Most Tampa Bay Million-Dollar Condos for Sale Are on Florida Gulf Coast

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Real Estate

Of the 89 Tampa Bay million-dollar condos listed for sale as of the middle of June, about 80 percent are on the Florida Gulf Coast and almost all have access to the Gulf of Mexico, with the Hillsborough Bay and Tampa Bay used as connections to the gulf.

Nearly all these million-dollar and multimillion-dollar condos have views of water, either the Gulf of Mexico, Tampa Bay, or Hillsborough Bay.

Following are some common characteristics of these million-dollar condos in the Tampa Bay region for sale as of June:

1.   Almost all these condos have access to water and have awesome views of water.

2.   More than 80% have community pools.  Several have both private and community pools.

3.   The oldest condo complex, built in 1983, has no private or community pool.  The only other condo building without a pool is also an older complex — it was built in 1995.

4.   Most have 3 to 4 bedrooms and also 3 to 4 full bathrooms.

5.   The most expensive is a $7.5-million 4-bedroom 4-bathroom penthouse with magnificent views of the Gulf of Mexico, the pristine sands of North Beach, the lovely forms of Pier 60, the beautiful islands of Honeymoon and Caladesi, and the awesome views of St. Joseph’s Sound, Mandalay Channel and Clearwater Harbor.  It has a heated area of 5,283 square feet, putting this condo among the 5 largest multimillion condos available for sale.

6.   Gulf Boulevard, which runs the length of barrier islands on the Gulf of Mexico, is the top location for multimillion Tampa Bay condos.  It’s the location of the most expensive condos as of June.

As these condos are located on the gulf, owners and guests always have the blue gulf waters, majestic skies and powder white sands in their panoramic views.  Anytime, they can just walk to beautiful beaches straight from their abodes.

This boulevard is about 15 miles long and it runs the length of the barrier islands of Pinellas County, from Clearwater in the north to Pass-A-Grille Historic District in the south.  It links beautiful islands that include Paradise Island Treasure Island, Isle of Palms, Isle of Capri, Sand Key, and Clearwater Point.

It gives access to several popular beaches, namely St. Pete Beach, Sunset Beach, Madeira Beach, Redington Beach, North Redington Beach, Redington Shores, Sunset Reef, Indian Shores, Indian Rocks Beach, Belleair Shore, Belleair Beach and Clearwater Beach.

7.   The largest condos have 5,283 to 5,400 square feet in heated area.

8.   The oldest condo is in Clearwater and was built in 1983, has 2,310 square feet in heated area and listed for $1,139,000. It’s a fourth-floor penthouse with 51 feet of terrace.

9.   The newest condo is one of the units of Indian Rocks, a new construction on Indian Shores with projected completion for all units in 2014.   It has a heated area of 3,823 square feet and listed for $1,495,000.

10.   The most expensive downtown Tampa condo available for sale is a 3-bedroom penthouse atop the Towers of Channelside.  It has a heated area of 4,835 square feet and listed for $2,500,000.  It comes with an additional 1,190 square feet of terrace area that affords awe-inspiring views of water, sunsets and downtown life.  There is more — parking spaces for 3 cars are included.

View beautiful Million-Dollar Tampa Bay Homes!  

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43 Multi-Million Dollar Tampa Bay Homes Sold in 1st 4 Months

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Real Estate

The first four months of 2013 saw the sale of 43 units of multi-million dollar Tampa Bay homes, much better than the sales performance of multimillion dollar Tampa homes in the first four months of 2009, 2010, 2011 and 2012.

Most of these homes sold were single-family homes and villas and mostly, they account for less than 1 percent of each month’s sale.

First 4 months of 2013  –  43 multi-million homes sold

First 4 months of 2012  –  39

First 4 months of 2011  –  35

First 4 months of 2010  –  33

First 4 months of 2009  –  27

For multi-million dollar sales this year, 2013, here are common characteristics and significant trends, based on data from My Florida Regional MLS.

1.   Most are single-family homes with private pools and 4 to 5 bedrooms.

2.   Most are located in South Tampa, particularly on Davis Islands, and on Harbour Island.

3.   The most expensive home is a custom-built waterfront mansion, listed for $6,495,000 and sold for $5,500,000.  It is located on Harbour Island and has a heated area of 7,399 square feet.  It includes a deeded dock slip and lift.  It was also paid in cash.

4.   Fifteen (15) mansions were paid in CASH.

5.   The rest of the homes were financed with new conventional loans or a combination of cash and conventional loans.

6.   The oldest home was built in 1927, located on Davis Islands,  and was sold for 2 million dollars.  Each of the seven bedrooms has either a grand waterfront view or a view of the gardens and oak trees.

7.   The newest home was built in 2013,  located on Davis Islands,  and was sold for 3 million dollars.

8.   The largest home, with a heated area of 11,780 square feet,  is a six-bedroom mansion in Odessa, listed for $2,199,000 and sold for $1,999,000.

9.   The smallest home is a three-bedroom Towers of Channelside condo and has a heated area of 2,985 square feet.  It was listed for $1,195,000 and sold for $1,040,000.

10.   Two homes were purchased at their listing prices: one home in Culbreath Isles with heated area of 4,483 square feet, listed and sold for $1,250,000; and another home in Parkland Estates with heated area of 4,692 square feet,
listed and sold for $1,330,000.

