Phil Rotondo

Price Reduced on Fitzpatrick and Fellenz SW in SW Palm Bay

Phil Rotondo — Mon, 30 Jun 2008 17:37:00 GMT

SW Palm Bay, Palm Bay - Announcing a price reduction on Fitzpatrick and Fellenz SW, a 10,750 sq. ft. lot / land "0.25 acres". Now MLS® $9,250 - Port Malabar Unit #30.

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Single Story For Sale in U.S. Highway #1 Commercial Property

Phil Rotondo — Sat, 28 Jun 2008 17:39:00 GMT

Office and Mini-Warehouse(s) -Melbourne

• 3,920 sq. ft. single story "Office Plus Mini-Warehouse" - MLS® $650,000 - Priced for immediate sale

U.S. Highway #1 Commercial Property, Melbourne - Location,Location, etc. Priced for immed sale. Over 1.5 acre divided into 2 parcels.Front-BU-1, Rear-CU2. Seller has rec'vd cty approval to add 2 buildings,4500sf & 5100sf to the present 3000sf fac. Great for a small business & have an income. Present bldg is complete with a recept area,mtng room,2 offices,rstrm & kitchen. Current tenant on a 1-year lease w/1st right of refusal.Storage fac & parking-Income $55k a year.

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Single Story For Sale in U.S. Highway #1 Commercial Property

Phil Rotondo — Thu, 26 Jun 2008 20:35:00 GMT

Office and Mini-Warehouse(s) -Melbourne

• 3,920 sq. ft. single story "Office Plus Mini-Warehouse" - MLS® $650,000 - Priced for immediate sale

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Economist View - State's road rocky - An article by Michael Sasso from the Tampa Tribune

Phil Rotondo — Thu, 26 Jun 2008 19:05:00 GMT

Economist: State’s road rocky

TAMPA – June 26, 2008 – It isn’t easy being an economist nowadays. Everyone wants a rosy report on the economy, but all Bob Allsbrook can offer – at least for now – is more pain for Florida housing and its economy.

In true kill-the-messenger fashion, people who hear the Regions Bank chief economist speak sometimes claim he is helping to drag down the economy by giving his honest impressions. He counters that without accurate information people can’t take the appropriate actions.

Based in Regions’ headquarters in Birmingham, Ala., Allsbrook was in the Bay area this week to speak to the Greater Tampa Chamber of Commerce and two private audiences. The Tampa Tribune spoke with him Tuesday in downtown Tampa about his views of the state and national economy.

On a positive note, he thinks that some economists who are predicting the next Great Depression are off base. Conditions aren’t right for a depression, and the Federal Reserve has learned much since the 1930s. However, he thinks the U.S. economy is in a recession and won’t return to average growth of 3 percent until 2010. Florida, meanwhile, can expect a significant drop in tourism until that time, he said.

Here are excerpts from the discussion:

Q. Are we in a recession, and does it really matter if we’re technically in a recession?

A. That’s a big debate, and I think people are wasting their time on it. Whatever we call it, it’s a lousy economy. What I say we’re in is a period of ‘stagflation,’ stagnant unacceptable growth combined with above-average inflation. I think that’s been in place since last fall and will continue well into next spring.

I do think we’re in an official recession which started in February. There are 10 criteria that the National Bureau of Economic Research uses to determine a recession, and only four of them are fixed. All four look just like they did in the previous recession: consumer spending is one, personal income is another, industrial production and employment.

The irony of all this is, if we use the alternative definition of two back-to-back gross domestic product declines, then the 2001 official recession was not a recession. We did not have two consecutive declines in GDP.

Q. Some people are claiming that we may fall into a depression. Are signs at all lining up for a really deep recession or depression?

A. You know the analogy of the broken clock? It’s right twice a day. If you keep saying it day after day after day, twice a day, you’re going to be right. I think that analogy fits.

There are economists that have made a living for 40 years by saying, ‘Panic, buy gold, the world’s coming to an end.’

I’m very much a student of economic history, and Federal Reserve Chairman Bernanke is the best in the country. He is the world’s best student of the financial problems of the last depression. Thank goodness he’s on the job, because he’s taken very wise, educated steps to prevent that from happening. I don’t like the word depression even being mentioned because it just doesn’t fit the conditions that are out there today.

What happened to cause the Great Depression is we had a 30 to 50 percent rise in tariffs. We’re not doing that now. We have unemployment insurance now, we didn’t then. We had the Federal Reserve then tightening the money supply. That’s certainly not what’s happening now.

