South Tampa Real Estate Market Report 2010-Luxury Home Sales vs Average Sales Price

by Rae Catanese on April 27, 2010

in Best Neighborhoods in Tampa, Luxury Home Communities, South Tampa Neighborhoods, Tampa Housing Market

 This report is for  South Tampa Neighborhoods, Zip Codes: 33606, 33609, 33611, 33629
Looking for some good news?  One of the BEST Neighborhoods in Tampa is showing signs of a rebound.  Take a look at the number of transactions in South Tampa and you will see some relatively strong numbers. In fact, March closings were up a whopping 57% as compared to last year, producing the highest number of transactions in a single month since the glory days of 2006.  The increase started in June of 2009 and, other than a really bad January, we have consistently outpaced the previous two years.

Demand is strong, financing has loosened up, and the tax credit is making a difference. But most of all, it is price that's making the market move. At $136 per square foot, the average sales price in South Tampa has dropped 42% in 3 years, making homes more affordable and bringing Buyers off the sidelines and into the
game.  See? I told you there was some good news.  

From Downtown Tampa

Unless you're a Seller. And especially if you're selling a home above $400K. The lower end of the market is what's heated up, while the upper end remains frozen. We think there are a number of factors at work here, but just as price is making the lower market move, it is price that's making the upper market stagnate.

Just for fun we looked at the price on homes currently for sale between $400K and $600K, and found the average to be $215 per square foot. Compare that to the price on everything in that price range that sold in the last quarter, and the average is $172 per square foot - a 20% differential. It becomes very
clear that this index is a real dividing line, and that Buyers are just not going to move on properties priced above the line. Sellers have not been willing to adjust their thinking - or their price - and so the market just sits there.

And so the "Good News, Bad News" saga continues. Homes below $400K are selling and prices have stabilized. Above $400K is a different story. Until Sellers on the upper end accept the new reality as those on the lower end have done, that market will continue to flounder, and I'm not talking fish.

You can search all  homes, condos and townhome listings in South Tampa here, or contact a listing agent in South Tampa to find out what your home is worth.

This is a guest post by:

Bruce Tigert-Bayshore Title,-Tampa, Fl

Towers of Channelside-Bank releases NEW pricing!-Tampa Real Estate update

by Rae Catanese on February 11, 2010

Click Here for additional photos

Price Ranges are as follows:

1 bedrooms 1.5 bath                      160K- 213K                     1,136 sf

1 bedroom-1.5 bath w/Den          223K                                1,281 sft 

2 bedrooms 2.5 bath                      199K-304K                     1,363 sf

2 bedroom-2.5 bath                       199k-  356K                    1,571 sft

 3 bedrooms 3 bath                        249K-395K                     1,778 sf

3 bedrooms 3 bath                         340k-364-K                    1,973 sf

3 bedrooms 3 bath    w/den        360k-364k                      2,166 sf

 Jr Penthouses starting at           500K                                2,696 sf

Grand Penthouse                           Call for pricing           4,849 sf

  ARTICLE IN TAMPA BAY BUSINESS JOURNAL ON TOWERS OF CHANNELSIDE

Maintenance fees are approximately .46 cents per sq ft and include:

 Chilled Water Unit which replaces majority of A/C cost in your unit; management of Association, Concierges, 24 Security Officers; Pool & Landscaping & all exterior building maintenance; Waste Removal & Water/Sewer. Brighthouse agreement: High Speed Internet, Standard Cable TV; Voice Over Internet Protocol-Unlimited local and long distance telephone calling within US

 Rising 29 stories into the sunlit sky, The Towers of Channelside have it all. Dive into each and every captivating view, from the bustling, metropolitan skyline, to the sparkling, pacifying waters of beautiful Tampa Bay.

Please contact me to schedule an appointment.  Also provide the best number to reach you.

Phone: 813-784-7744 or email: realtyrae@yahoo.com  Rae Catanese, PA-Real Estate Agent

 Are you a candidate for a Short Sale?

• Are you current with your monthly payments?
• Is there more than one lender to consider?
• How far away are you from foreclosure?
• Do you have other assets?
• Have you spoken to the lender?
• Is the lender working on a short sale package?

 What are your options?