SEARCH MILLION DOLLAR HOMES in the TAMPA BAY area

Less Than 3 Months Worth of Tampa Homes for Sale!

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Real Estate

More prospective homebuyers in the Tampa Bay area are getting disappointed to learn that the homes they would like to see are already under contract.  Realtors are ready with similar listings, but most often these “similar” properties do not have the features that buyers found attractive and unique in the first properties they inquired about.

And the most discouraging of all is that there are not many similar listings available.  Tampa homes are getting snapped up fast!

In the April 2013 report of the My Florida Regional MLS and the Greater Tampa Association of Realtors, the available housing inventory has become worth only 2.9 months based on current selling pace.  That’s equivalent to only 6,562 units of homes available for sale as of April.

	Months Worth of Housing Inventory
April 2013	2.9
April 2012	5.6
April 2011	6.9
April 2010	8.0
April 2009	11.7
April 2008	16.1
April 2007	14.8
April 2006	6.7
	Units for Sale
April 2013	6,562
April 2012	10,434
April 2011	14,206
April 2010	15,786
April 2009	18,363
April 2008	21,477
April 2007	21,871
April 2006	15,068

Since 2006, which is  seven years ago,  the biggest number of houses available for sale in the Tampa area occurred in May 2007 when there were 22,035 units  listed for sale.  It was within the May 2007 to February 2008 period when the top ten months in housing inventory in Greater Tampa occurred.

Here are the months in the past seven years when the biggest volumes of inventory were listed:

May 2007	22,035 units
June 2007	22,028
July 2007	21,987
October 2007	21,960
August 2007	21,937
September 2007	21,916
April 2007	21,871
November 2007	21,833
March 2008	21,621
February 2008	21,547

Additionally, here are the months when the highest number of months worth of  housing inventory occurred in the Tampa area:

January 2008	25.1 months
February 2008	22.1
November 2007	20.3
November 2008	19.1
January 2009	19.0
September 2007	19.0
December 2007	17.8
March 2008	17.8
October 2007	17.5
April 2008	16.1

When Did the Inventory Drop start?

Obviously, the drop started the month after reaching the peak in units, which was in May 2007, and in the peak of months worth of inventory, which was in January 2008. Over 2007 and 2008, there were months of inventory recovery.

But the actual continuous slide started in February 2011, when there were only  15,654 Tampa houses to sell, equivalent to only 9.3 months worth of inventory.  From this month in 2011 over the years to the present month, it was down, down, down.

FIND your beautiful Tampa home now!

University of South Florida Keeps Boosting Tampa’s Economy

Published by nora | Filed under Buyer / Seller Tips, Economy, Real Estate

The University of South Florida continues to help push Tampa Bay’s economic growth with its research projects and innovation efforts. For every research result that is converted into usable products by industrial partners, the impact means more business projects, more industrial growth, more jobs, more transactions in the real estate market and further research projects.

Here are the most recent developments at USF that have significant impact on Tampa Bay’s economic growth:

The USF Heart Institute Launched Its Genomics Laboratory in May 2013

The institute opened its genomics laboratory on the fifth floor of the Byrd Alzheimer’s Institute to study genomics, regenerative medicine,personalized medicine and the prevention and treatment of heart diseases.

Funds totalling $8.9 million for the laboratory came from the state of Florida and Hillsborough County.  Job opportunities that arose from this project include jobs for faculty and post-doctoral fellows and technicians.

Tampa/Hillsborough Economic Development Corp. Promotes Tampa Bay as Health Care Hub

Tampa Bay leaders believe that the region can be the Silicon Valley of the health care industry. With the continuing significant research achievements of the University of South Florida, the leadership of Moffitt Cancer Center in cancer research and treatment and with the abundance of medical device makers and pharmaceutical manufacturers in the Tampa Bay region, this vision can become a reality in the next several years.

USF Receives $2.8 Million in Funding from the National Institutes of Health (NIH) for Breast Cancer and Genetic Testing Research

Together with leading health care benefit provider Aetna, the University of South Florida will use the $2.8 million research grant given by the NIH to study the impact of genetic testing on how breast cancer patients and their doctors decide on their treatment options. The five-year study titled American BRCA Outcomes Among the Recently Diagnosed (ABOARD) will study 5,000 Aetna members from across the U.S. who have been recently diagnosed with breast cancer and who are undergoing or who have undergone genetic testing.

USF Partnering with Medical Device Makers and Other Health Care Firms in Developing Products

The University of South Florida Center for Advanced Medical Learning and Simulation (CALMS) has been creating public-private partnerships with medical device makers, medical and aviation simulation companies and other health-care related enterprises to develop products that can transform medical research, diagnosis and treatment. Across Florida, there are more than 660 medical device manufacturers employing almost 21,000 workers at an average wage of $60,677.

Research Partnership Between USF and New Energy Technologies Leads to Fabrication of Glass Windows that Can Geneerate Electricity

Maryland-based New Energy Technologies’ research partnership with the University of South Florida has led to the development of a patent-pending spray technology that will improve the power conversion efficiency of New Energy Technologies’ SolarWindow photovoltaic technology, which is nearing commercialization for application by commercial buildings and houses in generating electricity using their glass windows.

