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South Tampa (Plant High School District) Real Estate Activity

Looking for homes for sale in South Tampa or just curious about the real estate market activity?  Here are the numbers for single family home sales in the South Tampa (specifically Plant High School district) for the last 2 years:

Month/Year # of Sold Homes Average DOM Average Price
01/01/08 30 122 $766,026
02/01/08 29 127 $670,814
03/01/08 30 116 $722,097
04/01/08 40 129 $632,093
05/01/08 41 135 $520,874
06/01/08 49 113 $495,295
07/01/08 55 135 $590,089
08/01/08 49 115 $524,944
09/01/08 50 142 $533,258
10/01/08 35 133 $595,138
11/01/08 26 118 $520,935
12/01/08 29 153 $739,964
01/01/09 29 141 $462,603
02/01/09 30 125 $494,714
03/01/09 40 129 $596,693
04/01/09 40 182 $349,335
05/01/09 46 158 $412,408
06/01/09 46 120 $535,597
07/01/09 59 128 $517,557
08/01/09 52 103 $390,140
09/01/09 57 112 $527,927
10/01/09 27 128 $468,772

With 448 homes currently on the real estate market, there are a lot of opportunities to purchase a great home in one of the best school districts Hillsborough County has to offer.

Foreclosure bargains are disappearing

ATLANTA – Aug. 10, 2009 – Buyers of foreclosure have to be quick these days. Some houses go under contract fewer than 90 minutes after they are put on the market, says Brad Geisen, founder of Foreclosure.com.

To view more, click here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=221235

Source: CNNMoney.com, Les Christie (08/06/2009)

© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

It Is Time for Stormy Weather

In the post-Katrina world, no Floridian can deny the awesome and destructive power of the weather.  Faced with such a devastating force that can lay waste to huge areas, leave thousands homeless and raze inland and coastal communities alike, one must think ahead to the almost inevitable future where this scenario changes from likely possibility to very imminent reality.  Obviously, the first concern in any situation of this magnitude is the preservation of life.  A close second for many will be the protection of what for many people is their single largest investment: their home.  This can be easily done if one divides the necessary steps of preparation in to the three simple and logical categories of tasks to be completed in the blue skies of calm, the black skies of impending storm and the gray skies of recovery.

When thoughts of storms and hurricanes are as distant as foreboding weather systems off the west coast of Africa and the skies above are blue, it is the perfect time to do some basic preparations.  First off, review the current homeowners insurance policy.  Ensure that there is adequate protection and appropriate coverage.  Keep in mind that homeowners insurance does not cover losses incurred due to flooding.  Flooding, one of the greatest destructive forces of storms and hurricanes, is covered under separate flood insurance and should be considered by all who live in flood hazard areas.  Also of note is that homeowners insurance may cover valuables, but up to certain limits.  One should consider securing additional coverage for individual items of great value and importance.  Once all insurance details are worked out, document and inventory all personal property with photographs or video.  Store this, along with all pertinent insurance information and other valuable documents, in a safety deposit box or in a fire/weatherproof security box that can be easily accessed for evacuation purposes.  Besides arranging one’s insurance policies, there are a few things that can be done around the home before any signs of inclement weather.  Take the time to have hurricane shutters installed or pre-cut ¾ inch plywood for all the windows of the home.  When yard work is being done, be sure to cut back branches of trees that could break windows.  If there are large sections that need removal, contact a professional tree trimmer to help with this.

When the skies are black and the storm is on its way and it is too late to change insurance policies, there are still plenty of things to be done around the house.  One of the first things to do is turn refrigerators and freezers to their coldest settings and refrain from opening them unnecessarily.  This will allow them to retain the greatest amount of cold during the period when they may be without power and is the greatest chance to keep these perishables from spoiling.  All outside items should be brought inside and large objects should be secured as best as possible.  Next it is time to put one’s earlier preparations to work by closing all the hurricane shutters or board up the windows with the pre-cut plywood.  Bathtubs and sinks may be filled with water for cleaning purposes after the storm has passed.  Immediately prior to evacuation or the storms onset, one should turn off all circuit breakers, the main water line and gas utilities if possible.  This will greatly reduce the possibility of fire, electrocution or explosion.  Should one be staying, remember to rely on candles and battery-powered appliances during the storm.  If evacuating, all valuables should be taken at this time.  One may not have the opportunity to retrieve these items for some time afterwards.