•  Keep the property
• Attempt a workout with the Lender
• Sell the property and bring cash to the closing
• Offer the Lender a "short sale"
• Offer the Lender a "deed in lieu of foreclosure"
• Allow the property to go to foreclosure

 Where can you get help 

• Visit http://MakingHomeAffordale.gov.  This is a US Government web site that offers Sellers options to retain ownership.  Loan modification through your existing Lender is explained here and should be explored prior to listing for sale.

If you are looking for a listing agent that specializes in Short Sales in The Tampa Bay Area, please feel free to contact me.

How to buy Tampa Real Estate with your IRA or 401K?

Think you can't buy a home as an investment? Looking for a creative way to take advantage of the #2 in US foreclosure market here in Tampa?

I attended a 3 hour seminar the other day that was great!

Here are some different options you have to buy a home, land or to get a downpayment for a loan using tax deffers IRA'S AND 401K's.

Your tax deferred and possibly tax free investing choices are:

1. land, (raw large parcels or single lots)
2. A  resale or builder inventory home (use as rental only)
3. Commercial property that you lease out.

Downfall:

The most important thing to remember is that you cannot live in the home. It has to be an investment, therefore a rental home, or vacant land are some of your options for purchasing.  You can't even use a beach house for personal use. It has to be a rental property under the guidelines.

How do I use my 401K to buy real estate?

Move your 401K to a Self Directed IRA. Can only be done if you no longer work at previous job.

Need a downpayment of to get a Conventional or FHA loan?

You can borrow 50K or 50% whichever is less from your 401K

You can also use your business partner or spouse's IRA for a downpayment or to pay cash for a property.  You have 50K, they have 150K, save closings costs from lenders which can be 3-6% of the total purchase price.

Right now in Pinellas, Hillsborough and Pasco Couties there are 7,309 properties that are 200K or under, 3 bedroom 2 bath. 

If you have been thinking of buying land or rental and commercial properties in the Tampa Bay Area please give us a call to discuss your options. 813 784 7744 Rae.  Emai: realtyrae@yahoo.com

All information is believed to be accurate. Always consult your financial advisior and CPA before making any changes to your assets!

Filed under: Downpayment Assistance, First Time Home Buying Advice, Investing in Real Estate using 401K and IRA's, Tampa Real Estate Investors

Appraiser says not all communities in South Tampa are depreciating in value....that doesn't mean you can't get a great deal!  If a home is listed in today's housing market you can bet that sellers are MOTIVATED. Owners are now competing with banks and short sales, therefore they are forced to lower their price.

The prestigious neighborhood has many canal front and open bay view homes, which attracts many homeowners looking for a boating community with all the conveniences of being close to the major highways and Downtown Tampa. 

What makes the waterfront community of Beach Park in South Tampa one of the BEST Neighborhoods in Tampa?  Appreciation.....Quaint Mature Oak Treed Lined Streets, and the Breezes from Tampa Bay.

The community is the closest luxury residential neighborhood to the Westshore Mall and Westshore Business District. Need to travel?  Get to Tampa International  Airport in 5 minutes.  Fine Dining and the proximity to 3 major bridges provide easy access to Clearwater and St. Petersburg Beaches. 

In 2008, The Tampa Bay Business Journal published a news article about the increasing value of some neighborhoods of South Tampa....

 A large independent provider of residential real estate appraisals says some Florida neighborhoods are increasing in value, despite statewide averages indicating a drop in home sales prices of 15 to 20 percent.

The South Tampa market, for instance, has seen luxury waterfront and inland properties in Beach Park, Palma Ceia and Hyde Park rise between 5 percent and 8 percent in the past year, a release from Forsythe AppraisalsLLC, based in St. Paul, Minn. said. Forsythe has branch offices in Tampa, Miami, Orlando, Jacksonville and West Palm Beach.

 Stats from the MLS show since May 2008 thru January 2009 there have been four Beach Park Homes Sold. *These are only Waterfront, Water view or homes with Water Access.   

• The lowest sales price was $1,020,00 with the highest being $1,308,00. 

• Currently there are four homes for sale ranging from 675,00 up to 2,394,000.

