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Condo for sale St. Petersburg, The Grande Verandahs on the Bay, Gandy Blvd

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Condo for sale in North East St. Petersburg at 12033 Gandy Blvd #153, St. Petersburg FL 33702.

The Grande Verandahs on the Bay luxury waterfront condominium community on Gandy Blvd. features a fully gated community with controlled entry gates & 2 under building parking spaces right by the lobby. Beautiful 5th floor unit with a split floor plan, huge master suite, with both a soaking tub and large walk-in shower, tray ceilings in the entry and kitchen, huge kitchen featuring granite counter tops, black on black appliances & a walk-in pantry, large inside laundry with additional storage. Panoramic views across the 80 plus acre protected preserve & Old Tampa Bay, you can see water from every window! Owner paid $514k plus in 05 & lived in this unit for 8 months, this is NOT a short sale! The community has a pool/spa and a state of art exercise center in the clubhouse surrounded by lush tropical landscaping. Minutes from Downtown Tampa, Clearwater and St Petersburg HOT Downtown nightlife, restaurants, shops and so much more

To view this home call David Price with Coldwell Banker at 727-851-6189 anytime.

The Waterford town homes in Clearwater FL

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David Price with Coldwell Banker is pleased to announce 2525 Harn Blvd #5, Clearwater, FL 33764. A 2 bedroom 1.5 bath town home listed with Coldwell Banker and The Price Group.

First time home buyer and investors! This like new townhouse built in 2004 is light bright, open and has a very functional floor plan with high ceilings. Huge living and dining room, large kitchen w/island for the gourmet cook, wood cabinets and great storage. Inside laundry room on the 2nd floor. Covered front porch for morning coffee and an open back patio for the BBQ. You are walking distance to the Morningside pool & recreation center & the Trail, the perfect place to bike, roller blade & walk.

This property qualifies for FHA financing with a low 3.5% down payment. First time buyers may be eligible for the $8,000 tax credit. You would need to be under contract before 4/30/10 and close by June 30th 2010. Close to Clearwater beach just 8 miles away, malls, medical facilities, Starbucks and local restaurants. 20 minutes to downtown St. Pete. Not a short sale! So no waiting for 3-6 months to close, you could be living in this home in just 3 weeks.

For a private showing call David Price 727-851-6189 anytime.

First Time Homebuyers $8,000 Tax Credit – New Form and Some Delays

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The IRS released the form Tax credit form 5405 “first time home buyers”
What this means is there have been a whole lot of very frustrated people waiting for the first time homebuyers $8,000 tax credit. I don’t think most people buying a home anticipated the IRS would wait a little over 2 months to get the new form out, leaving people who purchased homes between Nov 6th and today unable to ammend their 2008 tax returns for the credit or file early in 2010.

Things got a little sticker today as well. Now anyone claiming the first time homebuyers $8,000 tax credit, or the step-up credit of $6,500, will not able to E-File! causing longer delays in seeing any money from the credit.
The problem is not necessarily the fault of the IRS but rather the sheer amount of scammers scamming the program. Because of the amount of false claims filed, claiming the credit now requires a few steps previously not in place Print out form 5405
-Provide proof of residency
-Provide signed HUD settlement statement
-Provided signed mortgage statement
-Provide drivers license copy
The IRS has no way to process the extra documentation, except the old fashioned way – by hand. Therefore, no e-file, and expect at least a 3 month wait for your paperwork to make it through the process and receive the credit.
Even with the delay in receiving the credit, and the extra paperwork, the credit is still and excellent way to help homebuyers.
Feel free to contact David Price with Coldwell Banker for more information on how the $8,000 first time homebuyers take credit can help you purchase your Tampa Bay FL property.

December 2009 MLS Stats for Pinellas County FL

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Lot’s of great info here! Take a look at the number of active homes on the market today compared to the past couple of years. The median home price is also on the rise. If we see the unemployment rate go down we could see a much faster recovery in Pinellas County. The number of bank owned homes is also on the way down! Does this mean the end of the great deals? I don’t think so. I’ve seen some great deals in the past few weeks! Like mutiple 3 & 4 bed, pool homes in Clearwater for under $130,000!