When the worst has passed and the skies are gray, one’s first inclination is to turn everything on and begin on the clean up.  One should fight this initial instinct and wait to turn on all circuit breakers until all power has been restored.  After power is restored and circuit breakers have been turned on, one should examine the home’s electrical system checking for frayed wires, burning smells or other problems.  Should any problems exist, turn off the electricity and contact an electrician immediately.  Next the water and sewer lines should be inspected to ensure they are functioning correctly.  If any problems are detected, contact a plumber immediately.  If one utilizes gas, turn on the gas and check for any possible leaks.  Should a leak be perceived, immediately exit the home, turn off the gas and contact the gas company.  Once these items are taken care of, it is time to begin assessing any damage to one’s property and possessions.  Be sure to document all damage and comply with your insurance company’s requisites for claim submission.  Note that damaged items should not be disposed of without the prior approval of one’s insurance claims adjuster.

No one wishes to experience the uncertainty and danger of large storms and hurricanes.  We all celebrate our near misses with a faint sense of guilt acknowledging our windfall is another’s devastation.  One can never predict the weather 100%, nor can one ever be 100% prepared, but we can all do our best to limit the damages and meet head-on all difficulties that may come our way.  Stay prepared, smart and safe.

What and Where is selling in South Tampa’s Prime Locations

Want to know what has sold and what has not sold within the first two weeks of March 2009?  Take a look at the below data for the following South Tampa zip codes: 33606, 33609, 33611and 33629.

 

The Demand

 

47 homes contracted over the past 14 days and are now pending sales (that is an average of 3.36 homes contracted a day).  85% were under $300,000 while only 2% (a total of 10 homes) contracted above $500,000.  Could the stimulus package to new home Buyers be working?  Contact us to find out how many of these properties were first time homebuyers.

 

52 homes sold in the last two weeks (that is an average of 3.7 homes closing daily).  41 homes closed for under $500,000 (3.79%) while only 2% closed above the $500,000 mark.  Did these homes contract after the first time Buyer credit of $8,000 was implemented?  How many of these sales were purchased by investors (false demand)?  Contact us if you would like to know.

 

The Supply

 

117 new homes were listed.  80 of these homes (68% of the total new listings) were listed under $500,000 with 37 new listings (32% of the total new listings) priced above $500,000.  Which neighborhoods had the most new listings?  Contact us to find out.

 

54 homes came back on the market that were previously listed but did not sell.  This puts the total increase of supply at 171 homes, which equates to more than 12 homes coming on the market daily.  All these homes are in competition for the approximately 3 Buyers purchasing per day.  How many homes are listed in these zip codes?  Log on to our website and search for yourself or contact us for your personal appointment.

 

195 homes have reduced their prices in the past two weeks (an average of 13.93 price reductions a day).  143 of the price reductions (73% of the total) dropped below $500,000 with only 52 homes changing price but remaining above $500,000.  Are Sellers more motivated in the under $500,000 range?  How many of the price changes for properties are short sales or foreclosures that are motivated by Banks?  Contact your South Tampa Home Experts to get the data for your neighborhood.

 

Should you Sell? Buy? Or Hold? Maybe yes and maybe no depending on your personal goals.  Call your Real Estate consultants to assist you with your personal goals and find out if your neighborhood is one of the niche markets going against the trend of price softening.  If you are upgrading and wanting to stay in your own neighborhood than this will be your best time ever to accomplish that goal.  Contact us to take advantage of this Opportunity.

Home Buyer Tax Credit

American Recovery and Reinvestment Act of 2009 passed in February that provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser's income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

Here is an easy to use chart (courtesy of the National Association of Realtors):

 

FIRST-TIME HOMEBUYER TAX CREDIT

As Modified in the American Recovery and Reinvestment Act

Major Modifications Italicized

February 2009

 

FEATURE CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008 REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit Lesser of 10 percent of cost of home or $7500 Maximum credit amount increased to $8000
Eligible Property Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. No change All principal residences eligible.
Refundable Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). No change Same income limits continue to apply.
First-time Homebuyer Only Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing No credit allowed if home financed with state/local bond funding. Purchasers who utilize revenue bond financing can use credit.
Repayment Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing. No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale. If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination July 1, 2009 (But note program changes for 2009) 12/01/09
Effective Date Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year. All revisions are effective as of January 1, 2009

 

Read more online with US News.

