The greatest questions in times when there is uncertainty are “What should I expect today”, “What will tomorrow bring” and “What should I do”. You can rely on Smith & Associations to continue to serve the community as the skilled and trusted real estate advisors we have been and will remain. With that in mind, I offer you the following insights into the local effect of these unprecedented events.
Tampa Bay had a record-setting first quarter in real estate, which was the case broadly across many of the markets in the US. We are still seeing much of that success in current closings and inventory yet available. Of course we are seeing some market reaction as buyers and sellers adjust expectations and alter goals. Some choosing to wait and see, while others have made swift decisions. Each individual’s situation is unique and must be evaluated in total to find the correct path.
As many states, including Florida, have adopted new stay at home protocols, we have begun to see the effects of these actions upon the market as professionals and consumers adapt to sales and showings that can be done safely with buyers that have a need to purchase at this time. In our market, real estate activities have been labeled essential, as long as these actions conform to the current guidelines of size limits and social distancing. Together with your Smith Associate will be the best judge of the practices that are right for each situation.
Smith is adjusting strategies to accommodate for consumers limited movement through virtual showings, promoting with a more digital focus, fantastic photos and an elevated degree of electronic communication. Additionally, the closing process is being altered and advanced with safety and convenience in mind. Our administrators continue the 10-day pre-closing prep check to assure all is in order to progress smoothly onto successful completion of transactions.
Naturally, the market will slow in some price ranges and days on market will likely extend to some degree. However, buyers that have been waiting for the “right” home are venturing out for safe showings and buying homes. Of course some are testing values to see if sellers have felt any impact financially hoping to create some opportunity in price negotiation. It is early to tell, but as weeks extend to months, perhaps the trends will show some opportunity in certain ranges for properties not in top condition. Now is the time to get the home in great order so when you do come to market, the best presentation is offered.
If the home was on market prior and things have gone silent, it may not necessarily be isolated to what would be the typical considerations; price or condition, rather, the market may simply be in a pause until folks feel safe. After a period of readjustment occurs and stability returns in employment and our economy, routine behavior will reestablish and Tampa Bay will continue to be one of the best places to choose to live and enjoy life.
We at Smith & Associates, look forward to when buyers and sellers can become more fluid in their movement, but for now we have virtual, digital, and electronic solutions in action to service and support the needs of our consumers right now to accomplish the task of reaching the current goal. As time passes and we begin to see market changes, we will communicate further insights on values and trends with our team to deliver to the communities they serve as trusted real estate advisors.
May you and your family remain safe and secure and at any time we are glad to provide you with market information to assist in your decision-making process. We will continue to be your real estate resource and trusted friends in Tampa Bay.
President / CEO
Even in this unique time of social distancing, our real estate team has the digital tools to help you step into some of the most exciting developments coming to Tampa Bay. With new construction, a home searcher isn’t able to enjoy a physical tour but instead must be able to envision the feel of a property and make sure that it offers the comfort, amenities, and security they desire. We invest in state-of-the-art technology using virtual tours and 3-D renderings that help our clients become immersed in the space of a new construction project.
Construction of Hyde Park House along the iconic Bayshore Boulevard is underway and through our technology-based interactive virtual tour, you can ascend the 22 stories to enjoy the building at full completion. With the virtual tour, you’ll develop an understanding of the architectural vision of this elegant luxury tower that will stand tall in one of the most prized locations of South Tampa. From the comfort of your home, you’ll appreciate the spectacular, sweeping views of the Bay, experience the building’s boutique amenities, and practically take a dip in the pool enjoying the skyline from a cushioned seat in the outdoor terrace.
Another highly anticipated development coming to South Tampa, Altura Bayshore, offers a full residence virtual tour from your iPhone, tablet, or computer. The tours include four furnished residences and showcase the high-end appliances and fixtures, the breathtaking views, and the thoughtful luxury found in the spacious interiors.
To give home seekers a perspective on the nautical living enjoyed at Marina Pointe, we use 3-D Renderings to bring the waterfront community to life. The 3-D renderings detail not just the building design and luxurious residences but also the retail district of boutiques, outdoor cafes, and boat-up restaurants. With one trip to the Marina Pointe website, you’ll be able to experience the sunset from your digital living room and go for a walk along the blossoming waterfront neighborhood.
Downtown living is also easily viewed from the comfort of your home with Water Street Tampa’s advanced technology. Through an interactive scale map with projection mapping, data feeds, and gaming technology viewers are immersed in the entire community of Water Street Tampa. Inside the district will be the Residences at The Tampa EDITION which is currently under construction and will be the centerpiece of the growing Water Street Tampa community. With the Water Street Tampa virtual experience, you’ll get a feel for what homeowners can expect in a Downtown Tampa home and the Residences at The Tampa EDITION will offer unparalleled luxury and world-class listings.
