HELP from Tampa Viper Owners!

[vette2viper]

Tampa Home

Is this in a decent part of Tampa? I question it because the price is so low. Most I've looked at were in the $800k - $1.5m range, yet this one has many of the same nice features.

Any comments from you Tampa folks would be appreciated.

 

[98MODMTR]

That would be the Tampa Palms (new tampa) area. Not bad at all, a very nice area! Just a crap load of traffic that I don't care to deal with. Best of luck.

 

[Chuck 98 RT/10]

Yes, that is a nice area. It is south of I-75 so you might miss some of the traffic Jayson is talking about. Many restaurants and hotties north.

Watch for the oinkers on Bruce B. Downs Blvd. That road is begging for 65mph but is posted 45.

You should come down for a couple days and get a better idea. If I have time I could drive you around.

Also, if you move to Florida you are required to join SAFE Motorsports. Go to www.SAFEMotorsports.com for details.

 

[Gerald]

expect 1/2 hour commutes to go 2 blocks in that area

 

[vette2viper]

Thanks to all for your comments. The slow traffic thing stinks, but I'm a native of Los Angeles and learned to drive on the LA freeways. Also, drove the Wash DC beltway for four years. Since I'm retired, I could plan most of my activities around such peak hour traffic.

Chuck...coming down for a visit is in the game plan. I appreciate your kind offer and will certainly coordinate with you before such a trip. As for the specific house I talked about here, it was sold the next day after this post. But, I have a list of several in the Tampa Palms area, all in gated communities, etc.

My first choice is still Chandler, AZ because of the 300 clear days a year average. But, the search is still on.

Thanks again...

 

[Jay Herbert]

Ever thought about Northwest Arkansas? Recently was written about in USA today (or the Wall Street J, read them both in the airport yesterday, can't remember which one had the article in it) for being one of the most affordable places in the country for "middle management" housing.... Two of our newest members decided to move there from California after a nationwide search and are loving it. The low overall taxs of Arkansas bring in a lot of retired folks, another nice area is Hot Springs: www.hotsprings.org Here is an example of the pricing/property in the Hot Springs area: Hot Springs House

 

[Chuck 98 RT/10]

My first choice is still Chandler, AZ because of the 300 clear days a year average.

I met with Brian Flynn tonight and he said there were too many fatties in AZ. Not an issue if you're married I guess.

 

[vette2viper]

Thanks Chuck...I'm extremely single and hotties can be found everywhere...fatties too...LOL.

Jay...lived in AR before...it was a hoot. I want the very best Viper weather...no winter. Live in the swimming pool by day and cruise the Vipers by night.

 

[Hockeysnake]

Chuck Chuck Chuck...fatties in AZ...it depends where you are. If you are combing the bars on the Indian reservations I suppose you might find a few but walk around in Scottsdale, Chandler Mall, etc...and your head will snap clean off.

Here is a website for your viewing pleasure. Go to the Phoenix pics.

www.eventvibe.com

 

[Gerald]

vette2viper, parts of Tampa can be very low traffic and yet still in the middle of the city. The area you describle is pretty much a bottle neck of 75 (or is it 275?). Give Chuck and I a jingle when you get down here. I won't be single too much longer, but I'm confident I can still pull the honies in for you or Chuck if you need any help.....

 

[Franko]

Just bring your knife so you can cut through the humidity

Have you thought about Sarasota? I love Siesta Key Beach. Just a thought.

Frank

 

[98MODMTR]

Watch for the oinkers on Bruce B. Downs Blvd.

Easy killer....

 

[Tommy K]

Mike, I live on the northern cuff of the New Tampa area. I'm also in the RE game, so let me know if I can help. There are some new areas up here which offer superior access, without the traffic. Shoot me an email when you get a sec. Good luck.

Tom

 

[Paul Hawker]

Mike. I would invite you to explore San Diego. It has the finest weather anywhere in USA. The down side is that home would be more than double out here. Housing has been going up 20% annually for past 6 years.
Mild temps, low humidity, no bugs, great roads, ocean access, mountains for snow and skiing, deserts with long open roads.....and oh yes, a fantastic ViperClub.

 

[vette2viper]

Thanks Paul...I'm a Socal native and have spent much time in SAN. Like it, but swore I would never return to CA to live for many reasons...housing, taxes, traffic, smog, lifestyle, etc. The weather is great, but does not match the 300 clear days a year like Chandler, AZ.

Speaking of taxes...in 1974, I was paying $2400 a year for property tax on house in Socal. Today in Chandler, I've looked at several $800k - $1.5m houses with annual tax of $2500 - $4000!!!

Thanks for the invite. One of my favorite routes for taking guests flying was from Long Beach to San Diego in afternoon, eat dinner in SAN, then fly them back after dark. Beautiful!

 

[vette2viper]

Tommy K...email sent.

 

[Y2K5SRT]

And a serious question for you Florida folks: Have the home prices dropped due to the recent bad weather? You read of a lot of people that have decided to move elsewhere and you would think that it would cause an excess of homes on the market - thus driving the prices down. I know that they are saying that the tourism business for the remainder of the year and even into 2005 is forecasted to be much lower even in undamaged areas (I am in the hospitality business). Just curious and hope all is very well!

 

[Chuck 98 RT/10]

Hype. No significant number of folks are moving because of the hurricanes.

