Rent vs. Buy - From the little bit of reading that I have done, I am guessing that prices will go down to '99-

Asked by P.h., New Germany, MN Sun Dec 21, 2008

'00 levels to keep in line with historical averages for price increases - i.e. rate of inflation, average income, etc. I am looking in the Westchase area of Tampa, where the average price per sq ft is running $143. I am guessing that will come down to $100. Someone please tell me why I am wrong. Thank you.

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Ann Ryan’s answer
Ann Ryan, Agent, Doral, FL
Tue Mar 5, 2013
Interesting, because the market is voting now... and in most place prices are increasing. If you can find a distressed property that has $100 per square foot, I suggest you buy it now... because I doubt it will last long.

Right now I'm hearing a lot of news media reporting that goes along the lines of "Is now the time to buy?" When I hear that, I know that the time to buy was last year, and that people are already paying higher prices. There's a significant lag between economic trends are reporting.
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Terra Walsh, Agent, Tampa, FL
Tue Mar 5, 2013
Not all phases of Westchase are created equal, and it a not one size fits all regarding the average price per sq. ft. The specific market conditions report from Mid Florida Regional, which is specific to only Westchase, indicates the following: Declining comparable sales are declining-total sales per month also on the decline, hence low inventory-median sales price is stabilizing, and days on the market are also on the decline, average 48.5. Median sales price % listing price is 97% and stable. The price per square foot needs to be specific to the phase location of the property, and with inventory as low as it is, and with less and less distressed single family homes in that market place, I would not depend on any third party information or national average information. I lived, worked, and sold for over 20 years there, so I don't see 100$ per sq. foot ever reaching an average. When you have made your decision to move forward with a purchase, you should consult with a local professional at that time.
0 votes
David Chambe…, , Saint Petersburg, FL
Sun Dec 21, 2008
Here are some statistics I believe westchase is 33626.…
# of sales increased slightly while avg. sale price dropped
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