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the Market Finally Bottomed in Tampa Bay Florida?
Yes it has -
for well researched individual opportunities. All Properties have assorted
advantages and disadvantages. We sort through and relay the better ones to
Record-low mortgage rates, pent-up demand and a large selection of properties bode well
for Buyers. The Hot Florida real estate market from 2003 to 2005 has dissipated. From 2008
to the present, there has been an increasing inventory of listings with asking prices well
below the actual purchase price. The majority were speculators that got caught up in the
frenzy. No one can predict the bottom for national, regional or even local real estate.
The one thing that is certain is the amount of bargains that now exist...that may not be
on the market for those waiting for the bottom. A detailed comparable analysis, days on
the market, sellers purchase price, sellers current mortgage outstanding, use as an
investment or permanent residence is the first step to review on any property that
interests. The second step is not to deal with the Sellers Listing Agent...but to use a
Buyers Agent... with strong experienced negotiating skills to help you determine an
offering price on the property you want to purchase.
Forbes magazine sought areas where prices wouldn't fall cataclysmically, so that buyers
wouldn't be booking a fare on a sinking ship. Based on Moody's figures, Tampa Bay home
prices should bottom out in the first quarter of 2008, once the region burns off excess
inventory from speculators who went hog wild in 2005.
Each transaction is individual. Many recent sales were rock bottom purchases for the
A few recent examples for your consideration.
2BR 2BA Waterfront Condo MLS #: 7256439 Orig List Price: $525,000 Reduced
to List Price: $484,500
SOLD Sales Price: $250,000 Address: 895
Gulfview Blvd S 303 Clearwater, FL
3BR 2BA Waterfont Condo MLS #: 7251356 Orig List Price: $639,000 Reduced
List Price: $574,000
SOLD Sales Price: $480,000 Address: 530
Gulfview Blvd S 702 Clearwater Year Built: 2006
2BR 2BA Gulf Front Condo Clearwater Beach Orig List Price: $524,900 - SOLD Sales Price $406,250
Tallahassee Fla - Jan. 30, 2008 - Realtors around the state expect buyers and
sellers pent up demand to generate an immediate increase in home sales following
passage of Amendment 1, which allows buyers to take their Save Our Homes tax savings with
them when they move. People who buy now are getting a great deal because home prices
have fallen, says 2007 FAR President and St. Petersburg Realtor Nancy Riley.
These price reductions, combined with portability, will mean a great deal on the
taxes owed on their new home. "Those who have been dreaming of buying their
first home will find this the best market in many years, Riley adds.
Update November 2008 - On Average - Property under 250,000 is in a stable
buyers market. $250,000 to $500,000 is in a good buyers market. Property over $500,000 is
in an extreme buyers market...meaning more price reductions and better negotiating.
The market has stabilized in certain areas of Tampa Bay Florida. Overpriced properties
still exist and sellers are hoping for an uniformed buyer to show up. That will not be
you, when you use my exclusive buyer representation.
I do not list properties for sellers. I only represent buyers. Two years ago many
Investors played musical chairs with investments and bought overpriced real estate they
intended to 'flip' or sell for a profit. Not my buyers! Many since....have sold for
losses...sometimes substantial. I represented and negotiated a deal recently for a buyer
and the seller took an $85,000 loss on a $425,000 investment property that was a vacant
and on the market for over 9 months.
Proper research and facts in this current market are critical. Don't judge real estate
Remember, you are probably considering buying
only one property at this time. It's up to me to do the homework and relay it to
you...such as: How much did they pay and when? How much mortgage debt remains on the
property. Was it a secondary residence? Is it vacant? What did others pay going back to
when the unit was first built. How many days has it been on the market with the current
listing agent? How many other listing agents marketed it and for how long? What are
comparable properties selling for in the last 6 months. What is the condition of the
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