Foreclosure in 33629>Question Details

MR, Home Buyer in 33629

Price trends in South Tampa - 33629 & 33611

Asked by MR, 33629 Sat Jan 19, 2008

Will house prices in the South Tampa area continue to go down? In the last 3 months alone, prices have dropped by 10 to 15 percent.
Also, what do "experts" think about extreme South Tampa (33611 - near McDill AFB and Interbay). There are TONS of new houses there, but the area still looks under-developed.
We are looking to buy in South Tampa and any advice is welcome.

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South Tampa is in itself a beast of its own. Values down here (in the area between Kennedy and Gandy) have no ryme or reason. The land value is what makes these homes so valuable. As for the area south of Gandy it is hit or miss. Some areas are hotter than others but one thing you can count on is that the values in South Tampa will hold there own no matter what happens in the rest of the city.

There was an article in the St. Pete Times Tampa Edition that showed all of the property values in Hillsborough Co. It showed that the prices in South Tampa (Kennedy to Gandy) rose about 25% form 2006 to 2007 with median home prices at roughly $500K, south of Gandy went down .1% and the median home price was $217K. I still have that article if you are interested in seeing it.

If you have any further questions please let me know. nathanpawelkop@kw.com or 813-240-4022
1 vote Thank Flag Link Sat Jan 19, 2008
While I understand your frustration, I don't think that prices have fallen 10 to 15% in 3 months. I own several properties in South Tampa, (I thought the world was flat and the edge was Kennedy blvd until the age of 9)

My advice is simple. Look and research, find a REALTOR whom you trust and can honestly say understands the market and trends. Then find the right home.

If you would like a link or two to market trends in your area, email me and I will provide them. These are unbiased numbers and one must remember that SOUTH TAMPA is a whole different ballgame. While numbers were creeping up (15% / annum) in other parts of the county, there were jumping up (28% / annum) in South Tampa.

Good Luck and I hope you find your dream.

Gary De Pury
Broker Owner
Bay Vista Realty
Director, Florida Association of REALTORS®
Chairman, Communications Committee
0 votes Thank Flag Link Wed Feb 20, 2008
I love living in South Tampa. Originally lived in Carrollwood for five years, moved away and then moved back. This time we settled on S. Tampa, the only choice for our second time around. Of course we didn't just choose any area. S. Tampa like any other citiy has some shady areas, high crime less than desireable public schools, etc. We decided to move in 33629 area and because we have a small child we made sure we were in the Marby Elementary district. We did pay a bit more than other areas in S. Tampa but it is well worth it. We have conveinent access to major freeways, low crime rate, good schools and stable market values. Have a look for yourself in the communities off the Westshore Rd area. There are plenty of homes for sale, for sale by owners and even a few REO or near foreclosures. There are even a few for sale in my neighborhood. Decide on an area you desire to live in first based on your specific needs first then hire a realtor to find a home in that area. Don't write off a paticular area because a Realtor told you is "out of your price range". Good luck and I hope you find what You want.
0 votes Thank Flag Link Tue Feb 19, 2008
Hi MR
Like with most any place it Tampa, the prices have dropped at least 10-15% depending on WHEN you start counting. I think that area that you are a talking about near MAcDill AFB and Interbay Port Tampa area is of the areas that will go up the quickest once the market rebounds.

It's like the stock market, if you want to buy some stocks, just buy them while they are low. Its nearly impossible to find the absolute bottom because once we know that was the bottom, it's already gone! When the market shifted from a buyers market to a sellers market, it was almost over night. Within one month (Between December and January) there were siginfcant changes. Most people didn't even notice the change, the ones that did and SOLD not looking for the top, did well.... and the other ones, well the got caught with their pants down so to speak (looking for the peak).

That's my opinion. Living in FL my whole life I have seen a lot of areas change, Seminole Heights is experiencing that now, as well as a few other area. I think port Tampa is still a good area, but will improve signifcantly over the next 5 years or so.

Here is Picnic Island, nearby. http://www.realestateshows.com/174277

If I can answer anymore questions for you, just let me know.
Katrina
0 votes Thank Flag Link Tue Jan 22, 2008
Hello,
I couldn't agree more, South Tampa is still the best side of town, quite a stable market even tough has depreciated a little, there's no much inventory compared to othe side of town; rather many people have been affected by foreclosure and financial distress, therefore making it more appetible for buyers.
I would suggest to define you goal and needs, i/e: family w/kids, investment, job-commute etc.
There're some nice new houses available, please check all MLS foreclosure in 3611 here: http://www.hothomespot.com/search_result.php?mode=foreclosur…
I live myself in 33611, and be more than glad to send more properties if you would provide me with more details and an email. best regards.
Web Reference: http://www.hothomespot.com
0 votes Thank Flag Link Sun Jan 20, 2008
Hello MR,

Don't expect great reductions for Bayshore properties, unless they are "short sales" or REO. Upper tier properties typically do not lose as much value since many buyers are not reliant upon financing for the purchase.

If there is a particular property you are watching, or specific neighborhood, ask a Realtor to do a relevant market analysis. Looking at the historical data of the property gives you a window of insight as to what it may sell for.

Will the property be your primary residence or are you looking to invest? Depending on the answer I would recommend certain neighborhoods.

Feel free to search the MLS at http://www.PhilFowler.com
Web Reference: http://www.PhilFowler.com
0 votes Thank Flag Link Sat Jan 19, 2008
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