Broker Thoughts

Good Monday Morning!    11:13:55 AM Monday, November 16, 2009

Condo's condo's and more...condo's 

Today's Florida Condo market is volatile to say the least.  History tells us the Condo market is often much more "worse for the wear" than that of the Single family homes.  Why?

In this Broker's opinion: The majority of the Condo market is 2nd and 3rd. home Owners.  Investors create a very unstable and, yet predictable scenario for the hosing, in a given areas. The Investors, are much more likely to throw in the towel, on a non-performing asset than that of the struggling home owner trying to defend their homestead, whether that homestead be a condo or a single family home.  It just so happens that many more investors prefer the Condo's over Single family homes, for a number of reason low maintence, amenities, activities, etc.

Given the above one might be quick to pick up the negative overtones of this article, but I assure you...I am in favor of purchasing Condo's when appropriate.  Meaning; A great location, A great home, at a good market value.  Its is a safe time to buy a Condo: the air has been let out of the market and while there might be some air left, in balloon we think the time is just about right to make a very good purchase.  There is very little settling left in the home prices and even less in the Condo market.  There are some hurdles to clear, in regards to financing a condo, but it can me done. 

Please call us at the office if we can help you any further, on this topic.

Jason N. Klimis, Broker

Anclote Key Realty, Inc.

727.938.3353

Ya, its the latest greatest bunch of catch phases to fill the vacum of time, between talk of weather and war...

If you have been around for more than a day, you know that there is a reason some folks are called, "professionals".  We are going to have some these professionals discussing the true costs and benefits of the previously mentioned topics.

MARK YOUR CALENDARS

ANCLOTE KEY REALTY AND THE LIT LAW GROUP: Foreclosure, Shortsale & Loan modification Workshop- a community service

Time:

12/4/09 1:00 PM

Location:

Anclote Key Realty, Inc.  27 E. Orange St. Tarpon Springs, Fl. 34689

For more info-contact Sales@Anclotekeyrealty.com

11:39 Monday, Oct. 12th.

Stop what your doing, STOP!

Give thanks!  Remember their is One who deserves thanks giving and praise-his name is Jesus.

Jason N. Klimis, P.A.

Please feel free to contact us, with questions.

To short sale or too sell yourself short, that is the question?

Well everyone's doing it! " YA, it what? short sale, should I or shouldn't I?

Seems to be the latest and greatest thing going.  Buyers and sellers alike are really getting into it.  No down side: the bank takes loss on the property, the owner gets off the hook for the deficient amount due the lending institution  The buyer picks up a great deal, right? 

Like the adage goes...if your friend jumps off the bridge, should you? 

I like a good jump, as much as the other quasi extreme sport watching couch potato, but buying and selling real estate is one of the most serious business decisions in most of our lives.   

 Factoid:Most people will on only  buy seven (7) homes in the entire life time. 

Truth be told: short sales from the buyers perspective can be a daunting endeavor.  Why? aren't they really cheap & don't we get things for nothing? NO!
Typically we get what we pay for or the men in the blue suits put into a hotel with bars.

So, next time at your cocktail party, church parking lot, or family get together: there are deals out there in this real estate market.  Yes, but those deals like most require much due diligence and searching.  Deals are not growing on trees; in fact, most homes, on the market now (50% or more) are in some distressed or deferred maintenance.

The "Short Sale" subject to bank approval depending on what state of that approval process and the ability of the realtor, lawyer and seller involved could be from 90 days to 9 months.  The "Short Sale" deal that is a steal, if it truly is will be fought fiercely over by the pool of buyers hunting out the gems.  So, some key points to make an effective purchase-

1. Be ready.  Get your financial affairs in order before you go shopping (think about it like the grocery store, you don't go without knowing what's in your checking account)

2. Professionals are your friends.  If for no other reason, liability.  Let the "professionals" carry the burden of the difficult an liability laden tasks that come with complicated sales.  The bank is going to be the one fitting the majority of the costs associated with closing anyway.

3. Diligence. The word brings some sober reminder that its a continual process and duty of buyers in this market place.  Big decisions require a greater level of thought, care and action.

The author of this article knows that most people in the industry probably find these topics old hat; however, most buyers and sellers of real estate are still very ill informed to the processes.

Jason N. Klimis, Pa/Broker

Anclotekeyrealtyinc.com

Tarpon Springs, Fl.

 9:55:57 AMSnap -Shot of current market conditions:

The "questions" of late, are beginning to sound altogether unanimous...What is going on, in the market now?  Have sales picked up?

In a smirk, I typically reply, "...yes, Kinda"

The two points I like to make are these:

It appears that most of our clients collectively agree the free fall in home prices has ended.  I would like to point out that it is an overall assessment of the buyers and the sellers, as opposed to the so called, "experts".

Based on the first paradigm shift, the response of the market has been eerily similar to that of several years ago: What do I mean?  Well, homes that are not sitting on the market for extended periods of time, many cash transactions that are closing within weeks and multiple offers on properties(in some cases driving the purchase price beyond the initial asking prices.)

Now, Its important to note: the prices of the homes and commercial properties that are getting this type of exposure are at a respective price point that the "Value" is too good for the market to deny and thus, the inventory is snatched up, with the quickness.

Take advantage of the current, its much easier to walk with the flow than against it.

Jason N. Klimis, Pa/Broker

anclotekeyrealtyinc.com

Anclote Key Realty, Inc.

anclote@tampabay.rr.com-