South Tampa housing boom (attorneys, salary, living in)

[The Villages Guy]

Lots of doctors, lots of lawyers, lots of CEOs, lots of specialists in the medical field, lots of people already wealthy here. PLENTY of people with money to buy an $800k house. Actually $800k is not all that much money for a house in a lot of places people are moving from to come here.

Lot's of $800k homes in my neighborhood and they sell fine.

[Pragmaticus]

Originally Posted by sinatras

OK, maybe I didn't phrase my question correctly, but who is it that is moving to South Tampa and is making the salary to buy and maintain an 800k and up home? I'm sorry, but that can't be THAT many people. Because last time I checked, wages here were very low, jobs were scarce, 50-60k a year was considered a good-to-very good salary, etc. You need to make a ####load of money to afford a 800k and up home with 3,000-4,000 sq feet and all of the expenses that entails.

It is not like they are making 1000 of those 800K houses. They are constructing very few, just the usual newspaper blow-out-of-proportion article. Now they are on the homes are white-hot again cycle, it appears. Everything is based on anechdotes. The only stats they put out was the stats for sold what appear to be new constructions year-over-year and no price on those. Remember there are few people who pay those 60K job salaries out you are refering to.

[DUNNDFRNT]

Originally Posted by PriusH8r

It would be pretty close to last for me as well. I don't care for it for me. But everyone like's different things, so if someone else likes it then I am happy for them.

We can't all live in the paradise that is PH and Lutz. At any rate the less "salt life" stickers I see around my neighborhood the better, is bad enough my daughter likes to wear Guy Harvey t-shirts for some bizarre reason.

[The Villages Guy]

Originally Posted by DUNNDFRNT

We can't all live in the paradise that is PH and Lutz. At any rate the less "salt life" stickers I see around my neighborhood the better, is bad enough my daughter likes to wear Guy Harvey t-shirts for some bizarre reason.

I think you did not understand my post. South Tampa IS paradise for "some". It is not for us. Everyone has different likes, tastes and wants. So for those that like what South Tampa is and live there, they ARE in THEIR paradise. For those of us who like different things and live in places which offer us what we want, then WE are in OUR paradise.

It's all good for all of us.......except for the ones who are not happy where they are or about just about anything in life and do nothing but whine and complain about it, instead of actually doing something about it.


BTW - Who is Guy Harvey?

[SeaSpur]

I do know a lot has changed in the South Tampa real estate market in just the past 6 months.

We close on our house this Wednesday and have been able to watch the storm from early stages. When we were "just looking" around 10-12 months ago...there was some amazing steals to be had. Everything from a $150k home that had been remodeled and sitting on the market with room to negotiate...down to $60k homes that were perfectly liveable and could have $20k put into them and flipped for $100k profit.

I am talking north of Gandy in decent to nice South Tampa neighborhoods.

Well, as our luck had it...when we got serious, houses started to fly. Most listings on anything decent seemed to only last a couple to few days before they were pending sale.

Now, I will say I truly believe the buying wasn't anywhere near healthy for the market...it was 75%+ investors. A lot of false hope that "things were getting better." I saw a lot of the $60-70k homes a year ago appear back again when we got serious for around $175-200k.

In the end, it's still an insanely great time to buy. Those $800k homes are in reach for a much larger audience with interest rates as low as they are.

[sinatras]

Did someone say that few people here make 60k a year? I must be living in an alternate universal because I know lawyers here who make not much more than that. I had no idea that lots of people here make 300k a year, the salary necessary for an 800k mortgage.

[Stewabby]

Originally Posted by sinatras

Did someone say that few people here make 60k a year? I must be living in an alternate universal because I know lawyers here who make not much more than that. I had no idea that lots of people here make 300k a year, the salary necessary for an 800k mortgage.

I know tons of couples where each one make $150k+ making it very easy to afford an expensive home.

[thethinktank]

As part of my business, I'm contracted by realtors to help market their homes, especially in the South Tampa area. This is largely driven by the fact that there just isn't any inventory available here. There are buyers lined up waiting for homes in their price range to hit the market. When one does, bidding is competitive for it. I worked on a Davis Island listing recently that closed for well over $1M and was on the market for about two days. I'm getting less work from this channel of business than I normally do because there just aren't enough listings-- listing agents are essentially in a holding pattern just waiting for properties to list.

It makes total sense that builders are in on the action, trying to develop and market desirable properties to meet the demand. And that's essentially what is going on here-- there is a mass of demand and so little supply to meet it. To do so, a lot of the older, less desirable properties are getting junked and replaced.

I'm not involved in the transaction process at all so I don't exactly know what's going on with the buyer's financing situations. But in the luxury market alone, there is a steady stream of buyers and very little inventory available.

[DUNNDFRNT]

Originally Posted by sinatras

Did someone say that few people here make 60k a year? I must be living in an alternate universal because I know lawyers here who make not much more than that. I had no idea that lots of people here make 300k a year, the salary necessary for an 800k mortgage.

Two people making about 100k each with 25 percent down. Would do it especially considering all the tax breaks.

[Pragmaticus]

Originally Posted by sinatras

Did someone say that few people here make 60k a year? I must be living in an alternate universal because I know lawyers here who make not much more than that. I had no idea that lots of people here make 300k a year, the salary necessary for an 800k mortgage.

If you are referring my to post, you miss-understood what I said..

Remember there are few people who pay those 60K job salaries out you are refering to.

There are few people who are employers and "own" the 60K folks.