Is $151 per sq ft for a house in Grand Hampton a reasonable price? (Tampa: bank owned, comparable sales)

[seajoy88]

[SIZE=2]Is $151 per sq ft for a house in Grand Hampton a reasonable price for the current New Tampa housing market area? We just heard back on a price that will be accepted on a house we really like. The total comes to about $151 per sq foot.

Houses go for much less than this where I live now, in Raleigh NC. I just want to make sure this is a good deal on a house in the New Tampa area.

Thanks, Joy
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[bentlebee]

I think it is pretty high in todays market in New Tampa..Also remember the property taxes are higher than across the street in Pasco County. The county line is in the middle of the street!

But if you love this house than go for it, otherwise look further.

[bentlebee]

In Seven Oaks the most recent resale are closer to $ 100.- sqft. But that is Seven Oaks, which is one of the most desirable community in Pasco and very close to Grand Hampton...but Grand Hampton might have higher sqft. prices.

Hillsborough County Property Appraiser - PROPERTY RECORD SEARCH, you can search your self if you want.

Good Luck!

[stpeteguy]

That means a 1000 sq. foot house would run you $150,000. I hope it's on the beach or something.

I bought my house at the height of the real estate market, and only gave about $110/sq. foot.

[bentlebee]

Make sure you know exactly how much the CDD and HOA are, because that can run up pretty high like in Live Oak across from Walmart Supercenter which is close by.

[jconrad]

Your realtor should give show you comparable sales for the subdivision. You should look at the properties that have sold within the last few months. The MLS sheet will show what the sold price square footage is. Be very careful and do not overpay! It is part of the reason we have the mortgage crisis we have now.

[seajoy88]

Originally Posted by bentlebee

In Seven Oaks the most recent resale are closer to $ 100.- sqft. But that is Seven Oaks, which is one of the most desirable community in Pasco and very close to Grand Hampton...but Grand Hampton might have higher sqft. prices.

Hillsborough County Property Appraiser - PROPERTY RECORD SEARCH, you can search your self if you want.

Good Luck!

Yikes! Thanks for this link. We are so excited about moving to FL that we aren't looking at everything with caution. We looked up the property and the amount the bank is accepting is actually $80,000 more than it's assessed at by Hillsborough County. After seeing that we told our realtor to withdraw our bid. Fortunately he was waiting to send in our bid on Monday. We'll just wait it out on this house and if it sells then I'm sure they'll be plenty more homes to chose from in the next few months.

I'm curious, but do you think that the tax assessments tend to be on the low end? I wouldn't be upset at paying $20K over an assessment, but $80K is too much. This house is now owned by a bank. Why on earth would they have it so much over the County's assessment? I thought banks were eager to get inventory off their hands.

Thanks again for that link!


Take care, Joy

!

[bentlebee]

Originally Posted by seajoy88

Yikes! Thanks for this link. We are so excited about moving to FL that we aren't looking at everything with caution. We looked up the property and the amount the bank is accepting is actually $80,000 more than it's assessed at by Hillsborough County. After seeing that we told our realtor to withdraw our bid. Fortunately he was waiting to send in our bid on Monday. We'll just wait it out on this house and if it sells then I'm sure they'll be plenty more homes to chose from in the next few months.

I'm curious, but do you think that the tax assessments tend to be on the low end? I wouldn't be upset at paying $20K over an assessment, but $80K is too much. This house is now owned by a bank. Why on earth would they have it so much over the County's assessment? I thought banks were eager to get inventory off their hands.

Thanks again for that link!

Take care, Joy

!

Most resales, which the one you mention is...and I assume this is a bank owned property....are priced under or close to the tax assessments. I just looked up the tax assessments for a couple of my properties and they are back to the prices of '05. The one short sale I closed on this year was also close to the tax assessment if you consider my closing price + the judgment the seller received, since than the assessment was lowered by the County and still the price I paid is lower than on the property taxes website.
I would never pay so much over the tax assessment + higher property taxes and as far as I know is the CDD and HOA in Grand Hampton not so low either. But it is very beautiful overthere. IMO you did the right thing....you don't want to regret buying a home that is overpriced after what all the people are going through, but I also have to say I haven't seen the house, maybe you can PM me the link.

[annesg]

YES....do NOT go by tax assessments. My tax assessment is almost $100,000 less than what the house is worth, even after adding a pool and such. You can go to the tax appraiser's site for recent sales but don't trust it for figuring out what a house is worth!

$150/sf is NOT unreasonable, depending on the house. Grand Hampton is a nice community and if you're looking at a house with lots of amenities, it might be worth it. The key is to have your realtor look at the comps and tell you how it stacks up to recent sales in the area. It really depends!!

[bentlebee]

Originally Posted by annesg

YES....do NOT go by tax assessments. My tax assessment is almost $100,000 less than what the house is worth, even after adding a pool and such. You can go to the tax appraiser's site for recent sales but don't trust it for figuring out what a house is worth!

$150/sf is NOT unreasonable, depending on the house. Grand Hampton is a nice community and if you're looking at a house with lots of amenities, it might be worth it. The key is to have your realtor look at the comps and tell you how it stacks up to recent sales in the area. It really depends!!

Adding a pool isn't always adding a lot of value to the house...many people don't want a pool, so it just what the buyer thinks it is worth.
If you have a pool without a solar system it will cost the owner a lot to heat the pool. One home owner paid $ 900.- to heat the pool after it was build and after that bill decided not to heat it so much. Another home owners installed for $ 2,800.- a solar sytem to heat the pool and that paid back fast. A pool cost money to clean and to maintain you need to have all the cleaning stuff, etc...It is nice to have but don't think athat adding a $ 40,000 pool will add $ 40 K or more to your home.

The property taxes goes by the original permit of the sqft and how many bedrooms, bathrooms and garage. So it can be different, but in todays market $ 151.- per sqft. is not paid in this area. Just look at the recent closings, and that is called comp. comps.