International Real Estate Investors Look to Florida for Property Purchases

Once again, the Tampa Bay real estate market is seeing a significant increase in international real estate interest. A report published by Point2homes, cited by HousingWire, says that Florida home sale listings are viewed and clicked on more often than any other state. Florida remains first. These figures are being helped by our national neighbors, Canada and Mexico. Being that these are drive markets, we attract these types of investors and cash buyers more so than Arizona and Nevada, who placed second and third in the rankings. Canada and Mexico are not the only countries expressing interest in Florida’s real estate market. The U.S. Commerce Department projects 1.5 million Brazilians will come to the U.S. next year, most of them with Florida on their radar. Brazilians outnumbered all other international visitors by 41% in 2011; a number that many predict will continue to climb in 2012. President Obama hopes to speed up the Visa approval process, which in his opinion takes far too long to complete. Brazilians have to wait an average of 76 days just to initialize the process at the largest U.S. consulate in Sao Paulo, Brazil. As an alternative, many are choosing to visit European countries just because it is easier to get approved for a Visa there. Many businesses and local markets, like Tampa Bay and Miami Dade, in Florida are hoping the Visa process is revised and can be expedited in their favor. With high end real estate costing about $1000 per square foot in Brazil, many investors are taking advantage of similar Florida real estate that is significantly less. Whether investors are coming from our direct neighbors, or countries with favorable exchange rates, an increase is none the less a great sign for the Tampa Bay real estate market. The National Association of Realtors was recently polled on their outlook for 2012. Optimism for single family home prices and sales are up from last year’s figures in January, as well as 4Q numbers for 2011.

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Florida Ranks Highest In Foreign Investors Buying Real Estate

When it comes to foreign investors searching for a lucrative real estate return, Florida ranks number one in the US, especially among Cubans, Haitians, and Colombians. The National Association of Realtors data shows that almost a third of all home purchases in Florida, come from foreign residents. With the constant struggles of qualifying for mortgages these days in the US, many of these foreign investors are in a better position because they are cash buyers. Many Cubans see investing in Florida as a safe bet because the concept of owning real estate is still a novelty to them. Now that direct flights to and from Cuba are in full swing, the Tampa Bay area can expect to see an increase in Cuban interest. There are currently about 80,000 Cuban Americans in the Tampa Bay area, all of which are excited that they do not have to travel to Miami for a flight to the island.
Another factor that may increase investor activity is the number of home foreclosures in 2011. Down almost 34% from the previous year’s numbers, foreclosures are no longer impeding the progress of the Tampa Bay housing market. More short sales are being signed off on, which are attractive options for foreign cash buyers.
With a drop in inventory and median sales price for homes up about $10,000 from last January’s records, there are definitely some areas to capitalize on, as realtors and investors.

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Relocating? Snowbird? Retiree? Tampa Bay Real Estate is Calling Your Name

It is predicted that close to 13 million baby boomers will become Florida residents between now and 2023. These future buyers will begin home hunting, and the Tampa Bay area is one of the most attractive places to purchase. We have already seen a 22% increase in homes sold over the last two months compared to last year’s sale’s numbers. An increase is always nice to see, but another interesting statistic to point out would be the 32% decrease in unsold homes in Hillsborough, Pinellas, and Pasco counties. A clear sign that sales volume is up, and home inventory is falling. If you are looking to move due to a change in job status or simply wanting to start fresh, Tampa Bay offers great incentives to relocate.
Before making the decision to rent any type of real estate for the snowbird season, you may ask yourself “what is so special about the Tampa Bay area?” The answers can be endless, and depending on what you enjoy doing, they may be infinite. The greater Tampa Bay area is home to some of the most beautiful beaches like Clearwater, Ana Maria Island, and the St. Petersburg strip. And whether you are into fishing, boating, scuba diving, or just relaxing in the white sands, The Tampa Bay area is suitable for all needs and hobbies. Something that may help bring more snowbirds to the Tampa Bay area is a proposal made by the Canadian Snowbird Association. They were in Washington last week lobbying for passage of the proposed “Canadian Retiree Visa”, which would allow Canadians over the age 50 to stay in the states for eight months instead of the regular six months that is in place now. Florida could see a long term increase in vacation rentals especially real estate near beaches.
The Tampa Bay area brags an extensive list of leisure activities suitable for all, but what some people may not realize is that Tampa Bay is a prominent business oriented city in Florida. The downtown Tampa and Channelside area are major business districts with many classy restaurants, boutiques, and commercial businesses. This is also home to the 2002 Superbowl Champion Buccaneers, Stanley Cup winning Tampa Bay Lightning, and Arena Bowl Champs Tampa Bay Storm. Tampa Florida has hosted two Superbowls in the last ten years bringing visitors to our town for a nationally celebrated sporting event. The amusement parks here in Tampa Bay are second to none. Busch Gardens, Adventure Island, and the Florida Aquarium always top tourists “must do” lists and increase commerce in our city.
Florida is also well known for its remarkable golf courses. Many Tampa Bay communities are specifically tailored for these sports fanatics who also have a need for single family homes. Tampa Palms, Hunters green, Heritage Isles, and Pebble Creek are a few that cater to these real estate investors. Many of these communities have real estate for sale with price points that are more affordable now than ever.
Tampa Bay = YOUR DESTINATION!

