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Scranton Arcade was important example of Clearwater real estate

Scranton Arcade

When I posted the last article on Clearwater real estate wall art, I noticed something in the picture that puzzled me a little — a detail in the mural that showed a store front with the words “Scranton Arcade” over the front entranceway. I had never heard of the Scranton Arcade before, so I decided to do a little research.

What I discovered is that the Scranton Arcade building was a very exciting bit of downton Clearwater architecture that was built in the mid-1920s. It covered a whole city block of Clearwater real estate, and it contained everything from Clearwater’s post office (before the current very beautiful Clearwater Post Office was built a few years later) to a bakery to the Clearwater offices of the St. Petersburg TIMES newspaper.

The Clearwater Evening Independent newspaper did a story in 1924 on the construction of the building. It explains quite a bit about the building and the role it was to play in what was then Clearwater’s blossoming downtown:

Clearwater Evening Independent – June 16, 1924

The Scranton Arcade, said to be the largest building of its kind in South Florida, is approaching completion. Blue and buff case tile is now being placed below the large plate glass windows on the Garden Avenue side, and laying of floor tile is to begin this week.

 Construction work on this arcade has been held up, owing to delay in installation of an automatic sprinkler system, with which the entire building is to be furnished, A. M. Perdue, superintendent, said today, but he predicts the arcade will be ready for occupancy within 30 days.
 
The post office is to be located in the extreme southeastern corner of the new building, and everybody is interested in seeing the local postal department in the new quarters, as the present post office, on Cleveland Street, is entirely inadequate for the purpose.

The Scranton Arcade is a beautiful structure, with sidewalls of apricot stucco, ornamented with art stone friezes. It occupies the entire block bounded by Cleveland Street, South Garden Avenue, Park Street and the Atlantic Coast Line Railroad tracks.  This is considered one of the finest business locations in Clearwater.

The construction is entirely of hollow tile ands brick, stuccoed throughout, with elaborate ornamental façade and Spanish tile coping finishing the top of the sidewalls. Wide corridors run through the building north and south and east and west and there is a spacious court under a big rotunda in the center.

Clearwater’s newest business building is divided into very attractive small shops, all of which have large plate glass windows, both on the streets and the arcade. The post office being located in the southeast corner, patrons of the post office will be obliged to pass all of the business places in the building. It is stated that these desirable shops and offices have already been leased.

The main feature of the Scranton Arcade, perhaps, is that its erection opens up a new business district on South Garden Avenue, and is but the forerunner of a number of attractive business buildings.

Other stores in the arcade included the Postal Telegraph Company, the post office, Rellop’s Smoke Shop, Frank J. Booth Insurance, a newspaper office, a beauty shop and the Dutch Kitchen restaurant.

I haven’t been able to find out exactly what happened to the Scranton Arcade building, but the modern Atrium office building now stands at the corner of Cleveland and South Garden.  If you know the fate of the Scranton Arcade, please post something here by clicking on “comment.”

