Dream Realty Provides a Better Website and a Better Deal!
Clearwater Real Estate May 29
Eash unit features 9-1/2ft. ceilings. large terraces, in-unit climate controlled storage plus a storage at garage level, 2 assigned under-the-builing parking spaces in the gated auto court.High impact exterior windows and doors which meet the Miami-Dade Coastal Building Codes. Standard features are what you would expect of a quality building. Heated pool and spa. Each unit carries the 12 month builder's warranty. Dog friendly park directlyacross Gulf Blvd. Developer has successfully developed Scopello of Indian Rocks Beach, Alta Vita of Indian Shores and Ocean 12 of Redington Beach. He stands behind his product. Floor Plan Attached.
Clearwater Real Estate May 24
As you are probabaly aware, things have been looking up for Clearwater real estate and real estate in general. We like to show some very good examples of the beautiful properties we have down here.
Dream Realty Has New Logo
After considerable effort, Dream Realty has decided on and released its new logo.
The excellent work was done by Jack Potter of JBPotter Marketing. The idea was to give a simple, but elegant and somewhat dreamy quality. I'd say Jack accomplished that and more!
Hulk Hogan Sells Belleair Home for 6.2Mill
After 637 days on the market and after first having started out for sale in 2006 for 25 million, the Hulk's home sold the other day for 6.2 million.
The home was a staple of Belleair and Clearwater real estate MLS listings for years.
Click here to see the listing and all of the pictures.
Congrats Hulk - we hate to see you go
Home sales rise to highest level in 2.5 years
10.1 percent increase beat analyst expectations by more than sevenfold.
Clearwater, Florida - Home sales far exceeded expectations last month, surging to the highest level in two and a half years as first-time buyers rushed to take advantage of an expiring tax credit.
The National Association of Realtors said Monday that home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September.
The tax credit of up to $8,000 for first-time owners was originally set to run out on Nov. 30, but Congress renewed it earlier this month and broadened its reach. People who have owned their current homes for at least five years can now claim a tax credit of up to $6,500 for a home purchase. To qualify, buyers must sign a purchase agreement by April 30.
The Realtors report on October home sales reflect offers made before buyers knew the tax credit would be extended. "There was a lot of rush and hurry to complete sales" before the deadline, said Lawrence Yun, the trade group's chief economist.
But sales are likely to drop over the winter in Northern areas as buyers hibernate for a few months without the looming tax credit deadline.
The new deadline means that "we should continue to see excellent sales in Clearwater, Florida throughout the winter and into the spring," said Sheldon Goldberg, chief executive of online real estate brokerage, Dream Realty.
Sales, which were nearly 24 percent above last year's level, had been expected to rise to an annual pace of 5.65 million, according to economists surveyed by Thomson Reuters.
Median price falls 1.6 percent from September
The median sales price was $173,100, down 7.1 percent from a year earlier and off 1.6 percent from September.
In addition to lower prices, mortgage rates have been hovering around 5 percent since the spring, largely because of government intervention. That has helped restore housing affordability in large swaths of the country.
The inventory of unsold homes on the market fell about 4 percent to 3.6 million. That's a 7 month supply at the current sales pace, and close to a healthy stock of about six months.
Nationwide sales are up nearly 37 percent from their bottom in January, but are still off about 16 percent from the peak in autumn 2005.
Over the summer, the housing market started to rebound from the worst downturn in decades, aided by aggressive federal intervention to lower mortgage rates and bring more buyers into the market.
But experts forecast that prices will fall again. Most say they will hit a new low next spring, perhaps falling another 5 to 10 percent, as more foreclosures get pushed onto the market.
A record-high 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September, the Mortgage Bankers Association said last week. The worst damage is still concentrated in the states hardest hit from the start: Florida, Nevada, California and Arizona. Together, they accounted for 43 percent of new foreclosures.
Clearwater Home prices improve for third straight month
Prices are still 13.3 percent below July a year ago; annual declines slow
NEW YORK - U.S. home prices rose for the third month in a row in July, new data Tuesday showed, more proof a fragile housing recover is underway. This recovery also applies to real estate in Clearwater, Florida.
The Standard & Poor's/Case-Shiller home price index of 20 major cities rose 1.2 percent from June to a reading of 143.05. Though home prices are still 13.3 percent below July a year ago, the annual declines have slowed in all 20 cities for the sixth straight month.
"We expected another gain but this is remarkable," wrote Ian Shepherdson, chief U.S. Economist for High-Frequency Economics. He noted the index has risen at an 8 percent annualized rate in the three months to July, the best performance since early 2006 and the first increase on this basis since mid-2006.
However, the index is down about 33 percent from the peak in mid-2006. Home prices are now at levels not seen since the third quarter of 2003. And prices in Las Vegas, Detroit and Seattle are still falling.
Prices in Las Vegas, one of the most speculative markets during the boom, are down more almost 55 percent from their peak. In August, almost 80 percent of home resales in Nevada were either a foreclosure or a sale below the value of the mortgage, according to a survey by the National Association of Realtors.
