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We are at our wit's end trying to buy a house in South Tampa. Hubby says this is the only place in the Bay Area that holds its value, and we need to buy there. Meanwhile, every house that comes on the market and is priced FAIRLY sells in 24 hours to 2 weeks. By the time we talk about it and are ready to make an offer, it's under contract and GONE.
What do the Tampa realtors have to say? Are there other neighborhoods (even if it's the burbs) that are comparable to South Tampa in terms of holding their value? Can anyone recommend an area that is desirable in terms of aesthetics and value and proximity to amenities but that doesn't have 400,000-dollar shotgun shacks and is more affordable?
I don't think hubby and I will make it to the next spring selling season, at this rate..........
A couple years ago, I was in Tampa(Palma Cecia), visiting the old neighborhood. The areas I grew up in still looked good, maybe better than the fifties. What was surprising were the prices.
We lived on San Luis, as did my grandparents. My grandparents had a small two BR, bath they bought for 9,000 in mid-fifties. My parents paid 14,500 for a 3BR, 2 bath a couple blocks down the street in '57. A couple years ago, both homes were listed on county tax records for over $400,000. , There's a home for sale now, next door to my grandparents former home, for over $700,000. Unbelievable. I don't think many in the 50's or 60's ever expected to see such prices. Those who did, must have some very deep pockets now. Good for them.
Somebody explain to me the "value", as OP put it, of South Tampa???? Murders (like the UT student, who was walking home from H Park), loiterers, bums, wood frame shacks infested with termites, abound there. Plus you get the privilege of paying hundreds of thousands for a 1961 ranch with no updating and snobby as all hell neighbors. I would recommend that the poster look at where I live, Lake Magdalene. Easy commute, big lots, tree canopy, the works. Other nice areas include: Palm Harbor, Valrico/Lithia, Trinity, Countryside, and if you don't mind a little bit of crime, Seminole Heights.
Can anyone recommend an area that is desirable in terms of aesthetics and value and proximity to amenities but that doesn't have 400,000-dollar shotgun shacks and is more affordable?
One suggestion that I have is the Temple Terrace area. The area east of 56th St, south of Fowler Ave., and north of the Hillsborough river. Here is an approximate depiction: Map
... and if you're into the whole "urbanism" movement, Temple Terrace has a revitilization initiative that will start within the next 3 years: Temple Terrace Revitilization (http://www.templeterrace.com/revitalize/index.htm - broken link)
Lutz on Hillsborough County side is very close to amenities and has very nice homes.
Tampa willl hold it's value better, the main reason as to WHY there have been so many foreclosures here is:
1. because the first wave of foreclosure was created by the housing boom where people who normally would never qualify for a $400,000 house got one and when the rate adjusted the had to fold as they couldn't afford 5000+ a month in a mortgage payment.......and
2. because of the new layoffs around, as the economy went down............however value wise Tampa Bay will always hold MUCH BETTER VALUE than Orlando for example because we have the WATER/GULF they don't.......the fact that the gulf is within 30 minutes from most places around and our beaches are the best in the country, that alone will always attract people.
As far as you and your hubby are concerned here the deal: you both have to make a list as to what you are looking to have in a house and how much remodeling are you willing (afford) to do, some of these foreclosures have great bones as a house but have been abandoned for a while and you may need to do some work as these are "as is" properties........BUT, ONCE you find THAT property which has your list and his or even half your list and half of his, you DO have to make an offer, there are a lot of young people qualified to buy their first home for example and investors around who take advantage of these prices now who will probably attempt to screw others by selling these at a much higher price than they are worth in a few years....(I REALLY HOPE they don't because I think one bubble bursting at this magnitude was enough for Florida, maybe they should take their greed elsewhere, off this planet maybe)...but you can't just go look around and have no purpose...2 weeks to wait to make an offer is way to long.......only because the prices are very attractive now and people don't sleep on it, they want to take advantage because once the economy recovers, properties will start gaining equity again, so ..........you can imagine, that is the whole purpose of owning.......
There are great properties around (hidden ones) in Odessa, just make a right or left on Binder Rd off Gunn Hwy and your jaw will fall..........ALL through those country back roads off Gunn hwy there are a few great communities and also individual homes who are just AWESOME......but if you want one you can't just want it and do nothing about it.........
