Senate Passes Fix For Flood Insurance Debacle, Obama To Sign Measure Shortly…  Finally!

After over a year of political ineptitude marked by brief spurts of total paralysis, the U.S. Senate has finally passed legislation to turn back wildly escalating flood insurance premiums, and stem the economic damage inflicted on the real estate industry here in the Tampa – St. Petersburg area and across Florida and the U. S.

The bi-partisan measure effectively overturns many of the onerous effects created by passage of the 2012 Biggert-Waters Bill, which removed federal flood insurance premium subsidies resulting in rate increases of as much as 700-800 percent, deflated property values and put a damper on a recovering real estate market.

Key Impacts Of New Legislation To Turn Back Escalating Flood Insurance Premiums:

• Annual rate increases capped at 18 percent.
• Owners can again sell primary residences with lower rates intact. This overturns the requirement that buyers of even primary residences immediately begin paying unsubsidized rates.
• Owners of primary residences who paid the higher full-risk premiums will receive rebates and their rates will be rolled back.
• Buyers of second homes will still be required to pay unsubsidized full-risk rates.
• Buyers of commercial properties subject to flooding will also be required to pay unsubsidized full-risk rates.
• Imposes an annual assessment of $25 on primary home policies, while second home and business owners will be assessed $250. The assessments will be used to decrease the program’s insolvency.
• Helps stem the tide of cancelled flood insurance policies and abandoned homes, and provides relief to owners who have been unable to sell their low-lying properties due to escalating premiums.

A Fix for Escalating Flood Insurance Premiums, But, Not The End…

While the new legislation promises to provide immediate relief from the fallout of Biggert-Waters, it will remain an issue. Flood insurance rates will continue to rise, and it would be naïve to believe that future natural disasters will not put the solvency of the program in jeopardy.

Worth watching is a Washington watchdog group, Taxpayers for Common Sense, which believes that the higher Biggert-Waters rates were warranted and that flood insurance subsidies should be ended.

Keep your ears to the ground, and your eyes on our blogs for any new developments.

 

 

 

US House Passes Repeal Of Devastating Flood Insurance Legislation

Flood insurance relief may be in sight for homeowners and the St. Petersburg – Tampa area’s beleaguered real estate market.

The U.S. House of Representatives overwhelmingly passed the Homeowner Flood Insurance Affordability Act on March 4 that will, if approved by the U.S. Senate, prevent the runaway rate increases imposed by dramatically misguided legislation passed in 2012, legislation that devalued properties, wreaked havoc with buyers and sellers and effectively put a damper on our recovering housing market.

The House’s 306-91 vote thwarts radically higher flood insurance rates from being imposed on primary residences, which is welcome news to sellers of properties facing rate increases of up to 900 percent, to buyers who have stayed on the sidelines watching the political back and forth play out, and to Realtors® who collectively pulled out their hair while watching the federal government put the kibosh on the recuperating real estate market here.

Under the House’s bill, premiums can increase by no more than 18 percent annually and the Federal Emergency Management Agency (FEMA), the agency overseeing the flood insurance program, “must strive to keep flood insurance (rates) under one percent of a property’s total coverage.” So, for example, a homeowner with $250,000 worth of flood coverage would pay no more than $2,500 annually for a policy.

The House bill also protects homes built to meet current flood zone map regulations from being reclassified to higher risk categories, which would have radically increased the number of properties subject to the increased rates.

However, the bill falls short of helping second-home owners or businesses that will still be subject to annual 25 percent increases for flood coverage.

Now Up To U.S. Senate To Provide Homeowner’s Relief and pass the Homeowner Flood Insurance Affordability Act

To become law, the U.S. Senate must pass an identical bill, which could take place by the end of this week. The Senate previously passed a bill that would delay rate [Read more…]

Pinellas County Middle and High School’s Report Cards 2010-2011

Earlier this month, we posted the first in a series of blogs on the Florida Department of Education’s report cards for all elementary schools in Pinellas County for the 2010-2011 academic year. This week, we focus on Pinellas’s middle and high schools.

Our goal with this series is to help prospective buyers identify the strength of the various schools, including charter schools, in neighborhoods in which they are considering buying.