As Tampa Bay region becomes a leading health care and medical hub in the country, other industries such as real estate will certainly follow with fast growth, as more employees relocate and more employees move up.

Cost of Living in Tampa Lower than in Miami, Orlando and Jacksonville

Published by nora | Filed under Buyer / Seller Tips, Economy, Real Estate

If you are choosing among the largest cities in Florida for relocation, consider Tampa. Aside from the more commonly touted features and attractions of Tampa, the city also has the lowest cost of living index, compared to other large Florida cities, such as Miami, Orlando and Jacksonville.

Over the past three years, based on information from the Council for Community and Economic Research, Tampa has averaged a cost of living index of 92.1, nearly 8 points below the national average of 100. In 2012, its annual average cost of living index was 93, much lower than the annual averages of Orlando, Miami and Jacksonville and other large cities in the U.S.

Tampa	93.0
Jacksonville	96.7
Orlando	97.7
Miami	109.0

The cost of living index (COLI) measures the cost of consumer goods and services in about 307 cities in the U.S. It measures the prices of nearly 60 different items three times a year with help from economic development organizations, university applied economic centers and chambers of commerce in participating cities. The six basic components incorporated in the COLI are the following:

Housing
Utilities
Grocery Items
Transportation
Health care
Miscellaneous goods and services

You can appreciate more the cost of living in Tampa if you take a look at the COLI in the most expensive U.S. cities.

Here is a list of the 10 cities or urban areas with the highest COLI in the first three quarters of 2012:

1 Manhattan, New York	225.4
2 Brooklyn, New York	178.6
3 Honolulu, Hawaii	167.0
4 San Francisco, California	163.4
5 San Jose, California	153.4
6 Queens, New York	148.3
7 Stamford, Connecticut	146.1
8 Washington, D.C.	144.7
9 Orange County, California	140.6
10 Boston, Massachusetts	139.9

The Cost of Living Estimates from Redmond, Washington-based Economic Research Institute (ERI) also shows that Tampa is among the most affordable cities in Florida and in the country. The ERI Cost of Living estimate represents the cost of living a similar lifestyle as the U.S. national average lifestyle at a yearly earnings level of $70,000.

ERI considers the costs of housing, consumables, transportation and health care. As of May 2013, the estimated cost of living the U.S. average lifestyle in these cities are the following:

Florida Cities
Kissimmee	$64,045
West Palm Beach	$73,677
Tampa	$73,989
Jacksonville	$74,652
Orlando	$74,774
Hollywood	$80,862
Boca Raton	$87,632
Fort Lauderdale	$90,566
Miami	$92,457
Other U.S. Cities
Manhattan, New York	$173,253
Brooklyn, New York	$140,346
Honolulu, Hawaii	$112,231
San Francisco, California	$132,604
San Jose, California	$101,486
Washington, D.C.	$121,720
Boston, Massachusetts	$116,385

Top Ten Florida Counties Based on Housing-Related Indicators

Published by nora | Filed under Buyer / Seller Tips, Communities, Economy, Real Estate

Here are several rankings showing the top ten Florida counties in terms of several indicators related to housing, based on charts published online by the Florida Housing Data Clearinghouse.  Population, median income, homeownership rate and the like are factors that influence the performance of the  Florida real estate market  and the direction of the larger residential construction industry.

Hillsborough County, where Tampa is located, is in most of these rankings.  The Tampa Bay region  has been showing growth rates faster than most other counties.  As of last year, it was fourth in population, and in 2040, it is expected to become the third most populated county, behind only Miami-Dade and Broward and surpassing Palm Beach County.

Five counties have surpassed the seven-digit mark in population.

Ten Most Populated Florida Counties as of 2012

1 Miami-Dade County	2,551,302
2 Broward County	1,771,104
3 Palm Beach County	1,335,413
4 Hillsborough County	1,256,116
5 Orange County	1,175,937
6 Pinellas County	920,373
7 Duval County	869,731
8 Lee County	638,029
9 Polk County	606,877
10 Brevard County	545,625

Ten Counties Projected to be the Most Populated Florida Counties in 2040

1 Miami-Dade County	3,179,655
2 Broward County	1,946,402
3 Hillsborough County	1,836,796
4 Orange County	1,814,097
5 Palm Beach County	1,769,493
6 Lee County	1,077,301
7 Duval County	1,071,597
8 Polk County	918,100
9 Pinellas County	908,712
10 Pasco County	754,303

Top Ten Florida Counties in Number of Households as of 2009

1 Miami-Dade County	859,953
2 Broward County	706,176
3 Palm Beach County	537,862
4 Hillsborough County	471,336
5 Pinellas County	421,562
6 Orange County	416,755
7 Duval County	361,751
8 Lee County	259,258
9 Brevard County	238,859
10 Polk County	228,362

Based on median income for a family of four as of 2012, as estimated by the U.S.Department of Housing and Urban Development (HUD), Collier and Monroe posted the two highest medians.

