The Market is Shifting
It has been a while since I have updated this page. It is past due. So here it goes. The Tampa Bay Market is going through a “Shift” we are slowly transitioning from a “Seller’s” Market towards a “Buyer’s” Market. Some areas are seeing the prices starting to drop. This is in some part “Seasonal” as we are heading into late Fall and the “Holidays” are near buying activity slows down as people want to wait until spring to look at buying. There is also the Election, people are nervous they do not know which way the country is heading and how the economy will fare. But there are still some Hot Pockets of activity. These are areas that are going through transformation as new Restaurants, Markets and Specialty stores pop up the neighborhood becomes more popular and old houses get bought and fixed up. Some of these areas have been going through these changes for a few years and as the prices rise and the inventory gets lower the nearby neighborhoods become more attractive to buyers who what to be close to the action.
Here are are well known areas and few up and coming neighborhoods.
Historic Kenwood in Saint Petersburg, this area has been getting more popular in the last few years and prices reflect that We are now above the January 2006 Median price point which was pretty close to $200,000. Then at the bottom of the recession Median price was was below $100,000 with a couple of blips above. Now as of September we are above $250,000 close to $275,000 Median price point. Kenwood is near the Grand Central district where all the Restaurants and shops are. South of Central From 5th Ave South north to Central Ave is where the smart money is going. Just in the last year Prices have jumped. But one can get a decent house there for $150,000 and under, A lot of fixers for around $50,000 but not for long.
In Tampa Seminole Heights Like Kenwood has been the place to go as the SoHo (South Howard) area has priced most buyers out of the market. Pre Recession the Median Prices in Seminole Heights were just shy of $300,000 and fell to Below$100,00 with a few dips into the sub $50,00 (mostly really distressed properties) range. Prices are up again but haven’t quite reached the Pre Recession highs. Price are on the south side of the $250,00o mark with occasional dips below $200,000. Part of the problem there is the availability of solid homes as a lot of those houses were neglected for a very long time and are too costly to restore so there is new construction going on. So Only time will tell but I have seen this before and as always “Time is of the essence” If you see something you like do not hesitate, write the offer before someone else does.