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Archive for the 'Tampa Florida' Category
No More Buyers, No More Sellers Of Tampa Homes
December 15th, 2006 categories: Tampa Florida, Tampa Real Estate, Tampa Florida Real Estate, Tampa Market Conditions, Tampa Realtor
As we approach the end of the 2006 and with the holiday season upon us, the supply and demand of residential real estate in Tampa remains flat. The number of active listings as well as the number of pending listings has not changed much since mid-October when these numbers began to flatten out.
New listings, of course, had been on the rise steadily through the first 3 quarters of the year, while the number of listings with buyers under contract has fallen steadily since mid-April. As far as supply and demand goes, conditions are pretty stable.
That noted, inventory is still very high at 7543 active units, while only 1679 sellers have a buyer under contract. Listings that expired since November 1st number 657 while another 1231 listings were withdrawn during the same period.
But with interest rates low and supply plentiful, 539 buyers have decided to enter into a purchase agreement since mid-November, some of them getting big discounts.
Data used is from the Mid-Florida Regional MLS for properties in Tampa.
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Big Discounts On Luxury Homes In Tampa
December 12th, 2006 categories: Tampa Florida, Tampa Real Estate, Tampa Waterfront Homes, Tampa Market Conditions
In our current buyers’ market we know that price reductions are common and most buyers don’t expect to offer or purchase a home at the full list price. Very few homes are selling at 100% of list price. Buyers sense no competing bids and are thus inclined to come in with a very low opening offer. Some buyers are finding motivated sellers and these buyers are getting big price reductions and many of the homes are some of the higher priced.
For instance:
- A brand new home on Bayshore Blvd in South Tampa that was listed at $3.3m recently sold for $2m according to our MLS, or about 62% of the listed price. Typo? Non-arm’s length deal? Or maybe just a seller looking to dump while the dumping is good?
- Another, In the Culbreath Isles neighborhood, recently sold at a little over 78% of asking price. The home, listed at $1.4m, was on the market for only 21 days and closed at the end of November for $1.1m.
- Apollo Beach has seen some of Hillsborough County’s higher rates of appreciation in recent years. But a new bayfront home in Andalucia recently sold for $1.15m after being listed at $1.65 165 days earlier. That’s under 70% of the original list price.
- A new South Tampa waterfront home that was originally listed at $3.7m recently sold at a net to the seller of about $3m, or about 81% of the original list price.
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Tampa Home Inventory Remains Flat
December 1st, 2006 categories: Tampa Florida, Tampa Real Estate, Tampa Market Conditions
The amount of brokered listings on the market in Tampa continues to remain flat and has been hovering around the 7500 mark since early October. Meanwhile the amount of pending listings, or listings under contract, has also remained relatively flat, although we have reached a low of 1643 for the year. The holiday season, Thanksgiving through the New Year holiday, is typically a slow period of real estate sales activity.
Incentives To See, Incentives To Buy–Such Is The Way Of The Buyer’s Market
November 7th, 2006 categories: Tampa Florida, Tampa Real Estate, Tips for Sellers
Incentives abound everywhere you look for Tampa area real estate. Open house signs, barely visible 18 months ago are now the norm on street corners. And commissions on the buyer agent side are up as sellers compete for the few buyers that are actively looking and need to buy now. Open houses are certainly more involved these days as food, cocktails, etc. are offered to get agents and/or their buyers to come have a look.
Here’s a quick look at some of the more noticeable incentives:
- Palms of Beach Park (South Tampa) (one of my favorite south Tampa conversions) is hosting an open house with “food, wine and drinks” this week. This is a small conversion of a 1960’s apartment building. Very retro with terrazzo flooring, large sliding glass doors, brick walls, etc.
- Windsor Club Condos (Wesley Chapel) is offering “live free for a year”, in which the buyer can rent for a year and then have all rental payments applied towards ownership.
- Equestrain Park Condos (New Tampa) is offering 6% back to the buyers to use in a number of different ways (closing costs, upgrades, etc.)
- Another condo converter is offering 7% commission on the first sale, 8% on the second and 10% on the third to buyer’s agents.
- Lennar homes is offering a Ford Mustang with purchase of certain homes.
And that’s just a small sampling. Competition among sellers to get the attention of the very few buyers out there is fierce. In the seller’s market of recent years, buyers had to ask for some of the things that are being offered these days.
If you’re a seller of a single family home, here are a few incentive ideas that may get buyers’ and/or their agents’ attention:
- Offer to pay some of your buyer’s closing costs. This will help attract a larger pool of prospective buyers. There may be some buyers out there with great credit but little cash for the down payment and closing costs/pre-paids. Maybe your buyers would like to keep some $$ in their pocket to be able to buy furniture, appliances, a new Tiki Bar, etc.
- Offer to buy down (pay points) the interest rate on your buyer’s mortgage. This can be a permanent or temporary buydown. For instance, if you offer a buydown of 2 points for the first year of your buyers’ ownership, they will have a substantially lower monthly payment during that first year. Maybe they are expecting a boost in income 8 months down the road, so the temporary lower payment may just do the trick.
- Offer to have the home painted or the carpeting replaced. If it needs it, you’d have been wise to do this before placing the home for sale, but again, for the buyers that want to minimize out of pocket expenditures, this can go a long way.
- Make sure you and/or your agent are offering a competitive amount of compensation to agents representing buyers. Unfortunately, the way the system works currently, some agents may stay away if you’re offering less than the competition.
- Selling a condo? Offer to pay a year’s worth (MOL) of your buyers’ condo association fees. Again, many buyer’s like to keep their out of pocket low, so that they have cash for alternatives.
These are just a few ideas of things that sellers can do to try to make their deal a better one than could otherwise be had. You could also lower the sales price, but this alone may not appeal to the largest group of prospective buyers. Of course lenders have some restrictions on how these deals can be structured, but most will allow some seller concessions.
Ballast Point Area Homes May See New Future Land Use
September 5th, 2006 categories: Tampa Florida, Tampa Real Estate, South Tampa
The Planning Commission of Hillsborough County is recommending a change to the future land use of properties near MacDill Air Force Base. This new future land use designation would be called “Military Installation-Airport Compatibility” (Mi-AP) and is designed “to protect the general public health, safety and welfare of its Citizens.”
This will affect how properties in this area can be used in the future. Density will be no more than 6 units per acre and certain noise attenuation measures will have to be provided for new construction in some areas.
Residents will also have to provide a “Military Area Notice Acknowledgement” disclosure to real estate brokers as well as prospective buyers. While most buyers in the area realize they are purchasing in close proximity to a major military installation and airport, this new legal disclosure may be enough to scare a few buyers into looking elsewhere. Could this affect property values?
The Tampa City Council will consider the proposal at its meeting on 9/11/06.
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