Dave Tipton, Broker, GRI, e-PRO, SRES Tampa Bay Area Real Estate

At 7pm* every Friday night during the summer in Park Square Town Center (the heart of FishHawk Ranch) transforms into the perfect gathering place for family and friends as they present the Third Annual FishHawk Ranch Summer Concert Series. From classic rock and roll to rhythm and blues, the entire family can dance the night away.

Here are the remaining concerts scheduled during July:

July 11^th- Feel the earth move with tremors from "The Earthquake Horns"

July 18^th- Time to saddle up with "Wiley Fox"

July 25^th- Fiesta in the park with "Clara Salsa"

This is a very worthwhile program and it is an excellent benefit to being a FishHawk Ranch resident. We hope to see you out there.

Dave Tipton, Broker- Diamond Dwellings Realty

813-653-1241 E-Mail: Dave@DiamondDwellings.Com

If you have any questions, suggestions or announcements, please drop us an e-mail.

*Time subject to change without notice. Call ahead in the event of inclement weather: 813.685.7500.

Localism: FishHawk Ranch

A recent series of articles on the CNN/Money.com website sited 6 areas of the country for real estate bargains, one of which was the Tampa Bay Area. CNN/Money Article

The news article started by saying that the Gulf Coast is not Atlantic coast of Florida, with symbols of opulence like lavish Palm Beach estates or multimillion-dollar spec homes. The article went on to say that "Tampa, with its more blue-collar feel, offers the same brand of South Florida living at a far more affordable price".

The author went on to say that "Tampa lived large during the boom years; prices rose 100% from 2001 to 2006. That was fueled in large part by speculators just looking to flip, and when they started vanishing in 2006, thanks to the slowing market and a tightening of credit, so did those massive annual increases. Real estate values have fallen 17.5% in a year".

The really good news from the CNN/Fortune article came when the author went on to say that, "Tampa is nicely positioned for a rebound. Tampa has a relatively strong local economy, coupled with the fact that the bust hit here earlier than in some other markets. This means that the downside may have largely played itself out"

The current median single family home price in Tampa is now $222,000, down from $275,000 last year at this time. Top National Association of Realtors (NAR) economist Lawrence Yun has stated that Tampa will likely recover from the losses they have received, estimating 20% or more appreciation in the next five years.

It's nice to see the Tampa area getting some encouraging press these days. I believe that this all bodes well for the local economy and the real estate market in our town and surrounding area.

David Tipton, Broker- Diamond Dwellings Realty Ofc: 813-653-1241

Current Market Condition Snapshot

As a leading real estate company in this market, we feel that it is incumbent upon us to not only keep up with this market information and trends, but to share it with our clients and potential clients.

BRANDON, FL RESIDENTIAL REAL ESTATE MARKET SNAP SHOT

ZIP Codes 33510 and 33511

As Of 05/31/2008

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

534 Single Family Homes Currently Listed For Sale in the MLS

Price Range: From $78,000. To $1,289,000.

Median Price $199,990.

$79.00 to $242.00 Price Per Sq. Ft.

$123.00 Median Price Per Sq. Ft.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

42 Single Family Homes Listed in MLS Sold in Last 30 Days

Price Range: From $100,000. To $499,000.

Median Price $179,900.

$55.00 to $134.00 Price Per Sq. Ft.

$127.00 Median Price Per Sq. Ft.

Avg. Days on Market: 63

Please give us a call or e-mail any comments or questions.

Dave Tipton, Broker- Diamond Dwellings 813-653-1241

A lease option is the abbreviated form of the real estate term lease with option to purchase. It is a type of contract used in residential real estate.

The contract is typically between two parties: the tenant (also called the lessee), who will occupy a house or apartment, and the landlord (lessor), who owns the property.

Lease-Option contracts can help sell a hard-to-sell property during a sluggish housing market. They can be used for buyers who need to save more for a down payment, patch their credit report, sell a house somewhere else etc. Here are the basics of how a Lease-Option works:

• A seller agrees to rent a property to an interested buyer for a set period of time, normally one to three years. At the end of the lease period or anytime before the expiration, the buyer has the option to purchase the home at a preset price.

• A portion of the monthly rent paid during the lease is usually counted toward the down payment. To cover that, the seller charges a rent increment or monthly premium of $200 to $300 over comparable rentals.

• Many owners also charge an option fee for taking the property off of the market, usually 1 percent to 2 percent of the sale price. This may be applied toward the purchase.

• Sellers have no guarantee that renters will buy at the end of the term, but if they don't, they keep the option fee and the amount of the rent that would have gone toward the down payment.

Remember, as in almost every aspect of a real estate contract, everything is negotiable. A lease option contract can be a win-win situation for both the property owner and the tenant. Always allow an knowlegable Realtor or a real estate attorney handle the written contract.

If you have any questions or comments please call or e-mail us: BrandonDwellings@verizon.net

Dave Tipton, Broker- Diamond Dwellings Realty- Brandon Florida

813-653-1241

NAR Economist Advises Turnaround Imminent

One hundred of the Tampa Bay Area's top real estate agents listened eagerly to Dr. Lawrence Yun yesterday at the Greater Tampa Association of Realtors auditorium, hoping for some good news. Yun is the National Association of Realtors (NAR) top economist, and has been named among the top 10 economic forecasters by USA Today. Yun is ranked fifth on the list and is responsible for NAR's real estate statistics and economic forecasting.

Dr. Yun offered the local agents a glimmer of hope for the future by predicting that home prices should stabilize and start rising again in early 2009. "The worst conditions in the Tampa market may have already passed, how strong will the recovery be? I can't say" said Yun. Dr. Yun also stated "I think the second half of 2008 will be better, but if I look at the long term perspective, five years from now, comfortably, one can say home prices in this region will be 20 to 30 percent higher." Yun went on to say "The key to the turnaround will be when the "Fence Sitters" enter into the housing market. These people, who have the financial means to buy a house, perpetuate the slump, not because of fundamentals, but because of psychology."

Yun also pointed at the decrease in new housing starts in the Tampa Bay Region, helping to lower the amount of inventory available to buyers. Mortgage rates are at near record lows, corporate spending is strong and corporate profits are all up, Yun said.

Yun's speech was met with much enthusiasm and exuberance by the Realtors in attendance at the meeting and they gave him a thunderous round of applause at the end.

Dave Tipton, Broker- Diamond Dwellings Realty- Brandon Florida Dwellings 813-653-1241

E-Mail: Dave@DiamondDwellings.Com