SummerCreek/Summerfield (Sunset, Riverview, Ruskin: low income, for sale, foreclosure)

[fl1025]

Anyone familar with this area?

...close to Ruskin, Sun City, Riverview.

[bnepler]

It depends what your looking for. Sun City is mostly retired people. Lots of "Snow Birds" and many that reside year around. I live between that and Riverview, an older small rural town. Ruskin is very rural area, close to the gulf, but rural and farming. Riverview outskirts are still growing sub-divisions, malls, hospitals, businesses, etc..

Here's a forum for the area. Riverview Forums - Powered by vBulletin

[dunno]

Used to live in the area.

Carefully inspect EVERYTHING. Our home (built 1985) sprung FIVE PLUMBING LEAKS in ten years. Many of the homes had foundation probs that caused cracks in the walls about 5 years old (none of which the builder took responsibility for).

Think carefully about the place you choose to live. We chose it bc we could get "more home for the same money" and the close hop to I75 made the time to get places about the same as homes closer in... (but the extra miles will take a toll on the value of your cars -- factor that in, too!

BUT.... remember there is a REASON why the homes are less $$$ (building quality) AND there is a TYPE OF PEOPLE who choose to buy lesser-priced homes with the appearance of higher-priced homes (does the word "cheap" come to mind? ) They also tend lead their whole lives the same way!

Sadly, the area is shared by some very low-income areas and the life-style that unfortunately comes with it - so think about the other children your children will be going to school with!

[SummerfieldXingsMom]

Dunno is correct in the statement that the area is shared with some very low-income areas. It extends beyond that, however. There are a large number of new developments that have opened up in the immediate vicinity in the last few years. The houses range from the high 100's to the mid 300's on average. However, the mortgage fiasco has greatly changed the previous financial requirements which resulted in a new category of homeowner.

Imagine if you will an area, ten years ago before the housing explosion, which was a much lower income area. A majority of the residents were in the low income bracket and the area was predominantly filled with farmland and trailer parks. Many of these trailer park and mobile home residents still exist alongside the newly built cookie cutter gated off homes. In comes the hybrid adjustable rate mortgages and their low initial payments.

This allowed two types of people to purchase homes in the wake of the surplus of new homes. In many cases, although not always, it wasn't a positive change. It is also important to note here, these issues are not isolated to Riverview.

First, there were the investors. Even in areas (carriage point, for example) where buyers were told that no more than 10% of homes would be sold to investors, for sale and for lease signs dot every road. The first six months were great. Investors were flipping the properties before they even got the keys from the builders and their profits soared.. so they bought more. And then people started to catch on.

Quickly the area filled with houses with no tenants. Investors were hit with mortgage payments they hadn't planned on and couldn't afford and suddenly "for lease" signs went up on websites and front yards in nearly all the developments. Investors saw their properties as gold mines and refused to rent unless the tenants had perfect credit and were willing to pay $2,500 a month. And after a year with no income and nothing but a property which was worth 10% less than the mortgage, investors started to cave in and properties now rent for a fraction of their worth. Read then as: investors drop their requirements on credit scores, deposits and rent to a mere $1,000-$1,500 a month to rent a brand new 3-4 bedroom, 2-3 bath, 2-3 car garage home to almost anyone. Not to say all of these folks are bad, but it does change the neighborhood and increases the socio-economic diversity greatly.

Second comes the individuals who find for the first time that someone is willing to give them a loan for a new home. No down payment, no problem. Borrowing for more than the house was worth was common and the average down payment dropped drastically from ten years ago (sorry, I can't find the WSJ article where I read the full stats on the problem). These are folks who do not have the financial security or the steady income to afford the cost of the mortgage, the ever-increasing insurance or the tax. These folks are struggling and the for sale signs that are up will likely be replaced with foreclosure signs in many cases over the next year. People have found their houses are no longer worth what they owe - in some cases by a long shot - and that new houses just like theirs are going up for tens of thousands less as the supply and demand shift. They are presented with unique opportunities by companies like youwalkaway.com to do just that - walk away from their mortgages. In the meantime, the middle class neighborhoods (some might argue upper-middle although I beg to differ based on the average income at this time, not the worth of the property) are interspersed with individuals which truly do not belong based on social and economic factors.

From a social perspective, it is not uncommon to see things such as folks with their cars in the front yard up on a jack with their head under the hood and oil marks along the driveway and the street leading to their 300K home, hordes of unattended children, the occasional police car reporting to a call for vandalism, sporadic bouts with graffiti (although it is quickly covered by the HOA).. and of course, the loud bassy cars which equate their street with Sunset Blvd. I am not saying that none of these individuals deserved the chance at a new home, that's entirely not the case. But some individuals saw the opportunity to buy a home at a rental cost without a real commitment - the hit to their credit score is not a concern as they reside in a home they are no longer able to, or choose not to, pay for. From a financial perspective, there were folks who really wanted to make it work - some struggle and are making it, and kudos to them.. but others are taking the opposite track and leaving responsibility behind and letting it be "the banks problem."

Also, it should not be forgotten that with the exception of the town homes, these are all single family homes starting at 3 bedrooms (or the small fraction of 2 bedrooms plus an office) and going up to 6 bedrooms. This means that many, many people have many children. And with 10, 20 or 40 ft back yards, there isn't much room for them on their own property. Too, the number of folks who moved from another state without much background on the area (particularly when purchasing during preconstruction) have found themselves highly disillusioned and remain in their silo of a home. The "community" look and feel is still elusive. It's difficult to bond with, or to come to known and trust, neighbors who will likely leave when their 12 month lease is up.

I see this area moving to its intended demographic in about two or three years. There will be a while where there are many vacant homes but as buyers start looking at a house as a long-term instead of a short term investment and commitment, the demographics will shift, as will the profile of the residents.

[MarketingGuy]

Way to convince a new buyer.