U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Tampa Bay
 [Register]
Tampa Bay Tampa - St. Petersburg - Clearwater
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-14-2010, 07:56 AM
 
Location: Tampa
1,317 posts, read 1,863,973 times
Reputation: 508

Advertisements

Tampa
Two of the five cities with the largest property value declines are located in Florida. Tampa's property values dropped 15.2% in the past year, and in recent months they have fallen at an increasing pace. From August-September, values fell 0.6%. The decline from September-October was over two-times greater, coming in at 1.6%. Homes in Tampa (http://realestate.yahoo.com/search/Florida/Tampa/neighborhoods;_ylt=Am93t16yS7ZizLWOTpAQcNrxkdEF - broken link) spend an average of 197 days on the market, representing the lengthiest stay of all 20 metropolitan regions.

5 Cities Where Homes Aren't Selling - Yahoo! Real Estate
Reply With Quote Quick reply to this message

 
Old 01-14-2010, 12:14 PM
 
Location: Spring Hill Florida
12,135 posts, read 13,221,587 times
Reputation: 6009
Yes, but what are they basing ther drop in price on? Pre-Boom prices or Boom Prices? A house in Orlando sold for $235,000.00. The seller paid $62,000.00 16 years before. Now that same house could easily be had for about $160,000.00. So is the study using the $235k price to show a decline or is it using the real price which should have been 160k to begin with? Calculating a drop in value based on boom prices is not the way to go. Its artificial.


Quote:
Originally Posted by craigm1841 View Post
Tampa
Two of the five cities with the largest property value declines are located in Florida. Tampa's property values dropped 15.2% in the past year, and in recent months they have fallen at an increasing pace. From August-September, values fell 0.6%. The decline from September-October was over two-times greater, coming in at 1.6%. Homes in Tampa (http://realestate.yahoo.com/search/Florida/Tampa/neighborhoods;_ylt=Am93t16yS7ZizLWOTpAQcNrxkdEF - broken link) spend an average of 197 days on the market, representing the lengthiest stay of all 20 metropolitan regions.

5 Cities Where Homes Aren't Selling - Yahoo! Real Estate
Reply With Quote Quick reply to this message
 
Old 01-14-2010, 12:47 PM
 
Location: Tampa
1,317 posts, read 1,863,973 times
Reputation: 508
Quote:
Originally Posted by Spring Hillian View Post
Yes, but what are they basing ther drop in price on? Pre-Boom prices or Boom Prices? A house in Orlando sold for $235,000.00. The seller paid $62,000.00 16 years before. Now that same house could easily be had for about $160,000.00. So is the study using the $235k price to show a decline or is it using the real price which should have been 160k to begin with? Calculating a drop in value based on boom prices is not the way to go. Its artificial.
I dont think its necessarily artificial when you consider the amount of people who bought homes during the boom. I would hope the study took into account what the average homeowner in tampa bought their property for in relation to what it is currently worth.
Reply With Quote Quick reply to this message
 
Old 01-14-2010, 04:43 PM
 
144 posts, read 303,087 times
Reputation: 82
My wife and I will be visiting the Tampa/St. Pete area to look at the possibility of purchasing a retirement home. Granted we are in a recession and that the Tampa/St. Pete area has taken a big real estate hit. As potential buyers we are interested in quality of life and low cost of living vs. say finding a home with the best school district or easy access to employment site. Those criteria as well as the price range that we can afford will determine where we purchase a home. One of the unforeseen costs of home ownership that I just discovered about properties in this area was the high cost of homeowners insurance and high property taxes. The individuals that purchased homes as an investment during the "boom" years need to understand that they will not make a tidy profit but will be lucky to break even in this market. I doubt that the real estate market will make an upward turn for several years. A potential seller who presently needs funds due to loss of employment or a salary cut will have to make an adjustment especially if they have an adjustable mortgage. I suspect that all these factors have lead to the real estate collapse.
Reply With Quote Quick reply to this message
 
Old 01-14-2010, 04:48 PM
 
Location: Niceville, FL
7,664 posts, read 16,057,226 times
Reputation: 7664
Kind of a deceptive headline since the number of single family homes there seems to be ahead of typical late 90s/early 00s winter pace based on a brief sampling of old FAR numbers.
Reply With Quote Quick reply to this message
 
Old 01-14-2010, 05:07 PM
 
764 posts, read 1,570,531 times
Reputation: 752
Quote:
Originally Posted by HughMcs View Post
One of the unforeseen costs of home ownership that I just discovered about properties in this area was the high cost of homeowners insurance and high property taxes.
I've noticed the same thing, factor in HOA fees, electricity, car insurance and all of a sudden it does not seem like a good deal.