Ten Counties with the Highest Median Income as Estimated by the HUD

1 Collier	$72,800
2 Monroe	$72,400
3 Okaloosa	$68,400
4 Nassau	$67,300
5 Clay	$67,300
6 St. Johns	$67,300
7 Duval	$67,300
8 Wakulla	$66,000
9 Gadsden	$64,300
10 Leon	$64,300

Median Income in Some Highly Populated Counties

21st	Orange	$58,200
32nd	Pasco	$56,400
33rd	Pinellas	$ 56,400
34th	Hillsborough	$ 56,400
42nd	Miami-Dade	$ 52,600

Hillsborough County was in the middle of the ranking of the top ten counties.  The same with the other highly populated counties, namely Miami-Dade, Broward, Orange, Palm Beach, Pinellas and Pasco.

Recent Business Developments Boost Tampa Bay’s Real Estate Market

Published by nora | Filed under Buyer / Seller Tips, Communities, Economy, Market Trends, Real Estate

Recent business expansion endeavors in Hillsborough County are expected to further boost the already fast recovering  Tampa Bay real estate market.  Home prices have been rising again, properties are not staying long on the market, sellers are getting pleasantly overwhelmed by purchase offers, and buyers are paying nearly 100% of what the sellers are asking.

Here are some of the most recent significant growth endeavors in the  Tampa Bay business sector.

Depository Trust & Clearing Corp. (DTCC) Invests $4.8 Million to Create 255 New Jobs

The global financial services company Depository Trust & Clearing Corp. has decided to invest $4.8 million to expand its facility in Tampa to create 255 new jobs.  DTCC said that it chose the Tampa area for expansion because of the availability of a skilled workforce and the excellent quality of life that employees enjoy in the Tampa area.

DTCC also credited its partnerships with the University of South Florida, MacDill Air Force Base and other institutions for its decision.  High-wage jobs will be created in growth sectors such as information technology, finance and human resources.

Bioscience Firm Xcellence LLC Looking to Expand Again

Xcellence  LLC is on its path to become one of the top bioscience enterprises in Florida. After launching operations in its new warehouse and distribution facility in Westshore just a few months ago, the company is again looking for expansion as its Westshore facility has already reached its capacity.  Xcellence is growing fast because it does not only perform pharmaceutical development and manufacturing for its clients, it also does packaging and distribution for them.

Most of Xcellence’s clients are mid-size and large pharmaceutical companies and among its top projects are cancer drugs, orphan drugs and pharmaceuticals that can treat rare medical conditions.

Synergy Health Makes Tampa its Corporate Center for the Americas

UK-based Synergy Health, which provides outsourcing services to the health care industry, has relocated its corporate headquarters in the Americas from San Diego, California to  Tampa. It will hire about 30 more people to add to its current workforce of about 90 at its Race Track Road offices.  It also has other groups of workers at another operations plant in Tampa.  Synergy acquired SRI Surgical in July 2012 for about $28 million.

German Companies Will Explore Tampa Bay Area

Eight German companies operating in the pharmaceutical equipment cleaning, water filtration and aerospace industries are scheduled to visit the Tampa Bay area to explore distribution and sales activities in the region and possible manufacturing activities in the future.

Some German firms already operating here include Ruag Ammotec USA, UBS Financial Services, Key Trade and Zeppelin Systems USA.  Tampa Bay development officials traveled to Germany and Switzerland in April to meet businesspeople and encourage them to expand in Tampa.

Half-Million-Dollar Tampa Homes Sold the Fastest in March

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Real Estate

Homes for sale in Tampa  continue to get snapped up by buyers fast, with the average number of days spent by properties on the market falling to 75 days in March. That’s a 10.7-percent drop from 84 days in the previous month and a 27.2-percent drop from 103 days over the year.

The other good news is that the fastest-selling  Tampa homes  in March
were the half-million-dollar properties. Homes in the price range $500,000 to $599,999 stayed on the market in March for an average of
only 52 days, the lowest number among all price ranges. Indeed, higher-income buyers did not have to take a long time to decide in March as those homes in the close-to-$1-million price range stayed on the market for an average of only 60 days, the third lowest average in March.

The second-fastest selling price range — $60,000 to $69,999 — stayed on the market for an average of 58 days.

Average Number of Days Properties Stayed on the Market in March

Home Price Range	Average No. of Days
$500,000 – $599,999	52
$  60,000 – $ 69,999	58
$900,000 – $999,999	60
$          1 – $ 49,999	61
$120,000 – $139,999	65
$180,000 – $199,999	67
$140,000 – $159,999	68
$200,000 – $249,999	72
$250,000 – $299,999	72

Considering all price ranges and all properties sold, the average number of days  Tampa properties  stayed on the market in March was 75 days. At the slow end expectedly is the more-than-one-million-dollar price range.

Properties priced more than a million dollars stayed on the market for 128 days.

For the most popular price range — $200,000 to $249,999 — the average stay on the market is 72 days.

Average Number of Days Properties Stayed on the Market from Jan to March

Home Price Range	Average No. of Days
$500,000 – $599,999	62
$  60,000 – $ 69,999	66
$140,000 – $159,999	69
$180,000 – $199,999	70
$120,000 – $139,999	71
$            1 – $ 49,999	73
$160,000 – $179,999	74
$   79,000 – $ 79,999	77
$400,000 – $499,999	78
$   80,000 – $ 89,999	79
$200,000 – $249,999	81
$250,000 – $299,999	83

Million-dollar homes and costlier properties stayed on the market during the first quarter for an average of 182 days.

