Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I disagree with this completely. When NYC was headed downhill, every other major metro downtown was as well. Downtown America died in the 1960's after the mass exodus to suburbia, and the racial riots in the late 60's finished off what that started. NYC didn't start recovering until the mid 80's when block after block of blight was bulldozed, and metro planners and early gentrifyers moved in
what area specifically are you referring to?
I don't know, I owned 2002-2010 and lived there until 2007, it never got better. I know the area well, nothing improved.
Nothing will improve without wholesale bulldozing of homes and relocation of undesirables. This might be an unpopular opinion, but it's true. The hit and runs from across Nebraska are going to continue unabated
Why do you say that? There is absolutely nothing here driving economic growth. Nothing. No major employers of note. You can say Raymond James, but really? Is that it? Franklin has downsized, PWC has downsized, the only growth happening right now is housing starts, and for the life of me, I have no idea who is buying there... and where they are working
Consider this, the area immediately NORTH, WEST and SOUTH of University Mall is HOOD. Most everything between Fowler and Busch is HOOD. East is USF, but the area immediately East of there isnt great... Most of Temple Terrace is Hood or borderline
Ok, all you have to do is convince all the Section 8 landlords to evict their tenants, fix up their houses and sell them or rent them to students or employees of the university?
That in and of itself has problems, but it's probably better than Section 8
At any rate it's a pipe dream
This has yet to play out ANYWHERE. Give me one example
Considering home ownership is based on what, 30 year intervals, you expect someone to buy into a 20 year plan? Live 2/3 of their lives in a crappy location on the HOPE of change? No F'ing way... meanwhile your house gets robbed, your kids cant play outside, etc
Have you been near Tampa International Plaza and lately seen how much that area has changed.
When you used to take the Lois exit from I-275 (before the changes to I-275) you would enter an area that was and in some streets is still not great but that area is transforming so fast that sooner then later it will be a very nice area and most issues of the past will be much less. A lot of apartment buildings have developed and some buyers demolished homes and build new homes and in between you see some bad ones but sooner then later they will be demolished and more new homes will be build.
The same happens in other areas and the area near University Mall will most likely improve as well and you can still be close and see some nicer streets that seem to be hidden from Fowler and I bet you that home owners like to live there as the homes are maintained, etc.
It is sad that a small group of people spoil it for a lot of others but the cops are doing their best and so is the City of Tampa with checks on permits and code ordinances.
If it isn't in the people to live a better life and respect other people property then nothing will change, but you also have to see the positive things and there are many places that have improved and the economy is still not good.
If it wasn't for the housing mess and how long it has been dragged out then certain areas would already look better.
I think people are confusing regional housing market as in Tampa Bay area vs. some locals, say, a zip code or a suburb. As a whole, Tampa Bay is no where near to bubble price. But I can see in some places housing prices are back to bubble level--I can't believe I am saying the old cliche real estate is local . Economic cycles are part of history and eventually we will get into another down turn. Question is how hard that would be not if it happen. But my crystal ball says those down turns are not this year or next or even the year after the next.
Problem is incomes are stagnated or even went down (in real money) in the Tampa Bay area for the last few years and none of the forecast show a real gain in the coming few years either. So, even a small rise in housing price will upset affordability and would feel like it is suddenly a bubble price.
If you take out prices for existing houses, and look only at new builds around Tampa Bay area, would you say the same about pricing being far away from the bubble level?
Well, they are looking at 3/2/2 homes in very good condition in a very nice and growing area, fairly close to us. They have toured and found many which interest them. Price range $150,000-$175,000. They will be paying cash, after they sell their home in MA. I don't know what you consider low priced, but this fits our definition. Maybe yours is different. Maybe you expect nice home in nice areas to cost $25,000. I don't know.
Sure enough if people from NY or California will be moving here, they all will scream "dirt cheap" for pretty much ANY house on the market.
The way I look at it is a little different. Since it's not a secret last bubble was around late 2005-2006 and we all agreed prices was unreasonably high back than (what caused all these short sales and foreclosures to the point banks still have unoccupied houses because they don't have enough resources to handle all of them), comparing current market prices to these prices screams "second bubble" at me. But sure enough we will be seeing out of state folk who will be glad to buy now... and later foreclosures and short sale (which already started popping up). Hopefully I am wrong because it's not fun to have foreclosed properties everywhere you turn your eyes.
