holy real estate prices (Tampa, Bloomingdale: rental market, house, neighborhood)

[hokiepoke]

Originally Posted by DUNNDFRNT

My wife and I both work remotely. I work in a company out of NYC, she works for a company out of silicon valley. We both get paid comparable to our peers who work and live locally. In my block there is I would say at least 25% closer to half of the households work remotely.

I wonder if there are any metrics on remote workers here. I moved here and brought my job with me working remotely for a company based out of Boston and has a small footprint presence here in St Pete. I know of a bunch of others in our neighborhood who also do IT work out of their home office and travels. These are big name companies like Cisco, HP, Salesforce that doesn't have much of a local office here and aren't really tied to the local economy.

[gtrbarbarian]

I want to move there specifically because prices are in the 200s....here in Portland, OR, you can't touch even a starter house for under $400k!

[Eeko156]

Originally Posted by gtrbarbarian

I want to move there specifically because prices are in the 200s....here in Portland, OR, you can't touch even a starter house for under $400k!

Wages are much lower here. 200K may or may not buy you something decent - depends on what part of Tampa Bay.

[MortonR]

Originally Posted by Eeko156

Wages are much lower here. 200K may or may not buy you something decent - depends on what part of Tampa Bay.

I think the previous point being made implied that remote workers are often paid at the same scale their company's physical location would pay, not a local employer.

RM

[bentlebee]

Originally Posted by gtrbarbarian

I want to move there specifically because prices are in the 200s....here in Portland, OR, you can't touch even a starter house for under $400k!

Prices compared to many other cities/states, are still much lower, but for Floridians the wages are also lower and entry level home prices have increased so much.

There is a new bubble arising as lenders are again doing zero down mortgages and people with $1500 in their savings and checking combined were able to buy.

$500 for down payment, approx $450 for appraisal and $350 for inspection and a “gift” from family and you have a home.

For that amount you hardly can get into a rental.

BUT, what if the fridge breaks down, AC or water heater breaks down, fertilizing if yard etc.

Of course property taxes and insurance are included in mortgage but this kind of lending is a disaster in the making.

[Pragmaticus]

Originally Posted by bentlebee

Prices compared to many other cities/states, are still much lower, but for Floridians the wages are also lower and entry level home prices have increased so much.

There is a new bubble arising as lenders are again doing zero down mortgages and people with $1500 in their savings and checking combined were able to buy.

$500 for down payment, approx $450 for appraisal and $350 for inspection and a “gift” from family and you have a home.

For that amount you hardly can get into a rental.

BUT, what if the fridge breaks down, AC or water heater breaks down, fertilizing if yard etc.

Of course property taxes and insurance are included in mortgage but this kind of lending is a disaster in the making.

Whose fault is this, BTW?



Ah..deregulation here I come.

[Qacer]

I am very curious to know how many of these new housing developments are actually bought as an investment or genuinely bought as someone's primary home. It is indeed crazy to see that many new 4 bedroom / 2 bath houses in newer developments are priced at the mid $200k range. My friend got a 4-bedroom / 2 bath house in a community near Riverview High School built in the mid-2000s for $150k in 2010.

[Qacer]

Originally Posted by bentlebee

Prices compared to many other cities/states, are still much lower, but for Floridians the wages are also lower and entry level home prices have increased so much.

There is a new bubble arising as lenders are again doing zero down mortgages and people with $1500 in their savings and checking combined were able to buy.

$500 for down payment, approx $450 for appraisal and $350 for inspection and a “gift” from family and you have a home.

For that amount you hardly can get into a rental.

BUT, what if the fridge breaks down, AC or water heater breaks down, fertilizing if yard etc.

Of course property taxes and insurance are included in mortgage but this kind of lending is a disaster in the making.

Which lenders are doing zero down mortgages? The only zero down options I've seen are either through the VA, USDA rural loan, or NACA.

[MortonR]

Originally Posted by Qacer

I am very curious to know how many of these new housing developments are actually bought as an investment or genuinely bought as someone's primary home. It is indeed crazy to see that many new 4 bedroom / 2 bath houses in newer developments are priced at the mid $200k range. My friend got a 4-bedroom / 2 bath house in a community near Riverview High School built in the mid-2000s for $150k in 2010.

Probably none as investment properties.

The institutional investors have pretty much left the market in this area from what I've seen. Not only that, if it's a deed restricted community (HOA) there are probably bylaws preventing investor owned properties. That is, there are typically bylaws that require the property to be owner occupied in the first year of ownership. This effectively prevents an institutional/investor owner from purchasing a property unless they're willing to let it sit vacant for a year before it can generate income. Not a good business model if you're trying to generate revenue.

This approach to keeping investor owned properties out of new communities has been around since the early 2000s. I don't know that it's across the board, but I've seen it in most bylaws for new communities in the Fishhawk and northern Riverview areas. I suspect it's pretty much a boilerplate thing any more.

RM

[Qacer]

Interesting. I guess I didn't track the income growth in the area properly. Just for kicks I looked at some communities in Wesley Chapel like Union Park. I was seeing $350k for 4 bed / 2 baths. Crazy. That's close to $2500 a month with CDD and HOA, right? I think median income in Tampa for a family of four is like $80k, if I remember correctly. That's practically not feasible to afford that type of payment.