Housing Inventory

The continued increase in home sales without a corresponding increase in listings has been eroding the Tampa Bay area’s housing inventory. From a high of more than 20,000 units in the boom years, the number of available homes for sale has gone down to 6,350 units in March, a number that would be sold in just 2.9 months, based on current home sales pace.

Over the year, the inventory dropped by nearly 40% from 10,538 units in March 2012.

Tampa Bay inventory is down to just 6,350 homes for sale.

Search your Tampa home now.

Housing Affordability in Florida Better than National Level

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Real Estate

Ten of 12 major  Florida  metropolitan markets surpassed the national affordability index for single-family homes in 2012, based on data from the National Association of Realtors (NAR).

Additionally, these 12 metro markets all surpassed 100, the level at which a median-income family has the exact income to buy a median-priced existing single-family home with a 20-percent down payment and with the monthly principal and interest payments accounting for 25% of the monthly income.

The farther up the index from 100, the stronger the purchasing power of median-income families in the area for pre-owned single-family homes.

NAR calculates the housing affordability index comparing the metro area’s median household income and the median home price, together with the effective mortgage interest rate.

The national single-family home affordability index in 2012 was 193.5, which was surpassed by ten major  Florida metro markets,  as shown in the following table:

1 Palm Bay-Melbourne-Titusville	291.0
2 Ocala	278.1
3 Jacksonville	276.2
4 Deltona-Daytona Beach-Ormond Beach	267.3
5 Cape Coral-Fort Myers	253.9
6 Gainesville	251.9
7 Tallahassee	250.6
8 Pensacola-Ferry Pass-Brent	237.3
9 Tampa-St. Petersburg-Clearwater	229.6
10 Orlando	229.3
11 Sarasota-Bradenton-Venice	187.0
12 Miami-Fort Lauderdale-Pompano Beach	155.6

Note though that the index for Ocala was for the fourth quarter of 2011. Its index for the fourth quarter of 2012 was missing.

The affordability index in the  Tampa Bay real estate market  is 36.1 points higher than the national index and more than double the 100 level. As of the fourth quarter of 2012, the median home price in the  Tampa  area was $137,200, lower by 23.3% than the national median home price of $178,833 in the same quarter. The conforming loan limit and FHA loan limit for the area are both $417,000.

In terms of year-over-year improvement in housing affordability, it was Gainesville that led the other 12 markets. Although Cape Coral-Fort Myers declined in affordability over the year, its affordability index was still among the highest.

1 Gainesville	16.3%
2 Ocala	13.9%
3 Tallahassee	12.5%
4 Pensacola-Ferry Pass-Brent	11.2%
5 Deltona-Daytona Beach-Ormond Beach	10.7%
6 Jacksonville	9.9%
7 Orlando	6.2%
8 Palm Bay-Melbourne-Titusville	5.7%
9 Tampa-St. Petersburg-Clearwater	4.0%
10 Sarasota-Bradenton-Venice	3.5%
11 Miami-Fort Lauderdale-Pompano Beach	1.6%
12 Cape Coral-Fort Myers	-8.5%

The 12 metro areas with the highest housing affordability indices in 2012 were the following metro markets:

1 Detroit-Warren-Livonia, Michigan	571.1
2 Decatur, Illinois	419.5
3 Lansing-East Lansing, Michigan	397.0
4 Toledo, Ohio	392.9
5 Atlanta-Sandy Springs-Marietta, Georgia	352.1
6 Rockford, Illinois	351.4
7 South Bend-Mishawaka, Indiana	343.2
8 Appleton, Wisconsin	340.4
9 Topeka, Kansas	336.6
10 Elmira, New York	332.4
11 Dayton, Ohio	324.9
12 Binghamton, New York	322.0

Signs of a Rejuvenated Tampa Real Estate Market

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Real Estate

Great numbers have been coming in, indicating continued rejuvenation of the Tampa real estate market.

The following numbers for February 2013 prove that indeed Tampa single-family homes, condos, townhomes, villas, and co-ops are being snapped up by owner-buyers and investors.  All numbers are based on reports released by the Greater Tampa Association of Realtors (GTAR) and Florida REALTORS.

SINGLE-FAMILY HOMES

1.  Closed sales of single-family homes increased over the year by 22.4%, from 874 to 1,070 units.

2.  Cash sales increased over the year by 51.6%, from 335 units to 508 units.

3.  The median sales price  increased over the year by 23.4%,  from $129,900 to $160,250.

4.  The average sales price increased over the year by 16.3%,  from $172,821 to $200,975.

5.  Single-family homes got sold faster, from a median of 53 days in February 2012 to 41 days in February 2013.  That’s an improvement of 22.6%.

6.  Buyers and investors have been willing to give in to the sellers’ desired prices.  Last year, buyers paid an average of 92% of the listing price;  in February this year, buyers paid an average of 93.8% of the listing price.