Never before in history have we acted this rapidly with both massive Federal Reserve stimulus and budget stimulus tax rebates at the same time. That’s powerful. And people say, ‘Where is it, where is it?’ Well the budget stimulus just hit in May and showed up in retail sales and strength at Wal-Mart sales, which nobody expected. And we’re likely to have another stimulus package by the end of the year, by the time the election is over. I think they’ll finally do something for business.

Q. Is demand for Florida real estate starting to catch up with supply?

A. There are real estate markets within Florida that are very different. The Miami market is very different from Northwest Florida or Jacksonville or Orlando or Tampa. You put them together and get an average, but when is an average ever representative of the whole?

But what I’m hearing on the ground all the time is that we still have another round of price cuts to go to clear the inventory. The housing inventory is massive out there, identifiable, and a lot of inventory that’s not counted as for sale but has been held out of the market and put up for rent.

Q. If $4-a-gallon gas sticks around or gets worse, how might that affect Florida?

A. National consumer behavior shows up in Florida tourism. What I’ve been saying all this time since last August with the credit squeeze, is, ‘Look out for discretionary spending.’

What that means is consumers are going to have to spend more on things they must spend on, rather than what they want to. One of the first things that goes is the big extended vacation in Florida.

I’ve been criticized by a number of folks in Florida, some reporters and some tourist people, who say, ‘What are you talking about, it’s not in the numbers, it’s not in the numbers?’ Yeah, but most of the bookings in Florida by people out of state are made three and six months ahead. Just wait, it’s coming. And I don’t say that with any joy. But I believe strongly that we are going to see further weakness in domestic tourist spending in Florida. Florida’s disproportionately dependent on consumer spending.

Copyright © 2008 Tampa Tribune, Fla., Michael Sasso.. Distributed by McClatchy-Tribune Information Services.

Florida Existing Home sales improve month to month - An article by The Florida Association of Realtors

Phil Rotondo — Thu, 26 Jun 2008 19:02:00 GMT

Florida existing home sales improve month to month

May existing-home sales show modest gain

ORLANDO, Fla. – June 26, 2008 – Florida Realtors® statewide continued to report positive signs in their local housing markets, with an uptick in existing home and condominium sales in May 2008 from April, according to the latest housing statistics released by the Florida Association of Realtors® (FAR). A total of 12,175 existing single-family homes sold in May, up 8.7 percent over the previous month when 11,200 homes changed hands statewide. Existing condo sales statewide rose 3 percent, with a total of 4,018 units sold in May compared with 3,900 condos in April.

The median price for both existing single-family homes and existing condos increased slightly as well during the one-month period. The existing-home median price in May was $203,300, up 2.2 percent from April’s median price of $198,900. The median price of an existing condo last month was $181,800, up 1.5 percent from April’s figure of $179,200.

In the latest National Association of Realtors® (NAR) housing outlook, Chief Economist Lawrence Yun noted that pending sales contracts have increased markedly in areas experiencing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said. “Sharp price reductions are leading to a quicker discovery of price equilibrium points.” Pending sales are based on contracts signed but not yet closed.

In the year-to-year comparison, a total of 12,175 existing homes sold statewide last month while 12,882 homes sold in May 2007 for a decrease of 5 percent, according to FAR. Florida’s median sales price for existing homes last month was $203,300; a year ago, it was $239,000 for a 15 percent decrease. But, looking back to May 2003, the statewide median sales price for single-family homes has increased about 34.5 percent over the five-year-period, according to FAR records – at that time, the statewide existing-home median price was $151,200. The median is the midpoint; half the homes sold for more, half for less.

In a year-to-year comparison for condos, 4,018 units sold statewide compared to 4,458 in May 2007 for a 10 percent decline. The statewide existing-condo median sales price last month was $181,800; in May 2007 it was $210,200 for a 14 percent decrease. NAR reported the national median existing condo price was $214,900 in April 2008.

The national median sales price for existing single-family homes in April 2008 was $200,700, down 8.5 percent from a year earlier, according to NAR. In California, the statewide median resales price was $403,870 in April; in Massachusetts, it was $314,900; in Maryland, it was $292,447; and in New York, it was $215,000.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.04 percent, down from the average rate of 6.26 percent in May 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Once again, several of Florida’s metropolitan statistical areas (MSAs) reported gains in existing home sales for the month; a few MSAs also showed an uptick in condo sales. Realtors around the state reported an increase in buyer interest in their markets, noting more home showings, telephone calls, and other business activity, as well as higher pending home sales in many areas.

Among the state’s larger markets, the Sarasota-Bradenton MSA reported a total of 858 homes sold in May compared to 772 homes a year ago for an 11 percent increase. The existing home median sales price was $246,200; a year ago, it was $294,700 for a 16 percent decrease. A total of 331 existing condos sold in the MSA last month compared to 339 condos the previous May for a decrease of 2 percent. The market’s existing condo median price remained stable at $246,400; a year ago, it was $246,200.

