Archive for the 'Tampa Florida Real Estate' Category

Pent Up Demand About To Be Being Released?

April 10th, 2008 categories: Tampa Real Estate, Tampa Florida Real Estate, Tampa Market Conditions, Tips for Sellers

Spring has sprung and along with it so has buyer traffic. From my perspective as well as the perspective of other Realtors, buyer traffic is way up. Listings are getting much more attention in recent weeks, website traffic and inquiries are way up as well. But the ultimate gauge of activity and demand as I see it is the amount of pending sales out there. Yep, that’s up too.

More importantly, the gap between listings and pendings, my measures of supply and demand, is trending tighter. Sure, ’tis the spring season and we expect this to be the case. But with the last 2 years of price corrections and sales declines, many would-be buyers who have been waiting on the sidelines are beginning to hop of the bench and move forward.

So I’ll be keeping a close eye on the number of pending contracts in the City of Tampa to see if all this traffic is converted to more listings being sold. If you can get the financing or have the cash, it’s great to be a home buyer in Tampa. And if you’ve been considering a sale, we are approaching the busy season.

Posted by Lenny Gurvich | 1 Comment »

What Does A Seminole Heights 2/1 Go For These Days?

November 1st, 2007 categories: Tampa Florida Real Estate, Seminole Heights Homes

Just looking to browse Seminole Heights Homes For Sale? Go here!

Seminole Heights appeals to many first time home buyers because:

• Buyers get a lot more for their $$ as compared to other areas of Tampa.
• Location is close to the activity/entertainment cores.
• Older homes have lots of character.
• Closely knit neighborhood with many social activities.
• Downtown is 5 minutes away.
• I-275 is easily accessible.
• Starbucks!

Seminole Heights is about 2.5 miles due north of downtown Tampa, and was developed primarily in the early part of last century. Many of the older homes have been restored, a large percentage of which are bungalow style.

The 2 bedroom, 1 bath home, just does not work for many buyers these days. But there are many 2/1 homes for sale in Seminole Heights. The 2/1 was very functional back in 1925. MLS section 240, which comprises a large part of Seminole Heights has 47 of them available today. So where are prices for these great starter homes currently?

Prices range from about $120k for a 2/1 of 760sqft, built in 1946, to $545k for a 2/1 on the Hillsborough River (the northernmost boundary of Seminole Heights) near Florida Avenue. The median price for a Seminole Heights 2/1 for sale, is around the $180k mark currently.

How about what others have recently paid? Alrighty then. Thirty 2/1 homes in Seminole Heights have sold-year-to-date. Most recent sale was closed at $165k for home in the Hampton Terrace Historic District (listed by Yates & Associates). Two are under contract pending a closing.

Data used is from the Mid-Florida Regional MLS and includes all brokers/agents. Private, non-brokered sales not included.

Posted by Lenny Gurvich | No Comments »

Stable Supply And Demand Of Tampa Properties

October 16th, 2007 categories: Tampa Real Estate, Tampa MLS, Tampa Florida Real Estate, Tampa Market Conditions

Here’s the October, 2007 update of the Tampa real estate market conditions:

Much like September’s report, Tampa real estate market conditions are very stable currently. The inventory of homes for sale in Tampa is basically the same as compared to 30 days ago. The number of homes under contract, a good indicator of demand, is also very similar to last month’s number.

Data used is from the Mid-Florida Regional MLS for City = Tampa

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Posted by Lenny Gurvich | No Comments »

Did You Know This About Tampa Real Estate?

October 11th, 2007 categories: Tampa MLS, Tampa Florida Real Estate, Tampa Market Conditions, Tips for Sellers

The conventional media will tell you that:

• Tampa homes sales are down
• The median price of homes in our area is down
• Foreclosures are up
• Inventory is at a record high

And I’ll tell you the same. And that’s all true. No blowing of smoke allowed here.

But did you know this about Tampa real estate?

• 5800 residential properties have sold year-to-date, with 426 of them closing in September and 94 so far in October.
• There are 1033 residential properties in Tampa in pending status, meaning that they are under contract to be purchased. In October alone, 134 have gone under contract (just in Tampa, not Tampa Bay, Hillsborough County, etc.).
• Of the 1033 under contract, 905 of them are expected to close by 11/15/2007 (according to what listing brokers/agents have reported on the MLS)

Why do I bother telling you this? Because although the market is not what it was in 2003–2005, we still have a market. This is just the stuff that you most likely will not read somewhere else, whether in print, elsewhere on the web, or that you’ll hear on radio or on television.

But when comparing to 2003–2005, yes, the market is in the tank. We tend to have short memories and only want to compare to the recent past.

I wasn’t in the business then, but back in 1996, when my wife and I were in the market for our first Tampa home, things were very similar to today. We must have looked at 30 homes or more before making a decision (our poor agent). We felt little, if any, competition from other buyers. We made a lowball offer on one home that got rejected. So we kept looking. And that seller came back weeks later with a reasonable counter-offer. We ended up buying that home at a price that was much closer to our original offer, or about $23k less than asking price. That was a big chunk o’ change, as a percentage, considering Tampa home prices back then.

So folks are still buying homes these days. And stories like ours from 1996 are being played out daily across the Tampa Bay area. Just figured I’d tell my side of the story.

Data used is from the Mid-Florida Regional MLS for city = Tampa, and does not include private, non-brokered sales.

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Posted by Lenny Gurvich | 2 Comments »

Who Buys The Title Insurance?

September 20th, 2007 categories: Tampa Real Estate, Tampa Florida Real Estate, Tips for Sellers

Got an e-mail inquiry from a website visitor recently who was asking what his closing costs would be when he ultimately finds a buyer for his home. A follow-up phone call reveled that he is selling his home himself and was concerned that several real estate agents had told him that he was responsible for purchasing his buyer’s title insurance policy.

So who is required to purchase the title insurance?

In Florida, it is standard for the seller to purchase what is referred to as the owner’s title policy. This is a policy which insures a property owner should a claim arise against the property after the purchase has been completed. Examples are a tax lien or a contractor’s lien for work that was done but never paid for. The title search and title insurance ensures that no outstanding claims exist.

If the buyer is financing the purchase, the lender will also require coverage since the lender will have a substantial interest in the property as well. This is known as the lender’s title policy. The lender’s title policy is usually purchased by the buyer.

However, none of this should be assumed. It should all be addressed in writing in the contract to purchase the property. It is in both buyer’s and seller’s best interests to confirm who is paying for each cost associated with closing the transaction. Anything not spelled out in writing could jeopardize the transaction, and create problems in deciding who retains any deposits held in escrow.

Posted by Lenny Gurvich | 2 Comments »

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