for the past 6 years, says that the “West Park Village Apartments are at a 99 percent occupancy rate.” Ms. White says “this is the highest occupancy rate she can remember since she started in 2005.” West Park Village Apartments and Lexington Park are the only apartment complexes that are technically within the Westchase …
Thursday, June 23, 2011
Lenders have recognized that many potential borrowers have extenuating circumstances. The waiting period may be short than you expect!
Last week I discussed the effects of the credit blemishes left after a short sale or foreclosure on a credit report. I also explored how to rent after the devastating loss of a home and what a potential tenant and landlord can expect during the process. So how long will a borrower with a short sale credit blip have to wait to buy another home? There used to be a hard and fast rule of two or more years. Now, the answer to that question is subjective. “It differs based on the type of loan and how the underwriters look at the extenuating circumstances on an independent case-by-case basis," said Robby Molony, senior loan officer at PHH Home Loans in Tampa Bay. Robby Molony provides the outline below as a guide for the different types of …
Thursday, June 16, 2011
How long will it take for my credit to recover? Can I rent in the meantime? And when can I buy again?
With more and more homeowners finding themselves owing more than their house is worth, a pressing question arises: if I am forced to short sell my home, will I ever be able to buy a house again? As homeowners make the difficult choice to sacrifice their credit to keep their family in the black, they are anxious to know what’s next. So the short sale is completed, but how long will it take for their credit to recover? In the meantime, will they be able to rent? As they emerge from their financial woes, how long will they have to wait to buy again? If you are unsure about the mechanics of a short sale, check out my February 17, 2011 column entitled “Short Sales are only short for the Borrower,” where I outline what a short sale is, …
Thursday, June 9, 2011
There are few rentals especially in Westchase, which is creating a Landlord's market. Renters must educate themselves.
Homes for rent in nice neighborhoods in good condition are few and far between these days. But that doesn't mean there aren't plenty of renters looking for homes. There are several different types of scenarios where people decide to rent instead of buy. Some of the more common reasons include: (1) moving from another city and current home hasn't sold, (2) starting a new job and want to settle into job and determine best neighborhood to suit their styles, (3) coming out of life change situation like divorce, short sale, foreclosure, bankruptcy or other distress or possibly (4) saving for their first home. With many owners opting to sell rather than rent, tenants have few rentals to choose from currently. But that doesn't mean renters …
Thursday, June 2, 2011
What is considered a payment outside of closing and are they legal?
Is a real estate agent allowed to own shares in and be paid dividends from a title company? Is a lender allowed to offer an incentive to a real estate professional for sending business their way? Is this illegal? Or is entrepreneurial? These are all questions that a buyer or seller may encounter during their real estate transcations. Knowing the answers can keep you safe from getting into a legally sticky situation. A closing on a residential property is memorialized on a settlement statement. A settlement statement is basically a balance sheet of what is owed by the buyer and seller, payments and charges to and by both parties. The settlement statement and how it is prepared is governed by the Real Estate Settlement Procedures Act or “…
Thursday, May 19, 2011
What is a luxury foreclosure and do they exist in Westchase?
What is a luxury home? Do they go into foreclosure? And do we have any in the Westchase area? The national media reports every day that housing is still declining and foreclosures will continue to increase. We keep hearing about banks releasing waves of foreclosures. So there’s bound to be lots of luxury foreclosures in Tampa and in the Westchase area, right? Shockingly, there are only three, two and zero foreclosures in Hillsborough, Pinellas and Pasco County, respectively, with a price point of more than one $1 Million. In a housing market that has been declining for at least five years and and because home prices were so artificially inflated maybe we should be looking at homes over $500,000. But this theory doesn’t hold water …
Thursday, May 12, 2011
Why do some communities have different fees? and what do they pay for anyway?
Why do many neighborhoods have a Homeowner’s Association (commonly referred to as HOA) and a Community Development District (commonly referred to as CDD)? We'll use Westchase as an example throughout this article. A HOA governs the community and makes sure the community remains fiscally healthy, that the homes within the community are adhering to the deed restrictions and that the HOA community assets (like pools, playgrounds, buildings, etc) are kept well maintained within the community. Generally, a HOA starts out being run by the company that developed the community originally. Eventually the management of the community is turned over to a board of directors and a property manager. The management is a governing body that generally …
Jason & Dyan Pithers
1:30 pm on Monday, September 26, 2011
Shari Miller, the Community Association Manager with Century Managment, confirmed that the 2011 Maintenance fee is $161.65. She believes this fee will likely increase a little for 2012 but she is not sure how much at this point in time. more ›