OT - Tampa Real Estate Help

[Fsurfer]

My family (myself, wife and toddler) will be relocating to Tampa from Orlando Suburbs this summer for my wife's job, which will be in Carrollwood. I'm wondering if there is anyone on here familiar with the real estate market there that is willing to provide an opinion on a couple things.

First I'm trying to figure out how the financially savvy move is, vs the most practical. As I see it there are a few options:

• Sell current home and buy a house right away (Don't know the area that well so not sure where we'd want to live, and home prices seem even more inflated than Orlando so even with the equity in my current home we will likely need to downsize or really stretch the budget.)
• Rent current home and use Home Equity Loan to buy a small Townhouse or condo until we figure out where we want to live. Then sell house and rent out the townhouse/condo once we find a more long term house.
• Sell current home and buy a small townhouse, save up for a couple years with a smaller mortgage and leftover cash from the sale. Rent or sell townhouse/condo once we find a longer term house

I'm a little hesitant because even condo/townhome prices are astonishing in the Tampa area. I've seen many that are 300-400K almost as much as a 5 bedroom home here in Orlando just a few years ago. I'm afraid that the market will come back down to reality and a 350K townhouse will drop back down to where they used to be at 200-250K or less. I like the idea of somehow getting a rental property for passive income out of this process, but housing prices are making me question if we can swing it or not. We have a fairly large budget overall for a long term house. Obviously don't want to use that all on a temporary townhouse that will be rented later (if we go that route).

If anyone has any opinions on which approach or some advice on where we should look to live (or not live) within about 20 min from Carrollwood area I'd very much appreciate anyone's insight And if not just tell me to kick rocks, I won't be offended.

 

[cgj0198]

How bout dem Noles!

 

[Fsurfer]

Sorry didn't realize there was another room for this stuff. Thanks!

 

[misswebbsilverchief]

Call my great friend and FSU grad Shannon Myers, 813-928-9901. She's a very successful agent in the Tampa area.

 

[NorvellsavedFSU]

Tampa is currently the hottest real estate market in the country...You better have alot of cash if you want to buy a decent place....even rental prices are thru the roof..had a friend list their place recently in Westchase Area for 700K,,they had 23 over ask price offers in one weekend and sold it for 925K

 

[misswebbsilverchief]

My family (myself, wife and toddler) will be relocating to Tampa from Orlando Suburbs this summer for my wife's job, which will be in Carrollwood. I'm wondering if there is anyone on here familiar with the real estate market there that is willing to provide an opinion on a couple things.

First I'm trying to figure out how the financially savvy move is, vs the most practical. As I see it there are a few options:

• Sell current home and buy a house right away (Don't know the area that well so not sure where we'd want to live, and home prices seem even more inflated than Orlando so even with the equity in my current home we will likely need to downsize or really stretch the budget.)
• Rent current home and use Home Equity Loan to buy a small Townhouse or condo until we figure out where we want to live. Then sell house and rent out the townhouse/condo once we find a more long term house.
• Sell current home and buy a small townhouse, save up for a couple years with a smaller mortgage and leftover cash from the sale. Rent or sell townhouse/condo once we find a longer term house

I'm a little hesitant because even condo/townhome prices are astonishing in the Tampa area. I've seen many that are 300-400K almost as much as a 5 bedroom home here in Orlando just a few years ago. I'm afraid that the market will come back down to reality and a 350K townhouse will drop back down to where they used to be at 200-250K or less. I like the idea of somehow getting a rental property for passive income out of this process, but housing prices are making me question if we can swing it or not. We have a fairly large budget overall for a long term house. Obviously don't want to use that all on a temporary townhouse that will be rented later (if we go that route).

If anyone has any opinions on which approach or some advice on where we should look to live (or not live) within about 20 min from Carrollwood area I'd very much appreciate anyone's insight And if not just tell me to kick rocks, I won't be offended.

Call my great friend and FSU grad Shannon Myers, 813-928-9901. She's a very successful agent in the Tampa area.