The Detroit housing market is reeling from layoffs in the automotive industry. Seattle, by contrast, was one of the last areas to enter the downturn so prices there have yet to hit bottom.
And there are still several risks to the national recovery, including rising unemployment and foreclosures and the expiration of a tax credit for first-time homebuyers. First-time homeowners can qualify for a tax credit worth 10 percent of the purchase price, up to $8,000, but it expires at the end of November. More than a dozen bills to extend the credit have been introduced in Congress, but it's unclear if lawmakers want to continue subsidizing the real estate market.
Still, there are clear positive trends: 13 metro area posted at least three straight months of price gains. The biggest gains in July were in Minneapolis, San Francisco and Chicago.
The Case-Shiller indexes measure home price increases and decreases relative to prices in January 2000. The base reading is 100; so a reading of 150 would mean that home prices increased 50 percent since the beginning of the index.
Existing homes selling fast - record fast
The volume of home re-sales has been on the upswing for four consecutive months.
NEW YORK (CNNMoney.com) -- Rewritten in Clearwater, Florida. Sales of existing homes rose in July for the fourth consecutive month, lending support to economists who argue a recovery is near.
Sales of previously owned single-family homes were up 7.2% compared with June and 5% from July 2008, The National Association of Realtors (NAR) reported Friday. The monthly gain was the largest on record for existing-home sales, which NAR has tracked since 1999.
"The housing market has decisively turned for the better," said Lawrence Yun, NAR's chief economist. "A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales."
July home sales hit an annualized rate of 5.24 million proprieties, marking the first breach of the 5 million annualized rate mark since last September, when they hit 5.1 million. Since then, they have stayed in a very narrow range, bouncing between between January's low of 4.49 million and October's high of 4.94 million.
The July performance far exceeded expectations: A consensus of real estate experts had forecast sales of 5 million.
Of course, homes should be selling. Prices have fallen more than 32% from their peaks, set in the summer of 2006. Plus, mortgage rates near historic lows makes the cost of purchasing a home lower than they've been in nearly 20 years.
"In some recovering markets like San Diego, Las Vegas, Phoenix and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint," Yun said.
Overall though, the national inventory rose by more than 7% to 4.09 million units. That will continue to keep prices low, according to Mike Larson, a housing analyst with Weiss Research.
"There's a bifurcation of the market," he said. "There's excess supply putting downward pressure on prices and people respond to the lower prices by buying homes."
Housing is its most affordable in many years, he pointed out. "Falling prices is not part of the problem, they're part of the solution," he said.
Hurting home sales have been stubborn increases in job losses. More than 6.7 million jobs have been lost since the beginning of 2008.
That's one reason why Robert Dye, a senior economist for PNC Financial Services (PNC, Fortune 500), is keeping his optimism in check.
"I wouldn't go overboard on this number," he said. "The economy is still healing and will continue to run into some bumps. But it does bode very well for the future and shows buyer confidence is increasing."
There is one potential bump, however: The looming end of the first-time homebuyers credit. The credit gave first-time homebuyers an up to $8,000 refund on their taxes if they close on a deal before Dec. 1. That credit has been motivating buyers, and when it expires, demand could dry up.
"Just like with the cash-for-clunkers program, we run the risk of a letdown as the program runs its course," Dye said.
Where homes are selling
Regionally, the strongest market was the Northeast, where sales soared by 13.4% to an annualized rate of 930,000. That was 3.3% higher than last July. The median price of homes sold during the month was $236,700, off 15% from last year.
Midwest sales rose 10.9% to a 1.22 million rate, 8% higher year-over-year. Prices there have sunk 5.9% over the past 12 months to a median of $157,200.
In the South, sales were up 7.1% from June and 5.4% from last July to a rate of 1.95 million. Price have dropped 7.1% to $164,500 overthe past 12 months.
The only region reporting a slip in sales was the West, where they fell 1.7% to a rate of 1.13 million. That was ahead of last July, however, by 1.8%. The median price there was $202,300, a whopping 28% below what is was a year ago.
Clearwater Condos For Sale
Currently, there are a record number of Clearwater condos for sale. Though we have read much recently about Clearwater real estate sales going up each month, the vast majority of the sales are single family homes.
One of the major reason that Clearwater condos lag so much further behind home in sales is banks are not very excited about loaning money on condos these days. Many banks even have a policy of not lending money on a condo if more than 15% of the owners are 60 days or more behind in their homeowner's fees.
The reason this is alarming to a bank is because we have been a having a declining market for a few years and no one is sure where it will end. So, if you put 20 or 25% down on a condo and the market drops 20% or more, you no longer have any equity in the condo. Thus, your motivation to keep the condo has obviously dropped considerably.
The other reason owners being behind on their HOA fees is a problem is that it portends foreclosures. Someone falling behind on their condo fees is a major red flag indicating the person may bail and let the condo go into foreclosure. This of course lowers the value of each condo in the building.
The bottom line: if you are looking to buy a condo in Clearwater, make sure that the other owners are paying their fees.
