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Archive for March, 2007
Tampa Home Sellers Continue To Pour It On
March 30th, 2007 categories: Tampa Real Estate, Tampa Market Conditions, Tampa Realtor
Looking to buy residential real estate in Tampa? Well, you’ve got more choices than ever! The number of brokered listings of properties in Tampa continues to rise, pushing 8400 as of this morning. That’s right. There are 8398 active listings in the City of Tampa today, over 1000 more than we saw at the beginning of this year.
What about sales? Well, in the first 15 days of March 2006, there were 524 units sold in Tampa. We’ve seen 242 properties sold, same period, this year. But 154 properties did go under contract in the past 7 days. Buyers are buying.
It’s just that supply (sellers) is out pacing demand, not good news for sellers as we enter the busier buying season.
Take a look at what is going under contract in the areas that we typically service.
Data used is from the Mid-Florida Regional MLS. All brokers/agents included.
Element Condos Hosting Sales Center Opening Party
March 29th, 2007 categories: Tampa Real Estate, Tampa Condos, New Projects (Condos)
Element Condos sales center is now open and downtown Tampa’s most bullish residential developers, Novare/intown Group, are hosting a grand opening.
It should be interesting to see how bullish sales are in this market in which most pre-construction purchases have all but dried up. These guys will soon be finishing project #1, Skypoint, downtown Tampa’s first highrise condo building. Remember the lottery to win the right to buy one of those?
And fast on the heels of Skypoint comes Element Condos which has already broken ground. Next (#3) in line will be the recently approved Twelve Hotel & Residences project, a combination of hotel and condominium.
Tampa will, within the next few years, have a new downtown skyline that will include these residential projects. And none of them will have the Trump name associated with them. It seems that Novare/intown will be the king of downtown Tampa highrise condos.
The sales center grand opening will be from 6-8pm next Wednesday April 4th. See you there.
Element has a new website intro that is pretty cool (and sexy). Check it out.
Historic Ybor City Box Factory Now Residential Lofts
March 29th, 2007 categories: Tampa Real Estate, Tampa Condos, New Projects (Condos), Hillsborough Property Tax
Box Factory Lofts, originally scheduled for a 12/2005 completion, are now completed and home to new residents. Closings began in early January of this year.
The project is situated in an old cigar box factory dating back to 1905. Considering it’s age, Box Factory Lofts will most likely qualify for Historic Preservation Tax Incentives which could substantially lower the unit owners’ property taxes for the first 10 years. An application is pending approval.
Located at 21st Street and Adamo Drive in Ybor City, Box Factory lofts is just down and across the street from where IKEA, the Swedish home furnishing retailer, will be opening a new store in 2009.
The developer has very few remaining units available along with a few resales.
This project turned out really nice and features true loft style living in Ybor City, Tampa’s National Historic Landmark District. The exterior walls and ceilings remain intact from the old building. Box Factory has lofts ranging from 950 to 1700 sqft. with high ceilings, stained concrete floors, concrete walls, and exposed ducts, beams and conduits. All the features you’d expect in a loft.
The exterior units feature tall, arch topped windows that provide for a very bright setting with lots of natural light. The interior units face an open courtyard that features a pool and common area. Fees aren’t too bad either. Expect about $210 for 1000 sqft unit initially. (See: “What Do Condo Fees Cover?”)
Why is this a cool place to live:
- Close to Ybor
- Close to Channelside
- Close to Downtown
- Close to Brandon
- Close to The Leroy
Stationed at MacDill? Just hop on the Leroy Selmon Expressway for about a 10-15 minute drive. Want to see a Lightning game? Take the trolley to the Forum. Heading to the Gulf beaches? Expect about a 30 minute drive.
All in all, Box Factory Lofts is a good option for someone looking for low $200k price point loft style living in an urban setting close to it all.
See what’s for sale at Box Factory Lofts
Images courtesy of BoxFactoryLofts.com
Update:The Historic Renovation Tax Exemption was approved!
Understanding “Exclusive Agency”:Florida Listing Agreement Types
March 24th, 2007 categories: Tampa Real Estate, Tampa MLS, Tips for Sellers, Tampa Realtor
A few days ago we explained the particulars of the “Exclusive Right of Sale Listing Agreement”. The “Exclusive Agency (Brokerage) Listing Agreement” is a different animal and is not used nearly to the extent that the “Exclusive Right” agreement is used.
The Florida Association of Realtors offers Florida home sellers and their brokers the “Exclusive Agency” agreement which gives a brokerage the exclusive right to list a home for sale on the MLS, but it gives the seller the right to also market the home and find a buyer.
If the broker is successful in finding a buyer, the broker is compensated. The broker can list the home on the MLS and still offer compensation to other, cooperating brokerages. However, if the seller finds the buyer through his/her own efforts, no fees are due to the broker.
Scenario #1:
Betty Agent finds the home for sale on the Tampa MLS, shows it to her buyer, buyer buys the home. In this scenario, the listing broker’s efforts helped procure the buyer and the fee is due to the brokerage and split among the 2 cooperating firms.
Scenario #2:
Joe Seller puts a “For Sale by Owner” sign in his yard alongside Lisa Agent’s broker’s “For Sale” sign. Bobby Buyer drives by the home, calls Joe Seller, gets in the home, buys the home. In this scenario, Mr. Seller’s effort sold the home, so no fee is due to the listing brokerage.
This type of agreement works well for the seller who is comfortable representing himself in the sale, but also wants the exposure that he’ll get through listing the home with a brokerage. Another advantage for the seller is that some buyer’s agents may rather work with an agent representing the seller, than work directly with an unrepresented seller.
But from the broker’s/agent’s perspective, there are no guarantees in this type of agreement. The agent may spend a substantial amount of time and money, and put forth a tremendous effort to market the home, but then not get compensated at all. And maybe Bobby Buyer saw the home advertised on Lisa Agent’s website and then decided to drive by and found the “FSBO” sign. There is much more risk to the agent in this type of listing agreement. There is no guarantee and things may get messy. But if the compensation may be substantial, the risk may be a moot point.
The fact is most seller’s are not even aware that this type of agreement exists. Many sellers will just accept the “Exclusive Right” agreement as the standard. Both types have their places.
“Exclusive Agency Listing Agreement” (Sample)
This Week In Tampa Real Estate: Supply Outpaces Demand
March 23rd, 2007 categories: Tampa Real Estate, Tampa MLS, Tampa Market Conditions
As much I keep expecting to see more sales activity for homes in the City of Tampa, it just ain’t happening. At least it’s not being reflected in the number of pending listings on the MLS. Pending listings are those that are under contract, or those that have found someone who wants them at an agreed upon price. It doesn’t mean it’s a done deal or “sold”, but it’s a start.
There is certainly more buyer activity in the way of e-mail inquiries, phone calls, showings, etc., but those buyers are still taking their time for the most part. And why not? The “nobody else is buying it, so why should I?” mindset is still strong.
The specifics:
Listings in the City of Tampa jumped to 8314 this morning (3/23/07), a new high for at least the previous 12 months. There were 5374 active listings in early March of 2006. And last year at this time there were about 2500 pending listings as compared to 1592 as of today.
What are buyers buying this week?
The average property going under contract this week is a 1751sqft home built in 1982 with a list price of $338k.
And where are they buying?
The 33647 (New Tampa/Tampa Palms) zip has 13 new contracts while zips 33626 (Westchase), 33624 (Carrollwood) and 33610 (map) each has 11 happy sellers.
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Data used is from the Mid-Florida Regional MLS City = Tampa
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