The Tampa Housing Bubble 2.0 Thread (New Port Richey, Riverview: rental homes, new home, buyers)

[TampaKaren]

Just wanted to mention for posterity that 430 Kali was built in 2012 and 441 Kali was built in 2006 during a building frenzy. The 2012 construction was built to newer building code (roof sheathing/vapor barrier, double pane windows, hurricane shutters...) which would increase the cost of delivery some.

Originally Posted by GulfCoastGuy

Absolutely agree.
Here's a house I would be interested in if it were not overpriced by $99,000:

430 Kali Ct, Palm Harbor, FL 34683
4 beds/3 baths/2 Car Garage/2803 sqft $599,000
Why would I say it's overpriced at $599,000 ?

According to comps, the house across the street:

441 Kali Ct, Palm Harbor, FL 34683
3,345 sqft / 3 car garage /.32 acre lot
SOLD 1/15/2015 for $635,000
SOLD at $189 per sqft

Now back to 430 Kali Ct:
2803 sqft, 2 car garage, .16 acre

So:
2803 sqft * $189 = $529,767
subtract 1 car garage (15k ?)
subtract for 1/2 the size lot (15k ?)

Looking at it rationally, it looks like a $500,000 house based upon a recent
comp that sold directly across the street 3 months ago. I'll wait some more.

[EngGirl]

Originally Posted by Roscoe Conkling

Nonsense,I'm afraid.
No modern house built 10 years ago needs renovation for a very long time.
The basic structure is built to last for decades and the only thing that will change is the taste of their person living there so while you might put in a newer kitchen or bathroom you won't be touching the basic structure of the property such as roof and walls.
There are such things as building codes you know.
Fact is real estate prices are going nowhere but up on a gentle curve.
Two or three years ago was the time to fill your boots but there are still plenty of realistically priced properties out there.

Oh yeah, that's why so many houses build within last 10 years need expensive repairs and most are not due to the lack of maintenance, but faulty constriction in the first place and I am not even talking about houses with defective drywalls. Most issues are related either to improper soil compaction (which cause house settling cracks) or structural issues. As for the suing the builder even when you have all proof, well, good luck with that.

No questions about making places look new and shiny by replacing kitchen cabinets, countertops, sinks, carpet, but all these will not change anything stucture wise.

[Pragmaticus]

^^

No need to explain to people who cover their eye and ear and keep doing la la la . He neither have seen a professional appraisers report (or better yet ignores one) and pull a certain number for the house out of of a blue and will defend no matter what. Hey, a house sale takes two to tango and may be there will come a seller to give him their house as gift .

[GulfCoastGuy]

Originally Posted by housingcrashsurvivor

You have me confused with someone else.

I have never made such a statement.

You are absolutely correct. It was Pragmaticus who said that.. I saw the exchange between you and him and I got the names reversed. That was a complete mistake on my part.

[bentlebee]

If you look at the amount of homes built with balconies and how often they have leaks and mold then it seem the builders wanted to show a nice floor plan and architectural design but not with contractors able to construct it as it should.

Many of these types of homes were build after 2004.

[GulfCoastGuy]

Originally Posted by EngGirl

Oh yeah, that's why so many houses build within last 10 years need expensive repairs and most are not due to the lack of maintenance, but faulty constriction in the first place and I am not even talking about houses with defective drywalls. Most issues are related either to improper soil compaction (which cause house settling cracks) or structural issues. As for the suing the builder even when you have all proof, well, good luck with that.

No questions about making places look new and shiny by replacing kitchen cabinets, countertops, sinks, carpet, but all these will not change anything stucture wise.

You have a good point for sure.. I've been told by Realtors and friends living in the area that the quality of home construction has really dropped over the years. A friend of mine whom bought in St Pete in 2008 told me that at the time he was looking, the new construction homes of 2008 cut to many corners so he bought a remodeled home built in 1995.