Tags: Add new tag, Clearwater, scranton arcade

Pinellas County short sales require patience and a good agent

Pinellas County short sales vs. foreclosures, last 10 months

   If you own a property in Pinellas County that you would like to sell, but you owe more on it than it’s worth, you may have thought about doing a short sale.
     A couple of years ago very few people had even heard the term “short sale.” A short sale is where the net proceeds from the sale of the property are not sufficient to cover the mortgage or mortgages and assorted other closing costs –homeowner association fees or property taxes or real estate commissions.
     Although the seller is definitely a party to the transaction, the sale itself requires third party or lender approval.  That approval is based on current market value that the lender determines once an offer is received on the property, along with other documentation provided by the seller as to need and eligibility for the short sale.
     Here’s the biggest question that every seller asks regarding short sales: Who pays all the fees associated with the sale of the property?
     The answer: The lender!
     The process can be lengthy and tedious; to date, the lenders have been slow to respond, but new incentives by the U.S. Treasury Department have caused lenders to reconsider, especially in instances where there may be multiple liens involved.
     Keep in mind that there are other factors involved in doing a short sale, including credit and tax implications. Short sales will not be the answer for everyone.
     Sometimes refinancing alone will work. The Obama Administration is working with lenders to make refinance requirements more reasonable for the current market place.
     Loan modifications are another possibility, and they are growing in popularity and availability.  Finally, foreclosure may be your best or only option.  You need accountants and attorneys to give you that advice, ultimately.
     Lenders know it is in their interest to negotiate short sales and loan modifications rather than allow more foreclosures to take place.
     The graph from the Pinellas Realtor Organization for April shows that bank owned properties are selling for far less than pre-foreclosed properties or short sales.
     Know that you have options if you are thinking about selling, but inaction should not be one of them.
     I have spoken about selling a short sale property, but buying a short sale has its advantages, a lower- than- market –price being the most obvious. But conditions and updates on a short sale property compared to a foreclosure can be significant.
     Short sales for buyers can be arduous.  Finding an agent who is experienced, patient, and willing to lead sellers and buyers through this complicated process is critical.  It can truly make the difference between a successful outcome and being just another one of those short sale horror stories.
     I can help you through the short sale process, whether you are a homeowner interested in selling or a buyer interested in making a short sale offer.
     To explore the possibilities, call me at 727-643-7100, or email me at beth@bethfrederick.com. And make sure you keep visiting www.pinellasnewsboy.com. There’s bound to be new short sale information coming on a regular basis.

Tags: Add new tag, pinellas county, short sales

Tax credit money available UP FRONT — right here in Pinellas County

I’ve written on the blog several times about the $8,000 federal tax credit. Now, the federal government has tinkered with it to make that $8,000 more useable in the form of cash that can be used up-front for down payments.

The tax credit, which is available to first-time homebuyers through Nov. 30, provides up to $8,000. The money becomes available in the following year, when the buyer files his or her tax return.

And that has been the problem.  Most buyers need the $8,000 for the down payment or other up-front costs, but the money actually arrives later, not sooner.

Some states (including Florida) have taken the initiative to provide money that can be advanced or borrowed in time to use it for the down payment, then paid back later when the federal dollars actually arrive. The Florida Legislature just did that, providing a pool of a little more than $30 million that first-time homeowners can draw on in anticipation of the federal tax credit money.

Well, now the federal government has woken up to this issue. First time homebuyers who apply for financing that is insured by the Federal Housing Administration may be able to get cash advances or loans that will provide the tax credit money up front, in time to use for the down payment or closing costs.

Housing and Urban Development Secretary Shaun Donovan says the idea is to “monetize” the tax credit, meaning that the government policy will now change to turn the tax credit into immediate cash money. That’s important, because the government estimates that half of all first-time home buyers, and maybe more than that, don’t possess enough money to cover the down payment on their new home; making that money available up-front could double the number of people able to buy a new home, according to the National Association of Homebuilders.

Here is how the FHA plan will work:

Approved lenders (that is, those lenders who have been approved to do business with the FHA) get authorized by the FHA to provide bridge loans at closing. Those bridge loans are secured
only by the tax credit. And government agencies and nonprofits will be authorized to offer bridge loans or second mortgages, financing that is secured by the value in the property being purchased.

Visit the HUD site at www.hud.gov to learn more. And get in touch with me at 727-643-7100 or at beth@bethfrederick.com – I can provide good professional counsel and advice on how to get and leverage the tax credit to your best advantage.  It’s a good idea to stop back frequently at www.pinellasnewsboy.com, also — as new tax credit developments happen, I’ll post them here.

Tags: Add new tag, Palm Harbor, pinellas county, tax credit

A garden of golf clubs in Palm Harbor

Ron Wicks of Palm Harbor has lived around golf for many years, giving lessons and building custom clubs for pro players. He’s retired now, but he still makes a few extra dollars by selling clubs on the lawn in front of his house on Nebraska Avenue.

Tags: Add new tag, golf, Palm Harbor

Buy that Pinellas home with down payment dollars from the state

Florida's old state house

A few posts ago I discussed how some states were finding ways to provide that $8,000 federal home purchase tax credit BEFORE the sale of the home, so buyers could use the tax credit money as a down payment. I said that about 10 states had come up with programs to make that happen, most of them variations on bridge loans.

One state, Missouri, put several million dollars ina pot, and then advanced funds to homebuyers who qualified for the federal tax credit. The buyers could use the state’s money for the down payment, then pay it back when the tax credit check came in the mail. Other state programs were variations on that same theme.

