Steve Eckhardt, Tampa & Sarasota Luxury Broker

For the last 3 years I have been telling my agents, my customers, and anyone else that would listen that print advertising for real estate is on it's way out. The listings were old, the ads didn't contain the newer listings, and you weren't able to get a feel for the home like you can with virtual tours and online video.

Apparently, I was right. A new study conducted by Harris Interactive and sponsored by Intel Corp. finds that 65 percent of adults feel they cannot live without Internet access. Additionally, 71 percent consider it important or very important to have Internet-enabled devices, such as laptops and mobile communications on hand almost constantly.

According to the survey, 46 percent of women and 30 percent of men would rather go without sex for two weeks than give up Internet access for the same amount of time. For women ages 18-34 it was 49 percent and for women ages 35-44 it was 52 percent. For men ages 18-34, it was 39 percent. I don't know for sure, but I would guess that newspapers and other print advertising have NEVER experienced that kind of popularity!

Obviously, the study didn't focus on real estate, but if people are that passionate about Internet access, wouldn't it just make sense that the Internet is where they are going for their information? The 2008 National Association Of Realtors Profile of Buyers and Sellers says that more than 90% of home buyers 44 years old or younger used the Internet as a source of information during the home buying process and 87% of ALL buyers used the Internet during the process. It goes on to say that 69% of buyers used the Internet FREQUENTLY to find a home compared to 15% that used a print or newspaper advertisement frequently to find a home.

If you are a professional listing agent, it only makes sense to spend the bulk of your advertising dollars online. We're in our 2nd year of 100% Internet advertising. We've invested heavily in our website, SEO (search engine optimization), and listing syndication. In November we had over 652,000 page views of our 53 listings on just Realtor.com. That's over 15,000 views per listing in a single month. If you consider that Hitwise gives Realtor.com a 7.68% market share and our listings are are also on seven of the top ten real estate web sites (as well as hundreds of other sites), we estimate that each listing is viewed an average of 150,000 times each month!

There isn't a publication in the world that can guarantee that my listing will even be noticed in the pages that they print, but with inexpensive (or free) tracking software, I can tell my clients how many times their home has been viewed, how many times the virtual tour has been taken, and how many times, the potential buyer has looked at a video of the neighborhood. I can even communicate all of this information to the customer on a weekly basis with just a click of the mouse. It doesn't surprise me a bit that half the adults would rather give up sex instead of Internet access. This is exciting stuff!!!!

As we head into the holiday season I am looking forward to a little time off and some great football. Some of the biggest games that will happen are being held right here in Tampa. The Tampa Bay area will be featured nationally and internationally in Outback Bowl on January 1st and in the Super Bowl on February 1st.

The University of Iowa and the University of South Carolina will meet in the Outback Bowl on New Year's Day in Tampa, Florida. The No. 26 Hawkeyes will face the Gamecocks for the first time in history. There will be a FULL schedule of events starting on December 26th through game day.

The Super Bowl festivities will start 2 weeks prior to the game and get into full swing with the opening of the NFL Experience on January 24th. The NFL Experience features more than 50 interactive games and attractions as well as special programming including free football clinics, autograph sessions, the largest football card show ever and NFL Coaches Chats, during which NFL coaches give an inside look into the game of football. The Gasparilla Extravaganza will also run on the 24th and welcome the return of the Gasparilla Pirate season in Tampa Bay! The event features the Children's Gasparilla Parade and the "Piratechnic" Extravaganza, one of the largest fireworks presentations in the country.

And while a good portion of the United States will still be feeling the cold and snow, the weekend after the Super Bowl Tampa will be "invaded" by the legendary pirate, Jose Gaspar, and his band of marauding buccaneers as they return to Tampa to reenact the historic pirate invasion, which began in 1904. Amidst a volley of cannon fire, the City is defenseless as the Jose Gasparilla docks at the Tampa Convention Center at 1 p.m. The Mayor surrenders the Key to the City of Tampa into the hands of the Captain of Ye Mystic Krewe of Gasparilla at approximately 1:05 p.m. And, following another successful invasion of Tampa, the Pirates gather on Bayshore Boulevard for a victory parade, which begins at 2:00 p.m. at Bay to Bay and Bayshore. The 2009 Gasparilla Pirate Fest Street Festival features live entertainment, food, thrilling rides, fun games and amusements for all ages. The Pirate Festival will be located in Downtown Tampa between Kennedy Blvd and Channelside Drive. The Gasparilla Parade in Tampa is the largest parade in the bay area. With over 500,000 people spanning the 3.5 mile parade route it is one of Florida's largest parades.

All of this in January and February! Is it any wonder why Tampa is fast becoming one of the best cities to live?! Football, Hockey, Baseball, Spring Training, College Sports, Theater, Concerts, The Hard Rock Casino, Parks, Bike Trails, Boating, Beaches, Shopping, World Class Restaurants...........AND some of the nicest real estate in Florida.

The most recent quarterly survey of Florida real estate trends completed at the end of September finds that the investment outlook for various types of real property in Florida remained steady. The national economic crisis has failed to rattle Florida real estate experts despite the availability of financing.

Experts that responded to the survey overwhelmingly stated that Florida is the place to be and the place to invest. "Although Florida's housing crisis was worse than some other states, over the long term Florida will benefit from the migration of new residents, particularly as baby boomers age," stated Wayne Archer, executive director of UF's Bergstrom Center For Real Estate Studies. The Sunshine State's mild climate and outdoor amenities make it an attractive retirement destination.