Stephen Lingley, president of the Venice Area Board of Realtors and a broker-associate with SKY Sotheby’s International Realty, said that buyers in the area appear to be deciding that now is the right time to take action. “We’re seeing an increase in sales activity as the people who have been hesitating are starting to move on choice properties,” he says. “There are people that are able, willing and eager to buy: They’re ready to make a commitment. Pricing the properties right [to sell] is a key element in the market, and sellers are certainly more willing to negotiate. We are seeing a pretty good upswing in sales.”

© 2008 FLORIDA ASSOCIATION OF REALTORS®

Real Estate by Metro Area with Case-Shiller Numbers - an article posted on Wall Street Journal Online

Phil Rotondo — Thu, 26 Jun 2008 18:59:00 GMT

June 24, 2008, 10:42 am

A Look at Case-Shiller Numbers, By Metro Area

The S&P/Case-Shiller home-price indexes, a closely watched gauge of U.S. home prices, show declines continued to get steeper in April, with every region surveyed now showing year-over-year drops.

But in what may be a small sign that things are at the brink of a turnaround in some areas, three of the major metropolitan areas studied — while still posting negative annual figures — did show some improvement over the declines reported last month. And eight of the 20 metro areas covered showed home-price growth in April from March.

Boston; Charlotte; Chicago; Cleveland; Dallas; Denver; Portland, Ore.; and Seattle were able to avoid April-over-March price drops, led by 2.9% growth in Cleveland and a 1.1% increase in Dallas. Charlotte and Dallas are the only two metros to have two consecutive months of month-to-month growth.

Miami and Phoenix were the worst performers month-to-month, each with negative returns in excess of 3%.

David M. Blitzer, chairman of Standard & Poor’s index committee, said, “There might be some regional pockets of improvement,” though “on an annual basis the overall numbers continue to decline.” –Donna Kardos

(See full report.)

Read full story “Housing Index Shows Deeper Slump”

Below, see data from the 20 metro areas Case-Shiller tracks, sortable by name, level, and year-over-year change — just click the column headers to re-sort.

(About the numbers: The Case Shiller indices have a base value of 100 in January 2000. So a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the metro market.)

Metro Area	April 2008	Change from March	Year-over-year change
Atlanta	124.19	-0.1%	-7.5%
Boston	158.68	0.1%	-6.4%
Charlotte	131.82	0.2%	-0.1%
Chicago	150.35	0.1%	-9.3%
Cleveland	109.55	2.9%	-6.8%
Dallas	120.41	1.1%	-3.4%
Denver	128.49	0.8%	-4.7%
Detroit	93.79	-1.9%	-18%
Las Vegas	165.89	-2.0%	-26.8%
Los Angeles	202.52	-2.2%	-23.1%
Miami	200.42	-4.1%	-26.7%
Minneapolis	131.19	-2.2%	-15.5%
New York	193.93	-1.3%	-8.4%
Phoenix	161.33	-3.4%	-25%
Portland	174.87	0.3%	-4.7%
San Diego	180.57	-2.6%	-22.4%
San Francisco	164.63	-2.2%	-22.1%
Seattle	179.57	0.7%	-4.9%
Tampa	178.50	-2.1%	-20.4%
Washington	201.21	-1.0%	-14.8%

Source: Standard & Poor’s and FiservData

2235 SE Emerson Drive in SE Palm Bay is Sold!

Phil Rotondo — Thu, 26 Jun 2008 17:41:00 GMT

SE Palm Bay, Palm Bay - The lot / land at 2235 SE Emerson Drive has been sold.

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Lot / Land For Sale in SE Palm Bay

Phil Rotondo — Tue, 24 Jun 2008 12:39:00 GMT

Two Side-by-Side Buildable Lots!

• 20,000 sq. ft. lot / land "0.46 acres" - MLS® $26,800 - Port Malabar Unit #25

SE Palm Bay, Palm Bay - Two adjacent Interior 0.23 acre buildable lots available in Port Malabar Unit #25 of SE Palm Bay. South of Bayside Lakes, 4.8 miles -14 minutes- to Publix Shopping, 2.7 miles -9 minutes- to Westide Elementary and Bayside High Schools, and 40 minutes to the Indialantic Beach,this property is in a nice rural area that features new homes in a growing area. You can own a double lot for more privacy or a larger home. From Exit #176 of I-95 go west on Palm Bay Road NE. Turn left on Minton Road NW and proceed south for 3.3 miles. Turn right on Jupiter Boulevard SW and left on DeGroodt Road SW. Proceed south and continue on San Filippo Drive SW for 4.8 miles. Turn right on Cambria Avenue SW, right on Lamarque Street SW, Left on Fox Avenue SW, Left on Ferguson Street SW, right on Halsey Avenue SE, left on Foley Street SE, and right on Hewitt Avenue SE. Proceed to 3281 and 3291 SE Hewitt Avenue which are the 2nd and 3rd lot from the corner of Hewitt and Warwick on the east side of the road.

