Residential real estate outlook still gloomy
Tampa Bay Business Journal - 12:03 PM EDT Tuesday, April 24, 2007

Sales of existing homes in Florida took another dive in March, falling 28 percent from a year ago, according to the latest report from the Florida Association of Realtors. In Tampa Bay it was even worse with only 2,502 homes sold, or 38 percent fewer than in March 2006.

Prices continue to plunge as well, with the median price in the state falling 4 percent to $236,000, while in Tampa Bay, the median price dropped 4 percent to $209,700, the lowest price since June 2005.

Sales of existing condos dropped last month by 32 percent statewide and by 48 percent in Tampa Bay. The median sales price dipped 5 percent to $164,100.

The real estate market has been in a prolonged slump for more than a year, although prices continued to rise until July 2006, despite slowing sales. Now both factors are in free fall.

Buyers are feeling the benefits of falling prices and stable mortgage rates. Last month's 30-year fixed mortgage averaged 6.13 percent, down slightly from 6.32 percent in March.

Rising foreclosures are impacting inventories in some markets, according to housing industry analysts, who predict that tighter lending standards and the fallout from subprime loans will slow the housing sector's recovery.

The Florida Association of Realtors provides programs, services, continuing education, research and legislative representation to its 170,000 members in 68 boards/associations.


http://tampabay.bizjournals.com/tampabay/stories/2007/04/23/daily18.html?surround=lfn

It would be nice if the article would bring up the stats for just the city limits of Tampa. I know it has been brought up before, that the suburbs are struggling much more right now then the city. Which will skew these stats since they are for the entire "Tampa Bay Area".

It would be nice if the article would bring up the stats for just the city limits of Tampa. I know it has been brought up before, that the suburbs are struggling much more right now then the city. Which will skew these stats since they are for the entire "Tampa Bay Area".
From what I have heard and read, in-city sales have slowed, but values are almost uniformly holding in the city, or going up.

I know that in my less-than-stellar nieghborhood north of the stadium, that sales still go through fairly quick (nobody ever bothers with a realtor still), and prices are still climbing...

From what I have heard and read, in-city sales have slowed, but values are almost uniformly holding in the city, or going up.

I know that in my less-than-stellar nieghborhood north of the stadium, that sales still go through fairly quick (nobody ever bothers with a realtor still), and prices are still climbing...

Ya well lets not forget that our paper is Anti-Tampa and basicly only reports the supposid median... meaning the crap suburbs.
I find this rather funny because check this.
My brother owns a house on Lake Drawdy in Orlando behind UCF... We bought this house in 2005 for 427k... We recently had it apprasied in 2006 for 750k, and we are selling it now. Here's a little tidbit, a house with less land on the same lake down the street sold for 1.5 million... So we're quite excited about this.
So what I want to know is why are they talking about a state wide plunge when it is only certaint parts of the state that are falling.

OH YAH let's not forget about the OLD Brisco Farm here... 1974 prices 24k, 2006 price 500k, 2007 prices 780k.
My property of 5 acers on a lake has definatly dropped.
NOT

Half the houses in my neighborhood are for sell. Some have been on the market for about a year now!

^Not to pick on ya, but that's a really useless statement without knowing what part of town we're talking about here.

I would hardly consider an average drop in housing prices of 4% across the Bay Area indicative of a "free fall" as the article suggests. No doubt though, the glut of homes and especially condos on the market right now is huge. I would hate to have to unload a condo right now.

^Not to pick on ya, but that's a really useless statement without knowing what part of town we're talking about here.

I left that out on purpose. It seems most places I go, there are plenty of houses on the market.

Well, I live in the Citrus Park area and my neighborhood has no for sales signs, and three of the old houses on the lake are being torn down and beautiful, large houses are being built in their place...so it all can't be bad.

I would hardly consider an average drop in housing prices of 4% across the Bay Area indicative of a "free fall" as the article suggests. No doubt though, the glut of homes and especially condos on the market right now is huge. I would hate to have to unload a condo right now.

How about a Condo at Skypoint? How well do you think these will turnover once they hit the market?

How about a Condo at Skypoint? How well do you think these will turnover once they hit the market?

I'm hoping cheaper than the buying price but that isn't going to happen.
If only I had the money now to buy an Element unit... argh.

How about a Condo at Skypoint? How well do you think these will turnover once they hit the market?

In this market? Most will sit empty while the original purchasers look to sell for profit. Typically in market conditions similar to the one we are experiencing the second round buyers will be the long term tenants. Until then it will probably be a pretty dark box with a few lights on here and there.

Just my guess.

How about a Condo at Skypoint? How well do you think these will turnover once they hit the market?

I would think they would have to be very competitively priced judging from the flood of units that have have hit the market from other recently completed properties in the area.

There are already units on Craigslist for a reasonable rate. I'm sure more will hit once units are getting closed on in a few months.

How about a Condo at Skypoint? How well do you think these will turnover once they hit the market?

I think they would go quickly. In fact, if one comes on the market, I may just buy it.

I think they would go quickly. In fact, if one comes on the market, I may just buy it.

There are already plenty on the market. Starting in the low 200s.

^Considering the fees, they're still not worth it imo...

But that's me and my situation, not a statement about the project or the market.

With the way property tax and home owners insurance rates are going, you can't escape the fees. The downside of being in a big building like Skypoint is you are stuck with the fees and the increases (can't negotiate), but the advantage is a group discount with things like insurance.