New Port Richey, Florida Real Estate Blog

Sinkhole Rates go up THROUGH THE ROOF!!!!!

Hopefully you are already aware, but if not put on your seatbelt.  Citizens is raising the premium for Sinkhole coverage by as much as 20x higher.  One report has Pasco Counties sinkhole rates going from ~$1700 to almost $6000

Read the Rest of the story at My home on the web

West Pasco, Florida Waterfront July 2011 Market Report and Homes For Sale

As usual, the waterfront market is moving slower than the rest of the market.  Price and Insurance being the two biggest hindrances to that segment of the market.   But it is moving, albeit slower than the rest of the county

read the full story at my Home on the Internet, which includes graphs and charts

That is right folks, this year the Majority of Tampa is being bought up by People with Cash.  This was the front page of the St. Pete Times Real Estate Section.   

In Hillsborough County 50.1% of properties went to Cash Buyers

avg price - $140,360

In Pasco County 58.77% of properties went to Cash Buyers

avg price - $132,000

In Pinellas County that number struck 65%

avg price - $165,700

Keep in mind, nationally cash buyers account for only ~35% of solds.  Another consideration is that these numbers are from Snow Bird season.  Snowbirds rent a season or more, while getting to know the area, and than buy before the end of the season, so they have a place set up for next season.  As they are closer to, or in retirement, they are not looking to take on more debt, so they tend to pay cash.

Of note in the report was that there are more than 2,500 homes priced under $50,000 for sale

Some are speculating that the bottom has arrived.  Personally, prices can not go much lower.  Some houses have sold for around $10,000 (yeah they need work.)  New construction is available for under $100 per square foot.  So if you are thinking about purchasing, you might want to pull the trigger now

I say that because if you wait, not only could you miss the bottom, but interest rates CAN NOT stay this low for very much longer.  The result of waiting for a cheaper house, could be way more offset by a higher interest rate.

Original source for the statistics posted are located at the St Pete Times

Great Values on Single Family Homes in New Port Richey this Christmas

You know what they say, one mans pain is another mans opportunity.  Well here in New Port Richey, specifically as well as West Pasco County, generally speaking, we have endured some real pain the economic down turn, and these attached homes for sale are prime examples.

Would you have ever thought you could buy a home for $10,000?

How about a 3 bedroom home for less than $35,000?

The lowest List Price per Square Foot is an absurd $11.  

Well we have both an many many more similar oppurtunities in the embed below

Below, I find it best viewed if you click on FULLSCREEN in the header of the embed and scroll with the arrowsat the bottom.  Than exit Fullscreen at same place you clicked to go fullscreen

NPRXmasSales

Luxury Pool homes for sale in New Port Richey, Florida - - Happy Halloween

These luxury homes range from $400,000 to $1,130,000

With the highest priced homes having Gulfviews to inland lots with acreage.

New Port Richey offers a wide variety of properties for your Real Estate needs

I recommend using the FULLSCREEN feature to view the properties

after going full screen you will see at the bottom in the center the embeded window you are on, with arrows to navigate the 44 listings attached 

NPRhighend

Homes For Sale in Golden Acres, New Port Richey, Florida & June 2010 Market Report

Well now things are not looking too bad in Golden Acres if you exclude the price declines.  Nine months inventory levels is not idealistic but is better than some areas.  What I think makes an even better impression is the chart below.   The low number of distressed properties for sale, I think, tells you about the people living in Golden Acres in New Port Richey.

With only 5 Homes for sale in Golden Acres in New Port Richey under distress, compared to 31 non-distressed is a much lower than average ratio than the rest of Pasco County.  I would like to see more homes under contract, but at least they are closing on some

You will also notice (in the SP/LP - sold price to list price ratio) the homes are not selling a a great discount.  The houses that are selling are priced right.  I am guessing the one on the market for over 2 years (802 days) is not property priced.  I am shocked that they actually is a home for sale in Golden Acres in New Port Richey for less than $100,000

Gulf Harbors, New Port Richey, Florida Waterfront subdivision Homes for sale & Market Report June 2010

Gulf Harbors is considered by many to be Pasco Counties premier waterfront gulf access community.  Touting a private gulf front beach certainly does not hurt that image.  And during the boom after the turn of the century it became a knockdown community.  What is a knockdown community you ask?  