Click on the links below and view the pdf. files.

Pinellas December 2009 All Reports: “Condo’s & Single Family”

November 09 monthly foreclosure &short sales report

You still have time to negotiate and buy a “Short Sale” property before the $8,000 first time home buyer tax credit and the $6,500 move up credit runs out! But don’t delay because what I experienced last year was at about 60 days before the end of the tax credit sellers of non “short sale” homes got a higher sold price to list price percentage because they negotiated harder with buyers because they knew that they had the only homes buyers could close on and still get the credit! The morale of the story here is if you want negotiating power, start early.

Have questions? Call or Email me

What does the tax credit mean to you?

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A Great Deal in Real Estate is Now Better

ote: This is intended to provide an overview only – for specific information or individual concerns, please contact your lawyer, accountant and/or financial advisor.

The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to “move on” after 5 years of living in their current property, as well as first-time homebuyers.

First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

According to The National Association of Realtors News Release, dated 11/5/09, an estimated $22 billion has already been added to the general economy resulting from the bill and approximately 2 million people will utilize the tax credit in 2009.

For me information call The Price Group today!

Homebuyer Tax Credit

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Real estate Tax credit chart $8,000 & $6,500


Thanks to the newly extended and expanded homebuyer tax credit, first-time homebuyers may still qualify for an $8,000 tax credit and existing homeowners may qualify for a $6,500 tax credit when they buy a new home. That’s a guaranteed federal tax credit that directly reduces the amount of taxes you owe for the entire year. Even if you have little or no federal income tax liability to offset, you may be able to claim the full $8,000 or $6,500 as a refund.
You may qualify for the newly extended $8,000 federal tax credit if*:
You are a first-time buyer or have not owned a home for the past 3 years
You make $225,000 or less if filing as a couple ($125,000 or less if filing single)
You enter into a written contract for sale before May 1, 2010 and close on the new home before July 1, 2010
You don’t sell the home within 3 years of closing
You use the new home as a principal residence, which can be a single-family home, condominium or townhome
The purchase price of the home is $800,000 or less and you did not buy it from a lineal ancestor or descendent
You are not claimed as a dependent on someone else’s tax return
You may qualify for the newly expanded $6,500 federal tax credit if*:
You are an existing homeowner who has owned and lived in your home for any 5 consecutive years out of the last 8 years
You make $225,000 or less if filing as a couple ($125,000 or less if filing single)
You enter into a written contract for sale before May 1, 2010 and close on the new home before July 1, 2010
You don’t sell the home within 3 years of closing
You use the new home as a principal residence, which can be a single-family home, condominium or townhome
The purchase price of the home is $800,000 or less and you did not buy it from a lineal ancestor or descendent
You are not claimed as a dependent on someone else’s tax return

Florida’s existing home, condo sales up in October 2009

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ORLANDO, Fla. – Nov. 23, 2009 – Florida’s existing home sales rose in October, marking 14 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. October’s statewide sales also increased over sales activity in September in both the existing home and existing condominium markets.

Existing home sales rose 45 percent last month with a total of 15,160 homes sold statewide compared to 10,444 homes sold in October 2008, according to Florida Realtors. Statewide existing home sales last month increased 5.1 percent over statewide sales activity in September.

Florida Realtors also reported an 82 percent increase in statewide sales of existing condos in October compared to the previous year’s sales figure; statewide existing condo sales last month rose 6.1 percent over the total units sold in September.

All of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in October. A majority of the state’s MSAs have reported increased sales for 16 consecutive months.

Florida’s median sales price for existing homes last month was $140,300; a year ago, it was $169,700 for a 17 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in September 2009 was $174,900, down 8.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $296,090 in September; in Massachusetts, it was $290,000; in Maryland, it was $261,718; and in New York, it was $213,900.

According to NAR’s latest industry outlook, the housing market is continuing its positive momentum. “We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth,” said NAR Chief Economist Lawrence Yun. “That, in turn, would help fully remove consumer fears, which would then revive the broader economy.”

