New Tampa bridge

Paving has begun on the New Tampa bridge over I-75, under construction at the end of New Tampa Blvd. with a planned 2013 completion:

New Tampa bridge over I-75

Parks Fiat of Wesley Chapel

Parks Fiat of Wesley Chapel

The Parks Fiat of Wesley Chapel building is under construction on SR 54 next to Parks Ford of Wesley Chapel.  Look for a December opening.

Spirit Halloween coming to The Shops at Wiregrass

Spirit Halloween in Wesley Chapel

 

This year Spirit Halloween will open its temporary store in The Shops at Wiregrass. 

A touch of the RNC here in Wesley Chapel

New Tampa / Wesley Chapel will get a bit of the RNC this week when delegates from Texas and Louisiana check in to the Saddlebrook Resort in Wesley Chapel.  While they might not be lodged as close to downtown Tampa as they would like, they sure have some great amenities at the resort such as two Arnold Palmer signature golf courses, 45 tennis courts, and a half million gallon resort pool!

Saddlebrook Resort pool

 

Florida housing recovery gains momentum

More good news reported by the Florida Association of Realtors yesterday:

“Florida’s real estate recovery is on solid ground,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Since May 2011, pending sales have increased every month for both existing single-family homes and for townhome-condo properties. In July, pending sales were up more than 42 percent for existing single-family homes and 26 percent for townhouse-condo units, compared to a year ago. Home prices are on the rise in many markets, while the inventory of homes for sale is down. Florida’s housing market is growing stronger and stronger.”

Statewide closed sales of existing single-family homes totaled 17,420 in July, up 9.8 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The statewide median sales price for single-family existing homes last month was $148,000, up 7.8 percent from July 2011.

“We really need to recognize that over the past year, we have seen a market reversal, from a clear buyers’ market to a neutral market to one that is verging on a sellers’ market,” said Florida Realtors Chief Economist Dr. John Tuccillo. “This is a precursor to price growth. Our MLS (Multiple Listing Service) numbers confirm this in that both median and average prices have been trending up. Florida Realtors’ soon-to-be-launched price index, based on all sales, is showing the same sort of behavior in that price drops ended in 2009 and are now showing signs of moving up.”

Additionally, the Greater Tampa Association of Realtors reports that the median sales price for single family homes in July increased 7.4%  over July, 2011 and the inventory of single family homes for sale dropped 31.7% from a year ago.

Search Homes For Sale

HomeGoods in New Tampa plans October opening

I had several inquiries this past week about the opening date for the new HomeGoods store going in on BBD (across from Home Depot, in the Highwoods Preserve shopping center near Best Buy and Michaels).  A few even thought the grand opening event was last weekend.  It wasn't!  I am told that the projected opening is October 20th, but the date is not firm.  (See photo below of construction in progress taken this week.)  If you simply can't wait until then, I suggest you go to the nearby HomeGoods store in Lutz:  17641 N Dale Mabry Hwy, Lutz, FL. Tel: 813-962-6826.

HomeGoods in New Tampa

Wesley Chapel Old Navy now hiring

Old Navy in Wesley Chapel at the Grove

The new Old Navy store at the Grove mall in Wesley Chapel is now hiring and plans an October opening.  Questions?  (813) 972-5868

Old Navy in Wesley Chapel now hiring

These homes will bring a smile to your face

(Courtesy of Nest Thermostat)

Low inventory of homes for sale frustrating Tampa buyers

Homebuyers are increasingly finding it difficult to find the right home to purchase due to dwindling inventories of homes for sale on the market.  They are finding it particularly difficult to purchase homes in move in condition under $200,000 and higher priced homes in the most desirable neighborhoods.

Additionally when a new listing comes on the market, they are finding that they must act quickly and very often find themselves in a bidding war on the home and may have to offer above list price! 

The following chart shows the drop in the year to date residential listings as reported by the Greater Tampa Association of Realtors:



The Florida Association of Realtors reports the following data reflecting the drop in inventory for single family homes in Tampa Bay over the past few years:

So, what's the cause of this drop in inventories? 

• Less foreclosures on the market
• Many Short Sale/Pre-foreclosure homes are under contract in Short Sale purgatory waiting for an answer from the Sellers' lender(s).
• There is a large percentage of homeowners who are underwater on their homes and can't afford to sell at today's low values.
• Investors have purchased a lot of the lower priced inventory.
• Record low mortgage interest rates and concerns that home values are moving up have many first time homebuyers in the hunt.

There are less than 40 Wesley Chapel single family homes on the market that are not short sales that are priced below $200,000 and 20 priced below $150,000, and there are less than 20 New Tampa single family homes (not short sales) on the market listed below $200,000.

