April 2010....the great oil spill hit our real estate market here at the Tampa Bay Beaches. Business stopped, those of us who make a living at "the beach" had to shift gears on the fly.
Now at Thanksgiving time here things have changed big time! Real estate prices first went through a bottoming process throughout 2010 and into 2011....then they took off! Now many property owners have taken their property off the market waiting for higher and higher prices.....some prices are up 50% already! Appraisals cannot keep up with the market prices resulting in under appraisals making it vrey difficult to finance at normal down payments....hence a huge percentage of transactions here are for cash.
IF you are selling here and then buying elsewhere.....hurry up and sell while the prices are still depressed at your new desired location. This dichotmy in prices is TEMPORARY.
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