Treasure Island Short Sales | bought it is an investment but now it is just a money pit?
In 2006 the real estate market started to lose its momentum here in Treasure Island Florida. Many people did not see it and it wasn’t until the end 2007 that the word got out.
People who bought their Treasure Island property in 06 and 07 paid top dollar for it. If you are one of them, chances are that you’re upside down on the value, meaning to own more than the home or condo here in Treasure Island will sell for right now.
There is a lot of investment property like vacation homes and condos in Treasure Island and most buyers typical paid 20 down and had 80% financing. Back then, it all made sense, If you bought a condo on the beach in treasure island with a 7 day rental policy for let’s say $400,000 and you had a down payment of 80% and an interest rate of 6% you yearly mortgage payment was $19200.
That is about the same amount you would get in rental income. Ok you still had to pay the taxes and monthly maintenance fees , altogether maybe another $10,000 but if you came to Florida 4 times a year and stayed for a week at the time this would save you about $6000 in moneys you did not have to spend an renting.
That leaves us with $4000 per year that this condo was actually costing you. Something you could easily afford and in fact you were thinking of making a ton of money when you sell your Treasure Island property in 4 or 5 years after the purchase. At this time we had a 10% appreciation in some cases even more. So, you would have pretty much made about $36,000 per year by owning this Treasure Island condo.
Hey, even if the appreciation would go down to 5% you would have still made $16,000 per year. Everybody knew that the market would eventually slow down; nobody realized that it would completely crash and property values would decrease faster than they had increased.
So, here is our question again, How much money have you lost by waiting? Maybe you should have considered a Short Sale two or three years ago. Every body’s situation is different but maybe it is time for you to consider a Short Sale on your Treasure Island condo. Short Sale is a scary word and there is a lot of misinformation floating around.
If you are thinking about a Short Sale or Just want to know what a Short sale really is, give us a call today 727 410 7777 and we can talk about you options.
For more information go to our Treasure Island Short Sales website
Treasure Island Short Sales | bought it is an investment but now it is just a money pit?
Treasure Island Short Sales | What will my neighbor think?
“I have lived in Treasure Island for over 20 years and I know a lot of people and I am worried what my friends and neighbors might think if my home here in Treasure Island goes up for a Short Sale”
We hear things like that a lot when homeowners call us to inquiry about listing their property as a Short sale. We do understand the situation and we do understand the concerns but to be very blunt, your neighbors do not have to pay your mortgage, you do, they did not lose their job, you did and on it goes.
In a Short Sale situation you have to think about yourself, your family and your future first, not your neighbors and friends.
You have a bunch of good reasons why you need to do a Short Sale and these reasons most likely are not going away anytime soon.
You didn’t do anything to cause the real estate market crash and it is not your fault that prices for homes and condos here in Treasure Island are down by 30 to 50 percent.
Again, we know being in a Short Sale situation in Treasure Island or anywhere else is not fun, it is very stressful and depressing but you do not need to feel guilty on top of everything else.
Short sales in Treasure Island have become a part of our new real estate market condition in Treasure Island and many other homeowners are in the same position you are in.
Do not worry about anybody else, it is your life and your future and you need to make a decision on listing your property as a Short Sale as soon as possible.
The real estate market is not going to turn around anytime soon and Treasure Island real estate prices will not jump back up as fast as they have fallen.
The sooner you make a decision the sooner you are on the road of recovery and out of this mess. Call us today 727 410 7777 and we will answer all you questions.
For more information go to our Treasure Island Short Sales website
Treasure Island Short Sales | What will my neighbor think?
Treasure Island Short Sales | the market is bouncing back.
We really do not know how to say this without sounding negative. For the last couple of days we have hear and read and seen on TV that
and on goes the list.
As a consumer | seller that must sound like the best news you have heard in 5 years and you are already seeing your property values coming back where they were in 2006 and 2007.
As Realtors working in Treasure Island and also doing a lot of Short Sales we are way more skeptic.
Yes, I personally believe that there are some good signs about the Treasure Island real estate market but not nearly enough to jump up and down.
We see new Short Sales listings come on the market every week, we see Bank owned properties advertised for rock bottom prices.
We are just afraid that this euphoria about “everything looks good again” will mislead sellers that are thinking about listing their home as a Short Sale.
How much value has your house or condo lost over the last 5 years?
Do you really think that prices will just jump up again within month and all your problems will go away?
Sorry guys, we hate to be the one that bring you the bad news but it will take years and years for our prices to bounce back. It takes more than a few “good signs”.
America’s and the world’s economy have to get much stronger for people to have enough money to buy at 2007 prices.
So, please if you are thinking about doing a Short Sale here in Treasure Island, pick up the phone and call us 727 410 7777. Let’s talk about your situation and your options.
Do not waste anymore time by WAITING.
Treasure Island Short Sales | the market is bouncing back
For more information go to our Treasure Island Short Sales website
St Petersburg Short Sales | what about furniture.
Excuse me? Some things never stop to amaze me in a St Petersburg Short Sale situation.
We had the beautiful condo as a Short Sale listing on St Petersburg not too long ago and it had really nice furniture in it.
A few weeks down the road another real estate agent presented an offer and it was spelled out in the offer that “all furniture with an approximate value of $10,000 is included”
We had to read it twice to believe it.
Everybody please take a note, there is a difference between personal property and real estate. Unless for whatever very strange reason the bank gave you the loan with furniture as collateral, the lender doesn’t own your furniture and therefore can’t sell your furniture.
The St Petersburg Short Sale homeowner as well as a none Short Sale seller can take the furniture with them when they move, they can sell it on a yard sale but please let’s not complicate a Short Sale deal even more by trying to include the furniture.
The sales contracts we typically use in St Petersburg have standard language like “Personal property is included in the purchase price, has no contributory value, and shall be left for the buyer” or
“Personal property listed in this Contract is included in the purchase price, has no contributory value and is being left for Seller’s convenience.”
Again, we are selling real estate not personal property. Short Sale or not, you do not put a value on things that the sellers leaves for the buyer.
Selling furniture and selling a house or condo here in St Petersburg are two separate things and two separate deals and should be on two separate contracts.
As Real estate agents and a Short Sale agents in St Petersburg I can only sell real estate not personal property.
Please give me a call 727 410 7777 if you want to list your property or have a question.
St Petersburg Short Sales | what about furniture.
St. Pete Beach Fl | community yardsale
This is going to be another fun event in the Treasure Island St. Pete Beach area. The City of St. Pete Beach is hosting another huge yard sale at the St. Pete Beach Community Center, 7701 Boca Ciega Drive, on Saturday, March 10th from 8:00am to Noon.
Indoor spaces in the gym and outdoor covered spaces are available on a first-come basis for just $15.00 for SPB Residents and $17.50 for Non-Residents. There is no entrance fee for shoppers.
Don’t waste your time and energy having a sale at your house or driving around from neighborhood to neighborhood- sales at the Community Center have up to 60 sellers all in one place and are usually frequented by nearly 500 shoppers. Registration is going on now and continues until all spaces are filled.
Come by the Recreation office or call 363-9245 with questions or to reserve your spot.
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Serving waterfront in the St. Petersburg area -Tampabay - Treasure Island - Madeira Beach - St Pete Beach - Short sales specialist
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