Question on Tampa Bay home pricing pre-crash??? - to now - then future. (2014, renting)

[floridarebel]

Let's hope housing prices NEVER go back to 2004-06 levels, especially since the average Americans' incomes have fallen over time.

Obviously people who already own homes or have paid off their homes would benefit from rapidly rising home prices but it leaves young couples looking to buy their first home struggling.

[Serious Conversation]

I was casually browsing Craigslist for the Bay this evening and I saw a lot of homes that seemed to be affordable for the average person/couple, in the $100k-$200k range. They were usually nothing fancy, but still decent and didn't seem to be any worse of a buy than you'd find in most of the country.

[Tim Tim Tim]

I guess everyone has different taste in what they want to live in, we are a bit picky with things but we couldnt find anything under 180k in the lutz, land o lakes, odessa, northdale,carrolwood,citrus park areas that wasnt scooped up by a cash buyer in days. We literally went to about 10 houses that we wanted to put offers on that were listed within 5 days and already had a cash contract. We ended up with a forclosed house that we had to put 20k in to so that we could move in (ok, we could have probably done it for 15k but if your going that far, why not make it at least a little nice)

[EngGirl]

Homes in 55+ communities are on lower side (price wise) and taking mortgage at 55+ is something most people are probably not looking to do. Sometimes older people are moving to FL after selling their homes, so they can really afford to buy little house paying all cash.

[JasonAnc]

Originally Posted by EngGirl

Oh please.... Cash sales were in majority when investors came and stormed the area - 1-3 years ago. Not so much now though because investors are not willing to pay top $$ as it is now.

The last stats I saw, which was two months ago, indicated that about 1/3 of Tampa bay area residential sales are still short sales and nearly a 1/4 are still cash deals. New foreclosure filings have finally dried up though.


Here's some more real world examples of what locals are doing...

I've lived here for 3 decades. I help build large projects of all kinds. Most of my extensive education and work experience is in development. I own a house that I bought and paid off before the 2000s boom. Now that it's finally gotten back to being worth enough that if I sold it, I would come out ahead, I'm not only selling my house, I'm getting the hell out of this region and state all together.

I'm sick of the low wages, proudly stupid people and horrific sprawl. This place has a beautiful natural topography that has largely been destroyed by the shortsighted and irresponsible development. Worst of all, the current elected "leaders" in Tally are all too eager to accelerate the destruction.

[Spring Hillian]

Originally Posted by DWMachineshop

The house I bought in St. Pete in 1986 for 47,000 and sold in 1994 for 49,000, sold in 2005 for 250,000 and sold again last week for 175,000. There is a Real Life Story!

I agree. Bought house in Winter Park - 1989 -62,500. Sold it May 2005 for 234K. It recently sold again for 155k.

[EngGirl]

Originally Posted by JasonAnc

The last stats I saw, which was two months ago, indicated that about 1/3 of Tampa bay area residential sales are still short sales and nearly a 1/4 are still cash deals. New foreclosure filings have finally dried up though.

Where do you look for this data?

[JasonAnc]

The internet? lol I just search for it...

For starters, the local papers and the TBBJ always publish an article about such stats every month that can be found if you look for it. For example, the one from TBT...
Tampa Bay home sales up, but prices plunge | Tampa Bay Times

[Vannort54]

I know this when my buddy told the real estate agent he was paying cash she ot the deal done in one day. Got over $20,000 off asking price. The sellers jumped on the deal. And they were a older couple. Not to many people can pay cash for a house. But the money he made in Michigan allowed him to do just that. Plus have his main residence up north.

[EngGirl]

Originally Posted by JasonAnc

The internet? lol I just search for it...

For starters, the local papers and the TBBJ always publish an article about such stats every month that can be found if you look for it. For example, the one from TBT...
Tampa Bay home sales up, but prices plunge | Tampa Bay Times

I didn't see anything about 1/3 sales being short sales or 1/4 of all sales being cash deals.
The reason I asked about your sourse is to see it myself. Everything I google are turning into articles put together by realtors with no back up info and I have little trust in their words.