Channelside Condos Foreclosure-New BANK pricing released-Tampa, Florida

Now for Sale!!  Many of you have been patiently waiting for the new pricing and release of condos in The Towers of Channelside. Now that the bank has taken over, your opportunity to buy at amazingly low pricing is here. towers-of-channelside

FOR A LIMITED TIME ONLY:

Bank Released New Pricing

 Through advanced high-speed connections, forward thinking architecture, and progressive home systems, The Towers of Channelside create a complete living environment offering comfort and flexibility for anyone looking for the best in Tampa Bay.

 Please contact me if you would like to receive the full price list and availability. 

 Rae Catanese

 813-784-7744 or email: realtyrae@yahoo.com

See also: Ventana Condos go to Auction

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Westshore Yacht Club Update-Tampa-Townhomes, Condos & Homes

In August 2008, a U.S. bankruptcy judge approved a relief package for WCI Communities that’s designed to assure homebuyers would not be impacted for future purchasers at the Westshore Yacht Club here in Tampa Bay.  

If you are looking for a great deal this is the time to invest.

This is GREAT NEWS for one of the premiere boating communities on the West Coast of Florida.  Since August, West Shore Yacht Club has created the furious pace of the trading floor with a promotion that has people taking action.  This is a very positive sign for the Tampa Housing Market; especially for those who are looking to invest their money NOW while prices are aggressive.

From Westshore Yacht Club

Unlike some other developments here in Tampa, The West Shore Yacht Club IS selling their townhomes, hi-rise condo tower, and accepting contracts for the single family homes yet to be built. 

More good news…..They are not turning into rentals. Many other developments have caused the people who purchased in the begining to live amongst mainly renters; which is not what buyer’s signed up for originally. 

When you take a tour of the community you’ll notice that the people who are living there are enjoying life and taking advantage of the wonderful amenities this luxurious, resort style community has to offer.  There are so many things to do, you may just decide to stay home and relax on the weekends. 

I love the tranquil Spa! The fitness center is state of the art with views of the water.  They offer complimentary towels, a very nice locker room with showers, blow dryers, and toiletries.  It’s really everything you’d expect a high-end club to be.  There are also 2 heated pools, 2 restaurants, 2 bars, a billiards room and a yacht shop for supplies. 

If you’ve been looking to purchase in South Tampa, you’ll know a single family home is nearly impossible to find under 400K.  Other options are townhomes and condos.  If you need a 3/2 and 2 car garage, approximately 1900 square feet of living space, you may want to consider one of the townhouses or condos for sale at the Yacht Club.  They are solid block construction on all floors, built to current hurricane standards, and have many upgrades like granite, stainless steel appliances and high ceilings. Best of all, these properties are brand new and never lived in.  Another nice feature of the community is that there is plenty of parking for guests.  Something you don’t find in a South Tampa Townhome communities.

This year there have been approximately 35 units sold by the developer due to their very aggressive pricing and incentives.  These Townhomes were once selling for 450-650K two years ago. The same units are now listed for 199K and up.

View Map of Westshore Yacht Club, Tampa Bay

These are the BEST prices we’ve seen in a Tampa Bay waterfront community. 

The Westshore Yacht Club has become a lifestyle choice for many buyers…… “where you live is as important as how you live”.  Isn’t that the truth? 

Please contact us to schedule a showing . Or call Rae at 813-784-7744

Tampa Short Sales makes frontdoor.com top ten Real Estate Nightmares List

Top Real Estate Nightmares

My article for HGTV’s frontdoor.com, Top Ten Real Estate Nightmares, came in at #7 on the top ten list!!

Thanks to my buyers who helped contribute to this article.

Learn how you can avoid these hair-raising real estate horrors

By Shannon Petrie, FrontDoor.com | Published: 9/24/2009

Buying a short sale? Be prepared for plenty of obstacles between you and your home.Buying a short sale? Be prepared for plenty of obstacles between you and your home.
Nightmare #7: Scary short sale buyingDon’t let the name fool you: buying a short sale can be a long, tedious process. Just ask Rae Catanese, an agent with Prudential Tropical Realty in Tampa, Fla., who is representing three short sale buyers. After being under contract for four months, one of the sales is finally closing — maybe.

After taking nearly three months to approve the sale, the bank then took another two weeks to determine that the buyers only had 30 days to close. If the buyers couldn’t close in 30 days, they would be assessed a $1,350 fee and a to-be-determined per diem penalty. “Any mortgage person can tell you that getting a loan to close in 30 days is going to be difficult,” Catanese says. “This is especially true for those that are using FHA financing, which is now taking 45 days.”

