Home values and housing prices in Florida, and especially in the Tampa Bay area, are skyrocketing. Take a house that sold about three and a half years ago in the Westwood Lakes subdivision, near Westchase in Tampa, for about $272,000. It was a brand new 4 bedroom, 3 bath house with a pool, right on a 25 acre lake. Almost 3100 square feet. This week a house just down the street from that home came on the market. It is 25% smaller, does not have a pool, and backs up to the woods instead of the lake, yet it is going for almost $300,000. The house that sold for $272,000 would easily fetch almost $400,000 in today's market - more that a 37% increase in less than 4 years!
The local papers have been full of articles on this area's rising real estate prices. Here's just a few to check out:
The Cost of Living Here - a St. Pete Times special report on soaring home prices in the Tampa Bay area.
Living in a Gold Mine - a St. Pete Times report on soaring home values in Tampa in general, and specifically Westwood Lakes and Westchase subdivisions.
Channelside Condo Fever - a Tampa Tribune Report on the condominium boom in Tampa's Channelside district.
According to FAR, the Florida Association of Realtors, the statewide median sales price rose 11% in 2003 and a whopping 62.3% over the five year period beginning in 1999.