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Old 12-01-2014, 01:02 AM
 
Location: North of South, South of North
8,706 posts, read 8,814,219 times
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Quote:
Originally Posted by Sunnydee View Post
It does seem like another crash is coming. The market just seems strange. In my neighborhood there are now seven houses for sale and usually we have only two or three. Before the last crash people scoured this neighborhood weekly waiting for a house to come on the market. Then when a house did get listed buyers had to act quickly because there were often multiple offers and bidding wars despite the prices being much higher than they are now. One neighbor said it took them two years to buy a house here, but now we have houses sitting. In fact, one of the nicest houses in our neighborhood went on the market about a month ago and has not had one offer yet. In the past when a cream puff like this one went on the market it'd sell almost immediately. None of us can figure out why this house has not sold because it is model perfect, well maintained, and priced well, but we all think it's a sign of bad things to come. It's all a bit scary.
I am going to watch this new development to see if they get close to their asking or if they have to drop it way down to reality. That should let us know a little bit about the market. If these sell at or near price, I will be scratching my head for a long time.
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Old 12-01-2014, 05:54 AM
 
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Quote:
Originally Posted by North_Pinellas_Guy View Post
I am going to watch this new development to see if they get close to their asking or if they have to drop it way down to reality. That should let us know a little bit about the market. If these sell at or near price, I will be scratching my head for a long time.
Knowing the area, what would you say reality is?
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Old 12-01-2014, 07:34 AM
 
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Well, it's hard to say what will happen. I live in Sarasota, and the market here seems gangbusters. The problem with anyone waiting for "the next crash" to buy (assuming if and when one happens) is that rentals here are becoming rare as hen's teeth and uber expensive. So people have to live somewhere. We bought our house here "on the way down" last time, and I'm glad we did. For awhile it was worth a lot less than we paid, these days it still isn't worth all we have put into it, but I don't care. Got a cheap mortgage and we live two blocks from the water. No regrets whatsoever. In my neighborhood flood insurance is expensive which keeps some prices down somewhat; however, those with cash can come in and buy smaller houses like mine and rent them out in season for unbelievable rates, and many are doing just that. If we ever move to St. Pete, we will do the same with this one.

The bottom line, the WHOLE TAMPA BAY AREA is experiencing growth right now, and I expect it will continue for some time. I personally do not think we will have the same kind of bubble as before - that was due to all the irresponsible lending, which I don't see happening right now.
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Old 12-01-2014, 07:36 AM
 
Location: North of South, South of North
8,706 posts, read 8,814,219 times
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Quote:
Originally Posted by kmarc View Post
Knowing the area, what would you say reality is?
I think one would need to know what the market was in different locations within Tampa Bay, prior to the crash, to understand what the reality is. I was not here then.

Post crash, when I have been here, has been two years of amazing rebound in pricing in good areas. However, it is appreciation which is higher due to being a rebound and is certainly not something which is sustainable.

It is important to know what the pricing was prior to the crash. Was the Countryside and surrounding areas really expensive prior to the crash? Expensive as in $772,000 for a 3,000 sq ft home, with nice finishes, but with high tension wires visible, no pool, zero lot lines, surrounded by homes and no trees?

Obviously there are locations one can go to where pricing is very low, but there is a reason for that. I am curious as to how affordable was housing here prior to the crash? One thinks of Florida and many times affordable homes come to mind. But it is a big state, so pricing varies. By some of the rebounding prices I am seeing now, I would have to assume this was a fairly expensive place to buy a home prior to the crash.

Just so lucky to have moved and bought here in 2012, in a desirable area.....with insanely low interest rates to boot.
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Old 12-01-2014, 07:50 AM
 
3,313 posts, read 4,307,239 times
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Quote:
Originally Posted by gypsychic View Post
The bottom line, the WHOLE TAMPA BAY AREA is experiencing growth right now, and I expect it will continue for some time. I personally do not think we will have the same kind of bubble as before - that was due to all the irresponsible lending, which I don't see happening right now.
Look at average household income in Tampa Bay area and look at average price for new construction. There is no way people can afford these prices without being house poor. And this is exactly what's going to happen as soon as these people will realize their are not living lives they wanted.
I see short sales in new communities where people bought within last 3 years. It tells something.
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Old 12-01-2014, 08:02 AM
 
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My friend was here this week from Detroit he just retired from GM. He is looking to buy a winter home here he is paying cash. He seen one in the NPR aera nice location right on a golf course. In fact the hoa fees include use of the clubhouse pool and restraunt. He is making a cash offer of $95,000 on a $123,000 house that is a 3 bedroom 2 car attached garage 1,300 sq feet newer roof and newer appliances. Him and his wife will still keep their beautiful home in Michigan.
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Old 12-01-2014, 04:26 PM
 
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04 and 05 was over the top in most every area here. Even in west Pasco homes were selling for 140k that dropped down to 20 to 40k in late 08. Danashores also was on fire, when they planted the sign in the yard someone stopped and bought the house in under 3 hours. Homes went from around 250k on the water in the later 90's to around 450k and up in 04.
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Old 12-01-2014, 04:47 PM
 
Location: North of South, South of North
8,706 posts, read 8,814,219 times
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Quote:
Originally Posted by CHASLS2 View Post
04 and 05 was over the top in most every area here. Even in west Pasco homes were selling for 140k that dropped down to 20 to 40k in late 08. Danashores also was on fire, when they planted the sign in the yard someone stopped and bought the house in under 3 hours. Homes went from around 250k on the water in the later 90's to around 450k and up in 04.
Where is Danashores, Chas?

Thx for the pricing relationship. It helps with the perspective.
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Old 12-01-2014, 06:03 PM
 
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Quote:
Originally Posted by North_Pinellas_Guy View Post
Where is Danashores, Chas?

Thx for the pricing relationship. It helps with the perspective.
It is right before you get off the Causeway on the Tampa side by the Airport. Or i should say just north of the causeway and most all the homes are on the water.
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Old 12-01-2014, 06:32 PM
 
Location: North of South, South of North
8,706 posts, read 8,814,219 times
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Quote:
Originally Posted by CHASLS2 View Post
It is right before you get off the Causeway on the Tampa side by the Airport. Or i should say just north of the causeway and most all the homes are on the water.
Oh ok. I know where that is. Thx.
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