Pending home sales up for 5th straight month
Realtors survey came in much better than expected.
WASHINGTON (AP)- Pending U.S. homes sales rose in June for the fifth straight month, another encouraging sign of life for the embattled U.S. housing market, the National Association of Realtors reported Tuesday.
For June, the Realtors group said its pending homes sales index rose 3.6 percent to 94.6, from an upwardly revised reading of 91.3 in May. The last time there were five consecutive monthly gains was July 2003.
The results were far better than analysts expected. Economists surveyed by Thomson Reuters expected the index to come in at 91.2.
The report tracks signed contracts to purchase previously owned homes and is considered a barometer for future home sales. Typically there is a one- to two- month lag between a sales contract and a completed deal.
The jump in pending home sales coincides with other positive trends in the residential real estate market.
"The housing market is healing and the patient is getting healthier at an accelerating pace," said economist Joel L. Naroff, president of Naroff Economic Advisors Inc.
For the first time in five years, home resales have risen for three months in a row, increasing almost 4 percent in June. Low prices, attractive mortgage rates and a first-time homebuyers tax credit of up to $8,000 have kick-started sales.
"Because housing is so affordable in today's market, job security and the first-time buyer tax credit are bigger factors in influencing home sales," said Lawrence Yun, the Realtors group's chief economist, in a statement.
The above story is especially true for Clearwater Real Estate.
New home sales: 'Really good news'
Sales of newly constructed single family homes rose 11% over May, but median price fell 3%.
NEW YORK (CNNMoney.com) -- Sales of newly constructed single-family homes spiked 11% in June to an annualized rate of 384,000 homes, according to a report released Monday.
The gain over May was much greater than expected. A consensus of housing industry analysts had forecast seasonally adjusted sales of 352,000, according to Breifing.com.
However, sales are still 21% below the levels of a year ago, when new homes sold in June at an annualized rate of 488,000, according to the report released by the U.S. Department of Housing and Urban Development. Four years ago, during the height of the housing boom, the sales rate for June was 1,374,000, nearly three-and-a-half times higher than last month.
Still, the report was very positive, according to Peter Morici, an economics professor at the University of Maryland who had forecast June sales to be at the 350,000 level. "That is really good news. Considering what's going on in existing home sales, with all the foreclosure activity sending down home prices, for new homes to jump like that is a good indicator that the economy is bottoming out."
Builders have been more optimistic about market conditions and this report should further buoy their spirits. An index of builder confidence from the National Association of Home Builders (NAHB) rose to 17 this month after languishing in single-digit territory.
In June, they began building single-family housing units at an annualized rate of 470,000, a 14.4% jump over May.
Pat Newport, a housing industry analyst for IHS Global Insight, also deemed the report very good news -- but is uncertain how President Obama's $8,000 tax credit for first-time homebuyers will affect the longer view.
"I only wonder how much of the increase is coming from rising demand from new homebuyers," he said. "The tax credit is boosting demand, but what will happen when it goes away in December?"
The median price paid for a house sold in June 2009 was down about 3% to $206,200; the mean price was $276,900.
By the end of the month, the inventory of new homes had dropped to 281,000, an 8.8 month supply at current rates of sale. Last month, there were enough homes on the market to last 10.2 months at that rate.
"They have to clean out that stock to get building again," said Morici.
"Normal" new home inventory is about 300,000, according to Newport, which we're already below. But ,he added, that the median time to sell a home is at an all-time high of 11.8 months.
"That tells you it's still very hard to sell a new home," he said.
Much of that struggle is because the housing stock is concentrated in exurbs -- otherwise known as McMansions far away from work. "Inventories are misaligned," said Morici, who likened the situation to the auto industry being overstocked with large trucks and SUVs instead of fuel efficient cars.
"There'll be a shift from far-out to closer-in and from bigger to smaller," he said. But builders will have a hard time selling those "white elephants" and they'll languish on the market, he predicted.
The excess inventory also tend to be concentrated in just a few markets, such as California, southern Florida, Las Vegas and Arizona, according to Bernard Markstein, a senior vice president and economist with the National Association of Home Builders.
"[In most other parts of the country] inventory has been worked down to the point where if you want to buy a new home, it will probably have to be built," he said.
Perhaps the best news is that home construction may be ready to once again boost the economy again. "The construction-put-in-place numbers that come out next month will show that housing is starting to add to the GDP," said Newport. "It's been nothing but a drag on growth lately."
With new home inventory more in balance, consumers may no longer be able to wring extras, such as high-end appliances and even swimming pools, out of builders. "People are going to find builders are not going to be quick to make concessions," Markstein said. "The time for getting deals is going away."
- Clearwater Real Estate May 29
- Clearwater Real Estate May 24
- Dream Realty Has New Logo
- Hulk Hogan Sells Belleair Home for 6.2Mill
- Home sales rise to highest level in 2.5 years
- Clearwater Home prices improve for third straig...
- Existing homes selling fast - record fast
- Clearwater Condos For Sale
- Pending home sales up for 5th straight month
- New home sales: 'Really good news'
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