CONDOS and TOWNHOMES

1.  Cash sales of condos and townhomes rose over the year by 6.8%,  from 220 units to 235 units.

2.  The median sales price increased year-over-year by 8.6%, from $70,000 to $76.000.

3.  The average sales price rose over the year by 19.7%, from $100,372 to $120,122.

4.  Tampa condos and townhomes  got sold faster compared to last year, even faster than sales of single-family homes this year.  These properties stayed on the market this February only for 28 days,  a big improvement of 34.9% compared to 43 days in February 2012.  Buyers and investors have been snapping them up.

5.  Sellers have also been getting much of their desired prices.  Buyers paid an average of 95.5% of their listing prices this February, an improvement from 92.8% in February 2012.  The percentage was even higher than that for single-family homes.

GREATER TAMPA Sales

SINGLE-FAMILY HOMES

1.  Cash sales of single-family homes shot up from 427 units to 658 units over the year.  That’s a sharp increase of 54.1%. Cash sales accounted for 48% of all closed sales.  That’s almost half,  and it also represented an improvement of 28.8% compared to the cash-sale percentage in February 2012.

2.  The number of closed sales, the median sales price, the average sales price, and the percentage of listing price paid for single-family homes also increased over the year.

CONDOS and TOWNHOUSES

3.  The average sales price for condos and townhouses increased by 24.2%, from $101,149 to $125,608.

4.  For condos and townhomes, all numbers improved, including number of closed sales, cash sales, median sales price, pending sales, number of new listings, and median number of days properties stayed on the market.

5.  The percentage of cash sales increased over the year by 3.3%
to a significant 70.1% of all closed sales.  Over the past 12 months, cash sales hovered between 61.3% to 67.9% of all closed sales.  Indeed, more buyers are shelling out cash for condos and townhomes.

Tampa Home Price Index Rose Higher than 20-City Composite Increase

Published by nora | Filed under Buyer / Seller Tips, Economy, Market Trends, Real Estate

Here’s one more sign of a sharply improving Tampa Bay real estate market.  The year-over-year increase rate in the  Tampa home price  index in January was higher than the increase rate in the 20-city composite index,  a price index considered by analysts as the most reliable indicator of the direction of home values in the U.S.

The 20-city composite index, usually called Standard & Poor’s/Case-Shiller index and created by economists Karl Case and Robert Shiller, compares the current and previous sales of detached houses, taking into consideration several factors such as remodeling.  It follows the changes in prices of detached
homes in 20 cities selected as representative markets:

Atlanta
Boston
Charlotte
Chicago
Cleveland
Dallas
Denver
Detroit
Las Vegas
Los Angeles
Miami
Minneapolis
New York
Phoenix
Portland
San Diego
San Francisco
Seattle
Tampa
Washington, D.C.

The year-over-year increase in the  Tampa home  price index was 8.9%, higher by 0.8 percentage points than the increase in the 20-city composite index, which was 8.1%.  Tampa was 11th among the 20 selected cities.

Phoenix posted the highest percentage increase, 23.2%, followed by San Francisco, with 17.5%, and Las Vegas, with 15.3%.  Eight cities posted double-digit increases, including the other Florida city in the price index, Miami.

The country’s largest cities, New York and Chicago,  posted the lowest percentage increases, posting increases of 0.6% and 3.3%, respectively.

CoreLogic’s Home Price Index also showed year-over-year increases in home prices in all states, except Delaware and Illinois.  Prices for homes nationwide, including distressed housing units, increased by 9.7% from January 2012 to January 2013, the highest rate of year-over-year increase since April 2006.  Compared to prices in the previous month of December 2012,  prices in January 2013 also showed an increase of 0.7%.

In the fourth quarter of 2012, based on data from the National Association of Realtors (NAR), the median sales price for existing single-family homes in the Tampa-St. Petersburg-Clearwater area increased to $137,200, up by 1.25%
from $135,500 in the fourth quarter of the previous year.

Based on data from the  Greater Tampa  Association of Realtors (GTAR),  the average sales price for  single-family homes in Tampa  in January 2013 was $169,354, an increase of 16.6% from $145,273 in January 2012.  The average listing price also increased,  posting a rise of 15.6% from $152,608 in January 2012 to $176,412 in January 2013.

2013 Showcase Tampa Bay Home Builder Is David Weekly Homes

Published by nora | Filed under Buyer / Seller Tips, Communities, Real Estate

David Weekly Homes has been chosen as the Showcase Home Builder of the Tampa Bay Builder’s Association for the year 2013.  David Weekly Homes, founded in 1976, is one of the country’s largest  homebuilders,  having built more than 70,000 new homes in new communities in 16 cities across the U.S., including Houston, Denver, Orlando, Atlanta, Phoenix and Tampa.

This homebuilder is known for innovation and its efforts to create energy-efficient homes. It also known for being a happy place for employees, thereby producing excellent products for happy customers. For seven times, it was recognized as one of FORTUNE Magazine’s 100 Best Companies to Work For, including a 17th ranking in 2008.

Showcase Tampa Bay Home

The Showcase Home is the Maybeck by David Weekly Homes,  a 2-story 4-bedroom 3 1/2-bath and 3-car  garage home with a total living area of 3,042 feet.  It offers an open floor plan, giving owners smooth traffic patterns, clear sight lines and optimized room placement.