 

[Franko]

Values won't go down because that means the people that move away would have no place to go except back to NY or NJ. ha ha

If FL wasn't so hot i would live there in a minute! Nicest beaches in the country, especially on the west coast of FL.

 

[RAM SRT10]

Clearwater here...right across Tampa Bay. The wife and I are into real estate investment as a "hobby". We continually watch the market, and follow local sales/ listings. Over the past 5 years the median home prices have more than doubled. Relatively speaking it is still very affordable here in the Tampa Bay area, and the market is "expected " to produce an 8% increase over the next year...regionally. Obviously there are better / worse areas. We have done well with real estate ...much better than the stock market has offered that's for sure.
The area that your looking into I am personally not involved in as we work/play in Clearwater. I do know that there is plenty of development there as growth has continued at a decent pace. Tampa and the surrounding area is a great place to live...lots of great things to do, and great weather ...minus a Cat 4 here and there...LOL
I use a couple of links to browse the market..Good luck. Let me know if you need anything. Local magazines...ect.

Ken

http://stpete.abracat.com/

http://classified.tbo.com/classifieds-bin/classifieds?classification=real%20estate%20for%20sale&temp_type=search&property=bloomingdale%20fl,brandonnews%20fl,carrollwood%20fl,fishhawk%20fl,tampaloop%20fl,pascoloop13%20fl,macdill%20fl,nwtampa%20fl,plantcity%20fl,southshore%20fl,southtampa%20fl,temple%20fl,thesun%20fl,townnews%20fl,pascoloop22%20fl,suncoastwest%20fl,suncoastpinellas%20fl,tampatrib%20greater,tampatribpasco%20fl,tampatribbrand%20fl,tampatribune%20fl,hernando%20fl,highlands%20fl

http://www.buyowner.com/default.asp

http://www.realtor.com/FindHome/HomeListings.asp?frm=bymap&lid=&pgnum=1&ss_aywr=&optInCheckbox=&st=FL&mls=xmls&lnksrc=&mnbed=4&js=on&mnsqft=0&fid=so&vtsort=&poe=realtor&mnprice=200000&ct=tampa&zp=&mxprice=2000000&typ=1&typ=6&exft=0&exft=0&exft=0&exft=0&mnbath=3&areaid=1296

 

[Franko]

Good advice. I'm in real estate for a living and although i've done well in San Diego i might have to start investing in areas that are alot less expensive such as Florida and Arizona. Median home in San Diego is $525k.

My best friend just closed on a house in Westchase?? I'm not positive if thats the area in Tampa. He got a 2500 sq ft home for only $290k! Thats amazing and taxes are low.

Whats your opinion on multi unit properties for just under 1 million price range? What areas would you suggest for that type of rental income? Basically i'll be cashing out of my properties here and doing a 1031 into an investment property.

Thanks in advance as i'm starting to do research in Florida.

Frank

 

[RAM SRT10]

Just went to a 1031 seminar yesterday...Sweet buy in for 600K. Have the info here, however I believe it's near sold out. Here is contact info :

Robert J Eanell PhD
President

The 1031 Exchange Group
702 South Rome Ave.
Tampa, Florida 33606

(813)251-6915
[email protected]

Hope it helps.

Ken

 

[RAM SRT10]

BTW... The property is with DBST Group of Companies

Offering: $18,104,048 cash equity.The property has a loan to value ratio of 44%%. the initial cash minimum is $603,468
Smaller investments may be allowed at DBSI's discretion. The total purchase price to hte TIC investor is $32,354,048.
The capitalization rate is 6.36%.

Yield: Cash flow will begin immediatly from payments from the master lease. The cash flow starts at 6.25% of the TIC owner's cash investment and increases by 3% of the previous year's yield each year until sale or the end of the 20 year master lease term.

Projected return: Potential average annual returns range from about 8.35% to 11.05% at 2% annual increases in market rental rates and 6.5% to 7.5% resale capitalization rates.

Depreciation was not stated.

Term: Planned holding period will be 5 to 10 years. Ultimate decision to sell dependent on unanimous decision of the TICs.

DBSI Group of Companies
1550 S. Tech Lane
Meridian, ID 83642
1-800-678-9110
fax 208-955-9788

 

[Franko]

Thanks for the info Ram! I will look into it. I really like Siesta Key Beach. The wife and i were thinking of getting a small condo for the winters. I can't handle the summers but winters are perfect.

Thanks again,

Frank

 

[RAM SRT10]

Regarding mlti - unit properties seem to be where most of the realtors have not "saturated" the market. Hard to beat a Realtor to residential "deals" here. I find a decent home with 50 to 100 K positive equity with mininmums of 5 to 8K invested in the home to update...with a 2 to 3 month turn around to complete.... depending on the amount of work needed.

Call on a home "no brainer" 4/2/2 with pool/caged... for only 164K. This was the first day the property was on the MLS. I get there at 9am...it was 5 minutes away. When I got there it looked like a ride at Busch Gardens... the line of Realtors were steady in/out the door. I find the listing agent and there were 3 contracts on it already. Sold 62 days later for 249K. Makes for some nice pocket money.

Plenty of multi-units available in the area.
Of course if your 1031'ing... Never know what will be available and where.

Question:
How well with the 1031's?? Still looking at it.
Not really sure about it yet. Good / bad experiences...red flags?

Thanks
Ken