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Here's what $225,000 buys in bay area houses

By James Thorner, Times Staff Writer
In print: Monday, July 14, 2008

8418 Lagerfeld Drive, Pasco County. Size: 2,500 square feet Year built: 2006 Description: This barely lived in four-bedroom house, sold by Standard Pacific Homes for $309,000 two years ago, is one of hundreds of short-sale candidates in a Tampa area suburb inundated with unsold homes. Banks allow short sales if the homeowner can prove market prices have fallen so steeply that the mortgage balance is unrecoverable. The house is part of Connerton, a heavily publicized “new town” destined to have parks, offices, stores and schools. But sluggish sales are delaying such urbanization.
 8418 Lagerfeld Drive, Pasco County. Size: 2,500 square feet Year built: 2006 Description: This barely lived in four-bedroom house, sold by Standard Pacific Homes for $309,000 two years ago, is one of hundreds of short-sale candidates in a Tampa area suburb inundated with unsold homes. Banks allow short sales if the homeowner can prove market prices have fallen so steeply that the mortgage balance is unrecoverable. The house is part of Connerton, a heavily publicized “new town” destined to have parks, offices, stores and schools. But sluggish sales are delaying such urbanization.
[JANEL SCHROEDER-NORTON | Times]
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1110 13th St. N, St. Petersburg. Size: 1,006 square feet Year built: 1925 Description: With the supersizing of American homes, this smallish bungalow in the 80-year-old Euclid-St. Paul’s neighborhood earns its “charming cottage” description on the real estate listings. It has two bedrooms and one bathroom, hardwood floors, original cabinets and a detached garage. The fact that the neighborhood’s median sales price is $270,000 helps buoy the seller’s asking price. It doesn’t hurt that downtown St. Petersburg, with its scores of restaurants and shops, is about a mile away. Proximity comes at a price.
[LARA CERRI | Times]
1110 13th St. N, St. Petersburg. Size: 1,006 square feet Year built: 1925 Description: With the supersizing of American homes, this smallish bungalow in the 80-year-old Euclid-St. Paul’s neighborhood earns its “charming cottage” description on the real estate listings. It has two bedrooms and one bathroom, hardwood floors, original cabinets and a detached garage. The fact that the neighborhood’s median sales price is $270,000 helps buoy the seller’s asking price. It doesn’t hurt that downtown St. Petersburg, with its scores of restaurants and shops, is about a mile away. Proximity comes at a price.
51 Island Way, Unit 102 Size: 665 square feet Year built: 1978 Description: Okay, so suites at the Ritz are larger than this condo in Clearwater’s Island Estates neighborhood. But this one-bedroom home boasts saltwater access to the Intracoastal Waterway and sun-dappled views of bobbing sailboats. Throw in shuffleboard and tennis courts and a community swimming pool, and you’ll hardly have to leave. If you want a place on the grand strand of Clearwater Beach, your best hope at $225,000 is a 300-square-foot efficiency with fold-down Murphy bed.
[DOUGLAS R. CLIFFORD | Times]
51 Island Way, Unit 102 Size: 665 square feet Year built: 1978 Description: Okay, so suites at the Ritz are larger than this condo in Clearwater’s Island Estates neighborhood. But this one-bedroom home boasts saltwater access to the Intracoastal Waterway and sun-dappled views of bobbing sailboats. Throw in shuffleboard and tennis courts and a community swimming pool, and you’ll hardly have to leave. If you want a place on the grand strand of Clearwater Beach, your best hope at $225,000 is a 300-square-foot efficiency with fold-down Murphy bed.
6920 Jamestown Manor Drive, Brandon-Riverview. Size: 1,807 square feet Year built: 1997 Description: This three-bedroom house was the largest model built by American Heritage Homes in the Lake St. Charles neighborhood east of Interstate 75. The neighborhood extras help justify the price in a section of eastern Hillsborough County mired in a housing glut. The street snubs out in a cul-de-sac with easy access to a nearby lake, swimming pool and tennis courts. Another selling point is the lower taxes of unincorporated Hillsborough — if you don’t mind the congested commute into Tampa or reliance on automobiles for shopping.
[JOHN PENDYGRAFT | Times]
6920 Jamestown Manor Drive, Brandon-Riverview. Size: 1,807 square feet Year built: 1997 Description: This three-bedroom house was the largest model built by American Heritage Homes in the Lake St. Charles neighborhood east of Interstate 75. The neighborhood extras help justify the price in a section of eastern Hillsborough County mired in a housing glut. The street snubs out in a cul-de-sac with easy access to a nearby lake, swimming pool and tennis courts. Another selling point is the lower taxes of unincorporated Hillsborough — if you don’t mind the congested commute into Tampa or reliance on automobiles for shopping.
6315 N Central Ave., Tampa. Size: 1,040 square feet Year built: 1930 Description: Tampa Realtor Gail Bernucca sized up the geographical appeal of this two-bedroom bungalow in Seminole Heights when she noted the house was “up the street from Starbucks.” The seller bought the place during the boom of 2005 and spruced up the back deck and front porch. Hardwood cherry floors and new fixtures update the Depression-era dwelling. During the boom, Seminole Heights was a magnet for young professionals seeking out quaint homes in an urban setting. Jobs in central Tampa are a five-minute drive away.
[GEN YAMAGUCHI | Times]
6315 N Central Ave., Tampa. Size: 1,040 square feet Year built: 1930 Description: Tampa Realtor Gail Bernucca sized up the geographical appeal of this two-bedroom bungalow in Seminole Heights when she noted the house was “up the street from Starbucks.” The seller bought the place during the boom of 2005 and spruced up the back deck and front porch. Hardwood cherry floors and new fixtures update the Depression-era dwelling. During the boom, Seminole Heights was a magnet for young professionals seeking out quaint homes in an urban setting. Jobs in central Tampa are a five-minute drive away.