At the end of the post, I asked if you thought the state of Florida should come up with a similar program and, if you did, that you might want to get in touch with your state legislator and say so.

Well, no sooner did I write that post but the Florida Legislature approved its own program.

The Legislature adjourned yesterday (Friday), but before it did it passed a bill providing $30.1 million that can be used for down payments by homeowners. The program goes into effect July 1, and the money will be distributed to qualifying homebuyers (that is, homebuyers who qualify for the federal $8,000 tax credit) by county housing housing administrators.

Details are still being worked out, and I’ll keep you up to speed as that process moves forward. But don’t let the lack of down payment money stand between you and the purchase of a Pinellas County home.

Tags: Add new tag, down payment, Florida, pinellas, tax credit

Are we bailing out the bad lenders?

Banks are getting billions of dollars from the federal government to prop them up following the melt-down of the U.S. housing industry. The melt-down was caused in large part by poor lending practices, especially among sub-prime lenders. And who owned those sub-prime lenders? The very banks that are now getting bail-out money.

That’s the finding of a new report released by the Center for Public Integrity. And a not-insignificant number of those loans financed homes right here in Pinellas County.

Many banks that have been hit the hardest by the economic melt-down have portrayed themselves as victims of the sub-prime lending industry — companies that were too easy about lending money to people with little cash, poor credit or low incomes. But the director of the Center for Public Integrity says the banks not only knew about those questionable practices, they owned the very lending companies that behaved so irresponsibly.

“The mega-banks that funded the sub-prime industry were not victims of an unforeseen  financial collapse, as they have sometimes portrayed themselves,” said Bill Buzenberg. ”These banks were deliberate enablers that bankrolled the type of lending that’s now threatening the financial system.”

The Center looked at 7.2 million sub-prime loans made between 2005 and 2007.  It said that banks based in the U.S. and Europe poured vast amounts of capital into the sub-prime industry in pursuit of big profits. And it says that at least 21 of the 25 biggest sub-prime lenders  received their financing from banks that are now getting bailout money from the U.S. government.

The Center for Public Integrity describes itself as a non-profit organization “dedicated to producing original, responsible investigative journalism on issues of public concern.”

Tags: Add new tag, home finance, pinellas county, sub-prime

Mystic Fish in Palm Harbor wins award

Mystic Fish

One of our favorite local restaurants, Mystic Fish on Tampa Road in Palm Harbor, has won Best Overall and Best Use of Ingredient at the All Childrens Iron Chef Challenge at the Renaissance Hotel Tampa. It’s the second year in a row that Mystic Fish has won that honor. The winning dish was Steamed Maine Lobster with Spicy Slaw and orange -Apricot Curry Sauce and Togorashi Shrimp with Orange Marmalade brushed Bacon and Blood Orange Sabayon.

To learn more, go to their website — www.3bestchefs.com/mystic. To see our review of Mystic Fish, look over to the right of this page and click on “restaurant reviews” under “Local Resources.”

Tags: Add new tag, Palm Harbor, restaurants

Pinellas County homebuyers: Don’t miss the $8,000 first time homeowner tax credit

    More than half of the people who plan to buy a home in the U.S. this year are first-time homebuyers. And ALL of them should look into the $8,000 tax credit that is being offered to first-time homebuyers this year by the federal government
 
      This is a pretty exciting to for first-time homebuyers to get into the market, what with very low prices and historically low interest rates. The $8,000 tax credit is just icing on the cake. It’s hard to imagine that such a “perfect storm” of home-buying advantages will come together again, at least in the lifetimes of most of us.

      Are people really aware of the first time homeowner tax credit? Apparently so – the IRS says that of all the 2008 tax returns filed by March 6, more than a half-million returns claimed the first-time home buyer credit.

      If the tax credit sounds good to you, don’t wait too long – it is only available until Dec. 1, 2009.

 Here are the nine most important things you need to know about the tax credit:

     1. The credit is available to all first-time buyers of any kind of home, new or re-sale.
 First time home buyers are defined as people who have not owned a residence during the three years prior to the purchase date.

     2. The tax credit is an amount of money equal to 10 percent of the home’s purchase price, up to a credit of $8,000.

     3. The income limit for a single taxpayer is $75,000; for married taxpayers filing jointly, income must not exceed $150,000.

