Tampa area home prices supposed to drop another 36% (short sales, foreclosures)

[kwflconch]

Right now, the median home price in Tampa is $151,500, if prices drop another 36%, then the average price will be only $96,960, which is supposed to be around December 2010.

http://www.forbes.com/2009/04/17/hom...hisSpeed=30000

[Gatornation]

That seems quite low.

[kerplunk]

Wow. That is terribly low. So, the best time to buy a house would probably be at the end of the year to get the $8,000 tax credit and get as close as possible to "the bottom." In all honesty, I don't see it getting that low. The economy as a whole is already on the upturn.

[BucFan]

Still see small crackerbox, cookie cutter homes being listed for $150k. These people will never sell their homes.

[McBain II]

About time. Home prices were getting out of hand everywhere, but especially in Florida. It was to the point where your average blue collar family couldn't afford to own a decent home anymore, and that will never fly.

[McBain II]

Originally Posted by BucFan

Still see small crackerbox, cookie cutter homes being listed for $150k. These people will never sell their homes.

Yep. It really sucks for them.

[bentlebee]

I don't believe it! The numbers for home sales where just going up in Tampa and even though they are mostly short sales and foreclosures it shows that these prices haven't gone down.

I don't believe that the prices will go up this year either but going down so much...no way.
I do believe there is a new wave of foreclosures coming up and IMO the foreclosure process will go faster since the people working on them have gotten experience so the people who think they can stay for free in their home for over a year will soon be over...JMO!

[tampaguy03]

I think it depends what area of Tampa, I know homes in desirable areas like South Tampa and downtown may not see that much of a drop at all going forward(maybe even slight increases of a few percentages year over year for a while), while those areas that were way over built and way overpriced in the Burbs may see some decreases, but im not sure 36% would be accurate, lets revisit this next year and see how certain Forbes was....

[gypsychic]

Originally Posted by tampaguy03

I think it depends what area of Tampa, I know homes in desirable areas like South Tampa and downtown may not see that much of a drop at all going forward(maybe even slight increases of a few percentages year over year for a while), while those areas that were way over built and way overpriced in the Burbs may see some decreases, but im not sure 36% would be accurate, lets revisit this next year and see how certain Forbes was....

I agree, it really depends on the neighborhood, no matter what city you are in. I really don't see drops that huge, they must be averaging it out, which really paints a distorted picture. South Tampa hasn't dropped much at all, if any. In any desirable area prices, if dropping, would only go to a certain point before people will go in again and drive prices up - it's supply and demand. Now, for all those new, cookie-cutter subdivisions where there is a glut - those prices can and do drop severely, maybe even in half.

Yes, we'll see where Tampa (and Florida) is by this time next year. Should be interesting.

[saltzman143]

I doubt that South Tampa will drop another 36%. But then again I never imagined that what is happening in this country today would ever happen in my lifetime.