Pinellas County Middle School’s Report Card:

Azalea Middle School – D Bay Point Middle School – C Clearwater Fundamental Middle School – A Dunedin Highland Middle School – C Fitzgerald Middle School – C Image Middle School – D John Hopkins Middle School – B Joseph L. Carwise Middle School – A Largo Middle School – C

Meadowlawn Middle School – C Oak Grove Middle School – B Osceola Middle School – A Palm Harbor Middle School – A Pinellas Park Middle School – D Safety Harbor Middle School – A Seminole Middle School – A Tarpon Springs Middle School – A Thurgood Marshall Fundamental Middle School – A Tyrone Middle School – C

 Pinellas County High School’s Report Card:

Boca Ciega High School – C Clearwater High School – B Countryside High School – B Dixie M. Hollins High School – C Dunedin High School – B East Lake High School – A Gibbs High School – B Lakewood High School – B Largo High School – B

Northeast High School – B Osceola Fundamental High School – B Palm Harbor University High School – A Pinellas Park High School – B Seminole High School – B St. Petersburg Collegiate High School – A St. Petersburg High School – B Tarpon Springs High School – B

If quality schools are a factor in deciding where to purchase your home, be sure to check their report cards to see how they compare with other neighborhoods. Contact the Florida Department of Education for more information.

Want to find out what homes are available in these “A” school districts? Give us a call at 727-642-9107. We are the leader in general real estate, pre-foreclosure, short sale and foreclosure markets in the St. Petersburg/Tampa Bay area.

 

 

U. S. House Inaction Is Stalling Flood Insurance Rate Relief

Despite the U.S. Senate’s passage of legislation to delay massive federal flood insurance rate increases, the House’s persistent refusal to act on the bill continues to bash the real estate market throughout the Tampa and St. Petersburg area and around the state.

So, we continue to urge readers to contact our elected officials, especially our U.S. Representatives, and urge them to pass the measure as quickly as possible to stop weakening the real estate market recovery. Simply click the links below and express your support for the legislation.

 

 

Senator Bill Nelson

Senator Marco Rubio

Representative Gus Bilirakis

Representative Kathy Castor

While House Stalls On Flood Insurance Rate Relief, Effort Is Underway to Bolster Private Flood Insurance  

While the U.S. House languishes in inaction, Florida State Sen. Jeff. Brandes, R-St. Petersburg, is spearheading efforts to make it easier for private insurance companies to get into the residential flood insurance business. According to Brandes, opening the flood insurance market, even to companies who are not subject to normal state controls, could result in lower rates and broader options than what the Federal Emergency Management Administration (FEMA) offers through its National Flood Insurance Program.

Creating alternatives to the burgeoning costs for flood insurance FEMA is now forced to impose as the result of a 2012 Congressional mandate sounds like a good idea. Privatization may result in lower costs than what the feds are currently offering, and consumers may well have more flexibility in the coverage they purchase, but at what cost?

Sen. Nancy Detert, R-Venice – “This Is A High Risk Plan”

Detert says lower costs sound good, but a lower degree of consumer protection does not. She’s concerned that consumers may not fully research and understand the limitations of less expensive flood coverage from less regulated insurers, and end up taking on more risk than they realize or may be able to afford. While she’s not against the idea of giving the open market a shot at insuring low-lying homes, she wants to ensure that consumers know exactly what they’re getting into before they sign on the dotted line.

As a result, Sen. Brandes has temporarily suspended his efforts, but says he and others are reworking his legislation to include greater consumer protection measures.

We respect Sen. Brandes’ efforts, but are confident in the knowledge that passage of his legislation could take some time, perhaps a very long time. In the meantime, our local and state real estate markets continue to stagnate under the weight of declining property values and exorbitant flood insurance rates, all thanks to a bipartisan lack of foresight compliments of the U. S. Congress class of 2012.

PLEASE ACT NOW!

Contact your senator and representatives and tell them to give a break to the Florida economy, and the home owners here who pay a majority of the fed’s nationwide flood insurance premiums.

 

 

 

 

 

 

 

 

 

 

Pinellas County Elementary School’s Report Cards 2010-11

One of the main concerns parents with young children have when looking for a home in the St. Petersburg – Tampa area is the quality and location of the local schools. These are important factors to buyers when they’re deciding which neighborhoods they may want to live in, and have their Realtor® target for property searches and tours.

The Florida Department of Education publishes report cards for all elementary, middle and high schools, including charter schools, throughout the state. As a service to our readers and clients, for the next several weeks we will breakdown, in alphabetical order, the ratings schools in Pinellas and Hillsborough counties received in the 2010-2011 academic year.