South Tampa is only different because of these 3 things:
1. It is closer to water
2. has a European feel because each home is different (see Bayshore Blvd area)
3. Much more expensive than North Tampa, you can get the same square footage in Cheval for a lot less for example........! but you will get a yard too, some of the properties in ST have little to not yard and have a tiny pool cramped in it.....again, that is a matter of personal preference and will be part of YOUR LIST.
I love those homes, but the proximity to down town and the homeless there is not appealing to ME. I would rather have one of those homes build on a larger lot somewhere north of Tampa and be out of the flood zone! that's just me of course.......
One other thing to remember when you want to buy a home is that a Realtor will always take you to see the most expensive and over your budget homes (matter related to their commission, 3% or 6% I forget what it is these days... out of $400,000 is not the same as 3% or 6% out of a $2 mil home! (not all realtors, but some will do that and waste your time) IF you have a LIST and know exactly what you want, you can avoid useless trips to see homes that may either not be in your price range, or that may have too much to remodel.......I will not drive to any homes that I didn't see good professional photos online and the map of the floor plan with measurements of each room, if I see those crappy point and shoot photos all skewed and blurry I don't even bother driving there, means that the Realtor is too busy trying to get as many properties under his/her belt to sell and there is no attention to detail...why would I waste my gas to drive all over town if I can see a property with amazing photos from my comfortable chair and decide if the layout is working for my family? gas is expensive and time is precious these days....plus since we have the technology and ability to produce quality photos that will show me exactly what the property looks like why bother driving? unless it looks great and I KNOW OFF THE BAT that I'll be putting an offer in.........
If a property has amazing photos, then you can also calculate remodeling budget because you can clearly see what the floors look like, walls, if there is wallpaper to remove and how overgrown the yard is, or how run down is the pool.....virtual tours suck because they are skewed and you can't tell how big a room really is, if you have an awesome photo and the floor plan with measurements on it you can pick up your measuring tape at home and measure your furniture and save a useless drive by.
Purchasing a home is probably the most expensive and major purchase for most people, why rush into it or drive to see SO MANY homes that your mind gets all blurry? or even divorce over it........it's not worth it.......
Do your homework, decide WHAT is more important based on WHAT you like to do, (entertainment wise, job wise, how much you're willing to drive anywhere etc), decide how much you're willing to remodel keeping in mind that remodeling anything doesn't happen overnight and it can be very aggravating and annoying and time consuming and go from there....what's an easy fix and what will be a budget buster? then sit comfortable at your computer and browse around.....call and ask for square footage of each room if it's not listed and calculate from there if your stuff will fit and how much each of you is willing to compromise.....
I say, take a deep breath and go to the beach to clear your mind and in 2 weeks start looking again with a LIST in hand.
algia has give you some good advice. I was born and raised in Tampa, and now live in Sarasota. I remember when in the 1960's much of south Tampa, such as Hyde Park was the seediest, slummiest place in town with horrific crime. I agree that today, that area, is still plagued with crime due to it's proximity to downtown and less desirable areas. However, other areas of south Tampa, such as Palma Ceia, Beach Park, Parkland Estates, etc., etc. are very nice and values virtually always go up. Mostly because of the reasons algia stated in her post - nice homes, all different, near water, access to shopping/dining, etc.
Temple Terrace, Lake Magdalene and Carrollwood are all nice alternatives where you can get a much better bang for your buck. Neighborhoods within the city core are hit-or-miss, such as Seminole Heights, Riverside Heights or Tampa Heights. There is also an overlooked neighborhood that never gets mentioned here - Wellswood. East of Armenia and south of Hillsborough - I have relatives there, it's close-in with nice older homes. Another one is Forest Hills.
Yes, make your list of what is important to you, what is affordable to you and then figure out how much you are willing to pay to be in a certain spot. Remember, real estate is always about location, location, location.
