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RSS FeedSouth Tampa Market Update |
Jun. 11, 2008
Categorized in: Info for Buyers
Tampa, FL - Here in south Tampa, which is typically defined as the area south of Kennedy Blvd., real estate sales activity has picked for homes priced below $400,000 - the non-jumbo loan priced homes. In fact, those in good or better condition are moving at a rate that could signal the end of dropping prices in this area. However, we haven't seen real improvement in homes in the higher price categories, and things remain very slow for homes over $1,000,000.
The reason for the higher end home problems, we believe, is the disproportionately high jumbo loan interest rates, which continue to be a major drag on the upper end of the market. While this is bad news, the obvious 'silver lining' is very real - there are some excellent deals on gorgeous, higher end homes. And, we recently discovered an excellent financing program with a major lender. It only applies for those with investment accounts, but those who qualify can get an amazing 30 year loan, including: 100% financing, no mortgage insurance, 5 years interest only, and very low interest rates... usually as good as conventional financing. Actually these loans can be used to purchase properties as low as $100,000, and on up to the millions, even for second homes and investment properties. For more information, please contact us by phone or email. (You can find this info at: www.PrettyDogRealty.com)
The rest of Hillsborough County, especially in the areas north and east of Tampa, are not faring as well. Foreclosures and Short Sales continue to dominate these markets, as they are in Pasco County. As a result, great deals abound in these areas, even for some beautiful and large homes. If you are looking in these areas today, you will get lots of home for your money and you still can take advantage of the property tax benefits created by Amendment 1. But that nice tax break probably won't last much longer as it is currently being challenged in 3 different cases, and is very likely to be overturned. However, those how took advantage, will not be penalized... They will likely be able to keep their benefits, even after the law is overturned by the courts.
The reason for the higher end home problems, we believe, is the disproportionately high jumbo loan interest rates, which continue to be a major drag on the upper end of the market. While this is bad news, the obvious 'silver lining' is very real - there are some excellent deals on gorgeous, higher end homes. And, we recently discovered an excellent financing program with a major lender. It only applies for those with investment accounts, but those who qualify can get an amazing 30 year loan, including: 100% financing, no mortgage insurance, 5 years interest only, and very low interest rates... usually as good as conventional financing. Actually these loans can be used to purchase properties as low as $100,000, and on up to the millions, even for second homes and investment properties. For more information, please contact us by phone or email. (You can find this info at: www.PrettyDogRealty.com)
The rest of Hillsborough County, especially in the areas north and east of Tampa, are not faring as well. Foreclosures and Short Sales continue to dominate these markets, as they are in Pasco County. As a result, great deals abound in these areas, even for some beautiful and large homes. If you are looking in these areas today, you will get lots of home for your money and you still can take advantage of the property tax benefits created by Amendment 1. But that nice tax break probably won't last much longer as it is currently being challenged in 3 different cases, and is very likely to be overturned. However, those how took advantage, will not be penalized... They will likely be able to keep their benefits, even after the law is overturned by the courts.
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