I guess it all comes to keeping/losing values. If people who are buying now will be able to sell for at least the amount they paid (+realtors fee), they are in good shape.
My own observation about 2003-2005 houses is the following. All these were not build to last forever and at some point most will be requiring major renovations which will also bring prices down and even could bring more short sales/foreclosures. The way houses are getting build here in FL is only the matter of time when it will fail. We will see.
My own observation about 2003-2005 houses is the following. All these were not build to last forever and at some point most will be requiring major renovations which will also bring prices down and even could bring more short sales/foreclosures. The way houses are getting build here in FL is only the matter of time when it will fail. We will see.
Nonsense,I'm afraid.
No modern house built 10 years ago needs renovation for a very long time.
The basic structure is built to last for decades and the only thing that will change is the taste of their person living there so while you might put in a newer kitchen or bathroom you won't be touching the basic structure of the property such as roof and walls.
There are such things as building codes you know.
Fact is real estate prices are going nowhere but up on a gentle curve.
Two or three years ago was the time to fill your boots but there are still plenty of realistically priced properties out there.
Hey, I'm not complaining. I don't think homes are at their peaks. It takes awhile for that to happen. The economy and housing are always cyclical. I like to believe we have at least another 4 - 7 years of home prices increasing. Home prices are increasing right now because of a couple things... IMO. 1) Interest rates are low 2) Many of the people who foreclosed on their homes did so over 3 years ago and are eligible for FHA loans again 3) Banks have eased up their lending requirements, but by no means are like the requirements of 2005 - 2006.
We bought our house in August 2011 for $179K. We have done some improvements on the home such as removing all carpet and replaced with hard surface flooring. Remodeled 2 of the 4 bathrooms (the third bathroom is about 1/2 remodeled, added a nice whitevinyl fence around the property, fixed up the flowers, changed the doors to 6 panel doors and replaced all the trip upstairs, added ceiling fans to every room, repainted, resurfaced the pool, added a pool heater plus a couple of other things. I am refinancing my house to get out of my FHA loan with PMI and just had the appraiser value our house at $250K.
Do I think this is a ridiculous increase? No. Do I think it is a good rate of return, yes.
Sure enough if people from NY or California will be moving here, they all will scream "dirt cheap" for pretty much ANY house on the market.
The way I look at it is a little different. Since it's not a secret last bubble was around late 2005-2006 and we all agreed prices was unreasonably high back than (what caused all these short sales and foreclosures to the point banks still have unoccupied houses because they don't have enough resources to handle all of them), comparing current market prices to these prices screams "second bubble" at me. But sure enough we will be seeing out of state folk who will be glad to buy now... and later foreclosures and short sale (which already started popping up). Hopefully I am wrong because it's not fun to have foreclosed properties everywhere you turn your eyes.
I guess it all comes to keeping/losing values. If people who are buying now will be able to sell for at least the amount they paid (+realtors fee), they are in good shape.
My own observation about 2003-2005 houses is the following. All these were not build to last forever and at some point most will be requiring major renovations which will also bring prices down and even could bring more short sales/foreclosures. The way houses are getting build here in FL is only the matter of time when it will fail. We will see.
You dodged my question. What do you think is fair for a 3/2/2 home?
BTW - Do you realize that 50% +/- of purchases have been cash buyers? I don't think cash buyers will be short saling their homes.
My parents are not coming from some high priced part of NY or CA. They are coming from a low priced, out in the sticks part of MA and still feel the prices here are low.
I will not specify of course what was my direct involvement but I was in south Florida and there we had numerous successful gentrifications including Miami Beach, downtown Miami, areas of Fort Lauderdale, downtown Delray Beach, downtown West Palm Beach (still in the works).
All of those areas listed have a lot more potential than suitcase city ever could have... apples and oranges
Quote:
For you to say most of Temple Terrace is borderline hood is typical of city-data nonsense (friend of Algia are you?) and I won't even bother addressing how ridiculous is your statement. Obviously you got a speeding ticket there one day.