In Florida’s year-to-year comparison for condos, 5,398 units sold statewide last month compared to 2,958 units in October 2008 for an 82 percent increase. The statewide existing condo median sales price last month was $105,200; in October 2008 it was $147,900 for a 29 percent decrease. The national median existing condo price was $175,100 in September 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.95 percent last month, a significant drop from the average rate of 6.20 percent in October 2008, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s smaller markets, the Gainesville MSA reported a total of 172 homes sold in October compared to 130 homes a year earlier for a 32 percent increase. The market’s existing home median sales price last month was $156,700; a year ago it was $173,300 for a 10 percent decrease. A total of 22 condos sold in the MSA in October, up 22 percent over the 18 units sold in October 2008. The existing condo median price last month was $116,700; a year earlier, it was $133,300 for a 12 percent decrease.

Housing Affordability Hovers Near Record-High Level for Third Consecutive Quarter

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November 23, 2009—Nationwide housing affordability, bolstered by affordable interest rates and low house prices, hovered for the third consecutive quarter near its highest level since the series was first compiled 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 70.1% of all new and existing homes sold in the third quarter of 2009 were affordable to families earning the national median income of $64,000, down slightly from a near-record 72.3% during the previous quarter and up from 56.1% during the third quarter of 2008.

“At a time when housing is at its most affordable, we applaud the recent actions taken by Congress and President Obama to stimulate housing by extending the federal tax credit beyond its Nov. 30 deadline and expanding it to a wider group of eligible home buyers,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “With interest rates now lower than last quarter, the tax credit will encourage even more home buyers to enter the market and help stabilize housing and the economy by creating new jobs, stimulating home sales, reducing foreclosures, cutting excess inventories and stabilizing home prices.”

Indianapolis was the most affordable major housing market in the country during the third quarter, a position the metro area now has held for 17 consecutive quarters. Almost 95% of all homes sold were affordable to households earning the area’s median family income of $68,100.

Also near the top of the list of the most affordable major metro housing markets were Youngstown-Warren-Boardman, Ohio-Pa., and three Michigan metropolitan areas, Detroit-Livonia-Dearborn; Warren-Troy-Farmington Hills; and Grand Rapids-Wyoming.

Five smaller housing markets posted even higher affordability scores than Indianapolis, with Kokomo, Ind. outscoring all others. There, 96.7% of homes sold during the third quarter of 2009 were affordable to median-income earners. Other smaller housing markets near the top of the index included Springfield, Ohio; Bay City, Mich.; Mansfield, Ohio; and Elkhart-Goshen, Ind.

New York-White Plains-Wayne, N.Y.-N.J., was the nation’s least affordable major housing market during the third quarter of 2009, the New York metro area’s sixth consecutive appearance at the bottom of the list. Slightly more than 19% of all homes sold during the third quarter were affordable to those earning the New York area’s median income of $64,800.

The other major metro areas near the bottom of the affordability scale included San Francisco; Honolulu; Santa Ana-Anaheim-Irvine, Calif.; and Nassau-Suffolk, N.Y.

San Luis Obispo-Paso Robles, Calif. was the least affordable of the smaller metro housing markets in the country during the third quarter. Others near the bottom of the chart included Ocean City, N.J.; Santa Cruz-Watsonville, Calif.; Santa Barbara-Santa Maria-Goleta, Calif.; and Brownsville-Harlingen, Texas.

For more information, visit www.nahb.org.

Read more: http://rismedia.com/2009-11-22/housing-affordability-hovers-near-record-high-level-for-third-consecutive-quarter/#ixzz0XgWDUSaO

FHA boss: FHA is not the new subprime

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SAN DIEGO – Nov. 16, 2009 – Federal Housing Administration Commissioner David Stevens said Saturday that concerns the agency is headed for the same financial trouble that snared Fannie Mae, Freddie Mac and the subprime sector are unwarranted.

Stevens made the remarks during a speech at the National Association of Realtors®’ annual conference and expo in San Diego.

His comments come days after the agency revealed its financial reserves have fallen to a dangerously low level due to more homeowners defaulting on their loans. The FHA does not make loans, but rather offers insurance against default.

That’s led to mounting concerns that it will eventually need an infusion of cash like government-controlled mortgage finance companies Freddie Mac and Fannie Mae.