Bob Glaser, President & CEO of Smith & Associates, says that our technology-based tools ensure that our customers from all across the world can get the same great experience viewing new construction condominiums without physically being in town. Use our state-of-the-art virtual tools to familiarize yourself with the developments on the horizon and view multiple properties that will be move-in ready soon. Our New Construction sales executives are fully equipped to provide tours and live chats via popular tools like Google Hangouts and Zoom. This brings back the personal experience and elevated service that we have in our sales galleries while utilizing the virtual tools that bring developments to life. Let us know how we can assist you in finding a home that you love.
Find a Smith agent today, click here.
Hyde Park House Virtual Tour
With governments instituting tighter shelter in place restrictions and businesses shifting to the work-at-home model during the COVID-19 crisis, we want you to know that we are working closely with all our partners to be able to meet your real estate needs as efficiently as possible.
While our current situation is unique, we know that securing a low-interest rate is an important step in making an informed decision before purchasing a new home, and our team can guide you with personalized mortgage solutions. Our Mortgage lender, VanDyk Mortgage, is still generating individualized loan programs and has updated us on the market situation answering frequently asked questions regarding lending in Tampa Bay:
What is going on with appraisals?
While some appraisers are rejecting assignments, the majority are moving forward. Fannie Mae is accepting drive-by or desktop appraisal when we are unable to obtain a traditional appraisal. Many companies are working with skeleton crews during these difficult times so please allow for additional time to close as the appraisal process may take longer.
What happens if I lose my job before closing?
You need to be employed at the time of closing IF the income from the borrower who lost their job is needed to qualify for the loan. Without the income, the loan will not close or fund. If the income from the recently unemployed borrower is NOT needed for the loan, then the loan will close as planned.
Are you still able to verify employment?
All lenders will do a re-verification of employment at a minimum of 10 days prior to closing. With the current situation, we may not be able to use traditional methods to verify employment and will rely on alternative methods. These alternative verifications will be accepted and we do not expect any delays in the process if employment has remained.
What happens if I am on temporary leave?
If there is a leave of absence with one of the borrowers, and the borrower intends to return to work prior to the first payment due date, we may use their income to qualify. Many employees have been furloughed depending on their industry. Some of these situations, we can work with and still move forward with securing a loan.
Interest rates are low and real estate transactions are happening every day. You may have more questions and need more guidance during this unique time, but we are here to help. While COVID-19 has effected our markets globally, we have been in business for fifty years and have seen our share of market ups and downs. As always, it is our commitment to provide a seamless home buying or selling experience and we are able to do that while keeping our community’s safety a priority. Connect with a Smith agent today, click here.
Please watch as CEO of Smith & Associates Real Estate, Bob Glaser, discusses the Real Estate Market as it relates to COVID-19.
Smith & Associates Real Estate has been an integral part of the Tampa Bay community for over 50 years. We have provided strategic real estate services through market booms and busts and will continue to provide you with relevant real-time real estate market information.
We are experiencing an unprecedented event in modern history, a global pandemic, COVID-19. While we cannot predict exactly how the virus will spread or the markets will respond, we can promise that our agents with years of experience, will continue their timeless commitment to provide timely facts and analysis on our local market. Because we are in constant communications with our global partners we expect that the United States and Florida will soon be subjected to much more restrictive social distancing regulations.
However, now is definitely not the time to panic. The real estate market is far less emotional than the financial markets. Everyone needs someplace to live, and Florida is still an extremely attractive place to live, work and play.
Many people who are considering buying now may be swayed by other benefits of homeownership: control and certainty. Real estate offers people stable monthly payments and a home that makes them feel safe, comfortable, and happy. Further, inventory is still tight in Tampa Bay and historically low-interest rates mean a buyer can secure best value. People will continue to invest money into tangible assets. Throughout the next few weeks, we will continue to provide timely real estate updates.
We understand the safety of our agents and clients is a top priority. Technology allows us to take a virtual tour of a listing and provide online concierge service with a real estate expert. To assist sellers and buyers, we have secured the best virtual experiences on our listings and providing individual showings on request. Our agents will remain available, providing online and video consultations, live streaming property tours, and sharing updates on social media. We continue to monitor and adhere to the guidelines set forth by our local, state and national governments, as well as leading real estate industry associations.
It has been an honor to live and work in Tampa Bay for my entire adult life. I know how strong, supportive, and resilient we are as a community. I am as confident in Tampa Bay’s real estate market as it was two weeks ago before we fully understood the seriousness of COVID-19.
While events that bring us together have shut down, all 285 of our agents are just a phone call away and are equipped to offer sound advice and assurances.
President / CEO
The excitement was contagious as business leaders, elected officials, and future Marina Pointe homeowners gathered to celebrate the groundbreaking of Marina Pointe. Speaking at the event was Tampa Mayor Jane Castor, BTI Partners CEO Noah Breakstone, and Smith & Associates Real Estate President and CEO Bob Glaser who all echoed the shared sentiment that the Westshore Marina District, and its crown jewel of Martina Pointe, will be a game-changing neighborhood that will redefine South Tampa.
