Seminole Isle and comparable properties. Honestly, I probably do not know what I am thinking trying to write a post with the Title Seminole Isle and comparable properties. (Now you are saying “what is she talking about”)
Well here is the deal, a post is supposed to have between 300 and 500 words to catch the reader’s attention AND I have no idea how to come up with some many words about comparable properties for Seminole isle. I do not think there are any and I challenge everybody to correct me and give me a good comparable.
At this point you can buy a 1500 square feet condo in Seminole Isle between $160,000 to $180,000. The condo and townhouses are 6 years old, high ceilings, open floor plans, granite countertops, lot of architectural details, nice size balconies, a master bathroom to die for and on goes the list……in a gated waterfront community with a pool, tennis courts, gym, fishing dock, boat dock and a little private beach right on the lake and close to the beaches and only 30 minutes away from Tampabay airport. (I am at 183 words right now)
Everything else you can get is either 20 years older or 20 minutes farther from the beaches or has hardly any amenities or is much smaller or doesn’t have cover parking or has no balconies or isn’t gated or is age restricted or or or (236 words by now) so as much as I would love to give you at least 300 word or a bunch of good comparable properties, I am sorry but both won’t happen in this post.
Call me today if you need more information about Seminole Isle (I am better at talking than at writing) Anne 727 410 7777 Seminole Isle and comparable properties.
I wanted to let you know a fabulous new property just came on the market in Seminole Isle.
This Seminole Isle town house was built fairly recently in 2006 and it does have a community pool.
2-story town home style about 2000 sq ft with 3 bedrooms, 2 and half bathrooms, master is about 18 by 15 with spacious walk in closet.
Living room about 19 by 20 with crown molding throughout, blinds, with an awesome view.
Beautiful kitchen has dazzling granite counters, solid wood cabinets, dishwasher, disposal, oven and microwave included!
You are allowed 2 pets with a combined weight of up to 50 lbs.
Garage is a 2 car with an electric door opener.
Taxes are about $3,000.
The property is located in Seminole Isle subdivision on Islamorada Circle, close to beaches, shopping and dining.
Listed at $279,900 and is absolutely walk in ready!
It is a Seminole Isle short sale … I just wanted to let you know so you are not surprised.
Stunning 2/2 plus den for sale in Seminole Isle
Interior: 1,500 sqft
Seminole, FL 33777
Nearby properties for sale
NEXT REAL ESTATE CRASH Pinellas home values drop by 50% overnight.
That is the headline you will see in all the newspapers by this time next year.
No, I am not joking or exaggerating.
If the new flood insurance bill is implemented, it will devastate all American coastal towns, with Pinellas County being the hardest hit in all of the US.
If I gave you all the little details this post would be 20 pages long (I have included links for detailed information).
The short of it is:
Flood insurance rates will go up dramatically for properties built before 1975 in an A and V flood zone. Please do not think you are off the hook if your home was built after 1975, there will still be increases.
Here are some examples I got from Holehouse insurance company in Pinellas County. http://www.holehouseins.com/
If you sell your home, here is what the new owner is looking at.
1960 home with a dwelling value of $148,000 purchased on 3/15/2013. Current flood insurance is$1,072. The house is 7 feet below current base flood elevation meaning an estimated renewal of $22,400.
1969 home with a dwelling coverage of $250,000 purchased on 12/31/2013. Current flood insurance rate is $1,980. The house is 4 feet below current base flood elevation meaning and estimated renewal of $8,850
1956 home with a dwelling value of $250,000 purchased on 7/31/2013. current flood insurance rate is $1980. The house is 8 feet below base flood meaning an estimated renewal of $29,100
If you stay in your home
an existing homeowner will pay a 25% a year increase until they reach their elevation certificate rate. Using two examples of Per Firm (built before 1975) homes with current flood policies in an A flood zone and a V flood zone
A flood zone
current rate is $2,000
after 4 years is it $4,883
after 8 years it is $11,921
V flood zone
Current rate is $4,000
in 4 years it is $9,765
in 8 years it is $23,842
Commercial properties are also affected. If you buy one you will have to pay the highest rate immediately. If you own one already you will see the 25% yearly increase.
Condo associations will see a 25% increase yearly on their flood insurance rates.
Our tiny little Pinellas County has at least 30,000 dwelling that are affected if not 50,000. here is a link to the US FEMA map. http://www.arcgis.com/home/webmap/viewer.html?webmap=e0208985e8e64d44bca999325254ff5b&extent=-106.6909,33.1708,-76.9399,43.9898
Who in their right mind would ever buy or could afford to buy a home for $150,000 with a yearly flood insurance premium of $22,000?
This new bill will make so many homes absolutely unaffordable for people who currently own it and totally unsellable.
So what is going to happen?
SHORT SALE, DEED OF LIEU, FORECLOSRE, BANKRUPTCY.