Have a couple of hundred thousand to spend on real estate? Your choices are vast and varied.

After two years of price declines, the Times wanted to see what $225,000 would buy in the way of houses and condos in the bay area. It's a price within range of most two-income, middle-class families.

First, dispense with the notion that there is a typical bay area home. A home's location, condition and quality still loom large in pricing decisions. But the housing bust has introduced another variable: seller desperation.

Want saltwater access in Clearwater? Your $225,000 will buy you little more than a one-bedroom condo resembling a spacious hotel room.

Farther inland and 20 miles to the north, sellers in overbuilt, glut-ridden Pasco County are accepting $225,000 for 2,500 square feet in the well-appointed Connerton neighborhood.

But such a deal comes only with the assent of the bank. Such "short sale" properties require banks to forgive part of the seller's mortgage balance.

As you swing south toward the downtowns, stucco and shingle collects a premium. House hunters browsing the urban cores of St. Petersburg and Tampa have to settle for smallish bungalows with decades' worth of blemishes.



[Last modified: Jul 20, 2008 09:36 PM]



Comments on this article
by keep it coming Jul 14, 2008 7:47 PM
when are you going to realize this area is collapsing?please,a 2000k mort/w taxes is crazy.i'm telling kids to finish college and move up north.there.how are going to feel when the plummer adjusts his rates?will you blame yourself?your low paying job
by deep thought Jul 14, 2008 7:28 PM
& bail out the rich?isn't that socialism?what happened to personal responsibility?then let capitalism run it's course and go belly up.you don't like it when shoe is on other foot.and gregg i was being sarcastic on the help,sorry you didn't get it.
by deep thought Jul 14, 2008 7:26 PM
gregg sorry you had to quote the war criminal(arms for host')regan.i choose a wonderful career,not expecting to be rich,but to at least survive.current prob caused by greedy mort/banks/flippers/etc.read the paper. why should i suffer and bail cont/
by Pete Jul 14, 2008 6:35 PM
Congress made a change a couple of months ago, where by the difference between the short sale and the loan amount you owe is not considered income. You need not pay taxes on that money.
by Gregg Jul 14, 2008 6:35 PM
To"deep" Help from whom? The Government? Because you choose low paying career's? The cradle to grave mentality of liberalism is to blame for a large part of our economic woes. "Government can not solve our problems it is the problem" R. Regan
by Debbie Jul 14, 2008 6:26 PM
The mortgage debt forgiveness act allows exclusion of forgiven mortgage debt (short-sale, foreclosure) for primary residences. This is available through 2009 (so far).
by DJ Jul 14, 2008 6:26 PM
Taxes didn't have to jump the way they did. Your county and city leaders are to blame for that. Tampa Bay home prices are still cheap for the quality of life you get here. Look at San Diego to see where we are headed.
by Joe Jul 14, 2008 6:25 PM
I think we are at the bottom now. Great time to buy imo.
by Robert Jul 14, 2008 6:25 PM
We need to reduce property taxes immediately. Cut the outrageous government spending. Voting for Amendment 5 will help cut nearly 25% off our property taxes.
by Sal Jul 14, 2008 6:24 PM
I agree that houses closer to Hernando and Northern Pasco will not hold value well with $4 gas. But, as crime rises in the heart of Pinellas and Tampa they are not great options either. Walk to the store and you risk a good chance of being robbed.
by Ann Jul 14, 2008 6:22 PM
We looked for a home in the St.Pete area when my spouse retired from the military a couple of years ago. The prices were outrageous. We settled in a town right outside of Indianapolis, and received a SWEET deal. $177,000 for 4000+ square feet.
by Kara Jul 14, 2008 6:21 PM
I am in the mortgage business. The highest credit-perfect-is an 850.
by Bobbert Jul 14, 2008 6:21 PM
All you house flippers out there - I salute your enterprise - but - If you didn't see this slump coming a mile away you were either greedy, or dumb. I have no sympathy for you. If you think it has bottomed out I suggest that you read the newspapers.
by Dave Jul 14, 2008 6:16 PM
When you factor in the total cost of home ownership, taxes, insurance, utilities, maintenance and upkeep, it is still much, much cheaper to rent than buy at the current prices. Unless incomes rise dramatically, house prices need to fall much farther.