  

The lowest  BEST priced home for sale in Beach Park with a water view is  $675,000.  at ($164.67 per sf)

This home is a beautiful new construction Beach Park Two Story Mediterranean style masterpiece w/Open Bay Views of Tampa Bay from 2nd floor. Master Bedroom has large balcony to watch sunsets over Tampa Bay. 

No detail has been unnoticed with Crown Molding throughout, Coiffured ceiling in the Large family room, Wood floors, Travertine Marble, Granite in kitchen & Master bath, ornamental wrought iron railings & much more.  This home is a 5 bedroom, 4 1/2 bath masterpiece boasting almost 4100 square feet.

To see this beautiful luxury home please contact Rae at Prudential Tropical Realty: realtyrae@yahoo.com or call 813 784 7744

Towers of Channelside Bankruptcy Update-Tampa, Fl

Posted on April 17, 2009 by realtyrae | Edit

TAMPA - Nearly half of the 257 condos at the Towers of Channelside have sold, including one in February to Tampa Bay Rays third baseman Evan Longoria, but those sales still aren't enough.  The developer of the twin 29-story towers has notified its lender it's giving up on the project 15 months after it sought bankruptcy court protection and six months after it declared its reorganization a success.

"Unfortunately it's the economy. It's bigger than us. It's bigger than any one person," said Richard Sacchi, a principal of Towers of Channelside LLC.

If you are looking to purchase a condo or have questions about developments in the Channelside and Downtown Tampa Districts give us a call

813 784 7744 or email: realtyrae@yahoo.com

 When I started thinking about a title for this article I came up with quite a few.  The METHOD of the Short Sale was 2nd choice.  Although, we are finding there is NO Methodology in the Tampa Real Estate Market.  Both buyers and sellers are feeling the STRESS OF A SHORT SALE!

Putting in an offer on a Short Sale Home in the Tampa Bay Area?  

Thinking of buying a short sale home is painful to many who can wait as long as 45 days to hear if the bank accepted their offer. 

There is no Method!

I can certainly without a doubt, say that there are no rules when it comes to what the banks will or will not do.  Every bank is different about the way they handle things.  Some are using mitigation companies to negotiate the offer, and some are not.  Banks each have their way of handling paperwork and disclosures which makes our job as Realtors even more challenging.  

What Realtors and Sellers are doing to get offers on short sales:

A price you see listed on any website is not necessarily the price you can buy that home for.  If you've seen wording or disclaimers stating "listing price may not be sufficient to cover all closing costs..." that is when you  know the home is listed as a short sale.  Try telling people who are qualified to buy a home, that we don't know if the price listed is a real sales price.  Otherwise known as "bank approved short sale".

I've seen some listed for an unbelievable prices. When I contact the listing agent, I have to ask if that price "has been approved by the bank".  Otherwise, the seller agrees to list the home for what ever they want. 

What happens next???  Sellers are submitting multiple offers to the bank and the bank is then forced to either take one or foreclose on the home.  Once the bank gets offers at the low ball price, it speeds up the short sale process.

How many properties are on the market in the metro Tampa Bay Area?  (approximately 33,000.00 in the Pinellas, Pasco and Hillsborough Areas) 

I'm finding there are several situations that would lead more people to buying a foreclosed home.  First, they are probably getting a better deal after the bank owns the property.  The bank will respond to most offers within 48 hours, 2 business days.   You will also know if there are any other offers in the mix.

Most buyers I am working with are telling me that they want to stay away from short sales.  If you are a seller, please take this into consideration before listing your home for sale with a Realtor.

Rae Catanese, PA

Prudential Tropical Realty- Tampa, Fl  813 784 7744

GREAT DEALS AT WESTSHORE YACHT CLUB!!

In August 2008, a U.S. bankruptcy judge approved a relief package for WCI Communities that's designed to assure homebuyers would not be impacted for future purchasers at the Westshore Yacht Club here in Tampa Bay.  

If you are looking for a great deal this is the time to invest.

This is GREAT NEWS for one of the premiere boating communities on the West Coast of Florida.  Since August, West Shore Yacht Club has created the furious pace of the trading floor with a promotion that has people taking action.  This is a very positive sign for the Tampa Housing Market; especially for those who are looking to invest their money NOW while prices are aggressive.

