Tampa Real Estate Blog - Daily News Articles
Tampa Real Estate Sales Expect Growth
The Tampa area is going to see growth, according to Tony Polito, director of Metrostudy’s Tampa Division. Metrostudy tracks construction patterns. Tampa recorded over 5,000 new starts in 2004 3rd quaeter, up 5.2 percent from the previous year. The annual start rates increased 19 percent.
Florida's housing market weathered four hurricanes in the state during 2004, registering a record year in terms of closings and median price for sales of existing single-family homes statewide. By year's end, Florida came close to reaching the 250,000 mark for annual sales, according to the Florida Association of Realtors(R) (FAR), with a total of 242,234 homes sold, which is an 11 percent increase over the 218,739 homes sold the previous year.
Among the state's larger metropolitan statistical areas, Tampa-St. Petersburg-Clearwater reported gains in both number of sales and median sales price in 2004 compared to 2003 . With 47,639 homes sold last year, the figure was 17 percent higher than the area's 2003 sales, when only 40,867 homes were sold.. The median sales price rose 15 percent to $159,900; the year before, it was $139,300.Frank Kowalski, 2005 president of FAR, said “Buyers from all over the United States, Canada, Europe and Latin America are attracted to Florida, and not just because of the climate," he says. "The Sunshine State has a strong job market and a ready supply of housing in all price ranges. While median sales prices continue to rise, in part due to demand, residences in Florida offer great values for buyers worldwide."George Bodmer, president of the Greater Tampa Association of Realtors says buyers' appetite for homes in the Tampa Bay area will remain strong this year. "This is a great place to live," he says. "It has everything buyers want - - good schools, entertainment facilities and events, sports, leisure activities, jobs and, of course, Tampa Bay. Plus, we still have land available for development in the area and that helps with housing affordability."According to the Greater Tampa Association of Realtors, during February 2005, the median price of each condominium unit was priced at $152,200. One of the most popular developments in condominiums is Donald Trump’s Tampa Tower. Recently announced, the tower will consist of 190 units priced from $700,000 and up. Almost sold out, the construction was expected to start in May. Once the Trump Tower is finished, it will be the largest condominium built in Tampa. According to local Tampa brokers, the downtown condominium boom not only attracts investors, it also draws homebuyers who wish to escape from the bustling East Coast Florida.Almost 50 percent of the condominium units have already been sold since the announcements of the July 2004 projects.The local government wants to complete projects such as a new art museum, the River Walk, and the Ashley Drive redesigning. With these improvements, Tampa can only anticipate more growth, as well as more jobs in the area.According to Mark Vitner, a senior economist, Florida has one of the best economies in the country. All of Florida’s industry and metropolitan areas have shown healthy job growth. September’s 3.5 percent unemployment rate is the lowest recorded number in the state of Florida.Many prefer the slower life-style offered in Tampa, verses the lower state areas such as Miami and Ft. Lauderdale. The Tampa area is also a favorite for retirees, seeking to leave colder winter climates behind after retirement. With the close proximity to Disney World, Tampa offers its residents access to all the benefits of larger areas, without the increased hustle and bustle. An estimated 1000 people move to Florida each day, which can only increase the market needs for new homes, as well as re-sells.