Absolute house insanity (Tampa, Sarasota, Bradenton: living in, centers, airport)

[MortonR]

Originally Posted by LKJ1988

Even in west Pasco it's crazy. All them homes that sat empty for 10 years are bought up. What was 20k for a dump near the gulf is now 250k. Just good luck with flood Ins.

Yup. Relative that has lived in Holiday since the early 90s and paid something like $60k for their 800 sf 2BR/1BA block house is looking at $187k on Zillow. I believe that's a bit inflated, but anything north of $150k would be a windfall, for sure.

RM

[MOforthewin]

Originally Posted by MortonR

Prepare yourself. Inventory is non-existent and it's a buyer's market, with properties getting bid up. I would add that the investors are active as well, as we've seen two homes in our neighborhood get purchased in cash sales by investors in the last two months, which was pretty amazing considering the prices ($400k-$500k range).

The last one (sold for $455k) went under contract in three days and closed in two weeks. I haven't seen the deed yet, but it almost had to be an institutional investor and I'm betting the house will be a rental.

RM

What is your take on these big investing firms buying up a lot of property? Even with the high rent it will stay take time to makeup the price of the purchase.

I'm not familiar with this business but if the housing market were to tank eventually is there a way they use this as a tax write off?

I always thought with investing it was always good to buy when things are low and then when the price goes way up then you sell it off and make BIG profits.

[MortonR]

Originally Posted by MOforthewin

What is your take on these big investing firms buying up a lot of property? Even with the high rent it will stay take time to makeup the price of the purchase.

I'm not familiar with this business but if the housing market were to tank eventually is there a way they use this as a tax write off?

I always thought with investing it was always good to buy when things are low and then when the price goes way up then you sell it off and make BIG profits.

I have no insight into this behavior, suffice to say that such a large segment of the housing market has become rentals that I don't see them going away for a long, long time. These large investment firms such as Blackrock are even going so far as to develop 100% rental communities in some areas, so they must see value in it.

There are a lot of couples that can afford $2500/month for a rental, but can't accrue the funds to make a down payment, and that entry point to home ownership has continued to be out of their reach. That being the case, I cold see the rental business being a good thing from an investment standpoint.

I've been wondering if some of these investment firms wouldn't take advantage of the market and the significant gains they've made on properties they bought 5-7 years ago and sell some them off...

RM

[Kluch]

Originally Posted by MortonR

I have no insight into this behavior, suffice to say that such a large segment of the housing market has become rentals that I don't see them going away for a long, long time. These large investment firms such as Blackrock are even going so far as to develop 100% rental communities in some areas, so they must see value in it.

There are a lot of couples that can afford $2500/month for a rental, but can't accrue the funds to make a down payment, and that entry point to home ownership has continued to be out of their reach. That being the case, I cold see the rental business being a good thing from an investment standpoint.

I've been wondering if some of these investment firms wouldn't take advantage of the market and the significant gains they've made on properties they bought 5-7 years ago and sell some them off...

RM

I'm genuinely interested in what most couples/family's/etc pay per month for their home. I remember living in Chicago paying nearly $2400 monthly for our 4 bdrm 2200 sqft home in the west suburbs. I remember thinking that was really expensive (or at least it was for us). My wife and I were meeting with a group of people a few weeks back (granted we live in Indiana currently) and we were asked what we pay monthly to rent our current house and we answered with "roughly $1650", which I consider fairly cheap. Most of the people in the group seemed surprised at that number (as if that was really expensive to be paying month to month). Looking at the rentals in Florida (and most cities mind you) you can't find much that's decent for less than $1800 a month (if not closer to 2k per month). We are one of those families that doesn't have a huge backlog of savings but could probably afford $2400 or $2500 monthly (if we had to). But I still find that expensive. I'm wondering how many are paying a similar amount for their mortgage month-to-month (versus renting).

[City Guy997S]

Spent the weekend in Tampa (Hyde Park area).

I don't get it, traffic was brutal despite nothing going on (no football, no events) but the Yankees were playing spring training games. Driving out Monday I4 was a parking lot coming into Tampa. The roads are terrible, the lights were timed worse. I've been going to Tampa/St Pete for 25 years and it underwhelms me every time I go back.

[MOforthewin]

Originally Posted by City Guy997S

Spent the weekend in Tampa (Hyde Park area).

I don't get it, traffic was brutal despite nothing going on (no football, no events) but the Yankees were playing spring training games. Driving out Monday I4 was a parking lot coming into Tampa. The roads are terrible, the lights were timed worse. I've been going to Tampa/St Pete for 25 years and it underwhelms me every time I go back.

Spring training is very popular. I never get it. Many times they're split squad and usually the games are boring. I'm a big hockey fan. Hockey pre season games can be sloppy as the players timing can be off but it's still far more fun to watch pre season NHL hockey than pre season baseball.


I'm from Stl and the last time I went to spring training was Ft. Myers back in 1997. I'm sure it's changed a lot now. Back then after the game many of the players from the cards came out and signed for everyone. Seems they've cracked down more since the mid 90s.

[kab0906]

Originally Posted by City Guy997S

Spent the weekend in Tampa (Hyde Park area).

I don't get it, traffic was brutal despite nothing going on (no football, no events) but the Yankees were playing spring training games. Driving out Monday I4 was a parking lot coming into Tampa. The roads are terrible, the lights were timed worse. I've been going to Tampa/St Pete for 25 years and it underwhelms me every time I go back.

You do realize it's spring break.

[MOforthewin]

Originally Posted by kab0906

You do realize it's spring break.

Forgot that too. Last week when the temps were warm the local news there showed a pic of Clearwater beach and it was totally jammed packed!

[sinatras]

Originally Posted by City Guy997S

Spent the weekend in Tampa (Hyde Park area).

I don't get it, traffic was brutal despite nothing going on (no football, no events) but the Yankees were playing spring training games. Driving out Monday I4 was a parking lot coming into Tampa. The roads are terrible, the lights were timed worse. I've been going to Tampa/St Pete for 25 years and it underwhelms me every time I go back.

I dunno, but a hell of a lot of people find Tampa very attractive, when they are willing to pay $755,000 for this shack on a very busy street that routinely FLOODS. More than $1,000 per square foot for this shotgun shack!

https://www.realtor.com/realestatean...9_M62733-04289

The shacks on quiet streets are selling for more than a million. The new homes are selling for more than $3 million, and at a frenetic pace. I don't think builders can build enough $3, 4, or 5 million dollar houses for the amount of demand right now in Tampa. Even $10-20 million dollar home sales are quite common in "underwhelming" Tampa!

[GreenhouseZ]

Originally Posted by sinatras

I dunno, but a hell of a lot of people find Tampa very attractive, when they are willing to pay $755,000 for this shack on a very busy street that routinely FLOODS. More than $1,000 per square foot for this shotgun shack!

https://www.realtor.com/realestatean...9_M62733-04289

That's insane! I think many newcomers underestimate the problems with homeowner and flood insurance in FL. I guess it's 'buy now and worry about it later.' Not sure how all this will end up.