Is this house overpriced?

[saltzman143]

it is not a "dump" but it needs a lot of work, from the description. seems like little has been updated, and what has been renovated was done more than a decade ago.

c'mon we all know what an un-renovated 1950s ranch house in south tampa entails: $$$$$$$$$$$

i am not talking about travertine and marble bathrooms, i am talking about new electric, plumbing, flooring, appliances, lighting, fans, windows, doors, A/C, etc . right there we are talking about $100k.

now, if the house was renovated and priced at 385k, it would have already sold (like many renovated houses have and will sell, if they are priced right).

[dlhanson]

Originally Posted by saltzman143

dlhanson: great post. but. my concern with the claim that prices are going to drop a lot further (through 2010) is that it seems to me that the properties priced right in desirable areas are selling in 1-2 weeks. the OP is talking about south tampa. do your numbers deal with south tampa or the tampa area in general? south tampa is a whole other ballgame. i don't think, for example, that prices in s tampa have dropped 33% since 06. maybe they have in wesley chapel or new tampa or town and county. but not in south tampa. perhaps a realtor knows better than me.

also by your reasoning, it's unwise to buy a property if it's only been on the market a month? why is that?

also i thought that zillow and ziprealty estimates are not correct/up to date???

All the numbers that I have seen Case/Shiller major metro house price report, Money Magazine article on forecasted prices, and the PMI report of likelihood of further drops are all for the entire Tampa region.

Zillow estimates are backward looking. When the market is going lower every month, comparables are out of date by the time of sale.

A given property may be priced to buy right away. But it looks like to me that almost all the sellers are not willing to face reality and price their property to market conditions. The size of their loans and the fantasies that they had during the height of the housing bubble keep them from pricing realistically.

IBTW, we have been looking in Riverview and Sun City Central only.

[Keeper]

Here is the house on the property appraiser's website. It is on 2 lots

HCPAFL.org SEARCH PROPERTY RECORDS [ MOELLER KRISTINA ] FOLIO#119375-0000

I have to agree with Gypsychic.. that is a great area.

[saltzman143]

That area is hit or miss in terms of the quality of the home maintenance. Some people keep up their homes, others don't and leave them to look like ghetto shacks. That area is Palma Ceia West, NOT Palma Ceia. Palma Ceia is manicured. That area is not manicured.

[gypsychic]

Originally Posted by saltzman143

That area is hit or miss in terms of the quality of the home maintenance. Some people keep up their homes, others don't and leave them to look like ghetto shacks. That area is Palma Ceia West, NOT Palma Ceia. Palma Ceia is manicured. That area is not manicured.

Personally, I prefer an "unmanicured" neighborhood - different strokes for different folks. I don't believe in environmentally unfriendly artificially maintained water sucking lawns and such. Best to have an unmanicured Florida-friendly landscape - you aren't allowed to water it these days, so might as well. More and more places are going to start having that unmanicured look as well.

[saltzman143]

I guess by "manicured" I mean "maintained" or "not an eyesore"; I also believe in native Florida landscaping, especially considering FLA's water crisis. You can have a native FLA landscape and not have a property that looks like a tear-down. That area (of the OP house) has a lot of tear-downs and is not as nice as Palma Ceia. In PC West there are still a lot of dilapidated shacks with renters who never cut their grass (native or non-native) and who park 5 cars on the lawn, for example. Although one plus is that it is walking distance to PUBLIX!

[tampaguy03]

Your paying for location...and its priced right in my opinion, and definitely does nto look like a dump, and you wont need to be concerned about a dumpy neighborhood either...as other mentioned, South Tampa is a whole other ball game, and you wont see too much in the way of drastic declines like you see in brand new subdivisions like in New Tampa area. I would always consult with a relator if you are not from the area and concerned, I PM'd you a great referral.

[tilli]

That area is hit or miss in terms of the quality of the home maintenance. Some people keep up their homes, others don't and leave them to look like ghetto shacks. That area is Palma Ceia West, NOT Palma Ceia. Palma Ceia is manicured. That area is not manicured.

Looks pretty nice when you drive around with Google street view from this address.

[gypsychic]

Originally Posted by tilli

Looks pretty nice when you drive around with Google street view from this address.

Looked nice to me too, Tilli.