Nibal Elsaadi

According to recent statistics posted by the Greater Tampa Association of REALTORS® (GTAR), June saw a significant increase in home sale prices and properties sold, as well as a notable decrease in days spent on the market. While we may not yet be out of the woods, this raw real estate data shows significant improvement conditions in the Tampa Bay market.

According to June's market statistics, units sold were up by as much as 14 percent from May 2009 and 23 percent from last June. Year to date, home sales are up by approximately 20 percent. The days properties spent on the market were down by 7 percent from June, with an average of 110 days for the entire Tampa Bay area.

The most positive shift in June's statistics was the increase in home sale prices throughout the Tampa Bay area. All sub-areas of Hillsborough County saw an increase in selling price with the exception of Town n Country. The average home price was up by $14,000 from May with the average selling price at $191,160. Pasco County also experienced a moderate increase in home sales prices.

The two markets of Tampa that continue to see strong increases in home sale prices remain New Tampa and South Tampa. Not surprisingly, South Tampa average home prices were up by $18,000 from May 2009, while New Tampa saw an even more significant increase of $45,000. Statistics have shown that these two highly desirable Tampa Bay regions have been strong areas of the market with relatively stable conditions. Buyers continue to view South Tampa and New Tampa as smart real estate purchases. These are just the facts, delivered by SI Real Estate.

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T. Rowe Price paid $13.5 million last Wednesday for a 75-acre site on State Road 54 in Pasco County. The Baltimore based financial services firm plans to use this land as the site of its new Tampa Bay corporate campus that is expected to bring at least 1,200 new jobs to the Tampa Bay area.

The company, aimed at expanding in the region, plans to build three 150,000 square foot buildings on there new site. The relocation to Pasco County is part of an important expansion of T. Rowe Price's overall operations. This move gives Pasco County a major global employer and is anticipated to bring significant growth to the region.

A county commissioned study said that T. Rowe Price could add more than $58.5 million in government taxes and school coffers during the next decade. The project will bring more high-wage jobs to Pasco and reverse some of the heavy commuting along the State Road 54 corridor, the state road that runs along New Tampa, Wesley Chapel and Odessa. With this new development, additional residential and commercial growth can be expected in this still expanding region of Tampa Bay.

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One of the best real estate successes offering aid in this troubled housing market is the FHA loan program. What exactly is an FHA loan? For those who might still be confused about their financing options, an FHA loan is a United States federal assistance mortgage loan insured by the Federal Housing Administration. The loan program, usually issued by federally qualified lenders, can provide an affordable financing option for many first-time and second home buyers.

The current property prices offer an excellent opportunity for investing and because of this cash buyers have taken an active role in today's real estate market. For home buyers who have had trouble competing with these cash investors but have 3.5 percent to put toward their purchase, finding an FHA approved condominium communities is an excellent option.

FHA recently came out with its long-awaited rules on condominium loans, and they are a mixed bag for investors, second home and other buyers and sellers.

FHA has said it will not insure units in condominiums where more than 25 percent of the total space is allotted to commercial uses, such as retail stores or offices. In fact, the agency made a point of emphasizing that it will reject loan applications from any property that it deems not "to be primarily residential" in character.

The agency won't endorse loans from projects where less than 50 percent of the total units already have been sold, or where less than 50 percent of the units are owner-occupied or sold to buyers "who intend to occupy them." FHA also won't insure condo loans if more than 10 percent of the units are owned by investors.

A small percent of condo communities in the Tampa area are FHA approved and finding these communities can be difficult. A mortgage broker or real estate professional can help buyers determine what properties are in fact FHA approved. Although they may not be as abundant, FHA approved communities do exist and it is important that buyers research their area of interested thoroughly. FHA guidelines were designed to protect home buyers from buying in high risk communities and working with a knowledgeable real estate agency will help ensure that you gain access to the best real estate in FHA approved communities.

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According to a recent Realty Times article, "The most bearish of Wall Street economic analysts have made the same point for the past 18 months. There's no recovery or rebound in the housing market, they said, until home builders start building again." The numbers that they have been waiting on are here. Last week the Commerce Department reported an unexpected rise of 7.5 percent in single family home starts during the month of May.

New construction has been one of the weakest segments of the housing market since 2007. May's increase was the third consecutive monthly gain in single family starts, bringing total starts, including multifamily apartment starts and condos, up by 17.5 percent. Not only were starts significantly up, but so were other key indicators of future home building activity such as single family permits, which saw an increase of 8 percent. Consumer confidence, which is extremely important for home buying, was also up for the fourth consecutive month.

Sales of previously occupied homes rose from April to May, representing the third monthly increase this year. The National Association of Realtors also reported that the number of unsold homes on the market at the end of May fell 3.5 percent to nearly 3.8 million. These numbers provide additional evidence that the real estate market's much anticipated rebound is clearly underway.

Affordable real estate prices and adequate market availability have made owning at Cordoba Beach Park, one of the most desired luxury townhome communities in South Tampa, a reality for many. Hard wood and ceramic tile flooring pair with vaulted ceilings, dramatic interior views, fully equipped kitchens with granite countertops, cherry cabinets and black appliances, abundant storage space, walk-in closets, garden bathtubs, private garages, and three story spacious floor plans are just some on the features that accompany the townhomes of Cordoba.

Mediterranean inspired architecture partnered with fountains and lushly landscaped courtyards brings charm to this upscale community. Residents enjoy access to a community fitness center, a 24-hour business center, clubhouse, sundeck and resort-style pool and spa.

Cordoba Beach Park is located in South Tampa at the heart of the Westshore business district. Westshore is the economic and business epicenter of Tampa Bay, boasting over 11 million square feet of office space and hosts more than 4,000 companies. The townhomes of Cordoba are within walking distance to the Westshore Plaza, Tampa's finest restaurants, world-class shopping, and several luxurious hotels. Clearwater and St. Petersburg, home to some of Florida's award-winning beaches, Macdill Air Force Base and the Tampa International Airport are also just a short commute from the community.

Cordoba Beach Park offers one, two, and three bedroom floor plans and homes can now be found priced as low as $170,000. Rentals are also available and a one bedroom unit can be leased for as little as $1,150.

Virtual tour: http://tinyurl.com/cordobabeach

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