 

[Fsurfer]

Tampa is currently the hottest real estate market in the country...You better have alot of cash if you want to buy a decent place....even rental prices are thru the roof..had a friend list their place recently in Westchase Area for 700K,,they had 23 over ask price offers in one weekend and sold it for 925K

Yeah thats what I'm afraid of. I will get a good amount of equity out of the sale of my current house, but even if I can sell for 6-700K (per Zillow estimate) It won't be enough to outbid on a similar property in Tampa. So I'm probably going to have to downsize or plan on a temporary solution (like a townhouse) until we can save up. I'm just mentally shocked at the sticker prices even with townhouses at 3-400K. Thats almost what I bought me 5 bedroom house for a few years ago.

 

[squiffynole]

It's a bad scene. There is always the Pasco or even Hernando County markets - they are a bit cheaper and it's not hard to take the Suncoast Parkway - the bad news is school quality is inconsistent and you'll have the financial and time expenses of driving. My main suggestion is to look for high ground and don't expect a major market correction down the line - the bubble might subside some but I don't see material costs for new homes going down, resales and rentals are driven by the cost of new construction.

 

[Fsurfer]

It's a bad scene. There is always the Pasco or even Hernando County markets - they are a bit cheaper and it's not hard to take the Suncoast Parkway - the bad news is school quality is inconsistent and you'll have the financial and time expenses of driving. My main suggestion is to look for high ground and don't expect a major market correction down the line - the bubble might subside some I don't see material costs going down.

When you say high ground… you mean literal high ground? To avoid flood insurance or sinkholes or something else?

 

[squiffynole]

When you say high ground… you mean literal high ground? To avoid flood insurance or sinkholes or something else?

Right. Regular insurance is going up and FIRM mapping of flood prone areas keeps getting bigger.

My Mom is selling her home way up in Dunnellon, the sinkhole risk is making acquiring home insurance problematic for the buyers.

Finally we have closed on a house near us in Tallahassee for her, it was a mad rush new listings would be under contract in hours.

I feel for you, good luck maybe you should rent while posturing yourself to immediately jump if a bargain comes along.

 

[QuaZ2002]

The areas to look would be Lutz, Land O Lakes, Wesley Chapel, Odessa (I may be missing others). I’d think you could find a nice house in those areas for $600k? South Tampa is crazy crazy expensive. My friend just bought a 2/2.5 about 1500sq ft for $880k. Granted it’s very nice but that same place was around $500k a few years ago.

 

[Fsurfer]

Thanks. Yeah I’d need a 3 bedroom at minimum but ideally 4 and an office since I work from home.

 

[BraveSeminole10]

If you have kids, the Westchase/Citrus Park area is nice and short drive to Carollwood.

We have like $300k in equity in our current home and we’ve thought about selling but buying what we want where we want will also cost a fortune so I think we’ll likely be staying put for a while. I don’t see a major correction for our area tho bc people keep moving here everyday so the demand is going to continue to increase.

 

[PopsNole]

The areas to look would be Lutz, Land O Lakes, Wesley Chapel, Odessa (I may be missing others). I’d think you could find a nice house in those areas for $600k? South Tampa is crazy crazy expensive. My friend just bought a 2/2.5 about 1500sq ft for $880k. Granted it’s very nice but that same place was around $500k a few years ago.

I live in South Tampa now. I bought my home in 2018 right before the market went crazy and my house doubled in price since then. On my street in the last 2 years we've had 1 story ranches torn down left and right and built in their place were homes that sold for 2 million, 2.5, 3 million, 4 million and one that is almost done just sold for 5 million.

All of them are from out of state or from out of the country. At least they're all actually living there and not just renting the places.

 

[Fsurfer]

If you have kids, the Westchase/Citrus Park area is nice and short drive to Carollwood.

We have like $300k in equity in our current home and we’ve thought about selling but buying what we want where we want will also cost a fortune so I think we’ll likely be staying put for a while. I don’t see a major correction for our area tho bc people keep moving here everyday so the demand is going to continue to increase.

Thanks, I'll look there. I'm about in the same boat 300ish in equity unless my house just sells for something unexpected. So trying to figure out if its better value to buy something less expensive and save up to get something after a couple years or go ahead and drop the coin now.

 

[PopsNole]

If you have kids, the Westchase/Citrus Park area is nice and short drive to Carollwood.

We have like $300k in equity in our current home and we’ve thought about selling but buying what we want where we want will also cost a fortune so I think we’ll likely be staying put for a while. I don’t see a major correction for our area tho bc people keep moving here everyday so the demand is going to continue to increase.