Fortunately, Catanese and her buyers were able to convince the bank to give them 30 days to close without the penalties. But the problems didn’t end there. After the lender took nearly two weeks to set up an FHA account and schedule an appraiser, the buyers decided to change lenders, fearing that their bank would not be able to close and they would lose the home. Two days before close, everything seemed to be going smoothly, until Catanese found out that the sellers had received a notice of foreclosure. For the buyers, this means they have until the end of the month — or eight business days — to close on the home before they lose it for good.

TIP: Even under the best circumstances, short sales take a long time to close and may take extra effort from the buyer. If you want to buy a short sale, be sure you have plenty of patience and an agent who has experience with the process.

If you need help buying or selling a short sale home, please give me a call 813 784 7744 or email: realtyrae@yahoo.com Rae Catanese, Real Estate Agent

Towers of Channelside Bankruptcy update-Tampa, Fl

Towers of Channelside

Towers of Channelside

The Towers of Channelside has been in receivership for the past couple months.  Receivership is a form of bankruptcy in which a company can avoid liquidation by reorganizing with the help of a court-appointed trustee.

During that time they have taken most of the condos off the market in order to re-structure pricing.  They are negotiating with the 5 banks that were investors in this luxury high rise; trying to determine what price they will sell the remainder of the units for. I’ve just received the new pricing! CLICK HERE FOR DETAILS

There are several listed as resales, short sales and by the developer, but they represent only a very small fraction of the total inventory.

Please send me an email: realtyrae@yahoo.com  with the subject Towers of Channelside.  You may also reach me on my cell phone @ 813 784 7744 for current availability opportunities.

Home Sales up for Tampa Bay Area!

Home sales were up in March across Hillsborough County as some real estate practitioners hope the housing slump is in the past.

Some 1,400 homes were sold last month in Hillsborough, according to the Greater Tampa Association of Realtors, the best figures since June 2007. The sales were up 25 percent over February and 20 percent from the year before.

The average sales price also is up from $160,145 in February to $168,071 in March, creating sales in Hillsborough of $235.3 million, compared to $179.4 million the month before.

“Our members have been saying they are seeing positive movement in the housing market. These latest statistics prove that they are indeed experiencing a more positive market,” said Carol Austin, GTAR chief executive officer, in a release.

Nearly 17,000 homes still remain for sale, representing an inventory of just under a year. However, that’s the lowest inventory Hillsborough has seen since October 2006, and inventory was more than 17 months just a year ago.

“These statistics are extremely positive,” said Jack Rodriguez, GTAR president, in a release. “Hopefully it signals a trend to better things ahead, both for real estate and the economy in general.”

Search all homes for sale in Tampa Bay

Questions? Call Rae @ 813 784 7744 or email: realtyrae@yahoo.com

Towers of Channelside Bankruptcy Update-Tampa, Fl

towers-of-channelside

TAMPA — Nearly half of the 257 condos at the Towers of Channelside have sold, including one in February to Tampa Bay Rays third baseman Evan Longoria, but those sales still aren’t enough.  The developer of the twin 29-story towers has notified its lender it’s giving up on the project 15 months after it sought bankruptcy court protection and six months after it declared its reorganization a success.

“Unfortunately it’s the economy. It’s bigger than us. It’s bigger than any one person,” said Richard Sacchi, a principal of Towers of Channelside LLC.

If you are looking to purchase a condo or have questions about developments in the Channelside and Downtown Tampa Districts give us a call

813 784 7744 or email: realtyrae@yahoo.com

Home Sales UP 25% in March for Hillsborough County

Still on the fence about buying a home in the Tampa Bay Area?  Here’s some statistics on our housing market.

Home sales were up in March across Hillsborough County as some real estate practitioners hope the housing slump is in the past.lobby 345 Bayshore

Some 1,400 homes were sold last month in Hillsborough, according to the Greater Tampa Association of Realtors, the best figures since June 2007. The sales were up 25 percent over February and 20 percent from the year before.

The average sales price also is up from $160,145 in February to $168,071 in March, creating sales in Hillsborough of $235.3 million, compared to $179.4 million the month before.

“Our members have been saying they are seeing positive movement in the housing market. These latest statistics prove that they are indeed experiencing a more positive market,” said Carol Austin, GTAR chief executive officer, in a release.

Nearly 17,000 homes still remain for sale, representing an inventory of just under a year. However, that’s the lowest inventory Hillsborough has seen since October 2006, and inventory was more than 17 months just a year ago.

“These statistics are extremely positive,” said Jack Rodriguez, GTAR president, in a release. “Hopefully it signals a trend to better things ahead, both for real estate and the economy in general.”

