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Archive for October, 2006
Do I Have to Disclose the Fact That My House is Haunted?
October 31st, 2006 categories: Tampa Real Estate
Listening to a radio show the other day and the caller was discussing the fact that his house was haunted. This got me to thinking about how this might affect its value. Sellers of residential real estate are required to disclose to any prospective buyers anything about a home that may materially affect its value.
There was a woman in Nyack, New York who owned a home that she believed to be haunted by ghosts. In fact, on three occasions she had informed the public of the haunting in reports to Reader’s Digest and in newspapers where the home was featured on ads for a home tour.
But when it came time to sell, neither she nor her Realtor disclosed any such haunting. She found a buyer for the home who was from out of town and not aware of the reputation of the home as being haunted. But once he realized that he was purchasing a home that was widely and publicly regarded as haunted, he wanted out. (Hello Mr. Stambovsky. Welcome to Nyack. Aren’t you the guy buying the house with the ghosts?) And guess what? The Court ruled that the haunting should have been disclosed! He got his deposit back and was released from the deal.
The fact that everyone else seemed to know that this house had problems certainly affected the value of the home. Who wanted it? It was stigmatized!
Tampa’s Million Dollar Zips
October 30th, 2006 categories: Tampa Real Estate, Tampa Waterfront Homes, Tampa Florida Real Estate, Tampa Market Conditions
A client recently asked me what area of Tampa has the most sales of homes priced at $1m or greater. While it seems like an easy answer, there is nothing better than data to back you up. So before placing my foot in my mouth, I paid a quick visit to our Multiple Listing Service, where the data of any brokered sales resides. Most sales of homes in this price range are brokered, so the data should be pretty good.
So I looked at YTD sales of single-family homes in Hillsborough County selling for a minimum of $1m. This gives a good indication of where the million dollar sales activity is, not necessarily where the most million dollar homes are. Here are the results sorted by MLS grid:
Coming in at #1 (drum roll please) is grid WL18 with 13 qualifying sales! WL18 encompasses the southern portion of Davis Islands just south of downtown Tampa, and yes, most of these are waterfront homes.
Sold @ 5.175m in March of 2006. Listed by Smith & Associates Realtors
Next on the list is WH17 with 12 sales YTD of $1m+ SF homes. WH17’s neighborhoods are Culbreath Isles, Stoney Point, Beach Park, etc., on the western side of south Tampa’s Interbay Peninsula.
Sold @ 2.75m in May. Listed by Smith & Associates Realtors
Next up with 10 sales is grid WJ19 better known as Villa Rosa Park, Bayshore Court, Bayshore Beautiful, etc.
Sold @ $1.12 in March. Listed by Smith & Associates, sold by Keller Williams Realty
Fourth on the list of grids with $1m+ home sales is WJ17, the grid containing the Golf View neighborhood of Palma Ceia.
Sold @ $1.025m in July of 2006. Listed by Smith & Associates, sold by Prudential Tropical.
Tied with 8 sales is WK05 in Avila and WL17, the north end of Davis Islands and Harbour Island.
Avila home sold @ $1.7m in April. Listed by Keller Williams Realty
Harbour Island home sold @ $1.75m in January. Listed by Coldwell Banker
The rest of the $1m+ sales are spread out across multiple grids.
Where are the most current $1m+ single family home listings? Well, there are 447 of them in Hillsborough County as of today with grid WJ17 (Golf View, Palma Ceia) leading the way with 24. WH17 (Culbreath Isles, Stoney Point) is next with 23.
Central Tampa 22 Home Open House Event
October 28th, 2006 categories: Tampa Real Estate, Tampa Florida Real Estate, Seminole Heights Homes
22-HOME OPEN HOUSE WEDNESDAY 11/1!
Great opportunity to see 22 homes (and get a free lunch) in central Tampa neighborhoods! We, along with many other Realtors will be hosting an open house event this Wednesday for homes in the Wellswood, Rio Vista, etc. neighborhoods. View and print a flyer and map here. Make to sure visit 1531 Park Lane in Wellswood!
More Sellers in Tampa, Buyers Take a Break
October 27th, 2006 categories: Tampa Real Estate, South Tampa, Seminole Heights Homes, Tampa Market Conditions
Last week’s state of the market post suggested that maybe, just maybe, the gap between sellers and buyers of Tampa residential real estate was beginning to close. Well, I am sorry to say one week doesn’t make a trend. In fact, after taking a look at the numbers, it looks like the sellers came out this week while the buyers have jumped back on or across the fence.
Once again the number of active listings has risen while the number of pending listings (listings under contract to be purchased) has fallen. So as of this morning there are 7502 sellers looking for buyers out there in the City of Tampa, while 1730 lucky sellers have come to terms with buyers. Of the listings that have propsective buyers, 260 of them went under contract since 10/15 or about 23 new contracts per day. At that rate, there are enough properties available to last us 326 days. A simplistic calculation, but you get the picture.
Tampa Median Home Prices
October 26th, 2006 categories: Tampa Real Estate, Tampa Homes, Tampa MLS
The Florida Association of Realtors released the numbers for September yesterday showing that the median price for existing homes statewide dropped by a percentage point as compared to a year ago.
I like to focus a little closer to home since, as we know, real estate is a much more local market. The chart above shows the median prices of single family homes sold in the City of Tampa during the course of 2006. The data was obtained from the Mid-Florida Regional MLS. Private sales are not included.
The more active months of the summer showed a little bit of a spike, but overall prices are holding their own as compared to the beginning of this year.
Also Noteworthy
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