Market is not going to drop much, if any, it will just slow down some. To many people moving to Tampa and not enough homes on the market because people aren't moving away. A lot of wealthy people with cash are moving here now especially for tech and medicine. It's craziness right now.

 

[PopsNole]

Thanks, I'll look there. I'm about in the same boat 300ish in equity unless my house just sells for something unexpected. So trying to figure out if its better value to buy something less expensive and save up to get something after a couple years or go ahead and drop the coin now.

I don't think you need to worry about buying high and the market crashing. Highly doubt that will happen. I think your worst case is the market stagnating and it staying around what you buy it for at this point.

 

[Fsurfer]

I don't think you need to worry about buying high and the market crashing. Highly doubt that will happen. I think your worst case is the market stagnating and it staying around what you buy it for at this point.

Thanks thats good to know. Do you see value in a 300K ish townhome as an investment property in the area while we figure out what area we'd want to settle in longer term?

 

[PopsNole]

Thanks thats good to know. Do you see value in a 300K ish townhome as an investment property in the area while we figure out what area we'd want to settle in longer term?

I know a lot of people doing exactly what you're considering. It's not a bad idea at all but I would definitely talk to someone about what area you should consider doing that in. Some areas are truly artificially high right now so you'll want to make sure it's in an area growing with money still coming in.

 

[Fsurfer]

I know a lot of people doing exactly what you're considering. It's not a bad idea at all but I would definitely talk to someone about what area you should consider doing that in. Some areas are truly artificially high right now so you'll want to make sure it's in an area growing with money still coming in.

That makes a lot of sense. Thanks.

 

[SoddyNole]

I don't think you need to worry about buying high and the market crashing. Highly doubt that will happen. I think your worst case is the market stagnating and it staying around what you buy it for at this point.

Maybe but when supply issues create a situation where the market is growing at an astronomical rate people assume risker financing to afford housing and when the market corrects they find themselves in trouble. Eventually builders will find space and a means to meet demand and the market will have some correction. Generally speaking I simply don't trust large spikes in pricing and honestly know nothing about the Tampa markets.

 

[PopsNole]

Maybe but when supply issues create a situation where the market is growing at an astronomical rate people assume risker financing to afford housing and when the market corrects they find themselves in trouble. Eventually builders will find space and a means to meet demand and the market will have some correction. Generally speaking I simply don't trust large spikes in pricing and honestly know nothing about the Tampa markets.

From speaking to agents in the area, a lot of the houses are being purchased with cash so they're not seeing a lot of risky financing. The people that would consider risky financing just to get into a house can't even get the house to begin with but I'm sure that is happening at some level. The people doing that will likely end up taking a hit but the friends I have that are financing simply aren't purchasing right now they know they'll never get that money back so are just doing additions are staying put for the time being.

 

[QuaZ2002]

I live in South Tampa now. I bought my home in 2018 right before the market went crazy and my house doubled in price since then. On my street in the last 2 years we've had 1 story ranches torn down left and right and built in their place were homes that sold for 2 million, 2.5, 3 million, 4 million and one that is almost done just sold for 5 million.

All of them are from out of state or from out of the country. At least they're all actually living there and not just renting the places.

I’m glad people are living in them and not just buying up homes as investments. That’s not a good situation when investors are scooping everything up over people who actually want and need somewhere to live.

 

[FisherWilcoxTaggart Survivor]

Market is not going to drop much, if any, it will just slow down some. To many people moving to Tampa and not enough homes on the market because people aren't moving away. A lot of wealthy people with cash are moving here now especially for tech and medicine. It's craziness right now.

Real estate market will only get tighter, absent another 2008 worldwide meltdown (which seems unlikely any time soon). People pouring into Florida daily. I-75 and the Turnpike are now consistently disastrous. Thinking about moving to our beach place permanently — although it too is growing irresponsibly — or leaving altogether. Choices, choices.

 

[goldmom]

I’m glad people are living in them and not just buying up homes as investments. That’s not a good situation when investors are scooping everything up over people who actually want and need somewhere to live.

