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Old 07-18-2016, 03:02 PM
 
3,313 posts, read 4,306,332 times
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Some new apartments in Wesley Chapel and Land O Lakes are renting as high as $1600.... And they are not sitting vacant!!! Prices went up! Will they go down? Maybe and maybe not

 
Old 07-18-2016, 03:27 PM
 
Location: Westchester County, NY -> Pinellas County, FL -> Dutchess County, NY -> Denver?
348 posts, read 358,510 times
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Yes, it is. We bought a house in November 2014 for 330k and sold it last week for 375k. We almost put it on the market in October 2015 for 350k. Do you think people started making a lot more money within those two years? Out so state money like ours. My main concern with housing here is quality - it appears it is all rubbish. It is either a quick flip done by monkeys with tools or fixer upper in a very poor condition.
 
Old 07-18-2016, 03:48 PM
 
131 posts, read 108,005 times
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Quote:
Originally Posted by dctotpa View Post
My husband and I moved from DC in December and we've been searching for a house. We've been watching the market and prices for about a year and it makes us so nervous to purchase a home here. We have a combined income of $190k and 20% down for a home. We want a home under $420k, but watching prices jump over 30% over the past year gives us anxiety. We lived in Tampa 8 years ago...yes I know times have changed since then....but it's kind of crazy to see what people are listing some homes for. The quality of most homes just isn't there. And sellers are unwilling to budge even a little on price and even overpriced homes (based on looking at sales from past 3 mos) go so quickly. We also can't seem to get any decent help from a realtor. Anyone else feel this way? I wish there was an end in sight.
I think that Tampa Bay value has reached it's apex...in today's market.
When the insurance industry reassessed their risk the hidden cost of flood insurance was not reflected in the purchasing price. Many properties along the coast, or in low lying areas hit the market at inflated prices. New construction in Gated communities that offer security and additional amenities will reflect that expense in sq-ft estimates.

Old housing stock, over-sold as a fabricated "Historic Waterfront District" should be highly scrutinized.
Consider newer construction that will meet the latest storm resistant thresholds in more resent developed areas with an elevation above 18 ft.
 
Old 07-18-2016, 04:04 PM
 
3,313 posts, read 4,306,332 times
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Quote:
Originally Posted by Iching View Post
Yes, it is. We bought a house in November 2014 for 330k and sold it last week for 375k. We almost put it on the market in October 2015 for 350k. Do you think people started making a lot more money within those two years? Out so state money like ours. My main concern with housing here is quality - it appears it is all rubbish. It is either a quick flip done by monkeys with tools or fixer upper in a very poor condition.
There was a house I was monitoring at Seven Oaks in Wesley Chapel that was sitting on the market at the end of last year with no interest, and just recently sold for asking price. I don't think prices went up, I think it was bed timing. Houses that are more suitable for families with kids are sold better during off school or close to the end of school year season. For the last few years I noticed October - February were the slowest months.


In your case you might be right and it's really an increase, but I noticed house prices are seasonable.


$350K with 20% down is under $1300 per month in mortgage. With rent prices being so high in certain areas no wonder people buy $350K houses.
 
Old 07-18-2016, 04:19 PM
 
10 posts, read 6,682 times
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Quote:
Originally Posted by kbrkr View Post
It's supply and demand at is most basic. Tampa Bay area has 50,000 new residents per year; The fastest growing city in the country. Inventory is low, interest rates are low, job growth is good, economy is doing better and all of this translates to higher prices. Will it continue? As long as the 50k per year continues, interest rates remain low, economy remains stronger, inventory remains low, yes this will continue.

Maybe you should look elsewhere?
No doubt that Tampa is growing. I believe it's around 10% per annum right now - however, absolutely false that it's the fastest growing city in the Country. Not even fastest growing in FL; not in Top10 in Country...
 
Old 07-18-2016, 04:24 PM
 
Location: Florida Baby!
5,180 posts, read 669,439 times
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Quote:
Originally Posted by smarino View Post
I have no idea about Tampa, but here in St Pete the housing market looks ultra hot. Lots of new construction, major developments downtown, all that. Thank goodness we own our little mobile home in a senior park because I am sure we would be priced out of here soon the way things are going. Things don't stay on the market long, that's for sure. Both rentals AND sales.
I've been considering the St. Petersburg area for retirement and went down in January to check it out. Much to my dismay, I discovered that a tiny 2 bedroom apartment in a decent rental community runs about the same as I pay now in CT for my 1400 sf 2 bedroom townhouse (including heat & hot water and washer/dryer) I'm currently living above my means as it is so I would need to downsize but it looks like I wouldn't really be saving much if I moved to St. Petersburg. I get that inland FL is cheaper but as it is I live 1.5 hrs. from the beach and in my retirement I really want to live near the water--and I mean BIG water (I grew up on Lake Erie)

Plan B is moving back to my home town in Upstate NY which is looking more like a reality...
 
Old 07-18-2016, 04:27 PM
 
315 posts, read 223,131 times
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Quote:
Originally Posted by EngGirl View Post
There was a house I was monitoring at Seven Oaks in Wesley Chapel that was sitting on the market at the end of last year with no interest, and just recently sold for asking price.
Perhaps, we got lucky but we bought an existing house in New Tampa at approximately $105 per square foot not so long ago constructed by an excellent builder, a conservation lot and lots of upgrades in excellent condition.

I don't see houses flying off the shelf in this area. If it is properly priced it moves otherwise it just sits until the seller lowers the price.

I am curious as to the $ per square foot for the house in Seven Oaks that sold because we looked in that area and could not find a home we really liked at least based on the then inventory.
 
Old 07-18-2016, 04:34 PM
 
10 posts, read 6,682 times
Reputation: 24
Quote:
Originally Posted by uhuru View Post
Perhaps, we got lucky but we bought an existing house in New Tampa at approximately $105 per square foot not so long ago constructed by an excellent builder, a conservation lot and lots of upgrades in excellent condition.

I don't see houses flying off the shelf in this area. If it is properly priced it moves otherwise it just sits until the seller lowers the price.

I am curious as to the $ per square foot for the house in Seven Oaks that sold because we looked in that area and could not find a home we really liked at least based on the then inventory.
How are the schools in New Tampa area? I'm currently only looking at properties around Sickles & Steinbrenner HS's as those are supposed to be best in the area...
 
Old 07-18-2016, 04:41 PM
 
Location: Central Mexico and Central Florida
7,095 posts, read 3,456,394 times
Reputation: 10153
Quote:
Originally Posted by EngGirl View Post

And wake up people, cash buyers are pretty much gone. You know mortgage records are a part of public records, right? You can look up anyone who bought a house and see if they got mortgage and for how much (so you know how much down payment people made). I would say most home sales in price range over 200K are with mortgage. And I am as a seller will not sell my home cheaper to cash buyer if I can get more money from someone coming with the mortgage. No difference for me really.
Wrong again!

April 2016 Statistics released in June 2016 (latest available) from Pinellas County Realtor Org.

Number of Sales 2,202
Sales Paid in Cash 974
Percent change from April 2015 -1.5%
 
Old 07-18-2016, 04:43 PM
 
10 posts, read 6,682 times
Reputation: 24
Quote:
Originally Posted by dothetwist View Post
Wrong again!

April 2016 Statistics released in June 2016 (latest available) from Pinellas County Realtor Org.

Number of Sales 2,202
Sales Paid in Cash 974
Percent change from April 2015 -1.5%
Wow, that's close to 50% cash buyers; crazy!
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