How Much Value Lost Depends On Where You Live And What You Own
As you know, I have been writing that property values throughout Pinellas County and the Tampa Bay area have dropped from 17 to 18-percent during the past year. Now, Zillow has confirmed those figures in their online real estate service and the data was published in the St. Petersburg Times on Tuesday, May 6th.
New homes seem to be the hardest hit by these price declines. Places where new construction was prevalent -- New Tampa, Wesley Chapel, Land O'Lakes, Riverview -- seem to have lost upwards of 17 percent or more during the past year. The more established communities -- St. Petersburg, Oldsmar, Safety Harbor -- seem to be holding their values a bit better, but are still down from 13 to 17 percent over where prices were a year ago.
According to Zillow, the overall median value for the region is now $166,000, a drop of 17.1-percent than the median for the same period in 2007. Remember, median value peaked in mid 2006 at $215,500 for the Tampa Bay Region.
Here's something else the Zillow data shows: The farther the property is from an urban center, the greater it depreciated. Pasco County values dropped an average of 19.3-percent while Hernando County showed losses of 20.5-percent.
These new-home-versus-old-home and location differences don't hold up all the time. Zillow singles out property on Redington Beach as an example. According to Zillow, Redington Beach is a top price drop area because of its oversupply of condos. Redington Beach and virtually all the Gulf Beach communities show price drops of about 20-percent for 2007, despite a location in urbanized Pinellas County. Those older homes in neighborhoods like St. Petersburg's Old Northeast and parts of Port Richey that appreciated so quickly in the last few years are taking it on the chin now too, dropping in the 17 to 20-percent range during the last twelve months.
What this all means is that sellers need to keep these price declines in mind when setting prices on properties for sale and when considering offers from buyers. Smart sellers know that a property is worth only its market value at the time it is being sold, no more and no less. If a property has been on the market for several months without a reduction in asking price, it might be time to bring it in line with current market conditions -- whether you like those conditions or not.
For more information about real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
New homes seem to be the hardest hit by these price declines. Places where new construction was prevalent -- New Tampa, Wesley Chapel, Land O'Lakes, Riverview -- seem to have lost upwards of 17 percent or more during the past year. The more established communities -- St. Petersburg, Oldsmar, Safety Harbor -- seem to be holding their values a bit better, but are still down from 13 to 17 percent over where prices were a year ago.
According to Zillow, the overall median value for the region is now $166,000, a drop of 17.1-percent than the median for the same period in 2007. Remember, median value peaked in mid 2006 at $215,500 for the Tampa Bay Region.
Here's something else the Zillow data shows: The farther the property is from an urban center, the greater it depreciated. Pasco County values dropped an average of 19.3-percent while Hernando County showed losses of 20.5-percent.
These new-home-versus-old-home and location differences don't hold up all the time. Zillow singles out property on Redington Beach as an example. According to Zillow, Redington Beach is a top price drop area because of its oversupply of condos. Redington Beach and virtually all the Gulf Beach communities show price drops of about 20-percent for 2007, despite a location in urbanized Pinellas County. Those older homes in neighborhoods like St. Petersburg's Old Northeast and parts of Port Richey that appreciated so quickly in the last few years are taking it on the chin now too, dropping in the 17 to 20-percent range during the last twelve months.
What this all means is that sellers need to keep these price declines in mind when setting prices on properties for sale and when considering offers from buyers. Smart sellers know that a property is worth only its market value at the time it is being sold, no more and no less. If a property has been on the market for several months without a reduction in asking price, it might be time to bring it in line with current market conditions -- whether you like those conditions or not.
For more information about real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
-30-
posted by Terry Ward at 3:56 AM
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