Home Buying in Tampa>Question Details

P.h., Home Buyer in New Germany, MN

Why is the Westchase area so much more expensive than New Tampa?

Asked by P.h., New Germany, MN Tue Jan 6, 2009

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If you're only going to be in the area 1-2 years you should probably rent unless you would be comfortable renting out the home after you move on.

If you have a plan to hold on to the property 4-5 years or more... great time to buy.
0 votes Thank Flag Link Sat Jan 10, 2009
P.H.
It is definately location, location, location! If you need to commute to downtown Tampa your looking at about 45 minutes from the New Tampa area and could be worse depending on traffic, where Westchase can be 20 minutes. Both New Tampa and Westchase have local retail and ammenities nearby. It will be a matter of preference.
there are other communities in and around Westchase that may interest you. This web page may help!
http://www.homes4uintampa.com/Tampa_Area_Communities/page_19…
Let me know if you want more help finding a home, comps etc..
Mark@Homes4UinTampa.com
1 vote Thank Flag Link Tue Jan 6, 2009
Wesschase is more centrally located to more major employment centers.

New Tampa is close to USF and the major area hospitals around the University.

Westchase is demonstrably closer to the airport, the Westshore business district and major employers in Pinellas County as well.

Westchase is also built around a much more walkable community concepts which are very popular.

These two items drive demand... therefore higher prices.
1 vote Thank Flag Link Tue Jan 6, 2009
Thank you all very much for your responses. Mr. Wilson has confirmed my suspicions. I appreciate your honesty. I will keep you in mind if and when my needs change.
0 votes Thank Flag Link Sat Jan 10, 2009
Ph

Robert's insight is very accurate. We recommend giving it serious consideration befor committing to make a purchase.

As was mentioned, if you are comfortable renting the property after you leave the area, this is an excellent time to purchase Florida property.

Good luck
0 votes Thank Flag Link Sat Jan 10, 2009
Yes, historically this community has held it's values. This is also one of the reasons that the homes are still higher. It has top-rated schools and was designed to be a "community". Westchase has become a model for many other communites.
In my opinion the values will continue to decrease based on foreclosure situations. This could all change should the government step in and require banks to re-do mortgages on ARM's and for people who are upside down.
If you'd like I can run reports that will give you a sales history over a few year period. It will tell us for sure if Westchse holds it's value better than other areas. This is a complicated rpeort. Please email me at mark@homes4uintampa.com.
Mark
Web Reference: http://Homes4UinTampa.com
0 votes Thank Flag Link Sat Jan 10, 2009
I appreciate your responses. They are pretty much what I expected. I guess my main concern is that the area seems overpriced per sq ft relative to other nicer areas of Tampa. I am looking to buy there, but may only be there 1-2 years. Like most buyers, I am obviously concerned that the market will continue to decline. This area seems like it has a long way to go to correct for the "bubble" and I am worried that it will show a greater percentage decline as more buyers realize that for an extra 20 minute commute, they can get 1000 more sq ft in an equally nice area. The current prices (e.g. $250 - 300K) for a 1500 - 1800 sq ft home still look like bubble prices to me and I am wondering if sellers are being realistic in the area. Has Westchase historically been higher priced than New Tampa or other comparable areas, even prior to the bubble? Thank you for any help you can provide.
0 votes Thank Flag Link Sat Jan 10, 2009
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