Search Wesley Chapel HOMES FOR SALE      

 Search New Tampa HOMES FOR SALE

Volunteer fair today at Florida Hospital Wesley Chapel

Volunteer fair at Florida Hospital Wesley Chapel

The volunteer fair for the new 200,000 sq. ft. Florida Hospital Wesley Chapel is today from 10:00 AM to 2:00 PM.  The hospital is looking for volunteeers for four hours shifts and commitments for a minimum of six months.  Volunteer applications can be picked up and turned in today during the fair hours at the hospital on BBD.

Next month the hospital will have a community grand opening event on Sunday, September 16, 2012 from 1:00 to 4:00 PM and the hospital plans to open in October.

 

New to The Shoppes at New Tampa in Wesley Chapel

Two new tenants for The Shoppes at New Tampa located at BBD & SR 56 in Wesley Chapel:

• Bobbie Rose Boutique, a skin, bath, hair care & clothing boutique next to Publix opened this week.  Facebook page
• Firehouse Subs has a sign in a vacant space a few doors down, announcing that they will be coming to the retail center with no opening date provided.  Website

A morning filled with hot air balloons in Wesley Chapel skies

 



Future Wesley Chapel convenience store on SR 56

The northeast corner of SR 56 & Cypress Ridge Blvd. will be the location of a 4,935 sq. ft. convenience store with gas pumps and car wash.  (It's located across from BB&T on SR 56.)

August, 2012 Real estate market report for New Tampa

• Our local MLS* reported that 77% of the single family homes reported sold in July in New Tampa (zip code 33647) were "normal" sales.  Shorts Sales/Pre-foreclosures made up 15% and REO/Bank owned (Foreclosures) made up 8% of the total reported sales.
• New conventional mortgages were used to purchase 60% of the homes, 15% were new FHA loans, 8% were new VA loans and 17% were purchased with all cash.
• The lowest sales price per square foot was $47.50 for a home in Heritage Isles with possible Chinese dry wall to a high of $187.20 for a newly constructed home in Grand Hampton.  The average sales price/list price ratio was 97%.
• Sold prices ranged from $102,000 for a 1,298 sq. ft. REO/Bank Owned (Foreclosure) in Cross Creek to $818,000 for a 6,807,  8 bedroom 7+ bathroom pool home in Tampa Palms.

Currently there are over 340 single family homes for sale in New Tampa (Zip code 33647) with prices ranging from $107,400 for a 1,392 sq. ft. home to over $2,000,000 for homes in Tampa Palms with over 9,000 sq. ft.  79% of the single family homes on the market in New Tampa are not distressed sales.

*Information provided by MLS deemed reliable but not guaranteed

Hot air balloons in Wesley Chapel skies

This morning we had hot air balloons over our skies in Wesley Chapel once again.



Avalon Park West

Avalon Park West in Wesley Chapel

AutoZone opening soon in New Tampa

New Tampa AutoZone

The AutoZone in New Tampa, recently built on BBD & Trout Creek Drive has been stocking its shelves, so look for an opening in the near future.  Phone:  (813) 991-4832.

Sunset over Wiregrass Ranch

Sunset over Wiregrass Ranch in Wesley Chapel

Kwan Ming Bistro in Wesley Chapel opening

Kwan Ming Bistro in Seven Oaks Plaza

The Kwan Ming Bistro - Hong Kong Cuisine formerly located on Himes in Tampa plans to open in the middle of August at its new Wesley Chapel location: 27607 SR 56 #105, in the Seven Oaks Plaza between Mattress 1 and Little Feet (in front of Sam's Club).  The restaurant is applying to serve beer and wine on the premises and is on the Pasco Planning Commission agenda next week.  Phone:  813.994.2328  Website  Menu

Lexington Oaks real estate report for August, 2012

Five single family homes were reported sold in the beautifully landscaped Wesley Chapel, golf course community of Lexington Oaks in July per our local MLS.  Sold prices ranged from a low of $105,000 for a maintenance free home to a high of $278,500 for a 4 bedroom, 3 car garage, pool home.  The breakdown by type of sale for July was:  40% Normal Sales, 40% Short Sales, 20% REO/Foreclosure Sale.  The average sales price for the month was $169,600 and the average sales price was 94% of the list price.

Currently there are 12 single family Lexington Oaks homes listed for sale in our MLS  with list prices ranging from $142,000 to $304,000.

Burger 21 in New Tampa to open

Burger 21 on BBD in New Tampa plans to open in September.