 Pinellas County Department of Education’s 73 Elementary Schools Report Card:

Academie Da Vinci Charter School – A Anona Elementary School – A Azalea Elementary School – A Bardmoor Elementary School – A Bauder Elementary School – A Bay Point elementary School – A Bay Vista Fundamental Elementary School – A Bear Creek Elementary School – C Belcher Elementary School – B Belleair Elementary School – C Blanton Elementary School – A Brooker Creek Elementary School – A Campbell Park Elementary School – C Cross Bayou Elementary School – A Curlew Creek Elementary School – B Curtis Fundamental Elementary – A Cypress Woods Elementary School – A Doug Jamerson Elementary School – A Dunedin Elementary School – C Eisenhower Elementary School – C Fairmount Park Elementary School – D Forest lakes Elementary School – A Frontier Elementary School – A Fuguitt Elementary School – A Garrison-Jones Elementary School – A Gulfport Montessouri Elementary School – C High Point Elementary School – C Highland Lakes Elementary School – A Imagine Charter School – D James B. Sanderlin Elementary – D John M. Sexton Elementary School – A Lake St. George Elementary School – B Lakeview Fundamental Elementary School – A Lealman Avenue Elementary School – C Leila Davis Elementary School – A Lynch Elementary School – B Marjorie Kinnan Rawlings Elementary School – A

Maximo Elementary School – F McMullen-Booth Elementary School – B Melrose Elementary School – F Mildred Helms Elementary School – C Mount Vernon Elementary School – C New Heights Elementary School – C North Shore Elementary School – C Northwest Elementary School – A Oakhurst Elementary School – A Oldsmar Elementary School – A Orange Grove Elementary School – A Ozona Elementary School – A Pasadena Fundamental Elementary School – A Perkins Elementary School – A Pinellas Central Elementary School – C Plumb Elementary School – B Ponce de Leon Elementary School – C Ridgecrest Elementary School – B Safety Harbor Elementary School – A San Jose Elementary School – B Sandy Lane Elementary School – D Sawgrass Lake Elementary School – B Seminole Elementary School – A Seventy-Fourth Street Elementary School – C Shore Acres Elementary School – A Skycrest Elementary School – A Skyview Elementary School – B Southern Oak Elementary School – A Starkey Elementary School – A Sunset Hills Elementary School – A Sutherland Elementary School – A Tarpon Springs Elementary School – C Tarpon Springs Fundamental Elementary School – A Walsingham Elementary School – A Westgate Elementary School – C Woodlawn Elementary School – C

If quality schools are a factor in deciding where to purchase your home, be sure to check their report cards to see how they compare with other neighborhoods.

For more information, please contact Chris today at 727-642-9107.

Amazon Creates Over 1,000 Jobs For Greater St. Petersburg – Tampa Area, Good News!

 

What’s one of the main reasons our local economy hasn’t experienced a more rapid improvement? Jobs. There simply aren’t enough of them to meet the needs of the greater St. Petersburg – Tampa area. But that’s about to change, at least in part.

Amazon, arguably the world’s largest online retailer, is poised to create over 1,000 full-time jobs, and even more seasonal jobs in Hillsborough and Polk counties once they open two new fulfillment centers in Ruskin and Lakeland. Site work has already begun on both new locations.

The 1.1-million-square-foot Ruskin warehouse center will be located within a 1,000-acre corporate park at Interstate 75 and State Road 674. The smaller Lakeland operation will be located at 1760 County Line Road. Both locations will benefit from excellent nearby transportation infrastructure, which will also be a boon to workers commuting from the surrounding areas.

And both locations are currently in economically challenged areas. Ruskin was targeted as a major growth area before the real estate market tanked in the late 2000s. Since then, jobs have been scarce and growth has been next to nonexistent. Those who have stuck around the area see the Amazon announcement as a first step toward attracting other companies to Florida and to the St. Petersburg – Tampa area.

This could be the major job creation coup Southwest Florida has been waiting for. Local officials and residents are excited at the prospect that relatively high paying jobs will be created, which could be a boon to just about every facet of the overall market in Hillsborough, Polk, Pinellas and even Manatee counties.

In all, Seattle-based Amazon will invest over $200 million in state-of-the-art facilities here. Additional fulfillment centers are also under consideration as part of Amazon’s over $300 million commitment to its expansion into the Florida market.

The two centers will each process different types of Amazon orders. The Ruskin center will fulfill smaller orders like books, electronics and consumer goods while the Lakeland center will process larger orders [Read more…]

The Martinis For Moffitt’s 2013 Event

Brings Total Raised To More Than A Half Million!

Since its debut in 2007, Martinis For Moffitt has become one of the most anticipated and successful fundraising affairs for the H. Lee Moffitt Cancer Center’s Advanced Prostate Cancer Collaboration (APCC) initiative. In 2013, Moffitt netted over $100,000 from the July event, bringing the total raised over seven years by Martinis for Moffitt to well over $500,000.

Martinis For Moffitt is produced jointly by Chris Hounchell & Associates and Bay Area Advisors. The event took place July 20 at the Straz Center for Performing Arts – Morsani Hall.

