Tampa home prices rose 1.3% in the last 60 days. Prices in the Tampa area have been at the 2000 levels. An unofficial statistic that I watch on my own is the percentage of all listings in our MLS that are short sales. During the worst of the mortgage melt down in 2008 to 2009, about 60% to 70% of all listings were short sales. My last check showed short sales down to 40%. We are working off the inventory of condo conversion resales. I used to be able to pull up 10 to 20 for sale in each building I like to sell, but now I only get 1 or maybe 2 for sale. So the inventory is certainly moving out!

The Tampa Bay area is the fifth best area to buy a home in the country, according to Fortune magazine.

Even with the glut of foreclosures in the bay area, Fortune said, it’s now cheaper to own a home than to rent the same house in 28 out of 54 major markets. Tampa Bay is tucked between Cleveland (fourth) and Las Vegas (sixth) on the Top 10 list. Orlando placed second and Jacksonville seventh. Atlanta topped the list.

As the main reasons for buying now, the magazine cites the historic drop in new construction since the housing market peaked in 2006, and the nationwide decline of 30 percent in home prices. Prices in some of the hardest-hit regions recorded declines of more the 50 percent.

Retiring baby boomers flocking to Florida again will help resurrect the housing market, Fortune said. The Sunshine State learned a lesson about overbuilding during the boom, Fortune said. Just look at all the large subdivisions still vacant or partially constructed.

That inventory won’t sit empty for long. But the magazine warns that the bay area still ranks ninth in the nation in foreclosures. Still, the area has more sunshine and sand compared to Cleveland.

Times staff

[Last modified: Apr 26, 2011 11:18 AM

According to the Tampa Tribune, multifamily buildings are now the hottest commodity in the local real estate market. The National Association of Realtors expects this sector to be the top performer in commercial real estate next year. Local experts attribute the rebound to an improving economy, a lack of new construction in the past 3 years and an increase in financially troubled buildings which are often priced to sell quickly. Landlords have stopped giving incentives to get renters. These incentives, such as a free month’s rent or $99 move in deposits are quickly disappearing.
I saw this first hand last summer when some clients of mine who’s house I short sold had a hard time finding a place to rent. Decent houses often were rented before we could see them, with multiple families submitting rental aps and deposits. Tampa’s slow down in construction of apartments is expected to make condos a good second choice for renters.

I’ve noticed the 2 condo complexes I sell the most in have had some increases in prices. This is very surprising considering how the market is doing in Tampa. Grande Oasis and Beachwalk have considerably fewer units for sale and the ones that are coming on the market are getting multiple offers and are going for over the asking price. I think these units are a great value. You can find them on my website: www.TampaHomesBestBuys.com
or ask me to email you a list of current inventory.

 

What do bees, mold and green pools have in common?

 

These are all issues I’ve been dealing with on foreclosures or short sales for sale.   Although this is a fantastic time to buy (especially for first timers), you need to be very selective about homes that are not being lived in or not taken care of by absentee owners.

 

One house we have under contract has a hole in the exterior wall and some bees have set up honey production inside.  It turns out you cannot just kill the bees and patch up the hole.  You must have it all removed by a licensed beekeeper and get the honey comb out or it will grow mold.

 

Green pools with frogs and turtles living in them are now common place.  I had 5 turtles rescued from 1 of my listings.   

 

And I don’t even open refrigerator doors any more—not after the maggot story I have to tell.  It wasn’t funny when it happened, but now my husband and I enjoy telling the story after a glass of wine when good friends are over (only after we have eaten do I tell it!)   Let’s just say that whenever I call the housecleaners to do work on a new foreclosure listing, they now ask if maggots are involved.

 

Buyers are looking for deals these days, but you really need to use a Realtor who has rehab (fix up) experience or has worked around construction for a while.  That will save you lots of time and trouble in the long run!  And make sure you do an inspection on any house you are considering purchasing.

 

Visit my website at www.tampahomesbestbuys.com

 

Janet Montano, Broker  813-956-3563

jmontano@janetmontano.com