Market report for Cross Creek in New Tampa

Nine single family homes in Cross Creek were reported sold by our MLS in May.  Five were traditional sales and four were distressed sales (2 Foreclosures & 2 Short Sales).  Reported sold prices ranged from a low of $104,900 for a three bedroom, two bathroom, two car garage home to a high of $259,000. for a four bedroom, three bathroom, 2 car garage, pool home.  MLS reports the average May sold price for single homes in Cross Creek was $196,322.

Currently there are sixteen single family homes in Cross Creek listed for sale in MLS, Cross Creek is one of the few communities in New Tampa with no CDD fees so it is a community you should consider if you don't want to pay those fees for community amenities.   Prices range from $102,300  to $349,900.  Half of the homes listed for sale in Cross Creek are pre-foreclosures/short sales.     .

Trout Creek Commons seeking tenants for New Tampa retail center

A commercial retail center is under construction in New Tampa, just south of County Line Road.  The two buildings will make up 15,000 square feet of additional commercial space in the desirable New Tampa market.  Additional info:  troutcreekcommons@gmail.com .

Arbor Greene Real Estate Market Report

Nine single family homes were reported sold in April in the gated and guarded New Tampa community of Arbor Greene by our local MLS. The reported sold prices ranged from $150,100 to $430,000 with an average sales price of $285,844. 78% of the April sales were traditional sales with 2 short sales making up the remainder of the sales.

Currently there are over 15 single family homes listed for sale in Arbor Greene in our MLS.

Colonial Grand at Hampton Reserve

The 451 unit apartment complex is going up on BBD at County Line Road, just to the south of the Sweetbay supermarket.

March home sales soar!

Area March home sales increased 32% (Hillsborough, Pinellas, & Pasco) and one local economist is quoted in the St. Petersburg Times as saying: "We're either at or very close to bottom of the market...It would be crazy to wait for the last nickel to fall."

The number of home sales reported in March compared to February:

Pasco:  +26.5%
Hillsborough:  +33%
Pinellas:  +32.5%

Additionally, the St. Petersburg Times reports that the average sales price of homes in Pasco increased $26,000.

1st Quarter 2011 New Tampa Distressed Home Sales by Community

An analysis of single family homes reported sold by our local MLS for the first quarter of 2011 shows the following percentages of distressed sales by New Tampa community.  Distressed sales are made up of Short Sales/Pre-foreclosures and REO/Foreclosures.

New Tampa 2011 First Quarter Home Sales

The following chart shows the breakdown of single family home sales reported in our MLS for New Tampa for the first quarter of 2011:

Distressed sales for the first quarter of 2011 in New Tampa made up 44% of the total reported single family home sales in MLS.

Pending (Under Contract) New Tampa Single Family Homes

The majority of single family homes in New Tampa reported under contract currently in our local MLS* make up distressed sales (REO/Foreclosures & Short Sales/Pre-Foreclosures).  51% are classified as Short Sales and based on actual sales year to date we know that short sales made up only 20% of the actual sales of single family homes in New Tampa.  Why the disparity? 

• A large number of the "Short Sale" homes under contract won't get approved by the sellers lenders and won't close as short sales.
• "Short Sale" Buyers will tire of waiting for responses from sellers' lenders and move on to another transaction.
• "Short Sale" buyers reject counteroffers on pending contracts by the sellers' lenders.
• Some homes in "short sale" status will actually become REO/Foreclosures before they sell.

Single family homes in New Tampa on the market begin at $99,000.

*Information deemed reliable but not guaranteed

Groundbreaking ceremony announced for New Tampa fire station #22

Mayor Pam Iorio will be joined by business and community leaders for the Fire Station # 22 in New Tampa groundbreaking ceremony on Monday, March 14, 2011 at 2 p.m. at 10871 Cross Creek Boulevard.

The new fire station will be an 8,660 square foot facility with a center garage that will have three bays for apparatus equipment. The garage will be flanked by work and sleeping quarters. Sustainability features incorporated into the design of the station include high efficiency lighting and controls, solar-powered exterior lighting, energy-efficient HVAC system, solar-powered water heating, and use of recycled materials. Site sustainability elements include preservation of the onsite wetlands, use of Florida Friendly landscaping, and the incorporation of bioswales into the stormwater retention system to provide runoff water quality enhancement.

The $1.58 million project is funded with the federal stimulus American Reinvestment Recovery Act dollars. The contract has been awarded to Pillar Construction Group and anticipated completion date is the end of November 2011.

Cash sales popular in 2011 New Tampa home sales

48% of all reported year to date home sales in New Tampa by our MLS were cash sales! 

What type of homes are selling to cash buyers in New Tampa?

Condos:  59%

Single Family Homes:  30%

Townhomes/Villas:  11%

What price range is selling to cash buyers in New Tampa?

Arbor Greene Market Analysis

Seven single family homes in Arbor Greene were reported sold in our local MLS year to date.  Sold prices ranged from $189,000. to $395,000. with an average sales price/sq. ft. of $89.00.  57% of the reported sales year to date were not distressed sales.  Year to date distressed sales were made up by:  Short Sales/Pre-foreclosures-29%, and REO/Foreclosure-14%.

Currently, the list prices of Arbor Greene single family homes for sale range from $179,000 to $499,000. and 31%  are distressed sales (Short Sales/Pre-foreclosures and REO/Foreclosures).

House Renters Beware!

This week the local media has reported on a number of alleged house rental scams in Pasco and Hillsborough, ranging from accusations of forging signatures on deeds to an individual claiming "adverse possession" and renting out homes to unsuspecting renters.


More on the adverse possession "epidemic".  Similar situations have occurred in the past couple of years in New Tampa in 2010 and in Wesley Chapel in 2009.