Cocoon is always the first one that comes to mind as the pink mansion and pool house are still there to this day! Located on Park Street in St Petersburg, you can catch a glimpse of the front of the house while driving by or if you are out boating in Boca Ciega Bay, you can cruise by and see the infamous pool house! I learned this fun fact while on Hubbard’s Marinas Dolphin Tour.

Other notable movies…

Ocean’s 11- they filmed at Derby Lane Dog Track

Magic Mike- they filmed all over St Pete Beach and St Petersburg and Three Rooker Bar (the island) in Tarpon Springs 

Spring Breakers- filmed in SPB, Gulfport, and St Petersburg

The Punisher (I had no idea!!!)- Filmed in Fort Desoto and Honeymoon Island

Miss. Peregrines Home for Peculiar Children- filmed in St Petersburg and Largo

Summer Rental – St Pete Beach, you can spot many landmarks in the movie, Egmont Key, the former St Petersburg Pier, and the original Skyway

Lethal Weapon 3- Who knew that they shot scenes in St Petersburg!! During the closing credits, the hotel that is destroyed by a Bomb is the former Soreno Hotel in DTSP. Fun Fact! The film’s producers agreed to help with the cost of the buildings implosion to use in the movie! 

Dolphin Tale 1 & 2- Need I say more?? Watching the movie, you know exactly where they are at! And you can take a tour of the set when visiting the aquarium.

Edward Scissorhands- Filmed all over Tampa Bay

Now it’s time for a movie marathon to see if we can spot every Beach Location where they are at!! 

Being intentional and competitive are musts when buying a home this season. That’s why pre-approval is so important today. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Peter Warden, Editor of The Mortgage Reports, explains:

“The lender will check out your personal finances and issue you a letter confirming the amount you’re eligible to borrow. This not only gives you a firm budget for house hunting but also lets sellers know you’re qualified to make an offer.”

Why does that matter so much today? There are many more buyers looking for homes today than there are homes available for sale, and that’s creating some serious competition. According to the National Association of Realtors (NAR), the average home is getting 4.8 offers per sale. As a result, bidding wars are still common.

Your pre-approval gives you a leg up in these situations. That’s because you know exactly what you’re approved to borrow before you write your offer, and it lets the seller know you’re qualified to buy their home. This helps both you and the seller feel confident in what you’re bringing to the table. And that puts you in a better position to potentially win a bidding war.

As Warden puts it:

“There’s another important reason to get preapproved, too. And that’s because there are way more buyers than homes in today’s market — which means you need to be ultra-prepared if you want to win a bidding war. Most sellers are getting multiple offers right now. And most won’t even entertain an offer without a pre-approval letter included.”

Every advantage you can gain as a buyer is crucial in a market that’s constantly changing. Mortgage rates are rising, home prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals, such as a loan officer and a trusted real estate advisor, on your side. They’ll help make sure you’re ready to put your best foot forward.

Bottom Line

Getting pre-approved for a mortgage helps you better understand what you can borrow and shows sellers you’re serious about purchasing their home. Connect with our team so you have the tools you need to succeed as a homebuyer in today’s market.

*Source - Keeping Current Matters

Homeownership has become a major element in achieving the American Dream. A recent report from the National Association of Realtors (NAR) finds that over 86% of buyers agree homeownership is still the American Dream.

Prior to the 1950s, less than half of the country owned their own home. However, after World War II, many returning veterans used the benefits afforded by the GI Bill to purchase a home. Since then, the percentage of homeowners throughout the country has increased to the current rate of 65.5%. That strong desire for homeownership has kept home values appreciating ever since. The graph below tracks home price appreciation since the end of World War II:

The graph shows the only time home values dropped significantly was during the housing boom and bust of 2006-2008. If you look at how prices spiked prior to 2006, it looks a bit like the current spike in prices over the past two years. That may lead some people to be concerned we’re about to see a similar fall in home values as we did when the bubble burst. To help alleviate those worries, let’s look at what happened last time and what’s happening today.

What Caused the Housing Crash 15 Years Ago?