This will be a freefall in home values. Think about it, once people get the renewal rate sometime during the next 12 month, they will realize that they can’t sell their home anymore and can’t afford to keep it either. They will stop making payments on their mortgage, the market will be flooded with Short Sales etc. Investors will come in and pick up these properties for pennies on the dollar (land value minus cost for tearing down the existing structure).
This dramatic decrease in property values will lead to a huge problem not only for homeowners in Pinellas County (and all coastal areas in the Country) but for the counties themselves. Property tax income will probably be cut in half and counties will have to cut back drastically on the services they offer.
I would not be surprised if we see situations like in Boston and Detroit where Bankruptcy is the only option left.
Keep in mind, commercial properties are also affected by this new bill. Hotels, restaurants, shops , rental apartments etc. will see a huge increase in their policy premiums and they will have no other choice than to increase all their prices to make up for that and maybe cut down on their employees. The cost of living will go up a lot, the unemployment rate will go up, tourist will find other destinations that are cheaper etc.
I can go on forever, but I think you get the picture.
For the last 90 years (since we had the last hurricane hit our area) everybody in Pinellas County thought that the next big flood could devastate the area. Isn’t it ironic that now the next big flood insurance increase will devastate the county ………………
Below is the link to a petition, asking the government to rethink the issue before it is too late
PLEASE sign it and spread the word !!! (find a petition for your county)
This new bill will not just affect waterfront properties, it will affect everybody living in a coastal area or near rivers.
PS. I hear people say that it is “only fair” that people in Florida with their “tropical lifestyle” pay more. Please keep in mind that for all these years Florida has been FEMA’s cash cow and has been paying far more than anybody else. Florida, only gets back 26 cents on each dollar we have been paying into the flood insurance program.
Detailed info and facts about the new flood insurance bill from Holehouse insurance http://shortsalesaintpetersburg.com/wp-content/uploads/2013/09/Holehouse-Flood-Insurance.pdf
Link to Chamber of commerce site. http://www.tampabaybeaches.com/chamber/government_affairs.aspx
NEXT REAL ESTATE CRASH Pinellas County home values drop by 50% overnight.
Seminole Isle Real Estate Market Report
The Seminole Isle Real Estate Market Report for the last 8 month is interesting to say the least.
Let me start by giving you an overview of the Pinellas county real estate market in general.
Till mid 2012 the market was flooded with regular listings, Short Sales and Foreclosures. We had what we call a “buyer’s market” People made low ball offers left and right and negotiated sales prices down down down and each buyer found a great deal. Overall we had way more listings than buyers. Well the Real estate market has changed dramatically sometime in autumn last year.
In pretty much all of Pinellas county we now have a “seller’s market” yes, you heard right, the sellers are in control again for the first time after the Real Estate crash.
Pinellas county is at an all time low in inventory and all the buyers that have been waiting for the prices to hit rock bottom are now searching for properties. At the moment we have more buyers than properties and even thou they are still trying to low ball, they are getting nowhere with it. There are over 60% cash buyers in Pinellas county at the moment and they are driving the prices up right now. These people have been waiting for years to see the prices bottom out and when they realized late last year that it was happening, they made offers left and right and outbid each other just to get the last steal available.
The number of Short Sales and Foreclosures in our area has gone down dramatically and only a few new distressed property listings have come on the market in the last 8 month. Regular sellers are sitting and waiting for the prices to go up before they put their property up for sale. The national association of Realtors and the leading economist in this country had predicted a 3 to 4% price increase for 2013. In the first two month of this year they have already adjusted the number to 5 to 6% and right now they are talking 10%(and it is only May)
This real estate market report is also true for Seminole Isle. Over the last 5 years or so we had an inventory of 15 to 20 listings at all time, over the last 8 month we had somewhere between 1 and 5.
If a new listing in Seminole Isle is priced right, you will get and offer within 3 or 4 weeks. If it is priced to low you will get an offer within 1 week or so. If it is overpriced it will sit on the market for month and month.
Right now there are 5 active listings in Seminole Isle and the average time on the market for these units is 164 days. All these units are way overpriced !
When I look at the 5 units that have sold within the last 8 month and the 3 units that are under contract we are looking at an average days on the market of 27.
Last year the average sold price per square foot in Seminole Isle was $109.
This year I think we will end up with way more. Please keep in mind that nobody has a crystal ball but I truly believe we will be somewhere around $ 135 per square foot by the end of 2013.
This would be way higher than the leading economist of the country and the national association of realtors predicted as an average increase.
Well the condos and townhomes in Seminole Isle are not average, they are beautiful, spacious and in a great location. With the right Realtor and aggressive marketing and advertising the prices in Seminole Isle will go up and up.
Ok this was your Seminole Isle Real Estate Market Report for May 2013
As always, call or e mail us if you need more information or want to get the value of your specific property.
This condo is on the 4th floor in one of the Seminole Isle buildings. It has a great view and is probably one of the last great deals in Seminole Isle.
Asking price for this bank owned condo is $ 269.500