But Stevens sought to dampen those concerns, noting that despite the most severe housing recession in decades, the agency has $31 billion in capital – $3.5 billion more than it had a year ago.

FHA is “the only participant in home financing services in the U.S. economy that hasn’t needed a bailout, hasn’t needed (funds from the government’s Troubled Asset Relief Program), hasn’t needed special assistance and is still completely self-sustaining,” Stevens said.

“Without FHA there would be no (housing) market, and this economy’s recovery would be significantly slower,” he said.

The FHA has insured nearly a quarter of all new loans made this year, and about 80 percent of that business is from first-time homebuyers.

The agency’s dominant role in first-time home purchases has raised questions about whether it taking on too much risk. Some have drawn comparisons between FHA and the subprime market, which collapsed due to homebuyer defaults on risky loans.

Stevens rejected such comparisons, stressing that the agency has far more stringent guidelines for the loans it insures.

“Nothing could be further from the truth,” he said.

FHA’s losses have increased with the unemployment rate as more homeowners default on their loans. About 17 percent of FHA borrowers are at least one payment behind or in foreclosure, compared with 13 percent for all loans, according to the Mortgage Bankers Association.

An independent audit shows FHA’s reserves have fallen to $3.6 billion, compared with $685 billion in outstanding insured loans for the fiscal year ended Sept. 30. That’s a ratio of 0.53 percent and far below the 2 percent threshold required by Congress.

Stevens credited the requirement with keeping FHA on good financial footing.

“That is why we’re still standing while many of others did not survive this tumultuous time,” he said.

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Deficiency Judgments: The Real Risk

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There are numerous websites showing the legal and theoretical possibilities of being sued after foreclosure. Many so-called “foreclosure experts” threaten homeowners with the possibility of being sued after foreclosure, and having their wages garnished, cars repossessed, or given enormous tax bills from the IRS. Since so many state foreclosure laws do allow deficiency judgments, there is always the danger of being sued after foreclosure. However, most of the foreclosure advice being given to homeowners is wildly inaccurate. In almost every single case, what usually “actually” happens is…
Nothing.

The bank, after the foreclosure, would have to sue the former foreclosure victims for the deficiency judgment if one even exists. This means the bank would have to hire lawyers, pay attorney fees and court costs, and would simply have a judgment against them. There is no expectation that they would ever be able to collect on that judgment, and banks are aware that homeowners go into foreclosure because they run out of money. So, if they know homeowners have experienced a financial hardship and do not have any money, and the mortgage company has already lost money on the loan due to the foreclosure, there is little reason for them to sue again. They just move on with attempting to sell the property on the open market and recoup some of their losses.

When a homeowner sells the property before the foreclosure and sells it at a lower amount than what is owed on the loan, this is called a short sale, and is one of the most common ways that homeowners can stop foreclosure on their homes. In this case, the homeowners would get a 1099 at the end of the year, since the bank is forgiving the difference in the loan amount. Forgiven debt is counted as income. But this is only a possibility when a homeowner has worked out a short sale with the bank and a buyer, and the home has actually transferred ownership through the short sale.

When the house is sold at sheriff sale for a loss, this is not forgiven debt. It is merely a sale of the house, and homeowners do not get a 1099 if they do not receive any profit from the sheriff sale and if no debt is forgiven. The house is just taken from them to pay the bank and the bank gets the property back because that was pledged as collateral on the original loan. The legal mechanism of foreclosure allows for the sale of the property at a public auction, but has nothing to do with forgiving any portion of the actual debt represented by the foreclosure judgment.

So that is what actually happens in the vast, vast majority of foreclosure situations. Banks rarely pursue deficiency judgments unless they know the homeowners have a lot of cash and other assets that would make it worth suing them. This is not the case in most foreclosures, though. While literally hundreds of online resources and charlatans will threaten homeowners with the possibility of a deficiency judgment and all of its ill effects after foreclosure, the banks themselves are wise enough to recognize that suing their former clients is not in their best interests in all but the most extreme cases. In fact, most lenders would gladly give former foreclosure victims another loan, if they met the qualifications; so there is no reason to turn away future business due to an unfortunate financial hardship that led to the foreclosure.

www.foreclosurefish.com