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Archive for April, 2007
What Are Sellers Required To Disclose In Florida?
April 11th, 2007 categories: Tampa Real Estate, Tips for Sellers, Tampa Realtor
The title of this post was a search phrase that got someone to TampaFloridaRealEstateFinder.com. So what’s the answer?
In Florida, a seller is obligated to disclose all known facts that materially affect the value of the property being sold and that are not readily observable.
Roof leaks? Disclose it! Having to install a new roof or pay for roof repairs affects the value of the home. A home is worth less when the buyer needs to spend $6k on a new roof!
Garage floods when it rains? Disclose it! Water intrusion is not something to be taken lightly. Mold, fungus and other wood destroying organisms (WDOs) can do some severe damage to a structure. It affects the value of a home. Buyers will not only have to remedy the problem, but they’ll also have to repair the damages.
Did your grandfather use lead-based paint way back in 1956 when your home was last painted? Disclose it! In fact, any property built prior to 1978 has to have a lead-based paint (LBP) warning statement included and attached to any contract for purchase.
Do your lights go out when you use the hair dryer in the master bathroom? Disclose it? A defective electrical system materially affects the value of the home. Does your HOA have restrictions on leasing your property? Disclose it! Your buyer may be looking for an income producing property. That would materially affect the value of the property.
Did someone die in your property? Was it rented by someone who is HIV positive? No need to disclose it! Florida law provides that these things do not need to be disclosed. Furthermore, an owner cannot be held liable for failing to disclose these facts. In other words, these things should not materially affect the value of the real property. Hmmmm…
March Survey Points To Further Declines
April 10th, 2007 categories: Tampa Real Estate, Tampa Market Conditions
Bank of America sends out a survey to real estate agents monthly to attempt to put together an accurate assessment of local housing market trends. I try to respond as often as possible. Today I received the aggregated results from the March survey.
Some Key Results:
- 75% of local respondents noted less buyer traffic than one would expect for this time of year.
- 66% of local respondents noted a decline in prices as compared to the previous 30 days.
Bank of America’s take:
“We do not sense that a bottom is near as home listings and the time needed to sell
continue to deteriorate, typically a leading indicator for home prices. We think prices
will remain under pressure throughout ’07 as sellers must become more aggressive in
order to bring buyers back into the market.”
March Tampa Real Estate Market Conditions Survey Results
The Postives In Today’s Tampa Real Estate Market
April 10th, 2007 categories: Tampa Real Estate, Tampa Market Conditions
I was recently advised by a visitor to this site to “start pumping some positives into this market“. I’ll admit, there has been a negative tone in some of what I’ve written here during the past few months. You won’t find me sugarcoating the facts, spinning, or blowing smoke about the current market conditions in our area. The facts speak for themselves.
With that in mind, I will try to focus on some of the positive characteristics of our current market. But one side’s positives are usually another side’s negatives. It is hard to find a characteristic of this market that is a positive for all parties involved.
Interest Rates?
They’re still very low relative to historical numbers. This would normally be good news for both buyers and sellers as the low rates usually tempt buyers to buy. But the rates have been low for some time now. First-timers have bought and movers up have moved up. Many of the investors have moved on as well. That leaves a few first time buyers, relocations, etc., as the only buyers out there currently. Sorry, I’m getting negative once again.
Inventory?
This is a positive, but only for buyers right now. But, buyers are keenly aware of the record number of properties for sale, and this ends up scaring many of them into waiting it out. Waiting for some indication that others are buying. Waiting for some feeling that others are interested in the same property that they are. (Almost 460 residential properties in the City of Tampa have gone under contract in the last few weeks-that’s positive!) And the the recent credit tightening knocked many would be buyers to the wrong side of the fence.
Sales?
Did you know that 2006 was one of the best years ever for sales of Tampa homes? And 2007 could be a good year as well, historically speaking. (Over 500 residential properties in the City of Tampa have sold since mid-March) But with the record years of 2003-2005 in our recent memory, things are not looking so hot now, especially when sales are on the decline.
In my business, I only get paid (at closing) when someone uses my services in assisting them to buy or sell real property. So I would much rather sit here and write about why you should buy or sell right now. I’m not going to sing the praises of this market however. Yes, there are some good opportunities for buyers right now. And if you’ve got a good product to sell right now and you price it right, you’ll sell it quickly.
So there are some positives out there right now, just not very many. The market for residential real estate is cyclical. It will come around again. I am bullish on Tampa. We are in a corrective period that will take some time to reach an equilibrium. No rah-rahs here unless they’re substantiated. I use this space on the web to voice my opinion, share market data, etc. I will continue to tell it like it is.
More Of The Same In Tampa Real Estate
April 6th, 2007 categories: Tampa Real Estate, Tampa Market Conditions
The chart speaks for itself this week!
The title and copy from last week’s market condition post could easily be copied and pasted here with some minor adjustments in the numbers. But the chart really does speak for itself.
Data used is from the Mid-Florida Regional MLS, city = Tampa.
Channelside Condo Market Watch 2
April 3rd, 2007 categories: Tampa Real Estate, New Projects (Condos), Channelside Market Updates
A few months ago we posted the first of what will be an occasional look at what’s going on in the Channelside District with respect to the many new condos and lofts for sale.
At that time there were 115 active listings of residential condos and lofts on the Mid-Florida Regional MLS. Some of the new buildings are now almost completed and the closings are beginning.
As of this morning, there are 148 active listings of Channelside condos ranging in price from $215k to nearly $1.7 million dollars. For $215k you can get a 620 sqft studio at Grand Central at Kennedy. For the $1.7m you get a nearly 2500 sqft 3 bedroom/2.5 bath unit at The Place at Channelside. For less than $1.6m, you can get an almost 3000 sqft penthouse at the soon to be completed Towers of Channelside.
Some averages for the 148 active listings:
- List Price: $503k (Median list price is $459k)
- Size: 2 bed/2 bath, 1383 sqft
- $358/sqft
So not much has changed over the previous 2 months. The bulk of these listings is the developers’ unsold (or once again available) inventory, some resales, a few assignable contracts, etc.
But as more and more of these properties are completed, and the closings begin adding up, expect to see the resale inventory blossom.
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