The naked truth about Tampa Bay Real Estate

By
Real Estate Attorney with Bay Vista Realty BK671311

OK, here it goes.  Let me take a deep breath.

I have a pretty extensive professional resume. I have soldiered for almost twenty years now.  I have studied several languages.  Spanish, Portuguese, Russian, Serbian, Croatian, & Albanian. (and German drinking songs)

I am an accomplished pilot, (Flew my Cessna 150 from Monterey to Tampa) Real Estate Broker, Builder, Communications Technician, (old Signal Corp Days).

I have worked in various Government capacities that were very great jobs. And done some cool stuff that I will not elaborate on, just know it is hi-speed low drag kind of stuff, and I enjoyed it. (Because I survived it)

I have a fantastic wife and wonderful children, and a relationship with god that I hold dearly. 
My family has been in Tampa since the Rough Riders passed through on the way to Cuba and I am as native as the Gasparilla Parade and Ybor City Brewing.

I have testified as an Expert Witness in Tampa Bay Courts as to the value of land and been called as a 3rd party reviewer on the same.

So here it is....The truth about Tampa Bay Real Estate.   And I figure I am kinda qualified to offer this expert opinion.

There is no bubble.  None.   Not even a bubblet.  No one is even chewing any gum.   What we have is a correction, an overdue correction.  Which gives us an opportunity. 

Some of you are saying to your selves, but Gary....(And I don't know why you keep saying that to your selves) the media keeps telling us that there is a bubble. 

I know they do.  I need to get a job in the media.  All I have to do is scare you into watching or reading and sell more advertising. 

So what is going on........?????  A long over due correction is occurring.  What do we do about it.  We find buyers. 

We as Real Estate Professionals have a slow learning curve sometimes.  This is brought on by our natural instincts and our feeling of duty to our clients.  We truly want what is best for our clients and therefore we tend to err on the side of caution.  But that leads us to adapting more slowly sometimes.

When the market changed, many were still running around trying to grab up listings.  ("You gotta list to last")
Bu then the media started crying about the bubble.  Next thing you know the Home Depot has a camera crew on isle 8 showing the last FSBO signs, like a hurricane is coming through, and it is a gallon of spring water with magical powers that will fuel a generator too. 

About a week went buy and the great garage sale of 2006 sprung up.  There was a garage sale on every block (families getting ready to move) for miles and then every real estate company in town was making orders at the local sign company.  Lock boxes sold out and my sign guy ran out of posts.


So what brings this post on, why this blog? What is your point? 


I was talking to a client about 5 minutes before I signed on line and he asked me for a summary or STATE of the bubble for tomorrows show.  (Local radio)

This is what I told him. 

We are in the lowest Interest rates in 30 years STILL.  We have a global economy that we didn't have 30 years ago and so we won't wait 30 years again.  Maybe 6. 

We had Iraq, Katrina, and Greenspan retire all at once.  We have Insurance raping the economy. (if you don't like my choice word, give me a better one, and explain how my house has more liability this year than it did last year.)

Then we had Bernanke raise interest rates almost every session since he took the job.  But now he has stopped.
And Realtors are starting to realize the Buyers are clients too.......yea, remember them......Buyers.  SO I think we are about to see a change in the market again.   Why??????

Look around you, advertising is starting to change.  Firms and agents alike are beginning to gather buyers again.  Buyers are starting to realize that this can't last.  Prices have fallen slightly and the interest rates are still down.  

So what happens next.  Well if we learn from our history and if one other  item falls into place like for instance, we have a slow hurricane season...hmmmm........or Bernanke stops raising interest rates, hhmmmmmm......or  oil prices drop...(well I can dream can't I) all of those buyers that have had their eye on that house hoping for that price drop before an offer will pounce, and they will pounce hard!

The market will explode with offers and counter offers and the sign guy will be busy.  You will have a bunch of extra lockboxes and sign panels in your garage and running around looking for more buyers....but....wait.....the inventory will start to dwindle and then what. 

Balance is the key.  Listings will always bring you buyers and buyers will again be listings.  But you must maintain a balance and grab your crystal balls out of the closets and dust them off.  They usually work if you read aloud to them all of the things that brought us to this current market and explain to them how it happened and snuck up on some of us.

I hope that some of you find this insightful.  If not, at least entertaining.
 
