The Tampa Housing Bubble 2.0 Thread

[InGateway]

Originally Posted by Getting_there

Yes, I would love to know what the heck is going on because the prices on the homes have skyrocketed to the point of being on par with the Northeast. Is it me, or did EVERYONE in Florida get an extra $20,000 a year raise?

That explains St Pete possibly getting more depressing in some parts while some parts are getting nicer and up there with the NE, especially in downtown. Its become a North with palm trees pretty much with southern culture in pockets still infused in around the outskirts but the divide is apparent between people, us vs them, only its not race so much this time. Somewhat but not always as whites who been here separate themselves from the yuppies too and vice versa.

[InGateway]

Originally Posted by EngGirl

Something is coming but.... what caused last bubble? Economy went downhill and many people lost their jobs. I hope it's not going to happen again.

Some houses increased in price and some not, but the reality is all brand new houses and townhouses are priced significantly over anything you can buy. Who is buying it? I know at least few families who were hit during Bubble 1.0 and just purchased brand new.

I have a feeling over in Gateway this is starting again. They are slowly tearing down some homes and building new ones. A place that made Italian pizza that wasn't too bad is now closed, Anthonys. I was shocked at that one. Investors will probably buy it up as the plaza looks even more like crap than it did.

[InGateway]

Originally Posted by Beezwacks

Let me chime in on the University area, AKA "Suitcase City" for us people who have lived here a while...

Before ANYONE says Suitcase City can be good, take a look at Tampa Heights, Seminole Heights, and West Tampa...

Everyone has been saying that those areas are "up and coming" for 15+ years, and they arent... sure there are a few new bars and restaurants, but there's also the same criminal element, crime and general lack of giving a crap, poor residents that have occupied the area for the last 30+ years, and they arent going away.

Seminole and Tampa Heights have more potential than Suitcase City, and if they cant be cleaned up, there is zero hope for University....

Just saying... be real people

Sounds like St Petersburg.. actually the spitting image of it. General lack of giving a crap, check, poor residents, check, class divide, check. new bars pop up but not fully fixing the area or economic problems, check.

[InGateway]

Originally Posted by kmarc

This bubble is a little different, IMO, in that it seems to affect specific areas. Whereas in the last bubble, even marginal properties rose a great deal in "value" for what they were, this time it tends to be in the more desirable pockets.

Nonetheless, for someone who wants to get free of their house, now is the time for liberation!

So possibly getting out of the areas in transition or avoiding the "hot spots" will be best because it differs greatly from anywhere not in those areas am I right? I could be looking at insanely cheap rentals if I don't include any of the so called hot spots.. it already looks that way because I got a price on one rental earlier and its insanely cheap compared to what I am paying now but its in Hillsborough not even in Tampa.

[Roscoe Conkling]

Originally Posted by PhotoProIP

From UP North! Remember their "dollars" are better than our Florida dollars! Let them overspend and then be broke and go back where they came from.

Really ?
Part of Florida's huge success has been the influx of Northern implants who bring their dollars and work ethic to the sun.
Anyone who is successful enough to be able to relocate down here is unlikely to make bad economic choices once they're here.
We should welcome their input that is continuing to drive Florida's economic success.

[bentlebee]

Originally Posted by InGateway

I have a feeling over in Gateway this is starting again. They are slowly tearing down some homes and building new ones. A place that made Italian pizza that wasn't too bad is now closed, Anthonys. I was shocked at that one. Investors will probably buy it up as the plaza looks even more like crap than it did.

There are more reasons why some businesses quit.

Competition, high overhead while others manage with lower overhead. Bad management incl. Not keeping the books and when tax time comes around there is no money to pay the taxes.

Pizza places especially the delivery or pick up only places deal with issues as credibility of their drivers and I watched an episode of undercover Boss about a place like that and that and the driver had used drugs, which is nowadays a huge issue as well as the quality of the food which often will vary from times that it is great and other times perhaps not so good and customers staying away.

The cost of tomatoes at one point going up so pizza places put less on it to avoid prices to go up to much and regardless prices went up so it was less tomatoes and higher prices and that on a small amount and competition who may be able to do it all cheaper can make a company to quit.

Health care insurance is another cost that not every company can deal with.

Over the last years many sun tanning salons and pizza places have closed down for obvious reasons.

On top of that when they are offered for sale the lack of P&L's and good book keeping other then writing the numbers on a napkin or piece of paper is not helping for their place to sell.

Commercial real estate got hit very hard and is recovering slower than Residential and with some new build plaza's the other ones look even worse and there is not much of an oversight since the owners run the CAM. The list prices are listed as to say "not for sale".

[evilcart]

Originally Posted by PhotoProIP

This notion that Florida can only survive economically ONLY thanks to those who come from up north is INSULTING to locals. Those born and raised HERE! Who ALWAYS had to live on ridiculous wages etc.
.

actually dude you made his point...

FL has as you say "ridiculous" wages because FL has no strong demand for labor. If the enconomy of FL was strong you would have better wages, but the sad truth is it sucks and adds very little to the GDP on a per capita basis. And shame on you for pretending his monies don't directly improve the standard of living in FL


And keep in mind every square foot of FL is as much mine as it is yours. The only reason you resent new comers is because they have more than you.