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Gurvich Realty Group
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Archive for June, 2006
Tampa Home Prices to Fall?
June 28th, 2006 categories: Tampa Real Estate, Tampa Homes, Tampa Florida Real Estate, Tampa Market Conditions
According to PMI, the nation’s largest mortgage insurer, the Tampa Bay area has a 29% chance of price declines over the next two years and has a 294 risk rating, ranking us #23 of the most risky markets in the USA. That risk rating, according to them, is 77% higher than a year ago. Hear the podcast and read the report here.
The facts are:
- Interest rates are rising.
- Income levels have not kept up with the increase in home prices.
- The rate of appreciation has decelerated considerably.
This market continues to adjust and so does my thinking on what’s in store over the next year. Two months ago I felt that there was enough going on to keep some upward support on prices. Now I am not so sure. Inventory of available homes for sale is growing while the number of buyers in the market continues to fall. As ARM loans continue to adjust upward, we’ll see more sellers looking to get out of their higher payments.
Buyers: Beware of what your purchasing and plan on holding it longer to see adequate returns.
“Is now a good time to buy?” The answer to that really depends on why and what you are buying, and for how long you plan on holding the property.
South Tampa Pool Home
June 23rd, 2006 categories: Tampa Real Estate, Tampa Homes, South Tampa
$259,900 $250,000!
South Tampa pool home features 4 bedrooms, 2 full baths, screened patio, carport, large family room and detached concrete workshop. New roof in ‘05, A/C in ‘04. Updated bath & kitchen. Workshop could be converted to an in-law apt., etc. In addition to thecovered carport, the lot also boasts available parking for a large boat or R/V. Large inside utility room w/additional storage. The home has been well cared for and is situated on a cul-de-sac in a convenient south Tampa location, which affords excellent proximity to MacDill AFB, Tampa International Airport, downtown Tampa (via Leroy Selmon Exp’way), St. Pete and Gulf beaches (via Gandy Bridge). Home is just off of Manhattan Ave. which will soon be 5 lanes from Gandy Blvd northward to Henderson! Call us for more information and/or to schedule a privtate showing. 813-205-1802
Tampa Residential Real Estate For Sale Inventory Continues to Grow
June 21st, 2006 categories: Tampa Real Estate, Homes For Sale in Tampa, Tampa Florida Real Estate
As the chart above shows, the inventory of available residential real estate in the city of Tampa continues to grow. There are 361 more properties available today than there were at the end of last month, and there are 157 less properties under contract waiting to close. The shift to a buyer’s market continues. Many buyer’s, from my perspective, are waiting to see how the market adjusts before making a move.
Buyers:
If you are looking for Tampa real estate, you’ve got choices and not much competition.
Sellers:
You have lots of competition and not many active buyers.
Data used is from the Mid-Florida Regional MLS
Two Story Homes the Majority of New Construction
June 20th, 2006 categories: Tampa Real Estate, Tampa Condos, Tampa Florida Real Estate
Over the last 30 years, new homes with two or more stories has increased from 23% to 55% of the total homes built. This coincides with the fact that the average size of these same homes has increased from 1645sqft in 1975 to 2434sqft in 2005. This data, from the U.S Census Dept., is not suprising to anyone in the real estate business. Value has been primarily related to the size of the home. Want to add value? Add square footage. Price per square foot has been the general indicator when comparing home sales. Home size, generally speaking, has been the indicator of one’s wealth.
There are some, including myself, that feel that the trend going forward, will be to scale down. How much space do we really need? We tend to fill whatever space we have available. After that, we purchase more storage space in the form of self-storage units. We are collectors by nature and having the space to store and display our collections has become the norm. The cost, be it time or money, to maintain our large spaces has increased. Added cleaning, cooling/heating and other costs are real.
I have noticed buyers and sellers alike looking to downsize, and this is not just the empty-nesters so to speak. This is a general trend that I am noticing. I don’t see the average new home size decreasing much 5 years down the road, but I do think we’ll see a decrease as the trend gains momentum.
See the Census Stats Here
Search Tampa Real Estate Here
Great Palm for Landscaping Tampa Homes
June 6th, 2006 categories: Tampa Florida, Tampa Homes, South Tampa
Piccabeen Palm Crownshaft
Our climate here in Tampa makes it possible to grow some palms that border on being truly tropical. I collect palms and have about 35 different species between in-ground and containerized. I like the tropical feel and tend to be drawn to palms that make me feel like I’m in the Florida Keys. Sitting around my palms with a cigar and a margarita on a Sunday is my kind of day.
One of my favorite palms is the Archontophoenix cunninghamiana, or the Bangalow palm (a.k.a the Piccabeen, King). This palm is native to Australia and most experts claim it is hardy to about 28 degrees fahrenheit. Mine are growing incredibly fast and it really gives an area a tropical feel.
It is a crownshaft palm which means it has the bright green section of trunk directly under the crown of leaves. They can get quite large, width and height, and do best in the open with room to go up and out.
Availabilty in the area is fairly limited but there are some local nurseries and palm specialists who carry them. Check the Central Florida Palm & Cycad Society for more info or feel free to contact me.
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