Looking to buy or sell a home in the Tampa Bay area? Give us a call 813 784 7744 or search all homes for sale www.TampaBayDwellings.com

First Time Home Buyers getting GREAT deals-Tampa, Fl

Published: March 27, 2009

Joseph and Daisy Pardo have watched the real estate market for years, yearning to be able to afford a home. With two young children and a baby on the way, their 2-bedroom apartment is more cramped than ever.

They want a home for under $100,000. Lucky for them, homes in that price range are popping up everywhere – even in neighborhoods that have been beyond their reach.

“We really want another room for the baby, but we want to buy something we can afford,” said Pardo, who works three jobs in order to save for a down payment. “I’ve been willing to wait because we don’t want to buy something we’re uncomfortable with.”

The Pardos have their eyes on a 1,600 square-foot bungalow in Seminole Heights listed for $79,900. (It sold for $140,000 six years ago.) It needs work, and the price requires approval from the seller’s lender. But homes like this one give the Pardos hope.

And the Pardo family isn’t the only one cashing in on home deals.

As the Bay area struggles to emerge from the greatest housing downturn since the Great Depression, buyers are benefiting from the slump. First-time homebuyers are getting particularly good deals. They can move fast because they don’t need to sell a home before closing, and they’re taking advantage of the federal government’s new $8,000 tax credit for new buyers.

The Tampa Bay area has seen home sales prices drop 23 percent in the past year to a median sales price of $131,400. Compare that to the market’s peak median sales price of $239,600 in June, 2006. The more affordable prices mean homes ownership is now in the grasps of many who couldn’t buy a home in recent years. Those who buy now also get much more home for their money.

The real estate agent who represents the Pardos said her phone is ringing off the hook with buyers looking for deals. In fact, Stephanie LeFew, of Solaris Realty of Tampa Bay, said about 95 percent of her business is finding homes for first-time homebuyers.

“It’s a great time for buyers,” LeFew said. “It’s terrible for sellers but great for buyers. They’re getting all kinds of deals. All they have to do is ask.”

Sellers lower the prices and some kick in the closing costs to make deals. Builders, she said, offer sweet incentives, too. For example, some are buying down interest rates and adding amenities such as a screened porch enclosure. Some even paint inventory homes for free, if a perspective buyer doesn’t like the color.

The most amazing deals are on foreclosed homes or those sold as short sales, meaning the lender agrees to accept less than the mortgage owed.

A bank-owned,1,400 square-foot condo in Allegro Palm in Riverview recently sold for $48,000. “I thought it would be trashed inside,” LeFew said. “But it was beautiful.”

Everything isn’t rosy, though.

The deals may be amazing, but if buyers can’t get financing it doesn’t much matter, said Rae Catanese, a real estate agent with Prudential Realty. Also, the most affordable homes typically need lots of work and sometimes require approval from the seller’s lender.

First-time homebuyers are finally able to afford to buy in some neighborhoods, such as south Tampa that have been beyond their reach. Still, homes in those neighborhoods remain on the high end, and many first-time buyers opt for condos.

The problem is that the majority of them chose FHA loans and most condos don’t qualify under the federal program’s guidelines. That’s because FHA rules require the condo complex to have a substantial number of units sold.

Some older homes don’t qualify either. For example, Catanese said she’s seen homes rejected for FHA loans because of old wiring or windows that have been painted shut in some rooms.

If a buyer doesn’t qualify for a FHA loan, that typically means they’ll have to put down a 20 percent down payment. In this economy, many buyers aren’t willing to do that, Catanese said.

Even though there are good deals, buyers have to be patient to get them. Short sales and foreclosure homes have to be approved by the lender who holds the mortgage. Sometimes lenders list the home extremely cheap to garner interest, but the lender ends up not approving the sale.

The approval process can take months. This has led some buyers, realtors say, to get their hopes up and then get let down.

“Overall, though, the tax credit and lower prices have helped,” she said.

Catanese points to a 1,200 square-foot Riverview townhome a client recently bought from a builder for $100,000. Another townhome in that neighborhood is listed for $89,000.

The price-point is good news for Michael Rutledge and his wife, April Rose Chevalier. They’ve made an offer on a 1,200 square-foot villa near Carrollwood and are waiting on lender approval.

The home was listed in May 2008 for $155,000. Now, it’s listed for $69,900, and they’ve offered $60,000.

“We’ve been in the market for three or four years but backed off when prices shot up,” Rutledge said. “But for the last six months we’ve seen prices really going down. Finally, they’re low enough that we can afford a house.”

If you are looking for a Realtor to buy or sell a home in the Tampa Bay area give me a call 813 784 7744 or email: realtyrae@yahoo.com

Search all homes for sale in the Tampa Bay Area: www.TampaBayDwellings.com

Economic and Urban Development Annual Report-Tampa, Fl

Tampa Skyline

Tampa Skyline

Tampa’s Community Redevelopment Areas include: 

Central Park, Channel District, Downtown, Drew Park, East Tampa, Tampa Heights Riverfront, and Ybor

Under the direction of the Community Redevelopment Agency Board, seven

volunteer advisory boards made up of private citizens help provide community

insight as the city works to improve the quality of life and economic vitality in

these districts.