No one can really predict where bottom is, one thing for sure is that until there is any job growth/creation, things look like they will get a lot worse before they get better and/or we see/feel some recovery.

It also seems homes will continue to loose value in areas with the highest unemployment, namely, Florida, California, Nevada, Arizona, re: Business week/bloomberg.

U.S. Foreclosures May Rise to 3 Million This Year (Update1) - Bloomberg.com

.

Last edited by chaotix; 01-14-2010 at 05:55 PM..
Reply With Quote Quick reply to this message
 
Old 01-14-2010, 11:23 PM
 
1,500 posts, read 2,786,873 times
Reputation: 1227
A short sale down the road went under contract very quickly. And a house near me just sold in less than 2 months. Sign was only up for a few weeks. They sold at depression prices but still, based on sq ft of house, the new owner paid 20% over the price I paid earlier this year (though 9% less than mine based on sq ft of land) and mine came with an accessory dwelling unit which alone can rent for more than a mortgage would cost.

But there are still two houses for sale which were for sale when I started investigating this area. Just checked, both reduced since last I looked but I estimate still too high, one by 25% and the other by 6%, based on comps). As another thread says, price (& luck, likely) sells the house.

Quote:
Originally Posted by Spring Hillian View Post
... A house in Orlando sold for $235,000.00. The seller paid $62,000.00 16 years before. Now that same house could easily be had for about $160,000.00.
Not counting the bubble, of course, I think Florida was undervalued for many years, also our population exploded over the past 20 years, which might reflect in that $160k price which gives the 16-year owner an annual return of 6.1%, not bad for selling in the worst housing crash ever and when real estate normally averages just a point or two above inflation. Figuring average inflation at 3.5% (lets see what happens to that in our future), a 6.1% return is still about 10% above average.

I don't think that says fundamentals call for another 10% drop because the character of the state has changed so much over the years. But also I don't think fundamentals are calling the shots, nor have they for a long time.
Reply With Quote Quick reply to this message
 
Old 01-16-2010, 05:31 PM
 
Location: East Tennessee
3,926 posts, read 10,300,192 times
Reputation: 5212
Quote:
Originally Posted by craigm1841 View Post
Tampa
Two of the five cities with the largest property value declines are located in Florida. Tampa's property values dropped 15.2% in the past year, and in recent months they have fallen at an increasing pace. From August-September, values fell 0.6%. The decline from September-October was over two-times greater, coming in at 1.6%. Homes in Tampa (http://realestate.yahoo.com/search/Florida/Tampa/neighborhoods;_ylt=Am93t16yS7ZizLWOTpAQcNrxkdEF - broken link) spend an average of 197 days on the market, representing the lengthiest stay of all 20 metropolitan regions.

5 Cities Where Homes Aren't Selling - Yahoo! Real Estate
Yahoo is a marketing firm. I'd believe what they produce on real estate as entertainment at best. There are much better and more reliable resources for this information.
Reply With Quote Quick reply to this message
 
Old 01-17-2010, 12:47 AM
 
Location: Tampa
1,317 posts, read 1,863,973 times
Reputation: 508
Quote:
Originally Posted by TampaKaren View Post
Yahoo is a marketing firm. I'd believe what they produce on real estate as entertainment at best. There are much better and more reliable resources for this information.
It was written by Tisa Silver of Welcome to Investopedia.com which is owned by Forbes.

Does it become entertainment before or after yahoo just picks the article up?
Reply With Quote Quick reply to this message
 
Old 01-17-2010, 07:04 AM
 
Location: East Tennessee
3,926 posts, read 10,300,192 times
Reputation: 5212
When any national advertising/marketing firm prepares a media report, I take it with a grain of salt. They take huge numbers of publically available data and manipulate them as any analyst can do in order to achieve the desired results. Florida is a disclosure state so Deed and Mortgage information is easily obtained. Then the reports (usually) combine large areas geographically. The Tampa MSA covers Manatee County (south) to Hernando County (north) and from the gulf coast (west) to Polk county (east). Within this huge demographic are macro markets that contradict the whole report and skew the end results. My point is that painting a large area with a broad brush leads to inaccurate results. For example, it is incorrect to compare Belleair Beach with Zephyrhills or to compare South Tampa waterfront to Hudson waterfront. Good for the big picture analytics? Not really. My Opinion.

Last edited by TampaKaren; 01-17-2010 at 07:12 AM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Tampa Bay
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 01:01 AM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top