Four houses in my neighborhood have sold in the last two months and NONE ever had a sign in the yard. Crazy prices for semi zero lot line houses from 1500-2000 sf - over 40 years old.
I’d move but there’s no where to go here in Jax if you are ready to downsize unless you move to Macclenny or Callahan or some remote redneck area where you might hear banjo music and all the trailers have a bunch of pit bulls running loose. 😳

 

[FisherWilcoxTaggart Survivor]

Four houses in my neighborhood have sold in the last two months and NONE ever had a sign in the yard. Crazy prices for semi zero lot line houses from 1500-2000 sf - over 40 years old.
I’d move but there’s no where to go here in Jax if you are ready to downsize unless you move to Macclenny or Callahan or some remote redneck area where you might hear banjo music and all the trailers have a bunch of pit bulls running loose. 😳

But closer to Waffle House....

 

[swflnole]

My family (myself, wife and toddler) will be relocating to Tampa from Orlando Suburbs this summer for my wife's job, which will be in Carrollwood. I'm wondering if there is anyone on here familiar with the real estate market there that is willing to provide an opinion on a couple things.

First I'm trying to figure out how the financially savvy move is, vs the most practical. As I see it there are a few options:

• Sell current home and buy a house right away (Don't know the area that well so not sure where we'd want to live, and home prices seem even more inflated than Orlando so even with the equity in my current home we will likely need to downsize or really stretch the budget.)
• Rent current home and use Home Equity Loan to buy a small Townhouse or condo until we figure out where we want to live. Then sell house and rent out the townhouse/condo once we find a more long term house.
• Sell current home and buy a small townhouse, save up for a couple years with a smaller mortgage and leftover cash from the sale. Rent or sell townhouse/condo once we find a longer term house

I'm a little hesitant because even condo/townhome prices are astonishing in the Tampa area. I've seen many that are 300-400K almost as much as a 5 bedroom home here in Orlando just a few years ago. I'm afraid that the market will come back down to reality and a 350K townhouse will drop back down to where they used to be at 200-250K or less. I like the idea of somehow getting a rental property for passive income out of this process, but housing prices are making me question if we can swing it or not. We have a fairly large budget overall for a long term house. Obviously don't want to use that all on a temporary townhouse that will be rented later (if we go that route).

If anyone has any opinions on which approach or some advice on where we should look to live (or not live) within about 20 min from Carrollwood area I'd very much appreciate anyone's insight And if not just tell me to kick rocks, I won't be offended.

I think your 3rd option maybe your best option, although you need to do what you think is best for you and your family. Personally, with rates going up as they are, your house may never be worth more than it is now. Take your cash, purchase your TH or condo and get to know the area well before you buy .

 

[Seminolejon78]

Four houses in my neighborhood have sold in the last two months and NONE ever had a sign in the yard. Crazy prices for semi zero lot line houses from 1500-2000 sf - over 40 years old.
I’d move but there’s no where to go here in Jax if you are ready to downsize unless you move to Macclenny or Callahan or some remote redneck area where you might hear banjo music and all the trailers have a bunch of pit bulls running loose. 😳

There’s always Baldwin if you like the sound of trains! 😄

 

[SoddyNole]

Four houses in my neighborhood have sold in the last two months and NONE ever had a sign in the yard. Crazy prices for semi zero lot line houses from 1500-2000 sf - over 40 years old.
I’d move but there’s no where to go here in Jax if you are ready to downsize unless you move to Macclenny or Callahan or some remote redneck area where you might hear banjo music and all the trailers have a bunch of pit bulls running loose. 😳

My Stelling Golden Cross makes a beautiful sound thank you. Especially when someone besides myself is playing it. 🤣

 

[surfnole]

I am likely much older but facing a similar decision. I sold my house in Orlando last May and I had a lot of equity due to price appreciation and a 15-year mortgage which was almost paid off.

I moved to the space Coast Beach area and I am renting for now. I don't expect prices to go down much simply due to supply and demand. However prices cannot keep going up 10:20 or 30% a year when the mortgage rates are rapidly on the rise.

For the next few years I'll rent until prices at least stabilize even if they go up more before stabilization.

Renting your current house is a great option because you will maintain a percentage of your portfolio in real estate. However it needs to cash flow and at the price that you could sell your home I don't think it would cash flow.

 

[Fsurfer]

I am likely much older but facing a similar decision. I sold my house in Orlando last May and I had a lot of equity due to price appreciation and a 15-year mortgage which was almost paid off.