[housingcrashsurvivor]

Originally Posted by GulfCoastGuy

You are absolutely correct. It was Pragmaticus who said that.. I saw the exchange between you and him and I got the names reversed. That was a complete mistake on my part.

I appreciate your acknowledgment of that. Thank you.

[bentlebee]

Originally Posted by GulfCoastGuy

You have a good point for sure.. I've been told by Realtors and friends living in the area that the quality of home construction has really dropped over the years. A friend of mine whom bought in St Pete in 2008 told me that at the time he was looking, the new construction homes of 2008 cut to many corners so he bought a remodeled home built in 1995.

Even though it may be true in some ways and for some homes you can't compare an old home with a newer build home built after 2003 since the code required homes to be built to withstand Hurricane 3.

The materials are still different and I absolutely don't agree with some remarks I have heard that some builders were just building crappy homes since I have seen and bought during that time homes from builders that were considered the better builders and some from what some will say a not so good builder and on walk through we hardly through we hardly had any blue dot on the what is called cheaper home builder and hundreds on blue dots on the what is considered the better builder at that time.

We learned that it mostly has to do with the construction manager overseeing the job. That one was absolutely not motivated in the case of the so called higher end builder while the one we dealt with for the so called cheaper builder, was very motivated and on top of everything.

The difference in prices for builders is usually the amount of items used that are standard and the location and additional items they offer.

If you look at how the same builder handles the new build homes and how different locations differ in price BUT not just due to location and lots being cheaper or more expensive but also the standard items are different in areas that are considered "cheaper".

You can't just compare the price of the same model from a builder in different cities without knowing all the ins and outs. In some cases even same models in the same street may differ about what was standard or not.

Right now I know a builder who didn't include gutters and sealing pavers, etc. when they started to sell and 3/4 into selling they changed that and now are including all of that without having any spec homes left so that wasn't the reason and they already sold out 90% in that community so there must be another reason for doing so.

[bentlebee]

Originally Posted by GulfCoastGuy

You have a good point for sure.. I've been told by Realtors and friends living in the area that the quality of home construction has really dropped over the years. A friend of mine whom bought in St Pete in 2008 told me that at the time he was looking, the new construction homes of 2008 cut to many corners so he bought a remodeled home built in 1995.

I know the A/C units from back in the days seem to last longer but as an A/C person explained to me that during the housing booming years the home sites were less then garbage free an many small and larger items were left behind and got caught in the ducts and pipes and caused issues.

My own home had warranty calls for the AC and now with a new AC unit we finally learned why 2 rooms didn't cool very well. One had a vent that was way smaller than the size of the ducts so the air could hardly come out and the other one had ducts that were too small. Another return was added and a larger system installed and now our bill is lower and the house cooler.

The amount of A/C repair companies I have seen in the community and stories I've heard made it seem to be a regular issue. many units have already been replaced while for homes we manage we see often 20 year old A/C units.

[Beezwacks]

Originally Posted by bentlebee

I know the A/C units from back in the days seem to last longer but as an A/C person explained to me that during the housing booming years the home sites were less then garbage free an many small and larger items were left behind and got caught in the ducts and pipes and caused issues.

My own home had warranty calls for the AC and now with a new AC unit we finally learned why 2 rooms didn't cool very well. One had a vent that was way smaller than the size of the ducts so the air could hardly come out and the other one had ducts that were too small. Another return was added and a larger system installed and now our bill is lower and the house cooler.

The amount of A/C repair companies I have seen in the community and stories I've heard made it seem to be a regular issue. many units have already been replaced while for homes we manage we see often 20 year old A/C units.

My house, built in 1987 has 2 units, both carrier, original to the house.

One JUST went out, almost 30 years of service. I replaced it with a new carrier, the guy said they only build them nowadays to last about 15 years.

My grandparents house, built in the 60's still has the ORIGINAL unit. It's an ancient GE. Loud, expensive to operate, but apparently last forever. It's one of those all in one units where the duct goes outside and the air handler and condenser are part of the outside unit.