The numbers I have compiled from the MLS seem to justify the feeling in the UF survey. The Greater Tampa Association Of Realtors show that total residential sales for October increased from 1,063 in 2007 to 1,091 in 2008. Even in Southwest Florida (Fort Myers, Cape Coral, & Naples), the reported epicenter of the housing meltdown, the most recent numbers for October 24th through November 24, show that 493 properties were sold. That figure actually topped 2007, with 404 sales during the same period, and 2006, with 426 closed sales during the same period. The improvements are all the more impressive in light of September's financial meltdown.

Last month, MDA DataQuick reported that Southern California homes sales rose 66.7% from the same period as last year. The reason, many experts pointed out, was because the median home price was at it's lowest level since April 2003. Don't be surprised if we see the same thing happen on the West Coast of Florida. The median price in the Tampa/St. Petersburg/Clearwater area fell 26 percent to $152,300. The area hasn't seen home prices that low since April 2004, when the median was $148,800.

Back in 1989, economists N. Gregory Mankiw and David Weil predicted that demographic trends would lead to a "substantial" fall in real, or inflation-adjusted, home prices over the next two decades "if the historical relation between housing demand and housing prices continues." They reasoned that baby boomers were coming to the end of their prime house-buying years and that the smaller baby-bust generation would bring lower demand for housing. Despite the recent drop, the average U.S. home price is up about 35% in real terms since the end of 1989, according to the Ofheo index.

The median price has fallen to early 2004 levels. Sales are up from last year. Last week's announcement by the Fed to drop mortgage rates to 4.5%, prompted a half-percentage point drop in current mortgage rates and sent homebuyers' mortgage applications up 37.4%, according to the Mortgage Bankers Association. The current 30 year fixed, mortgage rate is now about 5.5%. Rates have not fallen below 5.37% for 45 years.

The interest rate was at 6.5% just a few months ago. The 1% reduction in the interest rate gives the average buyer about 10% more buying power. If rates go back up to 6.5% and prices fall another 10%, the average buyer would be making the same monthly payment as a person who bought at the higher price with the lower interest rate.

There are always going to be people yelling that the sky is falling. I prefer to look at the positive things that are going on around us. Low prices, low rates, and a good amount of inventory makes this a great time to buy!

Jungle Boogie, a special event hosted by 13 Ugly Men, is going to be held tonight at SAKS at International Mall. Grab your spouse or significant other and take care of your holiday shopping with a 15% DISCOUNT at SAKS while enjoying food, cocktails, live entertainment, prizes, and give-a-ways all the while benefiting Tampa's Lowry Park Zoo!

Closed to the public and open only to our VIP guests!!! SAKS 5th Avenue will be turned into an ultra chic lounge, today, Thursday, December 4th from 6 to 9pm.

Tons of Raffle Prizes including a chance to WIN A $5,000.00 SAKS SHOPPING SPREE!!!
Cuisine by PF Chang's, Table, and Ceviche'.

Tickets are limited! Click here to view the eVite for more information or to get your tickets NOW!

Get! your ti ckets EARLY as THIS EVENT WILL SELL OUT!!! Tickets are only $25 ONLINE or $35 at the door! Don't miss this exciting event!

The Thanksgiving holiday is over and the Tampa Bay & Sarasota real estate markets are back into full swing. After a few slow weeks, I've written 2 contracts and had calls from several new buyers. By almost all accounts, the market seems to be stabilizing. Existing home sales in the Greater Tampa Bay area were up 10% for the 3rd quarter compared to 2007 numbers. Unfortunately, Sarasota sales slid 16% in the 3rd quarter compared to last year. That being said, I think we will see gains in both areas for the 4th quarter. I'm starting to see our roads become more congested and the "snowbirds" are showing up at the restaurants and entertainment venues. Inventories continue to drop and the average luxury price looks to be increasing. The charts below show the 7-day and 90-day rolling averages for inventory & price for the metro area's luxury market (e.g. top 10 zips with median prices above $500k)

Obviously, we are not seeing the volume of sales that we were seeing in 2004-2005, but the number of "showcase" homes on the market, compared to just 6 months ago, is declining. Back in May, I had customers that were having a tough time deciding because of the number of spectacular homes available. As the better homes are sold, the remaining homes that will require work, are sitting and driving up the average days on market.

Over the last 5 years that I've been tracking sales numbers, December has always ranked as the 2nd or 3rd best sales month of the year. Based on the number of sales that are already pending for December, I fully expect that trend to continue. While financing continues to be a hot topic of conversation, we're only seeing minor troubles. Over 38% of the buyers in the upper tier paid cash. The top ten highest sales so far in 2008 have all exceeded $5 million with #1 going for $10.25 Million. The home was in Clearwater, on a 1.7 acre lot overlooking the Intercoastal, Clearwater Harbor, & Sand Key. This 12,000+ square foot home was originally listed for $16,000,000. Quite a bargain when compared to the South Pointe Penthouse (Fisher Island, Miami Beach) that sold for $15,000,000 earlier this year.

Nobody doubts the fact that Florida real estate will make a comeback. The international buyers, the boomers, and the people that don't want to continue to shovel snow will make their way to Florida. We made it through another year with no significant hurricaine activity, gas prices are back down, sales are back up........There's a great deal to br thankful for if you just look hard enough!