South Tampa Real Estate Market (Lakeland: for sale, foreclosures, car insurance)

[ejperryman]

Any people out there who could give me a quick review of how the market is in South Tampa (Palma Ceia/Culbreath/Va Park/Beach Park)? I assume the market is still down, and people are still selling for below asking price. Are sellers still having to sell for A LOT (20k) below list price?
Or no?

[Johnland]

I don't know numbers, but I live in Virginia Park and I can tell you now would be a good time to buy based on the numbers of homes I've seen for sale and the time they have been sitting onthe market. Again, this is just based on what I see.

[TampaKaren]

There are a few good bargains here and there, but for the most part, the houses are still selling in South Tampa at ~93% of the asking price. It is painfully slow though. I had one seller tell me today that the recession hasn't had any effect on the military. And, I had another seller say that he is anxious to use his portability tax, but he can't until his house sells.

From the MLS, single family homes in zip 33629 year to date, there have been 23 sales, there are 30 currently under contract, but here's the wow factor: there are 352 for sale.

Hope this helps!

[Keeper]

I am sure TampaKaren can tell you for sure, but 20K less the asking price in that area would be a drop in the bucket.

[ejperryman]

Drop in the bucket how?

[Davachka]

Its a drop in the bucket because for example, we are looking at a house that is priced at 625K in south Tampa. It was originally 700K. So you'd think a 75 reduction is big right? It was built and purchased for around 375 in 2001.

So even a 75 reduction is a drop in the bucket considering the "true" value of this home, IMO they are all still overpriced in this area.

[Scott A. Wolfe]

I have been in Real Estate in South Tampa for about 8 years now. The South Tampa market is about 18-22% off the high of 2006. There is still too much inventory around, but things still sell when they get into that 20% reduction range. There are definitely some deals around every now and then as well.

[C5Aprea]

Ive been killing myself looking for a nice home in south for almost 2 months. Searcing from gandy to kennedy. Ive transferred down and my wife and kids are still in Virginia.

I had a budget of 500K and putting 200K down pending my sale of a home in VA. I have a buy out in VA but now im not sure if Ill walk away with 200K after putting down 270K on the home.

I see alot of crappy 500K homes in south tampa. Most 3Br 2Bth at that price under 2200 SQFT.

and on top of that Ill start off with 10K in taxes with 3K in insurance. My car insurance will triple.

[gypsychic]

Originally Posted by C5Aprea

Ive been killing myself looking for a nice home in south for almost 2 months. Searcing from gandy to kennedy. Ive transferred down and my wife and kids are still in Virginia.

I had a budget of 500K and putting 200K down pending my sale of a home in VA. I have a buy out in VA but now im not sure if Ill walk away with 200K after putting down 270K on the home.

I see alot of crappy 500K homes in south tampa. Most 3Br 2Bth at that price under 2200 SQFT.

and on top of that Ill start off with 10K in taxes with 3K in insurance. My car insurance will triple.

I haven't lived in Tampa for years, but recently checked the various realtor sites to see what south Tampa homes were going for. Honestly I just couldn't believe how overpriced some of those tiny cracker boxes are. Definitely overpriced and overtaxed. I feel your pain.

This is why we live in Lakeland and hubby commutes to downtown Tampa, less taxes and more house for the money.

[SLCPUNK]

They will come down, just be patient. The resales can be stubborn, but foreclosures, short sales, and new home builders will set the comps over time. We also have 2-3 more years of ARMS left to be twisted, paired with lenders who are shy to loan out money. Prices will continue a downward trend for the next few years IMHO.