I moved to the space Coast Beach area and I am renting for now. I don't expect prices to go down much simply due to supply and demand. However prices cannot keep going up 10:20 or 30% a year when the mortgage rates are rapidly on the rise.

For the next few years I'll rent until prices at least stabilize even if they go up more before stabilization.

Renting your current house is a great option because you will maintain a percentage of your portfolio in real estate. However it needs to cash flow and at the price that you could sell your home I don't think it would cash flow.

Yeah exactly, plus its a pretty new house and renters wouldn't take care of it the same way. If it was older and less expensive to begin with I'd be more inclined to try and rent it out. The more we think about the more we are leaning toward buying a townhouse, staying there for a couple years and then trying to rent it out once we find a better place. I'm not opposed to renting for a year, but with rental prices in the area of 2500-3000 i'm not sure it makes much sense to do that. I saw an article this week that said Tampa is the #1 hottest market in the country... which doesn't do us any favors...

 

[surfnole]

One other factor to consider and I did not realize it until too late. I lost my homestead exemption carryover because there is a time limit when you can buy your next property. If you don't buy in time you lose your homestead exemption from your previous house.

It seems like a good idea to buy a place live there for a couple of years get the lay of the land and make sure it will cash flow as a rental.

My current rent is more than my previous mortgage payment and most of my last mortgage payment went straight into equity.

However all the things I used to do around the house I hired out as the kids moved out. Lawn service, pool service, exterminator service, cleaning lady etc etc plus repairs.

 

[Fsurfer]

One other factor to consider and I did not realize it until too late. I lost my homestead exemption carryover because there is a time limit when you can buy your next property. If you don't buy in time you lose your homestead exemption from your previous house.

It seems like a good idea to buy a place live there for a couple of years get the lay of the land and make sure it will cash flow as a rental.

My current rent is more than my previous mortgage payment and most of my last mortgage payment went straight into equity.

However all the things I used to do around the house I hired out as the kids moved out. Lawn service, pool service, exterminator service, cleaning lady etc etc plus repairs.

Yeah all those things add up. I'll definitely be able to reduce my overall expenses this way, even with a high HOA that usually comes with a townhouse or condo.

I didn't realize that with the homestead exemption. Thanks for the info that can make a difference. I don't know what the threshold is, but I could also get taxed on the sale profit if I don't buy in a certain timeframe I believe.

 

[fsufool]

My family (myself, wife and toddler) will be relocating to Tampa from Orlando Suburbs this summer for my wife's job, which will be in Carrollwood. I'm wondering if there is anyone on here familiar with the real estate market there that is willing to provide an opinion on a couple things.

First I'm trying to figure out how the financially savvy move is, vs the most practical. As I see it there are a few options:

• Sell current home and buy a house right away (Don't know the area that well so not sure where we'd want to live, and home prices seem even more inflated than Orlando so even with the equity in my current home we will likely need to downsize or really stretch the budget.)
• Rent current home and use Home Equity Loan to buy a small Townhouse or condo until we figure out where we want to live. Then sell house and rent out the townhouse/condo once we find a more long term house.
• Sell current home and buy a small townhouse, save up for a couple years with a smaller mortgage and leftover cash from the sale. Rent or sell townhouse/condo once we find a longer term house

I'm a little hesitant because even condo/townhome prices are astonishing in the Tampa area. I've seen many that are 300-400K almost as much as a 5 bedroom home here in Orlando just a few years ago. I'm afraid that the market will come back down to reality and a 350K townhouse will drop back down to where they used to be at 200-250K or less. I like the idea of somehow getting a rental property for passive income out of this process, but housing prices are making me question if we can swing it or not. We have a fairly large budget overall for a long term house. Obviously don't want to use that all on a temporary townhouse that will be rented later (if we go that route).

If anyone has any opinions on which approach or some advice on where we should look to live (or not live) within about 20 min from Carrollwood area I'd very much appreciate anyone's insight And if not just tell me to kick rocks, I won't be offended.

Nothing particular about the real estate market in Tampa, but as an observer for 40+ years, the Florida real estate market gets overheated and then drops big time. So, the time to buy is never when it is high. You just have to be patient. As to selling, if Orlando is high like it is in the rest of the state, it might make sense to sell, rent what you need and wait for the inevitable crash while you learn where you want to live.

