Sinkhole Insurance rates to skyrocket!

If you are among the unfortunate homeowners who have Citizens insurance you can expect a massive increase in your homeowners insurance premium to cover sinkholes.  This year our state lawmakers passed SB 408 which was promptly signed by governor Dick Scott.   That law now permits Citizens to increase sinkhole premiums without any cap. Premiums in the Tampa Bay area now may increase by as much as 2000%!   Full story

Cole's BBQ relocates to Cross Creek Blvd.

Cole's BBQ recently relocated from its former Tampa Palms location to Cross Creek Blvd.
Location:   10861 Cross Creek (Former location of Jimmy Z's).   Owner Bradley Cole says the restaurant is open 7 days a week.  Phone:  813.986.9500.

Improved entry to The Shoppes at New Tampa at SR 56

This week improvements to the entrance of The Shoppes at New Tampa (Publix shopping center)  from SR 56 began:

Sunday morning hot air balloon

Latin Twist Cafe

The Latin Twist Cafe in Wesley Chapel is on today's agenda for the Pasco County Planning Commission to permit the consumption of beer and wine at the cafe.  The Latin Twist Cafe has not yet opened and is located directly across the street from the Wesley Chapel Medical Center currently under construction on BBD.  I don't have an opening date for the cafe at this time. 

Note:  After posting the above this morning I received a comment from a blog reader (see below), so I stopped by the Latin Twist Cafe after a meeting this morning at Mason Title in Seven Oaks.  I met briefly with the friendly owners and staff of the cafe.  The Latin Twist Cafe is now OPEN.  Hours are Mon.-Sat. 7:00 AM to 9:00 PM & Sun. 11:00 AM to 7:00 PM.  So, support a local business and drop by for a little bit of latin twist! Facebook page & Phone:  813.994.7700.

2011 Tampa Bay Median Single Family Home Prices

After years of declines in home values, median single family home prices in Tampa Bay* have been increasing this year.  See chart below:

Earlier this year, the Pasco County Property Appraiser stated that "we have hit bottom" with home values:  LINK

*Citrus, Hernando, Hillsborough, Pasco & Pinellas

Pasco sheriff to address PACA

Pasco County sheriff Chris Nocco will discuss policing stategies when he addresses the Pasco Aliance of Community Associations on July 14th.  The monthly PACA meeting will be held at 7 PM at the Land O Lakes Community Center in Land O Lakes.

What category of homes is selling in New Tampa in 2011?

62% of the reported MLS single family home sales in New Tampa in the first half of the year were "traditional" sales (not distressed sales), followed by 22% which were REO's/Foreclosures, and "Short Sales" at 16%.

Once again we see a large percentage (57%) of the homes "under contract" are "Short Sales", yet in the YTD Solds they were the smallest category of homes sold at 16% of the total YTD sold. Fourteen "Short Sale" homes under contract have been under contract since 2010 and haven't closed yet. Based on past sales we can predict a large percentage of the "short sale" homes under contract and waiting for a response from the Sellers' lenders won't close and convert to SOLD Short Sales.

There is a significant difference in the single family homes for sale between Wesley Chapel (see previous post) and New Tampa.  72% of the homes on the market in New Tampa are not "distressed sales", and won't require the long wait on short sales or the bank required "one sided" addendum to the Purchase and Sale Contract on foreclosures.  This compares to the 52% of the "traditional" single family homes listed for sale in Wesley Chapel which are not classified as "distressed sales".

There are approximately 300 single family homes listed for sale in New Tampa (Zip code 33647).

*Information reported from MLS deemed reliable but not guaranteed.

Oakley's Grille Grand Opening in New Tampa

Grand opening of Oakley's Grille in New Tampa (Across the street from Panera Bread on BBD.)  A quick glance at the posted menu showed burgers and sandwiches on the menu.  Menu

Wesley Chapel real estate statistics for 2011

Over 330 single family homes were reported sold in Wesley Chapel by our local MLS in the first six months of 2011.  The average sales price was $178,285.  The most expensive Wesley Chapel home reported sold was a 3 bedroom, 4.5 bathroom pool home in Fairway Village (Saddlebrook) with a sales price of $980,000.

2011 Sold Prices for Single Family Homes in New Tampa

Most single family homes reported sold in New Tampa in first half of 2011 by our MLS sold for under $300,000.*

The most expensive single family home reported sold in New Tampa for 2011 was a 5 bedroom, 5.5 bath, lakeside, pool home in Cory Lake Isles, with a reported sold price of $1,400,000.

*Information reported in MLS deemed reliable but not guaranteed.

2011 Semiannual Wesley Chapel Real Estate Market Report

Nowadays there are three major categories of home sales:  Traditional, REO's/Foreclosures, & Short Sales/Pre-foreclosures.  The last two categories are considered distressed sales with Short Sales/Pre-foreclosures typically being the most difficult to get from contract to close since they require the approval of the sellers' lenders(s) which can take months or even years, and often times those lenders reject the short sale completely even when offered "full list price".  Note:  Two "short sale" homes in Wesley Chapel went under contract in 2009 and still haven't closed, and fifteen have been under contract since 2010!   Many home buyers attempt a Short Sale and become exasperated over the process which can be lengthy and uncertain.  (Typically the asking price is not even approved by the sellers' lenders when the home is put on the market.)

In the semiannual analysis of Wesley Chapel single family home sales reported in MLS we see that the actual percentage of "Short Sale" single family homes that sold was the smallest category--at 23% of the total sold.

 It is interesting to note that the actual percentage of "Short Sale" single family homes currently under contract in Wesley Chapel is the highest at 67%!  (It is probable that most of those are waiting for a response by the sellers' lender(s.)  Comparing this high percentage to the actual solds shows that a large number of these will not close and become solds.  This is consistent with analyses by type of sale in the past, reflecting that the volume of actual short sale solds is much lower than those that have gone under contract.

40% of the single family homes listed for sale in our MLS are identified as Short Sales/Pre-foreclosures, 8% are REO's/Foreclosures, and 52% (Traditional) are not distressed sales.

An analysis of the actual sales price to list price ratios for the first six months show little differences in the sales price percentages in the three categories:

Traditional:  95%

REO/Foreclosures:  97%

Short Sales/Pre-Foreclosures:  96%

Currently there are over 300 single family homes listed for sale in Wesley Chapel.

*Information reported from MLS deemed reliable but not guaranteed.

Cross Creek Boulevard reconstruction to begin

Anyone who has traveled Cross Creek Boulevard in New Tampa eastbound from BBD in the last year or two is well aware that the road surface is horrible and needs repair.  According to Project Manager,  Eric Niedernhofer the road base has failed and they will begin the reconstruction on July 10th.  The scope of this project begins 700 feet east of the center of BBD going east through the intersection of Cross Creek Blvd. and Larkbunting according to Niedernhofer.

Oh, and there will be DELAYS so be prepared for some pain!  The westbound section of Cross Creek will be closed for about 2-3 weeks for the roadwork, then the traffic will be shifted to the newly reconstructed roadwork while the eastbound section is rebuilt.  The estimated total time for the project is 4-6 weeks.  (Note the section of roadwork 700 feet east from the center of BBD will be rebuilt with the BBD widening project.)

Corcoran on what's next for real estate

Barbara Corcoran shares her thoughts on today's housing market.

Have a Safe and Happy Fourth of July weekend!