The Moffitt Cancer Center treats hundreds of prostate cancer sufferers each year from throughout St. Petersburg and Tampa, Florida and from around the world. More than eighty percent of the gross charitable donations from Martinis for Moffitt directly benefit the Moffitt Cancer Center.

While Moffitt’s world-class doctors provide the highest level of care for their patients, they’re also working tirelessly to find a cure for a cancer that takes the lives of over 27,000 people each year.

Stay tuned for future posts on Martinis for Moffitt, we’ll announce the 2014 date shortly. But don’t wait until the event to donate, we seek donations year-round Advanced Prostate Cancer Collaboration (APCC) initiative.  

 

 St. Pete Means Art – Get Thee To A Gallery!

Art is truly in the eyes of the beholder, and in downtown St. Petersburg there’s a wealth of art to behold.

As the greater St. Petersburg-Tampa area has evolved into an epicenter for performing and visual arts, new museums and galleries have sprung up offering an exciting variety of media from which to choose. To help navigate the myriad of choices, we’re offering an extensive list of galleries and studios from which to choose. Please note that St. Pete’s art scene is growing rapidly. While we’ve made every attempt to provide as complete a list as possible, we ask forgiveness from those we’ve inadvertently left out (that said, drop us a line and we’ll do our best to include you in a future blog).

Top 17 Downtown St. Petersburg Art Galleries, Museums & Studios:

1. ARTicles – 1445 Central Ave., 727-898-6061, www.ARTiclesStPete.com – unique original artwork by local artists, custom framing.
2. Central Gallery – 540 Central Ave., 727-898-3997 – 19^th Century Antiques.
3. Chihuly Collection presented by the Morean Arts Center – 400 Beach Dr., 727-896-4527, http://www.moreanartscenter.org – Permanent collection of master glass blower and designer, Dale Chihuly.
4. Craftsman House – 2955 Central Ave., 727-323-2787, www.craftsmanhousegallery.com – Fine American arts and crafts, on-site café and pottery studio.
5. The Dali Museum – 1Dali Blvd., 727-823-3767, www.thedali.org – Brand new gallery housing extensive collection of works by Salvatore Dali, museum store and café.
6. Donna Gordon Gallery and Studio – 625 Central Ave., 727-827-2811, http://www.donnagordongallery.com – Fine art gallery and working sculpture studio featuring works by bronze figurative sculptor, Donna Gordon.
7. Feathered Serpent Gallery – 1018 Central Ave., 727-824-8877, www.featheredserpentstpetersburg.blogspot.com – Contemporary Latin American fine art, jewelry, musical and literary events.
8. Florida Craftsmen, Inc., – 501 Central Ave., 727-821-7391, www.floridacraftsmen.net – Collectible artwork in glass, clay, wood, fiber and jewelry, exhibits.
9. Michele Tuegel Contemporary – 320 Central Ave., 727-823-1100, www.mtcontempo.com – Fine collectible arts and crafts, framing and design services.
10. Morean Arts Center – 719 Central Ave., 727-822-7872, www.moreanartscenter.org – Contemporary art exhibitions, café.
11. Morean Arts Center for Clay – 420 22^nd St. S, 727-821-7162, http://www.moreanartscenter.org/content.php?id=30 – Working pottery studio, locally produced artwork, instruction, supplies, studio space, store.
12. Morean Arts Center Glass Studio & Hot Shop – 719 Central Ave., www.moreanartscenter.org/wordpress/glass-studio-hot-shop/ – Working glass blowing studio, daily demonstrations, store.
13. Museum of Fine Arts – 255 Beach Dr. NE, 727-896-2667, www.fine-arts.org – Extensive collection of European, American, Pre-Columbian and Asian artwork and photography.
14. Nuance Galleries – 2924 Central Ave., 727-209-2125, www.nuancegalleries.com – Fine art by US and international artists, custom framing.
15. Red Cloud Indian Arts – 208 Beach Dr. NE, 727-821-5824, www.redcloudindianarts.com – Native American artwork, jewelry, pottery, paintings, graphic arts, sculpture, weaving, carving, historic literature.
16. St. Petersburg Museum of History – 335 2^nd Ave. NE, 727-894-1052, www.spmoh.org – Commercial airline exhibit, archives, collections, educational programs, special events.
17. Shapiro’s Gallery of Contemporary Crafts – 300 Beach Dr. NE, 727-894-2111, www.shapirogallery.com – American crafts gallery, jewelry, clay, glass, wood, metal.

St. Petersburg has so much to offer the art enthusiast. Take time to explore the wealth of museums, studios and galleries our city has to offer.

Interested in living in St. Petersburg?  Give us a call 727-642-9107. We live here and love it!