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Old 02-23-2008, 07:40 AM
 
3 posts, read 16,229 times
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Hello, forum

We are planning to buy our first home in New Tampa Area and need more information. We just relocated here 4 months ago from Virginia and we like the area on first sight.
Comparable homes in Tampa Palms are generally old and a little over our budget now. So we are looking at Live Oak Preserve, Heritage Isles and Arbor Greene.

Our realtor told us there are lots of investors buying homes in Live Oak Preserve and now they are renting most of the homes out. We would assume that's a bad sign to live in that neighborhood? (Again, rookie home buyers.) And Heritage Isles is right now the Golf Course. One show on HGTV said it would hurt the value of the home. Is that true?


Any comments on the areas will be of great help to us.


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Old 02-23-2008, 09:02 AM
 
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There were some articles about Live Oak recently on TBO.com mostly to do with the filinf for chapter 11 (TOUSA) There are 3 articles about this. Don't forget the property taxes are higher in Hillsborough than in Pasco and the line at Country Road. The side of Super target is Pasco on the other side of the road is Hilsborough County and don't forget to compare the CDD fees.
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Old 02-23-2008, 01:42 PM
 
Location: Tampa Bay Area
169 posts, read 990,578 times
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There are so many wonderful areas there (New Tampa) and Live Oak Preserve IS going through an issue right now that will give you a value buy... but there's no telling how low the prices will go there under the distress. There are a number of bank owned properties in that subdivision.

You should ask your realtor to tell you EXACTLY how many pending foreclosures and bank owned homes there are in any subdivision you're giving serious consideration of BEFORE you purchase a home. AND you should purchase a home at a value in that area.

Bank owned homes are selling for $80 to $90 per sq.ft. with pools all over the Tampa market. We closed on one for a client this week. Sadly it's all that's selling at the moment but you might as well get a deal.

Taxes are lower in Pasco than they are in Hillsborough but that may not remain that way for many more years. And a bond on the development (CDD) will cost you more anyway. It's subdivision by subdivision.

This is a fabulous time to purchase a home and get a terrific deal. Just make sure you get the value you deserve. And expect it to be a little competitive in those price ranges - get your pre-approvals before you submit an offer and don't bother trying to negotiate the price when you're buying below replacement costs, you'll lose the deal if you love the house, offer just a little over asking price if it's priced below $95/sq.ft.

Good luck to you.
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Old 02-23-2008, 05:52 PM
 
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Do not buy in Live Oaks . They got lot of issues. When we were looking for a house recently we liked Live Oak's floor plans but found lot of above and beyond items that made us decide against going there. They are charging very high HOA and recently home owners staged some rally type stuff to show their displeasure at sub standard cable service. As per them for the money they are charged for HOA the service is sub standard. Another thing we found there is, there are many investors who bought houses and now are desperately trying to rent/sell it or are in foreclosure. Because of all these, their yards are also not well maintained. TOUSA filed for bankruptcy protection (chapter 11) and even though they say their construction will continue there are lots of catches. We were shown a lot that they said they will start building within a week as it was permitted lot and supposed to have inventory home built. For next 3 months they did not start it because there were no buyers! One last thing, when their preferred lender gave us good faith estimate, we found that it was completely false. They put very low tax estimates etc which was bringing our monthly payments down by about $200. Just search in MLS listing for houses in new tampa, you will find so many houses on sell (and unable to sell) in live oak. You can use yahoo real estate to search mls listing. So all in all, I would not recommend you Live Oak.

Heritage Isles - we took a look at it also and we liked it. We liked Lennar's couple of floor plans. They give everything standard like granite counter tops, 42" maple cabinets etc etc.. so if you prefer lot of custom stuff you won't get it but most of their standard features are all upgraded so we liked it. However, CDD fees are extremely high in heritage isles. It is $2500/yr and that is I guess, because it is a golf community. For gold membership you have to pay 3000/yr extra if you wish to play gold on those courses. On top of that, hillsborough taxes are so high. So your monthly payments in heritage isles will be very high. BUT, it's a nice community and we liked Lennar's homes there.

Arbor Green is good but I am not aware that they have any new homes left. So won't be able to comment on that.

Whatever you do, my advice - don't consider Live Oak in its current stat. We did extensive research while buying our home and we crossed Live Oak for lot of reasons. And if you don't mind moving further a mile or so from live oak, you can take a look at Seven Oaks or Grand Hamptons. You will pay much lesser in taxes in both properties and they both are master planned communities. At least take one look there.

Good luck with your house hunt wherever it leads you.
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Old 02-23-2008, 07:15 PM
 
3 posts, read 16,229 times
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Thanks a lot for all the replies above. Those are really some important information that we never knew before. I truly appreciate your help.

It looks like we have much more homework to do and more questions to ask our realtor.

