Tampa Bay home values drop still among worst in nation

Even as other areas of the economy strengthen, Tampa Bay home values continue to fall.
Home values have decreased 9.1 percent in the past year to an average of $115,700, according to a report released today by housing tracker Zillow.com.
It was the third straight quarter in which the numbers declined.
The area recorded the seventh biggest drop in the country. Nationally, home values fell 4.3 percent.
Other Florida regions fell further. Miami-Fort Lauderdale fell 15.2 percent, while Orlando slumped 11.9 percent, Zillow reported.
This region remains one of the worst in the country.
Overall, Tampa Bay home values have dropped 46.3 percent from their peak in May 2006 and mirror values from September 2002, Zillow said.
Although the number of homeowners carrying negative equity decreased slightly to 46.8 percent, the area ranks fourth among the 25 largest regions. It trails Phoenix (68.4 percent), Riverside, Calif. (48.1 percent) and Orlando (64.2 percent).
A University of Central Florida economist said the Zillow data appear to be consistent with trends in the rest of the state and show that declining values are slowing.
"It's suggesting that we are very near the bottom, but it doesn't mean prices will go up," Sean Snaith said.
Home values in the United States have declined for 17 consecutive quarters and won't rebound quickly, said Stan Humphries, chief economist for the real estate tracker.
"While not unexpected, the unceasing declines in home values signal that we're in for a long, bleak winter of continued troubles for the housing market," he said in the report. "The length and depth of the current housing recession is rivaling the Great Depression's real estate downturn, and, with encouraging signs fading, will easily eclipse it in the coming months."
Zillow bases its figures on the median value of all homes in a metro area and does not include foreclosures or sales figures because it would drive the numbers down, a spokeswoman said.
Craig Beggins, owner of Century 21 Beggins Enterprises in Apollo Beach, discounts the estimate's meaning for home prices because it is based upon median averages, rather than sales. His agents are selling more than 100 homes each month priced between $80,000 and $140,000.
He acknowledged that the price of the homes he now sells average $165,000, a 50 percent drop from 2005. But he said that's because higher-end homes are taking longer to sell.
"You can say cheaper homes are selling," he said. "The robustness of the market is at the lower end."

Tampa Hyatt sells for $58.5M

An affiliate of Hyatt Hotels Corp. sold the Grand Hyatt Tampa Bay property to an investor working with UBS Global Asset Management for $58.5 million. Following the purchase, UBS will finance the property’s renovation on behalf of the anonymous investor, a release said.

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“The sale of Grand Hyatt Tampa Bay supports our strategy of recycling capital in order to expand the presence of Hyatt hotels in markets in which we are not represented or are under represented,” explained Stephen Haggerty, head of real estate for Hyatt.
The Grand Hyatt Tampa Bay, which will retain its name post-sale, houses 445 rooms, three restaurants, and a variety of other amenities including pools and a health club.
Hyatt Hotels Corp. is headquartered in Chicago.

Potential buyer for Belleview Biltmore steps

BELLEAIR — A man who introduced himself to the mayor as the "next and final owner" of the Belleview Biltmore said he will close on the historic hotel this week.
"Trust me," Thomas Gavin wrote in an e-mail late Friday to Belleair Mayor Gary Katica. "I am in contact with the present owners of the Biltmore and ready to sign a contract this week to purchase and close this year."
Gavin described himself as the chairman of Lifestone Capital Corp., a company that is not listed in Florida corporation records.
He said he has stayed in the presidential suite at the Biltmore, an experience that gave him "the full appreciation of the presence and the need to preserve the legacy of such a grand hotel."
Gavin said he doesn't want to destroy the hotel, but complement it. He was unavailable for comment Monday, but participated in a 15-minute conference call with Katica and Town Manager Micah Maxwell.
Katica, who said he would be thrilled if Gavin closed this week, said Gavin repeated his desire to restore the hotel.
"When you get something exactly the way you want it," Katica said, "you hope that it's true.
"They just want to take the pagoda entrance down, make a five-star hotel, enhance the golf course, be a good neighbor."
The Biltmore's mortgage is held by former owner Urdang & Associates. The company declined to comment.
Three years ago, Latitude Management, formerly known as Legg Mason Real Estate Investors, bought the property for $30.3 million. That agency could not be reached Monday night.
The Biltmore closed more than a year ago for a three-year, $100 million makeover. But lawsuits and the lagging economy have stalled the project.
Interest in the Biltmore waned until September, when Tampa lawyer Ron Weaver called officials and inquired about commercial and residential possibilities.
Miami brothers Daniel and Raphael Ades flew in this month to find out what development the community would allow.
Then on Friday, Gavin became the third interested buyer.
"I think every one of them has said that they had a contract on it," Maxwell said. "We have yet to see any movement on it. People can say whatever they want, and we'll just see who ends up with the hotel."

Owners Seek to Sell at Loss as Banks Push Foreclosure

http://www.cnbc.com/id/39827922

Mortgage Applications Slump as Rates Rise

Home Builder Confidence Rises For First Time in Months

Home builder confidence for newly built, single-family homes rose three points to 16 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for October.

This was the first improvement registered by the HMI in five months, and returns the index to a level last seen in June of this year, according to the survey.

Readings below 50 indicate negative sentiment about the market. The last time the index was above 50 was in April 2006.

High unemployment, slow job growth and tight credit have kept people from buying homes.

But all three of the HMI’s component indexes registered gains in October.

The index gauging current sales conditions rose three points to 16, while the index gauging sales expectations in the next six months rose five points to 23 and the index gauging traffic of prospective buyers rose two points to 11.

Builder confidence also improved across every region in October. The South and West each posted four-point gains, to 18 and 12, respectively, while the Northeast and Midwest each posted single-point gains, to 17 and 13, respectively.

SMR - StockMarketReview.com (Foreclosures)

if you wish to acquire an affordable property in a solid location then foreclosed homes in Tampa may just appeal to you as it has to a good number of people. The market for foreclosures favors buyers with the low prices of homes, good home conditions and easy financing options.
To be able to acquire foreclosed homes in Tampa one need only have the capability to pay for one either in cash or through a financing program. So before you even check out listings for these properties it would be best to secure your finances first. If you do not have the cash to purchase a property in its entirety, you can always take out a home loan from any lending outfit or bank. The way to do this is simply to walk up to one and get pre-qualified.
The Search
Seasoned buyers of foreclosed homes know that the only way to succeed is to come prepared with all the data and knowledge pertaining to the home they wish to purchase. It is a good thing that most everything one needs to know about the subject can be found online in user-friendly formats that are easy to navigate. There are numerous web sites that offer listings of foreclosures plus other related and helpful data which buyers can use to speed up the decision-making process.
A Sense of Urgency
Once you have found what you set out to look for further research is needed to determine the cost of repairs, to discover hidden taxes and liens and to compare the price of the home with that of like homes in the neighborhood. If you are relatively new to the business of buying foreclosed homes in Tampa it may be prudent to seek the help of a local real estate agent or broker who can ably represent you in the transaction.