Among the winning features of the Maybeck home are:

•  the gourmet kitchen that opens to the family and breakfast rooms and which can be used as a gathering place for family and friends
•  the grand foyer that is welcoming to owners and guests
•  the lanai that opens to the outdoors and to the night sky and to the swimming pool which has its own bathroom

Waterset by Newland Communities

The Maybeck home is available starting at $364,000 in a nature park-filled community called Waterset by Newland Communities in Apollo Beach.  This is  a 1,319-acre community where you can enjoy a 12-foot-wide trail system, passing by lakes, ponds, community parks, neighborhoods and dog parks.  At the pier overlooking the lake, linger alone and reflect or enjoy conversations with your loved ones as you watch the sunset.

The community also has a gathering place called Landing, where you can hang out, have coffee and meet friends and neighbors.  The community swimming pool and the fitness center are other options for enhancing health and just enjoying life.

Newland Communities has been developing amazing communities for the past  40 years, becoming the country’s largest private developer of mixed-use urban communities and planned residential communities.  In 2010, it was recognized by Builder and Developer magazine as Developer of the Year.  Among its successful  communities in the Tampa Bay  region are FishHawk Ranch, Westchase and MiraBay.

Some of the  Tampa Bay homes  chosen for the Tampa Bay Parade of Homes are:

Alexander Woods Townhomes in Plant City, by Florida Home Partnership
MiraBay BayBreeze in Apollo Beach, by Cardel Homes
Trinity Preserve, in Tampa, by Lennar Homes
Terra Bella in Land O’ Lakes, by Homes by WestBay
Panther Trace FairLawn in Riverview, by D.R. Horton
WaterGRass Glenbrook in Wesley Chapel, by Standard Pacific Homes
Arbor Reserve in Valrico, by Sunrise Homes
Gulf Winds in Holiday, by Beazer Homes
The Reserve at Hampton Lakes in Tampa, by M/I Homes
Champions Forest in Tampa, by Ashton Woods Homes
Keystone Springs in Tarpon Springs, by Deeb Family Homes

Search Tampa homes by HOMEBUILDERS 

$200K to $250K Tampa Homes Are Best Sellers Again

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Real Estate

Tampa homes in the $200,000 to $249,999 range are again the best selling single-family homes and villas in the Tampa area in February, based on data from the Greater Tampa Association of Realtors and My Florida Regional MLS.

This home price range has been the best selling price range last year, with some months excluding homes priced less than $50,000, which are the ones snapped up in bulk by investors.

In February, this price range even surpassed sales for the lowest price range, which is less than $50,000. Sales of homes priced $200,000 to $249,999 reached 180 units in February, accounting for almost 13% of all single-family homes and villas sold in for February. The sales volume was almost 27% higher than the second-best-selling price range, the usually pursued by investor less-than-$500,000 price range.

Single-Family Homes and Villas

The 5 best selling price ranges in February 2013 for single-family homes and villas:

$200,000 – $249,999	180 units
less than $50,000	132 units
$120,000 – $139,999	120 units
$160,000 – $179,999	117 units
$140,000 – $159,999	114 units

For the whole year of 2012, the best-selling price range for Tampa homes was also the same price range, the $200,000 to $249,999 price range. It surpassed the less-than-$50,000 price range.

Here are the 8 top-selling price range in 2012, all in 4-digit sales:

$200,000 – $249,999	2,087 units
less than $50,000	1,918 units
$100,000 – $119,999	1,564 units
$120,000 – $139,999	1,659 units
$140,000 – $159,999	1,345 units
$160,000 – $179,999	1,343 units
$180,000 – $199,999	1,027 units
$250,000 – $299,999	1,258 units

Condos, Townhomes and Co-ops

For Tampa condos, townhouses and co-ops, the best-selling price range in February was the less-than-$50,000 range, accounting for 19.5% or almost one-fifth of all condos, townhomes and co-ops sold within the month. The $200,000 to $249,999 price range sold only 18 units, accounting for only 5% of total sales of these types of units in February.

For the whole year of 2012, the best-selling condos, townhomes and co-ops were those priced less than $50,000, accounting for 25% or one-fourth of all condos, townhomes and co-ops sold in 2012.

In February, a total of 1,780 Tampa housing units of all types got sold, representing the same rate of increase from January 2013 and from February 2012, which is 7.3%. The average sale price was $172,025, a jump of 2.3% from the previous month and a jump of 13.3% from February 2012.

Search  Tampa Homes  by price range, by city, by community

Top 20 High Schools in the Tampa Area

Published by nora | Filed under Buyer / Seller Tips, Communities, Real Estate

Families with young children give priority to access to good schools when they look for homes to buy.  Indeed, the presence of good public schools enhances the value of residential real estate developments.

In the Tampa area, families have a lot of school options, as there are a good number of top-performing public schools in Hillsborough County.

Here are the top 20 high schools in the Tampa area, based on the results of the 2010-2011 Florida Comprehensive Assessment Test (FCAT) and Learning Gains and non-FCAT assessments.
 