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Tis’ The Season for Buying Real Estate and Property Investments

Real estate investors and buyers are continuing to make property purchases that fuel the Florida real estate market. The third quarter boasted an increase in home buying and investing of 13% from last years numbers. Many of these new purchases and investments are viewed as long term and are helping stabilize our Tampa Bay real estate market. Even though Florida’s median sales price is lower than last year by a small amount, the volume of sales are significantly up. According to the National Association of Realtors, the foreclosures and sales of other distressed properties make the median sales price seem lower than what it actually is. Almost one thousand more condos were sold in October 2011 compared to October 2010, and the prices of those sold are up 9%. For more information about this, visit bizjournals.com.

Stan Humphries, a real estate expert for Zillow, notes that Americans perception that lending standards are tougher now than during the 2000-2006 time period are simply misconstrued. Since 2000 almost 10% more of applications for conventional home mortgages resulted in mortgage originations.

He also makes note that when looking at data regarding credit offerings, we should look at historical averages, instead of simply comparing 2000, 2006, and current year status. This eludes to the fact that down payments being paid by current borrowers on homes are higher now, 21.7%, than in 2007 when they were at 19%. But when taking the historical average into account, we are still below the historical average since 1974. Check out moneyland.time.com for more information regarding these statistics.

There seems to be an ongoing trend in Tampa bay real estate, and it is definitively looking up! While sale prices are down and volume of sales continue to increase, Tampa Bay is looking more attractive than ever. Contact SI Real Estate at 813.631.5144 or at info@SIRealEstateInvestments.com if you think you are ready to indulge in this great time for buying.

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South Americans Surge Florida Real Estate Market

Recent studies have shown that Florida’s real estate market is continuing its upward path in part by attracting South American international investors. The Brazilian real holds a 45 percent gain against the U.S. dollar and is continuing to drive South and Central Florida’s real estate markets to new heights. Recent oil discoveries off the coast of Brazil have spiked real estate prices in those South American regions which are nearest to this discovery. Both of these forces are driving investors and buyers to Florida beach cities like Miami and greater Tampa Bay.


While Miami may be the most culturally diverse city in Florida, Tampa bay is not far behind. The Hispanic population in Tampa Bay is the second largest ethnic group and the South American presence in the Tampa Bay area is very obvious. The abundance of waterfront and beach properties that Tampa Bay offers attracts those international investors and buyers; mainly because it’s what they are accustomed to in South America, but also those who are looking for homes, condos, town homes, and properties at better prices. Tampa Bay also stands out to the South American crowd, not only due to sub-tropical climates, but also offers reduced prices on consumer goods that are more expensive in countries like Brazil for example. The Tampa Bay real estate market and lifestyle also stands out to international investors and buyers due to an abundance of malls and shopping centers. Internationals can purchase designer goods and products at cheaper prices than they may be accustomed to. The owner of Algebra Realty in Miami, Jose Augusto Pereira Nunes, sums it up best by saying, “the tide and winds are in their (South Americans) favor, the exchange rate being the tide and prices here being the winds.”

If you or anyone you know is interested in learning more about the Tampa real estate market please contact SI Real Estate at 813.631.5144 or email us at Yourhome@SIRealEstateInvestments.com.

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Real Estate Essentials: Choosing the Right Location

When undertaking the experience of purchasing a home, there are lots of important decisions to make. For instance, if you want a detached home or a community lifestyle, how many rooms, what are you willing to spend? The first and most important question any buyer or investor should ask is what locality do I want to be in.


You hear real estate professionals stress this factor often, location, location, location! It truly is the single most important factor on any real estate purchase. If you put the exact same house on two different lots in different areas of town, they will hold different values. How do you decide what vicinity is the best for you?

Economic Factors

Does this city have a high percentage of unemployment? Are there a large number of foreclosures? This is a shaky topic for a lot of Americans right now. Many people have unfortunately been let go of their jobs and are forced to default on loans and are not finding work easily. However if an area’s unemployment rate is increasing, that means more people are struggling and home values decrease with them. Foreclosures have a direct impact on comparatives sales in an area used to appraise your homes value. When looking for a new home, examine these factors and ask a real estate professional to help you compile past data to support your home buying decision.

Education

School systems are always important to consider. If you already have children or plan to in the future, the explanation is not needed, you want the best education for your kids. Even if you don’t use the school system, they can affect your sales potential when you go to resell, always keep this in mind when viewing real estate.

