South Tampa Real Estate Market

[C5Aprea]

I can honeslty tell you Ive looked and looked.

Ive seen POS for sale in south tampa. Most have been under 2000 SQFT.

I have driven from bayshore to westshore across every street from gandy to kennedy and im seeing a decent homes many over 600K with taxes starting at 12K.

I bought my house in January 2005 ( Just before prime time )

I have it listed for 20K less than I paid for it, and it looked like my buy out will be 80K less then what I have in it.

When I sell, Ill be looking north to westchase or east to brandon where you can get a normal house.................... and a long commute

[ejperryman]

Normal house? Tiny cracker boxes? Just out of curiosity, what is everyone's definition of a normal single family house? Mine is: 3 or 4 bedrooms, 2 baths, 2,000 square feet. That can be found in South Tampa

[TampaKaren]

With all the re-development in South Tampa, there are both higher end builders using only first quality materials; and there are budget builders using lower grade materials. Hopefully this is evidenced from your previews. It's sad that some people are still oblivious in today's market. Even some of my colleagues suggested that South Tampa prices would not go below $200 per square foot but in many cases, they already have.

[royalblood]

Most house lots in the Virginia Park area sells for at least $250,000....but right now is probably the best time to buy if you are interested in South Tampa. My son owns property in SOK and SOG and made a fortune in recent years on selling at a huge profit, but right now even South Tampa is hurting with property values. Not many poor or middle income people in South Tampa anymore.

[Johnland]

Originally Posted by royalblood

Most house lots in the Virginia Park area sells for at least $250,000....but right now is probably the best time to buy if you are interested in South Tampa. My son owns property in SOK and SOG and made a fortune in recent years on selling at a huge profit, but right now even South Tampa is hurting with property values. Not many poor or middle income people in South Tampa anymore.

Would you know what the current average is for a lot that is 75 eide by 100 deep?

[BucFan]

Originally Posted by TampaKaren

There are a few good bargains here and there, but for the most part, the houses are still selling in South Tampa at ~93% of the asking price. It is painfully slow though. I had one seller tell me today that the recession hasn't had any effect on the military. And, I had another seller say that he is anxious to use his portability tax, but he can't until his house sells.

From the MLS, single family homes in zip 33629 year to date, there have been 23 sales, there are 30 currently under contract, but here's the wow factor: there are 352 for sale.

Hope this helps!

Military members being stationed at McDill AFB get a housing allowance, but still will have to sell at a loss if they decide not to keep their homes when they get transferred. I can't believe they'd pay inflated prices for homes - they'd be better off renting. I'm a 20 yr active duty soldier and never did buy a house wherever I was stationed. 3 yr tours didn't seem like enough time to buy a home then risk having to find a buyer when I transferred.

[BucFan]

Originally Posted by Scott A. Wolfe

I have been in Real Estate in South Tampa for about 8 years now. The South Tampa market is about 18-22% off the high of 2006. There is still too much inventory around, but things still sell when they get into that 20% reduction range. There are definitely some deals around every now and then as well.

I will likely be a buyer in 2009. I expect that next year the market will hit the low, hopefully for buyers like myself. I have no insight, but eventually people will have to succumb and cut their prices - especially folks with adjustable rate mortgages.