Tampa, FL - I love new construction. I love every part of the process - all of it: the smell of drying concrete, cut lumber, and especially new paint; but also the many evolutions a changing home takes as it rises up from once vacant land. When I buy, I like to buy new. Others prefer the 'broken-in' feel of something that has been established for a while and the more mature look of the neighborhood landscaping and trees that go along with it. I certainly can understand that, too.

Here's the thing about new construction... It's not 'created' equal. Some builders are terrific; doing everything they can to make the experience a smooth and exciting one. Others... Not so much, even long established builders. (Sorry, I won't be naming names here.)  They'll try to scrimp, save, or even cheat you in many ways so they must be watched - especially when it comes to using their financing departments.

The moral here is, do your homework. Check out a builder before signing on the dotted line and watch them like a hawk afterward. Or, you can use a REALTOR® who has experience with these matters to help you through the process. It doesn't cost you a dime and they can add much value to your new home and the building experience.

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Tampa, FL - While it is true that many folks are having trouble making their mortgage payments, it is also true that some of these folks are responsible, reasonable people with families, who have been victimized by circumstances well outside their control.  These are not the people who bought more home than they could afford with a 'no docs', 100% LTV, adjustable rate mortgage.  No, these are people who have had income changes, or who did not account for the 40% increase in the price of gas (who among us could have?) and other price increases, or those who underestimated the increase in payments on their adjustable rate mortgage.  Most of these folks cannot easily sell their homes today because the equity they created with their 10 or 20 percent down payment has been completely eroded by a relentlessly falling real estate market.

Given the opportunity, many of these people would love to stay in their homes, but are being forced to short sell, and then leave.  We have a unique Win/Win (and we hate that very cliche term) investment strategy to help some of these people stay in their homes, and are looking for investors who are tired of the extreme volatility now standard in today's financial markets.  If you are someone who would like to add some stability to your investment portfolio, and will be able to invest for a couple of years, please visit www.PrettyDogRealty.com/invest or contact us at: 813-944-3115 for more information.  You can do a good thing for others, while buying property at deep, deep discounts and creating an income stream with good annual returns for yourself, and be in a perfect position ride the wave of appreciation when real estate turns around - and it surely will.

Tampa, FL - According to data provided by the National Association of Realtors, a comparison of the same 7 month period between August 1 and February 28 (29 this year) for the last 2 years reveals that total unit sales of all residential properties in South Tampa were down 19.6% (916 units sold in the most recent period, compared to 1,139 the year prior).  While that is significant, it's not as bad as other areas in the U.S., in Tampa, and in Florida.

From there, the data gets very interesting, if not confusing... According to the same reports, which were generated on March 1, 2008, both the Median and Average Prices of all South Tampa homes sold during the period ending February 29, 2008 jumped by 11%, compared to the same seven month period the year prior.

Does that mean that property values in South Tampa increased over that time period?  This is hard to say but, based upon personal observation, it is extremely doubtful.  The report separates condos/townhomes from single family homes.  The differential in the Average and Median prices of condos/townhomes shows even greater increases - Median up by 16% and Average up by 25%.

Based on what we see here in South Tampa, that simply is not the case!  Prices of condos and townhomes have increased at all.  More likely, what we are seeing is a phenomenon where higher-end condos and townhomes are now being listed for sale.  This does make sense.  In 2005/2006, many higher end condos were presold by builders, many to investors and speculators.  Construction of many of these units is now complete and they are hitting the marketplace en-masse - as some buyers have chosen to forfeit their deposits and walk away from the transaction, while others, who did close their deals, are forced to sell.

As expected, the time needed to sell a property in South Tampa has also increased.  During the period ending February 28, 2007, approximately 51% of listed homes sold within 90 days.  During the same period ending February 29, 2008, that number dropped... 38% of homes sold within 90 days.  That, actually, is a pretty good number; it's just not as good as the year prior.  Similarly, the number of homes that took more than 4 months to sell increased from 37% during the earlier period, to just under 55% in the period just ended.  Unfortunately, the report does not give further information on this.  It would be interesting to know just how long it is taking these homes to sell.  Speculation about the reasons why some properties are taking over 4 months to sell leads to 3 fundamental possibilities - condition of the properties involved, pricing, and general market conditions - a very common sense explanation.

Reading between the lines, this hodgepodge of data means that South Tampa has lots of good value for those who want to buy a home here.  With many excellent properties to choose from, one can negotiate a great deal on the home of their dreams, especially if they understand how!

We welcome your input and ideas!  Please feel free to add your thoughts.