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Old 12-12-2008, 04:57 PM
 
Location: Tricoastal
353 posts, read 730,360 times
Reputation: 265

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I am house-hunting in South Tampa (I refuse to commute on 275, 75 or any freeway for that matter), and I am SHOCKED and APPALLED at the crappy houses going for 300k and up in South Tampa. (I am pre-approved to look in the 300-500k range).

I would love to hear from others who have bought in South Tampa lately, from sellers selling these crappy houses in South Tampa and why they feel their prices are justified, from anyone. I thought we were in a housing crash? I thought prices in Tampa had dropped 30 percent in the last 1-2 years? I thought sellers would be lucky to get ANY offer on a house in this market, in the middle of the holidays, in a deep recession?

I have been looking in South Tampa for six months and everything is still SO OVERPRICED! Most of what I am seeing deserves to have 75k-100k knocked off the asking price! I am starting to think that South Tampa home sellers are arrogant, delusional, or both!

Memo to South Tampa sellers: This is 2008, not 2005! Whatever improvements you made to your house are meaningless. You need to revert back to 1998-2000 prices and add a tiny bit of appreciation (maybe 1% a year), and that's IT!

Maybe I need to look OUTSIDE of South Tampa for a house that does not need 100k in renovations and is on a decent street with properties that are well-kept, etc.

If I sound frustrated, it's become I am! ARGH!!!!
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Old 12-12-2008, 10:29 PM
 
Location: Tampa, FL
27,798 posts, read 28,244,722 times
Reputation: 14611
Most homes in FLA are boring, imo. With $200k, I could buy a beautiful home in many other states. In FLA, you get a cookie-cutter home that situated about 10 feet from your neighbor.
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Old 12-12-2008, 11:27 PM
 
144 posts, read 650,696 times
Reputation: 77
Depending on where you're buying in South Tampa, then you are probably paying more on location than the house. However, I do agree that there are sellers who still think that their house is worth more than what it's worth. But if they can afford to hold on to their house, then it's their choice whether they want to stick to the price or lower it.
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Old 12-13-2008, 08:03 AM
 
Location: South Tampa - Bayside West Neighborhood
1,824 posts, read 7,828,582 times
Reputation: 1032
Quote:
Originally Posted by Qacer View Post
Depending on where you're buying in South Tampa, then you are probably paying more on location than the house. However, I do agree that there are sellers who still think that their house is worth more than what it's worth. But if they can afford to hold on to their house, then it's their choice whether they want to stick to the price or lower it.
EXACTLY...I would make an offer, you'd be surprised how the price will drop if the owners need to sell, but if they can hold it, they will. Are you working with a realtor? Also, South Tampa might hold some of its value due to it being one of the most desireable areas(proximity to downtown and westshore districts, amenities of the city, older and more character in the neighborhoods, older historic homes beside newer homes, lots of mom and pop type retail/restaurants, water all around from Bayshore to Westshore.
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Old 12-13-2008, 09:44 PM
 
Location: East Tennessee
3,928 posts, read 10,699,401 times
Reputation: 5241
I follow the single family homes in zip code 33606 fairly close. Non-waterfront is still selling between $200-$250 per square foot. The waterfront properties are going between $350-$400 per square foot and up (just saw one go for $785 per square foot). Teardowns are often $200K for a decent sized lot (50x100). Davis Island and West Hyde Park (Bayshore) are bringing the highest sales prices. Weird thing is there's more on the market today, but sales prices are very close to what they were at this time last year.

Last edited by TampaKaren; 12-13-2008 at 09:58 PM..
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Old 12-15-2008, 10:00 AM
Nav
 
346 posts, read 1,362,171 times
Reputation: 254
One thing you have to realize is that all this "Depreciation" in housing prices primarily applied to the developers and their tract housing mega communities. Most all of the tract housing did experience 30% depreciation but that is to be expected since they also had a 30% increase in 2004-2005. The housing areas in south tampa never had this extravagant run up. Their prices fluctuated up as well, but nowhere near the swings of the tract housing. In the tamp market, you will see that the existing home resale values have pretty much held constant. Those who bought in South tampa typically were not the "spend more than I make yuppies" so they were not part of the huge foreclosure crowd that decimated the tract house market. A lot of areas have stabilized so those looking for a steal are becoming more and more hard pressed. To say that south Tampa should be selling for what it was several years ago is a bit absurd. If one of two are selling high, then its their choice. If almost all houses are high then that is what the neighborhood is supporting. If you think the prices are too high, then maybe you need to refocus your search on other "up and coming areas" like Seminole heights.

Nav
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Old 12-15-2008, 12:47 PM
 
127 posts, read 398,706 times
Reputation: 103
Quote:
Originally Posted by saltzman143 View Post
Memo to South Tampa sellers: This is 2008, not 2005! Whatever improvements you made to your house are meaningless. You need to revert back to 1998-2000 prices and add a tiny bit of appreciation (maybe 1% a year), and that's IT!
Revert back to 1998-2000 prices? I'm afraid that the only one who is delusional is you
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Old 12-15-2008, 01:10 PM
 
Location: Clearwater, FL
108 posts, read 281,800 times
Reputation: 79
Some good observations. The problem is that we've just gone through a housing bubble and the prices will take a while to adjust. A lot of the realtors are still in denial. You see the same properties listed for sale/rent for months and months and they are just losing money by being stubborn. You have got to give it time. Most experts are predicting that real estate prices will continue to drop. And of course this is just the general trend; there are actually some really good deals to be found if you have the patience.
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Old 12-15-2008, 03:47 PM
 
Location: Sunny Florida
7,136 posts, read 11,563,474 times
Reputation: 9501
It's all about location, location, location. What makes that area appealing to you makes it appealing to many others as well. It's all about supply and demand and there's a lot of demand for that area. If you go a bit farther out you'll find what you are seeking, but not the location.
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Old 12-17-2008, 03:29 PM
 
15 posts, read 53,674 times
Reputation: 14
I was told by a realtor that just before the housing market slowed down, a lot of people who wanted to buy in South Tampa but couldn't afford it, started to buy in Seminole Heights. You have your good and bad in there. If your not familar with Hyde Park, it is a beautiful place but very expensive. Years ago Hyde Park was really a bad place to live, but investors went in there and started to build it up and it is a beautiful place to live. Seminole Heights have the same old neighborhood feel. Lot's of large oaks a very quaint place to live. Close to Downtown Tampa. I belive that this area will be making a quick come back once the housing market picks back up. Check in the classified section of CD.
I hope this helps.

Last edited by Keeper; 12-19-2008 at 07:58 AM..
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