Why are these houses losing value North of Tampa? (Bloomingdale: for sale, real estate)

[letsurf]

I've been looking at house prices just North of Tampa near Country Line RD and they are losing value. For example:

8231 Dunham Station Dr, Tampa
Sold 2005 for $330
Pending Sale now for $300,000

Usually home values increase significantly in this time period so I'm curious why these are decreasing. I just don't want to buy a home and it continue to decrease for a reason I am unaware of.

[Roscoe Conkling]

Originally Posted by letsurf

I've been looking at house prices just North of Tampa near Country Line RD and they are losing value. For example:

8231 Dunham Station Dr, Tampa
Sold 2005 for $330
Pending Sale now for $300,000

Usually home values increase significantly in this time period so I'm curious why these are decreasing. I just don't want to buy a home and it continue to decrease for a reason I am unaware of.

Don't tell me you don't recall the real estate crash between those two dates ?
What that info tells me is prices have recovered much of their lost ground and they're not going anywhere but up these days.

[MortonR]

Originally Posted by letsurf

I've been looking at house prices just North of Tampa near Country Line RD and they are losing value. For example:

8231 Dunham Station Dr, Tampa
Sold 2005 for $330
Pending Sale now for $300,000

Usually home values increase significantly in this time period so I'm curious why these are decreasing. I just don't want to buy a home and it continue to decrease for a reason I am unaware of.

As the previous poster pointed out, you're looking at pre-crash and post crash values.

I track several areas where I own properties very closely, and to give you an example, the highest selling property in the areas I track sold in 2007 for approximately $400k. It just sold a few months ago for the first time since the 2007 sale for $395k.

Values are just now starting to return to close to their pre-crash amounts. However, this does not appear to be consistent across the market.

If you're buying real estate as an investment, you better be in it for the long haul. Just like the stock market, the peaks and valleys can kill you if you're a short-timer. If it's a primary residence, you've also got to consider the value based on usage, that is, what you're getting out of the property as a residence over that time as opposed to renting.

This time of the year is one of the lowest in the market. In the next 30 days or so things will start to pick up as people look to relocate over the summer while the kids are out of school.

RM

[dothetwist]

Originally Posted by MortonR

This time of the year is one of the lowest in the market. In the next 30 days or so things will start to pick up as people look to relocate over the summer while the kids are out of school.

RM

Depends on area; in many areas especially beach areas with smaller homes that appeal to snowbirds and/or retirees, WINTER is the high season for sales.

[letsurf]

Originally Posted by Roscoe Conkling

Don't tell me you don't recall the real estate crash between those two dates ?
What that info tells me is prices have recovered much of their lost ground and they're not going anywhere but up these days.

We purchased a home for $169,000 3 years ago and it has gone up in value $50,000 since then. I have looked at a variety of homes in different areas and it seems the prices have gone up since then, not down. Did the Tampa are get hit harder than other areas so the homes lost more value?

[letsurf]

Originally Posted by MortonR

As the previous poster pointed out, you're looking at pre-crash and post crash values.

I track several areas where I own properties very closely, and to give you an example, the highest selling property in the areas I track sold in 2007 for approximately $400k. It just sold a few months ago for the first time since the 2007 sale for $395k.

Values are just now starting to return to close to their pre-crash amounts. However, this does not appear to be consistent across the market.

If you're buying real estate as an investment, you better be in it for the long haul. Just like the stock market, the peaks and valleys can kill you if you're a short-timer. If it's a primary residence, you've also got to consider the value based on usage, that is, what you're getting out of the property as a residence over that time as opposed to renting.

This time of the year is one of the lowest in the market. In the next 30 days or so things will start to pick up as people look to relocate over the summer while the kids are out of school.

RM

We're shopping for a primary residence. I just don't want to purchase and then lose money on the deal. We aren't from the area and I don't want to invest in a home where the area is declining if you know what I mean. If the prices are lower due to previous crash that is fine and would probably be beneficial to us in the long run.

[sinatras]

Originally Posted by letsurf

We're shopping for a primary residence. I just don't want to purchase and then lose money on the deal. We aren't from the area and I don't want to invest in a home where the area is declining if you know what I mean. If the prices are lower due to previous crash that is fine and would probably be beneficial to us in the long run.

You want to buy in an area where your resale value is guaranteed to increase? Buy in zip codes 33609, 33629, 33606.

[LKJ1988]

They never came up in west Pasco.

[MortonR]

Originally Posted by letsurf

We're shopping for a primary residence. I just don't want to purchase and then lose money on the deal. We aren't from the area and I don't want to invest in a home where the area is declining if you know what I mean. If the prices are lower due to previous crash that is fine and would probably be beneficial to us in the long run.

Most areas are not declining, they're just recovering over a long time. And if you're comparing values based on the time frame of 2006-2008, you're being unrealistic. The sorts of property values we were seeing at the time were grossly inflated and are unlikely to ever return.

I live in Bloomingdale East, with a wide ranges of homes and prices. I would say we're just about back to what were realistic prices in the early 2000s, not the crazy train ones that people were seeing shortly before the bubble burst.

Inventory has been low up until recently, so as it's expanded prices have stabilized somewhat and in some cases are a little soft. And unlike the areas a previous poster mentioned that are close to the water or inhabited by snowbirds, our property values are pretty stable and do not fluctuate on a seasonal basis. Not a lot of retirees in our area unless they're year 'round residents.

RM

[Swimmom32]

Originally Posted by LKJ1988

They never came up in west Pasco.

Not new port richey or holiday or Hudson, but in trinity and odessa its gone up trust me...and land O lakes and wesley chapel and parts of Lutz (pasco county)...Florida is a very fickle market as fast as it goes up it will go down...Prices have gone up too fast in my opinion and alot of unknows....