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Archive for August, 2006
Need a South Tampa Townhome? Plenty From Which to Choose!
August 30th, 2006 categories: Tampa Real Estate, Tampa Homes, Tampa Condos, Tampa Realtor
I’ve recently been working with a client to find a south Tampa townhome that fits his needs. My client has a relatively strict criteria for that townhome, so one would figure the search might be difficult. Not in this market. As developers in recent years struggled to keep up with demand for this property type in south Tampa, many new builder/developers entered the market. Also driving that demand was the speculative buyer who would purchase pre-construction with the intent to “flip” or sell the property just after closing and enjoy the the profits of the market’s upward swing during the period of construction.
So what we now have out there is a glut of townhomes purchased by buyers who never intended to live in them. Those buyers were betting on a steady stream of buyers who actually would want to live in these homes. So my client has plenty of these to consider, even though his criteria is somewhat limiting. And in seeing just about all of the homes that match his criteria, the range of quality runs the gamut from crap to pretty darn nice.
In walking through some of them with my client we often find ourselves wondering “WHAT WERE THEY THINKING?!” Common questions are “Why did they build this here, surrounded by commercial buidings?” or “How am I supposed to use this space?” or “Why use a door like this which such cheap hardware on a place in this price range?”.
So the south Tampa townhome buyer has choices currently. You would think sellers would do everthing they could to make their place stand out from the crowd, but such does not seem to be the case, especially with the new, vacant stuff. So the buyer has the upper hand in this market and if you’re looking for a townhome in south Tampa, now is a good time to buy.
Property Taxes on Tampa Homes & Condos
August 29th, 2006 categories: Tampa Real Estate, Tampa Homes, Tampa Realtor, Hillsborough Property Tax
Tampa homeowners, for the most part, understand the system of taxation on the value of real property in Hillsborough County, Florida. However, most first time buyers as well as some longtime owners making a move do not understand how it all works. Here’s a simple primer:
When you purchase a new property the county appraiser will place a value on it based on what you paid for it. Each year you will be required to pay taxes for the current year’s value and those taxes will be due on November 30th. So you are paying taxes for the current year at the end of the year. You can delay the payment until May of the following year, but you’ll see an additional fee tacked on for each month of delay. There is a “millage rate” or rate at which you will be taxed. This rate is multiplied by your “assessed value” or the value the property appraiser has given to your property. If you have a mortgage on the property, you will most likely pay a portion of your taxes each month as part of your monthly payment. Your lender will then make the total payment for you. Make sure your lender makes the payment on time.
If the property is your primary residence you may apply for a “homestead exemption”, which has 2 main benefits. Firstly, you’ll get an exemption of $25000 on the assessed value each year. Currently, in Tampa, this equates to about a $562 deduction. More importantly, the amount at which the appraiser can boost your assessed value is limited to 3% per year. So even if property values have skyrocketed, as they recently have, you’ll see only a small increase in taxes.
Many homebuyers will look at what the current resident has recently paid in taxes as an indication of what they will pay going forward. This will not be accurate because the appraiser will re-assess the property at its new value based on the price paid. The best way to estimate taxes on a prospective purchase and to learn more about the system, is to use the appraiser’s property tax estimator. This will give you an estimated range of taxes for help in figuring your monthly payment.
TIP!
When your lender gives you a “good faith estimate” of your monthly payment, make sure the tax estimate is within that range. I see many “GFEs” that use the previous year’s taxes as an estimate. This can be way off the mark and change monthly payments substantially. Never a fun discovery at the closing table!
Spinnaker Cove Condos Good Value for Tampa Waterfront Homes
August 28th, 2006 categories: Tampa Real Estate, Tampa Condos, Tampa Waterfront Homes, Homes For Sale in Tampa
Browse Spinnaker Cove Condos and Townhomes For Sale
Contact us for a complete list of Spinnaker Cove townhomes and condos for sale.
For the buyer looking for value in a bay access condominium, the upper end of Tampa Bay naturally offers some of the better values for waterfront living in the Tampa area. Tucked away in the Rocky Point area and near Baycrest is the Spinnaker Cove Condominiums which are on a short canal just off of the bay. And while the Gulf of Mexico is a good run to the south, the clubs and restaurants of Rocky Point are short ride away.
Recent sales show a 3/2 of 1974sqft selling for $375k in late July. This unit has an updated kitchen with granite counters and maple cabinetry, ceramic tile flooring and a large screened lanai with built-in spa. This unit was marketed by Mary McQuinn with Coldwell Banker.
Current listings include a slightly older unit with 3 beds/2.5 baths, 2 car garage and 10,000lb boatlift on the dock. The unit also features a screeened patio with hot tub, and is listed by Jackie-Colson Miller of Keller Williams Realty at $375k.
Supply and Demand of Tampa Homes
August 25th, 2006 categories: Tampa Real Estate, Tampa Homes, Tampa Market Conditions
Each Friday I look at the number of active residential listings in Tampa as compared to the number of pending listings, listings that are under contract and pending a closing. Why? These numbers are indicators of supply and demand in the local real estate market. This info comes from the MLS which represents brokered listings and does not include any “For Sale by Owner” properties or new construction inventory of builders that is not listed with a brokerage.
Once again, as the chart above shows, supply continues to increase as demand stays fairly stable. Buyers have it good right now with mortgage rates taking another step downward as well as having plenty of properties from which to choose. Buyers also do not have the pressured sense of competition that was the norm just a year ago. This makes for buyers who cannot see making full price offers as they watch prospective homes stay on the market longer and longer. Meanwhile, many sellers are in denial about the flip in the market and are holding on to prices they believed were attainable before the flip.
In this market, looking back can burn you. As supply increases, sellers have to do what it takes to be the most attractive and to stand out in the crowd. Pricing is a biggie, but sellers cannot afford to underestimate all the other little things that can make their offering more appealing.
Burned Out Sellers of Tampa Homes
August 23rd, 2006 categories: Tampa Real Estate, Tampa Homes, South Tampa
Seems like some sellers are getting burned out and frustrated in the home selling process. There is one way to speed up the process of finding a buyer for your home. DROP THE PRICE! I showed a south Tampa townhome yesterday and the seller was not only present, but was fairly rude. We knocked on the door and the seller opened up with not so much as a “hello”. She let us in and went right back to working with her daughter on homework. I asked if it was ok to show my client around and the reply was “yeah, yeah, go ahead.”
I checked my MLS info and sure enough, the home has been on the market since May without a single price reduction. We checked the place out (very thorough buyer client) and not once did the seller interact further with us. No “Can I answer any questions”, nor any attempts to offer any information on why my client may actually want to buy the place. She was most likely advised by her agent not to discuss anything with us, but friendliness is still ok, right? Sellers are most often advised not to be present when thier homes are shown, and for good reason.
After a full tour, we headed for the exit and did get a “goodbye” out of her as the door hit us in the rear on the way out.
It was obvious that this seller was frustrated and was tired of showing her home and speaking to prospective buyers. Let’s face it. Having to keep your home in showing shape and letting strangers walk around and open every door to every closet and room does get old. But it is a neccessary part of the process, and the primary way to shorten the process is to reduce the price until you find a buyer that sees value. This seller had not been willing to do that. The offensive nature toward prospective buyer and agent didn’t help much either.
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