Good News for South Tampa Homes

Have you read the paper lately about how bad our real estate market is?  Well, if you live (or want to live) in South Tampa, specifically the Plant High School district, the message is good news!  Contrary to regional and national reports about pricing, this district has not retracted back to 2002 prices, but is actually between 2005 - 2006 prices with a good forecast.

The Average Sales Price for 2008:  $609,294

The Average Days on the Market:  128

Number of Transactions:  463

As always, the late spring and summer time had the most number of transactions in 2008, with July having the most at 55.  We ended the year strong with 29 transactions in December as well as an average sales price of $740,000. 

2009 is off to a good start:

  • 36 homes contracted so far in January
  • 33 homes are projected to close by the end of January

To see all statistics in graph format, please click on the following link: 

 http://www.southtampahomeexpert.com/agent_files/South Tampa History.pdf

This data is for Single Family Homes only, in the Plant High School district defined by the Hillsbourough County School System.  Data is pulled from MFRMLS, and is deemed reliable but not guaranteed.

Instant Home Information on your cell phone!

Have you ever passed by a house and wanted to know the square footage or how many bedrooms are in the house without calling the Realtor?  Of course, I want you to call me every time, 813-786-7787 (shameless plug), but if you want to find out the pertinent information directly, I found this really neat service that gives you this information directly on your cell phone:

HouseFront.com provides a service

Step 1:  Enter the address as a text message

            Example: 4310 Sutton Pl, Sherman Oaks, CA, 91403

Step 2:  Send the messages to the 5-digit phone number "HOUSE" (46873)

Step 3:  Receive up to 2 text messages with information on value, characteristics and sales history about the house you sent 

Visit www.HouseFront.com for a history of your text message property searches and more info!

What's Selling in South Tampa?

We've all been inundated with financial and real estate statistics for the last couple of months, if not the last year.  Most of it has been somewhat depressing.  I often get cornered into a conversation about how bad the market is for real estate, I wanted to show you it isn't and homes are selling!  I set out to show my customers that real estate is selling, and more specifically, which real estate is selling.  Below is information I exported interpreted from my local MLS.  Please email me if you have any questions.

South Tampa sales for the last 90 days.  The areas I choose to include are from Kennedy Blvd South to Euclid (west of Dale Mabry) / Gandy (east of Dale Mabry) and included Davis and Harbor Islands.

Sold Dates: 08/06/08 11/04/08



Property Type # of Sold % of Total
Condos 68 29%
Townhomes 30 13%
Single Family Homes 133 58%
Total 231

                                        

 

Price From To All Property Types % of Total Just Single Family Homes % of Total
$0 $200,000 45 19% 14 11%
$200,001 $400,000 101 44% 58 44%
$400,001 $600,000 35 15% 26 20%
$600,001 $800,000 16 7% 13 10%
$800,001 $1,000,000 17 7% 10 8%
$1,000,001 + 17 7% 12 9%
Totals
231
133

What these graphs tell you is that the highest concentration of sales are Single Family Homes in the $200,000 to $400,000 range, however there are just as many sales in the $400,000 and up range as well. 

Although homes are selling in ALL price ranges, I assembled the chart below for a specific listing in the $250,000 to $500,000 price range and wanted to share this information as well.  This shows the number of sales in this price range over the last year: 

And lastly, here is yet another graph that I put together for the same listing that compares the New Listings vs. Pending Sales (homes that went under contract during that month).  This is a good sign for this price range.

Looking at the data will always help you make educated decisions.  We strive to provide the right data to our clients and assist them in interpreting it correctly.  If you would like an analysis like this for your home, contact us.

Hillsborough County Foreclosure Auction

Weekly Hillsborough County Foreclosure Auction:

Where:  George E. Edgecomb Courthouse at 800 E. Twiggs Street, Tampa, FL  33602. Click here for a map!

When:  Monday through Thursday at 2:00

What to bring:  5% down and be prepared to pay the rest by the following day at Noon!

Where can I find the properties for auction:  This is a little tricky, but the Hillsborough County Clerk does a great job of describing it on their website:  click here

If you need help understanding this process, or simply want a foreclosure list in your area, email us!

Should I Buy a Home Now?

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

Contact Information

Photo of Bell Henderson Boyette Real Estate Real Estate
Bell Henderson Boyette Real Estate
Keller Williams Realty South Tampa
3502 Henderson Blvd.
Tampa FL 33609
Hotline: (813) 931-5000
Fax: (813) 315-6500