What is a Community Redevelopment Area?

A Community Redevelopment Area (“CRA”) is a geographic area in which the

physical and economic conditions meet the definition of slum and/or blight

as provided in the State’s Community Redevelopment Act of 1969 (“Act”) that

the local government formally designates for redevelopment. It is a powerful

tool that Tampa and municipalities throughout Florida use to help persistently

struggling commercial districts and neighborhoods.

What is the purpose of creating a Community Redevelopment Area?

The basic purpose of creating a CRA is to formally recognize that the designated

area deserves dedicated resources to reduce and/or eliminate the conditions of

slum and blight and to stimulate community and economic revitalization.

A CRA is a long-term, 30-year commitment.

To receive the  full 25 page Economic Report Released from the City of Tampa please email us with your request.

Is a RELOCATION to Tampa’s MacDill AFB in your future?

You will want to read this news article pertaining to some of the largest tracks of land looking to be rezoned in the flight path.  

This is good information for home buyers looking to relocate to Tampa who want to be in a reasonable driving distance to Mac Dill AFB. 

Which neighborhoods are best for you?

Give us a call or email us with any Tampa Bay Real Estate questions 813 784 7744.

 

MacDill fights zoning change

By Elisabeth Parker, Times Staff Writer

Published Wednesday, March 18, 2009

military-macdill

INTERBAY — The neighborhood surrounding MacDill Air Force Base might be described a number of ways.

People who live there call it home.

Others call it a buffer for military operations.

And those who own property in the area, including two with parcels of 25 and 26 acres, say it’s an area in transition.

The two landowners have asked the city of Tampa to rezone their properties from light industrial to mixed use, which would pave the way for more homes to be built.

City Council members voted last August to amend the Future Land Use Map to allow the change.

But officials at the base and at the Florida Department of Community Affairs, the state’s land planning agency, want to limit density and have filed an objection. They say more neighbors limit the hours of operation for military airports and increase the potential for accidents.

They also expect more complaints if more residents come. Air traffic noise is easier to tolerate during day hours in an office or warehouse than at night, while sleeping.

Now, the case is headed in May to the Florida Division of Administrative Hearings for a ruling.

Military bases across the nation are grappling with land-use conflicts in surrounding areas as more houses are built and people move closer.

Florida enacted a law in 2005 intended to keep land development and base plans in harmony.

The law says land use around bases must be “compatible with base operations.” It lets base commanders voice their opinion about safety and noise standards when potential zoning changes come up near their bases.

James Miller, spokesman for the Department of Community Affairs, says the city’s plan violates that law and increases the people who would live in a potentially dangerous area, which the military calls an “accident potential zone.” The zone includes about 866 acres extending from the base runway almost to the east end of Gandy Boulevard.

Also, people living directly outside the zone may be inconvenienced by aircraft noise.

Miller wants the city to notify current, as well as future, residents within a mile or so of the base that military aircraft will fly overhead.

Stephen Diaco owns property a half mile north of the base along Hillsborough Bay.

In a letter last year, he asked a MacDill official to consider building an east-west runway “to protect residential areas from an accident and mitigate the noise issues.”

In response, Col. Timothy Smith reminded him that the base was there first, having been dedicated in 1941. “We … pride ourselves on being a good neighbor,” Smith wrote. “I am not aware of any Department of Defense initiatives to add an additional east-west runway.”

The two property owners requesting the latest zoning change are Florida Rock and Tank Lines Inc. and Spray Miser International.

“They’re the two biggest vacant tracts of land down there,” said their attorney, Mark Bentley. His clients’ zoning requests should be granted because most land in the area has already been rezoned to mixed use, he said.

If the zoning is changed, owners plan to sell, although Bentley said he couldn’t speculate on who the buyers might be. One property south of Interbay Boulevard is home to an old processing company.

City attorney Chip Fletcher said the request to rezone is consistent with the land use map for the area. Tampa’s planning commission recommended that the City Council approve the request with conditions, leading to its vote last fall.

Because of the flight path, building heights would be limited and housing would be restricted from wetlands. However, buildings could be created directly under flight paths on both parcels.

With these exceptions, Fletcher said the zoning change complies with the law and is compatible with the trend in the area near the base.

“We can’t figure out what their issues are,” he said of base officials and the state’s community affairs department.

Miller, on the other hand, said he’s surprised by the city’s request. “What will be accomplished by adding people?”

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