 

[surfnole]

Yeah all those things add up. I'll definitely be able to reduce my overall expenses this way, even with a high HOA that usually comes with a townhouse or condo.

I didn't realize that with the homestead exemption. Thanks for the info that can make a difference. I don't know what the threshold is, but I could also get taxed on the sale profit if I don't buy in a certain timeframe I believe.

If you are married I think there is $500,000 tax exemption on profit of a primary residence if you are single it's $250,000

The one condition that I know of where time frame is relevant is on carrying over your homestead exemption to the new property

Capital Gains Tax on Home Sales

Capital gains taxes on real estate and property can be reduced when you sell your home, up to certain tax limits, if you meet the requirements.

www.investopedia.com

 

[surfnole]

Nothing particular about the real estate market in Tampa, but as an observer for 40+ years, the Florida real estate market gets overheated and then drops big time. So, the time to buy is never when it is high. You just have to be patient. As to selling, if Orlando is high like it is in the rest of the state, it might make sense to sell, rent what you need and wait for the inevitable crash while you learn where you want to live.

That is generally true with most of Florida where there is still land to expand. However I've been discussing with the realtor about Coast properties on the barrier Islands and my thinking is that it is becoming California.

It's already happened in Dade county up through Palm Beach county. They're simply no more land available Atlantic Ocean to the east the Everglades to the West the keys to the South.

Additionally I read that one out of 10 buyers are coming from California and I assume that one out of 10 are coming from the New York Northeast area and driving the prices because they can sell their $3 million houses and find a bargain here on the coast for well under a million on some areas of the coast

 

[fsufool]

That is generally true with most of Florida where there is still land to expand. However I've been discussing with the realtor about Coast properties on the barrier Islands and my thinking is that it is becoming California.

It's already happened in Dade county up through Palm Beach county. They're simply no more land available Atlantic Ocean to the east the Everglades to the West the keys to the South.

Additionally I read that one out of 10 buyers are coming from California and I assume that one out of 10 are coming from the New York Northeast area and driving the prices because they can sell their $3 million houses and find a bargain here on the coast for well under a million on some areas of the coast

Not arguing with you on this, but the end of the baby boom generation is retiring and there is going to be less and less retirees for these nice properties. Non-retirees still are dependent on where they work.............and how much they make. And of course, it only takes one hurricane to reverse all that or a change in government insurance subsidy program. These trends are long term risks that would depend on how long you think you are going to live in the house or how bad you want to live on a barrier island.

Do miss my house on Tampa Bay though........

EDIT: I do remember driving from Vero Beach south on A1A and seeing empty condo building after empty condo building between Vero and West Palm in the 1980s. Lots of people lost their shirts buying those prime waterfront condo's. Same deal in Tampa during 2007-2010. Those things stay with you if you lived through it.

 

[fsufool]

Maybe but when supply issues create a situation where the market is growing at an astronomical rate people assume risker financing to afford housing and when the market corrects they find themselves in trouble. Eventually builders will find space and a means to meet demand and the market will have some correction. Generally speaking I simply don't trust large spikes in pricing and honestly know nothing about the Tampa markets.

I'm with you. From my old man experience....................anytime someone says "this time is different," don't believe them.

 

[Seminole'13]

Everyone who’s saying the market won’t go down anytime soon… thoughts on how the rise in interest rates will affect home prices? I know many are buying with cash, but no way rising rates doesn’t curtail demand.

The Tampa housing market is absolutely insane. If you thought you were kicking butt in this town before, you’re just keeping up with everybody now. And if you were middle class before all of this and you didn’t own a home, you are in trouble now.

 

[QuaZ2002]

Everyone who’s saying the market won’t go down anytime soon… thoughts on how the rise in interest rates will affect home prices? I know many are buying with cash, but no way rising rates doesn’t curtail demand.

The Tampa housing market is absolutely insane. If you thought you were kicking butt in this town before, you’re just keeping up with everybody now. And if you were middle class before all of this and you didn’t own a home, you are in trouble now.

Yeah if you’re middle class and don’t already own you’re either renting or moving out to Wesley Chapel or Land o Lakes. Which is typical of “big cities” but crazy how quickly Tampa has moved that direction. I will say, good for those of us who bought at the right time. I have a 1/1 condo in downtown that’s basically doubled in price in 8 years.