     4. If you exceed the income limits, you may qualify for a partial tax credit.

     5. The tax credit does not have to be repaid. Previous tax credits were really interest-free loans.

     6. People who buy homes and claim the tax credit must use the home as a principal residence for at least three years. Those who fail to do that may have to pay the credit amount back to the government.

     7. Claim the tax credit on your federal income tax return by using IRS Form 5405. No other application or form is necessary.

     8. The credit may be claimed even if you have little or no federal income tax liability. An example: You had withholding in the amount of $4,000, but ended up owing taxes totaling $5,000. Normally, you would owe the government another $1,000 on top of what was withheld. However, if you purchased a home and claimed the tax credit, the IRS would send you a check for $7,000 – the $8,000 tax credit minus your $1,000 tax liability.

     9. The tax credit is a dollar-for-dollar reduction in your tax liability. In other words, if you owed the IRS $8,000 in income taxes for 2008 and you claimed the $8,000 tax credit, you would owe the IRS nothing.

Want to know more? Take a few minutes to listen to an expert – Robert Dietz, the tax economist for the National Association of Home Builders. Click on the YouTube icon above.

Tags: Add new tag, first time homebuyer, pinellas county, tax credit

Federal government offers mortgage help

Okay, so you’ve been living in your home in Pinellas County and faithfully making your mortgage payments, but your home’s value has been steadily slipping and now you owe more than the place is worth. You keep reading about new government programs that are supposed to help, but you need to find out more.

Fear not – there’s a place you can go to find the help you need.

That place is www.MakingHomeAffordable.gov. It’s a website designed to describe the benefits of a federal program called, well, Making Home Affordable. It offers homeowners a number of opportunities to either refinance their mortgages, or modify the mortgages they already have.

The Making Home Affordable program is financed with $75 billion for loan servicers and borrowers. Its designers say that it should be able to offer mortgage help to four million homeowners who need to modify their loans to make them more affordable, or who need to negotiate short sales of their properties with their mortgage providers.

Officials say that the money will allow Fannie Mae and Freddie Mac to refinance up to five million loans they own (or guarantee). Fannie Mae and Freddie Mac have set up web sites and toll-free hotlines for borrowers who need to determine if their mortgages fall under Fannie or Freddie. Fannie Mae’s is www.fanniemae.com/homeaffordable (phone number (800) 732-6643); Freddie Mac’s is www.freddiemac.com/avoidforeclosure (phone number (800) 373-3343).

Some borrowers might prefer to get information first from their own mortgage servicer. To do that, go to www.HopeNow.com and fill out an application. That web site is operated by an alliance of mortgage servicers and nonprofit counselors. You can talk to them on the phone at (888) 995-4673.

No matter where you live in North Pinellas County – Tarpon Springs, Palm Harbor, Dunedin, Clearwater, Safety Harbor, or anywhere else, for that matter – the information offered applies to you.

Tags: Add new tag, Fannie Mae, Freddie Mac, Mortgage, North Pinellas County

One of the oldest cemeteries in Pinellas County

Kids can be pretty hard to figure.

Take my granddaughter, Caitlyn.  She is eight years old and in the second grade. Now, you’d think a young girl like that would have plenty of fears — the dark, or things that go bump in the night.

Caitlyn reads the inscription on a gravestone

So where do you think she’s been pestering us to take her?  To a cemetery.

We haven’t really been able to figure out where this cemetery thing came from, but she’s really fascinated. So this past weekend her grandfather decided to take her on a field trip.

Since I had written recently about Curlew Methodist Church, that’s where they went — Curlew Methodist has one of the oldest graveyards around here, and there are quite a few gravestones that date back to the 1880s.

Caitlyn loved it.  She enjoyed reading all the inscriptions, and she liked learning about the people who were buried there.  She decided that the Jones family must have been pretty big around here, because so many of them had headstones in the cemetery. And she liked reciting some of the short poems she found on some of the stones.

She wasn’t scared at all.

“The ghosts are only around at night, anyway,” she said.

Caitlyn said she was going to tell all about her cemetery adventure at the next Show and Tell at her school.

Tags: Add new tag, cemeteries, churches, history, north pinellas, Palm Harbor