BTW, there's no brand new home in Arbor Greene. We like it a little more than other areas so we also put it on the short list.
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Old 02-23-2008, 07:22 PM
 
25,755 posts, read 38,925,015 times
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Quote:
Originally Posted by sncoupons View Post
Do not buy in Live Oaks . They got lot of issues. When we were looking for a house recently we liked Live Oak's floor plans but found lot of above and beyond items that made us decide against going there. They are charging very high HOA and recently home owners staged some rally type stuff to show their displeasure at sub standard cable service. As per them for the money they are charged for HOA the service is sub standard. Another thing we found there is, there are many investors who bought houses and now are desperately trying to rent/sell it or are in foreclosure. Because of all these, their yards are also not well maintained. TOUSA filed for bankruptcy protection (chapter 11) and even though they say their construction will continue there are lots of catches. We were shown a lot that they said they will start building within a week as it was permitted lot and supposed to have inventory home built. For next 3 months they did not start it because there were no buyers! One last thing, when their preferred lender gave us good faith estimate, we found that it was completely false. They put very low tax estimates etc which was bringing our monthly payments down by about $200. Just search in MLS listing for houses in new tampa, you will find so many houses on sell (and unable to sell) in live oak. You can use yahoo real estate to search mls listing. So all in all, I would not recommend you Live Oak.

Heritage Isles - we took a look at it also and we liked it. We liked Lennar's couple of floor plans. They give everything standard like granite counter tops, 42" maple cabinets etc etc.. so if you prefer lot of custom stuff you won't get it but most of their standard features are all upgraded so we liked it. However, CDD fees are extremely high in heritage isles. It is $2500/yr and that is I guess, because it is a golf community. For gold membership you have to pay 3000/yr extra if you wish to play gold on those courses. On top of that, hillsborough taxes are so high. So your monthly payments in heritage isles will be very high. BUT, it's a nice community and we liked Lennar's homes there.



Arbor Green is good but I am not aware that they have any new homes left. So won't be able to comment on that.

Whatever you do, my advice - don't consider Live Oak in its current stat. We did extensive research while buying our home and we crossed Live Oak for lot of reasons. And if you don't mind moving further a mile or so from live oak, you can take a look at Seven Oaks or Grand Hamptons. You will pay much lesser in taxes in both properties and they both are master planned communities. At least take one look there.

Good luck with your house hunt wherever it leads you.
Seven Oaks is Pasco-lower taxes

Grand Hampton is Hillsborough- higher taxes
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Old 02-23-2008, 08:00 PM
 
81 posts, read 279,614 times
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Quote:
Originally Posted by bentlebee View Post
Seven Oaks is Pasco-lower taxes

Grand Hampton is Hillsborough- higher taxes

Oops..u r right..
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Old 02-24-2008, 05:59 AM
 
25,755 posts, read 38,925,015 times
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http://www2.tbo.com/content/2008/feb...e-competition/ (broken link)


This is also what is happening in Live Oak, Grand Hampton, Watergrass, Seven Oaks, etc. The builders are still building overthere or in area's close the same communities and building the same models.
By the way a lot of the sales persons at the builders offices +realtors in our Pasco/Hillsborough neighbor hoods, are investors themself. Some will admit it others....just look on the property appraisers website for these 2 Counties and you will see that the realtors names and sale persons names will pop up for several homes. I have no problem at all with this, but for builders to blame investors first....then they should have forbidden their sales people + realtors to buy first and get the best prices.
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Old 02-24-2008, 06:29 AM
 
Location: Knoxville, TN
396 posts, read 1,162,073 times
Reputation: 255
Default New Tampa is overrated

Quote:
Originally Posted by BMOFFITTF View Post
Thanks a lot for all the replies above. Those are really some important information that we never knew before. I truly appreciate your help.

It looks like we have much more homework to do and more questions to ask our realtor.

BTW, there's no brand new home in Arbor Greene. We like it a little more than other areas so we also put it on the short list.
I used to own a home in Arbor Greene and it really is a beautiful community. Be careful before you get all dreamy-eyed and swept away by it's beauty. We moved from there after only 4 months. Firstly, the "gated" gets old really fast when you are stuck behind people don't know what they are doing or their scanner doesn't work. Secondly, the taxes, CDD and HOA are killer. Third, the traffic on Cross Creek and Bruce B. Downs is horrible. Heaven forbid there is an accident on BBD, then you might as well call out sick. Other than that, yes you will buy a resale home which is not a bad thing. We had a 1998 Suarez home in the Preserve and it was beautiful. The lots are a good size and the heated community pool is nice. By the way, if you do move there, sometimes on any given morning, a cop with a radar gun likes to hide at the entrance of that little gated neighborhood, just after you go through the main gate, on the left side. Just really do your homework before you buy there.

We now live right at 52 and the Suncoast in a nice little community that wasn't stripped of all it's trees, has no CDD and has builders like Mercedes and Smith Family. It's a little further up but you're only a short cruise down the Suncoast to everything.

If you want to stay in the bustle, I'd recommend the Wesley Chapel area.
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Old 02-25-2008, 09:20 AM
 
6 posts, read 30,629 times
Reputation: 10
Default new tampa homes

hi BMOFFITTF

any luck with home purchase...

we are sailing in the same boat...
we like floor plans in live oak but not sure whether to go for it...

any updates about the builder conditions there?


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