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Archive for July, 2006
Riverside Heights Historical Home For Sale-FSBO
July 31st, 2006 categories: Tampa Homes, Seminole Heights Homes, Tampa FSBOs
*Three bedroom, two bathroom
*Huge back deck with night rope lighting
*Brand new Trane A/C unit/10yr warranty
*All new air duct system in attic
*New highest grade R36 attic insulation
*All new electrical & brought up to code
*Gorgeous hardwood floors throughout
*Huge eat-in island kitchen (ceramic tile)
*Exterior historic paint colors
*Monitored/motion Brinks alarm system with motion sensors
Hillsborough County Updating Flood Hazard Maps
July 31st, 2006 categories: Tampa Real Estate, Tampa Homes, Tampa Waterfront Homes
Hillsborough County is in the process of updating the maps that reflect the relative risk of flooding for homes in Tampa and other parts of Hillsborough County. In doing so, it is likely that many homes that were not previously in a flood zone will be by late 2007 if the new maps are approved. This means added insurance costs for many homeowners. The public will have a “review period” according to the City of Tampa.
Tampa Home Listings Inventory Continues to Grow
July 30th, 2006 categories: Tampa Real Estate, Tampa Homes, Tampa Market Conditions
As of 7/30/06 Tampa has 6790 residential properties available, an increase of 123 as compared to 7/15/06. The number of properties under contract, an indication of buyer activity, has decreased by 43 as compared to 2 weeks ago. This gap between homes on the market and homes under contract continues to grow, indicating a further slowing of the market for Tampa homes. Buyers are out there, but most do not want to pay anywhere close to list price fearing a price decrease. So, low-ball offers are common. On the flip-side, sellers are having a hard time gripping the fact that their homes are not worth what they were 8 months ago. We still have not seen a decrease in the median price of Tampa homes, but I think that we will see that sometime in the next few months.
What is your home worth?
July 28th, 2006 categories: Tampa Real Estate, Tampa Homes, Tampa Condos
All homes have a price, and sometimes more than one. There’s the price owners would like to get, the value buyers would like to offer and a point of agreement which can result in a sale. In considering home values, several factors are important:
- The value of your home relates to local sale prices. The same home, located elsewhere, would likely have a different value.
- Sale prices are a product of supply and demand. If you live in a community with an expanding job base, a growing population and a limited housing supply, it’s likely that prices will rise. Alternatively, it’s important to be realistic. If the local community is losing jobs and people are moving out, then you’ll likely have a buyer’s market.
- Owner needs can impact sale values. If owner Smith “must” sell quickly, he will have less leverage in the marketplace. Buyers may think that Smith is willing to trade a quick closing for a lower price — and they may be right. If Smith has no incentive to sell quickly, he may have more marketplace strength.
- Sale prices are not based on what owners “need.” When an owner says, “I must sell for $300,000 because I need $100,000 in cash to buy my next home,” buyers will quickly ask if $300,000 is a reasonable price for the property. If similar homes in the same community are selling for $250,000, the seller will not be successful.
- Sale prices are NOT the whole deal. Which would you rather have: A sale price of $200,000, or a sale price of $205,000 but where you agree to make a “seller contribution” of $5,000 to offset the buyer’s closing costs, pay a $2,000 allowance for roof repairs, fund two mortgage points, re-paint the entire house and leave the washer and dryer?
New Port Tampa Bay
July 24th, 2006 categories: Tampa Real Estate, Tampa Waterfront Homes, New Projects (Condos)
When I first moved to Tampa in 1995, I did not understand why much of the bayfront property was so industrial, especially the western shore of the Interbay peninsula south of Gandy Blvd. Talk about eyesores. And the Imperial Yacht Basin Marina was not such a pretty site either. There was not much to look at south of Gandy along the shoreline, although the fishing was pretty good in there. There was also the Pirate’s Cove dive bar on Tyson which had some old Florida charm.
Fast-forward to 2006 and things are looking up for that stretch of waterfront. The development that will really change the scene down there will be New Port Tampa Bay, located at the site of the old Marina just east of the Salty Sol baot ramp and right where Jimmy Mac’s once stood. The pic above is a rendering of how things should look once finished. All reports are that pre-construction sales are hot. This will truly be Tampa’s premier waterfront community with a good sized marina, shops, bars, restaurants, etc.
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