From Westshore Yacht Club

Unlike some other developments here in Tampa, The West Shore Yacht Club IS selling their townhomes, hi-rise condo tower, and accepting contracts for the single family homes yet to be built. 

More good news.....They are not turning into rentals. Many other developments have caused the people who purchased in the begining to live amongst mainly renters; which is not what buyer's signed up for originally. 

When you take a tour of the community you'll notice that the people who are living there are enjoying life and taking advantage of the wonderful amenities this luxurious, resort style community has to offer.  There are so many things to do, you may just decide to stay home and relax on the weekends. 

I love the tranquil Spa! The fitness center is state of the art with views of the water.  They offer complimentary towels, a very nice locker room with showers, blow dryers, and toiletries.  It's really everything you'd expect a high-end club to be.  There are also 2 heated pools, 2 restaurants, 2 bars, a billiards room and a yacht shop for supplies. 

If you've been looking to purchase in South Tampa, you'll know a single family home is nearly impossible to find under 400K.  Other options are townhomes and condos.  If you need a 3/2 and 2 car garage, approximately 1900 square feet of living space, you may want to consider one of the townhouses or condos for sale at the Yacht Club.  They are solid block construction on all floors, built to current hurricane standards, and have many upgrades like granite, stainless steel appliances and high ceilings. Best of all, these properties are brand new and never lived in.  Another nice feature of the community is that there is plenty of parking for guests.  Something you don't find in a South Tampa Townhome communities.

This year there have been approximately 35 units sold by the developer due to their very aggressive pricing and incentives.  These Townhomes were once selling for 450-650K two years ago. The same units are now listed for 325K and up. 

View Map of Westshore Yacht Club, Tampa Bay

These are the BEST prices we've seen in a Tampa Bay waterfront community. 

The Westshore Yacht Club has become a lifestyle choice for many buyers...... "where you live is as important as how you live".  Isn't that the truth? 

Please contact us to schedule a showing of the remaining developer units. Or call Rae at 813-784-7744

The American Recovery and Reinvestment Act of 2009

ENHANCED HOME BUYER CREDIT

NOT JUST FOR FIRST TIME HOME BUYERS

Who Qualifies?: Anyone who has not owned a home for the preceding three years. That means you may still qualify for the incentive even if you and your spouse owned a home more than three years ago.

How Much?: The incentive calls for a credit of ten percent of the purchase price up to a maximum of $8,000 for a single resident or a married couple filing jointly.

Are There Limits?: The credit is phased-out based on your modified adjusted gross income (MAGI).

How Does It Work?: The tax credit reduces a your tax bill or increases your refund, dollar for dollar. It is fully refundable, meaning that the credit will be paid out to you, even if you owe no tax or the credit is more than the tax that you owe. Even better, there is no repayment requirements associated with this incentive if you keep your home for at least three years.

What are the valid dates to purchase a home?:  The incentive is for homes that close between January 1, 2009 and November 30, 2009.

Principal Residences: The tax credit is available for purchases of principal residences. Purchases of vacation homes and rental property are not eligible.

To request more information on how to purchase a home using the new home buyer tax credit send an email to: info@thetamparealestateinsider.com

Search all homes for sale in the Tampa Bay Area.

Best Waterfront Home Deals-Indian Rocks Beach

Great Deal on the Water; Indian Rocks Beach in the Tampa Bay Area!

Waterfront Beach House may be primary residence, vacation home or great lot to build your new home.

Waterfront Home

2Bedroom 2 Bathrooms
1800 sq ft home with tile floors, great fireplace, views from living area & bedroom, secluded and set back from the road.

Unique lot offers wide open views and protection for boat or yacht.  Privacy at end of cul de  sac with over 100` of seawall that wraps around the point.

Pre-negotiated Deal
Seller has further reduced the price for a CASH offer or QUICK SALE

First offer at $370,000 takes it!

Contract by end of year; Close in 30 days

Call 813-784-7744 for more details.

Filed under: Boating Communities in Tampa, Foreclosures Tampa, Waterfont Communities in Tampa | Tagged: Best Deals in Tampa, Waterfront homes and lots, waterfront homes foreclosures | No Comments »

Rae Catanese, PA Prudential Tropical Realty Search MLS www.TampaBayDwellings.com

Cell: 813-784-7744  

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