Back in 2006, foreclosures flooded the market. That drove down home values dramatically. The two main reasons for the flood of foreclosures were:

1. Many purchasers were not truly qualified for the mortgage they obtained, which led to more homes turning into foreclosures.
2. A number of homeowners cashed in the equity on their homes. When prices dropped, they found themselves in an underwater situation (where the home was worth less than the mortgage on the house). Many of these homeowners walked away from their homes, leading to more foreclosures. This lowered neighboring home values even more.

This cycle continued for years.

Why Today’s Real Estate Market Is Different

Here are two reasons today’s market is nothing like the one we experienced 15 years ago.

1. Today, Demand for Homeownership Is Real (Not Artificially Generated)

Running up to 2006, banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance their current home. Today, purchasers and those refinancing a home face much higher standards from mortgage companies.

Data from the Urban Institute shows the amount of risk banks were willing to take on then as compared to now.

There’s always risk when a bank loans money. However, leading up to the housing crash 15 years ago, lending institutions took on much greater risks in both the person and the mortgage product offered. That led to mass defaults, foreclosures, and falling prices.

Today, the demand for homeownership is real. It’s generated by a re-evaluation of the importance of home due to a worldwide pandemic. Additionally, lending standards are much stricter in the current lending environment. Purchasers can afford the mortgage they’re taking on, so there’s little concern about possible defaults.

And if you’re worried about the number of people still in forbearance, you should know there’s no risk of that causing an upheaval in the housing market today. There won’t be a flood of foreclosures.

2. People Are Not Using Their Homes as ATMs Like They Did in the Early 2000s

As mentioned above, when prices were rapidly escalating in the early 2000s, many thought it would never end. They started to borrow against the equity in their homes to finance new cars, boats, and vacations. When prices started to fall, many of these homeowners were underwater, leading some to abandon their homes. This increased the number of foreclosures.

Homeowners didn’t forget the lessons of the crash as prices skyrocketed over the last few years. Black Knight reports that tappable equity (the amount of equity available for homeowners to access before hitting a maximum 80% loan-to-value ratio, or LTV) has more than doubled compared to 2006 ($4.6 trillion to $9.9 trillion).

The latest Homeowner Equity Insights report from CoreLogic reveals that the average homeowner gained $55,300 in home equity over the past year alone. Odeta Kushi, Deputy Chief Economist at First American, reports:

“Homeowners in Q4 2021 had an average of $307,000 in equity – a historic high.”

ATTOM Data Services also reveals that 41.9% of all mortgaged homes have at least 50% equity. These homeowners will not face an underwater situation even if prices dip slightly. Today, homeowners are much more cautious.

Bottom Line

The major reason for the housing crash 15 years ago was a tsunami of foreclosures. With much stricter mortgage standards and a historic level of homeowner equity, the fear of massive foreclosures impacting today’s market is not realistic.

*Source - Keeping Current Matters

People can't stop raving about this clear kayak eco-tour through Shell Key Preserve near St. Petersburg, Florida. In fact, the trip, which is offered by Get Up And Go Kayaking, was rated the best activity in the U.S. by nearly 2,000 TripAdvisor reviews in 2021. No small feat!

The approximately two-hour trip begins in the quaint island town of Tierra Verde. The first stop is a mangrove tunnel (tide permitting) where paddlers can catch a glimpse of a wide variety of fish and nesting birds. Next, enjoy the white sand and crystal-clear waters of Shell Key. There you can do some shelling on the pristine shoreline or visit the preserve's wildlife sanctuary for a little birdwatching. The tour ends with a paddle alongside Shell Key's mangrove-lined coast, where majestic great blue herons, pink roseate spoonbills, and anhinga abound.  

"We saw dolphins, a baby shark, tons of sea snails, and cool birds," one recent five-star review reads. "It was great to get out on the water early in the morning when the animals were active. The mangroves were super cool too. Highly recommend this experience."

For an even more unique experience, consider a Nighttime Glow tour of Shelly Key in a clear kayak featuring underwater LED lights. "Your tour guide will lead the way as we paddle through the waters of Shell Key Preserve while looking for wildlife, taking in the stars, and lighting up the water beneath you!" the website boasts.

Daytime tours cost $64 per adult and $54 per child (under the age of 12). Nighttime tours cost $69 per adult and are not available for children younger than 12.

Click HERE to Visit Shell Key Preserve