In a knockdown community the value is in the land, not the house.  So people with deep pockets who want gulf front property or gulf views (we have spectacular sunsets) buy homes on or near the Gulf.  The 1970's ranch home is knocked down and a 2 or 3 story modern stilt home is built in its place.  Doubling or tripling the value since its purchase.

Not to many people are doing knockdowns anymore for the all obvious economic reasons, but I was pleased to see that houses are selling in Gulf Harbors.  And solds have almost doubled since February 2010's market report  As a result inventory levels have dropped to 10 months.  Hopefully this catches on.

Below in the Distressed Market graph you will see a much greater disparity between Distressed properties and no distressed.  Unlike the rest of Pasco County which usually averages 1/3rd vs 2/3rd's in the breakdown.

 Homes for sale in Gulf Harbors are 6:1 non-distressed

homes under contract in Gulf Harbors are 3:13 non-distressed 

And the sales are 6:1 non-distressed.

For a community that you could not get into for less than $300,000 in most cases, just a few years ago, I am surprised to see:

3 homes offered for sale under $100,000

24 homes are being offered between $100,000-250,000

31 homes are for sale between 1/4 to 1/2 Million dollars

6 homes are offered between 1/2 to 3/4 million dollars

And 9 homes are for sale for more than $750,000

View Gulf Harbors, New Port Richey, Florida in a larger map 

New Port Richey, Florida Homes For Sale and June 2010 Market Report

First thing to point out is the number of New Port Richey, Florida homes sold in June are up 10% year over year, while the number of homes on the market remains at the same levels, resulting in a decrease of inventory to only 8 months which is the lowest we have seen in some time.

The New Port Richey, Florida distressed market report you see below is the typical chart for the most part.  The one change that stands out to me is that under contract 75% of the properties are distressed where as usually it is 2/3rds of the market.  The actives and solds remain solid at 1/3rd normal & 2/3rd distressed.

Just like West Pasco County the overwhelming majority of homes for sale in New Port Richey are under $250,000.  The surprise for me was that of the Five homes for sale in West Pasco County for $25,000 or less, Four of them are in New Port Richey.  As well as the fact that almost 80 homes can be purchased for less than $50,000.  If you are an investor, it would seem now is the time to start building a portfolio in New Port Richey, Florida

Homes For Sale in West Pasco, Florida & June 2010 Single Family Market Report

365 Single Family homes sold in June 2010 with an average 89 days on the market

With a Low Sold Price of $19,000 - ARE YOU KIDDING ME?

and High Sold Price of $640,000  - Still no action in the high end market

Average Sold Price of $119,138 - Housing is very affordable and rates are very low too

Compared to June 2009:

Average Sold Price declined -13% year over year - no surprise given the 13% unemployment

Number of homes sold is up +10% year over year - yet the buyers are coming back

Average Days on the Market until sold is down -12% from 101 days last June - homes are selling faster too

Average Sold Price per Square Foot is up almost +10% - this was a surprise to me

I would have to say this report is mostly encouraging.  Buyers are coming back and getting good deals.  Mortgage rates are ridiculously low. Homes are selling faster.

Now for Homes for sale in West Pasco Florida breakdown as follows

As you can see the majority of homes for sale in West Pasco County are under $250,000.  Actually it accounts for 85% of the entire market.  Some of which actually are Waterfront homes with Gulf Access.  Now if that does not shock you, than how about the fact that you can buy 5 homes currently listed for $25,000 or less.  And there are almost 250 homes for sale in West Pasco County for $50,000 or less.

If it is bargains you want, West Pasco has it.

West Pasco County, Florida Active Adult market report

This market update has to do with the entire West Pasco County, Florida Active Adult market area.  Houses, villas, mobiles, etc...