Marina Pointe introduces a new contemporary waterfront condominium and townhome lifestyle with breathtaking views, resort-style amenities, and unabashed luxury Overlooking a protected, deepwater yacht basin, Marina Pointe condominium residents will be able to indulge in an impressive array of private amenities or walk to shops, dine at marina-front restaurants, and boat onto open bay waters. More than fifty homes in Marina Pointe have already been reserved and several future homeowners who attended the groundbreaking said that the lure of the boating lifestyle so close to South Tampa is what they are most excited about.
With a state-of-the-art marina, a retail center that will include the Cru Cellars wine bar and shop, Duckweed Urban Market boutique grocery, DRNK Coffee Shop + QWENCH Juice Bar, Crave Spa, Salon Color Bar, and Sand Surf Co., among others and a boat-up dining destination, Paloma, the condominiums and townhomes will be a short stroll away from the waterfront promenade. The Westshore Marina District will also offer walking trails and parks along the waterfront that will connect with the marina.
The first residential tower of Marina Point is expected to take two years to complete and the retail center will open in the first quarter of 2021.
To learn more about Marina Pointe’s one-of-a-kind luxury condominiums and the all-new marina’s amenities and services, explore the website at MarinaPointe.com, call 813-930-9800, or visit the sales gallery at 4900 Bridge St, Tampa, FL 33609.
See more photos from the Marina Pointe Groundbreaking Ceremony, here.
What do you look for in your dream home? Is it a sparkling pool ready to refresh you on a blistering summer day? Is it a great outdoor space to entertain guests and host evening get togethers with friends? Or maybe it’s a spacious interior so every family member can relax in their own way. We have news for you… This Sunset Park home has all those qualities and so much more.
“It is so rare to find even 1 or 2 of these unique features in 1 property, let alone all of them under one roof!” says Grant Patterson, listing agent.
Built in 2004, this estate located at 4617 W Leona Street, is the best luxury deal in South Tampa. The home features 6 bedrooms, 6 full bathrooms, 1 half bath, and 5,274 square feet of living space. Talk a step into the spacious “main” section of the home, and you’ll be greeted by the four oversized bedrooms, expansive modern kitchen with center working island, great room, dining room, and den. Head to the attached in-law/nanny suite, and you’ll see the suite’s full kitchenette, bathroom, bedroom, and den, along with an extra laundry hookup. The in-law/nanny suite also has its own entrance from the exterior.
Just when you thought the home had it all, its three-car garage and additional grand retreat for enjoying movies and hosting guests will sweep you off your feet. Not to mention it’s located near Mabry Elementary School, Coleman Middle School, and Plant High School.
“I am always so amazed by the incredible space the home has.” says listing agent Sterling Remer. From the front, it may look like an ordinary home, but the interior is a spacious wonderland awaiting a family to make everlasting memories within its enchanting walls.
Listed at $1,273,000, approximately $300,000 less in price than anything else of similar size, come take a tour of this South Tampa home with multiple generational living spaces and see for yourself why it is the best deal in Tampa Bay.
Click here for more details on this exclusive luxury home.
Sterling Remer & Grant Patterson, REALTORS®
Photos of 4617 W Leona Street, listed by Sterling Remer & Grant Patterson, REALTORS®
Coronavirus is a large family of viruses causing illnesses ranging from the common cold to severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). The respiratory disease it causes has been named “coronavirus disease 2019” (abbreviated “COVID-19”), according to cdc.gov and who.int.
As coronavirus has made its path into the United States, it is important to be prepared should there be a coronavirus outbreak in your community.
Here are some tips to best prepare your home for a coronavirus outbreak:
- Create a plan of action. Determine who is in your plan of action and discuss the needs of each individual should there be an outbreak in your community.
- According to cdc.gov, data shows that older adults and persons who have underlying chronic medical conditions may be at a greater risk for more serious complications and at risk for serious COVID-19 illness. Make sure your plan includes care for elderly family members.
- Talk to your neighbors and discuss your plan of action should there be an emergency. You may also want to make frequent check-ins to your neighborhood’s website or social media page to get quick updates or current information happening in your community.
- Make a list of aid services in your community. This could mean health care services, support, and resources such as food or supplies. Make the list known and available to your household so every member knows where to go if in need.
- Many have this established already, but create an emergency contact list. This should include a list of family, friends, neighbors, carpool drivers, health care providers, teachers, employers, the local public health department, and other community resources that could be easily reached should there be an emergency in your household.
- Practice good hygiene. Avoid people who are sick, and if you are sick, stay home and away from the public unless you are seeking medical care. Cover your mouth and nose with a tissue when coughing or sneezing. Wash hands for at least 20 seconds and use a hand sanitizer that contains 60% alcohol. Clean surfaces frequently with detergent and water, then disinfectant.
- Designate a room for sick family members to keep them from contaminating those in your family who are healthy.
- Have a plan of action if your child’s school or childcare facility closes.
While there is still much to learn about COVID-19, it is important that you take precautions and plan for the worse if there were to be an outbreak in your community. Visit cdc.gov/COVID19 for the latest information and resources regarding coronavirus.
Interested in speaking with a neighborhood expert? Contact a Smith agent today! Click Here.
View full photo album, HERE!