Condition of Homes and Businesses

It is very important to examine the surrounding homes, businesses, and overall condition on surrounding area. This is a time to see yard maintenance of neighbors (this will affect home values), back streets and alleys, and also look for empty businesses in the area. All of these factors reflect the health of the neighborhood. Real estate values are subject to all the factors of a given area and appearance plays a big role!

Entertainment and Recreation

What entertainment options are important to you? Do you want to be near parks and reservation areas? Is shopping and restaurants a high priority to you? Do you enjoy the arts culture? All of these questions might seem minor compared to previous factors to define a district but in the long term, they will be a blessing or a curse depending on what you prefer to do in your spare time.

Here in Tampa Florida, SI Real Estate has experts in the local community. He can highlight some of the best areas for your desired needs and budget. We encourage you to look at New Tampa or Brandon and Riverview for some high demand communities. SI Real Estate utilizes our vast real estate experience and extensive Tampa Bay area knowledge to meet the needs of buyers, sellers, investors, landlords, tenants, and relocations. Contact SI Real Estate today to find your perfect location at (813)631-5144 or email us at Yourhome@SIRealEstateInvestments.com.

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Real Estate Outlook is Positive as Sales Jump

The real estate outlook is positive in Tampa, Florida as well as in most parts of the nation. A ReatlyTimes® article titled Real Estate Outlook: Sales Jump states “Single family sales jumped by 24 percent seasonally-adjusted basis over May, and were 19 percent above the totals for June 2009. The sales rebound verged on spectacular in the Northeast region – up 46 percent over the prior month. Gains were 33 percent in the South, and 21 percent in the Midwest.”

“Bob Jones, chairman of the National Association of Home Builders, called the latest sales figures ‘an encouraging sign’ that housing activity is springing back from the expected deep lows experienced after the credits expired.”

Sales were not the only positive indicator. Home prices were 1.3 percent higher compared with the month before, but they gained 4.6 percent year-over-year, which is a very encouraging sign that sales and home prices are both on the upswing. This is good news for the overall outlook that the real estate market is experiencing stabilization.

Another positive sign is that mortgage applications to buy houses continue to increase. “The Mortgage Bankers Association reported a 2 percent jump in purchase applications last week.”

The Greater Tampa Association of Realtors recent statistics support this overall outlook as the Tampa Bay area real estate market continues to see positive signs of improvement as 2,069 properties sold in June, which is the best month for sales since the December of 2006.

Record low interest rates, stabilization of housing prices, and an increase in mortgage applications are helping to lead to the recovery of our Tampa Bay real estate market. This is good news that SI Real Estate is happy to share with you. For more real estate news, call us 813.631.5144, e-mail us at YourHome@SIRealEstateInvestments.com, or visit us at www.SouthTampaRealEstate.blogspot.com.

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Home Buyers Get Tax Credit Closing and Flood Insurance Extensions

The National Association of Realtors® article dated July 1, 2010 Home Buyers Get Tax Credit Closing and Flood Insurance Extensions Without Lapse in Coverage; Bills Now Headed for the President reported that Congress passed two bills which directly affect the real estate market and its stability. One bill extends the home buyer tax credit closing date and the other bill reauthorizes the National Flood Insurance Program. These bills are now headed to the President for his signature.

This is certainly good news for those home buyers in the Tampa Bay area and around the country who are trying to take advantage of the First-Time Homebuyers Tax Credit or the Move-Up/Repeat Tax Credit! The original deadline dates for these tax credits were that the a fully executed contract must be in place by April 30, 2010 and the deadline for closing these real estate transactions was June 30, 2010. Now the closing date deadline has been moved to September 30th, and there will be no gap between June 30 and the date the President signs the bill into law.

National Association President Vicki Cox Golder stated, “What a great way to begin celebrating our nation’s most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who would have been shut out of the homes of their dreams through no fault of their own.”

The passage of H.R. 5623, the Homebuyer Assistance and Improvement Act, affects approximately 180,000 home buyers who were eligible for the tax credit who would not receive the benefit had the closing deadline date not been extended. This extension only applies to those who had fully executed contracts in place as of April 30, 2010.

The National Flood Insurance Program Extension Act of 2010 (H.R. 5569) allows the extension of the NFIP until September 30, 2010, allowing transactions to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010, to the date of enactment of the extension. This means that any new applications for policies or renewals that were signed and submitted during the lapsed period will be effective from the date of application. “We know that thousands of property owners seeking flood insurance policies will now be able to close transactions. NAR appreciates the extraordinary efforts in both house of Congress to end the lapse in flood insurance,” Golder said.

The passage of these bills will have an enormously positive effect on many home buyers in the Tampa Bay area who have dreamed of homeownership. That dream is now one step closer to becoming a reality. Good news for the home buyers. Good news for the real estate market. Good news indeed!

For more information about this and other real estate news, contact an SI Real Estate team member at (813) 631-5144. E-mail us at YourHome@SIRealEstateInvestments.com or visit our website at www.SI RealEstateInvestments.com.

SI Real Estate is on your side!

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