One other thing to remember when you want to buy a home is that a Realtor will always take you to see the most expensive and over your budget homes (matter related to their commission, 3% or 6% I forget what it is these days... out of $400,000 is not the same as 3% or 6% out of a $2 mil home! (not all realtors, but some will do that and waste your time) IF you have a LIST and know exactly what you want, you can avoid useless trips to see homes that may either not be in your price range, or that may have too much to remodel.......I will not drive to any homes that I didn't see good professional photos online and the map of the floor plan with measurements of each room, if I see those crappy point and shoot photos all skewed and blurry I don't even bother driving there, means that the Realtor is too busy trying to get as many properties under his/her belt to sell and there is no attention to detail...why would I waste my gas to drive all over town if I can see a property with amazing photos from my comfortable chair and decide if the layout is working for my family? gas is expensive and time is precious these days....plus since we have the technology and ability to produce quality photos that will show me exactly what the property looks like why bother driving? unless it looks great and I KNOW OFF THE BAT that I'll be putting an offer in.........
Alex
First off, when I have a buyer looking for a home they decide the price range. I don't tell them what price home to look at.
Do you seriously think someone looking for a $400,000 home is going to look at a $2 mil home just because a Realtor emailed the listing to them?
Also, most foreclosures will have 1 photo of the front and it is not always good. Telling her to skip these ios another mistake. If the sq ft, location and other things she is looking for is right why should she bypass a potential bargain?
We are at our wit's end trying to buy a house in South Tampa. Hubby says this is the only place in the Bay Area that holds its value, and we need to buy there. Meanwhile, every house that comes on the market and is priced FAIRLY sells in 24 hours to 2 weeks. By the time we talk about it and are ready to make an offer, it's under contract and GONE.
What do the Tampa realtors have to say? Are there other neighborhoods (even if it's the burbs) that are comparable to South Tampa in terms of holding their value? Can anyone recommend an area that is desirable in terms of aesthetics and value and proximity to amenities but that doesn't have 400,000-dollar shotgun shacks and is more affordable?
I don't think hubby and I will make it to the next spring selling season, at this rate..........
Casting such a broad statement that all of South Tampa holds its value is factually wrong. Given the past 5 years, some areas have done better than others, but for the most part, the entire Tampa Bay Area has depreciated. One zip code, street or even type of house in South Tampa can make a difference in price.
Over the past 90 days, there have been 75 single family home sales south of Kennedy, east of Dale Mabry, north of Gandy. The majority have been equally split between zips 33606 (Davis Island) and 33629 (Palma Ceia). There is almost a year's worth of inventory on the market. You could re-visit some of these and make an offer based on your housing needs and budget. You could also wait. At this time, many families with children are motivated to buy in their school district of choice before the school year starts. Or you can watch. Even in today's market, it is not uncommon for a well-priced property in good condition to get multiple offers. Learn the area (those with equity are looking to trade up), be on top of the market (sales), and when a property meets your criteria, be prepared to step up and make an offer. A good sales contract will have contingency clauses that permit you to withdraw without penalty.
South Tampa has always been desirable due to its location to downtown, Bayshore, MacDill AFB, UT, and good public schools. For these reasons, those wanting to live there are willing to pay more compared to other locations.
There are other pocket neighborhoods with less depreciation... generally those built before 2000 and those homes surrounding ski-sized lakes, rivers, and canals. The areas most hurt by depreciation are the ones developed after 2004.
If you're truly close to divorce and appreciation is the only reason to buy a home, it's time to step back and re-evaluate.
Last edited by TampaKaren; 08-21-2009 at 08:42 AM..
That's what you got from my post....................I didn't see anything on her original post saying she was looking for a fixer, on the contrary:
"We are at our wit's end trying to buy a house in South Tampa <no mention of fixer. Hubby says this is the only place in the Bay Area that holds its value, and we need to buy there. Hubby is stuck on buying in South Tampa. Meanwhile, every house that comes on the market and is priced FAIRLY sells in 24 hours to 2 weeks. By the time she tries to explain to hubby that she may NOT like to have a nice house next to a shack.....she looses the house because it takes too long to get her thoughts through. By the time we talk about it and are ready to make an offer, it's under contract and GONE.