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Lot / Land For Sale in NW Palm Bay

Phil Rotondo — Fri, 20 Jun 2008 21:12:00 GMT

Oversized Buildable City Water Lot!

• 11,375 sq. ft. lot / land "0.26 acres" - MLS® $28,900 - Port Malabar Unit #13

NW Palm Bay, Palm Bay - Oversized 0.26 interior lot with 80 feet road frontage opening up to 102.73 feet in the back with CITY WATER available in Port Malabar Unit #13 of Palm Bay. Conveniently located in the NW Section of Palm Bay just 1.7 miles -4 minutes- to Winn Dixie Shopping, 3.4 miles -7 minutes- to Lockmar Elementary School, and only 12 miles -24 minutes to the beaches in Indialantic. Easy access to main arteries leading to I-95 From Exit #176 of I-95 go west on Palm Bay Road NE. Turn left on Minton Road NW and proceed south for 1.7 miles. Turn right on Americana Boulevard NW and proceed for 0.7 miles. Proceed to 467 NW Americana Boulevard NW which is the 3rd lot from the corner of Americana and Justine on the north side of the road.

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Price Reduced on 1312 SE Palau Street in SE Palm Bay

Phil Rotondo — Tue, 17 Jun 2008 17:47:00 GMT

SE Palm Bay, Palm Bay - Announcing a price reduction on 1312 SE Palau Street, a 10,578 sq. ft. lot / land. Now MLS® $19,400 - Buildable 0.24 acre lot!.

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Lot / Land For Sale in SW Palm Bay

Phil Rotondo — Tue, 10 Jun 2008 12:43:00 GMT

Oversized buildable lot in Palm Bay!

• 10,375 sq. ft. lot / land "0.24 acres" - MLS® $12,000 - Port Malabar Unit #32

SW Palm Bay, Palm Bay - Interior 0.24 acre lot one lot from the corner available in Port Malabar Unit #32 of Palm Bay. Conveniently located in the SW section of Palm Bay, your new property is only 2.1 miles -7 minutes- to Publix Shopping, 0.8 miles -2 minutes- to Bayside High School,5.8 miles -12 minutes- to the SuperWalmart and the I-95 ramp on Malabar Road, and 35 minutes to the Indialantic Beach. Aggressively priced to sell and a great buy for your first time home buyer, builder or investor. From Exit #176 of I-95 go west on Palm Bay Road NE. Turn left on Minton Road NW and proceed south for 3.3 miles. Turn right on Jupiter Boulevard SW and left on De Groodt Road SW. Proceed south for 2.5 miles and turn right on JA Bombardier Boulevard SW. Proceed west for 0.2 miles and turn right on Olympia Road SW and left on Sayre Road SW. Proceed to 414 Sayre Road which is one lot from the corner on the south side of the road.

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1247 SW Harlingen Road in SW Palm Bay is Sold!

Phil Rotondo — Mon, 02 Jun 2008 18:44:00 GMT

SW Palm Bay, Palm Bay - The lot / land at 1247 SW Harlingen Road has been sold.

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1257 SW Harlingen Road in SW Palm Bay is Sold!

Phil Rotondo — Mon, 02 Jun 2008 18:43:00 GMT

SW Palm Bay, Palm Bay - The lot / land at 1257 SW Harlingen Road has been sold.

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Price Reduced on 171 SE Ferguson Street in SE Palm Bay

Phil Rotondo — Sun, 01 Jun 2008 14:33:00 GMT

SE Palm Bay, Palm Bay - Announcing a price reduction on 171 SE Ferguson Street, a 10,000 sq. ft. lot / land "0.23 acres". Now MLS® $13,250 - Port Malabar Unit #25.

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Price Reduced on 1143 SW Harlingen Road in SW Palm Bay

Phil Rotondo — Sun, 01 Jun 2008 14:32:00 GMT

SW Palm Bay, Palm Bay - Announcing a price reduction on 1143 SW Harlingen Road, a 10,375 sq. ft. lot / land "0.24 acres". Now MLS® $12,490 - Port Malabar Unit #32.

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