Archive for March, 2008

Reminders Of A Crazier Time-Short Sales In Tampa

March 20th, 2008 categories: Seminole Heights Homes, Short Sale Information

A client sent me a property to review earlier today and in the brief time that I researched its background I learned that:

1. The property is listed as a short sale.
2. The property is listed at $129,900.
3. Last sale was June of 2006 for $302,000.
4. There was a $302,000 mortgage recorded at the time of purchase (8.8% ADJ).

Now that’s what I call a short sale, or at least a short price. The sale has yet to happen. You have to have a buyer first, and third party approval of course.

Just another reminder of the $$ that was being thrown around in the years of past.

Posted by Lenny Gurvich | 5 Comments »

Market Reports-Seminole Heights Area Zips

March 19th, 2008 categories: Seminole Heights Homes, Short Sale Information, Tampa Neighborhoods

2007 4th Quarter (October-December) Sales Report

33603 (South Seminole Heights, North Riverside Heights, Wellswood, etc)

• Average Sale Price:$ 152.4k
• Price Change from Q4 2006: -16.13%
• Sales Volume Change from Q4 2006 : -45.95%

33604 (North (Old) Seminole Heights, Lowry Park area, Sulphur Springs, etc)

• Average Sale Price:$ 154.9k
• Price Change from Q4 2006: -15.22%
• Sales Volume Change from Q4 2006 : -43.75%

Prices, along with sales volume, continued to drop in both of these zips from late 2006 through late 2007. These areas had a high volume of rehabs and investor flips occurring during the heat of the seller’s market back in 2004-2005. This was pushing prices up quickly and making taking away one of the main draws of the area-affordability. Prices have been and are still correcting in these zips for the most part. Only the best properties in the best locations are holding value.

These zips have many bank-owned properties (relative to others) and there are many sellers trying to short sell their homes to avoid foreclosure. That noted, there are some good buying opportunities currently for those that can stomach the process of waiting for third party approval (short sales).

Posted by Lenny Gurvich | No Comments »

It’s Gonna Cost Me What?!

March 18th, 2008 categories: Tampa Real Estate, Mortgage Rate Watch, Tampa Home Buyer Tips

For most folks, a monthly mortgage payment is made up of 4 components:

1. Principal on the loan.
2. Interest on the loan
3. Taxes (property)
4. Insurance (hazard, flood, etc)

Those 4 components are commonly referred to as PITI. I commonly run in to folks who are grossly underestimating their monthly nut on a specific loan amount.

There’s no better way to get an accurate estimate on your monthly payment than by speaking with a mortgage loan professional. However, if you want to give it a go yourself, here’s how to do it:

1. Assuming you know how much you’ll be borrowing (I know, that’s a big assumption.), go to my mortgage loan calculator (go there), and plug in the loan amount and the interest rate, and the loan term. This will give you the P and I components of your monthly nut.
2. Next, go to the property appraiser’s tax estimator (go there) and fill in the info. Make sure to select a millage rate. All City of Tampa millage rates are pretty close, so if you don’t know your code, select any Tampa code. Then select either Yes or No for the homestead exemption. Only your primary property qualifies for homesteading. The estimator will spit out a range of estimated taxes. Pick a number near the middle of the range. This is the T component of your monthly mortgage payment.
3. Now all that’s left is the I component, the insurance. Place a quick call your favorite insurer and get an estimate of what it will cost to insure your perfect home.
4. Add it all up and there you go, a pretty accurate estimate of your monthly payment!

Posted by Lenny Gurvich | No Comments »

Market Reports-Downtown Tampa Area

March 18th, 2008 categories: Tampa Real Estate, Tampa Condos, Channelside Market Updates, Downtown Tampa, Tampa Neighborhoods

In continuing a look a look a 4th quarter sales activity we find:

33602 (Downtown Tampa, Channelside, Channel District, Harbour Island, Ridgewood Park, Tampa Heights)

• Average Sale Price:$ 419.4k
• Price Change from Q4 2006: 41.69%
• Sales Volume Change from Q4 2006 : 271.43%

Impressive numbers indeed. But during the latter part of 2007, many of the condos at the new developments were closing. The bulk of the activity was closings for the newly completed condos at Skypoint, Ventana, The Plaza Harbour Island, The Place at Channelside, Towers of Channelside. There were also some closings for the newest condo conversion on Harbour Island, Harbour Place City Homes. Sprinkle in some resales at Island Walk and Island Place, and some at Parkcrest, and it was a busy 4th quarter indeed for 33602.

But as of today, there are 467 properties listed for sale in the 33602 zip, with the bulk of them (338), condos. With all of the aforementioned projects being completed within months of each other, there is a glut of condos available in this area for Tampa condo buyers.

So downtown area condo buyers have it good right now with so many options available. There are incentives available and rates remain low.

Questions about Tampa condos? Contact us.

Browse Tampa Condos For Sale

Posted by Lenny Gurvich | No Comments »

Market Reports-South Tampa Neighborhoods By Zip

March 17th, 2008 categories: South Tampa, Tampa Market Conditions, South Tampa Neighborhoods

Today I received a report regarding the 4th quarter of 2007 as it relates to Tampa’s residential real estate. In scanning the numbers for some south Tampa zip codes, here’s what I see:

Starting in the north:

33609 (Beach Park, Bon Air, etc)

• Average Sale Price:$447.7k
• Price Change from Q4 2006: 10.68%
• Sales Volume Change : -10.42%

33629 (Culbreath Isles, Sunset Park, Bel Mar Shores, Palma Ceia, Maryland Manor, Virginia Park, Parkland Estates, Golfview, etc.)

• Average Sale Price:$671.8k
• Price Change from Q4 2006: 37.07%
• Sales Volume Change from Q4 2006 : -24.32%

33611 (Anita, Guernsey Estates, Fair Oaks, Bayshore Beautiful Gandy Gardens, Ballast Point etc).

• Average Sale Price:$323.6k
• Price Change from Q4 2006: -8.38%
• Sales Volume Change from Q4 2006 : -54.13%

33616 (Port Tampa area)

• Average Sale Price: $211.3k
• Price Change from Q4 2006: 11.04%
• Sales Volume Change from Q4 2006 : 6.25%

33606 (Hyde Park, Davis Islands)

• Average Sale Price:$ 631.3k
• Price Change from Q4 2006: 24.76%
• Sales Volume Change from Q4 2006 : -47.83%

Some notes:

• Overall, in Hillsborough County, the average price of a home sold in Q4 2007 was up slightly over Q3 2007 (sideline buyers-take note. Will this trend continue?).
• There’s no denying real estate is local. Some south Tampa areas (zips) have seen price increases, even while sales are down. But even that is a generalization. Not all neighborhoods within a particular zip experienced the same results.

Data used is from a report compiled by The Greater Tampa Association of Realtors and the National Association of Realtors.

Posted by Lenny Gurvich | No Comments »

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