What do the Tampa realtors have to say? Are there other neighborhoods (even if it's the burbs) She is trying to find out if there are other neighborhoods other than South Tampa who are as nice or nicer and can hold value. that are comparable to South Tampa in terms of holding their value? Can anyone recommend an area that is desirable in terms of aesthetics and value and proximity to amenities but that doesn't have 400,000-dollar shotgun shacks and is more affordable?"" Not looking to have a nice home next to a trailer park or a run down 80 year old dilapidated home
Someone looking in South Tampa for waterfront, should expect to pay in the high 900's to 2, 3, 4mill or probably less if the house is old and needs many many repairs! The OP didn't specify which side of ST was in question, Bayshore or off Kennedy blvd.
My post and advice was that you can't go shopping for a house without a wish list...since other than investors and house flippers everyone else plans to spend 5 to 10 years in a home and won't spend a million to move next week. Maybe snowbirds do that, I won't be surprised but people who live and work here would probably want to spend more time.
Now value wise, if we get a cat 3, 4 hurricane blowing through South Tampa I am not sure what would be left!??!?! so, to me that looks like a risky choice for maintaining value! sure waterfront always appeals to people, but safety appeals just as much.
"It really is not an issue with how much money they makeREALLY????????????????? WOW....or how hot it is outside. The fact of the matter is that in this market, where many desirable foreclosures are moving quite quickly in some areas, you can not sit back and wait for the market to cater to you."
I guess that is exactly how the bubble started!!! Realtors and mortgage brokers advertising no interest loans and all that good stuff that now decent people got screwed over and lost their homes! of course it matters how much they make!!!!!!!!!!!! People need to learn to buy what they can afford, is this economy not proof enough of what happens when you spend money you DON'T HAVE?????????????????????????????
I guess since she posted the same subject in another thread I just had more info.
Quote:
Originally Posted by maurer67
I don't care what anyone says. Been trying to buy for a year in South Tampa and all of the fairly priced homes go pending in 24 hours to 2 weeks. By the time I get around to seeing the house, talking it over with hubby, getting a contractor to come over and give me an estimate on renovations, etc., the house is G-O-N-E. I don't know what is going on in South Tampa, but it sure is NOTHING like the typical real estate horror stories you hear in the media about Florida.
I am at my wit's end. Am seriously thinking about looking elsewhere. I feel like it's 2005 all over again!
Quote:
Originally Posted by algia
"It really is not an issue with how much money they make REALLY????????????????? WOW....
Now try reading the rest of the paragraph I typed. Let me break it down for you, it doesn't matter that someone makes $70,000 a year, that has nothing to do with how fast some foreclosures are moving.
Nice try at taking something out of context though.
The way real estate is being purchased in undergoing a BIG change. Baby-boomers are looking on the internet, not driving around in an agents car. Good photographs gets people's attention.
In the past 10 years we have bought and sold many properties, almost all were owner-occupied, not investment purchases. Our last (and we hope final) home we drove all over SE and SW Florida to find. We selected towns to look at based on what we heard and read, some here on city-data. Then we went to the local MLS and realtor.com and plugged in the zip codes (find them on google) plus our price range and some other criteria.
We didn't want to waste an agents (or our) time until we drove past some of them and narrowed the list down. In some cases we never saw a home we liked in some cities and never called an agent.
algia may be somewhat strident in his/her? comments but I concur.
The times have changed. Photos rule.
We finally found a city/area we really liked and a few homes we liked from online listings.
The photographs were only part of the reason, we also used google.maps.com (satellite view-PHOTOS!) to see where things were located (how far away the hospital was, where the nearest Publix was).
We have worked with (as sellers and buyers) many realtors and there are some good ones and some horrible ones. The horrible ones won't return our call when you have made a CASH offer. Why? Because the offer came from our agent and the listing agent wanted the whole commission, not splitting it, even if the seller was hurt by their non-response.
I would never list a property with an agent who had bad photos online. In fact the photos should be top quality to get top dollar. Sometimes as a buyer I take the time to look at properties with bad photos because I can offer a lower price. All due to bad photographs.
If you are looking for the best deal in many areas you need to look at foreclosures.
If you are looking at foreclosures you will usually have one pic of the front, period.
The banks probably never see what picture is there and don't care just as long as the property moves quickly. In some areas, as witnessed by the OP, this certainly seems to be true.
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