This Blog has been brought to you spam and picture free.  No Bandwidth was hurt in the testing of this blog. 

 

Tampa-Bay's self proclaimed Funniest Broker
(I voted, it was Unanimous)

 

Posted by

I certainly hope this helps and if you have any questions, as always, feel free to drop a line at Gary@BayVistaRealty.com

If you or someone you know needs assistance with a Short Sale anywhere in the Tampa Bay Area, please don't hesitate to call to speak with a certified Short Sale Specialist.

 

Signature

Gary De Pury, SFR

Bay Vista Realty logo

Broker-Owner

Bay Vista Realty & Investments, Inc.

YOUR FRIENDS AT BAY VISTA REALTY PROVIDE COMPLETE REAL ESTATE SERVICES FOR HOME SELLERS AND BUYERS IN THE TAMPA BAY MARKETPLACE, COVERING ALL OF HILLSBOROUGH, PASCO, AND PINELLAS COUNTIES.

WHEN YOU ARE LOOKING FOR A HOME, REAL EXPERIENCE MATTERS.

Bay Vista Realty & Investments and our team of Professional Full Time REALTORS are ready to help you with

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Tags:
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Show All Comments
Rainmaker
275,737
Ken Cook
Content, coding, marketing, host. - Marietta, GA
Content Marketer/Creator
Awesome and RIGHT ON! Guess who's coming to Tampa?
Aug 31, 2006 03:59 PM #1
Rainmaker
523,194
Bonnie Erickson
Tangletown Realty - Saint Paul, MN
Minnesota has dug deeper into the young 20's category of buyer in the last couple years.  As a result, we may be waiting a couple years for a "new" crop to appear!
Aug 31, 2006 04:23 PM #2
Rainer
18,980
Michele Van Detti
CJR - Gilbert, AZ
Absolutley Fabulous.  That's all I have to say. 
Aug 31, 2006 04:52 PM #3
Rainer
42,239
Jonathan Greene
Team Greene Realty - Tampa, FL
I've been making the very same argument for months, but nobody listens to me because I'm a newbie.  Well said.
Sep 01, 2006 12:40 AM #4
Rainmaker
1,147,431
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Good stuff Gary. Same over here. Very negative press and I just keep selling houses. Go figure.

BTW miss the photos. But I guess like The LW wouldn't want to be blacklisted.

Sep 01, 2006 01:20 AM #5
Rainmaker
161,699
1SG (Ret.) David Kucic
Hawaii Military Realty, Inc. - Ewa Beach, HI
President and Owner
Great post Gary.  My business is flourishing.  I dont see any signs of a slowdown for my wife and myself.  I alwys tell people very simply that we will still have buyers and we will still have sellers no matter what type of market we are in.
Nov 09, 2006 02:55 PM #6
Rainer
12,637
Lenny Gurvich
Keller Williams Realty Tampa, Florida - Tampa, FL

David,

Glad to hear things are so good in Hawaii.

"I alwys tell people very simply that we will still have buyers and we will still have sellers no matter what type of market we are in."

True, but it's how many buyers and sellers that are coming to terms and closing deals that defines the condition of the market. In Tampa, that has dropped significantly over the last 18 months. Prices have been holding their own however and we have not seen much panic selling. In Florida however, something has to give. Prices:UP Taxes:UP! Insurance:UP! Interest Rates: FLAT. Income: NOT UP ENOUGH. So what's going to adjust? Taxes and insurance? Not anytime soon. Rates? Don't see them going much lower. Income? Won't rise enough to make a difference. Prices are what has to adjust. I agree with Gary that we are in a corrective period. Some property types and locations will correct more than others. Yes, the press does report the negative but they are reporting the facts. Cause or effect? They also use a wide brush in painting the general market conditions. Still looking for my crystal ball.

Nov 28, 2006 03:31 AM #7
Rainer
60,896
Axel Weiss
Bradenton Realtor and Sarasota Homes for Sale - Bradenton, FL
Sea to Sky Realty
ROFTL
Mar 22, 2007 05:23 PM #8
Rainer
8,313
Jason Pastucha
Realtywnc.com - Keller Williams Asheville - Asheville, NC

Before the fall.  I like the history of events touching real estate in hot markets like Tampa Clearwater.  Thanks, JP

Aug 02, 2008 05:12 AM #9
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Rainer
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Gary De Pury, ESQ.

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