Are you joking? Most of Temple Terrace is downright dangerous except for the area South of Fletcher, North of Busch and East of 56th street... the rest of the city is downright a crime ridden dump
Quote:
Making changes to an area is not just about one person's lifetime though you are welcomed to live your life as selfishly as pleases you. I prefer people who engage society, not those complaining with no substance from some computer down in their mother's basement. Buh bye.
Aside from the ad-hominem attack, your point may be valid as an urban planner or developer, but not to someone you are asking to buy into an area which probably will not change significantly in the entire period they will own a particular property. And in this day and age, that's asking a LOT...
And it's CLEARLY not happening here
Let me ask you something, do you even LIVE here?? Mod edit: Personal attacks are against our TOS.
Have you been near Tampa International Plaza and lately seen how much that area has changed.
When you used to take the Lois exit from I-275 (before the changes to I-275) you would enter an area that was and in some streets is still not great but that area is transforming so fast that sooner then later it will be a very nice area and most issues of the past will be much less. A lot of apartment buildings have developed and some buyers demolished homes and build new homes and in between you see some bad ones but sooner then later they will be demolished and more new homes will be build.
I assume you mean the International Plaza area?
Yeah, that is a nice area, but it was never horrible. Remember, I have lived here 40+ years.
Now, let me tell you this, go North a couple blocks to Drew Park... notoriously bad, and has not improved. Go East to West Tampa, not great, go further East... HOOD
Quote:
The same happens in other areas and the area near University Mall will most likely improve as well and you can still be close and see some nicer streets that seem to be hidden from Fowler and I bet you that home owners like to live there as the homes are maintained, etc.
Except it's NOT happening... and it's getting worse
Quote:
It is sad that a small group of people spoil it for a lot of others but the cops are doing their best and so is the City of Tampa with checks on permits and code ordinances.
If it isn't in the people to live a better life and respect other people property then nothing will change, but you also have to see the positive things and there are many places that have improved and the economy is still not good.
It's not a small group of homeowners, its most of them, and specific demographics if you want to be real about it...
Quote:
If it wasn't for the housing mess and how long it has been dragged out then certain areas would already look better.
I doubt it, it wasnt really improving when the market fell out... all it was doing was those same run down shacks were selling for more money
If you take out prices for existing houses, and look only at new builds around Tampa Bay area, would you say the same about pricing being far away from the bubble level?
Now your qualifying your statement. How much of the total housing market new building account for? Tiny. Not sure where that argument would take you.
Bottom line is we are nowhere near bubble price regionally NOW. Could we be in few years? Sure. But that doesn't mean that the economy will collapse the moment we touched the bubble prices. There were thousand factors that went into the last great recession. If you are waiting for the downturn to own a home, you may be waiting for a long time, nothing bad with that, may be great financially speaking. In fact, you would probably come out ahead by renting over 30 years--with all the caveat of course.
I also noticed price reductions, but to be honest prices are still too high to attract buyers even after these reductions.
I think interest rates will be going up soon, so we should see prices for houses going down more.
Absolutely agree.
Here's a house I would be interested in if it were not overpriced by $99,000:
430 Kali Ct, Palm Harbor, FL 34683
4 beds/3 baths/2 Car Garage/2803 sqft $599,000
Why would I say it's overpriced at $599,000 ?
According to comps, the house across the street:
441 Kali Ct, Palm Harbor, FL 34683
3,345 sqft / 3 car garage /.32 acre lot
SOLD 1/15/2015 for $635,000
SOLD at $189 per sqft
Now back to 430 Kali Ct:
2803 sqft, 2 car garage, .16 acre
So:
2803 sqft * $189 = $529,767
subtract 1 car garage (15k ?)
subtract for 1/2 the size lot (15k ?)
Looking at it rationally, it looks like a $500,000 house based upon a recent
comp that sold directly across the street 3 months ago. I'll wait some more.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
. Economic cycles are part of history and eventually we will get into another down turn. Question is how hard that would be not if it happen. But my crystal ball says those down turns are not this year or next or even the year after the next. 
