Archive for September, 2008

Tampa Home Prices Continue To Show Signs Of A Bottom

September 30th, 2008 categories: Real Estate Market Reports

The Case-Shiller Home Price Index for July 2008 was released today. Tampa’s Case-Shiller number was basically the same as it was for June. In other words, according the the CS Home Price Index, Tampa home prices in July fell little, if any, from the June levels. And this trend of a flattening in the decline of Tampa home prices goes back to April when the big declines started to wane.

The 1st quarter of 2008 saw, without a doubt, the biggest month to month decreases in the Tampa index. But since then, we’ve seen much smaller decreases. And July’s decrease of only .04 was the lowest drop in the Tampa CS Index since the decreases began in August of 2006. The chart above represents the monthly CS Tampa numbers since its peak back in July of 2006.

Case Shiller Report

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South Tampa Neighborhoods Affected

September 25th, 2008 categories: South Tampa Neighborhoods

With the nice cool, dry air out of the northeast comes the following unwelcome news from Tampa International airport:

Community Impact Noise Notifications for Thursday, September 25, 2008

Effective Until: Friday, October 03, 2008

Description: Nightly crane operation continues between the hours of 10:00 p.m. to 6:00 a.m. for the FDOT TAIP. During this time period, all aircraft landing operations when the winds are from the northeast will be shifted to Runway 36R for safety. If the airport is operating in a south flow, all departures will be on the east parallel runway 18L.

Aircraft landing to the north using 36R fly right over the western edge of the Interbay Peninsula.

But it’s all caused by the road construction just south of the airport which will certainly be a welcomed improvement when completed.

This affects south Tampa neighborhoods including Guernsey Estates, Bel Mar Shores, Sunset Park, Culbreath Isles/Bayou, Beach Park, and others.

At least TIA is proactive in informing us: http://www.tampaairport.com/community/index.asp

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Closing Costs Reduced For Tampa Short Sales

September 24th, 2008 categories: Short Sale Information, Tampa Waterfront Homes

Sellers pay a state tax on the sale of a home based on the sales price. This tax shows up on the settlement statement as doc stamps on the deed. But many title companies, due to the confusion over what the Florida Department of Revenue expected, have been charging short sale sellers the higher amount based on the debt forgiven. For instance: If a lender allowed a seller to sell for $124,000, even though the seller owed $150,000 on the mortgage, the seller would pay the state the $868 due on the sales price, plus the $182 due on the $26k forgiven.

But the FDOR has now ruled that the amount owed should be based on the transaction price, and not the mortgage value, a higher number in short sales. At 70 cents per $100, this amount could be substantial on higher debts forgiven. That’s surprising to me that the state is giving up that revenue, but certainly good news for short sellers.

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Home Sales Decline Nationwide, But What About Tampa?

September 24th, 2008 categories: Real Estate Market Reports

The National Association of Realtors will be releasing the monthly existing home sales report today and sales nationally are expected to be down 1.6% in August as compared to July. That 1.6% is seasonally adjusted. So what about Tampa home sales for August? There were 446 single family homes sold in the city of Tampa in July, while 412 Tampa homes were sold in August (UPDATE: 419 Tampa homes sold in September). The good news is that August of 2008 was slightly better than August of 2007.

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Why Are Homes Overpriced In South Tampa?

September 23rd, 2008 categories: Real Estate Market Reports, South Tampa Neighborhoods, Tampa Home Buyer Tips

The title of this post was a search term that somehow got the inquirer to this very website recently. The question most likely should have been Why are south Tampa home prices so high? There are over-priced homes everywhere, not just south Tampa. Over-priced can be defined any number of ways, but in general, a home that is taking longer to sell than those that are very similar is overpriced, arguably of course.

But getting back to what I believe the inquirer really meant, Why are south Tampa home prices so high? Because buyers pay more for them as compared to some other areas of Tampa. That’s the simple answer. That’s true anywhere. And you can take it steps further. Why are home prices in Beach Park so high? Why are highrise condos on Bayshore priced so high? Why are Tampa waterfront homes so pricey?

Location, location, location, for the most part, is what determines value in real property. There are many reasons that home prices in south Tampa are, on average, higher than other areas of the city, but they all have to do with location. Let’s start with schools. Parts of south Tampa are located in one of the better public school districts in the state of Florida. Many of the elementary and middle schools in south Tampa are A rated by the state of Florida, and Plant High School, one of the south Tampa high schools, is one of the best in the state.

South Tampa is also close to many of the activity cores, business districts, cultural amenities and sporting venues within the City of Tampa. Fine restaurants, the best area shopping malls, health care facilities, etc. are all close by. These are the things for which home buyers will pay a premium. And that’s why homes are overpriced in south Tampa. Location.

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