Rank	High School	School Grade Points
in HB
1	NEWSOME HIGH SCHOOL	1368
	16550 Fishhawk Blvd.
	Lithia, FL 33547
2	PLANT HIGH SCHOOL	1317
	2415 South Himes Avenue
	Tampa, FL 33629
3	STEINBRENNER HIGH SCHOOL	1271
	5575 W. Lutz Lake Fern Rd.
	Lutz, FL 33558
4	ROBINSON HIGH SCHOOL	1247
	6311 South Lois Avenue
	Tampa, FL 33616
5	SICKLES HIGH SCHOOL	1241
	7950 Gunn Highway
	Tampa, FL 33626
6	BLOOMINGDALE HIGH SCHOOL	1224
	1700 East Bloomingdale Avenue
	Valrico, FL 33596
7	KING HIGH SCHOOL	1215
	6815 North 56th Street
	Tampa, FL 33610
8	TAMPA BAY TECH HIGH SCHOOL	1179
	6410 Orient Road
	Tampa, FL 33610
9	HILLSBOROUGH HIGH SCHOOL	1160
	5000 Central Avenue
	Tampa, FL 33603
10	RIVERVIEW HIGH SCHOOL	1157
	11311 Boyette Road
	Riverview, FL 33569
11	WHARTON HIGH SCHOOL	1147
	20150 Bruce B. Downs
	Tampa, FL 33647
12	DURANT HIGH SCHOOL	1135
	4748 Cougar Path
	Plant City, FL 33567
13	FREEDOM HIGH SCHOOL	1134
	17410 Commerce Park Blvd
	Tampa, FL 33647
14	BRANDON HIGH SCHOOL	1127
	1101 Victoria Street
	Brandon, FL 33510
15	ALONSO HIGH SCHOOL	1123
	8302 Montague Street
	Tampa, FL 33635
16	PLANT CITY HIGH SCHOOL	1115
	One Raider Place
	Plant City, FL 33563
17	GAITHER HIGH SCHOOL	1109
	16200 North Dale Mabry Highway
	Tampa, FL 33618
18	BROOKS DEBARTOLO COLLEGIATE HIGH SCHOOL	1094
	10948 North Central Avenue
	Tampa, FL 33612
19	STRAWBERRY CREST HIGH SCHOOL	1092
	4691 Gallagher Rd.
	Dover, FL 33527
20	SPOTO HIGH SCHOOL	1069
	8538 Eagle Palm Dr
	Riverview, FL 33578

 

Communities with Top-Performing High Schools:

CARROLLWOOD 33618
Gaither High School

DOVER  33527
Strawberry Crest High School

LITHIA 33547
Newsome High School

LUTZ  33558
Steinbrenner High School

RIVERVIEW 33569, 33578
Riverview High School
Spoto High School

NEW TAMPA 33647
Wharton High School

SOUTH TAMPA 33629
Plant High School
Robinson High School

PLANT CITY  33563
Durant High School

VALRICO 33596
Bloomingdale High School

WESTCHASE  33626
Sickles High School

NORTH TAMPA 33612
Brooks DeBartolo Collegiate High School

NORTHEAST TAMPA  33610
King High School
Tampa Bay Tech High School

SOUTH SEMINOLE HEIGHTS 33603
Hillsborough High School

Tampa Homes Getting Sold Faster

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Real Estate

As Tampa’s housing inventory continues to fall, buyers have been snapping up
what is available in the market, not letting properties stay on the MLS for
long.

Average No. of Days on the Market

For the second consecutive month this January 2013, homes for sale in Tampa stayed on the market for an average of only 78 days, just a few days more than the average in 2006, a year when the Tampa housing market was at one of its peaks.  This 78-day average was also achieved in December 2012, the lowest average since February 2007 when Tampa residential properties stayed on the  market for an average of 76 days.

From October 2007 to March 2012, Tampa homes had been staying on the market for 100 days or more, with just a few months posting a number below 100, making the 78-day average a significant indicator of Tampa housing market recovery.

What’s also encouraging for the Tampa housing market is that the fastest-selling   price range in January was the $500,000 to $599,999 price range.  Homes in this price range stayed on the market for an average of only 55 days.

Fastest-selling Price Ranges:

$500,000 to $599,999  –  55 days
$50,000 to $59,999  –  59 days
$140,000 to $159,999  –  65 days
$400,000 to $499,999  –  67 days
$70,000 to $79,999  –  71 days
$160,000 to $179,999  –  70 days
$180,000 to $199,999  –  70 days
$250,000 to $299,999  –  72 days

Falling Housing Inventory

One reason for the faster pace of home sales is the declining Tampa housing inventory.  From the nearly-6-year peak of 22,035 housing units for sale in May 2007, the number of available homes for sale in the Tampa Bay area has gone down to only 6,525 units in January 2013. That’s a big fall of 70.39%.  It was also an 11.6-percent-drop month-over-month and a 40.52-percent drop year-over-year.  Inventory has been dropping by the hundreds month-to-month since 2007.

Rising Home Prices

Another reason for the increasing pace of homebuying is the continued increase in home prices.  In 2012, Tampa home prices increased month-to-month, with just 3 exceptions.  The average sale price for single-family homes, condos, co-ops and townhomes in January 2013 was $169,354, an increase of 16.6% compared to the average price of $145,273 in January 2012.  Although the January 2013 price was a few thousand lower than the average in the previous month, prices are expected to continue their upward trend.  The year-over-year increase in average listing price was 15.6%.