by hoover Jul 14, 2008 6:15 PM
Seminole Heights is still a magnet for young professionals seeking out quaint homes in an urban setting
by Crikey Jul 14, 2008 6:15 PM
Why is St. Petersburg always represented by the Old Northeast in these surveys? Its an overly hyped status neighborhood that doesn't reflect the city. $225K will get you 3 bds and a pool in Azalea, Pinellas Point or many other areas
by Angela Jul 14, 2008 6:14 PM
Jeff--I don't know what interest rate, insurance, or tax info you are using to come up with that calculation, but I'm at 5% on 200k; after taxes and super-high insurance, our payment is over $1700.
by Realist Jul 14, 2008 6:14 PM
Yeah, particle board, stucco and termites.
by chris Jul 14, 2008 1:50 PM
Pinellas Park has very affordable house in nice neighborhoods. Autumn Run/Beacon Run subdivision for under $200k plus no flood. Just because it's Pinellas Park doesn't mean it isn't nice.
by BrianA Jul 14, 2008 1:49 PM
There are homes even closer to downtown Tampa for less than that...not dumps, either
by Ted Jul 14, 2008 1:49 PM
The bad traffic in Tampa has also driven down prices in some areas.
by Garbanzo Jul 14, 2008 1:49 PM
I live in the Seminole Heights area of Centra Tampa and I can't tell you how glad I am that I only drive 5 minutes to work and can walk to the grocery store! Lower prices = lower taxes and living closer saves me TONS of money on gasoline!!
by Jeff Jul 14, 2008 1:49 PM
You guys don't know what you are talking about. 225 with 10% down, payment including taxes and insurance would be about $1600. If you can't afford that with two incomes you need to re-examine your lifestyle.
by Cindy Jul 14, 2008 1:49 PM
Fl has become the land of no mans land!! College educated or not, that has nothing to do with the rates of insurance, taxes, gas prices. Thats something we all have to pay regardless of rich, poor, educated, you get the point.
by NR Jul 14, 2008 1:49 PM
Lin - People in foreclosure don't have 880 credit scores. Prices are still too high... more pain to come... stay tuned
by Blaine Jul 14, 2008 1:49 PM
Al the young people who just got into their first home in the last several years and any first time home owners, orked hard and saved and do not want to see the price of their hard work and investment fall. Wages need to rise & housing stabilize.
by Dennis Jul 14, 2008 1:46 PM
Lin, facing foreclosure AND having an 880 credit score, that sounds virtually impossible. You would not have an 880 (never heard of one that high before) and be more than a few months behind on your mortgage.
by Danny Jul 14, 2008 1:46 PM
deep thought, with all due respect, you are the one who chose to be a teacher. Your wife chose social work. You knew when you majored in these fields that you would not be making alot of money. Dont cry the blues, when its your fault and no one elses
by Robert Jul 14, 2008 1:46 PM
Lin raises a point that has been avoided like the plague. Has the IRS revised its position on "forgiveness of debt" when it comes to short sales? A "short" sales is where the IRS will bite you later!
by Ed Jul 14, 2008 1:46 PM
median income must equal median home price. Until that point we are overpriced. We have a long way to go.
by Rick Jul 14, 2008 1:46 PM
Good thing I'm rich!
by Bobbert Jul 14, 2008 1:46 PM
Years ago a home in Florida was a good deal. Now with (still) inflated prices, high taxes and insurance and rising utility costs there are better deals elsewhere. The end of the boom was predictable. You didn't have to be a financial wizard to see it
by Concerned Citizen Jul 14, 2008 1:45 PM
Question is: Are we at the bottom, or will prices drop further? My (educated) guess is that we are at the bottom! Prices will or have already leveled out. They will stay flat for a while, then gradually start to rise.
by John Jul 14, 2008 1:45 PM
It all comes down to location location and location and with gas at 4 dollars who would buy up in Pasco or out in the burbs. Houses in my Old NE neighborhood have stayed about the same price.
by Kenneth Jul 14, 2008 1:45 PM
Prices don't appear to have changed much in Pinellas. I expect to get what I paid for my place 3 years ago just because it's an easy commute to anywhere in Pinellas or Tampa proper. Pasco has great homes, but who wants that commute?
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